# 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 (ENIT, 2022-06-24):
# Appendice IX
### INFORMAZIONI AGGIUNTIVE SUGLI INDICI FINANZIARI UTILIZZATI A SCOPO DI INVESTIMENTO
Laddove indicato nel relativo Supplemento, un Comparto può acquisire un'esposizione indiretta a indici finanziari tramite l'uso di SFD a fini di investimento. I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sono indicati di seguito.
| Indici | Link |
| --- | --- |
| Indice AEX Indice CAC 40 | https://live.euronext.com/en/products/indices |
| Indice ASX SPI | https://www2.asx.com.au/markets/trade-our-derivatives-market/derivatives-market-  prices/index-derivatives |
| Borsa Istanbul | www.borsaistanbul.com |
| Indice BOVESPA | https://www.b3.com.br/en_us/market-data-and-indices/indices/ |
| Indice Barclays Capital Aggregate Bond | https://www.bloomberg.com/markets/rates-bonds/bloomberg-barclays-indices |
| Indice Bloomberg Commodity | https://www.bloomberg.com/professional/product/indices/ |
| Indice Chicago Board Options Exchange SPX Volatility | http://www.cboe.com/vix |
| Indice Dax 30 Indice MDAX | https://www.dax-indices.com/indices |
| EURIBOR | https://www.euribor-rates.eu/ |
| Indice Euro Stoxx 50 Indice Stoxx Europe 600 Indice Stoxx Europe Small 200 | https://www.stoxx.com/indices |
| Indice FTSE 100 Indice FTSE 350 Supersectors Indice FTSE All Share Indice FTSE China 150 Indice FTSE MIB Indice FTSE Taiwan Indice FTSE World Indice FTSE/JSE Top 40 Indice Russell 2000 | https://www.ftserussell.com/index |
| Indice Hang Seng Indice HSCEI | https://www.hsi.com.hk/eng |
| Indice IBEX 35 | https://www.bolsamadrid.es/ing/aspx/Indices/Resumen.aspx |
| Indice KOSPI Indice KOPSI 200 | https://global.krx.co.kr |
| LIBOR | https://www.theice.com/iba/libor |
| Indice Markit CDX North American Investment Grade Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice Markit iBoxx EUR Liquid High Yield Indice Markit iBoxx GBP Corporates Indice Markit iBoxx GEMX Indice Markit iBoxx USD Domestic Corporates Indice Markit iBoxx USD Liquid HY Indice Markit iBoxx USD Liquid IG Indice Markit iBoxx USD Liquid Leveraged Loans Indice Markit iBoxx EUR Corporates Indice Markit iTraxx Asia Indice Markit iTraxx CDS Indice Markit iTraxx Crossover Indice IHS Markit iTraxx Europe Indice Markit iTraxx Europe Crossover (High Yield) Indice Markit iTraxx Financial Indice Markit iTraxx Senior Financials Indice Markit iTraxx Subordinated Financial | https://ihsmarkit.com/products/indices.html |
| Indice MSCI All Countries World Indice MSCI Emerging Markets Indice MSCI Singapore Indice MSCI World Developed ex Europe | https://www.msci.com/index-solutions |

| Indici | Link |
| --- | --- |
| Indice Nasdaq Composite Indice Nasdaq 100 EMINI | https://www.nasdaq.com/ |
| Indice Nikkei 225 | https://indexes.nikkei.co.jp/en/nkave/ |
| Indice S&P/ASX 200 Indice S&P 500 Indice S&P CNX Nifty Indice S&P Emerging Markets Indice S&P GSCI Indice S&P Midcap 400 Indice S&P/TSX Composite Indice 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 |
| Indice Stockholm OMX | https://indexes.nasdaqomx.com/index/overview/omxs30 |
| Indice Swiss Markit | https://www.six-group.com/exchanges/indices/ |
| TOPIX | https://www.jpx.co.jp/english/markets/indices/ |


## BNY Mellon Asian Equity Fund

### SUPPLEMENTO 1 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Realizzare una crescita del capitale nel lungo termine investendo prevalentemente (ovvero almeno due terzi delle attività del Fondo) in un portafoglio di titoli azionari e fino a un terzo delle attività del Comparto in un portafoglio di titoli correlati ad azioni di società con sede o quotate in Asia (escluso il Giappone) o che generano in tale regione una parte preponderante del loro reddito.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i due terzi del proprio Valore Patrimoniale Netto, in un portafoglio di azioni e, fino a un terzo del proprio Valore Patrimoniale Netto, in un portafoglio di titoli correlati ad azioni, comprese obbligazioni convertibili (solitamente prive di rating), azioni privilegiate convertibili e warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant) di società situate in Asia (escluso il Giappone) o che ricavano la maggior parte dei loro proventi dall'Asia (escluso il Giappone). Gli investimenti possono essere effettuati in regioni asiatiche sia sviluppate che emergenti (escluso il Giappone). Fino a un terzo del Valore Patrimoniale Netto del Comparto può anche essere investito in azioni e titoli correlati ad azioni
di società che non siano situate in Asia (escluso il
Giappone) e che non ricavino la maggior parte dei loro proventi dall’Asia (escluso il Giappone).
Il Comparto può investire meno del 30% del suo Valore Patrimoniale Netto in azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
La maggior parte degli investimenti del Comparto sarà quotata o negoziata su Mercati Idonei situati in Asia o nel territorio del Pacifico.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.

##### Benchmark
MSCI AC Asia Pacific ex Japan TR Index (il “Benchmark”).
Il Benchmark cattura la rappresentazione di società a grande e media capitalizzazione in paesi di mercati sviluppati e di mercati emergenti nella regione Asia- Pacifico (escluso il Giappone). Con i suoi 1.060 componenti, l'indice copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante per ogni paese.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che un investimento di successo in azioni asiatiche richieda pertanto una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Un approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
I portafogli azionari asiatici del Gestore degli Investimenti sono concepiti in modo olistico, applicando un processo di investimento orientato alla ricerca/bottom-up. Questo
approccio punta a investire in titoli di società con una valorizzazione interessante, buone prospettive e solidi fondamentali.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i
dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo
e sulla procedura della controparte, sono forniti nelle sezioni “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto,
Contratti di Riacquisto Inverso e Contratti di Prestito Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP o 1EUR a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Small Cap Euroland Fund

### SUPPLEMENTO 2 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro G (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende ottenere una crescita del capitale a lungo termine attraverso investimenti effettuati principalmente, ossia almeno il 90% del suo patrimonio, in un portafoglio di azioni e di titoli connessi alle azioni di società a bassa capitalizzazione situate in paesi che hanno l'Euro come moneta legale ("Paesi della zona Euro").

##### Politiche di investimento
Il Comparto intende ottenere una crescita del capitale a lungo termine attraverso investimenti principalmente, ossia almeno il 90% del suo Valore Patrimoniale Netto, in un portafoglio di azioni e titoli correlati ad azioni di società a bassa capitalizzazione situate nei Paesi della zona Euro. Tali investimenti comprendono azioni ordinarie e privilegiate, warrant (entro il limite del 10% del Valore Patrimoniale Netto del Comparto, nel caso dei warrant), diritti di acquisto sulle azioni, titoli convertibili, certificati di deposito e, ai fini di un'efficiente gestione del portafoglio, contratti future su indici azionari.
Il Comparto può anche investire fino al 10% del suo Valore Patrimoniale Netto in azioni e titoli correlati ad azioni di società a bassa capitalizzazione situate in Europa ma non attualmente comprese tra i Paesi della zona Euro (si vedano i "Paesi Approvati").
Il Comparto investirà nei titoli di quelle società che hanno capitalizzazioni di mercato totali che ricadono nell'ambito delle capitalizzazioni delle società che compongono l'indice l'S&P EuroZone SmallCap TR Index (il "Benchmark") o qualsiasi altro indice analogo scelto di volta in volta dal Gestore degli Investimenti.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.
I titoli in cui il Comparto investirà saranno quotati su Mercati Idonei.
Paesi Approvati
Al momento il Comparto può investire in qualsiasi paese ricompreso nel Benchmark. L'investimento al di fuori del Benchmark è consentito sino a un massimo del 10% per permettere l'inserimento o l'eliminazione del paese dal Benchmark dei Paesi della zona Euro. In altre parole il Comparto investirà almeno il 90% del suo Valore Patrimoniale Netto nei paesi ricompresi nel Benchmark.
Politica di diversificazione dei paesi
Il Comparto focalizzerà la sua attenzione su singoli processi di selezione di titoli piuttosto che tentare di pronosticare i paesi che conseguiranno un buon rendimento. Tuttavia, l'allocazione delle attività del Comparto per paese potrà discostarsi dal Benchmark come risultato del processo di selezione dei titoli. La deviazione massima dal benchmark presumibilmente del 5%.
- Come sua caratteristica, il Comparto deterrà partecipazioni in tanti paesi quanti sono quelli rappresentati nel Benchmark.

Politica di diversificazione dei settori di investimento
Il Comparto focalizzerà la sua attenzione su singoli processi di selezione di titoli piuttosto che tentare di
pronosticare i settori che conseguiranno un buon rendimento. Tuttavia, l’allocazione settoriale del Comparto potrà discostarsi dal Benchmark come risultato
del processo di selezione dei titoli. La deviazione massima dal benchmark presumibilmente del 5%.
- Come sua caratteristica, il Comparto deterrà partecipazioni in tanti settori quanti sono quelli rappresentati nel Benchmark.
- Di norma, la ponderazione di qualsiasi settore non sarà superiore al 30%.

Processo di selezione dei titoli
- Il processo di selezione dei titoli del Comparto è concepito per realizzare un portafoglio diversificato che, con riferimento al Benchmark, abbia una valutazione più bassa ma tenda a una crescita dei guadagni più alta. Il Comparto utilizzerà sia modelli quantitativi di propria elaborazione per individuare azioni appetibili, sia la tradizionale analisi qualitativa per selezionare le azioni.
- Il Comparto può acquistare azioni che non sono state individuate dai modelli ma che sono ritenute appetibili dagli analisti al fine di controllare il rischio del portafoglio o di conseguire alfa. Per facilitare i confronti, il Comparto può raggruppare i titoli in microuniversi di società simili.

Posizioni liquide
Il Comparto intende rimanere totalmente investito in ogni momento e detenere modeste quantità di liquidità come attività liquide strumentali, normalmente meno del 5%. Comunque, nei periodi di inusuale elevata attività di sottoscrizione la liquidità potrebbe superare questo livello nel breve periodo ma non dovrà eccedere un livello massimo pari al 10%.
Copertura in valuta
Il Comparto non intende assumere posizioni valutarie attive. I saldi in valuta estera saranno convertiti nella Valuta di Base al momento della negoziazione. La copertura incrociata delle valute è consentita finché non determini posizioni corte dopo aver tenuto conto delle attività sottostanti. Si prevede che la copertura incrociata delle valute sarà utilizzata solo in circostanze eccezionali e attraverso contratti di cambio a termine.

##### Benchmark
S&P EuroZone SmallCap TR Index (il “Benchmark”).
Il Benchmark fa parte della serie S&P Developed Small Cap Index. Il Benchmark rappresenta, paese per paese, tra quelli facenti parte della zona Euro, l'ultimo 15% del capitale cumulativo disponibile dell'S&P Developed Broad Market Index.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il Comparto ha una strategia di investimento orientata alla ricerca che combina i punti di forza di capacità fondamentali e quantitative al fine di generare risultati d'investimento trainati da una selezione di titoli bottom- up. Le caratteristiche dell'approccio di investimento sono un portafoglio di azioni altamente attive e un posizionamento core che applica una metodologia Barbell in cui il Gestore degli Investimenti bilancia elementi di valore e di crescita di qualità all'interno del portafoglio piuttosto che a livello del titolo. Il filo conduttore che raccorda il processo è un processo di gestione del rischio sistematico eseguito su base giornaliera, settimanale e mensile per assicurare un portafoglio bilanciato in grado di fornire un profilo dal rendimento relativo coerente e convincente.
Il posizionamento core fondamentale del portafoglio è acquisito grazie a una combinazione ponderata di titoli orientati al valore e alla crescita. La strategia non tenta di creare un portafoglio in cui tutte le caratteristiche del titolo sono di natura "core" simile, che si traduce in un modesto ribasso della valorizzazione con una potenzialità di crescita dei guadagni superiori ai valori di mercato. Il Gestore degli Investimenti riconosce che durante un intero ciclo di mercato vi saranno momenti in cui un numero superiore, o inferiore, di idee di investimento che combinano tutti gli elementi convincenti di una valorizzazione scontata più una forte potenzialità di crescita dei guadagni relativa. Di conseguenza, il Gestore degli Investimenti non spinge sul fatto che i titoli siano caratterizzati tutti da una natura "core", bensì tenta di bilanciare il portafoglio attraverso una combinazione ottenuta dalle migliori opportunità di valore disponibili sul mercato unito alle migliori idee di crescita di qualità/ opportunità del momento
La strategia del Comparto è finalizzata agli utili, orientata alla ricerca e consapevole del rischio. La filosofia di investimento consiste nell'aggiungere valore attraverso una combinazione di valore relativo e discipline di crescita relative. Il processo di selezione è il fondamento della filosofia di investimento.
Finalizzata agli utili: il Gestore degli Investimenti ritiene che nel lungo periodo i prezzi dei titoli seguiranno la crescita degli utili. Investiamo in società con dinamiche di crescita aziendale in accelerazione e una forza degli utili sottovalutata.
Orientata alla ricerca: le tecniche di analisi fondamentale e quantitativa sono essenziali per identificare valorizzazioni interessanti e dinamiche di crescita aziendale in miglioramento. Il Gestore degli Investimenti ritiene che il modo migliore per aggiungere valore passa attraverso le nostre capacità di ricerca a livello globale, che si basano su un'ampia gamma di modelli informatici di propria elaborazione in modo da poter capitalizzare l'esperienza nel settore dei nostri analisti. Questa ricerca mira a individuare i fattori inaspettati che influenzano l'andamento di mercato e dei titoli.
Coerente: il Gestore degli Investimenti ritiene che i fattori più coerenti che portano a una differenza di performance positiva nella selezione dei titoli sono:
- dinamiche di crescita aziendale in miglioramento
- valutazioni interessantiConsapevole dei rischi: il Gestore degli Investimenti tenta di fornire rendimenti consistenti adeguati al rischio, riducendo al minimo i rischi insiti non intenzionali.

Portando l'errore di allineamento su rischi azionari specifici, il Gestore degli Investimenti spera di sovraperformare abbondantemente il Benchmark indipendentemente dal contesto di mercato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da
risorse di terzi tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del
portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Le operazioni di copertura incrociata di valuta sono consentite nella misura in cui non determinino posizioni coperte dopo aver tenuto conto delle attività sottostanti. Si prevede che la copertura incrociata di valute sarà utilizzata soltanto in circostanze eccezionali e per il tramite di contratti di cambio a termine.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP o 1EUR a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di
quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Bond Fund

### SUPPLEMENTO 3 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B | USD | 10.000 | 5% | 0,85% | 0% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling G (Acc.) | GBP | 5.000 | 5% | 0,50% | 0% |
| Sterling G (Inc.) | GBP | 5.000 | 5% | 0,50% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “Z” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling Z (Acc.) (hedged) | GBP | 200.000.000 | 5% | 0,30% | 0% |
| Sterling Z (Inc.) (hedged) | GBP | 200.000.000 | 5% | 0,30% | 0% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto punta a massimizzare il rendimento totale derivato da reddito e crescita del capitale investendo prevalentemente (ossia almeno il 90% delle proprie attività) in un portafoglio di titoli di debito e correlati al debito internazionali, sovrani, governativi, di agenzie, societari, bancari e garantiti da attività, nonché in derivati.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno il 90% del suo Valore Patrimoniale Netto, in un portafoglio di titoli internazionali, sovrani, governativi, di agenzie sovranazionali, di società, di banche e altre obbligazioni (comprese obbligazioni societarie e ipotecarie) e altri titoli di debito e correlati al debito (come obbligazioni non garantite (debenture), effetti (compresi effetti societari, titoli sovrani, a tasso variabile e fisso con un termine minimo di un anno o più), titoli garantiti da attività e titoli
garantiti da ipoteca, certificati di deposito, carte commerciali e “ADR” e/o “GDR”, ossia Certificati di deposito americani o globali) quotati o negoziati su
Mercati Idonei situati in tutto il mondo e in SFD.
Non oltre il 10% del Valore Patrimoniale Netto del Comparto sarà quotato o negoziato su Mercati Idonei dei mercati emergenti.
Al momento dell’acquisto, il rating di credito minimo degli strumenti di debito e correlati al debito in cui il Comparto può investire è B- (o suo equivalente) secondo la
classificazione di un'Agenzia di rating riconosciuta. Nel caso di rating separato, sarà considerato il valore più alto. Se uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Benchmark
JP Morgan Global GBI Unhedged TR Index (il
“Benchmark”).
Il Benchmark è un indice obbligazionario rappresentativo dei titoli di Stato a tasso fisso. Gli indici di reddito obbligazionario globali generalmente seguono le emissioni di titoli a tasso fisso da parte di paesi ad alto reddito di Nord America, Europa e Asia.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non
sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in obbligazioni globali richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta a prevedere i cambiamenti a livello mondiale e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
Per gestire i portafogli di obbligazioni a livello mondiale a lui affidati, il Gestore degli Investimenti usa un approccio basato sull'identificazione dei temi che incidono sui mercati obbligazionari e valutari, sulla selezione delle attività che potranno beneficiare di questi temi e sugli investimenti volti a generare rendimenti positivi. In genere, gli elementi che maggiormente contribuiscono al raggiungimento di performance soddisfacenti sono: la durata del portafoglio, il posizionamento della curva del rendimento e l'allocazione della valuta e delle attività in un Paese.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
| Futures | Future su titoli di Stato Future su valuta Future sul mercato monetario |
| --- | --- |
| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni su cambi) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) |

Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Titoli con SFD integrati/Leva finanziaria | Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |
| --- | --- |

Un elenco dei Mercati Idonei sui quali possono essere quotati o negoziati gli SFD è riportato nell'Appendice II del Prospetto.
Ulteriori dettagli riguardo all’uso di SFD per finalità di gestione efficiente del portafoglio e d’investimento, comprese le loro finalità commerciali, sono descritte
nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto. Ulteriori dettagli sui
rischi associati all’uso di SFD sono riportati nella sezione
"Fattori di Rischio - Rischi associati all'uso di SFD,
tecniche e altri strumenti" del Prospetto.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Registrazione a Taiwan
Il Comparto è registrato per la vendita a Taiwan. Le seguenti restrizioni agli investimenti, che possono essere periodicamente modificate, si applicano ai Comparti registrati per la vendita a Taiwan.
- Quando il Comparto investe nei mercati mobiliari cinesi, è possibile investire direttamente o indirettamente solo in titoli quotati e nel mercato obbligazionario interbancario, la cui percentuale complessiva non può superare il 20% del suo Valorepatrimoniale netto. Per “mercati mobiliari cinesi” siintendono i titoli disponibili in qualsiasi borsa omercato obbligazionario interbancario della Cinacontinentale; Hong Kong e Macao non sono inclusi. Consultare l’Appendice II per prendere visione dell’elenco dei mercati idonei, inclusi quelli situati nella Cina continentale.


#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 40% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF o 1 AUD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso della classe di azioni USD C (Inc.), i dividendi vengono normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre e pagati l'11 febbraio, l'11 maggio, l'11 agosto e l'11 novembre o prima di tali date.
Nel caso delle classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), tranne la classe di azioni USD C (Inc.), i dividendi verranno normalmente dichiarati ogni sei
mesi il 30 giugno e il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 agosto e l'11 febbraio o prima di tali date. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Equity Fund

### SUPPLEMENTO 4 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine attraverso investimenti principalmente (ossia almeno i due terzi del suo patrimonio) in un portafoglio di azioni di società situate in tutto il mondo. Fino a un terzo del patrimonio del Comparto può essere investito in un portafoglio di titoli connessi ad azioni o titoli di debito di società situate in tutto il mondo.

##### Politiche di investimento
Il Comparto investirà primariamente, il che significa almeno due terzi del Valore Patrimoniale Netto del Comparto, in un portafoglio di titoli azionari di società di tutto il mondo.
Fino a un terzo del Valore Patrimoniale Netto del Comparto può essere investito in un portafoglio di titoli correlati ad azioni, comprese obbligazioni convertibili (solitamente prive di rating), azioni privilegiate convertibili e warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant) di società situate in tutto il mondo o in obbligazioni internazionali,
sovrane, governative, di agenzie sovranazionali, societarie, di banche e altre obbligazioni (comprese obbligazioni ipotecarie e societarie) e altri titoli di debito e correlati al debito (come obbligazioni non garantite (debenture), effetti (compresi effetti societari, titoli sovrani, a tasso fisso o variabile con termine minimo di un anno o più) o titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito, carte commerciali e Certificati di deposito americani (ADR) o Certificati di deposito globali (GDR) quotati o negoziati sui Mercati Idonei di tutto il mondo.
Al momento dell'acquisto, il rating di credito minimo dei titoli di debito e correlati al debito in cui il Comparto può investire è BBB- (o suo equivalente) secondo la classificazione di un'Agenzia di rating riconosciuta. Nel caso di rating separato, sarà considerato il valore più alto. Se uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Il Comparto investe su base globale e, pur non avendo alcuno specifico orientamento geografico, industriale o settoriale, può talvolta concentrarsi su particolari industrie, settori o paesi, compresi gli Stati Uniti.
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Un elenco dei Mercati Idonei sui quali possono essere quotati o negoziati gli SFD è riportato nell'Appendice II del Prospetto.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con oltre 2.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni globali richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e li utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto
distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
I portafogli azionari globali sono concepiti in modo olistico, applicando un processo di investimento orientato alla ricerca/bottom-up. Questo approccio non segue
esclusivamente uno stile d’investimento orientato al
valore o alla crescita, bensì punta a investire in titoli di
società con una valorizzazione interessante, buone prospettive e solidi fondamentali.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la
valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Registrazione a Taiwan
Il Comparto è registrato per la vendita a Taiwan. Le seguenti limitazioni agli investimenti, che possono essere periodicamente modificate, si applicano ai Comparti registrati per la vendita a Taiwan.
- Laddove il Comparto investa in mercati mobiliari cinesi, può investire direttamente o indirettamente solo in titoli quotati e negoziati sul mercato obbligazionario interbancario, la cui percentuale aggregata non può superare il 20% del suo ValorePatrimoniale Netto. Per “mercati mobiliari cinesi” siintendono investimenti in titoli su qualsiasi borsa e mercato obbligazionario interbancario all’interno della Cina continentale, ad esclusione di Hong Kong e Macao. Consultare l’Appendice II per prendere visionedell’elenco dei mercati idonei, inclusi quelli situatinella Cina continentale.
- In quanto Comparto azionario registrato a Taiwan, il Comparto deve investire almeno il 70% del proprio Valore Patrimoniale Netto in titoli azionari.


#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 40% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR o 1 AUD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di
Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global High Yield Bond Fund

### SUPPLEMENTO 5 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere “Commissioni e spese” nel Prospetto per ulteriori dettagli. Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Alcentra NY, LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| SGD A (Acc.) | SGD | 5.000 | 5% | 1,25% | 0% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD W (Acc.) | USD | 15.000.000 | 5% | 0,50% | 0% |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo di investimento del Comparto è quello di ottenere un rendimento totale che include reddito e una crescita del capitale a lungo termine attraverso investimenti principalmente (con ciò intendendo almeno l'80% delle attività del Comparto) in un portafoglio ampiamente diversificato di obbligazioni ad alto rendimento.

##### Politiche di investimento
Il Comparto investirà principalmente, con ciò intendendo almeno l’80% del proprio Valore Patrimoniale Netto, in un portafoglio ampiamente diversificato di obbligazioni ad
alto rendimento emesse da società situate in tutto il mondo e relativi SFD, che offrono rendimenti corretti per il rischio relativamente interessanti. Gli investimenti in titoli o SFD correlati che non sono considerati ad alto rendimento sono limitati al 20% del Valore Patrimoniale Netto del Comparto.
I titoli di debito a tasso fisso o variabile e i titoli correlati al debito nei quali il Comparto può investire comprendono, a titolo non esclusivo, quanto segue:
- una quota pari o superiore al 30% del Valore Patrimoniale Netto in ciascuno dei seguenti titoli: Obbligazioni societarie che possono essere emesse come collocamenti privati (quali Obbligazioni Reg S e Obbligazioni 144A) e che includono obbligazioni ibride societarie, Obbligazioni Bullet, Obbligazioni Callable, Obbligazioni Puttable e Note a Tasso Variabile (FRN). Le obbligazioni Reg S e le obbligazioni Rule 144A sono obbligazioni di società quotate in borsa il cui investimento è limitato a investitori specifici, ossiapossono essere vendute all’interno degli Stati Uniti ainvestitori statunitensi o al di fuori degli Stati Uniti a investitori esteri che hanno diritto a un’esenzione SEC dalla registrazione. A scanso di equivoci, leobbligazioni Rule 144A e le obbligazioni Reg S selezionate per l’investimento da parte del Comparto saranno principalmente quotate o negoziate suMercati Idonei (un elenco dei quali è riportato nell’Appendice II del Prospetto) e si prevede che siano liquide;
- fino al 30% del Valore Patrimoniale Netto in ciascuno dei seguenti titoli: Eurobond, obbligazioni a cedola zero, obbligazioni emesse da enti statali o agenzie governative (quali Treasury USA e Obbligazioni Municipali Statunitensi), Obbligazioni di Agenzia(quali titoli garantiti da ipoteca emessi da un’agenziagovernativa), Obbligazioni Perpetue e CertificatiNegoziati In Borsa (ETN);
- fino al 25% del suo Valore Patrimoniale Netto in Obbligazioni Convertibili (comprese le Obbligazioni Convertibili Obbligatorie);
- fino al 20% del suo Valore Patrimoniale Netto in strumenti del mercato monetario (quali accettazioni bancarie, carte commerciali e certificati di deposito);
- fino al 15% del suo Valore Patrimoniale Netto complessivo in Titoli Garantiti da Ipoteca (MBS) (comprese le Obbligazioni Ipotecarie Garantite (CMO)) e in Titoli Garantiti da Attività (ABS) (comprese le Obbligazioni di Debito Garantite (CDO) e le Obbligazioni di Prestito Garantite (CLO));
- fino al 10% del Valore Patrimoniale Netto in ciascuna delle seguenti obbligazioni con pagamento in natura, obbligazioni step-up, obbligazioni toggle, obbligazioni yankee, titoli di debito ad ammortamento e interessi differibili (cioè titoli privilegiati di Trust);
- fino al 10% del suo Valore Patrimoniale Netto in Prestiti (compresi Prestiti a Leva Finanziaria, Partecipazioni a Prestiti, Cessioni di Prestiti, Prestiti con Ammortamento e Prestiti Sindacati) che costituiranno strumenti del mercato monetario; e
- fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.

Il Comparto può investire anche in SFD di debito e correlati al debito come elencati nella sezione “Utilizzo di SFD” di seguito.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in azioni e strumenti correlati ad azioni, comprese azioni ordinarie e privilegiate, titoli convertibili o sostituibili con tali azioni (ossia azioni privilegiate convertibili), warrant, OIC aperti (compresi
Fondi Negoziati in Borsa (“ETF”)), Fondi d’Investimento
Immobiliare (REIT) e relativi SFD (come elencati nella sezione “Utilizzo di SFD” di seguito).
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario ed ETF di tipo aperto.
Il Comparto può investire fino al 30% del suo Valore Patrimoniale Netto in strumenti di debito subordinati. Tali strumenti includono i CoCo, i debiti senior non privilegiati e le obbligazioni additional/restricted tier 1, le obbligazioni tier 2 e le obbligazioni tier 3.
- Le obbligazioni additional/restricted tier 1, tier 2 e tier 3 sono obbligazioni societarie emesse da società finanziarie come banche e compagnie di assicurazione. Le obbligazioni additional/restricted tier 1 sono il capitale ibrido subordinato di primo livello, le obbligazioni tier 2 il capitale ibrido non subordinato di primo livello e le obbligazioni tier 3 sono il capitale ibrido non subordinato di secondo livello che una società finanziaria può emettere sul mercato obbligazionario.
- Gli strumenti di debito subordinati sono strumenti con caratteristiche di assorbimento delle perdite e possono essere soggetti a svalutazione contingente o conversione contingente in azioni ordinarie al verificarsi di uno o più eventi scatenanti.

Per ulteriori dettagli sui rischi associati al debito subordinato, consultare la sezione “Rischio dei titoli di debito subordinato” nel Prospetto.
Il Comparto investirà in obbligazioni ad alto rendimento che sono titoli con rating inferiore a investment grade (pari o inferiore a BB+ o suo equivalente, secondo la
classificazione di un’Agenzia di rating riconosciuta) o privi
di rating. Non più del 25% del Valore Patrimoniale Netto del Comparto può, al momento dell’acquisto, essere investito in titoli con un rating inferiore a B- (o suo equivalente secondo la classificazione di un’Agenzia di rating riconosciuta) o privi di rating. Un’obbligazione senza rating non è stata valutata da un’agenzia di rating e non ha ricevuto un rating. Il rating di credito medio dei
titoli di debito del Comparto sarà mantenuto a un minimo
di B- (o suo equivalente secondo la classificazione di un’Agenzia di rating riconosciuta).
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Il Comparto intende investire a livello globale (ossia i suoi investimenti saranno quotati o negoziati su Mercati Idonei). Inoltre, il Comparto può investire fino al 30% del proprio Valore Patrimoniale Netto in titoli emessi da
società domiciliate in paesi dei mercati emergenti (compresa la Repubblica Popolare Cinese (“RPC”)) che sono scambiati sui mercati statunitensi o europei.
Sebbene possa avere un’esposizione alla Russia, il
Comparto non investirà in titoli negoziati sui mercati
russi. A scanso di equivoci, il Comparto non acquisirà esposizione attraverso titoli di debito della RPC scambiati
nel mercato obbligazionario interbancario cinese (“CIBM”)
tramite Bond Connect (come ulteriormente descritto nell’Appendice VI del Prospetto).
Oltre a quanto sopra indicato, il Comparto non è soggetto ad alcuna limitazione sulla parte del suo Valore Patrimoniale Netto che può essere investita in un qualsiasi paese o regione geografica. Tuttavia il Comparto può talvolta concentrarsi su paesi o regioni geografiche particolari, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti. Per esempio, il Comparto può talvolta investire in misura significativa (vale a dire oltre il 70% del suo Valore Patrimoniale Netto) in obbligazioni ad alto rendimento emesse da società domiciliate negli Stati Uniti, poiché gli Stati Uniti sono spesso il domicilio di società globali (vale a dire società con attività di natura globale, ossia operative a livello globale e/o aventi una base clienti globale) che emettono obbligazioni ad alto rendimento.
Nonostante la Valuta di Base del Comparto sia l'USD, esso può investire in attività non denominate in USD che saranno coperte in USD utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Benchmark
ICE BofA Developed Markets High Yield Constrained TR Index (con copertura in dollari statunitensi) (il
“Benchmark”). Il Benchmark segue la performance di titoli
di debito societari con rating inferiore a investment grade
denominati in dollari statunitensi, dollari canadesi, sterline ed euro, emessi nei principali mercati obbligazionari statunitensi o europei. La ponderazione dei componenti dell'indice è limitata a un massimo del 2%. Per ulteriori informazioni sul Benchmark, visitare il sito:
https://www.theice.com/market-data/indices/fixed- income-indices
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il Comparto investirà principalmente in un portafoglio diversificato di obbligazioni ad alto rendimento e cercherà di individuare opportunità di investimento che combinino un rendimento corrente interessante a una forte probabilità di rendimento finale del capitale. Il Comparto intende fornire reddito, proteggendosi nel contempo dalla volatilità dei tassi di interesse limitando la durata e tutelandosi dalla perdita di capitale.
Il processo del Gestore degli Investimenti combina una visione top-down e un approccio bottom-up. Il processo si basa su una ricerca di credito del fondamentale bottom-up e su un'analisi di mercato volta all'identificazione e allo sfruttamento delle inefficienze del mercato nei mercati della finanza a leva. Il Gestore degli Investimenti privilegia settori con valutazioni interessanti delle attività, ambienti competitivi stabili e notevoli barriere all'ingresso. Inoltre, il Gestore degli Investimenti seleziona gli emittenti che si ritiene abbiano profili di credito da stabili a in miglioramento, posizioni fortemente competitive, flessibilità finanziaria e i cui attivi, a loro giudizio, siano valutati in modo da equo a conveniente. La valutazione è effettuata attraverso la stima dell'attività in relazione ad altre attività della struttura del capitale dell'emittente e ad altre attività del settore e del mercato.
Tale approfondita ricerca di credito del fondamentale bottom-up è arricchita da un approccio top-down che si basa su una serie di parametri macro e di mercato specifici, tra cui la prospettiva economica regionale, le prospettive settoriali, il profilo dei tassi di interesse e le prospettive di inadempienza.
Il processo di investimento del Gestore degli Investimenti si fonda su una combinazione di due diligence qualitativa e quantitativa, condotta da un team globale di analisti qualificati ed esperti al fine di identificare le fonti alfa (excess return) a livello di settore, emittente e titolo.
Questa due diligence include la valutazione delle caratteristiche del credito di un emittente, della qualità della gestione, del flusso di cassa libero, della flessibilità finanziaria, della quota di mercato, della crescita dei
ricavi, dell'andamento dei margini, dell'accesso al capitale, degli incontri con l'alta dirigenza di un emittente e della partecipazione a conferenze settoriali specifiche. Il team di analisti del Gestore degli Investimenti è organizzato per settore industriale in mercati ad alto rendimento FRN, ad alto rendimento fisso e a prestiti a leva finanziaria, e dispone di un team indipendente dedicato al mercato CLO.
Il Gestore degli Investimenti dispone di un comitato mensile per l’allocazione delle attività, che fissa obiettivi di allocazione per ogni classe di attività e definisce i temi
di investimento. I temi di investimento del Comparto vengono quindi individuati attraverso la discussione di temi rilevanti per specifiche categorie di attività, quali, ad esempio, la situazione creditizia degli emittenti, la dinamica dell'offerta e della domanda e le valutazioni.
Sono considerati temi macro anche la crescita specifica di una regione, l'inflazione, i tassi di interesse e le prospettive dei tassi di inadempienza. Gli obiettivi di allocazione delle attività vengono modificati sulla base di tali discussioni e dell'analisi dei singoli emittenti effettuata dal Gestore degli Investimenti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Utilizzando sia processi quantitativi che qualitativi, il Gestore degli Investimenti individua, monitora e gestisce il rischio di sostenibilità nel modo seguente:
- Prima di acquisire investimenti per conto di un Comparto, si valuta l'universo di investimento utilizzando la politica di esclusione per settori del Gestore degli Investimenti, per cui si escludono potenziali investimenti in base al settore di appartenenza, ad esempio armi controverse. Nel valutare un'opportunità di investimento, il Gestore degli Investimenti effettua un'analisi olistica approfondita del rischio di credito dell'emittente. Una componente chiave di questa analisi è la valutazione di tutti i fattori ESG rilevanti che possono avere un effetto negativo sulla solvibilità di un emittente. Il processo di integrazione dei fattori ESG inizia identificando l'esposizione di un emittente ai rischi ESG rilevanti, cui segue una valutazione del potenziale effetto finanziario di tali rischi. Infine, il Gestore degli Investimenti valuta l'impegno dell'emittente a gestire l'esposizione a rischi ESG rilevanti. Considerati i mercati in cui è esposto il Comparto, l'impegno societario attivo risulta essere lo strumento più importante, costituendo la base per l'integrazione e l'analisi dei fattori ESG. Il Gestore degli Investimenti ha sviluppato una lista di controllo ESG e una guida sulla rilevanza settoriale che definiscono le attività di impegno. L'integrazione dei fattori di rischio ESG culmina con l'assegnazione di un rating ESG proprietario, che costituisce la base per la valutazione del credito e per le decisioni di costruzione del portafoglio del Gestore degli Investimenti.
- Nel corso della durata dell'investimento, si monitora il rischio di sostenibilità attraverso la revisione dei dati ESG resi pubblici dall'emittente (se pertinenti) e attraverso un'attenzione costante all'impegno societario attivo per determinare se il livello di rischio di sostenibilità è cambiato rispetto alla valutazione iniziale. La valutazione dei fattori ESG da parte del Gestore degli Investimenti è una parte importante del processo quotidiano di monitoraggio del credito, in cui il Gestore degli Investimenti valuta tutti i rischi e le opportunità relativi all'emittente. Il Gestore degli Investimenti stabilisce un impegno su base annua con tutti gli emittenti circa le questioni ESG; tuttavia, la frequenza dell'impegno aumenta al crescere dell'esposizione ai rischi ESG rilevanti. Inoltre, il Gestore degli Investimenti monitora l'impegno ESG per rilevare e misurare l'efficacia delle attività relative all'impegno. Ove si riscontri che il rischio di sostenibilità associato a un particolare investimento sia aumentato oltre la propensione al rischio ESG del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Comparto a tale investimento, tenendo conto dei principali interessi degli Azionisti del Comparto.

Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Swap | Rischi associati all’utilizzo di credit default swap Credit Default Swaps Index/Basket Swap di rendimento totale (TRS) (compresi titoli singoli, crediti e paniere personalizzato) |
| --- | --- |

| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli Convertibili Contingenti (CoCo) Obbligazioni Callable e Puttable Titoli Garantiti da Attività (ABS) (comprese le CLO) Titoli Garantiti da Ipoteca (MBS) Warrant ETF Sintetici Azioni Privilegiate Convertibili |
| --- | --- |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) utilizzati per ottenere esposizione a mercati globali di titoli a reddito fisso in modo più conveniente rispetto all'acquisto dei titoli fisici. | Indice IHS Markit’s North American High Yield CDX Indice Markit North American Investment Grade CDX Indice IHS Markit iTraxx Europe Indice IHS Markit iTraxx Europe Crossover |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate
nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. Utilizzando l’approccio fondato sugli impegni, l’esposizione lunga totale tramite SFD non dovrebbe superare il 50% del Valore
Patrimoniale Netto del Comparto e l’esposizione corta
totale non dovrebbe superare il 50% del Valore
Patrimoniale Netto del Comparto. A scanso di equivoci, il Comparto non avrà posizioni short nette direzionali a livello di fondo.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 1 Giorni Lavorativi).
Benchmark del VaR relativo: ICE BofA Developed Markets High Yield Constrained TR Index (con copertura in dollari statunitensi)
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
I Regolamenti OICVM della Banca Centrale prevedono che, laddove si utilizzi il VaR come approccio alla gestione del rischio, questo possa essere integrato da un calcolo dell'effetto leva mediante l'approccio fondato sugli impegni.
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto (utilizzando l’approccio fondato sugli impegni)
Per ulteriori informazioni sull’approccio fondato sul Value at Risk relativo, sulla Leva Finanziaria Lorda e sull’approccio fondato sugli impegni, consultare la sezione “La Società – Esposizione totale e Leva Finanziaria” del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 50% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 EUR, 1 GBP, 1 CHF, 1 AUD, 1 CAD, 10 HKD, 10 CNH, 1 SGD o
100 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di Azioni di reddito (Inc.) aventi il suffisso "(M)", i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati vengono di solito pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Nel caso di tutte le altre classi di Azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di tali Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto e l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l’attenzione degli investitori sulla sezione intitolata “Fattori di Rischio” del Prospetto, in particolare sul “Rischio di concentrazione” in quanto il
Comparto può essere concentrato in obbligazioni ad alto
rendimento emesse da società domiciliate negli Stati
Uniti, sul “Rischio del debito subordinato” e sul “Rischio dei titoli convertibili contingenti (CoCo)” relativi agli strumenti di debito subordinati, nonché sugli ulteriori
rischi specifici del Comparto riportati di seguito.
Rischio di tasso d’interesse e d’inflazione 
L’investimento nel Comparto è soggetto al rischio di tasso di interesse e di inflazione. In generale, i prezzi dei titoli di debito aumentano al calare dei tassi di interesse,
mentre i loro prezzi calano all'aumentare dei tassi di interesse. Il valore del Comparto può essere influenzato da variazioni sfavorevoli dei tassi di interesse e
dell’inflazione.
Rischi associati alle obbligazioni Rule 144A / Reg S 
Il Comparto può investire in obbligazioni Rule 144A e in obbligazioni Reg S, che sono generalmente indicate come
“titoli vincolati” che possono essere soggetti a restrizioni
sulla rivendita o sul trasferimento. Per esempio, le
obbligazioni Rule 144A sono obbligazioni offerte privatamente che possono essere rivendute solo a certi acquirenti istituzionali qualificati; le obbligazioni Reg S sono vendute a persone o entità situate al di fuori degli Stati Uniti senza obbligo di registrazione presso la SEC e possono essere rivendute negli Stati Uniti solo in circostanze limitate. Pertanto, le obbligazioni Rule 144A e le obbligazioni Reg S possono essere soggette a una maggiore volatilità dei prezzi e a una minore liquidità delle attività rispetto a certi altri tipi di titoli di debito, e la vendita di tali investimenti entro il termine desiderato può risultare relativamente più difficile. Per ridurre i rischi associati a tali strumenti, le obbligazioni Rule 144A
e le obbligazioni Reg S selezionate per l’investimento da
parte del Comparto saranno principalmente quotate o
scambiate su Mercati Idonei (un elenco dei quali è riportato nell’Appendice II del presente Prospetto) e saranno prevedibilmente liquide.

## BNY Mellon Global Opportunities Fund

### SUPPLEMENTO 6 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine attraverso investimenti principalmente (ossia almeno i due terzi del suo patrimonio) in un portafoglio di azioni e titoli connessi alle azioni di società situate in tutto il mondo, la maggior parte dei quali sarà quotata o negoziata su Mercati Idonei di tutto il mondo.
Il Comparto non ha alcuna limitazione (tranne per quanto descritto nel Prospetto, al paragrafo "La Società - Limitazioni agli Investimenti e ai Prestiti") in relazione alla proporzione degli investimenti per ogni area geografica, settore o tipo di titolo.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i due terzi del suo Valore Patrimoniale Netto, in un portafoglio di azioni e titoli correlati ad azioni (comprese obbligazioni convertibili, solitamente prive di rating, azioni privilegiate convertibili e warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant)) di società situate in tutto il mondo che sono quotate o negoziate su Mercati Idonei.
Fino a un terzo del Valore Patrimoniale Netto del Comparto può essere investito in obbligazioni internazionali, governative, di agenzie sovranazionali, societarie, di banche e altre obbligazioni (comprese obbligazioni ipotecarie e societarie) e altri titoli di debito e correlati al debito (come obbligazioni non garantite (debenture), effetti (compresi effetti societari, titoli sovrani, a tasso fisso o variabile con termine minimo di un anno o più), titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito, carte commerciali e Certificato di deposito americani (ADR) e/o Certificati di deposito globali (GDR) quotati o negoziati su Mercati Idonei di tutto il mondo.
Al momento dell'acquisto, il rating di credito minimo dei titoli di debito e correlati al debito in cui il Comparto può investire è BBB- (o suo equivalente) secondo la classificazione di un'Agenzia di rating riconosciuta. Nel caso di rating separato, sarà considerato il valore più alto. Se uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Il Comparto investe su base globale e, sebbene i suoi investimenti non debbano necessariamente essere circoscritti a, o concentrati in, un mercato o una regione geografica particolare, il Comparto può avere
un’esposizione significativa a determinati mercati,
compresi gli Stati Uniti. La natura globale del Comparto
implica che un investimento nel Comparto può comportare alcuni rischi aggiuntivi dovuti alla volatilità della sua performance a breve termine.
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect.
Ulteriori dettagli sul programma di Connessione fra le Borse sono indicati nell’Appendice V al Prospetto.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento (CIS) collettivo.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con oltre 2.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni globali richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e li utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
I portafogli di opportunità globali sono concepiti in modo olistico, applicando un processo di investimento non vincolato, privi di limitazioni in termini geografici, settoriali o di indici comparativi. Il Gestore degli Investimenti non segue una filosofia di investimento orientata al valore o alla crescita, puntano, invece, a investire in titoli di società con una valorizzazione interessante, buone prospettive e solidi fondamentali.
Ogni detenzione in un portafoglio di opportunità globali
genera mediamente dal 2 al 3% del valore totale del portafoglio: ciò indica che il Gestore degli Investimenti crede moltissimo in questo tipo di portafoglio.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i
dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1EUR, 1CAD, 1AUD, 1SGD, 10HKD o
10CNH a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Pan European Equity Fund

### SUPPLEMENTO 7 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 9 marzo 2017 sono state rimborsate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende chiedere alla Banca Centrale la revoca
dell’autorizzazione al Comparto dopo la redazione del bilancio certificato per l’anno chiuso il 31 dicembre 2017. La Società chiederà l'autorizzazione della Banca
Centrale per eliminare il Comparto dal presente Prospetto una volta autorizzata tale revoca.
Il presente Supplemento contiene informazioni specifiche relative al BNY Mellon Pan European Equity Fund (il
“Comparto”), un comparto di BNY Mellon Global Funds, plc (la “Società”), società di investimento di tipo aperto multicomparto costituita come OICVM ai sensi dei
Regolamenti OICVM. Esiste una separazione patrimoniale tra i Comparti della Società.
Il presente Supplemento costituisce parte integrante delle, e pertanto deve essere letto congiuntamente alle, descrizioni generali relative a:
- le classi di Azioni
- le Limitazioni agli Investimenti e ai Prestiti
- la Politica di Distribuzione
- il Metodo di Calcolo del Valore Patrimoniale Netto
- la Società, la sua Gestione e Amministrazione
- le Commissioni e Spese della Società
- i suoi Fattori di Rischio
- il Regime Fiscale della Società e dei suoi Azionistiil tutto contenuto nel Prospetto datato 3 maggio 2022 della Società, consegnato congiuntamente al presente Supplemento. Nel caso in cui non si dovesse ricevere il Prospetto si prega di contattare l'Amministratore.

Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.
Gli Amministratori, i nomi dei quali appaiono nel Prospetto sotto il paragrafo "Gestione e Amministrazione della Società", rispondono per le informazioni contenute nel presente Supplemento e nel Prospetto. Gli Amministratori della Società hanno usato la massima diligenza per garantire che le informazioni in esso contenute siano conformi alla realtà e non hanno omesso nulla che possa influire sulla portata di tali informazioni, assumendosene pertanto le relative responsabilità.

#### Il Gestore degli Investimenti
Il Gestore ha nominato Newton Investment Management Limited (il "Gestore degli Investimenti") per gestire gli investimenti e i reinvestimenti del patrimonio del Comparto.
Una descrizione relativa al Gestore degli Investimenti si può trovare nel capitolo "Gestione e Amministrazione della Società" nel Prospetto.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento di almeno 5 anni ed è disposto ad accettare un livello di volatilità moderato.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. . Una descrizione delle diverse categorie di
investitori ai quali ogni classe di Azioni può essere offerta è contenuta nel Prospetto al paragrafo "La Società - Struttura".
| Azioni “Euro A” e Azioni “USD A” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| USD A | USD | fino al 5% | USD 5.000 | 2,00% | Nessuna |

| Azioni “Euro B”, Azioni “Sterling B (Acc.)”, Azioni “Sterling B (Inc.)” e Azioni “USD B (Acc.)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | fino al 5% | EUR 10.000 | 1,50% | Nessuna |
| Sterling B (Acc) | GBP | fino al 5% | GBP 1.000 | 1,50% | Nessuna |
| Sterling B (Inc.) | GBP | fino al 5% | GBP 1.000 | 1,50% | Nessuna |
| USD B (Acc.) | USD | fino al 5% | USD 10.000 | 1,50% | Nessuna |

| Azioni “Euro C” e Azioni “USD C” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| USD C | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |

| Azioni “Euro X (Acc.)” e Azioni “USD X (Acc.)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |

| Azioni “Sterling W (Acc.)”, Azioni “Euro W (Acc.)” e Azioni “USD W (Acc.)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling W (Acc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| Euro W (Acc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |


#### Obiettivi e Politiche di Investimento

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita a lungo termine del capitale attraverso investimenti principalmente (ossia almeno i due terzi del suo patrimonio) in un portafoglio di azioni e, fino a un terzo del suo patrimonio, in un portafoglio di titoli connessi alle azioni di società situate, quotate o che derivano la maggior parte dei loro proventi dall'Europa (compreso il Regno Unito).

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i due terzi del suo patrimonio, in un portafoglio di azioni e, fino a un terzo del suo patrimonio, in un portafoglio di titoli connessi alle azioni, comprese obbligazioni convertibili (solitamente non classificate), azioni privilegiate convertibili e warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant) di società situate o che derivano la maggior parte dei loro proventi dall'Europa, compreso il Regno Unito.
Fino a un terzo del patrimonio del Comparto può essere investito in azioni e titoli connessi alle azioni di società che non siano né situate, né che derivino la maggior
parte dei loro proventi dall’Europa, compreso il Regno
Unito. Gli investimenti possono essere realizzati sia nei
territori emergenti che sviluppati dell'Europa.
La maggior parte degli investimenti del Comparto sarà quotata o negoziata su Mercati Idonei situati in Europa, compreso il Regno Unito.
Il Comparto può effettuare operazioni su SFD per una gestione efficiente del portafoglio (come descritto nella
sezione “Gestione Efficiente del Portafoglio” di seguito) o
a fini di copertura. Un elenco dei Mercati Idonei sui quali
possono essere quotati o negoziati gli SFD è riportato nell'Appendice II del Prospetto. Il Comparto può altresì effettuare transazioni fuori borsa in strumenti finanziari derivati come descritto di seguito nella sezione "Gestione efficiente del Portafoglio".

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni pan-europee richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro
generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
I portafogli azionari pan-europei di un Gestore degli Investimenti sono concepiti in modo olistico, applicando il nostro processo di investimento orientato alla ricerca/ bottom-up. Il Gestore degli Investimenti non segue esclusivamente una filosofia di investimento orientata al valore o alla crescita, puntano, invece, a investire in titoli di società con una valorizzazione interessante, buone prospettive e solidi fondamentali.

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di Azioni non lanciate proseguirà fino al 17 maggio 2018 o alla data, precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di Azioni, dopodiché il Periodo di offerta iniziale di tale classe di Azioni terminerà automaticamente. I dettagli delle classi di Azioni lanciate del Comparto sono riportati sul sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Inoltre, il valore totale netto delle posizioni lunghe in derivati non supererà il 15% del valore patrimoniale netto del Comparto.
Infine, il Comparto non investirà complessivamente più del 10% delle sue attività nette in organismi di investimento collettivo.

#### Esposizione totale e Leva Finanziaria
Il Comparto utilizzerà la metodologia dell'approccio fondato sugli impegni per misurare, seguire e gestire l'effetto leva prodotto dall'uso di derivati.
L'approccio basato sugli impegni si calcola convertendo la posizione derivata nella posizione equivalente nell'attività sottostante, sulla base del valore di mercato dell'attività sottostante o del valore di mercato del contratto e consentendo qualsiasi accordo di compensazione e di copertura, come descritto nel Processo di Gestione del Rischio.
Grazie all'approccio fondato sugli impegni, il Comparto non subirà una leva superiore al 100% del suo patrimonio netto a seguito dell'uso di derivati.
L'esposizione globale del Comparto non deve essere superiore al suo valore patrimoniale netto totale.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare le seguenti tecniche e SFD per una gestione efficiente del portafoglio. Il Comparto potrà utilizzare le seguenti tecniche e strumenti per una gestione efficiente del portafoglio: future, opzioni, swap, warrant, contratti di valuta a termine e titoli "all'emissione" e/o a consegna differita.
Una descrizione delle tecniche e strumenti che il
Comparto può usare ai fini di una gestione efficiente del portafoglio è contenuta al paragrafo "La Società – Gestione efficiente del portafoglio" del Prospetto.
Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale 2015.
Un contratto di prestito di titoli è un contratto in virtù del quale l'intestazione dei titoli "dati in prestito" viene trasferita da un "prestatore" a un "mutuatario" con l'impegno per il mutuatario di distribuire "titoli equivalenti" al prestatore in una data successiva.
I contratti di riacquisto sono operazioni nelle quali una parte vende un titolo all'altra parte con il contestuale accordo per riacquistare tale titolo a una certa data nel futuro a un prezzo determinato che rifletta un tasso di interesse di mercato indipendente da quello della cedola dei titoli. Un contratto di riacquisto inverso è una transazione mediante la quale un Comparto acquista titoli da una controparte e contemporaneamente si impegna a rivendere i titoli alla controparte alla data e al prezzo concordati. Per esempio, il Gestore degli Investimenti potrà sottoscrivere accordi di riacquisto per aumentare il reddito guadagnato nel Comparto o gestire l'esposizione ai tassi di interesse di obbligazioni a tasso fisso in modo più preciso che non attraverso l'uso di future su tassi di interesse.
Le operazioni finalizzate a una gestione efficiente del portafoglio di un Comparto, aventi a oggetto le attività di quest'ultimo, possono essere stipulate per uno dei seguenti scopi:
- una riduzione del rischio;
- una riduzione dei costi; oppure
- la produzione di capitale o di reddito aggiuntivo per il Comparto con un livello di rischio (applicabile al rendimento previsto) coerente con il profilo di rischio del Comparto e i requisiti in materia di diversificazione del rischio, conformemente ai Regolamenti OICVM della Banca Centrale 2015 e alla Guida della Banca Centrale "Attività idonee per gli OICVM" e come indicato nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

In relazione alle operazioni di gestione efficiente del portafoglio il Gestore degli Investimenti cercherà di assicurare che la transazione sia economicamente appropriata e realizzata in modo conveniente.
È possibile l'applicazione di spese di transazione con riferimento alle tecniche di gestione efficiente del portafoglio relative al Comparto. Tutte le entrate derivanti da tecniche di gestione efficiente del portafoglio, al netto dei costi operativi diretti e indiretti, saranno restituite al Comparto. Ogni spesa/commissione operativa diretta e indiretta derivante dalle tecniche di gestione efficiente del portafoglio non include redditi nascosti e sarà pagata alle entità specificate nella relazione annuale della Società che indicherà se le entità sono collegate alla Società di Gestione o al Depositario
Gli investitori devono consultare le sezioni del Prospetto intitolate "Fattori di Rischio - Rischio di Controparte", "Fattori di Rischio - Rischi per Tecniche e Strumenti Finanziari Derivati" e "Conflitti di Interessi" per maggiori informazioni sui rischi associati alla gestione efficiente del portafoglio.
Il Comparto può stipulare transazioni incrociate di valuta ai fini di una gestione efficiente del portafoglio.
Le informazioni relative alla politica di gestione del collaterale per il Comparto sono riportate nel capitolo "Politica di gestione del collaterale" del Prospetto.

##### Processo di gestione del rischio
La Società applicherà un Processo di Gestione del Rischio che le consentirà di misurare, controllare e gestire con precisione i rischi connessi alle posizioni in strumenti finanziari derivati e i dettagli di tale processo sono stati forniti alla Banca Centrale. La Società non utilizzerà SFD non inclusi nel processo di gestione del rischio fino al momento in cui tali strumenti non saranno riportati in un processo di gestione del rischio rivisto, sottoposto e autorizzato in anticipo dalla Banca Centrale.
Su richiesta, la Società fornirà agli Azionisti informazioni supplementari legate ai processi di gestione del rischio applicati dalla Società, inclusi i limiti quantitativi applicati e qualsiasi sviluppo recente nel rischio e caratteristiche di rendimento per le principali categorie di investimento.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione "Gestione Efficiente del Portafoglio".
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti ad accordi di prestito di titoli e a contratti di riacquisto e riacquisto inverso saranno rispettivamente azioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Allo scopo di copertura di classi di azioni, il Comparto effettuerà transazioni di copertura in valuta estera rispetto a tutte le Azioni con il suffisso (hedged). In relazione alla copertura di classi di Azioni, verrà coperta soltanto l'esposizione di valuta tra la valuta di denominazione della classe di Azioni "hedged" relativa e la valuta base del Comparto. Possono insorgere posizioni di sovracopertura ("overhedged") o sottocopertura ("underhedged") a causa di fattori che esulano dal controllo del Comparto. Non si consentirà a tali posizioni di sovracopertura di superare il 105% del Valore Patrimoniale Netto della classe. Le posizioni coperte saranno tenute sotto esame al fine di garantire che le posizioni overhedged non eccedano il livello consentito e che le posizioni sostanzialmente superiori al 100% non siano portate avanti nel mese successivo. Gli investitori devono essere consapevoli che tale strategia può porre dei limiti sostanziali agli Azionisti di queste Azioni per quanto riguarda i loro benefici qualora la valuta designata per la classe dovesse deprezzarsi rispetto alla valuta di base del Comparto e alle valute nelle quali le attività del Comparto sono denominate. In tali circostanze, gli Azionisti di queste Azioni possono essere esposti a fluttuazioni del Valore Patrimoniale Netto per Azione che riflette i guadagni/perdite e i costi dei relativi strumenti finanziari. I guadagni/le perdite e i costi dei relativi strumenti finanziari saranno imputati solamente alle relative Azioni. Le esposizioni di valuta di queste classi di Azioni relative alle transazioni di copertura valutaria non possono essere associate o compensate con quelle di altre classi. L'esposizione di valuta delle attività attribuibili a queste classi di Azioni non può essere allocata ad altre classi. I costi annuali o semestrali della Società indicheranno in che modo sono state utilizzate le operazioni effettuate per fornire protezione contro i rischi del tasso di cambio.

#### Politica di distribuzione
Nel caso di classi di Azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. I detentori di Azioni di reddito otterranno il pagamento dei dividendi
dichiarati di solito entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.

#### Fattori di Rischio
Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon S&P 500® Index Tracker

### SUPPLEMENTO 8 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 15 gennaio 2021 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende
chiedere alla Banca Centrale la revoca dell’autorizzazione
al Comparto dopo la redazione del bilancio certificato per l’anno chiuso il 31 dicembre 2021. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il
Comparto dal presente Prospetto una volta autorizzata tale revoca.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare strumenti finanziari derivati ("SFD") a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 22.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| USD A | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |

| Azioni “C” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C | EUR | fino al 5% | EUR 5.000.000 | 0,30% | Nessuna |
| USD C | USD | fino al 5% | USD 5.000.000 | 0,30% | Nessuna |

| Azioni “G” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | fino al 5% | USD 5.000 | 0,30% | Nessuna |
| Euro G (Acc.) | EUR | fino al 5% | EUR 5.000 | 0,30% | Nessuna |

| Azioni “X” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende eguagliare i rendimenti dell'Indice "S&P 500
® 
Index" ("Indice"). Il Comparto è concepito per riflettere l'Indice e fornire una crescita del capitale a lungo termine investendo in valori mobiliari azionari che rappresentano un ampio campione del mercato azionario statunitense pubblicamente negoziato.

##### Gestione e Processi di Investimento
L'indicizzazione offre un approccio all'investimento razionale e a costi contenuti, al fine di ottenere un'esposizione diversificata nel mercato azionario statunitense e di ricevere i relativi profitti competitivi a lunga scadenza. Tuttavia, gli investitori devono tenere in considerazione che non vi è garanzia o assicurazione che un comparto indicizzato replichi in ogni momento la composizione o le performance del relativo indice. Un comparto indicizzato sostiene spese operative e costi, contrariamente a un indice di mercato (spesso considerato come un parametro di riferimento a cui tendere). Pertanto un comparto che segue un indice dal quale ci si aspetta un allineamento il più possibile fedele, generalmente non eguaglierà completamente i rendimenti
dell'indice considerato. Gli errori di allineamento possono derivare da variazioni costitutive dell’indice, azioni societarie, gestione dei flussi di cassa e costi delle
operazioni che possono essere ridotti prestando la massima attenzione alle variazioni e alle azioni, utilizzando strumenti specifici o futures su indici per gestire i flussi di cassa e tramite gestione attiva della negoziazione per il controllo dei costi.
Nella verosimile ipotesi che tutte le 500 azioni dell'indice non possano essere acquistate, il Comparto acquisterà un campione rappresentativo di obbligazioni dal mercato e da ogni settore economico ricompreso nell'indice, in proporzione alla ponderazione delle stesse nell'indice.
Nella misura in cui il Comparto cercherà di replicare l'indice utilizzando tali tecniche di campionamento, una stretta correlazione tra i rendimenti del Comparto e quelli dell'indice dovrebbe essere anticipata sia nei mercati in ascesa che in calo. È probabile che una diminuzione nell'Indice possa portare a una corrispondente diminuzione del valore del Comparto.
In ogni caso è da notare che il Comparto non può investire più del 10% del suo Valore Patrimoniale Netto in valori mobiliari di un singolo emittente e se investe più del 5% del suo Valore Patrimoniale Netto in valori mobiliari di un singolo emittente, il valore totale di tutte le partecipazioni di questo tipo non può superare il 40% del valore patrimoniale netto del Comparto. Di conseguenza non sarà possibile duplicare fedelmente i movimenti dell'indice in quelli del Comparto, qualora uno o più investimenti eccedessero i suddetti limiti, così come misurati dalla loro ponderazione percentuale all'interno del relativo indice di mercato. Tuttavia il Comparto può acquistare determinati tipi di valori
mobiliari, quali obbligazioni e note di debito che saranno quotati, negoziati o trattati su un Mercato Idoneo e i rendimenti dei quali saranno collegati al rendimento dei titoli azionari dell'Indice. Tali obbligazioni e note di debito avranno un investment grade determinato da Standard & Poor's Rating Group. L'utilizzo di tali tipi di strumenti risulterà nel Comparto che abbia un'esposizione nei confronti dell'emittente del relativo strumento, pur mantenendo un'esposizione economica verso l'obbligazione privilegiata dell'Indice, maggiore rispetto alle restrizioni fornite nelle Limitazioni agli Investimenti applicabili al Comparto.
Si prevede che il tracking error dell'Indice sarà compreso tra lo 0,1 e lo 0,2%. Sarà riportato nella relazione annuale e semestrale della Società.
La maggior parte degli investimenti del Comparto sarà quotata o negoziata su Mercati Idonei situati negli Stati Uniti.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.

##### Strategia di investimento
Il Comparto intende replicare le caratteristiche e le performance dell'Indice S&P500
®
. Per replicare le performance dell'indice, i gestori del portafoglio del Comparto ricorrono a un approccio di gestione passivo e acquistano tutti o un campione rappresentativo di titoli che compongono l'indice S&P 500
®
. Il Comparto può anche utilizzare futures su indici azionari in sostituzione della vendita o dell'acquisto di titoli. Generalmente, il Comparto investe in titoli che compongono il S&P 500
® 
proporzionalmente alla loro ponderazione nell'Indice. In considerazione della natura della riproduzione di un indice del Comparto, il Gestore degli Investimenti non avrà la discrezione di adattare i cambiamenti di mercato o la vendita di azioni poco efficienti che compromettano l'Indice. L'indice S&P 500
® 
si compone di azioni comuni selezionate per riflettere i settori dell'economia statunitense e spesso è considerato una variabile per il mercato azionario statunitense in generale. Ogni titolo societario è ponderato per il numero di azioni di capitale flottante disponibili (ossia quelle azioni a disposizione degli investitori) diviso per il totale delle azioni in circolazione: ciò si traduce nel fatto che società più grandi con maggiore capitale flottante disponibile hanno una rappresentanza maggiore nell'indice rispetto a società più piccole. Le società incluse nell'indice S&P 500
® 
devono soddisfare determinati criteri per l'inclusione nell'indice, fra cui specifiche capitalizzazioni di mercato minime, requisiti minimi di capitale flottante e soglie minime di liquidità, nonché raggiungere, fra gli altri, determinati requisiti di rapporto finanziario. La veridicità del calcolo dell'Indice può essere influenzata nel caso in cui la negoziazione di un titolo costituente che compone l'Indice sia sospesa.

##### Cambio dell'Indice
Il Comparto è concepito per riflettere l'indice dell'Indice "S&P 500
® 
Index". Gli Amministratori non possono cambiare l'indice che il Comparto riflette senza l'approvazione degli Azionisti del Comparto sulla base della maggioranza dei voti espressi in una assemblea generale.
Nel caso in cui l'Indice cessi di essere disponibile, il Gestore consulterà il Gestore degli Investimenti al fine di identificare un indice adeguato alternativo. Una volta identificato tale indice alternativo, occorrerà ottenere il consenso degli Azionisti del Comparto per il cambio dell'indice, come descritto sopra.

##### Sull'Indice "S&P 500® Index"
L'indice è composto da 500 azioni comuni selezionate dalla "Standard & Poor's" per catturare i rendimenti del prezzo del mercato azionario statunitense pubblicamente negoziato. Le azioni incluse nell'indice vengono scelte allo scopo di ottenere un portafoglio rappresentativo dei vari componenti dell'economia statunitense. Una percentuale limitata dell'indice può includere valori mobiliari non statunitensi negoziati negli Stati Uniti. Il valore totale del mercato e l'attività di negoziazione sono considerati anche nel processo selettivo. Mentre queste azioni non rappresentano necessariamente le 500 società più ampie degli Stati Uniti, l'indice è riconosciuto per la sua enfasi nei confronti delle elevate capitalizzazioni. I 500 titoli, la maggior parte dei quali viene negoziata nella Borsa di New York, rappresentano l'80% del valore di mercato di tutte le azioni comuni degli Stati Uniti. Ogni titolo dell'indice è ponderato in base alla sua capitalizzazione di mercato (il suo valore totale di mercato relativo ai valori totali di mercato di tutti i titoli dell'indice). L'inserimento di un'azione nell'indice, in nessun modo implica che Standard & Poor's ritenga che l'azione possa essere un investimento particolarmente favorevole, né Standard & Poor's è in qualche modo collegata con il Comparto, il Gestore, o il Gestore degli Investimenti. Per ulteriori dettagli si rimanda al sito internet www.standardandpoors.com.

##### Indici finanziari
Dettagli relativi agli indici finanziari utilizzati dal Comparto saranno forniti su richiesta agli Azionisti dal Gestore degli Investimenti del Comparto e saranno riportati nel bilancio annuale e semestrale della Società. Tali indici saranno autorizzati dalla Banca Centrale o dovranno soddisfare i suoi requisiti.
In ogni caso, tuttavia, gli indici finanziari ai quali il Comparto può essere esposto saranno normalmente ribilanciati con cadenza mensile, trimestrale, semestrale o annuale. I costi sostenuti per acquisire un'esposizione a un indice finanziario saranno influenzati dalla frequenza di ribilanciamento dell'indice stesso.
Ove la ponderazione di uno specifico elemento costitutivo dell'indice finanziario infranga i limiti d'investimento per gli OICVM, il Gestore degli Investimenti del Comparto dovrà porsi come obiettivo primario la ricerca di una soluzione alla situazione, tenendo conto degli interessi degli Azionisti e della Società."

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in
modo permanente più del 50% del suo patrimonio in azioni come definito nell’articolo 2 paragrafo 8 della legge tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong. Qualora l'Indice non sia più considerato accettabile dall'SFC, quest'ultima si riserva il diritto di revocare l'autorizzazione del Comparto alla vendita a Hong Kong.

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 aprile 2021 o alla data, precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP o 1EUR a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Le limitazioni agli investimenti indicate nei paragrafi 4.1 e
4.2 non saranno applicabili al Comparto. Le rimanenti
limitazioni, indicate nel presente Prospetto al capitolo "La Società – Limitazioni agli Investimenti e ai Prestiti", continueranno a essere applicate al Comparto.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio (EPM), alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.
Il Comparto non stipulerà transazioni di copertura valutaria incrociata.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione "Gestione Efficiente del Portafoglio" del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti ad accordi di prestito di titoli e a contratti di riacquisto e riacquisto inverso saranno rispettivamente azioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.
Il Comparto BNY Mellon S&P 500
® 
Index Tracker (il "Comparto") non è né istituito, né adottato, né venduto o promosso da Standard & Poor's, una divisione di The McGraw-Hill Companies, Inc. ("S&P"). S&P non rilascia alcuna dichiarazione o garanzia, espressa o implicita, agli azionisti della BNY Mellon Global Funds, plc (la "Società") o al pubblico riguardo l'opportunità di investire in valori mobiliari in generale e in particolare nel Comparto, ovvero in merito alla capacità dell'indice S&P 500
® 
Index di seguire la performance generale del mercato azionario.
L'unica relazione di S&P con la Società è la concessione in licenza di taluni marchi e nomi commerciali della S&P e dell'indice S&P 500
® 
Index, che è determinato, composto e calcolato da S&P senza tener conto della Società o del Comparto. S&P non ha un obbligo di tener conto delle necessità della Società o degli azionisti del Comparto nella determinazione, composizione e calcolo dell'indice S&P 500
® 
Index. S&P non è responsabile e non ha partecipato alla determinazione dei prezzi e dell'importo del Comparto, della tempistica della sua emissione o vendita, od alla determinazione od il calcolo dell'equazione da utilizzare per convertire il Comparto in liquidità. S&P non ha obblighi o responsabilità in relazione all'amministrazione, alla commercializzazione o trattazione del Comparto.
S&P NON GARANTISCE LA VERIDICITÀ E/O LA COMPLETEZZA DELL'INDICE S&P 500
® 
INDEX O DI QUALSIASI DATO IN ESSO CONTENUTO E S&P NON SARÀ RESPONSABILE PER ERRORI, OMISSIONI O INTERRUZIONI DEL SERVIZIO. S&P NON RILASCIA ALCUNA GARANZIA, ESPRESSA O IMPLICITA RELATIVAMENTE AI RISULTATI OTTENIBILI DALLA SOCIETÀ, DAGLI AZIONISTI DEL COMPARTO O DA OGNI ALTRA PERSONA O ENTITÀ TRAMITE L'UTILIZZO DELL'INDICE S&P 500
® 
O DI QUALSIASI DATO IN ESSO RICOMPRESO. S&P NON RILASCIA ALCUNA GARANZIA, ESPRESSA O IMPLICITA, ED ESPRESSAMENTE NEGA OGNI GARANZIA DI COMMERCIABILITÀ O ADEGUATEZZA PER PARTICOLARI USI O FINALITÀ IN RELAZIONE ALL'INDICE S&P 500
® 
O DI QUALSIASI DATO IN ESSO RICOMPRESO. SENZA LIMITAZIONE PER QUANTO PRECEDE, S&P NON AVRÀ ALCUNA RESPONSABILITA' PER DANNI SPECIALI, IN MISURA SUPERIORE ALL'EFFETTIVO DANNO, INDIRETTI O DOVUTI A CIRCOSTANZE SPECIALI (COMPRESO IL LUCRO CESSANTE), ANCHE SE SIA STATA NOTIFICATA A S&P LA POSSIBILITÀ DI TALI DANNI.

#### Munizioni a grappolo
Il presente Comparto non rientra nella politica della Società che esclude gli investimenti in società coinvolte nella produzione di munizioni a grappolo e mine anti- uomo.

## BNY Mellon U.S. Dynamic Value Fund

### SUPPLEMENTO 9 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 5 marzo 2021 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende
chiedere alla Banca Centrale la revoca dell’autorizzazione
al Comparto dopo la redazione del bilancio certificato per l’anno chiuso il 31 dicembre 2021. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il
Comparto dal presente Prospetto una volta autorizzata tale revoca.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare strumenti finanziari derivati ("SFD") a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e “H (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Euro A (Inc.) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| USD A | USD | fino al 5% | USD 5.000 | 2,00% | Nessuna |
| Sterling A (Acc.) | GBP | fino al 5% | GBP 5.000 | 2,00% | Nessuna |
| Euro H (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Euro H (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |

| Azioni “B” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B | USD | fino al 5% | USD 10.000 | 1,50% | Nessuna |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro C (Inc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| USD C | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| Sterling C (Inc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Sterling C (Acc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Euro I (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro I (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |

| Azioni “G” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| USD G (Inc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| Euro G (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Euro G (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro W (Acc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Euro W (Acc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| Sterling W (Acc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |

| Azioni “X” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Inc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Inc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Acc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Inc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita a lungo termine del capitale attraverso investimenti principalmente (ossia almeno i due terzi del suo patrimonio) in un portafoglio di azioni e titoli connessi alle azioni di società con una capitalizzazione di mercato al momento dell'investimento di almeno 1 miliardo di dollari USA, aventi sede legale negli Stati Uniti o che svolgano la maggior parte della loro attività economica negli Stati Uniti.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i due terzi del suo Valore Patrimoniale Netto, in un portafoglio di azioni e titoli correlati ad azioni, comprese obbligazioni convertibili (solitamente prive di rating), azioni privilegiate convertibili e warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant) di società con una capitalizzazione di mercato al momento dell'investimento di almeno 1 miliardo di dollari USA, con sede legale negli Stati Uniti o che svolgono la maggior parte della loro attività economica negli Stati Uniti.
Inoltre, il Comparto può investire in Certificati di deposito americani e/o Certificati di deposito globali quotati o negoziati su Mercati Idonei negli Stati Uniti.
Fino a un terzo del Valore Patrimoniale Netto del Comparto può essere investito in azioni o titoli correlati ad azioni di società situate negli Stati Uniti di qualsiasi dimensione o in azioni o titoli correlati ad azioni di società che non abbiano né sede legale, né che svolgano la maggior parte della loro attività economica negli Stati Uniti. Il Comparto non investirà in regioni con mercati emergenti.
La maggior parte degli investimenti del Comparto sarà quotata o negoziata su Mercati Idonei negli Stati Uniti. Il rimanente degli investimenti quotati del Comparto sarà quotato o negoziato su Mercati Idonei situati al di fuori degli Stati Uniti.
Il Gestore degli Investimenti non sarà tenuto a dismettere alcuna attività del Comparto (salvo il caso in cui il Gestore degli Investimenti ritenga che ciò realizzi l'interesse degli Azionisti) qualora la politica di investimento sia inavvertitamente violata in conseguenza di una diminuzione delle dimensioni dell'emittente.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.

##### Benchmark
Russell 1000 Value TR Index (il "Benchmark").
Il Benchmark è un indice ponderato per capitalizzazione di mercato non gestito di titoli orientati al valore delle maggiori società con sede negli Stati Uniti incluse nel Russell 1000 Index.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il Gestore degli Investimenti perseguirà una strategia di portafoglio azionaria dinamica, avente le seguenti caratteristiche:
- la capacità di investire principalmente in titoli capitalizzati a 1 miliardo di Dollari USA o superiore al momento dell'investimento;
- la volontà di costruire ponderazioni concentrate su settori e industrie; e
- attenzione al fattore alfa con enfasi minore sull'errore di allineamento (tracking error).

Il Gestore degli Investimenti ritiene che gli investimenti di successo si ottengano attraverso una filosofia orientata al valore, orientata alla ricerca e in grado di controllare i rischi.
Orientata al valore
- L'attenzione è concentrata sui titoli azionari con valorizzazioni interessanti relative al mercato, al settore e allo storico dei titoli.
- Va evitata la trappola del valore e occorre giocare d'anticipo nel combinare le misure di valutazione tradizionali con società che presentano miglioramenti di crescita aziendale e fondamentali solidi.

Orientata alla ricerca
- Utilizzare le risorse di ricerca fondamentale di propria elaborazione che interpretano il passato ma sono concentrate sul futuro.
- Riconoscere che un sistema non è adatto a tutti; essere flessibili nell'elaborare le analisi in modo da puntare sulla società, il settore e le macro-variabili più adeguati.

In grado di controllare i rischi
- Impiegare sistemi di controllo del rischio a tutti i livelli del processo di costruzione del portafoglio per ridurre al minimo esposizioni non intenzionali e garantire che la performance sia orientata dalla selezione dei titoli.
- Impostare le variazioni degli obiettivi di prezzo in vista della definizione di nuove posizioni.


##### Processo
Fase 1: Studio dell'universo dei fondi
L'obiettivo di questa fase consiste nell'esaminare tutti i
potenziali titoli azionari statunitensi al fine di individuarne 20–30 da includere in un elenco fondamentale su cui lavorare. Durante questa fase, il
Gestore degli Investimenti si serve di filtri quantitativi e qualitativi al fine di individuare le opportunità alfa non ancora riflesse nei dati quantitativi. Entrambi i metodi sono in grado di identificare un titolo da prendere in potenziale considerazione. In buona sostanza, questa fase concentra il proprio sforzo di ricerca fondamentale nella fase 2.
Fase 2: Ricerca fondamentale
Una volta identificato un elenco di titoli su cui lavorare, il Gestore degli Investimenti effettua una ricerca fondamentale su quei nomi coerenti con la copertura del settore assegnato. Vengono utilizzati un gran numero di risorse per effettuare la ricerca, tra cui il team di ricerca globale di elaborazione del Gestore degli Investimenti, ma non vi è alcun approccio univoco al lavoro. Infine, il team di analisti invia una segnalazione di acquisto/vendita supportata da variazioni degli obiettivi di prezzo, fattori della tesi di investimento (valutazione, fondamentali, crescita aziendale) e rischi potenziali.
Fase 3: Costruzione del portafoglio
Il gestore del portafoglio principale prende la decisione finale sul fatto che un titolo venga incluso nel portafoglio e su quali devono essere le ponderazioni di titolo specifiche. È importante sottolineare che in questa fase finale le decisioni sono prese nel contesto del profilo di rischio complessivo del portafoglio. Il risultato è un portafoglio del valore a grande capitalizzazione, interessante dal punto di vista rischio/ricompensa e coerente con l'obiettivo di investimento globale del cliente e con le relative linee guida.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 aprile 2021 o alla data, precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP o 1EUR a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio (EPM), alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.
Il Comparto non stipulerà transazioni di copertura valutaria incrociata.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito di titoli, come descritto nella sezione "Gestione Efficiente del Portafoglio" del Prospetto..
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti ad accordi di prestito di titoli saranno azioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso "(hedged)". Si rimanda alla sezione intitolata "Copertura della classe di Azioni" nel Prospetto per ulteriori informazioni sul funzionamento e sull'impatto delle classi di azioni hedged.

#### Politica di distribuzione
Nel caso della classe di azioni USD X (Inc.), i dividendi vengono normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre e pagati l'11 febbraio, l'11 maggio, l'11 agosto e l'11 novembre o prima di tali date.
Nel caso delle classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), tranne la classe di azioni "USD X (Inc.), i dividendi verranno normalmente dichiarati ogni anno il 31 dicembre. Per i detentori di Azioni di reddito, i
dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni" che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Euroland Bond Fund

### SUPPLEMENTO 10 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti
stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 17.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 0,75% | 0% |
| Euro B (Inc.) | EUR | 10.000 | 5% | 0,75% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende ottenere un reddito e un profitto totale che superi il Benchmark (paragonandosi al quale il Comparto misurerà il suo rendimento) attraverso investimenti principalmente, ossia almeno il 90% del suo patrimonio, in un portafoglio di obbligazioni a reddito fisso e altri titoli di debito emessi da società, governi, enti governativi, o da organizzazioni internazionali pubbliche o sovranazionali, ovvero strumenti derivati.
Si prevede che la maggioranza degli investimenti sarà effettuata nei Paesi della zona Euro (paesi che hanno l'Euro come valuta legale) (si vedano le "Politiche di investimento").

##### Politiche di investimento
Il Comparto sarà un portafoglio interamente investito e i suoi investimenti comprenderanno titoli di stato, titoli di agenzie governative, obbligazioni societarie, obbligazioni garantite da ipoteca e obbligazioni garantite da attività negoziati su un Mercato Idoneo, ovvero SFD.
Almeno i due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in titoli emessi da emittenti situati nei Paesi della zona Euro.
Il Comparto avrà un'esposizione minima in titoli in Euro del 60% del suo Valore Patrimoniale Netto e un'esposizione minima all'Euro del 90% del suo Valore Patrimoniale Netto.
I titoli nei quali il Comparto può investire saranno classificati nelle classi ricomprese tra AAA e B.
Il Comparto può investire fino al 30% del suo Valore Patrimoniale Netto in SFD a condizione che almeno due terzi del suo Valore Patrimoniale Netto siano investiti in obbligazioni.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in prestiti, partecipazioni in prestiti o cessioni di prestiti a mutuatari (che possono essere persone giuridiche, governi, enti pubblici o altro), che costituiranno strumenti del mercato monetario.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento (CIS) collettivo.
Il Comparto può inoltre investire fino al 10% del proprio Valore Patrimoniale Netto in titoli di debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
Politica di diversificazione dei paesi
Il Comparto focalizzerà la sua attenzione su singoli processi di selezione di titoli piuttosto che tentare di pronosticare i paesi che conseguiranno un buon rendimento. Tuttavia, l'allocazione delle attività in un paese da parte del Comparto potrà discostarsi dal Bloomberg Barclays Euro Aggregate Bond TR Index (il "Benchmark") come risultato del processo di selezione dei titoli. La deviazione massima dal benchmark presumibilmente del 40%.
Come caratteristica del Comparto, nessun paese rappresenterà più dell'80% del Valore Patrimoniale Netto dello stesso.
Politica di diversificazione dei settori di investimento
Il Comparto focalizzerà la sua attenzione su singoli processi di selezione di titoli piuttosto che tentare di pronosticare i settori che conseguiranno un buon
rendimento. Tuttavia, l’allocazione settoriale del
Comparto potrà discostarsi dal Benchmark come risultato
del processo di selezione dei titoli. La deviazione massima dal benchmark presumibilmente del 50%.
Normalmente, la ponderazione per ciascun settore non sarà superiore al 20% del Valore Patrimoniale Netto del Comparto.
Duration
Il Comparto utilizzerà un approccio alla durata controllato dando rilievo alla selezione di titoli e settori.
Il Comparto ridurrà al minimo l'uso del rischio relativo al tasso di interesse mantenendo la durata media ponderata (compresa la liquidità) del portafoglio entro una fascia di +/- 40% rispetto al Benchmark.
Qualora il Gestore degli Investimenti dovesse far discostare la durata del comparto rispetto a quella del Benchmark, potrebbe non esserci alcuna garanzia che la performance del Comparto coincida con quella del Benchmark e a seconda delle circostanze potrebbe risultare superiore o inferiore alla performance del Benchmark.
Numero di partecipazioni
Come caratteristica del Comparto, nessuna singola partecipazione in titoli di stato garantiti inciderà per più del 25% del Comparto al momento dell'acquisto e nessuna singola partecipazione in obbligazioni societarie o altri titoli a reddito fisso inciderà per più del 5% del Comparto.
Il Comparto può anche investire fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto allo scopo di diversificare gli investimenti in obbligazioni societarie, in titoli ad alto rendimento e in obbligazioni dei mercati emergenti.
Processo di selezione dei titoli e Rating:
Un'intensa attività di ricerca sulla qualità del credito costituirà la base di gran parte delle strategie del Comparto nel tentativo di individuare alternative sicure ma con un rendimento più elevato dei titoli di stato che dominano l'indice principale del Comparto. Al fine di acquisire del valore relativo su una base intermedia, il Comparto tenterà anche di alternare in modo strategico i settori generali nei quali lo stesso Comparto può investire.
I titoli nei quali il Comparto può investire avranno un rating compreso tra AAA e B. Il Comparto manterrà una qualità media di rating non inferiore ad A-/A3 secondo la classificazione di almeno una delle maggiori Agenzie di rating riconosciute.
La qualità minima del rating per un singolo titolo è B-/B3.
Il Valore Patrimoniale Netto del Comparto può essere investito fino al 25% in BB+/Ba1 e B-/B3.
Il Valore Patrimoniale Netto del Comparto può essere investito fino al 40% in una combinazione di obbligazioni societarie ad alto rendimento, in titoli convertibili, preferiti e in titoli di mercati emergenti.
Posizioni liquide
Il Comparto intende rimanere totalmente investito in ogni momento e detenere modeste quantità di liquidità come attività liquide strumentali, normalmente meno del 5%. Comunque, nei periodi di inusuale elevata attività di sottoscrizione la liquidità potrebbe superare questo livello nel breve periodo ma non dovrà eccedere un livello massimo pari al 10%.
Copertura in valuta
Il Comparto cercherà di limitare la sua esposizione a valute diverse dall'euro limitando la sua esposizione a tali valute a un massimo del 10% del Valore Patrimoniale
Netto del Comparto. Qualsiasi esposizione oltre a tale limite sarà coperta in Euro con contratti su valute a termine.
La copertura incrociata delle valute è consentita finché non determini posizioni corte dopo aver tenuto conto delle attività sottostanti.
Si anticipa che la copertura incrociata di valute sarà utilizzata solo in situazioni anomale.

##### Benchmark
Bloomberg Barclays Euro Aggregate Bond TR Index (il "Benchmark").
Il Benchmark include obbligazioni a tasso fisso, denominate in euro, con rating investment grade. L'inserimento si basa sulla valuta dell'emissione e non sul domicilio dell'emittente. I settori principali compresi nel Benchmark sono buoni del Tesoro, obbligazioni societarie, titoli pubblici e cartolarizzati.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il Gestore degli Investimenti applica un approccio dinamico e attivo alla gestione del portafoglio attraverso una serie di strumenti a reddito fisso, valutari e SFD (descritti sopra nella sezione "Politiche di Investimento" e di seguito nella sezione "Utilizzo di SFD"), allo scopo di ridurre il rischio mediante la diversificazione e di migliorare i potenziali rendimenti.
In un'ottica di gestione del Comparto, il Gestore degli Investimenti effettua una ricerca macroeconomica top- down e una ricerca bottom-up. Il processo di investimento si basa principalmente sulla ricerca fondamentale ma impiega anche risorse di tipo quantitativo. La ricerca top-down include l'uso di un certo numero di modelli di valutazione di propria elaborazione che vengono utilizzati per valute di valore e tassi di interesse e per determinare la valutazione relativa tra i vari settori a reddito fisso. Il processo di ricerca fondamentale del Gestore degli Investimenti coinvolge il paese e la ricerca specifica di un titolo per determinare il merito di credito dell'emittente.
Almeno i due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in titoli emessi da emittenti situati nei Paesi della zona Euro. Il Comparto avrà un'esposizione minima in titoli in Euro del 60% e un'esposizione minima all'Euro del 90%. La maggior parte delle obbligazioni, dei titoli di debito e correlati al debito e SFD saranno quotati o negoziati su un Mercato Idoneo.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da
risorse di terzi tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su titoli di Stato Future su valuta Future sul mercato monetario |
| --- | --- |
| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Swaption |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Swap sull'inflazione |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American Investment Grade Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice IHS Markit iTraxx Europe Indice Markit iTraxx Crossover Indice Markit iTraxx Financial Indice Markit iTraxx Subordinated Financial |
| Indici dei tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione dei Gestori sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Benchmark del VaR relativo: Bloomberg Barclays Euro Aggregate Bond Index
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR relativo e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 10% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il
10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR o 1 CHF a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Emerging Markets Debt Fund

### SUPPLEMENTO 11 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti
stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo di investimento del Comparto è di ottenere un reddito totale superiore da un portafoglio di obbligazioni e altri strumenti di debito dai mercati emergenti di tutto il mondo.

##### Politiche di investimento
Il Comparto investirà principalmente in un portafoglio di obbligazioni dei mercati emergenti e di altri titoli di debito, come titoli di stato internazionali, titoli di enti pubblici sovranazionali, obbligazioni di società, note e obbligazioni bancarie (che possono essere a reddito fisso o variabile), obbligazioni "Brady" e "Yankee" e titoli garantiti da ipoteca, ovvero in SFD.
Almeno i due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in obbligazioni a tasso fisso emesse da emittenti con sede legale in paesi dei mercati emergenti o che svolgono la parte principale della loro attività economica in mercati emergenti e un massimo di un terzo del suo patrimonio in titoli di credito con scadenza inferiore ai 12 mesi.
Il Comparto può investire fino al 25% del suo Valore Patrimoniale Netto in obbligazioni convertibili e fino al 10% del suo Valore Patrimoniale Netto in azioni e titoli correlati ad azioni, tra cui azioni privilegiate convertibili e warrant.
Il Comparto può inoltre investire fino al 10% del Valore Patrimoniale Netto in prestiti (tra cui partecipazioni a prestiti/certificati di partecipazione a prestiti e cessioni di prestiti) che saranno titoli negoziabili o strumenti del mercato monetario.
Il Comparto potrà investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi.
Questi titoli saranno quotati o scambiati su Mercati Idonei di tutto il mondo.
Il Gestore degli Investimenti non sarà soggetto a restrizioni relative alla qualità o alla scadenza del credito nell'effettuare le decisioni di investimento. Pertanto agli investimenti del Comparto non sarà applicato nessun rating di credito minimo.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.

##### Benchmark
JP Morgan Emerging Markets Bond Index (EMBI) Global TR Index (il "Benchmark").
Il Benchmark segue i rendimenti totali di strumenti di debito esterni negoziati nei mercati emergenti ed è una versione estesa del JPMorgan EMBI+. Come l'EMBI+, l'EMBI Global include obbligazioni Brady, prestiti ed Eurobond denominati in dollari statunitensi con un valore nominale circolante di almeno 500 milioni di USD. Comprende più strumenti idonei rispetto a quelli coperti dall'EMBI+ con limiti meno restrittivi di quest'ultimo in relazione alla liquidità di negoziazione sul mercato secondario.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il processo di investimento è in gran parte top-down, di tipologia fondamentale, ma è anche supportato dalla disciplina di modelli quantitativi. È orientato verso paesi in sovraponderazione che sperimentano cambiamenti profondi, positivi e fondamentali, e in sottoponderazione o addirittura esclusione di quei paesi le cui valute e/o
obbligazioni sono supportate principalmente da flussi di capitale a breve termine, che possono invertire la propria tendenza rapidamente in futuro. L'analisi top-down delle variabili macroeconomiche, finanziarie e politiche orienta l'allocazione di attività dal punto di vista geografico.
Particolare attenzione è prestata anche al contesto di rischio globale e a fattori tecnici di mercato.
Almeno due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in titoli emessi da emittenti con sede (e/o che svolgono la maggior parte della loro attività economica) in paesi dei mercati emergenti in tutto il mondo.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da risorse di terzi tra cui dati e rating ESG MSCI, dati ESG
Bloomberg, Guida all’impegno del Sustainability
Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su titoli di Stato Future su valuta Future sul mercato monetario |
| --- | --- |
| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American Investment Grade Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice IHS Markit iTraxx Europe Indice Markit iTraxx Crossover Indice Markit iTraxx Financial Indice Markit iTraxx Subordinated Financial |
| Indici dei tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione dei Gestori sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Benchmark del VaR relativo: JP Morgan Emerging Markets Bond Index (EMBI) Global Index
Si prevede una variazione della leva finanziaria lorda compresa tra 0 – 300% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR relativo e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 10% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR o 1 CHF a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di
quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Emerging Markets Debt Local Currency Fund

### SUPPLEMENTO 12 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro H (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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling B (Acc) | GBP | 10.000 | 5% | 1,25% | 0% |
| Sterling J (Inc.) (hedged) | GBP | 10.000 | 5% | 1,25% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro W (Inc.) (hedged) | 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 (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,65% | 0% |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,65% | 0% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo di investimento del Comparto è di ottenere un reddito totale superiore da un portafoglio di obbligazioni e altri strumenti di debito dai mercati emergenti, inclusi i relativi derivati.

##### Politiche di investimento
Il Comparto investirà principalmente in un portafoglio di obbligazioni dei mercati emergenti e di altri titoli di debito, denominati nella valuta locale di emissione, come titoli di stato internazionali, titoli di enti pubblici sovranazionali, agenzie, obbligazioni di società, note e obbligazioni bancarie (che possono essere a reddito fisso o variabile), titoli garantiti da ipoteca e altri titoli garantiti da attività, ovvero nei relativi SFD.
Il Comparto può inoltre investire in altre obbligazioni denominate in una valuta forte. Tali mercati emergenti possono includere, senza limitazione, Argentina, Brasile, Cile, Cina, Colombia, Repubblica Ceca, Egitto, Ungheria, India, Indonesia, Israele, Giordania, Corea, Malesia, Messico, Marocco, Pakistan, Perù, Filippine, Polonia, Russia, Sud Africa, Taiwan, Thailandia, Turchia e Venezuela.
Almeno i due terzi del Valore Patrimoniale Netto totale del Comparto saranno investiti in obbligazioni e altri titoli di debito, o SFD su tali strumenti, emessi da emittenti con sede legale in paesi emergenti o che svolgono la parte principale della loro attività economica nei mercati emergenti e un massimo di un terzo del suo Valore Patrimoniale Netto totale in titoli di credito con scadenza inferiore ai 12 mesi.
Il Comparto può investire un massimo del 25% del suo Valore Patrimoniale Netto in obbligazioni convertibili.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.
Questi titoli saranno quotati o scambiati su Mercati Idonei di tutto il mondo.
Il Comparto non investirà in azioni o titoli correlati ad azioni.
Il Gestore degli Investimenti non sarà soggetto a restrizioni relative alla qualità o alla scadenza del credito nell'effettuare le decisioni di investimento. Pertanto agli investimenti del Comparto non sarà applicato nessun rating di credito minimo, che potrebbe essere valutato con un rating inferiore all'investment grade.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB+ o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono la Turchia, la Russia, il Sud Africa e il Brasile. Tali investimenti si basano (i) sul riferimento al "Benchmark (come definito di seguito)" e/o (ii) sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, possibili aggiornamenti di rating e cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti emittenti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Il Comparto potrà investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi.
Il Comparto può inoltre investire fino al 20% del proprio Valore Patrimoniale Netto in titoli di debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Benchmark
JP Morgan GBI-EM Global Diversified TR Index (il "Benchmark").
Il Benchmark è un indice completo del debito dei mercati emergenti che segue le obbligazioni in valuta locale emesse da governi dei Mercati emergenti. Il Benchmark è stato lanciato nel giugno 2005 ed è il primo indice completo globale dei Mercati emergenti locali.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark.

##### Strategia di investimento
Il Comparto è un fondo obbligazionario gestito attivamente al fine di massimizzare il rendimento totale per mezzo di un portafoglio a reddito fisso di obbligazioni e altri strumenti di debito emessi prevalentemente in valuta locale da governi, agenzie e società di economie dei mercati emergenti, incluso un uso limitato di SFD.
Il processo di investimento è in gran parte top-down, di tipologia fondamentale, ma è anche supportato dalla disciplina di modelli quantitativi. Il Gestore degli Investimenti tenta di sovraponderare quei paesi che sperimentano cambiamenti profondi, positivi e fondamentali, e in sottoponderazione o addirittura evitando quei paesi le cui valute e/o obbligazioni sono supportate principalmente da flussi di capitale a breve termine, che possono invertire rapidamente in futuro. La strategia di investimento si basa sull'analisi di fondamenti sovrani a medio termine (12 mesi prima), con l'obiettivo di identificare i cambiamenti nei fondamentali dei paesi alcuni pochi mesi prima di essere valutati dal mercato.
Almeno due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in titoli emessi da emittenti con sede (e/o che svolgono la maggior parte della loro attività economica) in paesi dei mercati emergenti in tutto il mondo.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di
approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da
risorse di terzi tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su titoli di Stato Future su valuta Future sul mercato monetario |
| --- | --- |

| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni |
| --- | --- |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American Investment Grade Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice IHS Markit iTraxx Europe Indice Markit iTraxx Crossover Indice Markit iTraxx Financial Indice Markit iTraxx Subordinated Financial |
| Indici dei tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione dei Gestori sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Benchmark del VaR relativo: JP Morgan GBI-EM Global Diversified Index
Si prevede una variazione della leva finanziaria lorda compresa tra 0 – 300% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR relativo e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 10% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Brazil Equity Fund

### SUPPLEMENTO 13 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
ARX Investimentos Ltda.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e in Brasile.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| USD B | USD | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Acc) | GBP | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
II Comparto intende perseguire una crescita a lungo termine del capitale attraverso investimenti primariamente (il che significa almeno tre quarti del patrimonio totale del Comparto) in un portafoglio di azioni e titoli correlati ad azioni di società aventi la sede legale in Brasile o che svolgono parte preponderante delle proprie attività in Brasile.

##### Politiche di investimento
Il Comparto investirà almeno tre quarti del proprio Valore Patrimoniale Netto totale in un portafoglio di azioni e titoli correlati ad azioni (comprese azioni preferenziali, azioni privilegiate convertibili e Certificati di deposito americani (quotati negli Stati Uniti)) di società con sede in o che esercitano una parte preponderante delle proprie attività in Brasile.
Fino a un quarto del Valore Patrimoniale Netto totale del Comparto può essere investito in azioni e titoli correlati ad azioni di società che non hanno né sede né esercitano parte preponderante delle proprie attività in Brasile.
Fino ad un quarto del Valore Patrimoniale Netto totale del Comparto può essere investito anche in obbligazioni convertibili (a tasso fisso e variabile, societarie e non societarie, con o senza rating), obbligazioni societarie e semi-governative a tasso fisso e variabile (di qualità
“investment grade” o inferiore), denaro contante,
strumenti del mercato monetario (tra cui carte
commerciali, obbligazioni governative e certificati di deposito) e organismi di investimento collettivo ("OIC").
Il Comparto può utilizzare SFD, come descritto di seguito nella sezione intitolata "Utilizzo di SFD". Il Comparto può occasionalmente detenere warrant o diritti di acquisto di titoli laddove essi siano stati acquisiti dal Comparto come conseguenza di azioni societarie.
La maggior parte degli investimenti del Comparto sarà quotata o negoziata su Mercati Idonei situati in Brasile e negli Stati Uniti. Il rimanente degli investimenti quotati del Comparto saranno quotati o negoziati su Mercati Idonei situati al di fuori del Brasile e degli Stati Uniti.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in OIC.

##### Benchmark
MSCI Brazil 10/40 NR Index (il "Benchmark").
Il Benchmark è ideato per misurare la performance di segmenti del mercato brasiliano a grande e media capitalizzazione. Gli indici azionari MSCI 10/40 sono ideati e aggiornati su base giornaliera per tenere conto dei limiti di concentrazione del 10% e del 40% sui fondi, ai sensi della Direttiva OICVM III. Con i suoi 55 componenti, il Benchmark copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante in Brasile.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark, ma le ponderazioni in portafoglio non saranno influenzate da quelle del Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
Il Gestore degli Investimenti perseguirà una strategia di valore, con un orientamento verso l'investimento in società con elevati coefficienti di rendimento da dividendi e le potenzialità di conservazione di reddito e capitale, che applica una combinazione di analisi dei fondamentali e una selezione dei titoli bottom-up nell'approccio alla costruzione del portafoglio.
Inoltre, vengono valutate le condizioni macroeconomiche e del settore aziendale. Perseguire una strategia di valore/reddito garantisce che solo le società con solidi fondamentali commerciali, valutazioni interessanti e un elevato rendimento da dividendi vengano incluse nel portafoglio. I dividendi rappresentano una parte importante della decisione di investimento, così come la valutazione di attrattività relativa a future plusvalenze.
Il processo di costruzione del portafoglio si fonda su modelli di ottimizzazione quantitativa, massimali di liquidità, limiti di diversificazione di società e settori e tentativi di minimizzare il rischio di mercato e accrescere i rendimenti in relazione al rischio.
Anche se gli investitori possono beneficiare di guadagni nel breve termine, il Gestore degli Investimenti non mirerà specificamente ad essi. Il Gestore degli Investimenti perseguirà una strategia di valore con un orientamento verso l'investimento in società con elevati coefficienti di rendimento di dividendi e le potenzialità di conservazione di reddito e capitale a lungo termine. A causa della natura a lungo termine di questo Comparto, il Gestore degli Investimenti acquista azioni e titoli correlati ad azioni detenuti in una prospettiva di lungo termine da 3 a 5 anni.
La filosofia del Gestore degli Investimenti è basata su un processo di investimento quantitativo senza benchmark e orientato alla ricerca.
La selezioni di titoli si concentra sulle società con guadagni sostenibili (livello della società), un elevato livello di dividendi (livello dell'azionista), e valutazioni appetibili.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Utilizzando sia processi quantitativi che qualitativi, il Gestore degli Investimenti individua, monitora e gestisce il rischio di sostenibilità nel modo seguente:
- Prima di acquisire investimenti per conto del Comparto, il Gestore degli Investimenti prende in considerazione i fattori ESG al fine di valutare l'investimento in questione rispetto al rischio di sostenibilità e determinare l'eventualità di un'esposizione a tale rischio. Tale processo prevede l'applicazione sia di una politica di esclusione (per cui si possono eliminare i potenziali investimenti dall'universo di investimento sulla base del fatto che costituiscono un rischio di sostenibilità troppo elevato per il Comparto) sia di uno screening positivo in base al quale si includono nell'universo di investimento quegli investimenti che si ritiene abbiano un basso rischio di sostenibilità e una solida performance finanziaria. Il Gestore degli Investimenti conduce inoltre un'analisi fondamentale su ogni potenziale investimento, utilizzando i dati ESG resi pubblici dall'emittente (se pertinenti) o ricerche proprietarie al fine di poter valutare l'adeguatezza delle pratiche ESG di un emittente per gestire il rischio di sostenibilità a cui è esposto. Il Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente e, in talune circostanze, per far sì che il Gestore degli Investimenti investa in un emittente che apparentemente presenta un rischio ESG associato più elevato, qualora ritenga che la percezione del mercato relativa alle sue pratiche ESG non rifletta completamente i recenti cambiamenti positivi in materia di sostenibilità attuati dall'emittente in questione.
- Nel corso della durata dell'investimento, il rischio di sostenibilità viene monitorato attraverso la revisione dei dati ESG resi pubblici dall'emittente (se pertinenti) o tramite ricerche proprietarie per determinare se il livello di rischio di sostenibilità è cambiato rispetto alla valutazione iniziale. Ove si riscontri che il rischio di sostenibilità associato a un particolare investimento sia aumentato oltre la propensione al rischio ESG del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Comparto a tale investimento, tenendo conto dei principali interessi degli Azionisti del Comparto.

Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle
riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta |
| --- | --- |
| Opzioni | Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Warrant Diritti di Acquisto sulle Azioni |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Periodo di liquidazione
Le procedure di liquidazione per il presente Comparto devono essere pagate normalmente in fondi disponibili nella valuta di base della relativa classe mediante bonifico sul conto bancario indicato nel relativo modulo di richiesta entro i due Giorni Lavorativi immediatamente successivi al relativo Giorno di Valutazione ("T+2").

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare
contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si prevede che l'esposizione del Comparto superi il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 10 DKK, 10 NOK o 10 SEK, a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Long-Term Global Equity Fund

### SUPPLEMENTO 14 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Walter Scott & Partners Limited

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| Sterling B (Inc.) | GBP | 10.000 | 5% | 1,50% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| USD B | 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% |
| 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% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CAD W (Acc.) (hedged) | CAD | 15.000.000 | 5% | 0,75% | 0% |
| 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% |

| Azioni “S” e Azioni “T (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| Euro S | EUR | 5.000.000 | 5% | 0,50% | 0% | 15% | MSCI World Index (con dividendi netti reinvestiti) In Euro |
| USD S (Acc.) 1 | USD | 5.000.000 | 5% | 0,50% | 0% | 15% | MSCI World Index (con dividendi netti reinvestiti) in USD |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X | GBP | Nessuna | 0% | 0% | 0% |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore avrà diritto a una commissione annuale di performance
(la “Commissione di Performance”) alle condizioni
descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito).
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza
percentuale tra il Valore Patrimoniale Netto Rettificato relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni (che comprende tutte le commissioni e le spese
maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
relativa classe di azioni, rettificato in caso di distribuzioni
di dividendi), al lordo della Commissione di Performance maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è indicato nella tabella precedente ed è coerente con le politiche di investimento del Comparto. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance. La performance passata del Comparto rispetto all’indice MSCI World NR è riportata nel KIID per la relativa Classe di Azioni.
Il “Rendimento dell’Hurdle Rate” è calcolato per ogni Giorno di Valutazione ed è la differenza percentuale tra l’Hurdle Rate di tale Giorno di Valutazione e l’Hurdle Rate del Giorno di Valutazione precedente.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione
di Performance. Se il Rendimento della Classe di Azioni supera il Rendimento dell’Hurdle Rate, matura una Commissione di Performance.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del
Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate (il rendimento negativo) moltiplicato per le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il Rendimento cumulativo della Classe di Azioni non
supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo.
Clawback (meccanismo di recupero) – Successivamente a un Periodo di Calcolo in cui non è stata addebitata alcuna
Commissione di Performance, non maturerà alcuna Commissione di Performance fino al momento in cui il
Rendimento cumulativo della Classe di Azioni (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di Performance) non supererà il Rendimento cumulativo dell’Hurdle Rate (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di
Performance).
Se non è stata addebitata alcuna Commissione di Performance dal lancio di una classe di azioni, non maturerà alcuna commissione di Performance fino al momento in cui il Rendimento cumulativo della classe di Azioni (dal lancio di quella classe di Azioni) non supererà
il Rendimento cumulativo dell’Hurdle Rate maturato dal
lancio di quella classe di azioni.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui
una parte della Commissione di Performance viene corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun
Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance consente l’addebito di commissioni di performance laddove il Comparto abbia sovraperformato l’Hurdle Rate, ma presenti una performance complessivamente negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Rettificato alla fine del Periodo di Calcolo | Rendimento dell’Hurdle Rate espresso in penny | Extra-rendimen- to espresso in penny* | Commissione di performance** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 102p | 3p | 0,45p | 104,55p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno, che è superiore al Rendimento dell’Hurdle Rate di 102 p, e l’Extra-rendimento di 3 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,45 p. |
| 31 dicembre (anno due) | 95p | 106p | 0p | 0p | 95p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due, che è inferiore al Rendimento dell’Hurdle Rate di 106 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |

| Giorno di Valutazione | Valore Pa- trimoniale Netto Rettificato alla fine del Periodo di Calcolo | Rendimento dell’Hurdle Rate espresso in penny | Extra-rendimen- to espresso in penny* | Commissione di performance** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno tre) | 104p | 105p | 0p | 0p | 104p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre, che è inferiore al Rendimento dell’Hurdle Rate di 105 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno quattro) | 110p | 108p | 2p | 0.30p | 109.70p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro, che è superiore all’Hurdle Rate di 108 p, e l’Extra-rendimento di 2 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,30 p. |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate
**15% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto è di perseguire un apprezzamento di lungo termine del capitale investendo primariamente (il che significa almeno tre quarti del patrimonio totale del Comparto) in un portafoglio di azioni e titoli correlati ad azioni di società di tutto il mondo.

##### Politiche di investimento
Il Comparto investirà primariamente (il che significa almeno tre quarti del Valore Patrimoniale Netto del Comparto) in un portafoglio di azioni e titoli correlati ad azioni di società di tutto il mondo, la maggioranza delle quali sarà quotata o negoziata su Mercati Idonei. I titoli correlati ad azioni comprenderanno azioni ordinarie e privilegiate, azioni privilegiate convertibili e warrant. Gli investimenti in warrant sono limitati al 10% del Valore Patrimoniale Netto del Comparto.
Il Comparto potrà anche investire indirettamente in strumenti finanziari azionari globali attraverso strumenti quali certificati di deposito americani e certificati di deposito globali (collettivamente i "Certificati di deposito").
Sebbene il Gestore degli investimenti possa allocare le attività del Comparto senza limitazioni tra regioni geografiche e singoli paesi sulla base della sua analisi
delle condizioni economiche, politiche e finanziarie globali, il Comparto può avere un’esposizione significativa a determinati mercati, tra cui gli Stati Uniti. Fino al 20%
del Valore Patrimoniale Netto del Comparto può essere investito in azioni o titoli correlati ad azioni di società situate nei paesi dei mercati emergenti. A tal fine, "paesi dei mercati emergenti" saranno quei paesi identificati come tali ai fini del Morgan Stanley Capital International
Emerging Markets Index (un indice predisposto per misurare la performance del mercato azionario nei mercati emergenti globali) (compresa qualsiasi successiva modifica o sostituzione dello stesso che possa essere attuata dal fornitore dell'indice). Nel determinare dove si trova l'emittente di uno strumento finanziario, il Gestore degli Investimenti considera fattori quali il suo paese di costituzione, il mercato di negoziazione primario per i suoi strumenti finanziari, e il luogo del suo patrimonio, personale, vendite, e guadagni.
Non vi sono restrizioni relativamente alla capitalizzazione di mercato per quanto riguarda le azioni e i titoli correlati ad azioni in cui il Comparto investe.
Fino a un quarto del Valore Patrimoniale Netto del Comparto può anche essere investito in obbligazioni che possono essere sia a tasso fisso che a tasso variabile, titoli di debito convertibili governativi o societari e strumenti del mercato monetario (compresi, a titolo meramente esemplificativo, carte commerciali, obbligazioni di stato e certificati di deposito) o in contante. I titoli di debito in cui il Comparto può investire avranno rating investment grade (ossia BBB-/Baa3) o superiore, secondo la classificazione di un'Agenzia di rating riconosciuta.
Il Comparto non investirà più del 10% del Valore Patrimoniale Netto in organismi di investimento collettivo.
Il Comparto può investire in SFD a fini di copertura e gestione efficiente del portafoglio.
In generale, il Comparto sarà esposto alle fluttuazioni valutarie che incidono sui suoi investimenti in azioni e titoli correlati ad azioni. Il Gestore degli Investimenti non cercherà di aggiungere valore speculando sulle valute, tuttavia generalmente lascerà l'esposizione di valuta del Comparto scoperta. Nonostante quanto sopra, il Gestore
degli Investimenti monitorerà e esaminerà regolarmente l'esposizione di valuta e ricorrerà alla copertura in valuta laddove il Gestore degli Investimenti ritenga che l'esposizione valutaria presenti rischi significativi.
Qualsiasi copertura in valuta in generale avverrà tramite opzioni su valute OTC di stile americano che siano negoziate con banche e intermediari finanziari-operatori principali. Le opzioni OTC di stile americano possono essere esercitate qualsiasi giorno lavorativo fino alla data di scadenza inclusa, a differenza delle opzioni OTC di stile europeo che possono essere esercitate soltanto alla scadenza. Queste opzioni saranno ideate per consentire al Comparto di convertire il valore delle azioni e dei titoli correlati ad azioni in EUR a un tasso concordato nel giorno in cui il contratto di opzione viene concluso.

##### Benchmark
MSCI World NR Index (il "Benchmark").
Il Benchmark è un indice azionario globale esteso, ideato per rappresentare la performance di titoli a media e grande capitalizzazione in 23 paesi di mercati sviluppati, tra cui: Australia, Austria, Belgio, Canada, Danimarca, Finlandia, Francia, Germania, Hong Kong, Irlanda, Israele, Italia, Giappone, Olanda, Nuova Zelanda, Norvegia, Portogallo, Singapore, Spagna, Svezia, Svizzera, Regno Unito e Stati Uniti d'America. Il Benchmark copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante per ogni paese.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto è quella di ottenere una crescita del capitale a lungo termine investendo principalmente in un portafoglio di azioni e titoli correlati ad azioni di società aventi sede in tutto il mondo (per ulteriori dettagli si vedano le Politiche di Investimento).
La filosofia e il processo di investimento sono coerenti con il quadro filosofico del Gestore degli Investimenti: un approccio di investimento a lungo termine sulla base di una rigorosa analisi ascendente delle società con l'obiettivo di identificare le società con prospettive di generazione di ricchezza maggiori. Ciò riflette una convinzione fondamentale che, nel tempo, il ritorno di investimento del portafoglio non supererà mai la ricchezza creata dalle società sottostanti. Di conseguenza, l'attenzione del team di ricerca del Gestore degli Investimenti è quella di individuare le società con capacità di generazione di ricchezza in linea con l'Obiettivo di Investimento del portafoglio.
La filosofia del Gestore degli Investimenti è basata sulla ricerca fondamentale dettagliata rivolta verso la potenzialità di crescita di particolari strumenti finanziari in un arco di tempo. A causa della natura a lungo termine
di questo Comparto, si prevede che i titoli azionari e i
titoli correlati ad azioni in portafoglio saranno acquistati nell’ottica di detenerli per un periodo di 3-5 anni o superiore. Il tasso di rotazione del portafoglio sarà
corrispondentemente basso per l'intera durata del Comparto, in quanto ciò è insito nella procedura del Gestore degli Investimenti, di cui sopra. Pertanto, anche se gli investitori possono beneficiare di guadagni nel breve termine, il Gestore degli Investimenti non mirerà specificamente ad essi.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità è pienamente integrata nel processo di investimento attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nel compiere ricerche su qualsiasi società, indipendentemente dalla provenienza geografica e dal settore, il Gestore degli Investimenti applica lo stesso schema di analisi. Tale schema è di natura sia quantitativa che qualitativa e comporta l'analisi dei bilanci relativi agli esercizi passati, insieme alla valutazione di sette aree chiave di indagine:
- attività di business e impatto fisico
- integrità, sostenibilità e governance
- caratteristiche del mercato
- padronanza del futuro
- profilo finanziario
- direzione e consiglio di amministrazione
- valutazione e negoziazioneL'analisi delle pratiche relative all'integrità, alla sostenibilità e alla governance da parte del Gestore degli Investimenti comprende la valutazione e il monitoraggio delle società in relazione ai fattori rilevanti e sostanziali di quattro aree chiave:
- valutazioni di carattere ambientale
- rischio climatico e cambiamento climatico
- capitale umano e sociale
- governanceQuesto processo consente al Gestore degli Investimenti di esaminare ogni fattore che potrebbe influire sul successo a lungo termine di un'attività prima di investire. Nell'ambito della valutazione continua di una società da parte del Gestore degli Investimenti, si svolgono aggiornamenti, revisioni e verifiche su base annua, consentendo al Gestore degli Investimenti di monitorare i progressi nel tempo.

Sebbene tutte le ricerche siano effettuate dal Gestore degli Investimenti, vengono integrate con informazioni e analisi provenienti da fonti esterne, tra cui esperti nel settore, docenti universitari e fornitori di ricerca terzi. Il regolare impegno del Gestore degli Investimenti con la direzione aziendale concorre altresì alla valutazione complessiva della società.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità sono pienamente integrate nel processo di investimento del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 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, a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di
Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Real Return Fund (USD)

### SUPPLEMENTO 15 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita delcapitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD A | USD | 5.000 | 5% | 1,50% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| USD A (Inc.) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| AUD H (Acc.) (hedged) | AUD | 5.000 | 5% | 1,50% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| 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% | HIBOR CNH 1 mese + 4% |
| SGD H (Acc.) (hedged) | SGD | 5.000 | 5% | 1,50% | 0% | SIBOR SGD 1 mese + 4% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD G (Acc.) | USD | 5.000 | 5% | 1,00% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| USD G (Inc.) | USD | 5.000 | 5% | 1,00% | 0% | SOFR (tasso composto a 30 giorni) + +4% |

| Azioni “C” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD C | USD | 5.000.000 | 5% | 1,00% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| USD C (Inc.) | USD | 5.000.000 | 5% | 1,00% | 0% | SOFR (tasso composto a 30 giorni) + +4% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD W | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| USD W (Inc.) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + +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% | HIBOR CNH 1 mese + 4% |
| SGD W (Acc.) (hedged) | SGD | 15.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 4% |

| Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD X | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 30 giorni) + +4% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 1 M Cons Maturity TR + 4% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto è realizzare un rendimento complessivo superiore al benchmark liquido (come
descritto di seguito) nell'arco di un orizzonte di investimento di 3–5 anni.

##### Politiche di investimento
Il Comparto adopererà la propria capacità di investire liberamente in un'ampia gamma di classi di attività, al fine di ottenere un'esposizione al rischio ragionevolmente moderata in qualsiasi momento. Il Comparto è un portafoglio globale multi-attività. Le allocazioni saranno effettuate a discrezione del Gestore degli Investimenti, sulla base del suo approccio all'investimento tematico globale esclusivo, sia all'interno di ogni classe di attività che tra diverse categorie di attività. Non è necessario che il Comparto sia investito in tutte le classi di attività in qualsiasi momento.
In generale, il Comparto può investire in azioni e titoli correlati ad azioni, titoli di debito e correlati al debito, SFD (compresi gli SFD correlati alle valute), organismi di investimento collettivo ("OIC"), depositi, liquidità, strumenti del mercato monetario e altre disponibilità liquide, descritti più dettagliatamente di seguito.
Per quanto riguarda le azioni e i titoli correlati ad azioni
in cui il comparto può investire, questi saranno, tra l’altro, azioni comuni, azioni privilegiate, titoli convertibili o scambiabili per tali azioni, Certificati di deposito
americani (ADR) e Certificati di deposito globali (GDR) quotati o negoziati nei Mercati Idonei in tutto il mondo.
In relazione ai titoli di debito e correlati al debito in cui il Comparto può investire, questi saranno principalmente, ma non solo, obbligazioni internazionali, sovrane, governative, di agenzie sovranazionali, societarie, bancarie e di altro genere e altri titoli di debito e correlati al debito, quali obbligazioni non garantite (debenture), effetti (fra cui effetti societari, titoli sovrani, a tasso variabile e fisso con un termine minimo di uno o più anni), titoli garantiti da attività e titoli garantiti da ipoteca, ciascuno dei quali può essere a tasso fisso o variabile.
Il Comparto può investire in titoli con rating investment grade o inferiore a investment grade attribuito da un'Agenzia di rating riconosciuta. L'investimento in titoli a reddito fisso di qualità inferiore a investment grade non dovrebbe superare il 30% del Valore Patrimoniale Netto del Comparto e di norma sarà sostanzialmente inferiore al 30%.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB+ o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali
investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in OIC.
Per fornire liquidità e coprire le esposizioni generate dall'uso di SFD, la maggior parte delle attività del Comparto può, in qualsiasi momento, essere investita in contanti, strumenti del mercato monetario, fra cui, ma non solo, carte commerciali, titoli di Stato che possono essere a tasso fisso o variabile, con rating investment grade o inferiore investment grade (assegnato da un'Agenzia di rating riconosciuta), certificati di deposito e OIC.
Il Comparto può investire in materie prime, proprietà immobiliari, energie rinnovabili e infrastrutture tramite una combinazione di OIC (inclusi fondi negoziati in borsa aperti), azioni e titoli correlati ad azioni (quali fondi di investimento immobiliare ("REIT") e altri fondi di tipo chiuso) e titoli a reddito fisso (quali titoli negoziati in borsa (tra cui materie prime negoziate in borsa e certificati negoziati in borsa)). Qualsiasi investimento in fondi quotati di tipo chiuso costituisce un investimento in un titolo trasferibile in conformità ai requisiti della Banca Centrale.
Il comparto non è soggetto a settori geografici o di mercato specifici.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in valori mobiliari non quotati né negoziati su Mercati Idonei.

##### Benchmark
SOFR (tasso composto a 30 giorni) + 4% all’anno (il
“Benchmark liquido”).
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
Il SOFR (Secured Overnight Financing Rate) è un indice generale del costo per ottenere denaro in prestito overnight garantito da Treasury USA ed è amministrato dalla Federal Reserve di New York.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
La strategia Global Real Return è una strategia multi- attività gestita in modo attivo, che investe prevalentemente in attività "convenzionali", utilizzando SFD per proteggere il capitale o generare reddito. I portafogli multi-attività con obiettivo di rendimento sono concepiti in modo olistico e seguono un approccio d'investimento non vincolato, privo di limiti a indici regionali, di settore o comparativi. Il Gestore degli Investimenti personalizza le caratteristiche di investimento che comportano cambiamenti identificabili nel contesto di investimento. L'allocazione delle attività del Comparto può variare a seconda della visione del Gestore degli Investimenti rispetto a condizioni di mercato ed economiche fondamentali e ai trend degli investimenti nel mondo, prendendo i considerazione fattori quali la liquidità, i costi, le tempistiche di esecuzione, la relativa attrattività di singoli titoli e gli emittenti disponibili nel mercato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) Opzioni su indici Opzioni su obbligazioni Opzioni su Future su Valuta Swaption Opzioni su indici di volatilità Opzioni su valute (comprese le Opzioni FX) Opzioni su future |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse Swap su azioni (titoli singoli, indice, settore e paniere personalizzato) Swap di varianza Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Contratti Differenziali |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Warrant Titoli strutturati |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Borsa Istanbul 30 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI Indice MDAX Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 Indice Stoxx Europe Small 200 |

Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Futures | Future su valuta Future su titoli di Stato Future su indici azionari Future su indici di volatilità Future su azioni |
| --- | --- |

| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Indice Exchange SPX Volatility |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai
Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1EUR, 1CAD, 1AUD, 1SGD, 10HKD o
10CNH a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Real Return Fund (EUR)

### SUPPLEMENTO 16 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita delcapitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro A | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR 1 mese + 4% |
| Euro A (Inc.) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR 1 mese + 4% |
| Sterling H (Acc.) (hedged) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 1,50% | 0% | SARON (tasso composto a 30 giorni) + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| USD H (Acc.) (hedged) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (tasso composto a 30 giorni) + 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% |
| HKD H (Acc.) (hedged) | HKD | 50.000 | 5% | 1,50% | 0% | HIBOR HKD 1 mese+ 4% |
| CNH H (Acc.) (hedged) | CNH | 50.000 | 5% | 1,50% | 0% | HIBOR CNH 1 mese + 4% |
| SGD H (Acc.) (hedged) | SGD | 5.000 | 5% | 1,50% | 0% | SIBOR SGD 1 mese + 4% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro G (Acc.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro C | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| CHF I (Acc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% | SARON (tasso composto a 30 giorni) + 4% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro W | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 4% |
| Euro W (Inc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 4% |
| USD W (Acc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 4% |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 30 giorni) + 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% | HIBOR HKD 1 mese+ 4% |
| CNH W (Acc.) (hedged) | CNH | 150.000.000 | 5% | 0,75% | 0% | HIBOR CNH 1 mese + 4% |
| SGD W (Acc.) (hedged) | SGD | 15.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 4% |

| Azioni “Z” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro Z (Inc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR 1 mese + 4% |
| Euro Z (Acc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR 1 mese + 4% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro X | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 1 mese + 4% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto è realizzare un rendimento complessivo superiore al benchmark liquido (come
descritto di seguito) nell'arco di un orizzonte di investimento di 3–5 anni.

##### Politiche di investimento
Il Comparto adopererà la propria capacità di investire liberamente in un'ampia gamma di classi di attività, al fine di ottenere un'esposizione al rischio ragionevolmente moderata in qualsiasi momento. Il Comparto è un portafoglio globale multi-attività. Le allocazioni saranno effettuate a discrezione del Gestore degli Investimenti, sulla base del suo approccio all'investimento tematico globale esclusivo, sia all'interno di ogni classe di attività che tra diverse categorie di attività. Non è necessario che il Comparto sia investito in una o tutte le categorie di attività in qualsiasi momento.
In generale, il Comparto può investire in azioni e titoli correlati ad azioni, titoli di debito e correlati al debito, SFD (compresi gli SFD correlati alle valute), organismi di investimento collettivo ("OIC"), depositi, liquidità, strumenti del mercato monetario e altre disponibilità liquide, descritti più dettagliatamente di seguito.
Per quanto riguarda le azioni e i titoli correlati ad azioni in cui il comparto può investire, questi saranno, tra
l’altro, azioni comuni, azioni privilegiate, titoli convertibili
o scambiabili per tali azioni, Certificati di deposito
americani (ADR) e Certificati di deposito globali (GDR) quotati o negoziati nei Mercati Idonei in tutto il mondo.
In relazione ai titoli di debito e correlati al debito in cui il Comparto può investire, questi saranno principalmente, ma non solo, obbligazioni internazionali, sovrane, governative, di agenzie sovranazionali, societarie, bancarie e di altro genere e altri titoli di debito e correlati al debito, quali obbligazioni non garantite (debenture), effetti (fra cui effetti societari, titoli sovrani a tasso variabile e fisso con un termine minimo di uno o più anni), titoli garantiti da attività e titoli garantiti da ipoteca, ciascuno dei quali può essere a tasso fisso o variabile.
Il Comparto può investire in titoli con rating investment grade o inferiore a investment grade attribuito da un'Agenzia di rating riconosciuta. L'investimento in titoli a reddito fisso di qualità inferiore a investment grade non dovrebbe superare il 30% del Valore Patrimoniale Netto del Comparto e di norma sarà sostanzialmente inferiore al 30%.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB+ o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in OIC.
Per fornire liquidità e coprire le esposizioni generate dall'uso di SFD, la maggior parte delle attività del Comparto può, in qualsiasi momento, essere investita in contanti, strumenti del mercato monetario, fra cui, ma non solo, carte commerciali, titoli di Stato che possono essere a tasso fisso o variabile, con rating investment grade o inferiore investment grade (assegnato da un'Agenzia di rating riconosciuta), certificati di deposito e OIC.
Il Comparto può investire in materie prime, proprietà immobiliari, energie rinnovabili e infrastrutture tramite una combinazione di OIC (inclusi fondi negoziati in borsa aperti), azioni e titoli correlati ad azioni (quali fondi di investimento immobiliare ("REIT") e altri fondi di tipo chiuso) e titoli a reddito fisso (quali titoli negoziati in borsa (tra cui materie prime negoziate in borsa e certificati negoziati in borsa)). Qualsiasi investimento in fondi quotati di tipo chiuso costituisce un investimento in un titolo trasferibile in conformità ai requisiti della Banca Centrale. Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in valori mobiliari non quotati né negoziati su Mercati Idonei.

##### Benchmark
EURIBOR 1 mese + 4% all'anno (il "Benchmark liquido").
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La filosofia di investimento del Gestore degli Investimenti si basa sulla convinzione che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
La strategia Global Real Return è una strategia multi- attività gestita in modo attivo, che investe prevalentemente in attività "convenzionali", utilizzando SFD per proteggere il capitale o generare reddito. I portafogli multi-attività con obiettivo di rendimento sono concepiti in modo olistico e seguono un approccio d'investimento non vincolato, privo di limiti a indici regionali, di settore o comparativi. Il Gestore degli Investimenti personalizza le caratteristiche di investimento che comportano cambiamenti identificabili nel contesto di investimento. L'allocazione delle attività del Comparto può variare a seconda della visione del Gestore degli Investimenti rispetto a condizioni di mercato ed economiche fondamentali e ai trend degli investimenti nel mondo, prendendo i considerazione fattori quali la liquidità, i costi, le tempistiche di esecuzione, la relativa attrattività di singoli titoli e gli emittenti disponibili nel mercato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su titoli di Stato Future su indici azionari Future su indici di volatilità Future su azioni |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) Opzioni su indici Opzioni su obbligazioni Opzioni su Future su Valuta Swaption Opzioni su indici di volatilità Opzioni su valute (comprese le Opzioni FX) Opzioni su future |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse Swap su azioni (titoli singoli, indice, settore e paniere personalizzato) Swap di varianza Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Contratti Differenziali |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Warrant Titoli strutturati |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |

| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Borsa Istanbul 30 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI Indice MDAX Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 Indice Stoxx Europe Small 200 |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Indice Exchange SPX Volatility |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CAD, 1 AUD, 1 CHF, 1 SGD, 10
HKD o 10 CNH a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Equity Income Fund

### SUPPLEMENTO 17 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- È previsto che le commissioni e le spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro B | EUR | 10.000 | 5% | 1,50% | 0% |
| Euro B (Inc.) | EUR | 10.000 | 5% | 1,50% | 0% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CAD X (Acc.) | CAD | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto consiste nel generare distribuzioni annuali e perseguire una crescita a lungo termine del capitale investendo principalmente in azioni e valori mobiliari relativi ad azioni di società di tutto il mondo.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i tre quarti del Valore Patrimoniale Netto del Comparto, in un portafoglio di azioni e titoli correlati ad azioni, comprese, a titolo esemplificativo e non esaustivo, azioni privilegiate convertibili, warrant (fino al 10% del Valore Patrimoniale Netto del Comparto) e obbligazioni convertibili (fino al 10% del Valore Patrimoniale Netto del Comparto e non classificate ai fini della qualità del credito da alcuna Agenzia di rating riconosciuta) di società di tutto il mondo quotate o negoziate su Mercati Idonei.
La selezione dei titoli è focalizzata su società dotate di forti fondamentali, che presentano valutazioni interessanti e soddisfano i criteri di rendimento del Gestore degli Investimenti alla luce dell'obiettivo di investimento del Comparto di realizzare distribuzioni annuali insieme alla crescita a lungo termine del capitale.
Il Comparto utilizzerà tecniche e SFD a fini di investimento come definito di seguito nella sezione "Utilizzo di SFD" e a fini di protezione dai rischi del tasso di cambio della valuta esterna come illustrato nella sezione riportata di seguito intitolata "Gestione efficiente del portafoglio".
Il Comparto investe su base globale e, sebbene i suoi investimenti non debbano necessariamente essere circoscritti a, o concentrati in, un mercato o una regione geografica particolare, il Comparto può avere
un’esposizione significativa a determinati mercati,
compresi gli Stati Uniti. Inoltre, non vi sono restrizioni
relativamente alla capitalizzazione di mercato per quanto riguarda le azioni e i titoli correlati ad azioni in cui il Comparto investe.
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli azionari quotati o negoziati alla Borsa di Mosca.
Inoltre, il Comparto non investirà complessivamente più del 10% del Valore Patrimoniale Netto in organismi di investimento (CIS) collettivo. Gli investimenti in OIC possono essere utilizzati per finalità di gestione del
contante oppure per dare esposizione ad azioni e titoli correlati ad azioni in base alla politica di investimento di cui sopra.

##### Benchmark
FTSE World TR Index (il "Benchmark").
Il Benchmark è un indice ponderato sulla base della capitalizzazione di mercato che rappresenta la performance di titoli a grande e media capitalizzazione di segmenti di mercati avanzati ed emergenti del FTSE Global Equity Index Series e copre il 90-95% della capitalizzazione di mercato investibile. Il Benchmark è idoneo come base per prodotti di investimento, quali fondi, SFD e fondi negoziati in borsa.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni globali a più alto rendimento richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che includono le principali aree di cambiamento nel mondo e li utilizza come base per le idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento poiché aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di potenziale profitto.
I portafogli di titoli azionari globali sono concepiti in modo olistico, applicando un processo di investimento del Gestore degli Investimenti orientato alla ricerca/ bottom-up. Questo approccio punta a investire in titoli di società con una valorizzazione interessante, buone prospettive e solidi fondamentali. La strategia Global Equity Income ha una propensione intrinseca a un dato stile; ogni partecipazione presente in un portafoglio a reddito azionario globale deve rendere almeno il 25% in
più rispetto al Benchmark al momento dell'acquisto. Qualsiasi partecipazione il cui rendimento prospettico scende al di sotto del rendimento dell'indice comparativo viene venduta. I titoli più interessanti per questa strategia tendono a essere quelli di buona qualità, ossia di società capaci di generare liquidità con rendimenti di dividendi affidabili.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità
in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su azioni Future su indici azionari Future su valuta |
| --- | --- |
| Opzioni | Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Warrant Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni d'acquisto coperte Opzioni su futures su azioni (titoli singoli, indice, settore, paniere personalizzato) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Azioni privilegiate convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire | Indice Dax 30 |
| un'esposizione ai mercati | Indice Euro Stoxx 50 |
| azionari regionali e | Indice FTSE 100 |
| internazionali in modo più | Indice FTSE All Share |
| efficiente o conveniente rispetto | Indice FTSE World |
| all'acquisto di titoli fisici. | Indice Hang Seng |
|  | Indice KOSPI |
|  | Indice MSCI All Countries World |
|  | Indice MSCI Emerging Markets |
|  | Indice Nasdaq Composite |
|  | Indice Nikkei 225 |
|  | Indice Russell 2000 |
|  | Indice S&P/ASX 200 |
|  | Indice S&P/TSX Composite |
|  | Indice S&P 500 |
|  | Indice Stoxx Europe 600 |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore
Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 SGD, 10 HKD, 10 CNH o 100
JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Dynamic Bond Fund

### SUPPLEMENTO 18 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD A | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD A (Inc.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro A | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |
| Euro A (Inc.) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |
| Sterling A (Acc.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling A (Inc.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 30 giorni) + 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% | HIBOR HKD 1 mese+ 2% |
| HKD A (Inc.) | HKD | 50.000 | 5% | 1,25% | 0% | HIBOR HKD 1 mese+ 2% |
| CNH A (Acc.) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| CNH A (Inc.) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| SGD A (Acc.) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 2% |
| SGD A (Inc.) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 2% |
| Euro H (hedged) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |
| Euro H (Inc.) (hedged) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (tasso composto a 30 giorni) + 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% | SIBOR SGD 1 mese + 2% |
| SGD H (Inc.) (hedged) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 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% | HIBOR CNH 1 mese + 2% |
| CNH H (Inc.) (hedged) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| DKK H (Acc.) (hedged) | DKK | 50.000 | 5% | 1,25% | 0% | LIBOR DKK 1 mese + 2% |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 1,25% | 0% | LIBOR NOK 1 mese + 2% |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 1,25% | 0% | LIBOR SEK 1 mese + 2% |

| Azioni “G” e Azioni “G” (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD G (Acc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD G (Inc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro G (Acc.) (hedged) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro G (Inc.) (hedged) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD C | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD C (Inc.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Sterling C (Inc.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling C (Acc.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF C (Acc.) (hedged) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 30 giorni) + 2% |
| Euro I (hedged) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro I (Inc.) (hedged) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| SGD I (Acc.) (hedged) | SGD | 5.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 2% |
| SGD I (Inc.) (hedged) | SGD | 5.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 2% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD W | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD W (Inc.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| HKD W (Inc.) | HKD | 150.000.000 | 5% | 0,50% | 0% | HIBOR HKD 1 mese+ 2% |
| Euro W (hedged) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 1 mese + 2% |
| Euro W (Inc.) (hedged) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 1 mese + 2% |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling W (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (tasso composto a 30 giorni) + 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% | SIBOR SGD 1 mese + 2% |
| SGD W (Inc.) (hedged) | SGD | 15.000.000 | 5% | 0,50% | 0% | SIBOR SGD 1 mese + 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% | HIBOR CNH 1 mese + 2% |
| DKK W (Acc.) (hedged) | DKK | 150.000.000 | 5% | 0,50% | 0% | LIBOR DKK 1 mese + 2% |
| NOK W (Acc.) (hedged) | NOK | 150.000.000 | 5% | 0,50% | 0% | LIBOR NOK 1 mese + 2% |
| SEK W (Acc.) (hedged) | SEK | 150.000.000 | 5% | 0,50% | 0% | LIBOR SEK 1 mese + 2% |
| JPY W (Acc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (tasso composto a 30 giorni) + 2% |
| JPY W (Inc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (tasso composto a 30 giorni) + 2% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling Z (Acc.) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling Z (Inc.) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling Z (Acc.) (hedged) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling Z (Inc.) (hedged) | GBP | 200.000.000 | 5% | 0,35% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| USD Z (Acc.) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| USD Z (Inc.) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (tasso composto a 30 giorni) + 2% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 1 mese + 2% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | SARON (tasso composto a 30 giorni) + 2% |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 30 giorni) + 2% |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 30 giorni) + 2% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende massimizzare il rendimento totale per mezzo della crescita dei redditi e del capitale investendo principalmente (ossia almeno i tre quarti del patrimonio totale del Comparto) in un portafoglio diversificato costituito prevalentemente da titoli a interesse fisso emessi da governi e società di tutto il mondo.

##### Politiche di investimento
Il Comparto investirà principalmente, ossia almeno i tre quarti del Valore Patrimoniale Netto del Comparto, in un portafoglio di obbligazioni internazionali, di mercati emergenti, sovrane, statali, di agenzie sopranazionali, societarie e bancarie, a tasso fisso e variabile (comprese obbligazioni ipotecarie e societarie) e altri titoli di debito e correlati al debito (quali obbligazioni non garantite (debenture), effetti (fra cui effetti societari, titoli sovrani, a tasso variabile e fisso), titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito e carte commerciali quotati o negoziati su Mercati Idonei di tutto il mondo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Al momento dell'acquisto, il rating di credito minimo degli strumenti di debito e correlati al debito in cui il Comparto può investire è CCC-/Caa3 (o suo equivalente), secondo la classificazione di un'Agenzia di rating riconosciuta. Nel caso di rating separato, sarà considerato il valore più alto. Se uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Pertanto il Comparto potrà investire prevalentemente in titoli societari e governativi a interesse fisso, inferiori all'investment grade. Non esistono limiti quanto alla scadenza massima dei titoli.
Il Comparto può investire anche in SFD come illustrato nella sezione "Utilizzo di SFD" di seguito.
Il Comparto potrà altresì investire fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC"). Gli investimenti in OIC possono essere utilizzati per la gestione del contante investendo in fondi del mercato monetario o per assumere un'esposizione a obbligazioni e altre azioni elencate in precedenza.
Il Comparto può investire anche in fondi negoziati in borsa ("ETF") quotati su Mercati Idonei e dare esposizione ai mercati obbligazionari. Tutti gli investimenti in ETF aperti avverranno conformemente ai limiti di investimento per gli OIC e tutti gli investimenti in ETF di tipo chiuso avverranno conformemente ai limiti di investimento per i valori mobiliari, come indicato nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Non esiste limite formale alla durata del Comparto.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB+ o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. Ogni investimento di questo tipo sarà fatto solo nei Mercati Idonei inclusi nell'Appendice II del Prospetto.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Benchmark
SOFR (tasso composto a 30 giorni) + 2% all’anno (il
“Benchmark liquido”).
Il SOFR (Secured Overnight Financing Rate) è un indice generale del costo per ottenere denaro in prestito overnight garantito da Treasury USA ed è amministrato dalla Federal Reserve di New York.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in obbligazioni globali richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un
Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
La strategia di obbligazioni dinamiche globali del Gestore degli Investimenti investe in una gamma diversificata di titoli a reddito fisso. I gestori del portafoglio identificano i temi che incidono su mercati obbligazionari e valutari, selezionano le attività che potranno beneficiare di questi temi e investono in dette attività per generare rendimenti positivi.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di
investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su titoli di Stato Future sul mercato monetario Future su valuta |
| --- | --- |
| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Warrant |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun
ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR
assoluto e sulla Leva Finanziaria Lorda, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del
Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD, 1 AUD, 1 SGD, 10
HKD, 100 JPY, 100 CNH, 10 DKK, 10 NOK o 10 SEK, a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni
e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Absolute Return Equity Fund

### SUPPLEMENTO 19 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto investirà principalmente in strumenti finanziari derivati (“SFD”) e utilizzerà tali SFD a scopo di investimento, copertura ed efficiente gestione del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita delcapitale.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited

#### Valuta di Base
Sterlina

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “R” e Azioni “R (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Sterling R (Acc.) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD R (hedged) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| Euro R (hedged) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro R (Inc.) (hedged) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| CHF R (Inc.) (hedged) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHF R (hedged) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Azioni “D” e Azioni “D (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Sterling D (Acc.) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Sterling D (Inc.) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD D (Acc.) (hedged) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| USD D (Inc.) (hedged) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| Euro D (Acc.) (hedged) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro D (Inc.) (hedged) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| CHF D (Acc.) (hedged) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| CHF D (Inc.) (hedged) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Azioni “S” e Azioni “T (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Sterling S (Acc.) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Classe T (Hedged) | USD | 5.000.000 | 5% | 1,00% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| Euro T (hedged) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro T (Inc.) (hedged) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| CHF T (Inc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHF T (Acc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Azioni “U” e Azioni “U (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Sterling U (Acc.) | GBP | 15.000.000 | 5% | 0,85% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Sterling U (Inc.) | GBP | 15.000.000 | 5% | 0,85% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD U (hedged) | USD | 15.000.000 | 5% | 0,85% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| USD U (Inc.) (hedged) | USD | 15.000.000 | 5% | 0,85% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| Euro U (hedged) | EUR | 15.000.000 | 5% | 0,85% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro U (Inc.) (hedged) | EUR | 15.000.000 | 5% | 0,85% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| CHF U (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,85% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| CHF U (Inc.) (hedged) | CHF | 15.000.000 | 5% | 0,85% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% | Nessuna | SONIA (tasso composto a 30 giorni) | Nessuna |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% | Nessuna | SOFR (tasso composto a 30 giorni) | Nessuna |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% | Nessuna | EURIBOR 1 mese | Nessuna |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | Nessuna | SARON (tasso composto a 30 giorni) | Nessuna |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | Nessuna | SARON (tasso composto a 30 giorni) | Nessuna |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore avrà diritto a una commissione annuale di performance
(la “Commissione di Performance”) alle condizioni
descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito) e soggetta a un High
Water Mark (come definito di seguito).
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza percentuale tra il Valore Patrimoniale Netto Rettificato
relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni
(che comprende tutte le commissioni e le spese maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
relativa classe di azioni, rettificato in caso di distribuzioni di dividendi), al lordo della Commissione di Performance
maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è l’aliquota stabilita nella tabella precedente. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance.
Il “Rendimento dell’Hurdle Rate” è calcolato in ciascun Giorno di Valutazione ed è definito come il valore che risulti maggiore tra: (i) il rendimento dell’Hurdle Rate (espresso in forma percentuale); o (ii) lo zero percento (0%). L’“Hurdle Rate” è indicato nella tabella precedente ed è calcolato su 365 giorni per il tasso SONIA (tasso composto a 30 giorni) e su 360 giorni per l’EURIBOR e il SOFR a 1 mese (tasso composto a 30 giorni), il SARON
(tasso composto a 30 giorni) e il TONAR (tasso composto a 30 giorni).
L’“High Water Mark” viene definito come il valore che risulti maggiore tra: (i) il massimo Valore Patrimoniale Netto Rettificato per Azione sul quale è stata pagata una
Commissione di Performance nell’ultimo giorno di
qualsiasi Periodo di Calcolo precedente; o (ii) il prezzo di
emissione iniziale per Azione di ciascuna Classe.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione di Performance. La Commissione di Performance matura
nel caso in cui il Valore Patrimoniale Netto Rettificato della relativa classe di azioni sia superiore all’High Water Mark e il Rendimento della Classe di Azioni sia superiore al Rendimento dell’Hurdle Rate.
L’uso di un High Water Mark garantisce che non venga applicata una Commissione di Performance fino a che
eventuali performance inferiori precedenti del Rendimento della Classe di Azioni non saranno recuperate. Di conseguenza, non verrà addebitata alcuna Commissione di Performance a meno che il Valore Patrimoniale Netto Rettificato per Azione alla fine del Periodo di Calcolo (o al momento del rimborso, nel caso di una fusione soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere
liquidati o cessare le negoziazioni) sia superiore all’High
Water Mark. Si invita a prendere atto che la differenza
negativa relativa del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate rilevata nei Periodi di Calcolo precedenti non sarà recuperata.
Qualora l’Hurdle Rate fosse inferiore allo zero percentuale (0%), nell’effettuare il calcolo di qualsiasi Commissione di Performance si applicherà un Rendimento minimo dell’Hurdle Rate pari allo zero percentuale (0%). Ciò
significa che non verrà addebitata una Commissione di
performance, fatto salvo il caso in cui il Rendimento della Classe di Azioni sia maggiore dello zero percentuale (0%) e le Commissioni di performance maturate siano limitate alla sovraperformance raggiunta oltre lo zero percentuale (0%), ossia le Commissioni di Performance non vengono addebitate in periodi di performance negativa.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del Rendimento della Classe di Azioni rispetto al Rendimento
dell’Hurdle Rate (il rendimento negativo) moltiplicato per
le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il
Rendimento cumulativo della Classe di Azioni non supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo e (ii) il Valore Patrimoniale Netto Rettificato della relativa Classe di Azioni non supererà l’High Water Mark.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui
una parte della Commissione di Performance viene corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun
Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla
data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance non consente l’addebito di commissioni di performance in caso di performance negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 100p | 102p | 3p | 0,45p | 104,55p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno è stato superiore al prezzo di emissione iniziale di 100 p Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 100 p E l’Extra-rendimento di 3 p è positivo Pertanto, è stata pagata una Commissione di Performance di 0,45 p |
| 31 dicembre (anno due) | 95p | 105p | 106p | 0p | 0p | 95p | La performance è stata negativa durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due è stato inferiore al Valore Patrimoniale Netto di 104,55 p alla fine dell’anno uno Pertanto, non è stata pagata alcuna Commissione di Performance |
| 31 dicembre (anno tre) | 104p | 105p | 97p | 0p | 0p | 104p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre è stato superiore al Valore Patrimoniale Netto di 95 p alla fine dell’anno due Tuttavia, il Valore Patrimoniale Netto Rettificato di 104 p è stato inferiore all’High Water Mark di 105 p, con conseguente Extra- rendimento pari a zero. Pertanto, non è stata pagata alcuna Commissione di Performance |

| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno quat- tro) | 110p | 105p | 108p | 2p | 0.30p | 109.7p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro è stato superiore al Valore Patrimoniale Netto di 104 p alla fine dell’anno tre Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 105 p E l’Extra-rendimento di 2 p è positivo Pertanto, è stata pagata una Commissione di Performance di 0,30 p |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate, quando il Valore Patrimoniale Netto Rettificato supera l’High Water Mark.
**15% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire un rendimento assoluto positivo in tutte le condizioni di mercato.

##### Politiche di investimento
Il Comparto intende realizzare il proprio obiettivo in un periodo continuativo di dodici mesi tramite una gestione discrezionale dell'investimento e può avvalersi di una serie di tecniche di copertura. Questo risultato non è garantito e potrebbe verificarsi una perdita di capitale.
La politica generale si compone di due elementi distinti. In primo luogo, il Comparto cerca di generare una crescita a lungo termine del capitale investendo in una gamma di azioni e valori mobiliari relativi ad azioni (comprese warrant, azioni privilegiate e azioni privilegiate convertibili) di società principalmente in Europa (compreso il Regno Unito e i paesi che potrebbero essere considerati mercati emergenti in Europa) quotati o negoziati presso una qualsiasi dei Mercati Idonei elencati nell'Appendice II e SFD consentiti dai Regolamenti OICVM. L'utilizzo di SFD gioca un ruolo importante nella strategia di investimento, come descritto di seguito.
Come precisato di seguito, il Comparto potrebbe essere definito un fondo long/short. Il Gestore degli Investimenti si avvarrà principalmente di un'analisi della sicurezza bottom-up fondamentale nella sua selezione di azioni e valori mobiliari relativi ad azioni.
Secondariamente, il Comparto investirà in un'ampia gamma di strumenti liquidi, monetari, titoli di debito o correlati al debito, compresi, a titolo esemplificativo ma non esaustivo, depositi bancari, strumenti e obbligazioni emesse o garantite da enti sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali "Liquidità, strumenti monetari, titoli di debito e correlati al debito". Si precisa che gli emittenti e/o garanti dei titoli, strumenti od obbligazioni cui si fa riferimento nella
frase precedente avranno un rating di credito al momento dell'acquisto di minimo A1/P1 (o suo equivalente) accordato da un'Agenzia di rating riconosciuta oppure verranno considerati dal Gestore degli Investimenti di qualità equivalente. I titoli di debito e correlati al debito (come definito sopra) comprendono titoli, strumenti, obbligazioni, buoni del Tesoro, obbligazioni non garantite (debenture), obbligazioni, titoli garantiti da attività e titoli garantiti da ipoteca che non subiranno l'effetto leva, certificati di deposito, obbligazioni a tasso variabile, obbligazioni a breve e medio termine e carte commerciali, che possono essere a tasso fisso o variabile e sono emesse o garantite da un qualsiasi governo sovrano o dalle relative agenzie, autorità locali, enti sovranazionali
o internazionali pubblici, banche, società o altri emittenti commerciali e possono avere scadenza superiore a 1 anno. Questa classe di attività sarà detenuta sia come classe di attività che produce un rendimento assoluto di proprio diritto e anche per fornire liquidità e copertura per esposizioni generate dall'uso di SFD.
Il Comparto cercherà di conseguire questo obiettivo mediante una combinazione di posizioni lunghe e corte. Le posizioni lunghe possono essere detenute tramite una combinazione di investimenti diretti e/o strumenti derivati e principalmente swap su azioni, contratti differenziali, future, opzioni e contratti a termine. Le posizioni corte saranno detenute principalmente tramite SFD, e in particolare swap su azioni, contratti differenziali, future, opzioni e contratti a termine ulteriormente precisati di seguito. Oltre a mantenere un portafoglio di Liquidità, Strumenti monetari, Titoli di debito e correlati al debito (come descritto sopra), il Comparto cercherà in generale di raggiungere il proprio obiettivo gestendo attivamente i rischi correlati al mercato normalmente associati all'investimento in azioni (altrimenti noti come "beta"), e isolando i rendimenti specifici delle azioni (altrimenti noti come "alfa"). Per farlo adotterà solitamente una tecnica denominata "pair trading".
Ogni posizione "pair trade" in azioni o titoli correlati ad azioni del Comparto è costituita da due parti. L'idea alla base riflette le opinioni del Gestore degli Investimenti su una determinate azione e l'unità di copertura serve per focalizzare il rischio della coppia sui fattori di rendimento specifici che i gestori intendono perseguire. Se i gestori mirano soltanto a fattori di rendimento specifici azionari, possono scegliere di impostare una strategia di copertura di settore, direzione del mercato e altri rischi. Se i gestori mirano a fattori di rendimento direzionali del mercato, l'idea alla base può essere parzialmente coperta o scoperta.
L'unità principale o di copertura sarà una posizione corta sintetica. Una posizione corta sintetica viene creata quando il Comparto vende un'attività di cui non è proprietario con l'intento di riacquistarla in futuro. Se il prezzo dell'attività short diminuisce, il valore della posizione aumenta e viceversa. L'altra parte di ogni coppia sarà una posizione lunga, creata acquistato un'attività. Pertanto il Comparto potrebbe essere definito un fondo long/short. Spetterà quindi al Gestore degli Investimenti decidere se assumere posizioni corte o lunghe e la percentuale corta o lunga del Comparto varierà nel corso della durata del Comparto, in quanto il Gestore degli Investimenti effettua le variazioni che reputa opportune tenendo conto dell'obiettivo del Comparto.
Anche se i Regolamenti OICVM vietano la vendita allo scoperto di titoli fisici, essi consentono di creare posizioni short sintetiche (in questo contesto per sintetico si intende che realizza essenzialmente lo stesso risultato economico senza vendere effettivamente allo scoperto) tramite l'uso di strumenti derivati, come swap su azioni, futures o contratti differenziali. (Consultare anche la sezione "Utilizzo di SFD" di seguito).
In quanto tale, il Comparto farà frequente uso di SFD per raggiungere posizioni corte e lunghe sintetiche (compresi a titolo esemplificativo ma non esaustivo, contratti differenziali, indici azionari, sottoindici azionari e swap su azioni singole) relative a indici azionari di mercato, settori, azioni e panieri di azioni in ogni caso rientranti nei limiti e nelle condizioni definite nei Regolamenti OICVM della Banca Centrale.
Il Comparto effettuerà investimenti in azioni e in titoli correlati ad azioni soltanto se si identificano opportunità che, secondo il parere del Gestore degli Investimenti, offrono al Comparto le potenzialità di significativi rendimenti in relazione al rischio. Altrimenti il Comparto rimarrà investito in liquidità, strumenti monetari, titoli di debito o titoli correlati ai titoli di debito.
Il Gestore degli Investimenti può esprimere il proprio parere in merito alla volatilità futura del mercato relativamente a indici del mercato azionario, settori, azioni e panieri di azioni in ogni caso rientranti nei limiti e nelle condizioni definite nei Regolamenti OICVM della Banca Centrale. L'investimento nella volatilità verrà effettuato generalmente tramite l'uso di SFD come opzioni e opzioni su futures.
Se il Gestore degli Investimenti ritiene che la volatilità future sarà superiore di quanto previsto da altri investitori, egli aumenterà l'esposizione alla volatilità acquistando opzioni. Il Comparto trarrà profitto da aumenti future della volatilità dell'attività o del mercato dato. Se, invece, il Gestore degli Investimenti ritiene che la volatilità futura sarà inferiore a quanto previsto da altri
investitori, egli diminuirà l'esposizione alla volatilità vendendo opzioni. Il Comparto trarrà profitto da riduzioni future della volatilità dell'attività o del mercato dato.
Il Comparto potrà altresì investire fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") che includono altri OIC gestiti dal Gestore degli Investimenti o dai suoi associati. Ad esempio, gli investimenti in OIC possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione ad azioni e titoli correlati ad azioni in base alla politica di investimento di cui sopra.
I vari tipi di investimento descritti in queste politiche di investimento possono includere prodotto che il Gestore degli Investimenti considera prodotto strutturati in quanto consentiranno al Comparto di guadagnare indirettamente esposizione di mercato ad azioni, indici del mercato azionario, settori e/o panieri di azioni anche se non si prevede che l'investimento in questi tipi di strumenti sarà significativo. Questi prodotti strutturati assumono tipicamente la forma di valori mobiliari e/o strumenti del mercato monetario (ossia strumenti normalmente negoziati sui mercati monetari che sono liquidi e hanno un valore che può essere calcolato con precisione in qualsiasi momento) con uno strumento derivato incorporato. I valori mobiliari avranno il significato ad essi attribuito nei Regolamenti OICVM della Banca Centrale. Un esempio di un prodotto strutturato di questo tipo è un'obbligazione a cedola zero a capitale protetto contenente uno strumento derivato e che offre un rendimento collegato a un indice azionario. Nella misura in cui tali investimenti espongono il Comparto alla performance di un indice, tale indice dovrà essere sufficientemente diversificato, dovrà rappresentare un benchmark adeguato per i mercati a cui fanno riferimento, dovrà essere pubblicato in modo appropriato e autorizzato preventivamente dalla Banca Centrale. Tali prodotti strutturati saranno confinati principalmente ad attività quotate o negoziate presso uno dei Mercati Idonei definiti nell'Appendice II, oppure se non quotate saranno limitati al 10% del Valore Patrimoniale Netto del Comparto e dovranno soddisfare i requisiti della Banca Centrale.
Ad eccezione dell'investimento consentito in titoli non quotati e in OIC di tipo aperto, gli investimenti verranno effettuati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Il Comparto potrà anche stipulare contratti di prestito di titoli a scopo di investimento, subordinatamente alle condizioni e ai limiti definiti nei Regolamenti OICVM della Banca Centrale.

##### Benchmark
Tasso composto SONIA a 30 giorni (il “Benchmark liquido”).
Il SONIA (Sterling Over Night Index Average) è un indice del tasso di interesse pagato sui fondi all’ingrosso a breve termine in sterline in circostanze in cui i rischi di
credito, di liquidità e di altro tipo sono minimi. In ogni giorno lavorativo di Londra, il SONIA è misurato come la media troncata, arrotondata al quarto decimale, dei tassi di interesse pagati su operazioni di deposito idonee denominate in sterline. Il SONIA è un tasso quasi privo di rischio, il che significa che non contempla alcun rischio di credito bancario; il tasso può aumentare o diminuire
per effetto delle decisioni politiche della banca centrale o della variazione delle condizioni economiche.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su un periodo continuativo di 12 mesi al netto delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La strategia di investimento del Comparto mira a fornire un'esposizione di investimento lunga e corta a titoli azionari con esposizione netta attiva tramite le dimensioni della copertura.
La costruzione del portafoglio si basa:
- sulla responsabilità individuale del gestore del portafoglio
	- sulla posizione acquisita, funzionale al flusso ideale e al giudizio delle tempistiche

- Le dimensioni di posizione e l'esposizione generale lorda variano a seconda:
	- dei rischi specifici
	- Liquidità
	- del contesto di mercato (volatilità, correlazione)

- Le dimensioni della copertura a livello "pair trade" è una funzione di:
	- valutazione specifica e caratteristiche fondamentali dell'idea principale
	- valutazione del contesto di un mercato più ampio

- La composizione della copertura varia a seconda:
	- dei rischi che influiscono sull'idea principale
	- valutazione del contesto di un mercato più ampio



##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di
sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su azioni Future su indici azionari |
| --- | --- |

| Opzioni | Warrant Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni su future Swaption |
| --- | --- |
| Swap | Swap su azioni (titoli singoli, indice, settore e paniere personalizzato) Contratti Differenziali |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Azioni privilegiate convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire | Indice Dax 30 |
| un'esposizione ai mercati | Indice Euro Stoxx 50 |
| azionari regionali e | Indice FTSE 100 |
| internazionali in modo più | Indice FTSE 250 |
| efficiente o conveniente | Indice FTSE 350 |
| rispetto all'acquisto di titoli | Indici FTSE 350 Supersectors |
| fisici. | Indice FTSE All Share |
|  | FTSE MIB |
|  | Indice FTSE World |
|  | Indice Hang Seng |
|  | IBEX 35 |
|  | Indice KOSPI |
|  | Indice MDAX |
|  | Indice MSCI All Countries World |
|  | Indice MSCI Emerging Markets |
|  | MSCI World Developed ex Europe |
|  | Indice Nasdaq Composite |
|  | Indice Nikkei 225 |
|  | Indice Russell 2000 |
|  | Indice S&P/ASX 200 |
|  | Indice S&P/TSX Composite |
|  | Indice S&P 500 |
|  | Indice Stoxx Europe 600 |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 200% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 200% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 10% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 5 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 0 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare contratti per differenza e swap su azioni con effetti di finanziamento tramite titoli simili
agli swap di rendimento totale (“Swap di Finanziamento tramite Titoli” o “SFS”) come descritto nella sezione “Utilizzo di SFD” ed effettuare operazioni SFT, ossia
accordi di prestito titoli e contratti di riacquisto e
contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 400% con riferimento al SFS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 350% con riferimento al SFS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFS saranno operazioni
coerenti con le politiche di investimento del Comparto. I tipi di attività soggetti a SFT saranno attività coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 GBP, 1 USD, 1 EUR o 1 CHF a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Emerging Markets Corporate Debt Fund

### SUPPLEMENTO 20 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere appropriato per tutti gli investitori.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| HKD A (Inc.) (M) | HKD | 50.000 | 5% | 1,50% | 0% |
| 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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B | USD | 10.000 | 5% | 1,25% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| USD X | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |

| Azioni “Y” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD Y (Acc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende generare un rendimento totale costituito dalla crescita dei redditi e del capitale, investendo prevalentemente in titoli di debito societari e strumenti correlati ai titoli di debito societari, emessi da emittenti dei mercati emergenti di tutto il mondo e strumenti finanziari derivati relativi a tali strumenti.

##### Politiche di investimento
Il Comparto investirà prevalentemente (ossia almeno i tre
quarti del Valore Patrimoniale Netto del Comparto) in un’ampia gamma di obbligazioni societarie, altre obbligazioni e strumenti correlati ai titoli di debito o alle
obbligazioni e in investimenti fra cui titoli garantiti da attività e obbligazioni convertibili emessi da emittenti societari, economicamente vincolati o collegati a paesi emergenti e quotati o negoziati in qualsiasi Mercato Idoneo (come definito nell'Appendice II del Prospetto). Il Comparto può investire in tali strumenti direttamente o tramite un'ampia gamma di SFD, elencati di seguito, entro i limiti consentiti dai Regolamenti OICVM. Gli SFD potranno essere utilizzati al fine di gestire i rischi di tassi di interesse, di credito e/o valutario, nonché per assumere un orientamento rispetto agli emittenti societari.
Il Comparto potrà inoltre investire in titoli di debito a tasso fisso o a tasso variabile ed emessi o garantiti da governi sovrani o loro agenzie o organismi sovranazionali o internazionali pubblici di mercati emergenti. I titoli di debito e correlati al debito dei mercati emergenti in cui il Comparto può investire comprendono obbligazioni Brady, Eurobond sovrani, prestiti (quali partecipazioni a prestiti non cartolarizzati e/o cessioni di prestiti), prestiti sovrani, buoni del Tesoro locali, note e obbligazioni, certificati di deposito, carte commerciali e obbligazioni strutturate.
Il Comparto può investire fino al 15% del suo Valore Patrimoniale Netto in titoli garantiti da attività e fino al 30% del suo Valore Patrimoniale Netto in strumenti di debito subordinati inclusi i titoli convertibili contingenti ("CoCo"). Il Comparto non investirà più del 10% del Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire in obbligazioni societarie subordinate, comprese le obbligazioni non garantite, le obbligazioni ibride societarie e i CoCo, nonché in obbligazioni additional/restricted tier 1, tier 2 e tier 3 emesse da società finanziarie come banche e compagnie di assicurazione.
Il Comparto può investire fino al 10% in altri organismi di investimento collettivo di tipo aperto ("OIC").
L'investimento in OIC può essere utilizzato per la gestione del contante (ad esempio tramite fondi del mercato monetario) o per ottenere un'esposizione a strumenti di debito e correlati al debito elencati nella politica d'investimento. Il Comparto potrà anche detenere strumenti del mercato monetario e attività liquide strumentali come depositi bancari.
I mercati emergenti sono costituiti dai paesi che non hanno economie avanzate, nonostante possano includere alcune economie avanzate che mostrano condizioni finanziarie/economiche tipiche dei paesi in via di sviluppo, come per esempio un basso prodotto nazionale
lordo (PIL). È probabile che il Comparto investirà, a titolo non esaustivo, in: Asia (come Azerbaigian e Thailandia), America Latina (come El Salvador e Panama), Medio Oriente (come Iraq e Arabia Saudita), Africa (come Costa D'avorio e Repubblica Unita di Tanzania) e paesi emergenti o in via di sviluppo dell'Europa (come Repubblica Ceca e Ungheria).
Il Comparto potrà anche investire fino al 15% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito quotati o negoziati alla Borsa di Mosca.
Molti dei titoli dei mercati emergenti in cui il Comparto può investire sono, per definizione, ad alto rendimento e hanno un rating inferiore all'investment grade (BB+ o inferiore) (o suo equivalente) o sono privi di rating, secondo la classificazione di un'Agenzia di rating riconosciuta. Emittenti e/o garanti di alcuni investimenti detenuti dal Comparto potranno anche avere un rating inferiore all'investment grade, secondo la classificazione di un'Agenzia di rating riconosciuta, o essere privi di rating. Gli emittenti con un rating inferiore all'investment grade sono di qualità inferiore rispetto agli emittenti che presentano un rating investment grade e investire in titoli di tali emittenti comporta un rischio elevato.
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto in azioni emesse e/o garantite da un singolo emittente sovrano con un rating di credito inferiore all'investment grade. A scanso di equivoci, un singolo emittente sovrano comprende il suo governo, le agenzie, un'autorità pubblica o locale.
Il Comparto può investire in strumenti denominati in valute forti o locali. Le valute forti sono in genere emesse da paesi sviluppati e hanno un tasso di cambio stabile nel lungo periodo. Le valute locali sono in genere emesse da paesi in via di sviluppo e di volta in volta hanno un tasso di cambio fluttuante.

##### Benchmark
JP Morgan Corporate Emerging Market Bond Index Broad Diversified (CEMBI - BD) TR Index (il "Benchmark").
Il Benchmark è un indice ponderato di capitalizzazione di mercato costituito da obbligazioni societarie dei mercati emergenti denominate in USD.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto si basa su:
- obbligazioni societarie dei mercati emergenti che offrono rendimenti superiori rispetto ai mercati sviluppati e rappresentano un'opportunità di investimento strutturale;
- un mercato imperfetto che non è sempre ben compreso o valutato;e
- le seguenti fonti alfa:
	- Allocazione di paesi
	- Analisi legale e del credito
	- Gestione della liquidità
	- Selezione degli strumentiAll'interno del modello di pertinenza di un paese di un mercato emergente, la ricerca di credito del fondamentale, l'analisi quantitativa e la valutazione di valorizzazione sono effettuate portando il Gestore degli Investimenti alla selezione dell'emittente il debito (in termini valutazione di rischio/ricompensa) e degli strumenti di debito (in termini di scadenza, accordi e dimensioni di posizione).



##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli
Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni Futures su Tassi di Interesse |
| --- | --- |
| Opzioni | Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sull'inflazione Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Swap su valute |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Titoli convertibili contingenti (CoCo) Obbligazioni convertibili Titoli garantiti da attività |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX Emerging Markets |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx GEMX |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 50% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 50% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni di ciascuna delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 100 USD, 100 GBP, 100 EUR, 100 CHF, 100 AUD,
100CAD, 1000 HKD, 1000 CNH, 100 SGD, 1000 DKK, 1000
NOK o 1000 SEK , a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di
Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (più gli eventuali oneri di vendita applicabili alla classe pertinente).
Tutte le richieste di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di Azioni di reddito (Inc.) aventi il suffisso "(M)", i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati vengono di solito pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Nel caso di tutte le altre classi di Azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di tali Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto e l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Absolute Return Bond Fund

### SUPPLEMENTO 21 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto potrà investire principalmente in strumenti finanziari derivati (“SFD”) e utilizzerà tali SFD a scopo di investimento, copertura ed efficiente gestione del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- L'investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire, di volta in volta, in modo sostanziale in strumenti del mercato monetario e/o depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni.

L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita del capitale.

#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori
dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del
Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro W (Acc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |
| Euro W (Inc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD W (Acc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SOFR (tasso composto a 90 giorni) | Nessuna |
| USD W (Inc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SOFR (tasso composto a 90 giorni) | Nessuna |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |
| Sterling W (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SARON (tasso composto a 90 giorni) | Nessuna |
| CHF W (Inc.) (hedged) | CHF | 15.000.000 | 5% | 0,75% | 0% | Nessuna | SARON (tasso composto a 90 giorni) | Nessuna |
| JPY W (Acc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | Nessuna | TONAR (tasso composto a 90 giorni) | Nessuna |
| JPY W (Inc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | Nessuna | TONAR (tasso composto a 90 giorni) | Nessuna |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro Z (Acc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |
| Euro Z (Inc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |
| Sterling Z (Acc.) (hedged) | GBP | 200.000.000 | 5% | 0,65% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |
| Sterling Z (Inc.) (hedged) | GBP | 200.000.000 | 5% | 0,65% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |

| Azioni “R” e Azioni “R (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro R | EUR | 5.000 | 5% | 1,00% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| Euro R (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| USD R (hedged) | USD | 5.000 | 5% | 1,00% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + 0,27% |
| USD R (Inc.) (hedged) | USD | 5.000 | 5% | 1,00% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + 0,27% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHF R (Acc.) (hedged) | CHF | 5.000 | 5% | 1,00% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |
| CHF R (Inc.) (hedged) | CHF | 5.000 | 5% | 1,00% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |

| Azioni “D” e Azioni “D (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro D (Acc.) | EUR | 5.000 | 5% | 0,50% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| Euro D (Inc.) | EUR | 5.000 | 5% | 0,50% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| USD D (Acc.) (hedged) | USD | 5.000 | 5% | 0,50% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + +0,27% |
| USD D (Inc.) (hedged) | USD | 5.000 | 5% | 0,50% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + 0,27% |
| Sterling D (Acc.) (hedged) | GBP | 5.000 | 5% | 0,50% | 0% | 10% | SONIA (tasso composto a 90 giorni) | SONIA (tasso composto a 90 giorni) + 0,12% |
| Sterling D (Inc.) (hedged) | GBP | 5.000 | 5% | 0,50% | 0% | 10% | SONIA (tasso composto a 90 giorni) | SONIA (tasso composto a 90 giorni) + 0,12% |
| CHF D (Acc.) (hedged) | CHF | 5.000 | 5% | 0,50% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |
| CHF D (Inc.) (hedged) | CHF | 5.000 | 5% | 0,50% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |

| Azioni “S” e Azioni “T (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro S | EUR | 5.000.000 | 5% | 0,50% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| Euro S (Inc.) | EUR | 5.000.000 | 5% | 0,50% | 0% | 10% | EURIBOR 3 mesi | EURIBOR 3 mesi |
| Classe T (Hedged) | USD | 5.000.000 | 5% | 0,50% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + 0,27% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD T (Inc.) (hedged) | USD | 5.000.000 | 5% | 0,50% | 0% | 10% | SOFR (tasso composto a 90 giorni) | SOFR (tasso composto a 90 giorni) + 0,27% |
| Sterling T (Acc.) (hedged) | GBP | 5.000.000 | 5% | 0,50% | 0% | 10% | SONIA (tasso composto a 90 giorni) | SONIA (tasso composto a 90 giorni) + 0,12% |
| Sterling T (Inc.) (hedged) | GBP | 5.000.000 | 5% | 0,50% | 0% | 10% | SONIA (tasso composto a 90 giorni) | SONIA (tasso composto a 90 giorni) + 0,12% |
| CHF T (Acc.) (hedged) | CHF | 5.000.000 | 5% | 0,50% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |
| CHF T (Inc.) (hedged) | CHF | 5.000.000 | 5% | 0,50% | 0% | 10% | SARON (tasso composto a 90 giorni) | SARON (tasso com- posto a 90 giorni) + 0,01% |
| JPY T (Acc.) (hedged) | JPY | 500.000.000 | 5% | 0,50% | 0% | 10% | TONAR (tasso composto a 90 giorni) | TONAR (tasso composto a 90 giorni) + 0,01% |
| JPY T (Inc.) (hedged) | JPY | 500.000.000 | 5% | 0,50% | 0% | 10% | TONAR (tasso composto a 90 giorni) | TONAR (tasso composto a 90 giorni) + 0,01% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro X | EUR | Nessuna | 0% | 0% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% | Nessuna | EURIBOR 3 mesi | Nessuna |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% | Nessuna | SOFR (tasso composto a 90 giorni) | Nessuna |
| USD X (Inc.) (hedged) | USD | Nessuna | 0% | 0% | 0% | Nessuna | SOFR (tasso composto a 90 giorni) | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% | Nessuna | SONIA (tasso composto a 90 giorni) | Nessuna |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | Nessuna | SARON (tasso composto a 90 giorni) | Nessuna |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | Nessuna | SARON (tasso composto a 90 giorni) | Nessuna |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | Nessuna | TONAR (tasso composto a 90 giorni) | Nessuna |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | Nessuna | TONAR (tasso composto a 90 giorni) | Nessuna |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore
avrà diritto a una commissione annuale di performance (la “Commissione di Performance”) alle condizioni descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito) e soggetta a un High
Water Mark (come definito di seguito).
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza
percentuale tra il Valore Patrimoniale Netto Rettificato relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni
(che comprende tutte le commissioni e le spese maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
relativa classe di azioni, rettificato in caso di distribuzioni
di dividendi), al lordo della Commissione di Performance maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è l’aliquota stabilita nella tabella precedente. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance.
Il “Rendimento dell’Hurdle Rate” è calcolato in ciascun Giorno di Valutazione ed è definito come il valore che risulti maggiore tra: (i) il rendimento dell’Hurdle Rate (espresso in forma percentuale); o (ii) lo zero percento (0). L’“Hurdle Rate” è indicato nella tabella precedente ed è calcolato su 365 giorni per il tasso SONIA (tasso composto a 90 giorni) e su 360 giorni per l’EURIBOR e il SOFR a 3 mesi (tasso composto a 90 giorni), il SARON
(tasso composto a 90 giorni) e il TONAR (tasso composto a 90 giorni).
L’“High Water Mark” viene definito come il valore che risulti maggiore tra: (i) il massimo Valore Patrimoniale Netto Rettificato per Azione sul quale è stata pagata una
Commissione di Performance nell’ultimo giorno di qualsiasi Periodo di Calcolo precedente; o (ii) il prezzo di emissione iniziale per Azione di ciascuna Classe.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione di Performance. La Commissione di Performance matura
nel caso in cui il Valore Patrimoniale Netto Rettificato della relativa classe di azioni sia superiore all’High Water Mark e il Rendimento della Classe di Azioni sia superiore al Rendimento dell’Hurdle Rate.
L’uso di un High Water Mark garantisce che non venga applicata una Commissione di Performance fino a che eventuali performance inferiori precedenti del
Rendimento della Classe di Azioni non saranno recuperate. Di conseguenza, non verrà addebitata alcuna Commissione di Performance a meno che il Valore Patrimoniale Netto Rettificato per Azione alla fine del Periodo di Calcolo (o al momento del rimborso, nel caso di una fusione soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere
liquidati o cessare le negoziazioni) sia superiore all’High
Water Mark. Si invita a prendere atto che la differenza
negativa relativa del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate rilevata nei Periodi di Calcolo precedenti non sarà recuperata.
Qualora l’Hurdle Rate fosse inferiore allo zero percentuale (0%), nell’effettuare il calcolo di qualsiasi Commissione di Performance si applicherà un Rendimento minimo dell’Hurdle Rate pari allo zero percentuale (0%). Ciò
significa che non verrà addebitata una Commissione di
performance, fatto salvo il caso in cui il Rendimento della Classe di Azioni sia maggiore dello zero percentuale (0%) e le Commissioni di performance maturate siano limitate alla sovraperformance raggiunta oltre lo zero percentuale (0%), ossia le Commissioni di Performance non vengono addebitate in periodi di performance negativa.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del
Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate (il rendimento negativo) moltiplicato per le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il Rendimento cumulativo della Classe di Azioni non
supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo e (ii) il Valore Patrimoniale Netto Rettificato della relativa Classe di Azioni non supererà l’High Water Mark.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui
una parte della Commissione di Performance viene corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun
Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance non consente l’addebito di commissioni di performance in caso di performance negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 100p | 102p | 3p | 0.3p | 104.7p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno è stato superiore al prezzo di emissione iniziale di 100 p Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 100 p E l’Extra-rendimento di 3 p è positivo Pertanto, è stata pagata una Commissione di Performance di 0,30 p |
| 31 dicembre (anno due) | 95p | 105p | 106p | 0p | 0p | 95p | La performance è stata negativa durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due è stato inferiore al Valore Patrimoniale Netto di 104,7 p alla fine dell’anno uno Pertanto, non è stata pagata alcuna Commissione di Performance |

| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno tre) | 104p | 105p | 97p | 0p | 0p | 104p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre è stato superiore al Valore Patrimoniale Netto di 95 p alla fine dell’anno due Tuttavia, il Valore Patrimoniale Netto Rettificato di 104 p è stato inferiore all’High Water Mark di 105 p, con conseguente Extra- rendimento pari a zero. Pertanto, non è stata pagata alcuna Commissione di Performance |
| 31 dicembre (anno quat- tro) | 110p | 105p | 108p | 2p | 0.20p | 109.8p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro è stato superiore al Valore Patrimoniale Netto di 104 p alla fine dell’anno tre Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 105 p E l’Extra-rendimento di 2 p è positivo Pertanto, è stata pagata una Commissione di Performance di 0,20 p |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate, quando il Valore Patrimoniale Netto Rettificato supera l’High Water Mark.
**10% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende ottenere un rendimento assoluto positivo in qualsiasi condizione di mercato su un periodo rotativo di 12 mesi, investendo prevalentemente in titoli e strumenti di debito e correlati al debito di tutto il mondo e strumenti finanziari derivati relativi a tali titoli e strumenti.

##### Politiche di investimento
Il Comparto cercherà di raggiungere l'obiettivo di investimento investendo prevalentemente in obbligazioni e strumenti obbligazionari e altre tipologie di titoli quotati o negoziati su Mercati Idonei e SFD consentiti dai Regolamenti OICVM, come indicati in seguito.
Il Comparto farà uso di una serie di strategie a reddito fisso che comprendono l'assunzione di posizioni long e short su tassi di interesse, obbligazioni e inflazione. Le decisioni di investimento saranno guidate dal parere del Gestore degli Investimenti su una serie di fonti di reddito
globali, tra cui, a titolo non esaustivo, strategia del credito, selezione titoli, allocazione di mercato, durata e curva del rendimento e selezione valute. Le posizioni long possono essere detenute mediante una combinazione di investimenti diretti e/o SFD elencati a seguire. Le posizioni short saranno detenute sinteticamente, mediante l'utilizzo di SFD. Il rapporto long/short del Comparto varierà nel corso del tempo a seconda delle strategie che il Gestore degli Investimenti intende adottare.
Il Gestore degli Investimenti ricorrerà prevalentemente a una ricerca e analisi del credito bottom-up nella selezione titoli, con l'obiettivo di individuare, su scala globale e senza restrizioni geografiche, gli investimenti che presentano un buon potenziale di generazione di reddito totale.
Nonostante la Valuta di Base sia l'Euro, il Comparto può investire in attività non denominate in Euro che potrebbero non essere necessariamente coperte rispetto all'Euro.
Il Comparto può investire in un'ampia gamma di investimenti di debito a tasso fisso o variabile, tra cui titoli, strumenti e titoli di debito, che potrebbero essere emessi o garantiti da governi sovrani o dalle loro agenzie e titoli, strumenti e obbligazioni di debito emessi da enti sovranazionali od organismi pubblici internazionali, banche, società o altri emittenti commerciali.
Si precisa che gli emittenti e/o garanti dei titoli, strumenti od obbligazioni cui si fa riferimento nella frase precedente avranno un rating di credito al momento dell'acquisto di minimo BBB- (o suo equivalente) accordato da un'Agenzia di rating riconosciuta oppure verranno considerati dal Gestore degli Investimenti di qualità equivalente.
Tra queste tipologie di investimenti di debito in cui il Comparto investirà figurano, a titolo non esaustivo, titoli di Stato e buoni del Tesoro, obbligazioni sovranazionali, obbligazioni societarie, obbligazioni non garantite (debenture), effetti (che sono valori mobiliari) e altri strumenti di debito societario assimilati, tra cui obbligazioni convertibili (compresi i Titoli convertibili contingenti (CoCo)), titoli garantiti da attività, certificati di deposito, note a tasso variabile, obbligazioni a breve e medio termine e carte commerciali e altri strumenti del mercato monetario.
Il Comparto può investire in titoli di debito e correlati al debito dei mercati emergenti. Tali titoli comprendono obbligazioni Brady, Eurobond sovrani, obbligazioni societarie, prestiti e prestiti sovrani, buoni del Tesoro locali, titoli e obbligazioni, certificati di deposito, carte commerciali, titoli strutturati e titoli del mercato monetario. Molti titoli dei mercati emergenti nei quali il Comparto può investire hanno, per definizione, un rating inferiore a investment grade (BBB-). Gli emittenti con un rating inferiore a (BBB-) sono di qualità inferiore a quelli con un rating investment grade e gli investimenti in titoli di questi emittenti presentano un rischio elevato.
I titoli di debito possono essere acquisiti con warrant collegati. I titoli societari generatori di reddito possono includere anche forme di titoli privilegiati. Il tasso di interesse sui titoli di debito societari può essere fisso o variabile e può variare in senso contrario rispetto a un tasso di riferimento.
Il Comparto può investire in un'ampia gamma di titoli inferiori all'investment grade che presentano un rating di credito al momento dell'acquisto pari almeno a Ba1/BB+ o inferiore (o suo equivalente) attribuito da un'Agenzia di rating riconosciuta. Tali titoli comprendono titoli di Stato, obbligazioni sovranazionali, obbligazioni societarie, obbligazioni non garantite (debenture), effetti (che sono valori mobiliari) e altri strumenti di debito societario assimilati, tra cui obbligazioni convertibili (compresi i Titoli convertibili contingenti (CoCo)), titoli garantiti da attività, certificati di deposito, note a tasso variabile, obbligazioni a breve e medio termine e carte commerciali e altri strumenti del mercato monetario.
Il Comparto può inoltre investire fino al 10% del Valore Patrimoniale Netto in prestiti, partecipazioni a prestiti o cessioni di prestiti a mutuatari (che possono essere società, governi sovrani, enti pubblici o altro) e che saranno titoli negoziabili o strumenti del mercato monetario.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto potrà investire fino al 10% in altri organismi di investimento collettivo ("OIC") di tipo aperto, inclusi fondi del mercato monetario, e potrà inoltre detenere attività liquide strumentali quali i depositi bancari. Gli investimenti in OIC possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione a titoli di debito e correlati al debito in base alla politica di investimento di cui sopra.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. Ogni investimento di questo tipo sarà fatto solo nei Mercati Idonei inclusi nell'Appendice II del Prospetto.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Benchmark
EURIBOR 3 mesi (il "Benchmark liquido").
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su un periodo continuativo di 12 mesi al netto delle commissioni. Il Comparto utilizza il Benchmark liquido maggiorato del 3% all'anno come obiettivo rispetto al quale misurare la sua performance su base triennale annualizzata continuativa al lordo delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La strategia di investimento del Comparto è una combinazione di:
Strategia di credito: La strategia di credito del Gestore degli Investimenti si basa su un approccio top-down, che combina previsioni strategiche a lungo termine, visioni tattiche a breve termine e osservazioni delle tendenze di mercato, nonché analisi bottom-up per identificare le opportunità di investimento più convincenti.
Selezione dei titoli: Il Gestore degli Investimenti sonda l'universo del credito, eliminando le società delle quali ritiene inadeguato il reporting finanziario o scarso l'accesso alla gestione. Le società sono valutate sulla base dei loro fondamentali creditizi e di altri rischi che potrebbero dar luogo a un netto peggioramento della qualità del credito. Il Gestore degli Investimenti seleziona per il Comparto solo le opportunità ritenute interessanti e caratterizzate da una valorizzazione adeguata.
Durata e curva dei rendimenti: In riferimento alla gestione della durata del portafoglio, il Gestore degli Investimenti tenta di capire quale direzione prenderanno i rendimenti obbligazionari e i tassi di interesse.
Allocazione di mercato: Le valutazioni del Gestore degli Investimenti si basano su fondamentali macroeconomici. Il Gestore degli Investimenti sfrutta le competenze e le
strategie dei suoi team dedicati ai titoli di Stato. I suoi gestori di portafogli di titoli di Stato sono responsabili per tutti gli aspetti della ricerca a livello economico e ad altri livelli per il loro mercato. Effettuando le loro analisi, i gestori di portafoglio prendono in considerazione una vasta gamma di variabili sia economiche sia relative al mercato.
Selezione della valuta: Il Comparto mira a generare un modesto livello di alfa (valore aggiunto) dalla selezione e gestione attiva della valuta. L'universo d'investimento comprende l'intera gamma di valute globali.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni Futures su Tassi di Interesse Future su valuta |
| --- | --- |
| Opzioni | Opzioni su futures su tassi di interesse Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni Opzioni su Credit Default Swap (titoli singoli, indice e paniere personalizzato) Warrant |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap sull'inflazione Swap su valute Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli garantiti da attività (ABS) e Titoli garantiti da ipoteca (MBS) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice iTraxx Europe Indice Markit CDX North American Investment Grade |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx USD Liquid Investment Grade Total Return Indice Markit iBoxx EUR Corporates Indice Markit iBoxx USD Liquid High Yield Indice Markit iBoxx EUR Liquid High Yield |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 500% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 150% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 5% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 5 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 50 – 1500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.
I Regolamenti OICVM della Banca Centrale prevedono che, laddove si utilizzi il VaR come approccio alla gestione del rischio, questo possa essere integrato da un calcolo dell'effetto leva mediante l'approccio fondato sugli impegni.
Leva finanziaria massima: il 300% del Valore Patrimoniale Netto (utilizzando l’approccio fondato sugli impegni)
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 100 EUR, 100 USD, 100 GBP, 100 CHF o 10.000 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (più gli eventuali oneri di vendita applicabili alla classe pertinente).
Tutte le richieste di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon European Credit Fund

### SUPPLEMENTO 22 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A | EUR | 5.000 | 5% | 1,00% | 0% |
| Euro A (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,50% | 0% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,50% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling I (Inc.) (hedged) | GBP | 5.000.000 | 5% | 0,50% | 0% |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende generare un rendimento totale costituito da reddito e crescita del capitale investendo prevalentemente in un'ampia gamma di investimenti di
debito denominati in euro e investimenti correlati al debito, nonché strumenti finanziari derivati relativi a tali investimenti.

##### Politiche di investimento
Il Comparto investirà la maggior parte dei propri attivi in obbligazioni societarie a tasso fisso o variabile di tipo investment grade e in strumenti correlati ai titoli di debito denominati in euro e quotati o negoziati su
Mercati Idonei, ma potrà altresì investire in strumenti di debito emessi da governi ed enti sovranazionali e in prestiti e prestiti sovrani.
Il Comparto può investire in tali strumenti direttamente o tramite un'ampia gamma di SFD (elencati di seguito, entro i limiti consentiti dai Regolamenti OICVM).
Di volta in volta l'esposizione del Comparto a emittenti governativi e sovranazionali può essere significativa, ma l'esposizione a obbligazioni societarie e strumenti di credito sarà sempre superiore al 50% del Valore Patrimoniale Netto.
Il Gestore degli Investimenti ricorrerà prevalentemente a una ricerca e analisi del credito bottom-up nel processo di selezione, con l'obiettivo di individuare gli investimenti che presentano un buon potenziale di generazione di reddito totale.
Il Comparto può investire fino al 25% in strumenti di qualità inferiore all'investment grade e fino al 10% in titoli di debito dei mercati emergenti.
Il Comparto può altresì investire in altri valori mobiliari, sia direttamente che mediante un'ampia gamma di SFD, ossia titoli a reddito fisso (quali obbligazioni, obbligazioni non garantite (debenture) ed effetti) emessi da società (oltre a quelli elencati sopra) e governi, ciascuno dei quali può essere a tasso fisso o a tasso variabile.
Il Comparto può investire in titoli di qualità investment grade (un rating di credito al momento dell'acquisto almeno pari a BBB- (o suo equivalente)) o inferiore a investment grade (un rating di credito al momento dell'acquisto almeno pari a Ba1/BB+ o inferiore (o suo equivalente)) assegnato da un'Agenzia di rating riconosciuta, obbligazioni convertibili (compresi i Titoli convertibili contingenti), organismi di investimento collettivo ("OIC"), liquidità, attività equiparabili a liquidità e strumenti del mercato monetario (tra cui carte commerciali e certificati di deposito).
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in prestiti, partecipazioni a prestiti o cessioni di prestiti a mutuatari (che possono essere società, governi sovrani, enti pubblici o altro) e che saranno titoli negoziabili o strumenti del mercato monetario.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in altri OIC di tipo aperto, inclusi fondi del mercato monetario, e potrà inoltre detenere attività liquide strumentali quali i depositi bancari. Gli investimenti in OIC possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione a titoli di debito e correlati al debito in base alla politica di investimento di cui sopra.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. Ogni investimento di questo tipo sarà fatto solo nei Mercati Idonei inclusi nell'Appendice II del Prospetto.

##### Benchmark
Markit iBoxx Euro Corporates TR Index (il "Benchmark").
Il Benchmark rappresenta obbligazioni a reddito fisso investment grade emesse da enti pubblici o società private. Gli Indici Markit iBoxx Corporates si riferiscono a titoli di debito senior e titoli di debito subordinati e sono classificati in Financials e Non-Financials. I Financials presentano altri quattro settori di classificazione, mentre i Non-Financials offrono nove settori, a seconda dell'ambito di attività dell'emittente. Gli iBoxx EUR Financials ed EUR Non-Financials comprendono rispettivamente 700 e 1.300 obbligazioni circa.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark e le ponderazioni in portafoglio potrebbero essere simili a quelle del Benchmark. La strategia di investimento limiterà la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la possibilità del Comparto di sovraperformare rispetto al Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto è una combinazione di:
- comprensione del contesto macroeconomico attuale e futuro, per quel che concerne i livelli occupazionali, l'inflazione, i tassi di interesse, e quale impatto possono avere questi fattori sui titoli di debito e correlati a titoli di debito e sulle valute. Questa comprensione è stata sviluppata utilizzando varie fonti, tra cui dati economici pubblicati, dichiarazioni delle banche centrali circa le proprie politiche e una revisione dei dati storici;e
- analisi delle diverse categorie di attività che compongono gli investimenti nel Comparto, ossia credito, debito dei mercati emergenti, titoli di stato e valuta, al fine di valutare il loro potenziale di generazione di rendimento.

Una volta completata questa analisi, il Gestore degli Investimenti può decidere l'allocazione delle attività del Comparto, ossia quale percentuale delle attività debba essere investita in una data classe di attività. Il Gestore degli Investimenti deve tenere in considerazione vari fattori quali i costi e la facilità di attecchimento nel momento in cui decide come implementare la strategia di investimento e ottenere esposizione alle categorie di attività, ad esempio utilizzando SFD od OIC piuttosto che l'acquisto diretto di attività.
La selezione dei singoli titoli all'interno di ciascuna
classe di attività avviene grazie alle segnalazioni dei team di credito, specializzati in settori o industrie specifiche quali telecomunicazioni, automotive, tecnologia, produzione e titoli di stato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti
pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai
sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta |
| --- | --- |
| Opzioni | Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap sull'inflazione Swap su valute Swap su valute incrociate Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice iTraxx Europe |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 5 Giorni Lavorativi).
Benchmark del VaR relativo: Indice Markit iBoxx Euro Corporates
Si prevede una variazione della leva finanziaria lorda compresa tra 0 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR relativo e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.
I Regolamenti OICVM della Banca Centrale prevedono che, laddove si utilizzi il VaR come approccio alla gestione del rischio, questo possa essere integrato da un calcolo dell'effetto leva mediante l'approccio fondato sugli impegni.
Leva finanziaria massima: il 200% del Valore Patrimoniale Netto (utilizzando l’approccio fondato sugli impegni)
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 100 USD, 100 GBP, 100 EUR, 100CHF o 10.000¥ a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (più gli eventuali oneri di vendita applicabili alla classe pertinente).
Tutte le richieste di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La Commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Real Return Fund (GBP)

### SUPPLEMENTO 23 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita delcapitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Sterlina

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling A (Acc.) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling A (Inc.) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling B (Acc.)* | GBP | 10.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling B (Inc.)* | GBP | 10.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

*la classe di azioni è chiusa ai nuovi investitori.
| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling G (Acc.) | GBP | 5.000 | 5% | 1,00% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling G (Inc.) | GBP | 5.000 | 5% | 1,00% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Azioni “C” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling C (Acc.) | GBP | 5.000.000 | 5% | 1,00% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling C (Inc.) | GBP | 5.000.000 | 5% | 1,00% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Azioni “W” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling W (Acc.) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling W (Inc.) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 30 giorni) + 4% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto è realizzare un rendimento complessivo superiore al benchmark liquido (come descritto di seguito) nell'arco di un orizzonte di
investimento di 3–5 anni.

##### Politiche di investimento
Il Comparto adopererà la propria capacità di investire liberamente in un'ampia gamma di classi di attività, al fine di ottenere un'esposizione al rischio ragionevolmente moderata in qualsiasi momento. Il Comparto è un portafoglio globale multi-attività. Le allocazioni saranno effettuate a discrezione del Gestore degli Investimenti, sulla base del suo approccio all'investimento tematico globale esclusivo, sia all'interno di ogni classe di attività che tra diverse classi di attività. Non è necessario che il Comparto sia investito in tutte le classi di attività in qualsiasi momento.
In generale, il Comparto può investire in azioni e titoli correlati ad azioni, titoli di debito e correlati al debito, SFD (compresi gli SFD correlati alla valuta), organismi di investimento collettivo ("OIC"), depositi, liquidità, strumenti del mercato monetario e altre disponibilità liquide, descritti più dettagliatamente di seguito.
Per quanto riguarda le azioni e i titoli correlati ad azioni in cui il comparto può investire, questi saranno, tra
l’altro, azioni comuni, azioni privilegiate, titoli convertibili
o scambiabili per tali azioni, Certificati di deposito
americani (ADR) e Certificati di deposito globali (GDR) quotati o negoziati nei Mercati Idonei in tutto il mondo.
In relazione ai titoli di debito e correlati al debito in cui il Comparto può investire, questi saranno principalmente, ma non solo, obbligazioni internazionali, sovrane di mercati emergenti, governative, di agenzie sovranazionali, societarie, bancarie e di altro genere e altri titoli di debito e correlati al debito, quali obbligazioni non garantite (debenture), effetti (fra cui note societarie, sovrane a tasso variabile e fisso con un termine minimo di uno o
più anni), titoli garantiti da attività e titoli garantiti da ipoteca, ciascuno dei quali può essere a tasso fisso o variabile.
Il Comparto può investire in titoli con rating investment grade o inferiore a investment grade attribuito da un'Agenzia di rating riconosciuta. L'investimento in titoli a reddito fisso di qualità inferiore a investment grade non dovrebbe superare il 30% del Valore Patrimoniale Netto del Comparto e di norma sarà sostanzialmente inferiore al 30%.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.
Il Comparto non investirà più del 10% del Valore Patrimoniale Netto complessivo in OIC.
Per fornire liquidità e coprire le esposizioni generate dall'uso di SFD, la maggior parte delle attività del Comparto può, in qualsiasi momento, essere investita in contanti, strumenti del mercato monetario, fra cui, ma non solo, carte commerciali, titoli di Stato che possono essere a tasso fisso o variabile e con rating investment grade o inferiore a investment grade (attribuito da un'Agenzia di rating riconosciuta), certificati di deposito e OIC.
Il Comparto può investire in materie prime, proprietà immobiliari, energie rinnovabili e infrastrutture tramite una combinazione di OIC (inclusi fondi negoziati in borsa aperti), azioni e titoli correlati ad azioni (quali fondi di investimento immobiliare ("REIT") e altri fondi di tipo chiuso) e titoli a reddito fisso (quali titoli negoziati in borsa (tra cui materie prime negoziate in borsa e certificati negoziati in borsa)). Qualsiasi investimento in fondi quotati di tipo chiuso costituisce un investimento in un titolo trasferibile in conformità ai requisiti della Banca Centrale.
Il comparto non è soggetto a settori geografici o di mercato specifici.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. Ogni investimento di questo tipo sarà fatto solo nei Mercati Idonei inclusi nell'Appendice II del Prospetto. Laddove il Comparto investe in azioni e titoli correlati ad azioni dei mercati emergenti, questi includeranno titoli di società che hanno sede legale o esercitano la loro attività economica prevalente nei paesi dei mercati emergenti.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in valori mobiliari non quotati né negoziati su Mercati Idonei.

##### Benchmark
SONIA (tasso composto a 30 giorni) + 4% all’anno (il
“Benchmark liquido”).
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
Il SONIA (Sterling Overnight Index Average) è un benchmark del tasso d’interesse. Il SONIA si basa su operazioni effettive e riflette la media dei tassi di
interesse che le banche pagano per prendere in prestito sterline overnight da altre istituzioni finanziarie e altri investitori istituzionali.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Questo approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto.
La strategia Global Real Return è una strategia multi- attività gestita in modo attivo, che investe prevalentemente in attività "convenzionali", utilizzando SFD per proteggere il capitale o generare reddito. I portafogli multi-attività con obiettivo di rendimento sono concepiti in modo olistico e seguono un approccio d'investimento non vincolato, privo di limiti a indici regionali, di settore o comparativi. Il Gestore degli Investimenti personalizza le caratteristiche di investimento che comportano cambiamenti identificabili nel contesto di investimento. L'allocazione delle attività del Comparto può variare a seconda della visione del Gestore degli Investimenti rispetto a condizioni di mercato ed economiche fondamentali e ai trend degli investimenti nel mondo, prendendo i considerazione fattori quali la liquidità, i costi, le tempistiche di esecuzione, la relativa attrattività di singoli titoli e gli emittenti disponibili nel mercato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Borsa Istanbul 30 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI Indice MDAX Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 Stoxx Europe Small 200 |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Exchange SPX Volatility Index |


#### Utilizzo di SFD
| Futures | Future su valuta Future su titoli di Stato Future su indici azionari Future su indici di volatilità Future su azioni |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) Opzioni su indici Opzioni su obbligazioni Opzioni su Future su Valuta Swaption Opzioni su indici di volatilità Opzioni su valute (comprese le Opzioni FX) Opzioni su future |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse Swap su azioni (titoli singoli, indice, settore e paniere personalizzato) Swap di varianza Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Contratti Differenziali |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Warrant Titoli strutturati |

Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 GBP a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi
abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Emerging Markets Fund

### SUPPLEMENTO 24 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 2,00% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5.000 | 5% | 2,00% | 0% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling I (Acc.) (hedged) | GBP | 5.000.000 | 5% | 1,00% | 0% |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| USD E (Acc.) | USD | Come concordato | 5% | 0,45% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,45% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo del Comparto è di perseguire una crescita del capitale a lungo termine.

##### Politiche di investimento
Il Comparto investe principalmente (ovvero almeno i tre quarti del Valore Patrimoniale Netto del Comparto) in azioni e titoli correlati ad azioni di società quotate, negoziate o con sede o che producono la maggior parte del loro reddito o fatturato in paesi dei mercati emergenti (compresi, a titolo meramente esemplificativo, Brasile, Cile, Cina, India, Indonesia, Corea, Messico, Filippine, Taiwan e Sudafrica).
Le holding del Comparto saranno quotate o negoziate su Mercati Idonei.
I titoli azionari nei quali il Comparto investirà saranno prevalentemente, ma non esclusivamente, azioni ordinarie, azioni privilegiate, titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate convertibili), Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR).
Il Comparto può anche investire in fondi negoziati in borsa (“ETF”) e certificati negoziati in borsa (“ETN”) e quotati o negoziati sui Mercati Idonei di tutto il mondo al
fine di offrire esposizione ai mercati azionari. Tutti gli investimenti in ETF di tipo aperto avverranno conformemente ai limiti di investimento per gli organismi di investimento collettivo ("OIC") (fino al 10% del Valore Patrimoniale Netto del Comparto) e tutti gli investimenti
in ETF di tipo chiuso avranno un limite del 5% del Valore Patrimoniale Netto del Comparto. Gli investimenti in ETN non saranno superiori al 20% del Valore Patrimoniale Netto del Comparto.
Il Comparto può altresì investire fino al 30% del suo Valore Patrimoniale Netto complessivo in titoli azionari di fondi di investimento immobiliare (REIT), società di gestione immobiliare (REOC) e titoli azionari di società la cui attività principale consiste nella proprietà, nella gestione e/o nella valorizzazione di immobili da investimento e destinati alla vendita in economie di mercati emergenti al fine di offrire un'esposizione ai mercati azionari. I REIT sono un tipo di fondo comune di investimento che investe in immobili, mutui o interessi in ambito immobiliare, quotati, negoziati o trattati su Mercati Idonei. Sono costituiti per svolgere la funzione di organismi di "passaggio": tramite le società, il reddito e gli utili dell'attività, esenti da imposte, arrivano agli investitori che poi ne assumono i relativi oneri fiscali. Il regime fiscale non è uguale in tutti i paesi. Le REOC sono società che si occupano di valorizzazione, gestione o finanziamento immobiliare. Di norma forniscono servizi come la gestione e la valorizzazione di immobili, la gestione impianti, il finanziamento immobiliare e attività correlate. Le REOC sono società immobiliari quotate in Borsa che hanno scelto di non sottostare al regime fiscale dei REIT.
I tre motivi principali per scegliere questi titoli sono:
- la presenza di perdite imputate a imposte di esercizi successivi,
- l'attività in settori non di pertinenza dei REIT, e;
- la possibilità di non ripartire gli utili.

Il Gestore degli Investimenti intende esporre il Comparto a un'ampia gamma di settori industriali. Inoltre, non vi sono restrizioni relativamente alla capitalizzazione di mercato per quanto riguarda le azioni e i titoli correlati ad azioni in cui il Comparto investe. La selezione dei titoli si concentra sulle società dotate di solidi fondamentali e dalle valutazioni interessanti con l'obiettivo di conseguire una crescita di capitale di lungo termine. Il Comparto è prevalentemente un portafoglio azionario. Le allocazioni vengono operate a discrezione del Gestore degli Investimenti, in base al suo approccio proprietario d'investimento tematico globale. Il processo del Gestore degli Investimenti è caratterizzato da un approccio attivo alla selezione titoli di tipo bottom-up, in cui analisti globali dedicati e gestori di fondi definiscono chiaramente l'universo di titoli utilizzando temi globali basati su fattori politici, culturali e demografici di cambiamento, che consentono al Comparto di individuare i vettori di cambiamento a più lungo termine. I temi globali comprendono la "concentrazione finanziaria", che valuta le conseguenze del settore bancario post-crisi, gli "interventi di Stato", che sottolineano il maggior ruolo giocato dagli Stati di tutto il mondo nella vita delle economie e dei mercati finanziari e la "connessione globale", che osserva in che modo le reti consentono oggi alle informazioni di circolare tra entità che prima potevano non essere connesse e in che modo ciò rappresenta opportunità e rischi senza precedenti sia per i modelli di business tradizionali che per i modelli web- based.
Il Comparto può utilizzare certificati di partecipazione ( P-Notes) (fino al 30% del suo Valore Patrimoniale Netto) quotati o negoziati su Mercati Idonei di tutto il mondo. L'emittente di tali P-Notes sarà regolamentato. Le
P-Notes sono utilizzate a fini di gestione efficiente del portafoglio e offrono al Comparto l'opportunità di esporsi economicamente ad azioni specifiche in mercati nei quali la detenzione delle azioni locali potrebbe essere meno efficace di un investimento nelle P-Notes. Le tipologie di Certificati di Partecipazione che il Comparto può utilizzare sono opzioni a basso prezzo di esercizio (LEPO) e i warrant a basso prezzo di esercizio (LEPW). I LEPO/ LEPW consentono agli investitori di trarre profitto dai movimenti nel titolo sottostante.
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 30% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca e fino al 10% del Valore Patrimoniale Netto in valori mobiliari non quotati né negoziati su Mercati Idonei.
Il Comparto può altresì investire, a titolo accessorio, in un'ampia gamma di strumenti liquidi, monetari, titoli di debito o correlati al debito emessi o garantiti da qualsiasi governo sovrano o dalle sue agenzie, autorità locali, organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali. Resta inteso che emittenti e/o garanti di tali titoli di debito o correlati al debito avranno un rating di credito al momento dell'acquisto non inferiore al rating investment
grade A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o, se privi di rating, saranno considerati di qualità equivalente dal Gestore degli Investimenti. I titoli di debito e correlati al debito includeranno depositi bancari, buoni del Tesoro ed effetti, obbligazioni non garantite (debenture), obbligazioni, titoli garantiti da attività e titoli garantiti da ipoteca senza leva finanziaria, certificati di deposito, obbligazioni a tasso variabile e carte commerciali. Tali titoli di debito possono essere a tasso fisso o variabile avere un rating investment grade minimo pari ad AA (o suo equivalente) attribuito da un'Agenzia di rating riconosciuta (o, se privi di rating, saranno considerati di qualità equivalente dal Gestore degli Investimenti) e possono avere scadenze superiori a 1 anno. Ai fini del presente paragrafo, per determinare se un emittente/garante o titolo di debito sia della relativa qualità equivalente, il Gestore degli Investimenti utilizza una metodologia definita internamente che tiene conto di caratteristiche non finanziarie e finanziarie dell'emittente e, ove disponibili, di rating di credito assegnati all'emittente, nonché di benchmarking rispetto a emittenti di pari caratteristiche provvisti di rating.

##### Benchmark
MSCI Emerging Markets NR Index (il "Benchmark").
Il Benchmark è un indice della capitalizzazione di mercato ponderato sulla base del flottante che è ideato per misurare la performance del mercato azionario di aziende a grande e media capitalizzazione nei mercati emergenti internazionali. Il Benchmark copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante in ogni paese coperto, tra cui: Brasile, Cile, Cina, Colombia, Repubblica Ceca, Egitto, Grecia, Ungheria, India, Indonesia, Corea, Malesia, Messico, Perù, Filippine, Polonia, Russia, Qatar, Sudafrica, Taiwan, Thailandia, Turchia ed Emirati Arabi Uniti.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni di mercati emergenti richieda una conoscenza approfondita del mondo nel suo complesso.
I temi di investimento globali del Gestore degli Investimenti mirano a identificare le tendenze ritenute rilevanti e che annoverano le principali aree di cambiamento nel mondo. Il Gestore degli Investimenti utilizza questi temi come base delle sue idee di investimento. Questo approccio globale e tematico
permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento poiché aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di potenziale profitto.
I portafogli di titoli azionari in mercati emergenti internazionali di un Gestore degli Investimenti sono concepiti in modo olistico, applicando un processo di investimento orientato alla ricerca/bottom-up. Questo approccio tenta di investire in titoli di società dalle valutazioni interessanti, con buone prospettive e solidi fondamentali. Il Gestore degli Investimenti pone particolare attenzione alla solidità del bilancio, ai rendimenti durevoli dai capitali e ai team di gestione che enfatizzano gli interessi degli azionisti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno attività coerenti con le politiche di investimento del Comparto. I tipi di attività soggetti ad accordi di prestito di titoli saranno attività coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 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, a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito
pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori anche sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Emerging Markets Debt Opportunistic Fund

### SUPPLEMENTO 25 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti
stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| USD X | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo di investimento del Comparto è quello di massimizzare il rendimento totale per mezzo della crescita dei redditi e del capitale attraverso un portafoglio a reddito fisso di obbligazioni e altri strumenti di debito inclusi i relativi derivati emessi da governi, agenzie e società di economie dei mercati emergenti.

##### Politiche di investimento
Il Comparto investirà principalmente in un portafoglio di obbligazioni dei mercati emergenti e altri titoli di debito, o i relativi SFD come di seguito specificato (inclusi i contratti di cambio a termine), denominati in dollari statunitensi o nella valuta locale di emissione.
I titoli dei mercati emergenti nei quali il Comparto può investire includono le obbligazioni a tasso fisso o variabile di emittenti sovrani, statali, sovranazionali, agenzie e società internazionali, oltreché strumenti correlati ai titoli di debito (inclusi CLN e credit default swap), titoli garantiti da ipoteca e titoli garantiti da attività, o i relativi SFD.
Questi titoli saranno quotati o negoziati su Mercati Idonei o in mercati di tutto il mondo. Il Gestore degli Investimenti non sarà soggetto a restrizioni relative alla qualità o alla scadenza del credito nell'effettuare le decisioni di investimento. Pertanto agli investimenti del Comparto non sarà applicato nessun rating di credito minimo.
I mercati emergenti comprendono paesi il cui prodotto interno lordo (PIL) pro-capite è al di sotto del quartile superiore secondo la classificazione della Banca Mondiale, o paesi che sono inclusi negli indici obbligazionari o azionari dei mercati emergenti come, per esempio, JPM EMBI Global, JPM GBI-EM Broad, JPM CEMBI Broad, JPM ELMI+, MSCI EM, o le economie asiatiche di nuova industrializzazione secondo la classificazione della Banca Mondiale/del FMI, o paesi del Medio Oriente, o paesi che evidenziano un grado elevato di rischio sovrano (a causa di condizioni finanziarie/ economiche o di fattori politici/geopolitici). Il Gestore degli Investimenti ha la più ampia facoltà per stabilire, a sua discrezione e nei limiti dei suddetti parametri, quali siano i paesi dei mercati emergenti. È probabile che il Comparto investirà, a titolo non esaustivo, in paesi di Asia, America Latina, Medio Oriente, Africa, Europa Centrale e Orientale ed ex-Unione Sovietica.
Il Comparto può inoltre investire fino al 10% del Valore Patrimoniale Netto in prestiti (tra cui partecipazioni a prestiti/certificati di partecipazione a prestiti e cessioni di prestiti) che saranno titoli negoziabili o strumenti del mercato monetario.
Il Comparto potrà altresì investire fino al 10% in altri organismi di investimento collettivo ("OIC") di tipo aperto, inclusi fondi del mercato monetario, e potrà inoltre detenere attività liquide strumentali quali i depositi bancari. Gli investimenti in OIC possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione agli strumenti elencati nelle politiche di investimento di cui sopra.
Il Comparto potrà investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. Ai fini del presente Comparto, la comunicazione contenuta nell'Appendice II del Prospetto, "Mercati Idonei" che limita gli investimenti in titoli negoziati sulla Borsa di Mosca ai titoli azionari non si applica e l'investimento in titoli russi sulla Borsa di Mosca si intenderà comprensivo di titoli sia azionari che obbligazionari.
Il Comparto può inoltre investire fino al 10% del proprio Valore Patrimoniale Netto in titoli di debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Benchmark
Per il 50% da JP Morgan Government Bond Index –
Emerging Markets Global Diversified TR Index, per il 25%
da JP Morgan Emerging Markets Bond Index Global TR Index, e per il restante 25% da JP Morgan Corporate Emerging Markets Bond Index Diversified TR Index (il "Benchmark Composito").
L'indice JPM GBI-EM fornisce una misura completa del debito pubblico, a tasso fisso, denominato in valuta locale, emesso nei Mercati Emergenti. L'indice include titoli di Stato liquidi, a tasso fisso e scadenza fissa, con una durata residua di almeno tredici mesi.
L'indice JPM EMBI è un benchmark completo del debito dei mercati emergenti in dollari statunitensi. Nell'indice sono idonee le obbligazioni Brady denominate in dollari statunitensi, gli Eurobond e i prestiti negoziati emessi da entità sovrane e quasi sovrane dei Mercati Emergenti.
L'indice JPM CEMBI è un benchmark liquido globale delle
società dei mercati emergenti che include le obbligazioni denominate in dollari statunitensi emesse da entità societarie dei Mercati Emergenti.
Il Comparto misurerà la sua performance rispetto al Benchmark Composito.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark Composito in funzione dell'obiettivo e della politica di investimento. Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark Composito, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark Composito.

##### Strategia di investimento
Il Comparto è un fondo obbligazionario gestito attivamente al fine di massimizzare il rendimento totale per mezzo di un portafoglio a reddito fisso di obbligazioni e altri strumenti di debito emessi in valuta forte o in valuta locale da governi, agenzie e società di economie dei mercati emergenti, incluso un uso limitato di SFD. Il Comparto mira ad allocare le proprie attività strategicamente e tatticamente tra obbligazioni denominate in dollari statunitensi e altre denominate in valuta locale di mercati emergenti.
Il Gestore degli Investimenti si avvale di un rigoroso processo di investimento basato su approfondite analisi del paese di riferimento e societarie, ed è supportato dalla disciplina di modelli quantitativi.
I gestori utilizzano l'analisi top-down delle variabili macroeconomiche, finanziarie e politiche per orientare l'allocazione di attività dal punto di vista geografico. Particolare attenzione è prestata anche al contesto di rischio globale.
Almeno due terzi del Valore Patrimoniale Netto del Comparto saranno investiti in titoli emessi da emittenti con sede (e/o che svolgono la maggior parte della loro attività economica) in paesi dei mercati emergenti in tutto il mondo.
Il Comparto potrà investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati in Mercati Russi. (questi titoli saranno quotati o scambiati su Mercati Idonei di tutto il mondo).

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei
rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da
risorse di terzi tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
| Futures | Future su titoli di Stato Future sul mercato monetario Future su valuta |
| --- | --- |

Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su future su titoli di Stato Opzioni su future su valuta Opzioni su valute (comprese le Opzioni FX) Opzioni su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) |
| Contratti a termine (con- segnabili e non consegnabili) | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | CLN Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American Investment Grade Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice IHS Markit iTraxx Europe Indice Markit iTraxx Crossover Indice Markit iTraxx Financial Indice Markit iTraxx Subordinated Financial |
| Indici dei tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione dei Gestori sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Benchmark del VaR relativo: un benchmark composito
costituito per il 50% da JP Morgan Government Bond Index – Emerging Markets Global Diversified Index, per il 25% da JP Morgan Emerging Markets Bond Index Global
Index, e per il restante 25% da JP Morgan Corporate Emerging Markets Bond Index Diversified Index
Si prevede una variazione della leva finanziaria lorda compresa tra 50 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR relativo e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 10% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF o 100 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Japan Small Cap Equity Focus Fund

### SUPPLEMENTO 26 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
BNY Mellon Investment Management Japan Limited

#### Valuta di Base
Yen giapponese

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e in Giappone.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto al capitolo "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 2,00% | 0% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,55% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,55% | 0% |
| USD E (Acc.) | USD | Come concordato | 5% | 0,55% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,55% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,55% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,55% | 0% |
| JPY E (Acc.) | JPY | Come concordato | 5% | 0,55% | 0% |
| JPY E (Inc.) | JPY | Come concordato | 5% | 0,55% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,55% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,55% | 0% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,55% | 0% |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,55% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,55% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,55% | 0% |
| SGD E (Acc.) (hedged) | SGD | Come concordato | 5% | 0,55% | 0% |
| SGD E (Inc.) (hedged) | SGD | Come concordato | 5% | 0,55% | 0% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
L'obiettivo di investimento del Comparto è quello di ottenere una crescita del capitale di lungo periodo attraverso investimenti in un portafoglio di azioni di piccole società negoziate su una o più borse valori ufficiali in Giappone.

##### Politiche di investimento
Il Comparto mira a raggiungere il suo obiettivo di investimento investendo almeno l’80% del Valore Patrimoniale Netto del Comparto nei titoli azionari di
società a bassa capitalizzazione (titoli prevalentemente al di sotto di 500 miliardi di yen) quotate o regolarmente negoziate su un Mercato Idoneo in Giappone.
Il Comparto può anche investire in fondi d'investimento immobiliare ("REIT") quotati o negoziati sulla Borsa Valori di Tokyo.
Il Comparto può anche detenere il 20% in liquidità o, nel rispetto di eventuali limiti definiti nel Prospetto, investire in liquidità o fondi del mercato monetario a fini di gestione del contante. Il Comparto può anche utilizzare future su indici azionari a fini di gestione del contante.
Ad esempio, nel caso di piccoli deflussi o afflussi di liquidità, il Gestore degli Investimenti può decidere di utilizzare future su indici azionari per aumentare o ridurre rispettivamente l'esposizione ai titoli azionari giapponesi citati precedentemente. In tali circostanze, l'investimento in future su indici azionari può essere più efficiente economicamente rispetto alla negoziazione diretta dei titoli.
Il Comparto sarà normalmente diversificato in quasi tutti i settori che compongono il Tokyo Stock Price Index (TOPIX). Il TOPIX è costituito da 33 settori tra i quali attrezzature per i trasporti, informatica e telecomunicazioni, elettrodomestici, prodotti farmaceutici, beni immobiliari, edilizia e macchinari. Il Comparto acquisirà esposizione a molti di questi 33 settori. Il Comparto può utilizzare contratti di cambio a termine a scopo di copertura, come descritto nel paragrafo "Gestione Efficiente del Portafoglio" del Prospetto.
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto complessivo in organismi di investimento collettivo (OIC). Gli investimenti in OIC possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione a titoli azionari elencati nelle politiche di investimento di cui sopra.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (azioni) di recente emissione e non quotati o negoziati su Mercati Idonei nell'ultimo anno.

##### Benchmark
Russell Nomura Small Cap Index (il "Benchmark").
Il Benchmark rappresenta il 15% circa dei titoli a più bassa capitalizzazione di mercato rettificata al flottante dell'Indice Russell Nomura Total Market.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark, ma le ponderazioni in portafoglio non saranno influenzate da quelle del Benchmark. La strategia di investimento limiterà la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la possibilità del Comparto di sovraperformare rispetto al Benchmark.

##### Strategia di investimento
La strategia del Gestore degli Investimenti consiste nell'investire in un portafoglio concentrato di titoli azionari di piccole società con sede in Giappone, quotate o regolarmente negoziate su una Borsa riconosciuta in Giappone. Il Comparto è un fondo basato su un unico paese, il Giappone, e non punta all'esposizione a nessun'altra nazione. Il Gestore degli Investimenti sceglierà titoli per il portafoglio sulla base di una ricerca fondamentale con una prospettiva di guadagno a medio- lungo termine (generalmente si parla di una visione di tre anni), che mira a generare un eccesso di rendimento rispetto al benchmark principalmente attraverso la selezione dei titoli. Il processo d'investimento si incentra
sull'individuazione delle società in possesso di qualità come potenziale di crescita, capacità di realizzare redditi superiori alle aspettative per periodi più lunghi, nonché una valorizzazione interessante. Il portafoglio sarà investito principalmente in titoli con una capitalizzazione di mercato di 500 miliardi di yen o inferiore, e normalmente detiene meno di 40 titoli.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti. Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti individua, monitora e gestisce il rischio di sostenibilità nel modo seguente:
- Prima di acquisire investimenti per conto di un Comparto, il Gestore degli Investimenti utilizza i parametri ESG comunicati dall'emittente e stabilisce un impegno diretto con l'emittente al fine di valutare l'investimento in questione rispetto al rischio di sostenibilità e determinare l'eventualità di un'esposizione a tale rischio. Tale processo prevede l'applicazione di una politica di esclusione (per cui si possono eliminare i potenziali investimenti dall'universo di investimento sulla base del fatto che costituiscono un rischio di sostenibilità troppo elevato per il Comparto). Il Gestore degli Investimenti conduce inoltre un'analisi fondamentale su ogni potenziale investimento che gli consenta di valutare l'adeguatezza dei programmi e delle pratiche ESG di un emittente per gestire il rischio di sostenibilità a cui è esposto. Il Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente.
- Nel corso della durata dell'investimento, il rischio di sostenibilità viene monitorato attraverso una revisione dei dati ESG resi pubblici dall'emittente per determinare se il livello di rischio di sostenibilità è cambiato rispetto alla valutazione iniziale. Questa revisione viene condotta almeno una volta all'anno. Ove si riscontri che il rischio di sostenibilità associato a un particolare investimento sia aumentato oltre la propensione al rischio ESG del relativo Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Comparto a tale investimento, tenendo conto dei principali interessi degli Azionisti del Comparto.

Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte interessante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio di effetti pesantemente negativi sul valore del Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i
partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Oltre all'impiego di SFD a fini di copertura, il Comparto utilizzerà future su indici azionari a fini di gestione del contante, per la riduzione dei costi e la generazione di capitale o reddito aggiuntivo con un livello di rischio accettabile e compatibile con il profilo di rischio del Comparto (in relazione al rendimento atteso) e ai requisiti in materia di diversificazione del rischio, conformemente ai Regolamenti OICVM della Banca Centrale e alla Guida
della Banca Centrale "Attività idonee per gli OICVM" e come indicato nel capitolo "La Società – Limitazioni agli investimenti e ai prestiti" del Prospetto.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il
Comparto può acquisire un’esposizione indiretta agli
indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD, 100 JPY, 10
DKK, 10 NOK o 10 SEK a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di
Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Asian Income Fund

### SUPPLEMENTO 27 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| SGD H (Acc.) (hedged) | SGD | 5.000 | 5% | 2,00% | 0% |
| SGD H (Inc.) (hedged) | SGD | 5.000 | 5% | 2,00% | 0% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B (Acc.) | USD | 10.000 | 5% | 1,50% | 0% |
| Euro J (Inc.) (hedged) | EUR | 10.000 | 5% | 1,50% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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.) (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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire un reddito con il potenziale per una crescita del capitale a lungo termine.

##### Politiche di investimento
Il Comparto intende perseguire il suo obiettivo di investimento investendo prevalentemente (ossia almeno due terzi del Valore Patrimoniale Netto del Comparto) in un portafoglio di azioni e titoli correlati ad azioni nella regione Asia-Pacifico, comprese l'Australia e la Nuova Zelanda (escluso il Giappone).
Le azioni e i titoli correlati ad azioni in cui il Comparto può investire direttamente, o indirettamente tramite SFD,
includono azioni, warrant, azioni privilegiate, Certificati di deposito americani (“ADR”), Certificati di deposito globali (“GDR”) (collettivamente “Certificati di deposito"), strumenti di debito ibridi (quali obbligazioni convertibili
(comprese le obbligazioni convertibili obbligatorie)), i REIT (fondi di investimento immobiliare) e le azioni privilegiate convertibili (di seguito "Azioni e titoli correlati ad azioni").
Il Comparto può investire complessivamente fino al 10%
del suo Valore Patrimoniale Netto in organismi di investimento collettivo (“OIC”), compresi i fondi del mercato monetario a fini di gestione della liquidità. Gli
OIC in cui il Comparto può investire comprendono gli ETF. Gli investimenti in ETF saranno soggetti ai limiti di investimento previsti per gli OIC. Inizialmente, gli OIC saranno utilizzati solo a fini di gestione del contante.
Tuttavia, gli OIC possono essere utilizzati anche per acquisire esposizione azionaria regionale.
Il Comparto intende investire in Azioni e titoli correlati ad azioni di società con sede o che generano la maggior parte dei loro proventi nella regione Asia-Pacifico,
comprese l'Australia e la Nuova Zelanda (escluso il Giappone), senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento. Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto in titoli di mercati emergenti, tra cui Cina e India, ma non acquisirà esposizione alla Russia. Il Comparto può acquisire esposizione alla Cina acquistando azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il programma di Connessione fra le Borse. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect
sono indicati nell'Appendice V al Prospetto. Il Comparto può acquisire esposizione all’India direttamente o attraverso Certificati di deposito. Sono al momento in
essere tutte le licenze locali e gli accordi di subcustodia pertinenti per acquisire esposizione diretta al mercato indiano.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC diversi dagli ETF, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze.
Queste comprendono condizioni di mercato che possono richiedere una strategia d’investimento difensiva, la detenzione di liquidità in deposito in attesa di
reinvestimento, la soddisfazione delle richieste di rimborso, la facilitazione del pagamento di dividendi e delle spese e la fornitura di garanzia a supporto
dell’esposizione SFD. Le attività equiparabili a liquidità includono strumenti del mercato monetario (quali titoli di
Stato a breve termine, certificati di deposito, carte commerciali e depositi a termine) e depositi bancari. Tali titoli di debito possono essere governativi o societari, a tasso fisso o variabile e resta inteso che emittenti e/o garanti di tali titoli o strumenti avranno un rating di
credito al momento dell’acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un’Agenzia di rating riconosciuta o saranno considerati di qualità equivalente
dal Gestore degli Investimenti.

##### Benchmark
FTSE Asia Pacific ex Japan TR Index (il “Benchmark”).
Il Benchmark comprende titoli a grande e media capitalizzazione che coprono mercati sviluppati e mercati emergenti avanzati dell'Asia-Pacifico, Giappone escluso.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La filosofia di investimento si basa sulla convinzione del Gestore degli Investimenti che nessuna società, mercato o economia vanno intesi come elementi isolati; al contrario, devono essere inseriti in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che un investimento di successo in azioni asiatiche richieda una conoscenza approfondita del mondo nel suo complesso.
Il Gestore degli Investimenti individua temi che ricomprendono le principali aree di cambiamento nel mondo e le utilizza come base per le sue idee di investimento. Un approccio globale e tematico permette al Gestore degli Investimenti di avere una prospettiva a lungo termine sui mercati finanziari globali e sulle economie e di avere sempre sott'occhio il quadro generale della situazione. La prospettiva è un tratto distintivo del suo processo di investimento; essa aiuta un Gestore degli Investimenti a prevedere i cambiamenti del mondo e indirizza analisti e gestori di portafoglio verso opportunità di profitto. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo, fornendo il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità di investimento e rischio potenziali. Alcuni dei temi a lungo termine del Gestore degli Investimenti comprendono attualmente, a titolo non esaustivo, "Dinamiche della popolazione" (ad esempio l'impatto dell'invecchiamento della popolazione), "Questioni riguardanti l'ambiente" (ad esempio lo sviluppo di soluzioni riguardanti l'energia pulita e la gestione dei rifiuti), "Interventi statali" (ad esempio l'impatto sui prezzi degli attivi che deriva da cambiamenti nelle politiche della banca centrale e nella
politica in generale) e "Rivoluzione intelligente" (ad esempio lo sviluppo dell'intelligenza artificiale e dell'automazione).
Il Comparto si propone di investire in società che distribuiscono dividendi con prospettive di reddito. Le prospettive di reddito e il rendimento della società saranno giudicati, al momento dell'acquisto, in riferimento al rendimento del Benchmark. La selezione dei titoli si concentra sulle società dotate di solidi fondamentali, dalle valutazioni interessanti e che
soddisfano i criteri di rendimento del Gestore degli Investimenti alla luce dell’obiettivo d’investimento del comparto che mira a conseguire un reddito unitamente a
una crescita di capitale di lungo termine. Ciò significa che il Gestore degli Investimenti esamina un titolo rispetto al suo gruppo di riferimento, al benchmark, nonché a dati storici e al potenziale di utili, cercando di individuare opportunità ed evitare insidie. Il Gestore degli Investimenti prende in considerazione anche le distribuzioni di dividendi passate di una società.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore
degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato, incluse le opzioni di acquisto coperte) Opzioni su indice Opzioni su future su azioni Opzioni su ETF Opzioni su future su azioni Opzioni su valute (comprese le Opzioni su cambi) Opzioni su tassi di interesse Opzioni su future su valuta |
| --- | --- |
| Futures | Future su indici azionari Future sul mercato monetario Future su valuta |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Obbligazioni convertibili Azioni privilegiate convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice ASX 200 Indice Hang Seng Indice KOSPI |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di
tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF o 1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si prevede che l'esposizione del Comparto superi il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo
e sulla procedura della controparte, sono forniti nelle sezioni “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31
marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo "Gestione e Amministrazione della Società – Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Dynamic Total Return Fund

### SUPPLEMENTO 28 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 26 febbraio 2021 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende
chiedere alla Banca Centrale la revoca dell’autorizzazione
al Comparto dopo la redazione del bilancio certificato per l’anno chiuso il 31 dicembre 2021. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il
Comparto dal presente Prospetto una volta autorizzata tale revoca.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto investirà principalmente in strumenti finanziari derivati ("SFD") e li utilizzerà altresì a scopo di investimento, copertura ed efficiente gestione del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Comparto può investire, di volta in volta, in modo sostanziale in strumenti del mercato monetario e/o depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni.

L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita del capitale.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 17.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD A (Acc.) | USD | fino al 5% | USD 5.000 | 2,00% | Nessuna |
| USD A (Inc.) | USD | fino al 5% | USD 5.000 | 2,00% | Nessuna |
| Euro A (Acc.) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Euro A (Inc.) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Sterling A (Acc.) | GBP | fino al 5% | GBP 5.000 | 2,00% | Nessuna |
| Sterling A (Inc.) | GBP | fino al 5% | GBP 5.000 | 2,00% | Nessuna |
| CHF A (Acc.) | CHF | fino al 5% | CHF 5.000 | 2,00% | Nessuna |
| CHF A (Inc.) | CHF | fino al 5% | CHF 5.000 | 2,00% | Nessuna |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro H (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Euro H (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 2,00% | Nessuna |
| Sterling H (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 2,00% | Nessuna |
| Sterling H (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 2,00% | Nessuna |
| CHF H (Acc.) (hedged) | CHF | fino al 5% | CHF 5.000 | 2,00% | Nessuna |
| CHF H (Inc.) (hedged) | CHF | fino al 5% | CHF 5.000 | 2,00% | Nessuna |
| SGD H (Acc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 2,00% | Nessuna |
| SGD H (Inc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 2,00% | Nessuna |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C (Acc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro C (Inc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| USD C (Acc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| USD C (Inc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| Sterling C (Acc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Sterling C (Inc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| CHF C (Acc.) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CHF C (Inc.) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CAD C (Acc.) | CAD | fino al 5% | CAD 5.000.000 | 1,00% | Nessuna |
| CAD C (Inc.) | CAD | fino al 5% | CAD 5.000.000 | 1,00% | Nessuna |
| Euro I (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro I (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Sterling I (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Sterling I (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| CHF I (Acc.) (hedged) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CHF I (Inc.) (hedged) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CAD I (Acc.) (hedged) | CAD | fino al 5% | CAD 5.000.000 | 1,00% | Nessuna |
| CAD I (Inc.) (hedged) | CAD | fino al 5% | CAD 5.000.000 | 1,00% | Nessuna |
| SGD I (Acc.) (hedged) | SGD | fino al 5% | SGD 5.000.000 | 1,00% | Nessuna |
| SGD I (Inc.) (hedged) | SGD | fino al 5% | SGD 5.000.000 | 1,00% | Nessuna |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| USD G (Inc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| Euro G (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Euro G (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Euro G (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Euro G (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| USD W (Inc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| Euro W (Acc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro W (Inc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Sterling W (Acc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| CHF W (Acc.) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CHF W (Inc.) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CAD W (Acc.) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| Euro W (Acc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Sterling W (Acc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| CHF W (Acc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CHF W (Inc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CAD W (Acc.) (hedged) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) (hedged) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| SGD W (Acc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| SGD W (Inc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | fino al 5% | Come concordato | 0,50% | Nessuna |
| USD E (Inc.) | USD | fino al 5% | Come concordato | 0,50% | Nessuna |
| Euro E (Acc.) | EUR | fino al 5% | Come concordato | 0,50% | Nessuna |
| Euro E (Inc.) | EUR | fino al 5% | Come concordato | 0,50% | Nessuna |
| Sterling E (Acc.) | GBP | fino al 5% | Come concordato | 0,50% | Nessuna |
| Sterling E (Inc.) | GBP | fino al 5% | Come concordato | 0,50% | Nessuna |
| CHF E (Acc.) | CHF | fino al 5% | Come concordato | 0,50% | Nessuna |
| CHF E (Inc.) | CHF | fino al 5% | Come concordato | 0,50% | Nessuna |
| CAD E (Acc.) | CAD | fino al 5% | Come concordato | 0,50% | Nessuna |
| CAD E (Inc.) | CAD | fino al 5% | Come concordato | 0,50% | Nessuna |
| Euro E (Acc.) (hedged) | EUR | fino al 5% | Come concordato | 0,50% | Nessuna |
| Euro E (Inc.) (hedged) | EUR | fino al 5% | Come concordato | 0,50% | Nessuna |
| Sterling E (Acc.) (hedged) | GBP | fino al 5% | Come concordato | 0,50% | Nessuna |
| Sterling E (Inc.) (hedged) | GBP | fino al 5% | Come concordato | 0,50% | Nessuna |
| CHF E (Acc.) (hedged) | CHF | fino al 5% | Come concordato | 0,50% | Nessuna |
| CHF E (Inc.) (hedged) | CHF | fino al 5% | Come concordato | 0,50% | Nessuna |
| CAD E (Acc.) (hedged) | CAD | fino al 5% | Come concordato | 0,50% | Nessuna |
| CAD E (Inc.) (hedged) | CAD | fino al 5% | Come concordato | 0,50% | Nessuna |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire un rendimento totale che include reddito e una crescita del capitale a lungo termine.

##### Politiche di investimento
Il Comparto è un fondo multi-asset globale che persegue la realizzazione del suo obiettivo tramite un'allocazione dinamica delle attività. Il Comparto può investire in titoli azionari, di debito e correlati al debito (titoli di debito, buoni del Tesoro, obbligazioni non garantite (debenture), obbligazioni, titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito, titoli a tasso variabile, obbligazioni a breve e a medio termine, obbligazioni indicizzate all'inflazione e carte commerciali) a tasso fisso e variabile, emessi o garantiti da un governo sovrano o da agenzie governative, autorità locali, organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali (qui di seguito, "Titoli di debito e correlati al debito"), valute (contratti di cambio a termine, swap di valute e opzioni su cambi), prestiti non cartolarizzati tramite investimenti diretti, obbligazioni convertibili e warrant (come descritto più dettagliatamente qui di seguito) e SFD (come descritto di seguito in "Utilizzo di SFD") e organismi di investimento collettivo ("OIC") (compresi i fondi negoziati in borsa ("ETF") e i fondi del mercato monetario). Il
Comparto può a volte investire più del 30% del suo Valore
Patrimoniale Netto in titoli sub-investment grade o privi di rating, secondo la classificazione di un'Agenzia di rating riconosciuta.
Il Comparto può inoltre investire indirettamente in beni reali quali proprietà immobiliari e materie prime.
L'esposizione a proprietà immobiliari sarà generata mediante SFD e OIC, compresi i fondi di investimento immobiliare ("REIT") quotati in borsa. L'esposizione a materie prime sarà indirettamente generata mediante ETF e SFD (quali uno swap di rendimento totale su un indice di materie prime). Il Comparto acquisirà un'esposizione a indici di materie prime unicamente se conformi alle Linee guida ESMA su ETF e altre questioni relative a OICVM (ed eventuali successive modifiche) nonché ai Regolamenti OICVM della Banca Centrale (ed eventuali successive modifiche o sostituzioni) e alla Guida della Banca Centrale sugli "Indici finanziari sugli OICVM". Non si investirà direttamente in materie prime o proprietà immobiliari.
In relazione agli ETF (come descritto in maggior dettaglio nella sezione "Organismi di investimento collettivo" di seguito), essi saranno quotati su Mercati Idonei e daranno esposizione agli indici di materie prime.
Il Comparto può investire su base globale e non vi sono concentrazioni geografiche, industriali o settoriali riguardo alle azioni o altre categorie di attività in cui si può assumere un'esposizione. Il Comparto può investire oltre il 30% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto totale in valori mobiliari o in strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, a titolo puramente indicativo, titoli azionari e titoli di debito e correlati al debito non quotati.
Nonostante la Valuta di Base sia l'USD, il Comparto può investire in attività non denominate in USD che potrebbero non essere necessariamente coperte rispetto all'USD.
Ad eccezione degli investimenti consentiti in titoli non quotati e OIC di tipo aperto, il Comparto abitualmente investirà in una gamma ampia e diversificata di tali categorie di attività, che saranno quotate o negoziate su Mercati Idonei di tutto il mondo. Il comparto può investire fino al 10% del proprio Valore Patrimoniale Netto in titoli quotati o negoziati in mercati russi elencati nell'Appendice II del Prospetto.
Il Comparto può anche detenere livelli elevati di liquidità in certe circostanze. Queste comprendono i casi in cui le condizioni di mercato possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la detenzione di liquidità per soddisfare richieste di rimborso e pagare le spese o per supportare l'esposizione a SFD.

##### Proprietà immobiliari
Il Comparto può acquisire un'esposizione a proprietà immobiliari tramite titoli correlati, che comprendono REIT quotati in borsa, azioni di società la cui attività principale sono il possesso, l'amministrazione e/o lo sviluppo di proprietà immobiliari o SFD (compresi futures e swap) basati su indici di REIT o altri indici correlati a proprietà immobiliari descritti precedentemente che soddisfano i requisiti della Banca Centrale.

##### Gestione di Liquidità e Collaterale
Ai fini della gestione di liquidità e collaterale, il Comparto può di volta in volta investire in un'ampia gamma di attivi liquidi o equiparabili a liquidità che possono essere detenuti per fornire liquidità e copertura a esposizioni generate con l'utilizzo di SFD.
Gli attivi liquidi o equiparabili a liquidità possono comprendere Titoli di debito e correlati al debito, depositi bancari e obbligazioni emesse o garantite da qualsiasi governo sovrano o da una sua agenzia, oltre a titoli,
strumenti e obbligazioni emessi da organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali. Resta inteso che emittenti e/ o garanti di tali titoli, strumenti o obbligazioni avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta, o saranno considerati di qualità equivalente dal Gestore degli Investimenti.
Il Comparto può inoltre investire in fondi del mercato monetario, compresi gli OICVM irlandesi.

##### Organismi di Investimento Collettivo
Il Comparto può perseguire i suoi obiettivi e le sue politiche anche assumendo posizioni in OIC senza superare il 10% del suo Valore Patrimoniale Netto. Tutti gli investimenti in ETF aperti saranno soggetti al limite del 10% di cui sopra e tutti gli investimenti in ETF chiusi costituiranno un investimento in valori mobiliari in conformità ai requisiti della Banca Centrale.

##### Benchmark
Il Comparto è gestito in modo attivo e non ha alcun benchmark come riferimento.

##### Strategia di investimento
Il Comparto impiega una strategia multi-asset globale che investe direttamente e indirettamente in azioni, titoli di debito, valute e investimenti alternativi (quali indici di materie prime, REIT e SFD, come descritto di seguito nel paragrafo "Utilizzo di SFD") principalmente mediante
posizioni long e short sintetiche in SFD. Le posizioni corte sintetiche rappresentano circa 1/3 (un terzo) e le posizioni long rappresentano circa 2/3 (due terzi) dell'esposizione complessiva del Comparto, tuttavia all'occorrenza questa ripartizione può cambiare. Il Comparto può assumere posizioni short sintetiche in ciascuna classe di attività descritta in questo Supplemento (come descritto più dettagliatamente di seguito).
Partendo da quest'ampia gamma di opportunità, si costruisce il portafoglio utilizzando sia una valutazione macro globale di tipo top-down sia una valutazione fondamentale della classe di attività di tipo bottom-up. L'allocazione di attivi non è vincolata a, né concentrata su alcuna classe di attività particolare. Il Gestore degli Investimenti assegna posizioni long a categorie di attività relativamente poco costose rispetto alla loro valutazione fondamentale e posizioni short sintetiche a categorie di attività relativamente costose rispetto alla loro valutazione fondamentale.
Il Comparto si prefigge di realizzare rendimenti totali analoghi a quelli di azioni, con una correlazione e un rischio minori rispetto alle azioni tradizionali. Inoltre il Comparto si prefigge di ridurre al minimo i rendimenti negativi rispetto alle azioni tradizionali per un intero ciclo di attività mediante gestione del rischio e ribilanciamento dinamico del portafoglio.
Il Comparto può utilizzare posizioni short sintetiche, leva finanziaria e opzioni come strumenti principali per una gestione difensiva del rischio ma anche per generare rendimenti positivi quando i prezzi scendono.
Conformemente alla strategia multi-asset del Comparto, il Gestore degli Investimenti può utilizzare posizioni short sintetiche per essere short in qualsiasi classe di attività descritta nel Supplemento, compresi, ma non
limitatamente, attivi orientate alla crescita quali indici azionari, attivi a scopo di copertura quali obbligazioni sovrane o beni reali. Il Comparto intende vendere allo scoperto società, emittenti o mercati quando il Gestore degli Investimenti vede una debolezza relativa in certe società rispetto ad altre società più forti, mercati o emittenti. Si può anche utilizzare la leva finanziaria ai fini di gestione del rischio, e, in via esemplificativa, la leva finanziaria sarebbe utilizzata per essere long su attivi destinati a copertura, quali obbligazioni sovrane, allo scopo di proteggere il Comparto da un attivo rischioso con correlazione negativa. Si possono utilizzare opzioni quale strumento per la gestione del rischio difensiva, limitando il rischio di ribasso. Un esempio di tale uso di opzioni sarebbe l'acquisto di opzioni put su indici azionari o attività rischiose.
Come illustrato qui sopra, il Comparto può cercare di detenere posizioni long e short. Si crea una posizione short quando un fondo vende un attivo. Il Comparto può utilizzare un future, ad esempio, per implementare una posizione short o può voler vendere un singolo titolo short di cui non è in possesso, con l'intenzione di riacquistarlo in futuro. Nel caso di un calo del prezzo dell'attivo, il valore della posizione sale e viceversa. In quest'ultimo caso di short si tratta della cosiddetta vendita allo scoperto di titoli fisici ed è vietata dai Regolamenti OICVM. Per evitare qualsiasi dubbio, il Comparto non effettuerà vendite allo scoperto fisiche di titoli. I Regolamenti OICVM consentono tuttavia la creazione di posizioni short sintetiche (in questo contesto sintetico significa che realizza, in sostanza, lo stesso risultato economico senza un'effettiva vendita allo scoperto) tramite l'uso di SFD. Il Comparto può utilizzare qualsiasi strumento nell'elenco qui di seguito, al paragrafo "Utilizzo di SFD" nell'implementazione di una strategia di vendite allo scoperto. Le vendite allo scoperto possono essere utilizzate per coprire e controllare il rischio del Comparto o per esprimere un'opinione sulla direzione del mercato. Il livello di vendite allo scoperto applicato nel Comparto dipenderà quindi dalle opinioni del Gestore degli Investimenti riguardo alla direzione del mercato o al grado di rischio che intende coprire. Il livello di vendite allo scoperto sarà preso in considerazione nel controllo delle limitazioni del rischio del Comparto.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e over-the-counter (OTC) a fini di investimento:
| Futures | Future su valuta Future su indici azionari Futures su dividendi Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su obbligazioni Future su indici di volatilità Futures su indice di proprietà immobiliari Future su indice di materie prime Future sul mercato monetario |
| --- | --- |

| Opzioni | Opzioni su valute (comprese le opzioni con barriera) Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni su indice Opzioni su dividendi Opzioni su future su tassi di interesse Opzioni su obbligazioni Opzioni su futures su dividendi Opzioni su credit default swap Swaption (comprese le swaption sui tassi d'interesse) Opzioni su future su valuta Warrant Opzioni su future su azioni |
| --- | --- |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Swap di varianza Swap su azioni (titoli singoli, indice e settore) Credit default swap (titoli singoli e indice) Swap di dividendi Swap sui tassi d’interesse, Swap sul tasso di inflazione Swap su valute Swap di attività Swap di rendimento totale (compreso il credito di titoli singoli) Swap di indici di proprietà immobiliari Swap di indici di infrastrutture Swap di indici di materie prime Contratti su differenze (azioni singole e settori) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di materie prime per offrire un'esposizione ai settori di materie prime quali energia, metalli industriali, prodotti agricoli, bestiame da allevamento e metalli preziosi, poiché il Comparto non investirà direttamente in materie prime. | Indice Bloomberg Commodity Indice S&P GSCI |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice AEX Indice ASX 200 Indice CAC 40 Indice Dax 30 Indice Hang Seng Indice IBEX 35 Indice FTSE 100 Indice FTSE MIB Indice S&P 500 Indice S&P/TSX 60 Indice S&P Emerging Markets Indice Swiss Markit TOPIX |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi
associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione lunga lorda totale tramite SFD non dovrebbe superare il 1.000% del Valore Patrimoniale Netto del Comparto e l'esposizione corta lorda totale non dovrebbe superare il 1.000% del Valore Patrimoniale Netto del Comparto.

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 aprile 2021 o alla data, precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD o 1 SGD a seconda
della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 10% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 5 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 2000% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio (EPM), alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale ("TRS") come descritto nella sezione "Utilizzo di SFD" ed effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito titoli e contratti di riacquisto e contratti di riacquisto inverso, come descritto nella sezione "Gestione Efficiente del Portafoglio" del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 60% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS saranno operazioni coerenti con le politiche di investimento del Comparto. I tipi di attività soggetti ad accordi di prestito di titoli e a contratti di riacquisto e riacquisto inverso saranno rispettivamente azioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto,
Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso “(hedged)”. Si rimanda alla sezione intitolata “Copertura della Classe di Azioni” nel Prospetto per ulteriori informazioni sul funzionamento e sull’impatto delle classi di azioni
hedged.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Leaders Fund

### SUPPLEMENTO 29 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Walter Scott & Partners Limited

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto al capitolo "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 2,00% | 0% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF I (Acc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% |
| CHF I (Inc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “U” e Azioni “U (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD U (Acc.) | USD | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con dividendi netti reinvestiti) in USD |
| USD U (Inc.) | USD | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con dividendi netti reinvestiti) in USD |
| EUR U (Acc.) | EUR | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con dividendi netti reinvestiti) in Euro |
| EUR U (Inc.) | EUR | 15.000.000 | 5% | 0,20% | 0% | 20% | MSCI World Index (con dividendi netti reinvestiti) in Euro |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR E (Acc.) | EUR | Come concordato | 5% | 0,50% | 0% |
| EUR E (Inc.) | EUR | Come concordato | 5% | 0,50% | 0% |
| USD E (Acc.) | USD | Come concordato | 5% | 0,50% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,50% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,50% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,50% | 0% |
| EUR E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,50% | 0% |
| EUR E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,50% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,50% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,50% | 0% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore avrà diritto a una commissione annuale di performance
(la “Commissione di Performance”) alle condizioni
descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito).
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza percentuale tra il Valore Patrimoniale Netto Rettificato
relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni (che comprende tutte le commissioni e le spese
maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
relativa classe di azioni, rettificato in caso di distribuzioni
di dividendi), al lordo della Commissione di Performance maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è indicato nella tabella precedente ed è coerente con le politiche di investimento del Comparto. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance. La performance passata del Comparto rispetto all’indice MSCI World NR è riportata nel KIID per la relativa Classe di Azioni.
Il “Rendimento dell’Hurdle Rate” è calcolato per ogni Giorno di Valutazione ed è la differenza percentuale tra l’Hurdle Rate di tale Giorno di Valutazione e l’Hurdle Rate del Giorno di Valutazione precedente.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione
di Performance. Se il Rendimento della Classe di Azioni supera il Rendimento dell’Hurdle Rate, matura una Commissione di Performance.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del
Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate (il rendimento negativo) moltiplicato per le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il Rendimento cumulativo della Classe di Azioni non
supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo.
Clawback (meccanismo di recupero) – Successivamente a un Periodo di Calcolo in cui non è stata addebitata alcuna
Commissione di Performance, non maturerà alcuna Commissione di Performance fino al momento in cui il
Rendimento cumulativo della Classe di Azioni (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di Performance) non supererà il Rendimento cumulativo dell’Hurdle Rate (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di
Performance).
Se non è stata addebitata alcuna Commissione di Performance dal lancio di una classe di azioni, non maturerà alcuna commissione di Performance fino al momento in cui il Rendimento cumulativo della classe di
Azioni (dal lancio di quella classe di Azioni) non supererà il Rendimento cumulativo dell’Hurdle Rate maturato dal lancio di quella classe di azioni.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui
una parte della Commissione di Performance viene corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun
Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance consente l’addebito di commissioni di performance laddove il Comparto abbia sovraperformato l’Hurdle Rate, ma presenti una performance complessivamente negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Rettificato alla fine del Periodo di Calcolo | Rendimento dell’Hurdle Rate espresso in penny | Extra-rendimen- to espresso in penny* | Commissione di performance** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 102p | 3p | 0.6p | 104.4p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno, che è superiore al Rendimento dell’Hurdle Rate di 102 p, e l’Extra-rendimento di 3 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,60 p. |

| Giorno di Valutazione | Valore Pa- trimoniale Netto Rettificato alla fine del Periodo di Calcolo | Rendimento dell’Hurdle Rate espresso in penny | Extra-rendimen- to espresso in penny* | Commissione di performance** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno due) | 95p | 106p | 0p | 0p | 95p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due, che è inferiore al Rendimento dell’Hurdle Rate di 106 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno tre) | 104p | 105p | 0p | 0p | 104p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre, che è inferiore al Rendimento dell’Hurdle Rate di 105 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno quattro) | 110p | 108p | 2p | 0.40p | 109.6p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro, che è superiore all’Hurdle Rate di 108 p, e l’Extra-rendimento di 2 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,40 p. |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate
**20% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire un obiettivo con una crescita di capitale di lungo termine.

##### Politiche di investimento
Il Comparto investe principalmente (ossia, almeno tre quarti del Valore Patrimoniale Netto del Comparto) in azioni e titoli correlati ad azioni (azioni ordinarie e privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni) emessi da società a grande capitalizzazione con sede in tutto il mondo. La denominazione di "società a grande capitalizzazione" si riferisce generalmente alle società con un valore di capitalizzazione di mercato superiore ai 10 miliardi di dollari statunitensi al momento dell'acquisto; tuttavia, la soglia minima di capitalizzazione di mercato per il Comparto è a discrezione del Gestore degli Investimenti.
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto.
L'investimento in OIC può essere utilizzato per la gestione del contante (ad esempio tramite fondi del mercato monetario) o per ottenere un'esposizione ad azioni e titoli correlati ad azioni elencati nella politica d'investimento di cui sopra. Il Comparto può detenere attività liquide strumentali quali i depositi bancari.
Il Comparto investe su base globale e, sebbene non vi siano concentrazioni geografiche, industriali o settoriali, talvolta il Comparto può essere concentrato in particolari industrie o settori, compresi i paesi dei mercati emergenti e gli Stati Uniti. Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto in mercati emergenti senza limiti di investimento in relazione a tali investimenti. Esempi di mercati emergenti includono, senza limitazione, Brasile, Cile, Colombia, Messico, Perù, Repubblica Ceca, Egitto, Grecia, Ungheria, Polonia, Qatar, Russia, Sudafrica, Turchia, Emirati Arabi Uniti, Cina, India, Indonesia, Corea, Malesia, Pakistan, Filippine, Taiwan e Thailandia.
Il Comparto può utilizzare SFD, come indicato nella sezione intitolata "Gestione efficiente del portafoglio" del Prospetto ai soli fini di copertura e gestione efficiente del portafoglio.
In generale, il Comparto sarà esposto alle fluttuazioni valutarie che incidono sui suoi investimenti in azioni e titoli correlati ad azioni. Il Gestore degli Investimenti non cercherà di aggiungere valore speculando sulle valute, tuttavia generalmente lascerà l'esposizione di valuta del Comparto scoperta. Nonostante quanto sopra, il Gestore degli Investimenti monitorerà e esaminerà regolarmente l'esposizione di valuta e ricorrerà alla copertura in valuta laddove il Gestore degli Investimenti ritenga che l'esposizione valutaria presenti rischi significativi.

##### Benchmark
MSCI World NR Index (il "Benchmark").
Il Benchmark è un indice azionario globale esteso, ideato per rappresentare la performance di titoli a media e grande capitalizzazione in 23 paesi di mercati sviluppati, tra cui: Australia, Austria, Belgio, Canada, Danimarca, Finlandia, Francia, Germania, Hong Kong, Irlanda, Israele, Italia, Giappone, Olanda, Nuova Zelanda, Norvegia, Portogallo, Singapore, Spagna, Svezia, Svizzera, Regno Unito e Stati Uniti d'America. Il Benchmark copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante per ogni paese.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto è quella di ottenere una crescita del capitale a lungo termine investendo principalmente in un portafoglio concentrato di azioni e titoli correlati ad azioni incentrati su società a grande capitalizzazione con sede in tutto il mondo.
La filosofia e il processo di investimento sono coerenti con il quadro filosofico esistente del Gestore degli Investimenti: un approccio di investimento a lungo termine sulla base di una rigorosa analisi ascendente delle società con l'obiettivo di identificare le società con prospettive di generazione di ricchezza maggiori. Ciò riflette una convinzione fondamentale che, nel tempo, il ritorno di investimento del portafoglio non supererà mai la ricchezza creata dalle società sottostanti. Di conseguenza, l'attenzione del team di ricerca del Gestore degli Investimenti è quella di individuare le società con capacità di generazione di ricchezza in linea con l'Obiettivo di Investimento del portafoglio.
Data la natura concentrata della Strategia d'investimento, è necessario un elevato grado di fiducia in relazione alle società a grande capitalizzazione che compongono il portafoglio. In particolare, nel valutare se una società sia considerata "leader globale", due criteri fondamentali influenzeranno il processo di costruzione del portafoglio. In primo luogo, il Gestore degli Investimenti prevede di concentrarsi su quelle società a grande capitalizzazione con una posizione forte o di leadership nei mercati in cui ciascuna società opera e
con un modello di business orientato verso il voler sostenere tale posizione attraverso un vantaggio competitivo. In secondo luogo, il Gestore degli Investimenti mira a identificare settori industriali dell'economia globale con prospettive interessanti per l'espansione e selezionare una società entro tali settori industriali con una posizione forte o di leadership sul mercato. Pertanto, il processo di costruzione del portafoglio della Strategia di investimento non è solo focalizzato sulla selezione di società leader del settore con un solido vantaggio competitivo, ma anche di quelle che operano all'interno di settori industriali con prospettive interessanti per l'espansione globale.
A causa della natura a lungo termine di questo Comparto, si prevede che i titoli azionari e i titoli correlati ad azioni
in portafoglio saranno acquistati nell’ottica di detenerli
per un periodo di 3-5 anni. Il tasso di rotazione del
portafoglio sarà corrispondentemente basso per l'intera durata del Comparto, in quanto ciò è insito nella procedura del Gestore degli Investimenti, di cui sopra. Pertanto, anche se gli investitori possono beneficiare di guadagni nel breve termine, il Gestore degli Investimenti non mirerà specificamente ad essi.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità è pienamente integrata nel processo di investimento attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nel compiere ricerche su qualsiasi società, indipendentemente dalla provenienza geografica e dal settore, il Gestore degli Investimenti applica lo stesso schema di analisi. Tale schema è di natura sia quantitativa che qualitativa e comporta l'analisi dei bilanci relativi agli esercizi passati, insieme alla valutazione di sette aree chiave di indagine:
- attività di business e impatto fisico
- integrità, sostenibilità e governance
- caratteristiche del mercato
- padronanza del futuro
- profilo finanziario
- direzione e consiglio di amministrazione
- valutazione e negoziazioneL'analisi delle pratiche relative all'integrità, alla sostenibilità e alla governance da parte del Gestore degli Investimenti comprende la valutazione e il monitoraggio delle società in relazione ai fattori rilevanti e sostanziali di quattro aree chiave:
- valutazioni di carattere ambientale
- rischio climatico e cambiamento climatico
- capitale umano e sociale
- governanceQuesto processo consente al Gestore degli Investimenti di esaminare ogni fattore che potrebbe influire sul successo a lungo termine di un'attività prima di investire.

Nell'ambito della valutazione continua di una società da parte del Gestore degli Investimenti, si svolgono aggiornamenti, revisioni e verifiche su base annua, consentendo al Gestore degli Investimenti di monitorare i progressi nel tempo.
Sebbene tutte le ricerche siano effettuate dal Gestore degli Investimenti, vengono integrate con informazioni e analisi provenienti da fonti esterne, tra cui esperti nel settore, docenti universitari e fornitori di ricerca terzi. Il regolare impegno del Gestore degli Investimenti con la direzione aziendale concorre altresì alla valutazione complessiva della società.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità sono pienamente integrate nel processo di investimento del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 CHF, 10 HKD, 10
CNH, 10 DKK, 10 NOK or 10 SEK, a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Gli Investitori devono soffermare la loro attenzione al paragrafo intitolato "Fattori di Rischio" nel Prospetto.

## BNY Mellon Targeted Return Bond Fund

### SUPPLEMENTO 30 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire un rendimento totale proveniente dal reddito e dalla crescita del capitale.

##### Politiche di investimento
Il Comparto è un fondo multisettore, diversificato a livello globale, che mira a conseguire il suo obiettivo di investimento investendo in un portafoglio di obbligazioni internazionali, sovrane, statali, di agenzie sovranazionali, societarie, bancarie e di altro genere a tasso fisso e/o variabile (comprese le obbligazioni su ipoteche e societarie) e altri titoli di debito e correlati al debito (quali obbligazioni non garantite (debenture), effetti (compresi effetti societari, titoli sovrani, a tasso variabile
e fisso, obbligazioni a cedola zero, obbligazioni “Interest Only” e con pagamento solo del capitale), titoli di debito garantiti (compresi titoli garantiti da attività e da ipoteca
(ABS e MBS), obbligazioni bancarie garantite (covered bond), obbligazioni di debito garantite (CDO) e obbligazioni garantite da ipoteche (CMO)), obbligazioni con pagamento in natura, obbligazioni toggle, obbligazioni step-up, certificati di partecipazione a prestiti e obbligazioni surplus, titoli ibridi (comprese
obbligazioni perpetue, cumulative e non cumulative e azioni fiduciarie privilegiate), certificati d’investimento garantiti e interessi differiti) nel prosieguo “Titoli di debito e correlati al debito”, e in SFD relativi a tali strumenti elencati di seguito al paragrafo “Utilizzo di SFD”), strumenti del mercato monetario (carte
commerciali e depositi bancari), collocamenti privati
(quali obbligazioni Reg S e obbligazioni 144A) e titoli convertibili in o sostituibili con azioni che incorporeranno
SFD e/o leva finanziaria (obbligazioni convertibili e Titoli convertibili contingenti (“CoCo”)), la maggior parte dei quali sarà quotata o negoziata su Mercati Idonei situati in
tutto il mondo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in partecipazioni a prestiti non cartolarizzati, a condizione che tali strumenti siano strumenti del mercato monetario negoziati normalmente nel mercato monetario, liquidi e con un valore determinabile con precisione in qualsiasi momento.
Il Comparto può investire su base globale e, sebbene non vi siano concentrazioni geografiche, industriali o settoriali, talvolta il Comparto può essere concentrato in particolari industrie o settori, compresi i paesi dei mercati emergenti e gli Stati Uniti. Il Comparto può investire fino al 40% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
Il Gestore degli Investimenti non sarà soggetto a restrizioni in relazione a qualità del credito o scadenza; pertanto, non verrà applicato alcun rating di credito minimo agli investimenti del Comparto, che potranno
avere un rating inferiore a investment grade (nei limiti del 75%), secondo la classificazione di un'Agenzia di rating riconosciuta. Il Comparto può detenere fino al 10% del suo Valore Patrimoniale Netto in titoli senza rating, a condizione che sia di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto totale in valori mobiliari o in strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, a titolo puramente indicativo, titoli azionari e titoli di debito e correlati al debito non quotati.
Il Comparto si prefigge di realizzare un rendimento totale per mezzo della crescita dei redditi e del capitale pari al 6% annuo per un intero ciclo di mercato (in genere, dai tre ai cinque anni) al lordo delle commissioni. Questo risultato non è garantito e potrebbe verificarsi una perdita di capitale.

##### Organismi di Investimento Collettivo
Il Comparto potrà altresì investire fino al 10% del suo Valore Patrimoniale Netto in OIC, compresi i fondi negoziati in borsa aperti. Gli organismi nei quali investe il Comparto possono essere gestiti anche da un Subgestore degli Investimenti, dal Gestore degli Investimenti o da entità a loro affiliate.

##### Benchmark
Il Comparto è gestito in modo attivo e non ha alcun benchmark come riferimento.

##### Strategia di investimento
Il Gestore degli Investimenti applica un approccio dinamico e attivo alla gestione del portafoglio attraverso una serie di strumenti a reddito fisso, valutari e SFD (descritti sopra nella sezione "Politiche di Investimento" e di seguito nella sezione "Utilizzo di SFD"), allo scopo di ridurre il rischio mediante la diversificazione e di migliorare i potenziali rendimenti. Il processo di investimento combina una ricerca macroeconomica top- down con una selezione bottom-up di settori e titoli. Il Gestore degli Investimenti utilizza tecniche di analisi fondamentale esclusive, integrate da modelli quantitativi, per individuare opportunità di investimento interessanti. La creazione del portafoglio è effettuata da gestori del fondo entro un budget di rischio prescritto per ciascuna classe di rischio di investimento.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo,
l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, comprese le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come input ed è integrata da risorse di terzi tra cui dati e rating ESG MSCI, dati ESG
Bloomberg, Guida all’impegno del Sustainability
Accounting Standards Board (SASB), ricerche di agenzie
di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme alla ricerca macroeconomica e all'analisi del credito del Gestore degli Investimenti.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) |
| --- | --- |
| Opzioni | Opzioni su valute (comprese le opzioni con barriera) Opzioni su futures su tassi di interesse Swaption (comprese le swaption sui tassi d'interesse) Opzioni su obbligazioni |
| Contratti a Termi- ne | Contratti di Cambio a Termine |
| Swap | Credit Default Swap (titoli singoli e indice) Swap su tassi d'interesse Swap sul tasso di inflazione Swap su valute Swap di rendimento totale (titoli singoli, credito, indice, paniere personalizzato - in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche) |
| Titoli con SFD inte- grati/ Leva fi- nanziaria | CLN Titoli convertibili (obbligazioni convertibili) Titoli convertibili contingenti (CoCo) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX American Investment Grade High Volatility Indice Markit CDX North American Investment Grade Indice Markit CDX North American High Yield Indice Markit CDX North American High Yield Beta Indice Markit CDX Emerging Markets Indice Markit CDX Emerging Markets Diversified Indice IHS Markit iTraxx Europe Indice Markit iTraxx Crossover Indice Markit iTraxx Financial Indice Markit iTraxx Subordinated Financial |
| Indici dei tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione dei Gestori sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 20% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 20 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 2000% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 10% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR o 1 CHF a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Credit Fund

### SUPPLEMENTO 31 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento del Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- In circostanze eccezionali, il Comparto investirà fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi diinvestimento, inclusa la possibile perdita del capitale.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in
parte le sue funzioni di gestione degli investimenti a Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori
dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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) (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% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B (Acc.) | USD | 10.000 | 5% | 0,75% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,40% | 0% |
| Sterling W (Inc.) (hedged) | GBP | 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% |
| 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% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire un rendimento totale proveniente dal reddito e dalla crescita del capitale.

##### Politiche di investimento
Il Comparto intende realizzare il proprio obiettivo di investimento investendo la maggior parte del proprio Valore Patrimoniale Netto, intendendo oltre il 50%, in mercati di credito globale. Le restanti attività saranno investite in titoli di debito non creditizi e correlati al debito (titoli di debito e correlati al debito emessi da governi, enti sovranazionali e pubblici internazionali), valute, liquidità e attività equiparabili a liquidità come indicato di seguito.
Il Comparto può investire in titoli di debito e correlati al debito (titoli di debito, buoni del Tesoro, obbligazioni non garantite (debenture), obbligazioni, prestiti, titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito, titoli a tasso variabile, obbligazioni a breve e a medio termine e carte commerciali, a tasso fisso o
variabile) e può variarli in senso contrario rispetto a un tasso di riferimento; tali titoli sono emessi o garantiti da un governo sovrano o sue agenzie, autorità locali, un organismo sovranazionale o internazionale pubblico, banche, società o altri emittenti commerciali, e titoli convertibili contingenti (CoCo), qui di seguito indicati come "Titoli di debito e correlati al debito".
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. I CoCo bond in cui il Comparto può investire non incorporeranno SFD o leva finanziaria. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può anche investire in valute al fine di coprire il portafoglio rispetto all'USD o di generare rendimenti, come descritto nella sezione intitolata "Strategia di investimento" qui di seguito.
Il Comparto acquisirà esposizione a valute per mezzo di SFD e potrà acquisire esposizione a Titoli di debito e correlati al debito per mezzo di SFD, come definito di seguito al paragrafo "Utilizzo di SFD".
Gli SFD sono utilizzati per detenere posizioni long e short sintetiche. Possono fornire protezione o profitto da default e previsioni di default di emittenti di titoli di debito, nonché essere utilizzati per esprimere opinioni sulla direzione e la volatilità di titoli di debito e correlati al debito e valute.
Sulla base dell'analisi descritta nella sezione intitolata "Strategia di investimento" qui di seguito, le posizioni short sintetiche possono essere detenute per:
- coprire un'esposizione long, ad esempio per proteggere il livello di perdita che il Comparto può subire qualora un titolo o il mercato cui è esposto perda valore;
- esprimere un'opinione negativa sulla direzione di un mercato, classe di attività o singolo emittente. Ad esempio, il Gestore degli Investimenti può credere che il valore di un mercato, classe di attività o singolo emittente possa diminuire e la posizione short sintetica significherà che il Comparto potrà beneficiare di questo movimento. Ciò può essere ottenuto, ad esempio, attraverso la vendita di future su titoli di Stato, l'acquisto di credit default swap o l'acquisto di opzioni di vendita;e
- esprimere un'opinione sulla volatilità di un mercato, classe di attività o singolo emittente. Ad esempio, il Gestore degli Investimenti può credere che il livello di volatilità in un mercato, classe di attività o singolo emittente possa diminuire e la posizione short sintetica significherà che il Comparto potrà beneficiare di questo movimento. Ciò può essere ottenuto vendendo opzioni.

Mentre il grado di esposizioni short sintetiche nel Comparto varierà nel corso del tempo, in linea generale il Comparto cercherà di mantenere un'esposizione significativa positiva nei confronti dei mercati di credito globale.
Il Comparto può investire su base globale e non vi sono concentrazioni geografiche, industriali o settoriali riguardo ai titoli in cui si può assumere un'esposizione. Tuttavia, ci possono essere momenti in cui il portafoglio è concentrato in obbligazioni emesse da emittenti in un numero limitato di paesi o regioni. Questo può avvenire perché il benchmark del Comparto ha una posizione concentrata e la performance del Comparto è misurata rispetto al benchmark o perché il Gestore degli Investimenti ritiene che una posizione concentrata sarà vantaggiosa per il Comparto. Anche se il Comparto non segue il "Benchmark (come definito di seguito)", esso limita lo scostamento dal Benchmark stesso.
Il Comparto può investire più del 20% in titoli di debito di mercati emergenti, fra cui obbligazioni Brady, Eurobond sovrani, obbligazioni societarie, prestiti e prestiti sovrani, buoni del Tesoro locali, note e obbligazioni, certificati di deposito, carte commerciali, obbligazioni strutturate e titoli del mercato monetario. L'esposizione a titoli di debito dei mercati emergenti può riguardare anche titoli di debito di qualità investment grade.
Al momento dell'acquisto, il rating di credito minimo dei Titoli di debito e correlati al debito in cui il Comparto può investire è B- (o suo equivalente) oppure, nel caso di titoli garantiti da attività, titoli garantiti da ipoteca e titoli strutturati, almeno BBB-, secondo la classificazione di un'Agenzia di rating riconosciuta. Nel caso di tre rating,
sarà determinante quello più basso fra i due migliori. Nel caso di due di questi rating, sarà determinante quello più basso. Nel caso di uno solo di questi rating, questo sarà quello determinante. Se uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti. Ogni titolo che non raggiunge il rating minimo richiesto in seguito all'acquisizione sarà venduto entro sei mesi dal declassamento, a meno che il rating non venga rivalutato entro tale termine.
Il Comparto può investire fino al 25% del suo Valore Patrimoniale Netto complessivo in Titoli di debito e correlati al debito sub-investment grade (con rating BB+ o inferiore (ma non inferiore a B- (o equivalente)), assegnato da un'Agenzia di rating riconosciuta.
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto in azioni emesse e/o garantite da un singolo emittente sovrano con un rating di credito inferiore all'investment grade. A scanso di equivoci, un singolo emittente sovrano comprende il suo governo, un'autorità pubblica o locale.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto totale in valori mobiliari o in strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, a titolo puramente indicativo, titoli azionari e titoli di debito e correlati al debito non quotati.
Inoltre, il Comparto può investire in liquidità, contanti o attività equiparabili a liquidità e fino al 10% in organismi di investimento collettivo ("OIC") (fra cui fondi negoziati in borsa ("ETF") e fondi del mercato monetario) a fini di liquidità (come indicato di seguito) o di investimento in cui tali OIC offrono un'esposizione che è coerente con le politiche di investimento del Comparto.
Nonostante la Valuta di Base sia l'USD, il Comparto può investire in attività non denominate in USD che potrebbero non essere necessariamente coperte rispetto all'USD.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Investimenti in prestiti
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in partecipazioni a prestiti non cartolarizzati e/o cessioni di prestiti, a condizione che tali strumenti siano strumenti del mercato monetario negoziati normalmente nel mercato monetario, liquidi e con un valore determinabile con precisione in qualsiasi momento.

##### Gestione di Liquidità e Collaterale
Ai fini della gestione di liquidità e collaterale, il Comparto può di volta in volta investire in un'ampia gamma di attivi liquidi o equiparabili a liquidità che possono essere detenuti per fornire liquidità e copertura a esposizioni generate mediante SFD. In circostanze eccezionali (ad es. crollo dei mercati o gravi crisi), il Comparto può investire temporaneamente fino al 100% in attivi liquidi ed equiparabili a liquidità per la gestione dei flussi di cassa.
Gli attivi liquidi o equiparabili a liquidità possono comprendere Titoli di debito e correlati al debito, depositi bancari e obbligazioni emesse o garantite da qualsiasi governo sovrano o da una sua agenzia, oltre a titoli, strumenti e obbligazioni emessi da organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali. Resta inteso che emittenti e/ o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.
Il Comparto può investire anche in fondi del mercato monetario, compresi gli OICVM irlandese gestiti da Insight Investment Funds Management Limited e di cui il Gestore degli Investimenti è consulente.

##### Organismi di Investimento Collettivo
Il Comparto può perseguire il proprio obiettivo e la propria politica anche assumendo posizioni in OIC, senza superare il 10% del Valore Patrimoniale Netto del Comparto.
Tutti gli investimenti in ETF aperti saranno soggetti al limite del 10% di cui sopra e tutti gli investimenti in ETF chiusi costituiranno un investimento in valori mobiliari in conformità ai requisiti della Banca Centrale.
Al momento dell’acquisto, il rating di credito minimo dei Titoli di debito e correlati al debito in cui tali organismi di
investimento collettivo possono investire è B- (o suo equivalente) oppure, nel caso di titoli garantiti da attività, titoli garantiti da ipoteca, titoli strutturati e altri strumenti legati al rischio di credito, BBB- (o suo
equivalente), secondo la classificazione di un’Agenzia di
rating riconosciuta. Nel caso di rating separato, sarà
considerato il rating più basso tra i due rating migliori.

##### Benchmark
Bloomberg Barclays Global Aggregate Credit TR Index (con copertura in dollari statunitensi) (il "Benchmark").
Il Benchmark può essere descritto come la componente di credito del Barclays Global Aggregate Index, che fornisce una misura su base ampia di mercati globali di titoli a reddito fisso di tipo investment grade. La componente di credito esclude titoli di stato e titoli di debito cartolarizzati.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark, ma le ponderazioni in portafoglio potrebbero essere simili a quelle del Benchmark. La strategia di investimento limiterà la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la possibilità del Comparto di sovraperformare rispetto al Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto è una combinazione di:
- comprensione del contesto macroeconomico attuale e futuro, per quel che concerne i livelli occupazionali, l'inflazione, i tassi di interesse, e quale impatto possono avere questi fattori sui titoli di debito e correlati a titoli di debito e sulle valute. Questa comprensione è stata sviluppata utilizzando varie fonti, tra cui dati economici pubblicati, dichiarazioni delle banche centrali circa le proprie politiche e una revisione dei dati storici;e
- analisi delle diverse categorie di attività che compongono gli investimenti nel Comparto, ossia credito, debito dei mercati emergenti, titoli di stato e valuta, al fine di valutare il loro potenziale di generazione di rendimento.

Una volta completata questa analisi, il Gestore degli Investimenti può decidere l'allocazione delle attività del Comparto, ossia quale percentuale delle attività debba essere investita in una data classe di attività. Il Gestore degli Investimenti deve tenere in considerazione vari fattori quali i costi e la facilità di attecchimento nel momento in cui decide come implementare la strategia di investimento e ottenere esposizione alle categorie di attività, ad esempio utilizzando SFD od OIC piuttosto che l'acquisto diretto di attività.
La selezione dei singoli titoli all'interno di ciascuna
classe di attività avviene grazie alle segnalazioni dei team di credito, specializzati in settori o industrie specifiche quali telecomunicazioni, automotive, tecnologia, produzione e titoli di stato.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e
della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine. In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il “Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni Futures su Tassi di Interesse Future su valuta |
| --- | --- |
| Opzioni | Opzioni su valute Opzioni su futures su tassi di interesse Opzioni su obbligazioni Credit Default Swaption |
| Contratti a Termine | Contratti di Cambio a Termine |

| Swap | Credit Default Swap ("CDS") (titoli singoli e indice) Swap su tassi d'interesse Swap sull'inflazione Cross Currency Swap Swap di attività Swap di rendimento totale (titoli singoli, credito, indice, paniere personalizzato - in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche) |
| --- | --- |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni con warrant collegati Obbligazioni convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX Emerging Markets Indice Markit CDX North American High Yield Indice Markit CDX North American Investment Grade Indice Markit iTraxx Asia Indice IHS Markit iTraxx Europe Indice Markit iTraxx Senior Financials Indice Markit iTraxx Subordinated Financials Indice Markit iTraxx Crossover |
| Indici di tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione del Gestore degli Investimenti sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx EUR Corporates Indice Markit iBoxx EUR Liquid High Yield Indice Markit iBoxx GBP Corporates Indice Markit iBoxx USD Liquid IG Indice Markit iBoxx USD Liquid HY Indice Markit iBoxx USD Domestic Corporates Indice Markit iBoxx USD Liquid Leveraged Loans |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà
direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 200% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Benchmark del VaR relativo: Bloomberg Barclays Global Aggregate Credit Index (con copertura in dollari statunitensi)
Si prevede una variazione della leva finanziaria lorda compresa tra: 50 – 800% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR
relativo e sulla Leva Finanziaria Lorda, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 SGD, 10 HKD, 10 CNH o 100
JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) con il suffisso "(Q)", i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre e pagati rispettivamente l'11 febbraio, l'11 maggio, l'11 agosto e l'11 novembre o prima di tali date. Nel caso di tutte le altre classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di tali Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o
prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Asia Rising Stars Fund

### SUPPLEMENTO 32 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio attraverso il quale tutte le Azioni in circolazione del Comparto al 2 settembre 2020 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende chiedere alla Banca Centrale la revoca dell'autorizzazione al Comparto dopo la redazione del bilancio certificato per l'anno chiuso il 31 dicembre 2020. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il Comparto dal presente Prospetto una volta autorizzata tale revoca.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare strumenti finanziari derivati ("SFD") a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
BNY Mellon Asset Management Japan Limited
Il Gestore degli Investimenti può delegare le proprie funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un subconsulente degli investimenti che possa fornire indicazioni in tal senso. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti intende nominare il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti ha delegato le proprie funzioni di gestione dell'investimento con riferimento alla parte di titoli asiatici (Giappone escluso) del Comparto a Maybank Asset Management Singapore Pte Limited (il "Subgestore degli Investimenti") o a un'eventuale società subentrante nominata dal Gestore degli Investimenti conformemente ai requisiti definiti dalla Banca Centrale.
Il Subgestore degli Investimenti fa parte del Maybank Asset Management Group ("MAMG"), divisione dedicata all'asset management di Maybank. Con oltre 30 anni di esperienza, il gruppo MAMG è pioniere nel settore
dell'Asset Management in Malesia. MAMG gestisce portafogli mirati composti principalmente da titoli asiatici comprendenti azioni, titoli a reddito fisso e strumenti del mercato monetario per società, istituti, fondi pensione, assicurazioni e sistemi assicurativi Takaful nonché singoli clienti tramite mandati diretti, fondi comuni di investimento e fondi all'ingrosso.
Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il
Subgestore degli Investimenti sono riportati nell'Appendice A del presente Supplemento.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche di Dublino, Giappone e Singapore.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,60% | Nessuna |
| Euro A (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,60% | Nessuna |
| USD A (Acc.) | USD | fino al 5% | USD 5.000 | 1,60% | Nessuna |
| USD A (Inc.) | USD | fino al 5% | USD 5.000 | 1,60% | Nessuna |
| Sterling A (Acc.) | GBP | fino al 5% | GBP 5.000 | 1,60% | Nessuna |
| Sterling A (Inc.) | GBP | fino al 5% | GBP 5.000 | 1,60% | Nessuna |
| CHF A (Acc.) | CHF | fino al 5% | CHF 5.000 | 1,60% | Nessuna |
| CHF A (Inc.) | CHF | fino al 5% | CHF 5.000 | 1,60% | Nessuna |
| SGD A (Acc.) | SGD | fino al 5% | SGD 5.000 | 1,60% | Nessuna |
| SGD A (Inc.) | SGD | fino al 5% | SGD 5.000 | 1,60% | Nessuna |
| JPY A (Acc.) | JPY | fino al 5% | JPY 500.000 | 1,60% | Nessuna |
| JPY A (Inc.) | JPY | fino al 5% | JPY 500.000 | 1,60% | Nessuna |
| EUR H (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,60% | Nessuna |
| EUR H (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,60% | Nessuna |
| Sterling H (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,60% | Nessuna |
| Sterling H (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,60% | Nessuna |
| CHF H (Acc.) (hedged) | CHF | fino al 5% | CHF 5.000 | 1,60% | Nessuna |
| CHF H (Inc.) (hedged) | CHF | fino al 5% | CHF 5.000 | 1,60% | Nessuna |
| SGD H (Acc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,60% | Nessuna |
| SGD H (Inc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,60% | Nessuna |
| JPY H (Acc.) (hedged) | JPY | fino al 5% | JPY 500.000 | 1,60% | Nessuna |
| JPY H (Inc.) (hedged) | JPY | fino al 5% | JPY 500.000 | 1,60% | Nessuna |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro W (Acc.) | EUR | fino al 5% | EUR 15.000.000 | 0,80% | Nessuna |
| Euro W (Inc.) | EUR | fino al 5% | EUR 15.000.000 | 0,80% | Nessuna |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,80% | Nessuna |
| USD W (Inc.) | USD | fino al 5% | USD 15.000.000 | 0,80% | Nessuna |
| Sterling W (Acc.) | GBP | fino al 5% | GBP 15.000.000 | 0,80% | Nessuna |
| Sterling W (Inc.) | GBP | fino al 5% | GBP 15.000.000 | 0,80% | Nessuna |
| CHF W (Acc.) | CHF | fino al 5% | CHF 15.000.000 | 0,80% | Nessuna |
| CHF W (Inc.) | CHF | fino al 5% | CHF 15.000.000 | 0,80% | Nessuna |
| SGD W (Acc.) | SGD | fino al 5% | SGD 15.000.000 | 0,80% | Nessuna |
| SGD W (Inc.) | SGD | fino al 5% | SGD 15.000.000 | 0,80% | Nessuna |
| JPY W (Acc.) | JPY | fino al 5% | JPY 1.500.000.000 | 0,80% | Nessuna |
| JPY W (Inc.) | JPY | fino al 5% | JPY 1.500.000.000 | 0,80% | Nessuna |
| EUR W (Acc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,80% | Nessuna |
| EUR W (Inc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,80% | Nessuna |
| Sterling W (Acc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,80% | Nessuna |
| Sterling W (Inc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,80% | Nessuna |
| CHF W (Acc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,80% | Nessuna |
| CHF W (Inc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,80% | Nessuna |
| SGD W (Acc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,80% | Nessuna |
| SGD W (Inc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,80% | Nessuna |
| JPY W (Acc.) (hedged) | JPY | fino al 5% | JPY 1.500.000.000 | 0,80% | Nessuna |
| JPY W (Inc.) (hedged) | JPY | fino al 5% | JPY 1.500.000.000 | 0,80% | Nessuna |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR X (Acc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| EUR X (Inc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Inc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |
| CHF X (Acc.) (hedged) | CHF | Nessuna | Nessuna | Nessuna | Nessuna |
| CHF X (Inc.) (hedged) | CHF | Nessuna | Nessuna | Nessuna | Nessuna |
| SGD X (Acc.) (hedged) | SGD | Nessuna | Nessuna | Nessuna | Nessuna |
| SGD X (Inc.) (hedged) | SGD | Nessuna | Nessuna | Nessuna | Nessuna |
| JPY X (Acc.) (hedged) | JPY | Nessuna | Nessuna | Nessuna | Nessuna |
| JPY X (Inc.) (hedged) | JPY | Nessuna | Nessuna | Nessuna | Nessuna |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende ottenere una crescita del capitale a lungo termine investendo principalmente in un portafoglio di azioni e titoli correlati alle azioni di società asiatiche a bassa capitalizzazione quotate su un Mercato Idoneo, così come descritto nella sezione "Politiche di Investimento" che segue.

##### Politiche di investimento
Il Comparto intende raggiungere questo obiettivo investendo almeno il 70% del Valore Patrimoniale Netto del Comparto, direttamente o indirettamente, in azioni e titoli correlati alle azioni (per es., Certificati di deposito americani (ADR) e Certificati di Partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW"), come descritto di seguito) di società asiatiche a bassa capitalizzazione (per es., titoli di importo inferiore a 5 miliardi di USD al momento dell'acquisto in Paesi che includono, in via non limitativa, Hong Kong, Cina, India, Corea, Malesia, Singapore, Indonesia, Thailandia, Filippine, Taiwan, Vietnam, Sri Lanka e Bangladesh, con un'attenzione particolare dedicata al Giappone, come più dettagliatamente descritto nella sezione "Strategia di Investimento" che segue) quotate su Mercati Idonei.
Inoltre, il Comparto può investire in ADR quotati o
negoziati su un Mercato Idoneo negli USA per accedere in modo efficiente ai titoli nei summenzionati mercati asiatici.
Il Comparto può anche investire e avere accesso diretto alle azioni cinesi di classe A quotate alla Borsa di Shanghai tramite il programma Stock Connect di Shanghai e Hong Kong (come ulteriormente descritto al capitolo "Programma Stock Connect", Appendice V del Prospetto). Grazie al programma Stock Connect di Shanghai e Hong Kong, l'esposizione alle azioni cinesi di classe A non supererà il 10% del Valore Patrimoniale Netto del Comparto.
Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti.
Il Comparto utilizzerà SFD per una gestione efficiente del portafoglio e a fini di copertura della classe di azioni, come descritto più dettagliatamente nelle sezioni "Gestione Efficiente del Portafoglio" e "Copertura della classe di azioni" che seguono. Detti SFD consistono in Certificati di Partecipazione, contratti di cambio a termine e contratti a termine non consegnabili. Il Comparto non investirà complessivamente più del 10% del proprio Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto, fra cui i fondi del mercato monetario. Gli investimenti in OIC di tipo aperto possono essere utilizzati per finalità di gestione del contante oppure per dare esposizione a titoli azionari elencati nelle politiche di investimento di cui sopra.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (ossia azioni) di recente emissione e non quotati o negoziati su Mercati Idonei nell'ultimo anno.
Il Comparto non intende assumere posizioni short.

##### Benchmark
MSCI AC Asia Small Cap NR Index (il "Benchmark").
Il Benchmark cattura la rappresentazione di società a bassa capitalizzazione di paesi di mercati sviluppati e di mercati emergenti asiatici. Con i suoi 2.391 componenti, il Benchmark copre circa il 14% della libera capitalizzazione di mercato rettificata al flottante per ogni paese.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto consiste nell'investire in società asiatiche a bassa capitalizzazione quotate su Mercati Idonei in Paesi asiatici avvalendosi di un processo di selezione attiva dei titoli.
Il Gestore degli Investimenti gestirà il 50% del portafoglio del Comparto e si concentrerà principalmente su titoli azionari di piccole società aventi sede in Giappone, come descritto in dettaglio qui di seguito. Il Gestore degli Investimenti affiderà la gestione del restante 50% del Comparto (ossia la parte di titoli asiatici (Giappone escluso) del portafoglio) al Subgestore degli Investimenti.
Il Gestore degli Investimenti si concentrerà su azioni e titoli correlati alle azioni (come descritto nella sezione "Politiche di Investimento" di cui sopra) di società giapponesi a bassa capitalizzazione di importo inferiore a 500 miliardi di yen al momento dell'acquisto. La strategia del Gestore degli Investimenti punta a investire in un portafoglio di azioni giapponesi di società a bassa capitalizzazione basandosi sulla ricerca fondamentale di una prospettiva di redditi a medio-lungo termine, con particolare attenzione all'analisi delle singole società.
Questo processo di investimento punta all'individuazione di società in linea con le politiche di investimento del Comparto (come descritto di seguito) e mira a generare un alfa (ossia, excess return) principalmente tramite questo processo di selezione dei titoli. La strategia del Gestore degli Investimenti consiste nell'investire in società con forti prospettive di crescita a un prezzo ragionevole, ritenute in grado di realizzare redditi a lungo termine superiori alle aspettative di mercato (come descritto di seguito). Il Gestore degli Investimenti analizzerà i redditi della società in questione su un arco temporale di 3 anni al fine di valutarne le prospettive di crescita, la valorizzazione e la capacità di realizzare redditi a lungo termine superiori alle aspettative di mercato. La maggior parte delle partecipazioni nella parte di portafoglio del Comparto gestito dal Gestore degli Investimenti avrà una capitalizzazione di mercato di 500 miliardi di yen o inferiore. Generalmente, questa parte del portafoglio del Comparto detiene meno di 40 titoli. Il Gestore degli Investimenti non intende effettuare allocazioni attive a livello nazionale o regionale; egli bilancerà periodicamente e a cadenza regolare il portafoglio combinato riportandolo a una posizione
neutra (ossia, il 50% dell'investimento in titoli giapponesi
e il 50% dell'investimento in altri titoli da cui il Giappone è escluso).
Il Subgestore degli Investimenti individua i titoli in base alla loro pertinenza rispetto alle politiche di investimento precedentemente definita e li seleziona su base bottom- up. La selezione dei titoli effettuata su base bottom-up comporta l'analisi dei fondamentali di una società da diversi punti di vista, tra cui il bilancio e la qualità della gestione (per esempio, la stabilità del team dirigenziale dell'azienda in questione e la capacità di realizzare redditi in linea con le aspettative di mercato), avvalendosi di un'attenta ricerca fondamentale. A seconda della società presa in esame, in genere quest'attenta ricerca fondamentale prevede un colloquio con i membri dello staff dirigenziale di dette aziende e/o ricerche di mercato e/o uno studio del modello di business della società in questione al fine di determinare i fattori chiave del prezzo delle azioni (che comprende una stima e una previsione dei redditi della società in questione).
Insieme, i due portafogli costituiranno il portafoglio combinato del Comparto (ossia, le parti combinate del portafoglio gestite rispettivamente dal Gestore degli Investimenti e dal Subgestore degli Investimenti). Il Gestore degli Investimenti verifica il rispetto delle relative limitazioni agli investimenti applicabili al Comparto.

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 28 febbraio 2020 o alla data, precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD o 100 JPY a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio (EPM), alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito di titoli, come descritto nella sezione "Gestione Efficiente del Portafoglio" del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti ad accordi di prestito di titoli saranno azioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso "(hedged)". Si rimanda alla sezione intitolata "Copertura della classe di Azioni" nel Prospetto per ulteriori informazioni sul funzionamento e sull'impatto delle classi di azioni hedged.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.
Inoltre, gli investitori dovrebbero essere consapevoli del fatto che investire nella PRC e in società a bassa capitalizzazione operando tramite il programma Stock Connect di Shanghai e Hong Kong comporta un notevole grado di rischio. Tali rischi sono descritti in dettaglio nel Prospetto.

#### APPENDICE A
- Accordo di Gestione dell’investimento – Maybank Asset Management Singapore.
	- Ai sensi dell’accordo di Gestione dell’investimento stipulato tra il Gestore degli Investimenti e ilSubgestore degli Investimenti datato 5 settembre 2016, come modificato, il Subgestore degli investimenti gestirà le attività del Comparto affidategli di volta in volta dal Gestore degli Investimenti, a discrezione di quest'ultimo, e soggette a una supervisione e un controllo globale del Gestore degli Investimenti.

- L’Accordo di Subgestione degli Investimenti definisce il pagamento da parte del Gestore degliInvestimenti delle commissioni e delle spese sostenute dal Subgestore degli Investimenti.


## BNY Mellon U.S. Equity Income Fund

### SUPPLEMENTO 33 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR E (Acc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| EUR E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| EUR E (Inc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| EUR E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| USD E (Acc.) | USD | Come concordato | 5% | 0,45% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| EUR X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende massimizzare il rendimento totale proveniente dal reddito e dalla crescita del capitale.

##### Politiche di investimento
Il Comparto investe principalmente (ossia, almeno due terzi del Valore Patrimoniale Netto del Comparto) in azioni e titoli correlati ad azioni (azioni ordinarie e privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR) (collettivamente
definiti “Certificati di deposito”), fondi di investimento
immobiliare - REIT - e società in accomandita semplice
principale - MLP -, entrambi quotati) emessi da "società a grande capitalizzazione" con sede negli Stati Uniti. Con il termine "società a grande capitalizzazione" si indicano titoli di società che, al momento dell'acquisto, possiedono una capitalizzazione di mercato pari o superiore a 2 miliardi di dollari statunitensi.
Gli investimenti in REIT non saranno superiori al 5% del Valore Patrimoniale Netto del Comparto. Gli investimenti in MLP non saranno superiori al 5% del Valore Patrimoniale Netto del Comparto.
Fino a un terzo del Valore Patrimoniale Netto del Comparto può essere investito in azioni o titoli correlati ad azioni di società (che verranno quotate o negoziate su Mercati Idonei) situate negli Stati Uniti, di qualsiasi dimensione, o in azioni o titoli correlati ad azioni di società che né abbiano sede legale né svolgano la maggior parte della loro attività economica negli Stati Uniti.
Il Comparto non investirà in regioni con mercati emergenti.
Nell'ambito della gestione degli investimenti del Comparto, il Gestore degli Investimenti monitora gli investimenti del Comparto, compresa la capitalizzazione di mercato dei titoli da esso detenuti. Il Gestore degli Investimenti non vende automaticamente un titolo se, successivamente all'acquisto, la capitalizzazione di mercato di tale titolo scende al di sotto di 2 miliardi di dollari statunitensi, ma, nel prendere tali decisioni, tiene conto di ulteriori fattori, quali la strategia e la politica di investimento del Comparto.
Il Comparto potrà altresì investire fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto, compresi i fondi negoziati in borsa aperti ("ETF"), al fine di fornire esposizione ai mercati azionari. L'investimento in OIC può anche essere utilizzato per la gestione del contante (ad esempio tramite fondi del mercato monetario) o per ottenere un'esposizione ad azioni e titoli correlati ad azioni elencati sopra. Il Comparto può detenere attività liquide strumentali quali i depositi bancari.
Il Comparto non investe in ETF di tipo chiuso.
Il Comparto può anche acquisire esposizione ad azioni e titoli correlati ad azioni tramite SFD, entro il limite del 5% del Valore Patrimoniale Netto del Comparto nel caso di warrant, come definito di seguito al paragrafo "Utilizzo di SFD".
Il Comparto non intende assumere posizioni short.
Gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.

##### Benchmark
Indice S&P 500 NR (il "Benchmark").
Il Benchmark è ampiamente considerato come il miglior indicatore unico dei titoli azionari a grande capitalizzazione statunitensi. Oltre 9.900 miliardi di USD sono indicizzati o parametrati rispetto al Benchmark, di cui circa 3.400 miliardi sono costituiti da attività indicizzate. L'indice comprende le maggiori 500 società e copre circa l'80% della capitalizzazione di mercato disponibile.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark, ma le ponderazioni in portafoglio non saranno influenzate da quelle del Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
Il Gestore degli Investimenti ritiene che gli investimenti di successo si ottengano attraverso una filosofia orientata al valore, orientata alla ricerca e in grado di controllare i rischi, come spiegato successivamente.
Orientata al valore
- L'attenzione è concentrata sui titoli azionari con valorizzazioni interessanti (identificando azioni che il Gestore degli Investimenti considera di maggior valore rispetto all'attuale valore di mercato del titolo) relative al mercato, al settore e allo storico dei titoli.
- Evitare di acquistare titoli che attraversano una fase di costante calo del prezzo, combinando le tradizionali misure di valorizzazione (quali i rapporti prezzo/titolo, prezzo/valore contabile e prezzo/flusso di cassa) con particolare attenzione alle società che presentano miglioramenti di crescita aziendale e solidi fondamentali.

Orientata alla ricerca
- Credere che l'analisi dei fondamentali sia il miglior modo di verificare la gestione di una pertinente capacità e volontà della società di mantenere e idealmente di aumentare i dividendi.

In grado di controllare i rischi
- Impiegare sistemi di controllo del rischio a tutti i livelli del processo di costruzione del portafoglio del Comparto per ridurre al minimo i rischi non intenzionali.
- Definire/Registrare obiettivi di prezzo (per es. i livelli di prezzi nel migliore/peggiore dei casi cui commisurare le attuali e future fluttuazioni dei prezzi) stabilendo in anticipo nuove posizioni.

Per realizzare la politica di investimento del Comparto, il Gestore degli Investimenti si basa su una procedura trifase.

##### Fase 1: Studio dell'universo dei fondi
L'obiettivo di questa fase consiste nell'esaminare tutti i potenziali titoli azionari statunitensi, tenendo in particolare considerazione la sostenibilità dei dividendi, il potenziale di crescita, la valorizzazione (identificando azioni che il Gestore degli Investimenti considera di maggior valore rispetto all'attuale valore di mercato dei titoli) e i fondamentali (la qualità di base e le informazioni riportate, necessarie per analizzare la salute e la stabilità di una società) del titolo pertinente. Il Gestore degli Investimenti si serve anche di filtri quantitativi (misurazione della valorizzazione, miglioramento degli utili e altri fattori quantitativi di un'azione rispetto alle altre) nel corso di questa fase.
Entrambi i metodi, fondamentale o quantitativo, sono in grado di identificare un titolo da prendere in potenziale considerazione. In buona sostanza, questa fase concentra il suo sforzo di ricerca fondamentale più profondo nella fase 2.

##### Fase 2: Ricerca fondamentale
Una volta identificato un elenco di titoli su cui lavorare, il pertinente manager di portafoglio del Gestore degli Investimenti conduce una ricerca dei fondamentali in collaborazione con il team di ricerca del Gestore degli Investimenti dedicato, adottando un approccio specifico per ogni caso. La ricerca dei fondamentali include: conversazioni con il corpo manageriale di una società, lo sviluppo di modelli finanziari (atti a prevedere in modo accurato il prezzo o le performance degli utili futuri) e il riesame degli incartamenti regolamentari (i documenti archiviati dalla società contenenti il controllore pertinente per ciascun requisito di legge). L'analista assegnato invia quindi una segnalazione di acquisto/ vendita supportata da variazioni degli obiettivi di prezzo (aspettative sul futuro prezzo di un'azione), fattori della tesi di investimento della procedura summenzionata (per es. valorizzazione, fondamentali, crescita aziendale, prospettive sui dividendi) e rischi potenziali.

##### Fase 3: Costruzione del portafoglio
Il Gestore degli Investimenti prende la decisione finale sul fatto che un titolo venga incluso nel portafoglio del Comparto e su quali devono essere le ponderazioni di titolo specifiche. È importante sottolineare che in questa
fase finale le decisioni sono prese nel contesto del profilo di rischio complessivo del portafoglio del Comparto.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti applica un'analisi fondamentale supportata da risorse di dati quantitativi per valutare i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei
rifiuti, nonché le politiche e le pratiche sociali di un emittente, incluse le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. Il Gestore degli Investimenti individua e integra nel proprio processo decisionale in materia di investimenti gli aspetti che influenzeranno il comportamento di un emittente o che influenzeranno i contesti economici, normativi, politici, sociali o ambientali in cui opera. Il Gestore degli Investimenti fa leva sull'analisi fondamentale e sui dati quantitativi per ricavare un punteggio ESG proprietario e rafforzare ulteriormente la gestione dei fattori di sostenibilità all'interno del Comparto. La ricerca proprietaria del Gestore degli Investimenti è integrata da
risorse di terzi, tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerca sell-side ed
eventi del settore. Ne consegue un processo decisionale in materia di investimenti che cerca di ridurre al minimo l'esposizione del Comparto alle società più in ritardo rispetto ai criteri ambientali, sociali e di governance, tenendo conto anche degli eventuali rischi di sostenibilità residui associati agli investimenti del Comparto.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance proprietarie e di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni d'acquisto |
| --- | --- |
| Titoli con SFD integrati/Leva finanziaria | Warrant Diritti di Acquisto sulle Azioni |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice S&P 500 NR |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1USD, 1GBP, 1EUR, 1 CAD, 1AUD, 1CHF, 1SGD,
10HKD o 10CNH a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Short-Dated High Yield Bond Fund

### SUPPLEMENTO 34 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento del Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- In circostanze eccezionali, il Comparto investirà fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni.

L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita del capitale.

#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in
parte le sue funzioni di gestione degli investimenti a Insight North America LLC (il “Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori
dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del
Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD A (Acc.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 90 giorni) |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| USD A (Inc.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 90 giorni) |
| EUR H (Acc.) (hedged) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 3 mesi |
| EUR H (Inc.) (hedged) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 3 mesi |
| Sterling H (Acc.) (hedged) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 90 giorni) |
| Sterling H (Inc.) (hedged) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 90 giorni) |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (tasso composto a 90 giorni) |
| CHF H (Inc.) (hedged) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (tasso composto a 90 giorni) |
| JPY H (Acc.) (hedged) | JPY | 500.000 | 5% | 1,25% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY H (Inc.) (hedged) | JPY | 500.000 | 5% | 1,25% | 0% | TONAR (tasso composto a 90 giorni) |
| 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% | HIBOR CNH 3 mesi |
| CNH H (Inc.) (hedged) (M) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 3 mesi |
| SGD H (Acc.) (hedged) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 3 mesi |
| SGD H (Inc.) (hedged) (M) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 3 mesi |
| DKK H (Acc.) (hedged) | DKK | 50.000 | 5% | 1,25% | 0% | LIBOR DKK 3 mesi |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 1,25% | 0% | LIBOR NOK 3 mesi |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 1,25% | 0% | LIBOR SEK 3 mesi |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD G (Acc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 90 giorni) |
| USD G (Inc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 90 giorni) |
| Euro G (Acc.) (hedged) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 3 mesi |
| Euro G (Inc.) (hedged) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 3 mesi |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD C (Acc.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 90 giorni) |
| USD C (Inc.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 90 giorni) |
| EUR I (Acc.) (hedged) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 3 mesi |
| EUR I (Inc.) (hedged) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 3 mesi |
| Sterling I (Acc.) (hedged) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 90 giorni) |
| Sterling I (Inc.) (hedged) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 90 giorni) |
| CHF I (Acc.) (hedged) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 90 giorni) |
| CHF I (Inc.) (hedged) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 90 giorni) |
| JPY I (Acc.) (hedged) | JPY | 500.000.000 | 5% | 0,75% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY I (Inc.) (hedged) | JPY | 500.000.000 | 5% | 0,75% | 0% | TONAR (tasso composto a 90 giorni) |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD W (Acc.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 90 giorni) |
| USD W (Inc.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 90 giorni) |
| EUR W (Acc.) (hedged) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 3 mesi |
| EUR W (Inc.) (hedged) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 3 mesi |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 90 giorni) |
| Sterling W (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 90 giorni) |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (tasso composto a 90 giorni) |
| CHF W (Inc.) (hedged) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (tasso composto a 90 giorni) |
| JPY W (Acc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY W (Inc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,50% | 0% | TONAR (tasso composto a 90 giorni) |
| 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% | HIBOR HKD 3 mesi |
| CNH W (Inc.) (hedged) (M) | CNH | 150.000.000 | 5% | 0,50% | 0% | HIBOR CNH 3 mesi |
| SGD W (Inc.) (hedged) (M) | SGD | 15.000.000 | 5% | 0,50% | 0% | SIBOR SGD 3 mesi |
| DKK W (Acc.) (hedged) | DKK | 150.000.000 | 5% | 0,50% | 0% | LIBOR DKK 3 mesi |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| NOK W (Acc.) (hedged) | NOK | 150.000.000 | 5% | 0,50% | 0% | LIBOR NOK 3 mesi |
| SEK W (Acc.) (hedged) | SEK | 150.000.000 | 5% | 0,50% | 0% | LIBOR SEK 3 mesi |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Sterling Z (Acc.) (hedged) | GBP | 200.000.000 | 5% | 0,40% | 0% | SONIA (tasso composto a 90 giorni) |
| Sterling Z (Inc.) (hedged) | GBP | 200.000.000 | 5% | 0,40% | 0% | SONIA (tasso composto a 90 giorni) |
| USD Z (Acc.) | USD | 200.000.000 | 5% | 0,40% | 0% | SOFR (tasso composto a 90 giorni) |
| USD Z (Inc.) | USD | 200.000.000 | 5% | 0,40% | 0% | SOFR (tasso composto a 90 giorni) |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| EUR X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 3 mesi |
| EUR X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 3 mesi |
| JPY X (Acc.) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY X (Inc.) (M) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 90 giorni) |
| JPY X (Inc.) (hedged) (M) | JPY | Nessuna | 0% | 0% | 0% | TONAR (tasso composto a 90 giorni) |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 90 giorni) |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 90 giorni) |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 90 giorni) |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 90 giorni) |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | SARON (tasso composto a 90 giorni) |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | SARON (tasso composto a 90 giorni) |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% | BofA Merrill Lynch CAD LIBOR 3 M Cons Maturity TR |

| Azioni “Y” e Azioni “Y (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD Y (Acc.)* | USD | Nessuna | 5% | 0% | 0% | SOFR (tasso composto a 90 giorni) |
| Sterling Y (Acc.) (hedged)* | GBP | Nessuna | 5% | 0% | 0% | SONIA (tasso composto a 90 giorni) |

*la classe di azioni è chiusa ai nuovi investitori.

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto mira a garantire rendimenti positivi superiori al benchmark liquido a tre anni.

##### Politiche di investimento
Il Comparto mira a raggiungere il suo obiettivo di investimento investendo la maggior parte del suo Valore Patrimoniale Netto, ossia oltre il 50%, in un portafoglio di obbligazioni ad alto rendimento (ad es. obbligazioni che il Gestore degli Investimenti considera sottovalutate) che in genere scadono o si prevede che scadano nell'arco di tre anni.
Le rimanenti attività possono essere investite in un'ampia gamma di attivi contanti, liquidi o equiparabili a liquidità (come descritto nella sezione "Gestione di Liquidità e Collaterale" che segue). Tuttavia, nei periodi in cui il mercato si mostra incerto, il Comparto può ridurre le allocazioni in obbligazioni ad alto rendimento e investire la maggior parte delle sue attività in contanti, attivi liquidi o equiparabili a liquidità al fine di proteggere il
suo valore.
Il Comparto può investire in titoli di debito e correlati al debito (titoli di debito, buoni del Tesoro, obbligazioni non garantite (debenture), obbligazioni, prestiti, titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito, titoli a tasso variabile, obbligazioni a breve e a medio termine e carte commerciali, che possono essere a tasso fisso o variabile e variare in senso contrario rispetto a un tasso di riferimento, obbligazioni callable o convertibili, ossia aventi caratteristiche di conversione in azioni o in titoli analoghi alle azioni ed emessi o garantiti da un governo sovrano o sue agenzie, autorità locali, un organismo sovranazionale o internazionale pubblico, banche, società o altri emittenti commerciali (di seguito "Titoli di debito e correlati al debito")).
I titoli di debito emessi dalle società possono essere acquisiti con warrant collegati. Il Comparto può ricevere azioni a seguito di un'azione societaria caratterizzata da una conversione o dalla ristrutturazione di un emittente sottostante. Il Gestore degli Investimenti può decidere di tenere o di vendere tali investimenti se, procedendo in tal senso, ritiene di fare gli interessi del Comparto, tenendo sempre presenti le condizioni predominanti del mercato.
Il Comparto investirà direttamente in Titoli di debito e correlati al debito e potrà anche acquisire esposizione a Titoli di debito e correlati al debito per mezzo di SFD, come definito di seguito al paragrafo "Utilizzo di SFD".
Per l'elenco dei titoli/strumenti che possono incorporare SFD e/o effetti di leva finanziaria, si rimanda alla sezione "Utilizzo di SFD" di seguito.
Gli SFD sono utilizzati per detenere posizioni long e short sintetiche. Possono fornire protezione o profitto da default e previsioni di default di emittenti di titoli di debito, nonché essere utilizzati per esprimere opinioni sulla direzione e la volatilità di titoli di debito e correlati al debito.
Sulla base dell'analisi descritta nella sezione intitolata "Strategia di investimento" qui di seguito, le posizioni short sintetiche possono essere detenute per:
- coprire un'esposizione long, ad esempio per proteggere il livello di perdita che il Comparto può subire qualora un titolo o il mercato cui è esposto perda valore;e
- esprimere un’opinione negativa sulla direzione del mercato, di una classe di attività (ad es. obbligazioniad alto rendimento, titoli di Stato, come precedentemente specificato nelle politiche di investimento), tassi di interesse o emittente singolo. Ad esempio, il Gestore degli Investimenti può credere che il valore di un mercato, di una classe di attività (come precedentemente descritto) o di un singolo emittente possa diminuire e la posizione short sintetica significherà che il Comparto potrà beneficiare di questo movimento. Ciò può essere ottenuto, ad esempio, attraverso la vendita di future su titoli di Stato, l'acquisto di credit default swap o l'acquisto di opzioni di vendita.

Mentre l'entità delle esposizioni short sintetiche nel Comparto varierà nel corso del tempo, in linea generale il Comparto cercherà di mantenere una significativa esposizione positiva nei confronti dei titoli di debito e correlati al debito.
Il Comparto può investire su base globale e non vi sono concentrazioni geografiche, industriali o settoriali riguardo ai titoli in cui si può assumere un'esposizione. Tuttavia, ci possono essere momenti in cui il portafoglio è concentrato in obbligazioni emesse da emittenti in un numero limitato di paesi o regioni. Ciò può avvenire perché il Gestore degli Investimenti ritiene che il Comparto trarrà vantaggio da una posizione concentrata. Il Comparto può investire più del 20% in titoli di debito di mercati emergenti, fra cui obbligazioni Brady, Eurobond sovrani, obbligazioni societarie, prestiti e prestiti sovrani, buoni del Tesoro locali, note e obbligazioni, certificati di deposito, carte commerciali e titoli del mercato monetario. L'esposizione a titoli di debito dei mercati emergenti può riguardare anche titoli di debito di qualità investment grade. Il Comparto può investire fino al 10%
del suo Valore Patrimoniale Netto in Titoli di e correlati al debito quotati o negoziati in mercati russi. Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto). Ogni investimento di questo tipo sarà fatto solo nei Mercati Idonei inclusi nell'Appendice II del Prospetto.
Gli investimenti nel Comparto possono essere di qualità pari all'investment grade, inferiori all'investment grade o senza rating. In base alla valutazione attribuita da un'Agenzia di rating riconosciuta, il Gestore degli Investimenti considera i titoli con rating di credito inferiore a BBB- alla data dell'acquisto di qualità inferiore all'investment grade. Il Comparto può investire il 100% in titoli di qualità inferiore all'investment grade o in titoli senza rating di credito (che possono essere quindi equiparati a titoli di qualità inferiore all'investment grade). Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto totale in valori mobiliari o in strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, a titolo puramente indicativo, titoli azionari e titoli di debito e correlati al debito non quotati. I titoli in cui investirà il Comparto sono quotati o negoziati su Mercati Idonei elencati nell'Appendice II del Prospetto.
Inoltre, il Comparto può investire in liquidità, contanti o attività equiparabili a liquidità e fino al 10% del Valore Patrimoniale Netto del Comparto in organismi di investimento collettivo ("OIC") (fra cui fondi negoziati in borsa ("ETF") e fondi del mercato monetario) a fini di liquidità (come indicato di seguito) o di investimento in cui tali OIC offrono un'esposizione che è coerente con le politiche di investimento del Comparto.
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto in azioni emesse e/o garantite da un singolo emittente sovrano con un rating di credito inferiore all'investment grade. A scanso di equivoci, un singolo emittente sovrano comprende il suo governo, un'autorità pubblica o locale.
Nonostante la Valuta di Base sia l'USD, il Comparto può investire in attività non denominate in USD che potrebbero non essere necessariamente coperte rispetto all'USD.

##### Investimenti in prestiti
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in partecipazioni a prestiti non cartolarizzati e/o cessioni di prestiti, a condizione che tali strumenti siano strumenti del mercato monetario negoziati normalmente nel mercato monetario, liquidi e con un valore determinabile con precisione in qualsiasi momento.

##### Gestione di Liquidità e Collaterale
Ai fini della gestione di liquidità e collaterale, il Comparto può di volta in volta investire in un'ampia gamma di attivi liquidi o equiparabili a liquidità che possono essere detenuti per fornire liquidità e copertura a esposizioni generate con l'utilizzo di SFD. In circostanze eccezionali (ad es. crollo dei mercati o gravi crisi), il Comparto può
investire temporaneamente fino al 100% in attivi liquidi ed equiparabili a liquidità per la gestione dei flussi di cassa.
Gli attivi liquidi o equiparabili a liquidità possono comprendere Titoli di debito e correlati al debito, depositi bancari e obbligazioni emesse o garantite da qualsiasi governo sovrano o da una sua agenzia, oltre a titoli e strumenti emessi da organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali. Resta inteso che emittenti e/o garanti di tali titoli, strumenti o obbligazioni avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta, o saranno considerati di qualità equivalente dal Gestore degli Investimenti.
Il Comparto può investire anche in fondi del mercato monetario, compresi gli OICVM irlandese gestiti da Insight Investment Funds Management Limited e di cui il Gestore degli Investimenti è consulente.

##### Organismi di Investimento Collettivo
Il Comparto può perseguire il proprio obiettivo e la propria politica anche assumendo posizioni in OIC, senza superare il 10% del Valore Patrimoniale Netto del Comparto. Tutti gli investimenti in ETF aperti saranno soggetti al limite del 10% di cui sopra e tutti gli investimenti in ETF chiusi costituiranno un investimento in valori mobiliari in conformità ai requisiti della Banca Centrale.
Gli organismi nei quali investe il Comparto possono essere gestiti anche da Insight Investment Funds Management Limited, dal Gestore degli Investimenti o da entità a loro affiliate.

##### Benchmark
SOFR (tasso composto a 90 giorni) (il “Benchmark liquido”).
Il SOFR (Secured Overnight Financing Rate) è un indice generale del costo per ottenere denaro in prestito overnight garantito da Treasury USA ed è amministrato dalla Federal Reserve di New York.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su base triennale annualizzata continuativa al lordo delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
La strategia di investimento del Comparto viene applicata in base alle considerazioni fatte dal Gestore degli Investimenti su determinate società e non sui settori in cui tali società operano o sull'economia nel suo complesso. Il Gestore degli Investimenti cerca società il cui debito sia, a suo avviso, sottovalutato (come precedentemente sottolineato) e in cui esista una contrapposizione tra obbligazioni ad alto rendimento e debito. In particolare, cerca società che:
- generano un livello di contante positivo, come ad es. quelle che cercano di ridurre i loro prestiti, senza che, tuttavia, ciò si rifletta sul prezzo del loro debito;
- hanno un notevole debito subordinato (ad es. un debito con un rating inferiore che, quindi, offre un tasso di interesse più elevato) che scadono prima dei debiti senior;
- potrebbero avere problemi a lungo termine ma che genereranno liquidità a breve termine e saranno quindi in grado di onorare il pagamento dei loro debiti a breve termine.

Contanti, attivi liquidi o equiparabili a liquidità possono essere utilizzati per proteggere il valore del Comparto in base alla percentuale detenuta all'interno del Comparto stesso. Tale percentuale viene determinata in base all'opinione del Gestore degli Investimenti in merito alla salute dell'economia, da lui valutata mediante l'uso di indicatori economici chiave, quali il Prodotto Interno Lordo (PIL), le previsioni sull'inflazione e sui tassi di interesse e i dati sull'impiego. Per esempio, se il Gestore degli Investimenti teme che possa verificarsi una flessione dell'economia, il Comparto può aumentare la sua liquidità.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli
Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Futures su Tassi di Interesse |
| --- | --- |
| Opzioni | Opzioni su tassi di interesse |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Credit default swap ("CDS") (titoli singoli e indice) Swap su tassi d'interesse Cross Currency Swap Swap di rendimento totale (titoli singoli, indice, paniere personalizzato - in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche) |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni con warrant collegati Obbligazioni callable Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) Obbligazioni convertibili |
| Altro | Contratti di riacquisto/Contratti di riacquisto inverso |

Un elenco dei Mercati Idonei sui quali possono essere quotati o negoziati gli SFD è riportato nell'Appendice II del Prospetto.
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX Emerging Markets Indice Markit CDX North American High Yield Indice Markit iTraxx Asia Indice Markit iTraxxEurope Indice Markit iTraxxSenior Financials Indice Markit iTraxxSubordinated Financials Indice Markit iTraxx Crossover |
| Indici di tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione del Gestore degli Investimenti sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | EURIBOR LIBOR SOFR SONIA |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società."

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e
contratti di riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli in relazione a TRS, SFT, e collaterale
idoneo e procedura della controparte sono forniti nelle sezioni “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 AUD, 1 CHF, 1 SGD,
10 HKD, 10 CNH, 100 JPY, 10vDKK, 10 NOK o 10 SEK a
seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi
abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) aventi il suffisso ("M"), i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati vengono di solito pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Nel caso di tutte le altre classi di Azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre.
I detentori di Azioni di reddito saranno di solito pagati per i dividendi dichiarati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Gli investitori devono soffermare la loro attenzione sul capitolo intitolato "Fattori di Rischio" del Prospetto e in particolare sui rischi indicati alle sezioni "Rischi di Mercati Emergenti", "Titoli ad Alto Rendimento/Qualità inferiore a Investment Grade" e "Investimenti in Russia".

## BNY Mellon U.S. Municipal Infrastructure Debt Fund

### SUPPLEMENTO 35 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di
investitori ai quali può essere offerta ogni classe di Azioni è contenuta nella sezione "La Società - Struttura" del Prospetto.
| Azioni “P” e Azioni “P (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A (Acc.) | EUR | 5.000 | 5% | 1,00% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro A (Inc.) | 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% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,30% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,30% | 0% |
| USD E (Acc.) | USD | Come concordato | 5% | 0,30% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,30% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,30% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,30% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) (hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) (hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto cerca di fornire il più alto livello di reddito coerentemente con la preservazione di capitale.

##### Politiche di investimento
Al fine di raggiungere il suo obiettivo di investimento di fornire un elevato livello di reddito e allo stesso tempo preservare il capitale, il Comparto investe prevalentemente (ossia almeno il 75% del Valore Patrimoniale Netto del Comparto) in un portafoglio di obbligazioni comunali quotate o negoziate su Mercati Idonei. Le obbligazioni comunali sono obbligazioni
emesse da emittenti statali, comunali, societari senza fini di lucro o da distretti di scopo speciale, come autorità di transito (ossia unità governative di scopo speciale autonome rispetto ai governi locali) create negli Stati Uniti d'America per finanziare settori e progetti infrastrutturali all'interno degli Stati Uniti d'America e dei suoi territori e possedimenti. Alcuni emittenti non governativi, principalmente ospedali, college e università, emetteranno obbligazioni comunali soggette a imposta in qualità di emittenti societari senza fini di lucro. Grazie a ciò, tali emittenti possono ridurre i costi di emissione vendendo direttamente le obbligazioni comunali. Inoltre, le obbligazioni comunali emesse da emittenti societari senza fini di lucro possono essere incluse nei principali indici obbligazionari globali o statunitensi aggregati, ampliando così la potenziale base di investitori per tali obbligazioni comunali.
Oltre alle obbligazioni comunali, il Comparto può anche investire fino al 20% del suo Valore Patrimoniale Netto in altri titoli di debito e correlati al debito governativi e/o societari emessi dal governo federale statunitense o dalle sue agenzie, da organismi pubblici internazionali, società o altri emittenti commerciali.
I titoli di debito e correlati al debito governativi e/o societari in cui il Comparto può investire possono essere titoli a tasso fisso o a tasso variabile (ad esempio obbligazioni comunali, note a vista a tasso variabile
(VRDN), tender option bond, note a tasso variabile (FRN), buoni del Tesoro, obbligazioni di agenzia, obbligazioni a cedola zero, titoli garantiti da attività, titoli garantiti da ipoteca, CLN, titoli strutturati, strumenti del mercato monetario (ad esempio, carte commerciali e depositi bancari), collocamenti privati (ad esempio obbligazioni 144A)), nel prosieguo "Titoli di debito e correlati al debito".
Se si prevede l'aumento dei tassi di interesse, il Gestore degli Investimenti cercherà di investire in FRN. Il Comparto investe in certificati a interesse residuo emessi da Tender Option Bond Trust se questi permettono di ottenere un'esposizione più conveniente a obbligazioni comunali rispetto all'investimento diretto in dette obbligazioni comunali.
Il Comparto investirà direttamente in Titoli di debito e correlati al debito e potrà anche acquisire esposizione a Titoli di debito e correlati al debito per mezzo di SFD, come definito nella sezione "Utilizzo di SFD". Gli SFD possono essere utilizzati per esprimere opinioni sulla direzione e la volatilità di Titoli di debito e correlati al debito.
Il Comparto investirà in Titoli di debito e correlati al debito con rating investment grade o sub-investment grade (ossia inferiore a BBB- o equivalente) attribuito da
un’Agenzia di rating riconosciuta. A scanso di equivoci, il
Comparto non può investire in titoli privi di rating. Almeno
l'80% dei Titoli di debito e correlati al debito in cui il Comparto può investire avrà un rating investment grade e non più del 20% dei Titoli di debito e correlati al debito in cui il Comparto può investire sarà costituito da titoli sub- investment grade. Tra gli investimenti del Comparto in titoli sub-investment grade, non può essere investito più del 10% del Valore Patrimoniale Netto del Comparto in titoli sub-investment grade con rating inferiore a BB-
attribuito da un’Agenzia di rating riconosciuta al momento dell’investimento, e il rating di credito minimo dei titoli di debito e correlati al debito in cui il Comparto può investire al momento dell’investimento è B- (o suo equivalente) attribuito da un’Agenzia di rating riconosciuta.
Nel caso di titoli garantiti da attività, titoli garantiti da ipoteca e altri strumenti legati al rischio di credito, il
Comparto non investirà in Titoli di debito e correlati al debito che, alla data dell’acquisto, abbiano un rating inferiore a BBB- (o suo equivalente) secondo la classificazione di un’Agenzia di rating riconosciuta.
Nel caso di rating discordante (ovvero rating diversi assegnati da due o più agenzie), sarà considerato il rating più basso tra i due rating migliori.
Nel caso in cui i Titoli di debito e i Titoli correlati al debito detenuti dal Comparto vengano successivamente
declassati al di sotto dei limiti definiti sopra, il Gestore degli Investimenti può mantenere un’esposizione massima pari al 3% del Valore Patrimoniale Netto del
Comparto a tali titoli declassati. Nella misura in cui il valore complessivo di tali titoli superi il 3% del Valore Patrimoniale Netto del Comparto, quelli che non sono stati promossi entro un periodo di sei mesi, saranno venduti. Le esposizioni derivanti dalle partecipazioni sottostanti agli organismi di investimento collettivo ("OIC") saranno prese in considerazione nel processo di selezione delle limitazioni di cui al presente paragrafo.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (ossia Titoli di debito e correlati al debito) non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto investe inoltre in attività liquide, contanti o equiparabili a liquidità e fino al 10% del Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC").
Il Comparto non intende assumere posizioni short.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Organismi di Investimento Collettivo
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, compresi fondi negoziati in borsa ("ETF") e fondi del
mercato monetario. Al momento dell’acquisto, il rating di
credito minimo dei Titoli di debito e correlati al debito in
cui tali OIC possono investire è B- (o suo equivalente) oppure, nel caso di titoli garantiti da attività, titoli garantiti da ipoteca, titoli strutturati e altri strumenti legati al rischio, BBB- (o suo equivalente), secondo la
classificazione di un’Agenzia di rating riconosciuta. Nel
caso di rating separato, sarà considerato il rating più basso tra i due rating migliori. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in comparti di tipo chiuso (compresi gli ETF) che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

##### Benchmark
50% dell'indice Bloomberg Barclays U.S. Municipal Bond TR e 50% dell'indice Bloomberg Barclays Taxable U.S. Municipal Bond TR (il "Benchmark composito").
L'Indice Bloomberg Barclays U.S. Municipal Bond è un benchmark su base estesa che misura l'investment grade, denominato in dollari statunitensi, esente da tassazione fissa sul mercato obbligazionario. L'indice include obbligazioni generiche locali e statali e obbligazioni a redditività, assicurate e pre-rimborsate.
l'Indice Bloomberg Barclays U.S. Municipal Bond è un benchmark su base estesa che misura l'investment grade, denominato in dollari statunitensi, con interesse fisso soggetto a imposta sul mercato obbligazionario comunale.
Il Comparto misurerà la sua performance rispetto al Benchmark Composito.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark Composito in funzione dell'obiettivo e della politica di investimento. Sebbene si prevede che la maggior parte delle partecipazioni del Comparto siano componenti del Benchmark Composito, con analoghe ponderazioni, la strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark Composito.

##### Strategia di investimento
La strategia di investimento del Comparto è basata sulla filosofia di lavoro di squadra del Gestore degli Investimenti, che cerca di diversificare le esposizioni al rischio e di sottolineare la selezione di settori e titoli di obbligazioni comunali su infrastrutture statunitensi soggette e non soggette a imposta. Il Comparto può acquistare obbligazioni comunali su infrastrutture sia soggette che non soggette a imposta in dollaro statunitense emesse da emittenti di debito. Il regime fiscale delle cedole ricevute da queste obbligazioni soggette o meno a imposta è, tuttavia, indifferenziato per i contribuenti non statunitensi e il Comparto non persegue e non trae necessariamente beneficio dalla condizione di esenzione fiscale di qualunque obbligazione comunale su infrastrutture acquistata. Tali investimenti vengono selezionati in base ad altre caratteristiche descritte di seguito. Il Gestore degli Investimenti seleziona le proposte di investimento del Comparto, come descritto sopra nel paragrafo "Politiche di investimento", individuando settori e titoli sottovalutati attraverso un'approfondita analisi quantitativa e fondamentale. Il processo di investimento del Gestore degli Investimenti si concentra sull'individuazione di settori e titoli sottovalutati nei mercati obbligazionari comunali e soggetti a imposta. Si pone l'attenzione sulla capitalizzazione di anomalie di rendimento nei settori comunali e soggetti a imposta attraverso l'identificazione
di titoli sottovalutati, individuando quindi il valore relativo tra particolari obbligazioni. Grazie all'esperienza nella ricerca e alla prontezza di contrattazione del Gestore degli Investimenti, la squadra cerca di investire in titoli con prezzo maggiore rispetto ai loro simili invece di fare affidamento sul tasso di interesse prevedendo di cedere il sovrarendimento. La squadra di analisti comunali esperti del Gestore degli Investimenti cerca di
identificare titoli di debito "da stabili a in miglioramento" attraverso il controllo indipendente e periodico di centinaia di emittenti. Gli analisti di credito si occupano di questioni riguardanti mercati sia nuovi che secondari e raccomandano settori e titoli basandosi su fondamentali di credito, condizioni di mercato e opinioni delle agenzie di rating esterne. Grazie alle analisi appena descritte, il Gestore degli Investimenti decide di vendere i titoli in base alla previsione di declino nella stima sul rating fondamentale di un emittente e in base all'identificazione di titoli con valutazione alta ingiustificata.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Nell'ambito del processo di ricerca bottom-up sulla sicurezza, il Gestore degli Investimenti valuta i fattori ESG di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. La ricerca del credito interna del Gestore degli Investimenti include risorse quali il punteggio ESG proprietario del Gestore degli Investimenti come parametro ed è integrata da ricerche di agenzie di rating di credito, ricerca sell-side ed eventi del settore. Nel processo di selezione dei titoli viene presa in considerazione la ricerca sui rischi di sostenibilità, insieme all'ulteriore analisi fondamentale.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, pratiche di comunicazione finanziaria, gestione dei fondi pensione, programmi di aumento di capitale e politiche di sicurezza informatica.
Il Gestore degli Investimenti monitora regolarmente i fattori di rischio di sostenibilità attraverso revisioni del portafoglio.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il “Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di
investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Futures su tassi di interesse (compresi i futures su obbligazioni): |
| --- | --- |
| Opzioni | Opzioni su tassi di interesse Swaption Opzioni su obbligazioni (compresi tender option bond) |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Swap sui tassi d'interesse Credit Default Swap |
| Titoli con SFD integrati/Leva finanziaria | Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Credit Linked Notes (CLN) Titoli strutturati |

Un elenco dei Mercati Idonei sui quali possono essere quotati o negoziati gli SFD è riportato nell'Appendice II del Prospetto.
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di tassi di interesse per offrire un'esposizione ai mercati dei tassi di interesse ed esprimere l'opinione del Gestore degli Investimenti sul fatto che la curva dei rendimenti si muoverà in una particolare direzione in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | SOFR SONIA |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Registrazione a Taiwan
Il Comparto è registrato per la vendita a Taiwan.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 20% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 20 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra: 0 – 200% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.
I Regolamenti OICVM della Banca Centrale prevedono che, laddove si utilizzi il VaR come approccio alla gestione del rischio, questo possa essere integrato da un calcolo dell'effetto leva mediante l'approccio fondato sugli impegni.
Leva finanziaria massima: il 40% del Valore Patrimoniale Netto (utilizzando l’approccio fondato sugli impegni)
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 10% con riferimento al TRS, e il 15% del Valore Patrimoniale Netto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compreso sul collaterale idoneo, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 SGD o 1 AUD, a seconda
della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) aventi il suffisso ("M"), i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati vengono di solito pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Per tutte le altre classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono
normalmente dichiarati ogni sei mesi, cioè il 31 dicembre e il 30 giugno. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio, l'11 agosto o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Dynamic U.S. Equity Fund

### SUPPLEMENTO 36 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto potrà investire principalmente in strumenti finanziari derivati (“SFD”) e utilizzerà tali SFD a scopo di investimento, copertura ed efficiente gestione del portafoglio. Ci può essere un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altretecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Newton Investment Management Limited (il “Subgestore degli Investimenti”) in relazione a questo Comparto.
Ulteriori dettagli sull’Accordo di Subgestione degli
Investimenti stipulato fra il Gestore degli Investimenti e il
Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 17.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 0,80% | 0% |
| CHF H (Inc.) (hedged) | CHF | 5.000 | 5% | 0,80% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 0,80% | 0% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “R” e Azioni “R (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD R (Acc.) | USD | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| USD R (Inc.) | USD | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro R (Acc.) (hedged) | EUR | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro R (Inc.) (hedged) | EUR | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling R (Acc.) (hedged) | GBP | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling R (Inc.) (hedged) | GBP | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF R (Acc.) (hedged) | CHF | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF R (Inc.) (hedged) | CHF | 5.000 | 5% | 0,60% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Azioni “D” e Azioni “D (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD D (Acc.) | USD | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| USD D (Inc.) | USD | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Euro D (Acc.) (hedged) | EUR | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro D (Inc.) (hedged) | EUR | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling D (Acc.) (hedged) | GBP | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling D (Inc.) (hedged) | GBP | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF D (Acc.) (hedged) | CHF | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF D (Inc.) (hedged) | CHF | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD D (Acc.) (hedged) | CAD | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD D (Inc.) (hedged) | CAD | 5.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Azioni “S” e Azioni “T (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD S (Acc.) | USD | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| USD S (Inc.) | USD | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro T (Acc.) (hedged) | EUR | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro T (Inc.) (hedged) | EUR | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling T (Acc.) (hedged) | GBP | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling T (Inc.) (hedged) | GBP | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF T (Acc.) (hedged) | CHF | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF T (Inc.) (hedged) | CHF | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD T (Acc.) (hedged) | CAD | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD T (Inc.) (hedged) | CAD | 5.000.000 | 5% | 0,40% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Azioni “U” e Azioni “U (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD U (Acc.) | USD | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| USD U (Inc.) | USD | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro U (Acc.) (hedged) | EUR | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro U (Inc.) (hedged) | EUR | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling U (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling U (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF U (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF U (Inc.) (hedged) | CHF | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD U (Acc.) (hedged) | CAD | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD U (Inc.) (hedged) | CAD | 15.000.000 | 5% | 0,20% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Azioni “F” e Azioni “F (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| USD F (Acc.) | USD | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| USD F (Inc.) | USD | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro F (Acc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Euro F (Inc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling F (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| Sterling F (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF F (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CHF F (Inc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Hurdle Rate |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CAD F (Acc.) (hedged) | CAD | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |
| CAD F (Inc.) (hedged) | CAD | Come concordato | 5% | 0,10% | 0% | 10% | Indice S&P 500 Net Total Return in USD |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,25% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,25% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,25% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,25% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,25% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,25% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,25% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,25% | 0% |
| CAD E (Acc.) | CAD | Come concordato | 5% | 0,25% | 0% |
| CAD E (Inc.) | CAD | Come concordato | 5% | 0,25% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,25% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,25% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,25% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,25% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,25% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,25% | 0% |
| CAD E (Acc.) (hedged) | CAD | Come concordato | 5% | 0,25% | 0% |
| CAD E (Inc.) (hedged) | CAD | Come concordato | 5% | 0,25% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) | CAD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore avrà diritto a una commissione annuale di performance
(la “Commissione di Performance”) alle condizioni
descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito).
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza percentuale tra il Valore Patrimoniale Netto Rettificato
relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni (che comprende tutte le commissioni e le spese
maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
relativa classe di azioni, rettificato in caso di distribuzioni
di dividendi), al lordo della Commissione di Performance maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è indicato nella tabella precedente ed è coerente con le politiche di investimento del Comparto. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance. La performance passata del Comparto rispetto all’indice S&P 500
® 
Net Total Return è riportata nel KIID per la relativa Classe di Azioni.
Il “Rendimento dell’Hurdle Rate” è calcolato per ogni Giorno di Valutazione ed è la differenza percentuale tra l’Hurdle Rate di tale Giorno di Valutazione e l’Hurdle Rate del Giorno di Valutazione precedente.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione
di Performance. Se il Rendimento della Classe di Azioni supera il Rendimento dell’Hurdle Rate, matura una Commissione di Performance.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è
ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del
Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate (il rendimento negativo) moltiplicato per le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il Rendimento cumulativo della Classe di Azioni non
supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo.
Clawback (meccanismo di recupero) – Successivamente a un Periodo di Calcolo in cui non è stata addebitata alcuna Commissione di Performance, non maturerà alcuna
Commissione di Performance fino al momento in cui il Rendimento cumulativo della Classe di Azioni (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di Performance) non
supererà il Rendimento cumulativo dell’Hurdle Rate (dall’ultimo Giorno di Valutazione dell’ultimo anno contabile in cui è stata addebitata una Commissione di
Performance).
Se non è stata addebitata alcuna Commissione di Performance dal lancio di una classe di azioni, non maturerà alcuna commissione di Performance fino al momento in cui il Rendimento cumulativo della classe di Azioni (dal lancio di quella classe di Azioni) non supererà
il Rendimento cumulativo dell’Hurdle Rate maturato dal
lancio di quella classe di azioni.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui una parte della Commissione di Performance viene
corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun
Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del
Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance consente l’addebito di commissioni di performance laddove il Comparto abbia sovraperformato l’Hurdle Rate, ma presenti una performance complessivamente negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Rettificato alla fine del Periodo di Calcolo | Rendimento dell’Hurdle Rate espresso in penny | Extra-rendimen- to espresso in penny* | Commissione di performance** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 102p | 3p | 0.3p | 104.7p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno, che è superiore al Rendimento dell’Hurdle Rate di 102 p, e l’Extra-rendimento di 3 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,30 p. |
| 31 dicembre (anno due) | 95p | 106p | 0p | 0p | 95p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due, che è inferiore al Rendimento dell’Hurdle Rate di 106 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno tre) | 104p | 105p | 0p | 0p | 104p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre, che è inferiore al Rendimento dell’Hurdle Rate di 105 p. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno quattro) | 110p | 108p | 2p | 0.20p | 109.8p | La performance del Valore Patrimoniale Netto Rettificato durante il Periodo di Calcolo ha generato un Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro, che è superiore all’Hurdle Rate di 108 p, e l’Extra-rendimento di 2 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,20 p. |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate
**10% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende sovraperformare l'Indice S&P 500
® 
Net Total Return (l'"Indice") con un livello simile di volatilità all'Indice da tre a cinque anni prima delle commissioni e delle spese.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo
investendo la maggior parte del suo Valore patrimoniale netto in azioni statunitensi incluse nell’Indice. Il Comparto investirà oltre il 50% del suo Valore patrimoniale netto direttamente nei costituenti dell’Indice
e potrà anche investire nei componenti dell’Indice
indirettamente tramite SFD. Il Comparto può acquisire
esposizione sui titoli di debito statunitensi, come descritto più dettagliatamente di seguito, e deterrà liquidità o attività equiparabili a liquidità, come descritto più dettagliatamente nella sezione "Gestione di Liquidità e Collaterale" di seguito.
Il Comparto acquisirà esposizione all'Indice investendo direttamente nelle azioni sottostanti che compongono l'Indice e indirettamente tramite SFD (come indicato di seguito). L'Indice rappresenta il mercato azionario statunitense ed è composto da un'ampia sezione di componenti dell'economia statunitense. L'Indice è stato usato come parte della strategia di investimento del Comparto poiché esso rappresenta il mercato azionario statunitense. L'indice è ribilanciato con cadenza trimestrale. Tuttavia, dal momento che il Comparto non intende replicare o seguire l'Indice, esso non sarà necessariamente influenzato da qualsivoglia ribilanciamento, costi associati o ponderazione dei titoli nell'Indice che eccederebbero le limitazioni agli investimenti consentite. Per ulteriori informazioni sull'Indice consultare il sito www.standardandpoors.com.
Il Comparto investirà direttamente in titoli di debito e correlati al debito (buoni del Tesoro e obbligazioni) che possono essere a tasso fisso o variabile ed emessi o
garantiti dal governo statunitense o dalle sue agenzie, da società o da altri emittenti commerciali (di seguito “Titoli di debito e correlati al debito”). I Titoli di debito e correlati al debito in cui il Comparto investe saranno, al
momento dell'acquisto, titoli investment grade, secondo la classificazione di un'Agenzia di rating riconosciuta, o privi di rating ma considerati investment grade dal Gestore degli Investimenti. Il Comparto può inoltre acquisire esposizione a Titoli di debito e correlati al debito per mezzo di SFD, come definito di seguito al paragrafo "Utilizzo di SFD".
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto in azioni emesse o garantite da qualunque singolo paese con un rating di credito inferiore all'investment grade. A scanso di equivoci, un "singolo paese" comprende un paese, il suo governo, un'autorità pubblica o locale o un'impresa nazionalizzata di tale paese.
Il Comparto può utilizzare posizioni short sintetiche, leva finanziaria e opzioni come strumenti per una gestione difensiva del rischio ma anche per generare rendimenti positivi quando i prezzi diminuiscono. In conformità alla strategia del Comparto, il Gestore degli Investimenti può usare posizioni short sintetiche per titoli del Tesoro statunitensi. Il livello di vendite allo scoperto applicato
nel Comparto dipenderà quindi dalla prospettiva di investimento del Gestore degli Investimenti o al grado di rischio del Comparto. Il livello di vendite allo scoperto rifletterà gli obiettivi di volatilità e di rischio del Comparto. Per ulteriori informazioni consultare la sezione "Posizioni long e short".
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC" come descritto più dettagliatamente di seguito.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto totale in valori mobiliari o in strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, a titolo puramente indicativo, titoli azionari e titoli di debito e correlati al debito non quotati.
Ad eccezione degli investimenti consentiti in titoli non quotati e schemi di investimento collettivo di tipo aperto, il Comparto investirà in attività (compresi gli SFD) quotate o negoziate sui Mercati Idonei elencati nell'Appendice II del Prospetto.

##### Organismi di Investimento Collettivo
Il Comparto può perseguire i suoi obiettivi e le sue politiche anche assumendo posizioni in OIC senza superare il 10% del Valore Patrimoniale Netto del Comparto. Tutti gli investimenti in ETF aperti saranno soggetti al limite del 10% sopra descritto e tutti gli investimenti in ETF chiusi costituiranno un investimento in valori mobiliari in conformità ai requisiti della Banca Centrale. Gli OIC nei quali investe il Comparto possono essere anche gestiti dal Gestore degli Investimenti o da sue affiliate.

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze.
Queste comprendono condizioni di mercato che possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso, la facilitazione del pagamento delle spese e la fornitura di garanzia a supporto dell'esposizione SFD.
Gli attivi equiparabili a liquidità includono titoli di debito e correlati al debito e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Indice S&P 500
® 
Net Total Return (l’“Indice”)
L'Indice è ampiamente considerato come il miglior indicatore unico dei titoli azionari a grande capitalizzazione statunitensi. Oltre 9.900 miliardi di USD sono indicizzati o parametrati rispetto al Benchmark, di cui circa 3.400 miliardi sono costituiti da attività indicizzate. L'Indice comprende le maggiori 500 società e copre circa l'80% della capitalizzazione di mercato disponibile.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e
della politica di investimento. Le partecipazioni azionarie del Comparto saranno costituite da componenti dell'Indice. La strategia di investimento consente al Gestore degli Investimenti di discostarsi dalle posizioni dell'Indice, purché sia mantenuta una volatilità simile a quella del benchmark in un arco temporale di 5 anni.

##### Strategia di investimento
La strategia azionaria dinamica statunitense del Gestore degli Investimenti si basa sul suo lavoro pionieristico nelle aree dell'indicizzazione e della valutazione fondamentale. Il Gestore degli Investimenti applica il seguente processo per confrontare la relativa attrattività di azioni, obbligazioni e liquidità al fine di selezionare i suoi investimenti:
Fase 1: Previsione della redditività futura di azioni, obbligazioni e liquidità all'interno dell'universo degli investimenti del comparto in base alle aspettative a lungo termine degli utili sulle azioni, dei rendimenti obbligazionari e dei tassi di interesse dei conti bancari.
Fase 2: Previsione del tipo di andamento che azioni, obbligazioni e liquidità avranno tra loro in diverse condizioni di mercato.
Fase 3: Combinazione delle previsioni di rendimento della Fase 1 e della Fase 2 al fine di ottenere un portafoglio di posizioni con le migliori caratteristiche possibili di rischio e rendimento.
Fase 4: Il Gestore degli Investimenti ricerca i titoli più efficienti al fine di implementare il portafoglio ottenuto nella Fase 3. Tali titoli possono comprendere titoli fisici e SFD. Per ulteriori dettagli consultare la sezione "Utilizzo di SFD" di seguito.
Fase 5: Al fine di gestire la volatilità del portafoglio ai livelli richiesti, il Gestore degli Investimenti monitora i movimenti del mercato a breve termine e li aggiorna in base alla sua prospettiva di investimento. Durante i periodi di accresciuta volatilità del mercato o di probabile recessione, il Gestore degli Investimenti selezionerà investimenti volti a ridurre il rischio del Comparto.
Fase 6: Monitoraggio del portafoglio su base giornaliera. Il Gestore degli Investimenti ripete questo processo ogni Giorno lavorativo al fine di rilevare qualsivoglia cambiamento nei rendimenti o nei rischi.
Servendosi di questo processo, il Gestore degli Investimenti cerca di identificare i periodi in cui le azioni risultano essere a buon mercato o costose, in relazione alle loro esposizioni (ad es. obbligazioni e liquidità) al fine di scegliere le sue attività. Se le azioni risultano essere a buon mercato in relazione ad altre esposizioni, il Gestore degli Investimenti pondererà le azioni per eccesso servendosi di una modesta leva finanziaria. Nel caso in cui le azioni risultassero costose, il Gestore degli Investimenti pondererà le azioni per difetto, continuando a investire oltre il 50% del Valore Patrimoniale Netto del Comparto in azioni fisiche o azioni collegate agli SFD. È inoltre possibile utilizzare la leva a scopi di gestione dei rischi. Un esempio di utilizzo della leva a scopo di gestione dei rischi sarebbe quello di acquistare buoni del Tesoro statunitensi al margine. Si prevede che l'esposizione ai buoni del Tesoro statunitensi attenuerà l'impatto della caduta dei prezzi delle azioni statunitensi sul portafoglio. Riassumendo, il Gestore degli
Investimenti distribuisce dinamicamente le attività tra le
azioni statunitensi, i titoli del tesoro statunitensi e il mercato valutario statunitense in base alla sua previsione di rendimento, al suo rischio e alla sua correlazione.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l’obiettivo, la politica e la strategia di investimento del Comparto, il Gestore degli Investimenti
non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un “Evento ESG”) nelle sue decisioni di
investimento. L'allocazione del Comparto in azioni
statunitensi deve mantenere una volatilità simile all'Indice nell'arco di 5 anni e, di conseguenza, il Gestore degli Investimenti ha una flessibilità limitata nel discostarsi dal posizionamento dell'Indice. L'Indice non tiene conto di fattori ESG o di rischi di sostenibilità.
Tuttavia, a causa della natura diversificata del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su indici azionari Future su obbligazioni |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni su obbligazioni Opzioni su future su azioni Opzioni su future su obbligazioni |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice S&P 500 NR |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione lunga lorda totale tramite SFD non dovrebbe superare il 200% del Valore Patrimoniale Netto del Comparto e l'esposizione corta lorda totale tramite SFD non dovrebbe superare il 150% del Valore Patrimoniale Netto del Comparto.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR relativo
Limite VaR relativo: Il portafoglio del Comparto non supererà due volte il VaR su un portafoglio di riferimento rappresentativo (sulla base di un periodo di detenzione di 5 Giorni Lavorativi).
Benchmark del VaR relativo: Indice S&P 500 NR
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR
assoluto e sulla Leva Finanziaria Lorda, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 CHF o 10 SEK, a seconda
della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi
abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Unconstrained Fund

### SUPPLEMENTO 37 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,55% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,55% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,55% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,55% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,55% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,55% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,55% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,55% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,55% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,55% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,55% | 0% |
| CAD E (Acc.) (hedged) | CAD | Come concordato | 5% | 0,55% | 0% |
| CAD E (Inc.) (hedged) | CAD | Come concordato | 5% | 0,55% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Inc.) | GBP | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire un rendimento totale che include reddito e una crescita del capitale a lungo termine tramite un approccio non vincolato, dinamico e a multi-attività per l'allocazione delle attività e la selezione dei titoli.

##### Politiche di investimento
Il Comparto è un fondo multi-attività globale che persegue la realizzazione del suo obiettivo tramite un'allocazione senza vincoli e dinamica delle attività.
Il Comparto può investire in azioni e titoli correlati ad azioni (azioni comuni e privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR),
valori mobiliari convertibili in o scambiabili con tali azioni, warrant e diritti di acquisto di azioni), ed SFD correlati ad azioni come indicato nella sezione intitolata "Utilizzo di SFD" di seguito.
Il Comparto può inoltre investire in titoli di debito e correlati al debito (obbligazioni non garantite (debenture), depositi, effetti, tra cui effetti societari, titoli sovrani, a tasso variabile e fisso con un termine minimo di una anno o più, titoli garantiti da attività (ABS), titoli garantiti da ipoteca (MBS) e obbligazioni a tasso fisso o variabile emessi o garantiti da qualunque governo sovrano o da agenzie governative, autorità locali, organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali (qui di seguito, "Titoli di debito e correlati al debito"), e in SFD di debito elencati nella sezione intitolata "Utilizzo di SFD" di seguito.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
I titoli di debito e correlati al debito detenuti dal Comparto possono essere di qualità investment grade, inferiori all'investment grade o senza rating. In base alla valutazione assegnata da un'Agenzia di rating riconosciuta, il Gestore degli Investimenti considera i titoli con rating di credito inferiore a BBB- alla data dell'acquisto di qualità inferiore all'investment grade. Il Comparto può investire oltre il 30% del proprio Valore Patrimoniale Netto in Titoli di debito e correlati al debito inferiori a investment grade.
Il Comparto può investire oltre il 10% e fino al 35% del Valore Patrimoniale Netto in Titoli di debito e correlati al debito emessi e/o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB- o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Il Comparto può anche investire in materie prime, proprietà immobiliari e infrastrutture tramite organismi di investimento collettivo ("OIC"), titoli quotati o negoziati su Mercati Idonei, come ad esempio i fondi di investimento immobiliare ("REIT") quotati in borsa e i fondi negoziati in borsa ("ETF"). Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC, inclusi fondi del mercato monetario.
Il Comparto può investire su base globale e, sebbene non vi siano concentrazioni geografiche, industriali o settoriali, talvolta il Comparto può essere concentrato in particolari industrie o settori, compresi i paesi dei mercati emergenti e gli Stati Uniti. Il Comparto può investire oltre il 40% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti, compresa la Russia.
Tuttavia, non sarà investito più del 20% del Valore Patrimoniale Netto del Comparto in titoli quotati o negoziati in Russia o Ucraina. Il Comparto può solamente investire in titoli russi negoziati sulla Borsa di Mosca. Nel considerare gli investimenti nei mercati emergenti, il Gestore degli Investimenti escluderà esplicitamente le società incluse negli elenchi delle sanzioni internazionali. Il Comparto può inoltre detenere alti livelli di liquidità, strumenti del mercato monetario quali carte commerciali e titoli di Stato a tasso fisso o variabile, nonché mezzi equivalenti quali certificati di deposito e strumenti di debito a breve scadenza in determinate circostanze.
Queste comprendono casi in cui il Gestore degli Investimenti crede che i mercati sono sopravvalutati, casi in cui le condizioni di mercato possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento o la
soddisfazione delle richieste di rimborso e il pagamento delle spese o la fornitura di garanzia a supporto dell'esposizione SFD.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto in titoli e SFD saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.

##### Benchmark
per il 60% da MSCI AC World NR Index, e per il 40% da JP Morgan Global GBI Unhedged TR Index (il "Benchmark Composito").
MSCI All Countries World Index copre la maggior parte della gamma di opportunità delle azioni globali investibili e costituisce un indicatore completo della performance del mercato azionario globale.
Il JP Morgan Global Bond Index (GBI) USD è un indice del debito pubblico a tasso fisso. L'indice misura il rendimento totale proveniente dall'investimento in diversi mercati sviluppati di titoli di Stato.
Il Comparto misurerà la sua performance rispetto al Benchmark Composito.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark Composito in funzione dell'obiettivo e della politica di investimento. Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark Composito, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark Composito. La strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark Composito.

##### Strategia di investimento
Il Comparto è un portafoglio globale multi-attività non vincolato. Le allocazioni saranno fatte a discrezione del Gestore degli Investimenti tra le classe di attività descritte sopra. Non vi sono concentrazioni geografiche, industriali o settoriali riguardo alle categorie di attività in cui si assume un'esposizione. Il Comparto ha pertanto la facoltà di investire il 100% in azioni e strumenti correlati ad azioni, il 100% in Titoli di debito e correlati al debito o in qualsiasi combinazione di tutte le classi di attività descritte sopra nella sezione "Politiche di Investimento".
Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un
contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il processo di investimento del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo, fornendo contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di attività che di titoli. L'analisi fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare una lista di potenziali investimenti per il Comparto. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, come ad esempio le esposizioni delle categorie di attività, la dimensione di ciascuna posizione dei titoli e le caratteristiche di rischio dell'investimento dei titoli stessi.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su valute (comprese le Opzioni FX) Opzioni su future su titoli di Stato Opzioni su obbligazioni Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni su future su azioni Opzioni sugli indici di volatilità Swaption |
| --- | --- |
| Futures | Future su Valute e Opzioni su Future su Valuta Future su azioni o future su Indici Azionari Future su titoli di Stato Future su indici di volatilità |
| Swap | Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Swap su Azioni, Swap su Indici/Settori Azionari Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Titoli strutturati |
| Altri strumenti | Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) Contratti Differenziali (CFD) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Borsa Istanbul 30 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI |
|  | Indice MDAX Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 |
|  | Stoxx Europe Small 200 |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Exchange SPX Volatility Index |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, il Gestore degli Investimenti non prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS, e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT del Comparto. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale idoneo e la procedura della controparte, sono forniti nelle
sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto,
Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CAD, 1 CHF, a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Multi-Asset Income Fund

### SUPPLEMENTO 38 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 18 marzo 2021 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende
chiedere alla Banca Centrale la revoca dell’autorizzazione
al Comparto dopo la redazione del bilancio certificato per l’anno chiuso il 31 dicembre 2021. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il
Comparto dal presente Prospetto una volta autorizzata tale revoca.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare strumenti finanziari derivati ("SFD") a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- In circostanze eccezionali, il Comparto investirà fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi diinvestimento, inclusa la possibile perdita del capitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro A (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| Euro A (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| USD A (Inc.) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| USD A (Acc.) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| Sterling A (Inc.) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling A (Acc.) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |
| CAD A (Acc.) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CAD A (Inc.) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| AUD A (Acc.) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| AUD A (Inc.) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| HKD A (Acc.) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| HKD A (Inc.) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| SGD A (Acc.) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| SGD A (Inc.) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| CNH A (Acc.) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| CNH A (Inc.) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| USD H (Inc.) (hedged) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| USD H (Acc.) (hedged) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| Sterling H (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |
| Sterling H (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |
| CAD H (Acc.) (hedged) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CAD H (Inc.) (hedged) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| AUD H (Acc.) (hedged) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| AUD H (Inc.) (hedged) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| HKD H (Acc.) (hedged) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| HKD H (Inc.) (hedged) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| SGD H (Acc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| SGD H (Inc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| CNH H (Acc.) (hedged) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| CNH H (Inc.) (hedged) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C (Inc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro C (Acc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| USD C (Inc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| USD C (Acc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| Sterling C (Inc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Sterling C (Acc.) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| CHF C (Inc.) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CHF C (Acc.) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| USD I (Acc.) (hedged) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| USD I (Inc.) (hedged) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| Sterling I (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| Sterling I (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000.000 | 1,00% | Nessuna |
| CHF I (Inc.) (hedged) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |
| CHF I (Acc.) (hedged) | CHF | fino al 5% | CHF 5.000.000 | 1,00% | Nessuna |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| USD G (Inc.) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro G (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Euro G (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,00% | Nessuna |
| Sterling G (Acc.) | GBP | fino al 5% | GBP 5.000 | 1,00% | Nessuna |
| Sterling G (Inc.) | GBP | fino al 5% | GBP 5.000 | 1,00% | Nessuna |
| USD G (Acc.) (hedged) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| USD G (Inc.) (hedged) | USD | fino al 5% | USD 5.000 | 1,00% | Nessuna |
| Sterling G (Acc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,00% | Nessuna |
| Sterling G (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,00% | Nessuna |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro W (Acc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| USD W (Inc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| Sterling W (Acc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| CHF W (Acc.) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CHF W (Inc.) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CAD W (Acc.) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| AUD W (Acc.) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| AUD W (Inc.) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| HKD W (Acc.) | HKD | fino al 5% | HKD 150.000.000 | 0,75% | Nessuna |
| HKD W (Inc.) | HKD | fino al 5% | HKD 150.000.000 | 0,75% | Nessuna |
| SGD W (Acc.) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| SGD W (Inc.) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| CNH W (Acc.) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |
| CNH W (Inc.) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |
| USD W (Acc.) (hedged) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| USD W (Inc.) (hedged) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| Sterling W (Acc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| CHF W (Acc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CHF W (Inc.) (hedged) | CHF | fino al 5% | CHF 15.000.000 | 0,75% | Nessuna |
| CAD W (Acc.) (hedged) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) (hedged) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| AUD W (Acc.) (hedged) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| AUD W (Inc.) (hedged) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| HKD W (Acc.) (hedged) | HKD | fino al 5% | HKD 150.000.000 | 0,75% | Nessuna |
| HKD W (Inc.) (hedged) | HKD | fino al 5% | HKD 150.000.000 | 0,75% | Nessuna |
| SGD W (Acc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| SGD W (Inc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| CNH W (Acc.) (hedged) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |
| CNH W (Inc.) (hedged) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | fino al 5% | Come concordato | 0,25% | Nessuna |
| Euro E (Inc.) | EUR | fino al 5% | Come concordato | 0,25% | Nessuna |
| USD E (Acc.) | USD | fino al 5% | Come concordato | 0,25% | Nessuna |
| USD E (Inc.) | USD | fino al 5% | Come concordato | 0,25% | Nessuna |
| Sterling E (Acc.) | GBP | fino al 5% | Come concordato | 0,25% | Nessuna |
| Sterling E (Inc.) | GBP | fino al 5% | Come concordato | 0,25% | Nessuna |
| CHF E (Acc.) | CHF | fino al 5% | Come concordato | 0,25% | Nessuna |
| CHF E (Inc.) | CHF | fino al 5% | Come concordato | 0,25% | Nessuna |
| USD E (Acc.) (hedged) | USD | fino al 5% | Come concordato | 0,25% | Nessuna |
| USD E (Inc.) (hedged) | USD | fino al 5% | Come concordato | 0,25% | Nessuna |
| Sterling E (Acc.) (hedged) | GBP | fino al 5% | Come concordato | 0,25% | Nessuna |
| Sterling E (Inc.) (hedged) | GBP | fino al 5% | Come concordato | 0,25% | Nessuna |
| CHF E (Acc.) (hedged) | CHF | fino al 5% | Come concordato | 0,25% | Nessuna |
| CHF E (Inc.) (hedged) | CHF | fino al 5% | Come concordato | 0,25% | Nessuna |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Inc.) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Inc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Acc.) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Inc.) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Acc.) (hedged) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Inc.) (hedged) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | Nessuna | Nessuna | Nessuna |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire un reddito con il potenziale per una crescita del capitale a lungo termine.

##### Politiche di investimento
Il Comparto è un fondo multi-attività globale incentrato sul reddito che persegue la realizzazione del suo obiettivo tramite un'allocazione attiva e flessibile delle attività.
Il Comparto può investire in azioni e titoli correlati ad azioni (azioni comuni e privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR), valori mobiliari convertibili in o scambiabili con tali azioni, warrant e diritti di acquisto di azioni), ed SFD correlati ad azioni come indicato nella sezione intitolata "Utilizzo di SFD" di seguito.
Il Comparto può inoltre investire in titoli di debito e correlati al debito (obbligazioni non garantite (debenture), depositi, effetti, tra cui effetti societari, titoli sovrani, a tasso variabile e fisso con un termine minimo di una anno o più, titoli garantiti da attività (ABS), titoli garantiti da
ipoteca (MBS) e obbligazioni a tasso fisso o variabile emessi o garantiti da qualunque governo sovrano o da agenzie governative, autorità locali, organismi sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali (qui di seguito, "Titoli di debito e correlati al debito"), e in SFD di debito elencati nella sezione intitolata "Utilizzo di SFD" di seguito.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
I titoli di debito e correlati al debito detenuti dal Comparto possono essere di qualità investment grade, inferiori all'investment grade o senza rating. In base alla valutazione assegnata da un'Agenzia di rating riconosciuta, il Gestore degli Investimenti considera i titoli con rating di credito inferiore a BBB- alla data dell'acquisto di qualità inferiore all'investment grade. Il Comparto può investire oltre il 30% del proprio Valore Patrimoniale Netto in Titoli di debito e correlati al debito inferiori a investment grade.
Il Comparto può investire oltre il 10% e fino al 35% del Valore Patrimoniale Netto in Titoli di debito e correlati al debito emessi e/o garantiti da un singolo emittente
sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia BB- o inferiore) attribuito da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Il Comparto può anche investire in materie prime, proprietà immobiliari e infrastrutture tramite organismi di investimento collettivo ("OIC"), titoli quotati o negoziati su Mercati Idonei, come ad esempio i fondi di investimento immobiliare ("REIT") quotati in borsa e gli ETF. Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC, inclusi fondi del mercato monetario.
Il Comparto può investire su base globale. Il Comparto può investire oltre il 40% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti, compresa la Russia. Tuttavia, non sarà investito più del 20% del Valore Patrimoniale Netto del Comparto in titoli quotati o negoziati in Russia. Il Comparto può solamente investire in titoli russi negoziati sulla Borsa di Mosca.
Il Comparto può inoltre detenere alti livelli (ossia fino al 100% del suo Valore Patrimoniale Netto) di liquidità, strumenti del mercato monetario quali carte commerciali e titoli di Stato a tasso fisso o variabile, nonché mezzi equivalenti quali certificati di deposito e strumenti di debito a breve scadenza in determinate circostanze per la gestione dei flussi di cassa. Queste comprendono casi in cui il Gestore degli Investimenti crede che i mercati sono sopravvalutati, casi in cui le condizioni di mercato possono richiedere una strategia d'investimento difensiva (ad es. crollo dei mercati o grave crisi), la detenzione di liquidità in deposito in attesa di reinvestimento o la soddisfazione delle richieste di rimborso e il pagamento delle spese o la fornitura di garanzia a supporto dell'esposizione SFD.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto in titoli e SFD saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.

##### Benchmark
per il 60% da MSCI AC World NR Index, e per il 40% da ICE Bank of America Merrill Lynch Global Broad Market TR Index (con copertura in Euro) (il "Benchmark Composito").
L'indice MSCI AC World cattura la rappresentazione di società a grande e media capitalizzazione in 23 Paesi di mercati sviluppati e 24 Paesi di mercati emergenti. Con oltre 2.000 componenti, l'indice copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. L'indice adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità di investimento pertinenti con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. L'indice viene riesaminato con cadenza trimestrale, a febbraio, maggio, agosto e novembre, al fine di riflettere tempestivamente i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
L'ICE Bank of America Merrill Lynch Global Broad Market Index segue la performance dei titoli di debito investment grade emessi al pubblico sui principali mercati nazionali e sui mercati degli Eurobond, che comprendono titoli sovrani, parastatali, societari, cartolarizzati e garantiti.
Il Comparto misurerà la sua generazione di reddito rispetto al Benchmark Composito.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark Composito in funzione dell'obiettivo e della politica di investimento. Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark Composito, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark Composito. La strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark Composito.

##### Strategia di investimento
Il Comparto è un portafoglio globale multi-attività incentrato sul reddito. In quanto tale, si investirà una proporzione significativa delle attività del Comparto in titoli di reddito. Le allocazioni saranno fatte a discrezione del Gestore degli Investimenti tra le classe di attività descritte sopra. Sebbene l'obiettivo del Comparto è incentrato sul reddito, non vi sono concentrazioni geografiche, industriali o settoriali riguardo alle classi di attività in cui si assume un'esposizione. Il Comparto ha pertanto la facoltà di investire il 100% in azioni e strumenti correlati ad azioni, il 100% in Titoli di debito e correlati al debito o in qualsiasi combinazione di tutte le classi di attività descritte sopra nella sezione "Politiche di Investimento". L'allocazione delle attività del Comparto può variare a seconda della visione del Gestore degli Investimenti rispetto a condizioni di mercato ed economiche fondamentali e ai trend degli investimenti nel mondo, prendendo i considerazione fattori quali la liquidità, i costi, le tempistiche di esecuzione, la relativa attrattività di singoli titoli e gli emittenti disponibili nel mercato.
Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento
| Tipo di indici | Nome degli indici |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Exchange SPX Volatility Index |

di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il processo di investimento del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo, fornendo contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di attività che di titoli. L'analisi fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare una lista di potenziali investimenti per il Comparto. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, tra cui le esposizioni delle classi di attività, le dimensioni di ciascuna posizione dei titoli e le
caratteristiche di rischio e di reddito dell'investimento dei
titoli stessi.

#### Utilizzo di SFD
| Opzioni | Opzioni su valute (comprese le Opzioni FX) Opzioni su future su titoli di Stato Opzioni su obbligazioni Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni su future su azioni Opzioni sugli indici di volatilità Swaption |
| --- | --- |
| Futures | Future su Valute e Opzioni su Future su Valuta Future su azioni o future su Indici Azionari Future su titoli di Stato Future su indici di volatilità |
| Swap | Swap di rendimento totale Swap su Azioni, Swap su Indici/Settori Azionari Credit Default Swap Swap sui tassi d'interesse |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Titoli strutturati |
| Altri strumenti | Certificati di Partecipazione (compresi LEPO e LEPW) Contratti Differenziali (CFD) |

Il Comparto può investire nei seguenti SFD negoziati in borsa e over-the-counter (OTC) a fini di investimento:
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Emissione di Azioni
L'offerta iniziale (il "Periodo di offerta iniziale") per tutte le classi di Azioni lanciate del Comparto è chiusa. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 aprile 2021 o alla data,
precedente o successiva, alla quale verranno emesse le prime Azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni di ciascuna delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD, 1 AUD, 1
SGD, 10 HKD o 10 CNH a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 750% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto."

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio (EPM), alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale ("TRS") come descritto nella sezione "Utilizzo di SFD" ed effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito titoli e contratti di riacquisto e contratti di riacquisto inverso, come descritto nella sezione "Gestione Efficiente del Portafoglio" del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, il Gestore degli Investimenti non prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS, e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT del Comparto. I tipi di attività soggetti a TRS o SFT saranno di tipo coerente con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale idoneo e la procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso "(hedged)". Si rimanda alla sezione intitolata "Copertura della classe di Azioni" nel Prospetto per ulteriori informazioni sul funzionamento e sull'impatto delle classi di azioni hedged.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni
e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 60.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 5 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient U.S. High Yield Beta Fund

### SUPPLEMENTO 39 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | 5.000 | 5% | 0,30% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| USD G (Inc.) | USD | 5.000 | 5% | 0,30% | 0% |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “K” e Azioni “K (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD K (Acc.) | USD | Come concordato | 5% | 0,30% | 0% |
| Euro K (Acc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,10% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,10% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |
| CAD E (Acc.) (hedged) | CAD | Come concordato | 5% | 0,10% | 0% |
| CAD E (Inc.) (hedged) | CAD | Come concordato | 5% | 0,10% | 0% |

| Azioni “L” Azioni “L (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD L (Acc.) | USD | Come concordato | 5% | 0,16% | 0% |
| USD L (Inc.) | USD | Come concordato | 5% | 0,16% | 0% |
| Euro L (Acc.) (hedged) | EUR | Come concordato | 5% | 0,16% | 0% |
| Euro L (Inc.) (hedged) | EUR | Come concordato | 5% | 0,16% | 0% |
| Sterling L (Inc.) (hedged) | GBP | Come concordato | 5% | 0,16% | 0% |
| Sterling L (Acc.) (hedged) | GBP | Come concordato | 5% | 0,16% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire prestazioni e livelli di volatilità simili al benchmark descritto di seguito sul medio e lungo termine al lordo di spese e commissioni.

##### Politiche di investimento
Il Comparto mira a raggiungere il proprio obiettivo di investimento acquisendo un'esposizione diversificata a titoli con credito e caratteristiche di scadenza simili a quelli dell'indice Bloomberg Barclays U.S. Corporate High Yield Bond TR (il "Benchmark") investendo in obbligazioni,
buoni del Tesoro, obbligazioni non garantite (debenture), certificati di deposito, carte commerciali, depositi a termine e collocamenti privati (ossia obbligazioni Reg S e 144A (da qui in avanti "Titoli di debito e correlati al debito") e in SFD. Le rimanenti attività possono essere investite in liquidità e attività equiparabili a liquidità, come descritto più dettagliatamente nel paragrafo "Gestione Liquidità e Collaterale" che segue.
Il Comparto investirà in Titoli di debito e correlati al debito a tasso fisso o variabile ed emessi o garantiti da qualunque società o altro emittente commerciale incluso nel Benchmark. Il Gestore degli Investimenti prevede di investire principalmente in Titoli di debito e correlati al debito emessi da emittenti con sede legale negli Stati
Uniti o che esercitano la propria attività economica prevalente negli Stati Uniti ("Emittenti statunitensi"). Il Comparto può tuttavia investire anche in Titoli di debito e correlati al debito di emittenti non statunitensi. Tali emittenti sono inclusi nel Benchmark. I Titoli di debito e correlati al debito in cui il Comparto investe devono essere principalmente titoli con rating inferiore all'investment grade attribuito da un'Agenzia di rating riconosciuta al momento dell'acquisto.
Il Comparto può avere un'esposizione nella misura massima del 10% del suo Valore Patrimoniale Netto a titoli convertibili contingenti ("CoCo"). Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite indici di Credit Default Swap ("CDS"), come descritto nella sezione relativa agli Indici finanziari di seguito, e organismi di investimento collettivo ("OIC").
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in OIC, compresi fondi negoziati in borsa aperti ("ETF") e fondi del mercato monetario.
Il Comparto può investire complessivamente fino al 10% del Valore Patrimoniale Netto in valori mobiliari compresi, a titolo esemplificativo e non esaustivo, strumenti del mercato monetario e titoli di debito e correlati al debito non ammessi o trattati su un Mercato Idoneo, in conformità ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in titoli non quotati e OIC di tipo aperto, il Comparto investirà in attività, che comprendono gli SFD, quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto può detenere anche liquidità o attività equiparabili a liquidità in determinate circostanze. Queste comprendono condizioni di mercato che possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso, la facilitazione del pagamento delle spese e la fornitura di garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità includono Titoli di debito e correlati al debito e strumenti, obbligazioni, buoni del Tesoro, certificati di deposito, obbligazioni a tasso variabile e carte commerciali, che possono essere a tasso fisso o variabile e sono emesse o garantite da un qualsiasi governo sovrano o dalle relative agenzie, autorità locali, enti sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali e possono avere scadenza superiore a 1 anno. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays U.S. Corporate High Yield TR Index (il "Benchmark")
Il Benchmark rappresenta l'ampio mercato delle obbligazioni societarie denominate in USD, a tasso fisso e ad alto rendimento. Il Comparto fornirà principalmente
esposizione agli emittenti statunitensi che compongono il Benchmark e investirà direttamente sulle componenti del Benchmark e indirettamente attraverso SFD.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore degli Investimenti ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e, di conseguenza, il Comparto sarà simile per quanto riguarda esposizione valutaria e settoriale, nonché scadenze e profilo della qualità del credito.
La strategia di investimento limita la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la loro possibilità di sovraperformare rispetto al Benchmark. La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo termine.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio top-down sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Nel processo di costruzione del portfolio vengono selezionati Titoli di debito e correlati al debito in base alle caratteristiche di rendimento/spread, rischio, settore e qualità delle componenti del Benchmark; i Titoli di debito e correlati al debito vengono inoltre selezionati in modo che vi sia la più alta corrispondenza possibile tra i parametri complessivi di rendimento/spread, rischio, settore e qualità delle holding e beta del Comparto e quelli del Benchmark.
Il processo di selezione dei titoli viene perfezionato dall'applicazione del modello di credito del Gestore degli Investimenti. Questo modello di credito assegna un punteggio e classifica l'universo degli investimenti in base alle informazioni ottenute dai mercati finanziari e dai bilanci aziendali per individuare il valore appropriato a cui un Titolo di debito o correlato al debito dovrebbe essere negoziato e comprende indicatori fondamentali come qualità degli utili (margine lordo e redditività) e revisioni degli utili. Il Gestore degli Investimenti integra le informazioni del modello di credito nel processo di selezione delle attività e nel monitoraggio costante dell'universo degli investimenti. Il modello aiuta così il Gestore degli Investimenti a identificare i Titoli di debito e correlati al debito con più alta probabilità di declassamento, inadempienza o performance inferiore rispetto al Benchmark. Il Gestore degli Investimenti si assicura quindi che l'esposizione del Comparto a questi
Titoli di debito e correlati al debito sia pari o inferiore alla
ponderazione di tali Titoli di debito e correlati al debito nel Benchmark.
Il Gestore degli Investimenti cercherà di adottare strategie di rotazione efficiente per gestire il portafoglio in modo conveniente, ad esempio, il Gestore degli
Investimenti può detenere obbligazioni che non sono più incluse nel Benchmark, la cui vendita comporterebbe inutili costi di negoziazione. Il Gestore degli Investimenti mira a fornire un rendimento che rifletta il Benchmark sul medio e lungo termine, ma non mira a seguire quotidianamente il Benchmark. Questo significa che il Gestore degli Investimenti non focalizza la sua attenzione sull'errore di allineamento del Comparto rispetto al Benchmark e non intraprende azioni per ridurre al minimo l'errore di allineamento. Piuttosto, mediante la combinazione di strategie che mirano a correggere le inefficienze del Benchmark, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l'obiettivo di investimento di questo Comparto, il Gestore degli Investimenti ha discrezionalità limitata nella decisione di discostarsi dalle caratteristiche e dalle esposizioni del Benchmark. Tale discrezionalità consente al Gestore degli Investimenti, ad esempio, di investire in titoli non inclusi nel Benchmark laddove tali titoli ne soddisfino i requisiti e si preveda di includerli nel Benchmark in futuro, e di continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Benchmark non tiene conto dei fattori ESG o dei rischi di sostenibilità. Di conseguenza, il Gestore degli Investimenti non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un "Evento ESG”)) nelle sue decisioni di
investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (CDS) |
| Titoli con SFD integrati/Leva finanziaria | Titoli convertibili contingenti (CoCo) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un’esposizione ai mercati di titoli a reddito fisso statunitensi in modo più economico o efficiente rispetto all’acquisto dei titoli fisici. | IHS Markit CDX North American High Yield |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire questi indici, esso non sarà direttamente influenzato dal ribilanciamento degli indici, da costi associati o da qualsivoglia ponderazione dei titoli che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici sono riportati nella “Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento” del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione
efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del
Comparto. Tuttavia, non si prevede che l’esposizione del
Comparto alle SFT superi il 15% del Valore Patrimoniale
Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD, a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Emerging Markets Debt Total Return Fund

### SUPPLEMENTO 40 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- L'investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- In circostanze eccezionali, il Comparto investirà fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi diinvestimento, inclusa la possibile perdita del capitale.


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli
Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,45% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,45% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende realizzare un rendimento complessivo superiore al benchmark come descritto in dettaglio di seguito.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento investendo prevalentemente (ossia almeno i tre quarti del Valore Patrimoniale Netto del Comparto) in titoli di debito e correlati al debito a tasso fisso e variabile emessi da governi sovrani, enti governativi, organizzazioni sovranazionali, agenzie, enti pubblici internazionali, istituzioni finanziarie, autorità locali e società, economicamente vincolati o collegati a paesi emergenti.
I titoli di debito e correlati al debito in cui il Comparto può investire comprendono obbligazioni non garantite (debenture), obbligazioni di debito, bond (quali obbligazioni a cedola zero, obbligazioni di agenzia, obbligazioni comunali, obbligazioni garantite, obbligazioni puttable, obbligazioni callable, tender option bond, obbligazioni toggle, obbligazioni step-up, obbligazioni con pagamento in natura, Eurobond, obbligazioni bullet e buoni del Tesoro), obbligazioni collegate al PIL, strumenti del mercato monetario (quali buoni del Tesoro locali, certificati di deposito, carte commerciali e depositi a termine), note (quali note a tasso variabile, note a vista a tasso variabile e certificati di partecipazione a prestiti), collocamenti privati (quali obbligazioni Reg S e 144A), strumenti di debito ibridi (quali obbligazioni perpetue, obbligazioni differibili, per esempio obbligazioni cumulative e non cumulative e azioni fiduciarie privilegiate), interessi differiti, obbligazioni convertibili e titoli convertibili contingenti ("CoCo") qui di seguito, "titoli
di debito e correlati al debito". Questi titoli di debito e correlati al debito possono essere denominati in valute forti o locali.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto investe in certificati a interesse residuo emessi da Tender Option Bond Trust se questi permettono di ottenere un'esposizione più conveniente a obbligazioni comunali rispetto all'investimento diretto in dette obbligazioni comunali.
Il Comparto investirà direttamente in titoli di debito e correlati al debito o indirettamente attraverso SFD (come definito nella sezione intitolata "Uso di SFD" di seguito).
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto complessivo in organismi di investimento collettivo ("OIC") compresi i fondi del mercato monetario, quali gli OICVM irlandesi gestiti da Insight Investment Funds Management Limited e di cui il Gestore degli Investimenti è consulente.
Il Gestore degli Investimenti può investire sia in titoli investment grade (ossia con un rating BBB- o superiore) sia in titoli con rating inferiore a investment grade (ossia BB+ o inferiore), secondo la classificazione di un'Agenzia di rating riconosciuta, e non sarà soggetto a restrizioni relative alla qualità del credito o alla scadenza nell'assunzione delle decisioni di investimento. Pertanto agli investimenti del Comparto non sarà applicato nessun rating di credito minimo, che potrebbe essere valutato con un rating inferiore all'investment grade.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) inferiore all'investment grade come da definizione che precede.
Esempi di emittenti sovrani sono il Brasile, l'Indonesia e la Turchia. Tali investimenti si basano (i) sul riferimento a un particolare benchmark (vedere la sezione "Benchmark" di seguito) e/o (ii) sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, possibili aggiornamenti di rating e cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti emittenti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Ad eccezione degli investimenti consentiti in titoli non quotati e OIC di tipo aperto, gli investimenti del Comparto in titoli di debito e correlati al debito e in SFD saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Il Comparto può investire fino al 15% del suo Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere temporaneamente livelli elevati di liquidità o equiparabili a liquidità (ossia fino al 100% del Valore Patrimoniale Netto) in certe circostanze per la gestione dei flussi di cassa. Queste comprendono condizioni di mercato che possono richiedere una strategia d'investimento difensiva (ad es. crollo dei mercati o grave crisi), la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso, la facilitazione del pagamento delle spese e la fornitura di garanzia a supporto dell'esposizione SFD.
Gli attivi equiparabili a liquidità possono includere titoli di debito e correlati al debito a tasso fisso e variabile emessi da governi sovrani, enti governativi, organizzazioni sovranazionali, agenzie, enti pubblici internazionali, istituzioni finanziarie, autorità locali e società economicamente vincolati o collegati a paesi emergenti con scadenze superiori a 1 anno. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Per 1/3 da JP Morgan Government Bond Index – Emerging Markets Global Diversified TR Index, per 1/3 da JP
Morgan Emerging Markets Bond Index Global Diversified TR Index, e per 1/3 da JP Morgan Corporate Emerging Markets Bond Index Broad Diversified TR Index (il "Benchmark Composito").
L'indice JPM GBI-EM Global Diversified fornisce una misura completa del debito pubblico, a tasso fisso, denominato in valuta locale, emesso nei mercati emergenti. L'indice include titoli di Stato liquidi, a tasso fisso e scadenza fissa, con una durata residua di almeno tredici mesi.
L'indice JPM EMBI Global Diversified è un benchmark completo del debito dei mercati emergenti in dollari statunitensi. Nell'indice sono idonee le obbligazioni Brady denominate in dollari statunitensi e gli Eurobond emessi da entità sovrane e quasi sovrane dei Mercati Emergenti.
L'indice JPM CEMBI Broad Diversified è un benchmark liquido globale delle società dei mercati emergenti che include obbligazioni denominate in dollari statunitensi emesse da entità societarie dei Mercati Emergenti.
Il Comparto misurerà la sua performance rispetto al Benchmark Composito.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark Composito in funzione dell'obiettivo e della politica di investimento. Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark Composito, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark Composito. La strategia di investimento non limita la facoltà del Gestore degli Investimenti di discostarsi dal Benchmark Composito.

##### Strategia di investimento
La strategia di investimento del Comparto si basa sull'individuazione e sull'investimento in profili di crescita a lungo termine e sul miglioramento del credito offerto
dai paesi emergenti che hanno avviato con successo processi di riforme strutturali e di miglioramento economico. La differenza nell'efficacia di tali politiche può offrire un'ampia gamma di opportunità di investimento che il Gestore degli Investimenti cercherà di valutare e sulle quali esprimerà opinioni di investimento attraverso l'investimento in Titoli di debito e correlati al debito, OIC e SFD elencati nella sezione "Utilizzo di SFD" di seguito.
Il Gestore degli Investimenti opera una ricerca fondamentale macro di paese per ciascun paese dell'universo dei mercati emergenti utilizzando una combinazione di meccanismi quantitativi e qualitativi al fine di formulare un giudizio sul miglioramento o deterioramento del credito in atto. Il Gestore degli Investimenti individua quindi quantitativamente un premio di rischio (ossia rendimenti superiori al tasso di rendimento privo di rischio) (o premio sui tassi di interesse) tra i mercati obbligazionari, dei tassi di interesse e valutari di ciascuno di questi paesi e decide se, secondo loro, tale premio compensa sufficientemente l'investitore per i rischi individuati. Una volta completata questa analisi, il Gestore degli Investimenti può decidere quale percentuale del patrimonio del Comparto investire in titoli di debito e correlati al debito, OIC e SFD.
La strategia di investimento mira, in particolare, a generare un alfa, che è una misura di performance (ossia qualunque sovrarendimento del Comparto in relazione al rendimento del benchmark composito) attraverso:
- Allocazione di paesi: distinguendo tra i paesi che stanno seguendo un percorso di miglioramento o di deterioramento del credito;
- Selezione dei titoli: selezionando i titoli con le migliori condizioni in termini di rischio/ricompensa fornite dal mercato locale, come stabilito mediante la procedura sopra descritta;
- Analisi legale e del credito di obbligazioni societarie di mercati emergenti;
- Gestione della liquidità: misurando la liquidità di un titolo per gli investimenti in portafoglio e determinando la sua adeguatezza in considerazione delle esigenze di liquidità del Comparto;
- Allocazione di attività: misurando le migliori opportunità di rendimento tra titoli di debito e correlati al debito, OIC e SFD all'interno di mercati emergenti. Nel corso delle varie fasi del ciclo di investimento, i titoli di debito e correlati al debito, gli OIC e gli SFD possono offrire diversi livelli di valore e di prospettive di rendimento. Utilizzando i meccanismi quantitativi e qualitativi precedentemente delineati, il Gestore degli Investimenti aumenterà l'allocazione su quelle categorie di attività che a suo parere offrono opportunità più attraenti in considerazione delle condizioni di mercato attese.

Secondo la nostra filosofia di investimento, esistono le opportunità per il conseguimento dell'alfa grazie alle caratteristiche mostrate dalla classe di attività nel tempo:
- vi è un'ampia gamma in termini di dimensione e complessità dei mercati emergenti, come ampio è il grado di successo (o insuccesso) nel migliorare la loro traiettoria del credito;
- le fondamentali differenze geografiche e strutturali tra i mercati emergenti, quali i livelli dell'attività economica e l'indebitamento complessivo, forniscono opportunità di diversificazione;
- i mercati dei capitali si stanno radicando sempre di più man mano che evolvono nuovi mercati e che nuovi paesi emettono debito e/o abbandonano la classe di attività per passare a economie di mercato sviluppate;i mercati obbligazionari, dei tassi di interesse e valutari mostrano caratteristiche cicliche che si prestano a concrete opportunità di allocazione di attività.


##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di
investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato |
| --- | --- |
| Opzioni | Opzioni su azioni (indice, settore, ETF, paniere personalizzato) Opzioni su valute Opzioni su futures su tassi di interesse Opzioni su obbligazioni |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Credit Default Swap ("CDS") (titoli singoli e indice) Swap su tassi d'interesse Swap su valute Swap di rendimento totale (titoli singoli, indice, paniere personalizzato - in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche) |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Obbligazioni callable e puttable |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di
investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX Emerging Markets |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx GEMX |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 15% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 15% con riferimento al TRS e il 25% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 CAD, 1 AUD, 1 SGD o 10
CNH a seconda della valuta della relativa classe (più le eventuali spese di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Multi-Asset High Income Fund

### SUPPLEMENTO 41 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Il presente Supplemento contiene informazioni specifiche relative al BNY Mellon Multi-Asset High Income Fund (il
“Comparto”), un comparto di BNY Mellon Global Funds, plc (la “Società”), società di investimento di tipo aperto multicomparto costituita come OICVM ai sensi dei
Regolamenti OICVM. Esiste una separazione patrimoniale tra i Comparti della Società.
Questo Comparto è stato chiuso mediante rimborso obbligatorio in virtù del quale tutte le Azioni in circolazione del Comparto al 28 agosto 2018 sono state riscattate forzosamente. Le azioni del Comparto non sono più disponibili per investimenti. La Società intende chiedere alla Banca Centrale la revoca dell'autorizzazione al Comparto dopo la redazione del bilancio certificato per l'anno chiuso il 31 dicembre 2018. La Società chiederà l'autorizzazione della Banca Centrale per eliminare il Comparto dal presente Prospetto una volta autorizzata tale revoca.
Il presente Supplemento costituisce parte integrante delle, e pertanto deve essere letto congiuntamente alle, descrizioni generali relative a:
- le classi di Azioni
- le Limitazioni agli Investimenti e ai Prestiti
- la Politica di Distribuzione
- il Metodo di Calcolo del Valore Patrimoniale Netto
- la Società, la sua Gestione e Amministrazione
- le Commissioni e Spese della Società
- i suoi Fattori di Rischio
- il Regime Fiscale della Società e dei suoi Azionisti
- il tutto contenuto nel Prospetto datato 3 maggio 2022 della Società, consegnato congiuntamente al presente Supplemento. Nel caso in cui non si dovesse ricevere il Prospetto si prega di contattare l'Amministratore.
- Gli Amministratori, i nomi dei quali appaiono nel Prospetto sotto il paragrafo "Gestione e Amministrazione della Società", rispondono per le informazioni contenute nel presente Supplemento e nel Prospetto. Gli Amministratori della Società hanno usato la massima diligenza per garantire che le informazioni in esso contenute siano conformi alla realtà e non hanno omesso nulla che possa influire sulla portata di tali informazioni, assumendosene pertanto le relative responsabilità.
- Il Comparto può utilizzare strumenti finanziari derivati ("SFD") a fini di copertura e di gestione efficiente del portafoglio. Non si farà un utilizzo esteso di SFD a scopi di investimento. In relazione all'effetto leva derivante dall'investimento in SFD, consultare la sezione "Limitazioni agli Investimenti e ai Prestiti - Esposizione e Leva Finanziaria Globale" di seguito. Fare riferimento anche a "Rischi degli strumenti derivati" al capitolo "Fattori di Rischio" del presente Prospetto.
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Il Gestore ha nominato la BNY Mellon Asset Management North America Corporation (il "Gestore degli Investimenti") per gestire gli investimenti e i reinvestimenti del patrimonio del Comparto.
Una descrizione relativa al Gestore degli Investimenti si può trovare nel capitolo "Gestione e Amministrazione della Società" nel Prospetto.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 17.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine..

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di
investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD A (Acc.) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| USD A (Inc.) | USD | fino al 5% | USD 5.000 | 1,50% | Nessuna |
| Euro A (Acc.) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| Euro A (Inc.) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| Sterling A (Inc.) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |
| HKD A (Acc.) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| HKD A (Inc.) | HKD | fino al 5% | HKD 50.000 | 1,50% | Nessuna |
| AUD A (Acc.) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| AUD A (Inc.) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| CAD A (Acc.) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CAD A (Inc.) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CNH A (Acc.) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| CNH A (Inc.) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| SGD A (Acc.) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| SGD A (Inc.) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| Euro H (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| Euro H (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000 | 1,50% | Nessuna |
| Sterling H (Inc.) (hedged) | GBP | fino al 5% | GBP 5.000 | 1,50% | Nessuna |
| AUD H (Acc.) (hedged) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| AUD H (Inc.) (hedged) | AUD | fino al 5% | AUD 5.000 | 1,50% | Nessuna |
| CAD H (Acc.) (hedged) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CAD H (Inc.) (hedged) | CAD | fino al 5% | CAD 5.000 | 1,50% | Nessuna |
| CNH H (Acc.) (hedged) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| CNH H (Inc.) (hedged) | CNH | fino al 5% | 50.000 CNH | 1,50% | Nessuna |
| SGD H (Acc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |
| SGD H (Inc.) (hedged) | SGD | fino al 5% | SGD 5.000 | 1,50% | Nessuna |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD C (Acc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| USD C (Inc.) | USD | fino al 5% | USD 5.000.000 | 1,00% | Nessuna |
| Euro C (Acc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro C (Inc.) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro I (Acc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |
| Euro I (Inc.) (hedged) | EUR | fino al 5% | EUR 5.000.000 | 1,00% | Nessuna |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD W (Acc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| USD W (Inc.) | USD | fino al 5% | USD 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |

| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| HKD W (Inc.) | HKD | fino al 5% | HKD 150.000.000 | 0,75% | Nessuna |
| AUD W (Inc.) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CNH W (Inc.) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |
| SGD W (Inc.) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |
| Euro W (Inc.) (hedged) | EUR | fino al 5% | EUR 15.000.000 | 0,75% | Nessuna |
| Sterling W (Inc.) (hedged) | GBP | fino al 5% | GBP 15.000.000 | 0,75% | Nessuna |
| AUD W (Inc.) (hedged) | AUD | fino al 5% | AUD 15.000.000 | 0,75% | Nessuna |
| CAD W (Inc.) (hedged) | CAD | fino al 5% | CAD 15.000.000 | 0,75% | Nessuna |
| CNH W (Inc.) (hedged) | CNH | fino al 5% | 150.000.000 CNH | 0,75% | Nessuna |
| SGD W (Inc.) (hedged) | SGD | fino al 5% | SGD 15.000.000 | 0,75% | Nessuna |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | fino al 5% | Come concordato | 0,50% | Nessuna |
| USD E (Inc.) | USD | fino al 5% | Come concordato | 0,50 % | Nessuna |
| Euro E (Inc.) | EUR | fino al 5% | Come concordato | 0,50 % | Nessuna |
| HKD E (Inc.) | HKD | fino al 5% | Come concordato | 0,50 % | Nessuna |
| CNH E (Inc.) | CNH | fino al 5% | Come concordato | 0,50 % | Nessuna |
| SGD E (Inc.) | SGD | fino al 5% | Come concordato | 0,50 % | Nessuna |
| Euro E (Inc.) (hedged) | EUR | fino al 5% | Come concordato | 0,50 % | Nessuna |
| CNH E (Inc.) (hedged) | CNH | fino al 5% | Come concordato | 0,50% | Nessuna |
| SGD E (Inc.) (hedged) | SGD | fino al 5% | Come concordato | 0,50 % | Nessuna |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Commissioni di vendita iniziale | Investimento iniziale minimo | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| USD X (Inc.) | USD | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Acc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |
| Euro X (Inc.) (hedged) | EUR | Nessuna | Nessuna | Nessuna | Nessuna |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire un reddito e una crescita del capitale nel lungo termine.

##### Politiche di investimento
Il Comparto è un fondo multi-asset globale che persegue la realizzazione del suo obiettivo tramite un'allocazione delle attività e una selezione dei titoli. Il Comparto può investire in azioni e in titoli correlati ad azioni, in titoli di debito e correlati al debito con rating inferiore a investment grade, come indicato di seguito. Le azioni e i titoli connessi ad azioni sono: azioni comuni e azioni privilegiate, società in accomandita semplice principale ("MLP") quotate, certificati di deposito americani e certificati di deposito globali, titoli convertibili in o sostituibili con tali azioni quali opzioni su azioni, nonché diritti di acquisto sulle azioni. I titoli di debito e correlati al debito sono: buoni del Tesoro, obbligazioni on garantite
(debenture), obbligazioni convertibili e obbligazioni convertibili contingenti, titoli garantiti da attività (ABS) e titoli garantiti da ipoteca (MBS), titoli a tasso variabile le cui caratteristiche sottostanti siano di natura standardizzata, obbligazioni indicizzate all'inflazione, e strumenti del mercato monetario (tra cui accettazioni bancarie, carte commerciali, depositi a termine e certificati di deposito), che possono essere a tasso fisso o variabile e sono emesse o garantite da un qualsiasi governo sovrano o dalle relative agenzie, autorità locali, enti sovranazionali o internazionali pubblici, banche, società o altri emittenti commerciali, in questa sede "Titoli di debito e correlati al debito".
Le MLP sono società costituite negli Stati Uniti e pubblicamente quotate e negoziate sui mercati regolamentati. L'attività di una MLP è la proprietà di una società a responsabilità limitata o società in accomandita nota come entità operativa che, a sua volta, possiede filiali controllate e attività operative. Il Comparto investirà nelle MLP secondo il metodo del patrimonio netto, ossia diventando un socio accomandante della MLP. Gli accordi
di partnership delle MLP determinano in che modo verrà effettuata la distribuzione di liquidità nei confronti dei soci generici e dei soci accomandanti. Le eventuali distribuzioni effettuate dalle MLP saranno accumulate nel NAV del Comparto. Le MLP sono considerate come partnership ai fini delle imposte sul reddito federali statunitensi e non versano tasse a livello societario.
Inoltre, il Comparto può investire in SFD (come indicato di seguito nella sezione "Uso di strumenti finanziari derivati") e fino al 10% delle sue attività nette in organismi di investimento collettivo (compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario). Oltre alle proprietà immobiliari, alle materie prime e ai mercati valutari, saranno utilizzati organismi di investimento collettivo al fine di ottenere un'esposizione ai mercati e agli strumenti che sono in linea con gli obiettivi e le politiche del comparto e che soddisfano i criteri definiti nella guida della Banca Centrale.
Il Comparto può a volte investire più del 30% del suo patrimonio netto in titoli di qualità inferiore all'investment grade, con un rating (BBB-) o suo equivalente assegnato da un'agenzia di rating riconosciuta quale Standard & Poor's, Moody's Investor Services, Fitch Ratings o un'agenzia di rating equivalente riconosciuta e in titoli non valutati.
Il Comparto non investirà più del 10% del suo Valore Patrimoniale Netto in azioni emesse e/o garantite da un singolo emittente sovrano con un rating di credito inferiore all'investment grade. A scanso di equivoci, un singolo emittente sovrano comprende il suo governo, un'autorità pubblica o locale.
Il Comparto può inoltre investire indirettamente in proprietà immobiliari, materie prime e infrastrutture. Tuttavia, non si prevede che tale esposizione ecceda il 20% delle attività nette del Comparto, in relazione alle proprietà immobiliari; il 20% delle attività nette del Comparto, in relazione alle materie prime; il 20% delle attività nette del Comparto, in relazione alle infrastrutture; e non si prevede che l'insieme di tali esposizioni ecceda il 50% delle attività nette del Comparto. L'esposizione a proprietà immobiliari verrà acquisita tramite l'esposizione a titoli azionari di società la cui attività principale consiste nel possesso, nell'amministrazione e/o nello sviluppo di proprietà immobiliari, in organismi di investimento collettivi, tra cui i fondi di investimento immobiliare quotati in borsa ("REITS") e future, swap e opzioni sui REIT e su altri indici finanziari correlati a proprietà immobiliari precedentemente autorizzati dalla Banca Centrale. Il Comparto può investire nei REIT di tipo chiuso o di tipo aperto. Tutti gli investimenti in REIT di tipo chiuso saranno limitati ai REIT considerati dal Gestore degli Investimenti come relativamente liquidi per natura, sia perché quotati su un Mercato Idoneo sia per l'esistenza di un mercato secondario di quote per tali REIT, e tale investimento costituirà un investimento in un valore mobiliare conformemente ai requisiti della Banca Centrale. L'esposizione a materie prime e infrastrutture verrà acquisita tramite swap a rendimento totale sugli indici finanziari correlati a materie prime o infrastrutture, tramite gli ETF e altri organismi di investimento collettivo in conformità ai requisiti dei Regolamenti OICVM e della Banca Centrale.
Il Comparto può investire su base globale e non vi sono concentrazioni geografiche, industriali o settoriali riguardo alle azioni o altre categorie di attività in cui si può assumere un'esposizione e può investire oltre il 30%
del suo patrimonio netto in paesi dei mercati emergenti tra cui la Russia, la Cina e l'India. Tuttavia, non sarà investito più del 20% del patrimonio netto del Comparto in titoli quotati o negoziati in Russia. Il Comparto può solamente investire in titoli russi negoziati sulla Borsa di Mosca. Prima di acquisire un'esposizione diretta in India, il Gestore degli Investimenti deve aggiornare il Supplemento per fornire informazioni sulle licenze locali pertinenti e sugli accordi di subcustodia e deve assicurarsi che questi siano in essere. Ad eccezione degli investimenti consentiti in titoli non quotati e schemi di investimento collettivo di tipo aperto, gli investimenti del Comparto in titoli (SFD compresi) che saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto. Il Comparto può inoltre investire in SFD over- the-counter (OTC).
Il Comparto può investire complessivamente fino al 10% del suo patrimonio netto in valori mobiliari o strumenti del mercato monetario non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM, compresi, senza alcuna limitazione, titoli azionari e Titoli di debito e correlati al debito non quotati.
Nonostante la Valuta di Base sia l'USD, il Comparto può investire in attività non denominate in USD che potrebbero non essere necessariamente coperte rispetto all'USD. Non sarà investito più del 30% del patrimonio netto del Comparto attività denominate in Won coreani.
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.

##### Strategia di investimento
Il Comparto mira a fornire una crescita del reddito e del capitale utilizzando un'allocazione dinamica delle attività e un approccio di selezione dei titoli. Ciò significa che il Gestore degli Investimenti effettuerà delle allocazioni fra le categorie di attività e di azioni dettagliate nella sezione della Politica di Investimento di cui sopra e adatterà quelle allocazioni in base al processo di investimento descritto di seguito.
- 
##### Allocazione fra l'esposizione complessiva in azioni e in obbligazioni

Il Gestore degli Investimenti stabilisce prima l'allocazione fra le azioni e i titoli connessi ad azioni e in titoli di debito e correlati al debito, utilizzando le previsioni dei fattori macroeconomici fondamentali quali la crescita economica e l'inflazione. Ciò significa che il Gestore degli Investimenti effettua allocazioni fra il patrimonio netto e il debito a seconda delle stime di rischio e ritorno per ogni relativo mercato (ad esempio azioni del Regno Unito e titoli di Stato del Regno Unito).
Per la componente del patrimonio netto, i ritorni sul patrimonio netto atteso sono stimati sulla base dei flussi di cassa per ogni titolo azionario. Il Gestore degli Investimenti tiene conto di queste stime congiuntamente alle proprie previsioni su probabili fattori inaspettati rispetto al parere generale sui fattori macroeconomici per determinare l'allocazione della componente azionaria.
Tali previsioni sono utilizzate per stimare la probabilità che si verifichi una recessione in un paese. Se tali previsioni indicano che vi è una probabilità di recessione, il Gestore degli Investimenti diminuirà la sua allocazione sulle azioni.
Per la componente di debito, la stima dei ritorni attesi sulle obbligazioni viene effettuata a partire dalle previsioni dei ritorni di cassa stimati in base alle previsioni della crescita, dell'inflazione e dei tassi di interesse reali in un orizzonte temporale di lungo periodo. Il ritorno atteso sulle obbligazioni è dato dalla differenza fra il ritorno di cassa stimato e la valutazione del Gestore degli Investimenti dei redimenti attuali delle obbligazioni.
- 
##### Selezione dei titoli azionari e obbligazionari

Dopo aver completato il passaggio precedente, il Gestore degli Investimenti si concentra nella selezione dei titoli per la componente azionaria e obbligazionaria del Comparto. Il Gestore degli Investimenti selezionerà i titoli tenendo conto del potenziale del titolo di generare reddito e della quantità di rischio che tale titolo aggiungerà al Comparto. La valutazione sarà basata sui fondamentali quali il valore d'impresa, la redditività, la qualità della crescita e la leva finanziaria.
La componente azionaria comprende altre attività rischiose quali le proprietà immobiliari indirette ("REIT"), le materie prime (ETF) e le infrastrutture ("ETF") come descritto sopra nella politica di investimento.
- 
##### Scelta dell'SFD

Il Gestore degli Investimenti utilizza l'SFD descritto nella sezione "Uso degli Strumenti Finanziari Derivati" per tre scopi all'interno della strategia d'investimento. Il Gestore degli Investimenti sceglie quel particolare SFD in relazione allo scopo prestabilito come indicato di seguito, ai costi connessi e ai vantaggi che offre quel particolare SFD.
- Per aumentare il redditoPer aumentare il reddito del Comparto, il Gestore degli Investimenti può ottenere premi sulle opzioni o redditi vendendo Opzioni d'acquisto coperte. La vendita di Opzioni d'acquisto coperte può limitare il potenziale ritorno al rialzo di un titolo nel caso di un mercato in crescita, nel caso in cui l'acquirente dell'Opzione d'acquisto coperta decida di esercitarla. La vendita di Opzioni d'acquisto coperte può ridurre la volatilità quotidiana della partecipazione sottostante nonché la diminuzione della partecipazione sottostante in presenza di un mercato in caduta.
- Regolare l'allocazione fra l'esposizione complessiva in azioni e in obbligazioniIl Gestore degli Investimenti utilizzerà l'SFD come strumento efficiente in termini di costo per regolare l'allocazione fra azioni e obbligazioni in modo da riflettere gli aggiornamenti all'analisi del Gestore degli Investimenti. Ad esempio, il Gestore degli Investimenti potrebbe acquistare o vendere futures come descritto nella sezione "Utilizzo degli strumenti finanziari derivati" per aumentare o diminuire l'allocazione di un titolo o di un settore in modo rapido ed efficiente in termini di costo.
- CoperturaIl Gestore degli Investimenti utilizzerà SFD quali ad esempio i futures su azioni, gli swap sui tassi d'interesse e i CDS per coprire i rischi azionari, dei tassi di interesse e di credito incorporati nei singoli titoli in cui il Comparto investe, in modo da preservare le attività in periodi di cadute significative del mercato. Il Gestore degli Investimenti utilizzeràSFD quali i Contratti di Cambio a Termine per coprire i rischi connessi all'esposizione di valuta del Comparto.


##### Posizioni long e short
Il Comparto può adottare posizioni long e short per raggiungere i propri obiettivi di investimento. Il Gestore degli Investimenti può perseguire il mantenimento di posizioni long in qualsiasi classe di attività descritta nel Supplemento, allo scopo di generare reddito e può perseguire il mantenimento di posizioni short in azioni, obbligazioni, credit default swap ("CDS") (titoli singoli e indice) per generare un reddito ulteriore per coprire l'esposizione azionaria, obbligazionaria o di credito e/o per ridurre l'esposizione al mercato in periodi di diminuzione significativa del prezzo di mercato.
Si prevede che la posizione long lorda totale diretta e indiretta degli investimenti detenuta in conformità all'obiettivo di investimento sia compresa tra il 50% e il 200% del Valore Patrimoniale Netto del Comparto e che la posizione short lorda totale degli investimenti detenuta in conformità all'obiettivo di investimento sia compresa tra lo 0% e il 150% del Valore Patrimoniale Netto del Comparto. Può essere necessario aumentare le dimensioni delle posizioni long per raggiungere l'obiettivo di investimento del Comparto nel caso in cui, ad esempio, la volatilità del mercato sia eccezionalmente bassa. Le posizioni short diverse dalle Opzioni d'acquisto coperte sono destinate a bilanciare o a coprire le posizioni long. Non sono intese come posizioni short pure, ma sono utilizzate piuttosto per controllare e ridurre il rischio derivante dalle posizioni long; ad es. le posizioni short in azioni, in obbligazioni o in CDS verranno utilizzate per coprire l'esposizione azionaria, obbligazionaria o creditizia. Le Opzioni d'acquisto coperte verranno vendute per aumentare il reddito del Comparto.
Le posizioni long e short usate per le classi di azioni con hedging di valuta non sono state incluse nelle informazioni sulle posizioni long e short qui fornite.

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze.
Queste comprendono condizioni di mercato che possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso, la facilitazione del pagamento delle spese e la fornitura di garanzia a supporto dell'esposizione SFD.
Le attività liquide o equiparabili a liquidità possono comprendere titoli di debito o correlati al debito come descritto sopra diversi da CoCo, MBS e ABS, i quali possiedono caratteristiche coerenti con la loro natura di attività liquide o equiparabili alla liquidità e depositi bancari. Resta inteso che emittenti e/o garanti di tali Titoli di debito e correlati al debito e depositi di credito avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'agenzia di rating autorizzata come Standard & Poor's, o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Esposizioni a derivati
Per finalità di investimento, di copertura e di gestione efficiente del portafoglio, il Comparto può investire nei seguenti SFD negoziati in borsa e over-the-counter, come descritto più dettagliatamente di seguito nella sezione "Uso di strumenti finanziari derivati":
| Futures | Future su indici azionari Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su obbligazioni Future su indici di volatilità Future sul mercato monetario |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato, incluse le opzioni di acquisto coperte) Opzioni su indice Opzioni su future su tassi di interesse Opzioni su obbligazioni Opzioni su future su obbligazioni Opzioni su ETF Opzioni su future su azioni |
| Contratti di Cambio a Termine | Contratti a Termine non consegnabili Contratti a Termine consegnabili |
| Swap | Credit default swap (titoli singoli e indice) Swap sui tassi d'interesse Swap di rendimento totale (compreso il credito di titoli singoli e l'indice) |
| Titoli con SFD integrati | Obbligazioni Convertibili (comprese le Obbligazioni Convertibili Contingenti) Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |
| Titoli che possono com- portare una leva finanziaria | Obbligazioni Convertibili (comprese le Obbligazioni Convertibili Contingenti) Diritti di Acquisto sulle Azioni |


##### Indici finanziari
Il Comparto può acquisire esposizione su una gamma di indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Non è possibile stilare un elenco completo degli attuali indici finanziari nei confronti dei quali può essere prevista un'esposizione in quanto questi sono ampi, possono cambiare nel tempo e possono includere indici quali l'S&P GSCI Index e il Bloomberg Commodity Index che consentono al Comparto di acquisire un'esposizione a vari settori di materie prime, quali energia, metalli industriali, prodotti agricoli, bestiame da allevamento e metalli preziosi.
Dettagli relativi agli indici finanziari utilizzati dal Comparto (inclusi i mercati che rappresentano) saranno forniti su richiesta agli Azionisti dal Gestore degli Investimenti del Comparto e saranno riportati nel bilancio annuale e semestrale della Società. Tali indici saranno autorizzati dalla Banca Centrale o dovranno soddisfare i suoi requisiti. Gli indici finanziari ai quali il Comparto può essere esposto saranno normalmente ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o a seguire qualsivoglia indice, esso non sarà direttamente influenzato da qualsivoglia ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.

#### Uso di strumenti finanziari derivati
Nel rispetto della politica di investimento del Comparto e della strategia di investimento come descritta sopra, il Comparto può effettuare transazioni in SFD come
descritto di seguito a scopo di investimento, di gestione efficiente del portafoglio o di copertura. Il Gestore degli Investimenti prevede in genere di usare gli SFD per finalità di investimento laddove ritiene che l'uso dell'SFD permetta di ottenere un'esposizione più conveniente a un'attività particolare rispetto all'investimento diretto nell'attività sottostante. Maggiori dettagli sull'uso dell'SFD ai fini di una gestione efficiente del portafoglio sono consultabili nella sezione "Gestione efficiente del portafoglio" di seguito.
Il livello di leva finanziaria atteso per il Comparto derivante dall'uso di SFD è indicato nella sezione "Esposizione globale e leva finanziaria" nel capitolo "Limitazioni agli Investimenti e ai Prestiti" seguente.

##### Futures
I futures sono contratti per acquistare o vendere una quantità standard di una determinata attività (o, in alcuni casi, ricevere o versare contanti in base alla performance di un'attività, uno strumento o un indice sottostante) a una determinata data futura e a un prezzo concordato con una transazione intrapresa presso una borsa. I contratti future consentono agli investitori di attuare una copertura nei confronti del rischio di mercato o dell'esposizione dell'utile nei confronti del mercato sottostante. Poiché questi contratti sono valutati a mercato giornalmente, chiudendo la loro posizione, gli investitori possono uscire dal loro obbligo di acquistare o vendere le attività sottostanti prima della data di consegna del contratto. Un utilizzo frequente di futures
per realizzare una strategia particolare piuttosto che utilizzare il titolo o l’indice relativo o sottostante oppure il settore di indici o il paniere di titoli di debito,
determina spesso costi delle operazioni inferiori da sostenere.
Il Comparto può investire nei seguenti tipi di future:
- Future su indici azionari: Il Gestore degli Investimenti può perfezionare future su indici azionari per rispecchiare le sue opinioni sulla direzione di mercati azionari specifici.
- Future su tassi di interesse (compresi i Future sutassi di interesse a breve termine): Il Gestore degli Investimenti può usare futures su tassi di interesse (compresi i futures su tassi di interesse a breve termine) per esprimere la sua convinzione che la curva del rendimento si muoverà in un modo particolare. Il Gestore degli Investimenti può usare tali strumenti per mitigare l'esposizione ai tassi di interesse di obbligazioni a tasso fisso.
- Future su obbligazioni: i futures su obbligazioni consentono al Gestore degli Investimenti di esprimere le sue opinioni positive o negative sulla direzione dei prezzi obbligazionari cercando di ridurre l'esposizione al tasso di interesse delle obbligazioni a tasso fisso.
- Future su indici di volatilità: il Comparto può assumere posizioni lunghe o corte su future su indici di volatilità per esprimere le opinioni relative alla volatilità attesa dei mercati.
- Future sul mercato monetario: i future sul mercato monetario consentono al Comparto di ottenere una economica e valida alternativa rispetto al deposito presso un istituto di credito. Comunque, dal momento che il valore dei contratti future si modifica con il livello di mercato, tali investimenti esporranno ilComparto al rischio di performance negativa nel caso in cui aumentino i tassi di interesse in seguito all'acquisto del contratto.


##### Opzioni
Esistono due forme di opzioni, opzioni di acquisto e opzioni di vendita. Le opzioni di vendita sono contratti venduti per un premio che offre a una parte (l'acquirente) il diritto, ma non l'obbligo, di vendere all'altra parte (il venditore) del contratto una quantità specifica di un prodotto particolare o strumento finanziario a un prezzo determinato. Le opzioni di acquisto sono contratti simili
venduti per un premio che offre all’acquirente il diritto, ma non l’obbligo, di acquistare dal venditore dell’opzione a un prezzo determinato. Le opzioni possono anche
essere compensate in contanti. Il Comparto può essere il venditore o l'acquirente di opzioni di acquisto e di vendita. Il Comparto può acquistare o vendere questi strumenti singolarmente o in combinazioni. Ad esempio, l'acquisto di un'opzione call consentirebbe al Comparto di beneficiare di eventuali rialzi nella performance,
limitando la sua esposizione generale al premio originario versato dal Comparto.
Il Comparto può investire nei seguenti tipi di opzioni:
- Opzioni su azioni (titoli singoli, indice, settore,paniere personalizzato): le opzioni su azioni possono essere utilizzate per esprimere opinioni riguardo alla direzione di azioni singole, di un indice azionario o di un paniere di azioni personalizzato.
- Opzioni d’acquisto: mediante la sottoscrizione di opzioni di acquisto coperte, il Gestore degliInvestimenti sottoscrive (vende) un contratto per opzioni di acquisto detenendo un numero equivalente di azioni nel valore sottostante al fine di generare un reddito supplementare e/o fornire una protezione limitata contro la diminuzione del valore del titolo sottostante.
- Opzioni su indice: Il Comparto può stipulare contratti di opzioni per perseguire un'esposizione a certi indici, ad esempio acquistando un'opzione call sul Goldman Sachs Commodity Index. Ciò consente al Comparto di beneficiare di eventuali rialzi nella performance, limitando la sua esposizione generale al premio versato dal Comparto.
- Opzioni su future su tassi di interesse: le opzioni su future su tassi d’interesse possono essere utilizzate per esprimere opinioni simili, come descritto per i future su tassi d’interesse.
- Opzioni su obbligazioni: le opzioni su obbligazioni si possono utilizzare per esprimere opinioni posizionali simili all'eventuale acquisto o vendita dell'obbligazione sottostante o, in alternativa, per esprimere l'opinione del Gestore degli Investimenti sulla volatilità dell'obbligazione.
- Opzioni su future su obbligazioni: le opzioni su future su obbligazioni si possono utilizzare per esprimere opinioni simili a quelle descritte per future su obbligazioni o, in alternativa, per esprimere l'opinione del Gestore degli Investimenti sulla volatilità dei future su obbligazioni.
- Opzioni su ETF: le opzioni sugli ETF consentono al Comparto di beneficiare della performance dell'ETF, limitando l'esposizione generale al ribasso al premio versato dal Comparto per l'acquisto dell'opzione. Se ilComparto dovesse avere una visione positiva su un ETF tramite l'uso di un'opzione call, l'esposizione al ribasso si limiterebbe al premio per tale opzione, e viceversa per una visione negativa tramite l'uso di un'opzione put.
- Opzioni su future su azioni: le opzioni su future su azioni consentono al Comparto di acquisire o ridurre l'esposizione a un mercato, una classe di attività o un settore senza dover acquistare o vendere direttamente i titoli.


##### Contratti di Cambio a Termine (compresi i contratti a termine non consegnabili)
Il Comparto può investire anche in Contratti di Cambio a Termine. Un contratto a termine blocca il prezzo al quale è possibile acquistare o vendere un'attività o un indice a una data futura. Nei contratti su valute, i detentori del contratto sono obbligati a comprare o vendere la valuta al prezzo indicato a una quantità determinata e in una specifica data futura. Il contratto a termine su valute può essere su base di liquidità (non consegnabile) o a consegna prevista, con la precisazione che tutto deve essere definito in precedenza.
I Contratti di Cambio a Termine possono essere utilizzati per coprire, a discrezione del Gestore degli Investimenti, eventuali esposizioni di valuta sulla valuta di base.

##### Swap
Uno swap è un contratto negoziato tra due parti per scambiare il rendimento su un tasso di interesse di riferimento come un tasso fisso o variabile del mercato monetario, per il rendimento su un singolo titolo, su un paniere di titoli, indice o settore di indici. Essi possono essere utilizzati per esprimere pareri negativi e positivi su azioni (creando una posizione corta sintetica).
Il Comparto può investire nei seguenti tipi di swap:
- Credit default swap: un credit default swap (CDS) è un contratto di swap finanziario che trasferisce un'esposizione al credito su una specifica entità ("di riferimento") o su un portafoglio di entità di riferimento ("indice" o "paniere" CDS) tra i partecipanti al mercato. Un acquirente di un CDS, quale il Comparto, effettua pagamenti periodici in cambio di un saldo positivo quando si verifica un evento di credito.
- Swap sui tassi d’interesse: uno swap sui tassi di interesse è un contratto negoziato tra due parti per lo scambio di LIBOR e/o altri flussi di cassa di tassi diinteresse similmente riconosciuti, calcolati su un ammontare figurativo, in date predeterminate nel corso della durata dello swap. L'utilizzo di swap sui tassi di interesse consente di modificare più rapidamente la sensibilità al tasso di interesse del Comparto con costi inferiori rispetto all'uso di mercati di moneta fisica, oltre che con una maggiore precisione rispetto ai mercati di SFD negoziati in borsa. Essi possono essere anche utilizzati per esprimere opinioni sulla direzione dei movimenti dei tassi di interesse.
- Swap di rendimento totale (TRS) (compresi singolicrediti): uno swap di rendimento totale (total return swap o TRS) è un tipo di contratto SFD negoziato over-the-counter che consente al Comparto di acquisire un'esposizione a un'attività o classe di attività su base sintetica. Il Comparto riceve ilrendimento totale di un'attività di riferimento o classe di attività ad esempio un titolo a reddito fisso, un indice a reddito fisso, un indice di credito o indici azionari, per un periodo di tempo specifico in cambio di un costo di finanziamento. Qualora il rendimento dell'investimento sia superiore al costo di finanziamento del TRS, il Comparto dovrebbe ricevere un rendimento maggiorato, superiore a quello che potrebbe generare l'attività sottostante da sola.
- Il Comparto stipulerà swap di rendimento totale per conto del Comparto solo con gli istituti di credito descritti nel capitolo "Limitazioni agli Investimenti e ai Prestiti" del Prospetto e che abbiano un rating di credito pari almeno ad A-2 (attribuito da un'agenzia di rating riconosciuta come Standard & Poor's) o inferiore, laddove l'istituto di credito conferisca un margine iniziale. Subordinatamente alla conformità a tali condizioni, il Gestore degli Investimenti ha la massima discrezionalità riguardo alla nomina delle controparti nella stipula di swap di rendimento totale nel rispetto dell'obiettivo e delle politiche di investimento del Comparto. Non è possibile fornire un elenco completo di tutte le controparti in questo Supplemento, in quanto alla sua data di pubblicazione queste non sono state ancora selezionate e possono cambiare nel tempo. I rischi associati all'utilizzo di TRS sono descritti nel Prospetto nella sezione "Fattori di Rischio".

Il Comparto può investire nei seguenti tipi di titoli che possono integrare SFD e/o leve finanziarie:
- Obbligazioni convertibili: il Comparto può acquistare obbligazioni convertibili invece di azioni ordinarie di una società allo scopo di generare reddito aggiuntivo. In una situazione in cui il rendimento di azioni ordinarie di una società non è sufficientemente elevato, ma il rendimento e la liquidità di obbligazioni convertibili di quella società è sufficientemente elevato, il Comparto può scegliere di avvalersi di questo strumento. Le obbligazioni convertibili offrono al loro titolare la possibilità di essere convertite in azioni comuni in presenza di condizioni specifiche.
- Obbligazioni convertibili contingenti (CoCo): Questi tipi di titoli offrono un rendimento più elevato rispetto alle obbligazioni convenzionali. I CoCo bond si convertono da obbligazione ad azione solo se il capitale dell'emittente scende sotto un livello predefinito. Questa conversione forzata avviene generalmente in termini economicamente sfavorevoli e si traduce in una perdita materiale per gli investitori. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
- Diritti di Acquisto sulle Azioni: i diritti di acquisto sulle azioni offrono al detentore l'opzione, ma non l'obbligo, di acquistare una quantità predeterminata di azioni a un prezzo predeterminato.
- Titoli Garantiti da Attività (ABS) e Titoli Garantiti daIpoteca (MBS)
- Il Comparto può anche acquistare ABS e MBS che incorporano derivati. I titoli ABS e MBS possono essere usati per offrire al Comparto l'opportunità di esporsi economicamente a panieri di attività sottostanti gli ABS o MBS e possono essere fonte di reddito per il Comparto.


#### Emissione di Azioni
Le Azioni di ogni classe di Azioni disponibile saranno offerte durante un periodo di offerta iniziale, che avrà inizio alle 9.00 del 10 gennaio 2018 e terminerà alle 17.00 del 9 luglio 2018 (il "Periodo di offerta iniziale") a un
prezzo di offerta iniziale per Azione pari a 1 €, 1 USD, 1
GBP, 10 HKD, 1 AUD, 1 CAD, 10 CNH o 1 SGD, a seconda
della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Riacquisto di Azioni
Le Azioni di ogni classe possono essere riacquistate, a scelta dell'Azionista, in qualsiasi Giorno di Valutazione nel Momento di Valutazione. Il prezzo di riacquisto è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione al netto della commissione di rimborso applicabile.
Tutte le richieste di riacquisto di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Limitazioni agli Investimenti e ai Prestiti
Le limitazioni agli investimenti e ai prestiti del Comparto sono indicate nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

#### Esposizione totale e Leva Finanziaria
Il Comparto può effettuare una leva finanziaria sulle sue posizioni per generare un'esposizione apparente in eccesso del Valore Patrimoniale Netto del Comparto quando calcolato utilizzando la metodologia del Valore a Rischio ("VaR"), conformemente ai requisiti della Banca Centrale.
Il VaR è il metodo avanzato di misurazione del rischio utilizzato per valutare la leva finanziaria e la volatilità del rischio di mercato del Comparto. Il VaR cerca di prevedere, utilizzando dati storici, la probabilità di perdite che potrebbero ragionevolmente verificarsi nel corso di un periodo di tempo. Il VaR del Comparto viene calcolato quotidianamente usando un livello di confidenza unilaterale del 99%, un periodo di detenzione di 5 giorni e un periodo storico di osservazione di almeno 1 anno. Ad esempio, in un dato giorno, se il VaR del Comparto è stato calcolato come il 2% del NAV del Comparto utilizzando un livello di confidenza del 99% su un periodo di detenzione di 5 giorni, ciò potrebbe
significare che statisticamente il Comparto non si aspetta di subire una perdita di oltre il 2% del NAV del Comparto in un periodo di 5 giorni, il 99% del tempo. È importante
notare che il VaR del Comparto varia quotidianamente e come tale il Comparto intende applicare un limite VaR da non superare.
Tali periodi di detenzione e di osservazione storica possono variare e in tal caso vi sarà una variazione corrispondente del limite assoluto, purché rispettino sempre i requisiti della Banca Centrale e purché il processo di gestione del rischio sia previamente aggiornato e approvato. Occorre notare che quanto sopra è in conformità ai limiti VaR correnti imposti dalla Banca Centrale.
In conformità ai requisiti della Banca Centrale, il Comparto applica un limite VaR pari al 10% del NAV del Comparto (un limite VaR assoluto).
I metodi VaR si basano su una serie di ipotesi sulle previsioni dei mercati di investimento e la capacità di dedurre il futuro andamento dei prezzi di mercato dall'andamento storico. Se queste ipotesi si rivelano significativamente inesatte, le dimensioni e la frequenza delle perdite effettivamente sostenute dal portafoglio di investimento potrebbero notevolmente superare le perdite previste da un modello del VaR (e anche inesattezze di modesta portata nei modelli previsionali utilizzati possono produrre ampie deviazioni nella previsione generata). Il VaR consente di raffrontare i rischi tra le categorie di attività e per il gestore del portafoglio funge da indicatore del rischio di investimento di un portafoglio. Se utilizzato in questo modo, tenuto conto delle limitazioni dei metodi VaR e del modello particolare scelto, il VaR può segnalare al Gestore degli Investimenti un aumento del livello di rischio generale di un portafoglio e far scattare le azioni correttive da parte del Gestore degli Investimenti. La misurazione e il monitoraggio di tutte le esposizioni relative all'uso di SFD saranno effettuati almeno quotidianamente.
La European Securities and Markets Authority (ESMA) ha pubblicato una serie di linee guida sulla Valutazione del Rischio e il Calcolo dell'Esposizione Globale e del Rischio di Controparte per gli OICVM. Tali linee guida prescrivono dei metodi obbligatori nell'area della valutazione del rischio e del calcolo dell'esposizione globale e del rischio di controparte che tutti i fondi OICVM devono adottare. In particolare, per quanto riguarda il calcolo dell'esposizione globale, l'ESMA ha definito delle metodologie precise da seguire e delle informazioni da fornire per gli OICVM che utilizzano l'approccio VaR. Tra i requisiti della ESMA vi è quello che l'effetto leva sia calcolato come la somma dei nozionali degli SFD utilizzati.
In linea con i requisiti della ESMA e della Banca Centrale, l'effetto leva è calcolato aggiungendo il valore nozionale di tutte le posizioni long in strumenti finanziari derivati del Comparto e il valore nozionale positivo di tutte le posizioni short sintetiche in SFD del Comparto. Il calcolo dell'effetto leva comprenderà quindi le posizioni detenute ai fini di riduzione del rischio o copertura, ad esempio i contratti di cambio a termine in valute utilizzati per coprire il rischio valutario del Comparto, nonché le posizioni utilizzate a fini di investimento. Inoltre, laddove le posizioni esistenti sono rettificate per tenere conto dei movimenti di mercato o delle sottoscrizioni e dei rimborsi all'interno del Comparto, ciò potrebbe essere ottenuto mettendo in essere posizioni aggiuntive che sovrappongono SFD esistenti, con l'effetto di aumentare il valore nozionale complessivo degli SFD circolanti anche laddove tali rettifiche sono effettuate per compensare posizioni esistenti.
Il livello di leva finanziaria nozionale totale per il Comparto derivante dall'uso di SFD si prevede vari tra il 0% e il 600% del Valore Patrimoniale Netto, benché all'occorrenza possa superare questo limite massimo. Il livello di leva finanziaria nozionale totale è calcolato come il valore nozionale complessivo delle posizioni long in SFD del Comparto e il valore assoluto delle posizioni short sintetiche in SFD del Comparto, come previsto dai Regolamenti OICVM. Il motivo per l'ampio range di leva finanziaria è la considerazione del fatto che il Comparto offre classi di azioni coperte dal rischio di cambio per le quali l'esposizione di valuta è coperta (mediante SFD) e pertanto può risultare in un livello più elevato di leva finanziaria (sulla base del calcolo nozionale complessivo). Questa valutazione dell'effetto leva è elevata in quanto non tiene conto degli accordi di compensazione o copertura che il Comparto ha in essere, nonostante tali accordi di compensazione o copertura siano utilizzati per ridurre il rischio. In particolare, si prevede che un elemento significativo di questo intervallo fra lo 0% e il 600% sia costituito dal valore nozionale degli SFD utilizzati dal Comparto in relazione alle classi di azioni coperte dal rischio di cambio..

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare determinate tecniche e SFD ai fini di una gestione efficiente del portafoglio. Le tecniche e gli SFD che si possono utilizzare sono descritti dettagliatamente nella sezione "Uso di strumenti finanziari derivati" qui sopra e/o stabiliti nel paragrafo "La Società - Gestione efficiente del portafoglio" del Prospetto. Inoltre, il Comparto potrà utilizzare accordi di riacquisto e riacquisto inverso ai fini di una gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale 2015. I contratti di riacquisto sono operazioni nelle quali una parte vende un titolo all'altra parte con il contestuale accordo per riacquistare tale titolo a una certa data nel futuro a un prezzo determinato che rifletta un tasso di interesse di mercato indipendente da quello della cedola dei titoli. Un contratto di riacquisto inverso è una transazione mediante la quale un Comparto acquista titoli da una controparte e contemporaneamente si impegna a rivendere i titoli alla controparte alla data e al prezzo concordati. Per esempio, il Gestore degli Investimenti potrà sottoscrivere accordi di riacquisto per aumentare il reddito guadagnato nel Comparto o gestire l'esposizione ai tassi di interesse di obbligazioni a tasso fisso in modo più preciso che non attraverso l'uso di future su tassi di interesse.
Subordinatamente alle condizioni e ai limiti indicati nei Regolamenti OICVM della Banca Centrale 2015, il Comparto può utilizzare contratti di prestito titoli per produrre ulteriore reddito per il Comparto stesso. Un contratto di prestito di titoli è un contratto in virtù del quale l'intestazione dei titoli "dati in prestito" viene trasferita da un "prestatore" a un "mutuatario" con l'impegno per il mutuatario di distribuire "titoli equivalenti" al prestatore in una data successiva.
Delle transazioni per una gestione efficiente del portafoglio di un Comparto, aventi a oggetto le attività di quest'ultimo, possono essere stipulate per uno dei seguenti scopi:
- una riduzione del rischio;
- una riduzione dei costi; oppure
- la produzione di capitale o di reddito aggiuntivo per il Comparto con un livello di rischio (applicabile al rendimento previsto) coerente con il profilo di rischio del Comparto e i requisiti in materia di diversificazione del rischio, conformemente ai Regolamenti OICVM della Banca Centrale 2015 e alla Guida della Banca Centrale "Attività idonee per gli OICVM" e come indicato nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.

In relazione alle operazioni di gestione efficiente del portafoglio il Gestore degli Investimenti cercherà di assicurare che la transazione sia economicamente appropriata e realizzata in modo conveniente.
È possibile l'applicazione di spese di transazione con riferimento alle tecniche di gestione efficiente del portafoglio relative al Comparto. Tutte le entrate derivanti da tecniche di gestione efficiente del portafoglio, al netto dei costi operativi diretti e indiretti, saranno restituite al Comparto. Ogni spesa/commissione operativa diretta e indiretta derivante dalle tecniche di gestione efficiente del portafoglio non include redditi nascosti e sarà pagata alle entità specificate nella relazione annuale della Società che indicherà se le entità sono collegate alla Società di Gestione o al Depositario.
Gli investitori devono consultare le sezioni del Prospetto intitolate "Fattori di Rischio - Rischio di Controparte", "Fattori di Rischio - Rischi per Tecniche e Strumenti Finanziari Derivati" e "Conflitti di Interessi" per maggiori informazioni sui rischi associati alla gestione efficiente del portafoglio.
Le informazioni relative alla politica di gestione del collaterale per il Comparto sono riportate nel capitolo "Politica di gestione del collaterale" del Prospetto.

##### Processo di gestione del rischio
La Società applicherà un Processo di Gestione del Rischio che le consentirà di misurare, controllare e gestire con precisione i rischi connessi agli SFD e i dettagli di tale processo sono stati forniti alla Banca Centrale. La
Società non utilizzerà SFD non inclusi nel processo di gestione del rischio fino al momento in cui tali strumenti non saranno riportati in un processo di gestione del rischio rivisto, sottoposto e autorizzato in anticipo dalla Banca Centrale.
Su richiesta, la Società fornirà agli Azionisti informazioni supplementari legate ai processi di gestione del rischio applicati dalla Società, inclusi i limiti quantitativi applicati e qualsiasi sviluppo recente nel rischio e caratteristiche di rendimento per le principali categorie di investimento.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale ("TRS") come descritto nel capitolo "Uso di strumenti finanziari derivati" ed effettuare operazioni di finanziamento tramite titoli ("SFT"), per esempio accordi di prestito titoli e contratti di riacquisto/contratti di riacquisto inverso, come descritto nella sezione "Gestione Efficiente del Portafoglio".
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 15% del Valore
Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS o SFT saranno di tipo coerente con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso "(hedged)". Si rimanda alla sezione intitolata "Copertura della classe di Azioni" nel Prospetto per ulteriori informazioni sul funzionamento e sull'impatto delle classi di azioni hedged.

#### Politica di distribuzione
Nel caso di classi di Azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni" che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 65.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Global Infrastructure Income Fund

### SUPPLEMENTO 42 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Il Comparto non utilizzerà SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere appropriato per tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| EUR E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| EUR E (Inc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| SGD E (Acc.) | SGD | Come concordato | 5% | 0,40% | 0% |
| SGD E (Inc.) | SGD | Come concordato | 5% | 0,40% | 0% |
| EUR E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| EUR E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| SGD E (Acc.) (hedged) | SGD | Come concordato | 5% | 0,40% | 0% |
| SGD E (Inc.) (hedged) | SGD | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| EUR X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende massimizzare il rendimento totale per mezzo della crescita dei redditi e del capitale acquisendo un'esposizione a società di tutto il mondo operanti in infrastrutture e operazioni correlate.

##### Politiche di investimento
Il Comparto investe principalmente (ossia, almeno l’80% del Valore Patrimoniale Netto del Comparto) in un portafoglio concentrato di azioni e titoli correlati ad
azioni (azioni ordinarie e privilegiate, Certificati di
deposito americani (ADR) e Certificati di deposito globali (GDR) (collettivamente definiti “Certificati di deposito”) e fondi di investimento immobiliare - REIT - di società di
tutto il mondo operanti in infrastrutture e operazioni correlate ("Società di Infrastrutture").
Gli investimenti in REIT non saranno superiori al 20% del Valore Patrimoniale Netto del Comparto.
Il Comparto non investirà più del 25% del suo Valore Patrimoniale Netto in titoli di mercati emergenti. Tali
paesi dei mercati emergenti probabilmente includeranno, seppur senza limitarvisi, Cina (l’esposizione alla Cina sarà ottenuta mediante titoli cinesi quotati alla Borsa di Hong
Kong e Certificati di deposito), India (l’esposizione all’India sarà ottenuta mediante Certificati di deposito) e Messico. Il Comparto non investirà in Russia. Il Comparto
potrà inoltre investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF"). Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il Comparto può utilizzare SFD, come descritto di seguito nella sezione intitolata "Gestione efficiente del Portafoglio". Il Comparto non utilizzerà SFD a scopi di investimento. Tuttavia, occasionalmente il Comparto può detenere warrant o diritti di acquisto di titoli laddove essi siano stati acquisiti dal Comparto come conseguenza di azioni societarie.
Il Comparto non intende assumere posizioni short.
Ad eccezione dell'investimento consentito in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.

##### Benchmark
Indice S&P Global Infrastructure NR (il "Benchmark").
Il Benchmark è concepito per seguire l'andamento di società di tutto il mondo scelte per rappresentare il settore delle infrastrutture quotato, pur mantenendo liquidità e negoziabilità. Per creare un'esposizione diversificata, il Benchmark include tre ambiti distinti del settore infrastrutture: energia, trasporti e servizi pubblici.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark, ma le ponderazioni in portafoglio non saranno influenzate da quelle del Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento intende massimizzare il rendimento totale per mezzo della crescita dei redditi e del capitale investendo in un portafoglio concentrato di Società di Infrastrutture, come ulteriormente descritto nella sezione "Politiche di Investimento" di cui sopra.
La maggior parte del patrimonio del Comparto sarà allocata all'investimento in Società di Infrastrutture a rendimento maggiore al fine di fornire un reddito in forma di dividendi al Comparto. Inoltre, una parte del patrimonio del Comparto sarà allocata a investimenti in Società di Infrastrutture a minore rendimento (ad es. azioni con dividendi inferiori) ma con forti prospettive di crescita.
Nell'ambito di dette allocazioni, il Gestore degli Investimenti può cercare esposizione a settori infrastrutturali tradizionali come energia, comparti industriali, trasporti e servizi, nonché settori infrastrutturali non tradizionali quali le telecomunicazioni, l'edilizia residenziale, l'assistenza sanitaria e il settore immobiliare. In qualsiasi momento, il Comparto può avere un'esposizione parziale o totale a questi settori in base alle valutazioni del Gestore degli Investimenti rispetto a ogni settore e al particolare momento temporale. Dette valutazioni saranno influenzate da eventi economici, politici o normativi che interessano ciascun settore. Il Comparto investirà in Società di Infrastrutture presenti sia in mercati sviluppati sia in mercati emergenti.
Il Gestore degli Investimenti intende investire in Società di Infrastrutture che, a suo giudizio, possano beneficiare di contesti normativi coerenti, una peculiarità più diffusa nei mercati sviluppati, nonché di flussi di cassa stabili guidati da modelli di business sostenibili e profili di pagamento dei dividendi coerenti. Il Gestore degli Investimenti si avvale di una ricerca quantitativa e fondamentale nel selezionare gli investimenti, concentrandosi su Società di Infrastrutture che possiedono la combinazione più favorevole di stabilità del flusso di cassa, potenziale di pagamento dei dividendi e parametri di valutazione (quali il rapporto prezzo/utili, il rapporto prezzo/valore contabile e il rapporto prezzo/ flusso di cassa). La ricerca fondamentale del Gestore degli Investimenti comprende la valutazione di aree chiave quali la solidità del bilancio, il panorama della concorrenza, le valutazioni del prezzo delle azioni, la liquidità e l'analisi del contesto normativo.
La gestione del rischio è una componente chiave della strategia di investimento. Laddove vi sia un rischio economico, politico o normativo in un Paese o settore infrastrutturale, è intenzione del Gestore degli Investimenti limitare l'impatto di tali rischi sul Comparto attraverso il processo di selezione dei titoli (come descritto qui di seguito).

##### Selezione dei titoli
Disciplina di acquisto
Quando si selezionano le Società di Infrastrutture in cui investire, il Gestore degli Investimenti valuta se i flussi di cassa previsti della Società di Infrastrutture sono sostenibili. Il Gestore degli Investimenti esamina la fattibilità della strategia di crescita della Società di Infrastrutture, la sua posizione rispetto alla concorrenza e le condizioni generali di settore necessarie alla sua definizione. Inoltre, il Gestore degli Investimenti identifica il rischio economico, normativo e politico a cui potrebbe essere esposta ogni Società di Infrastrutture, che egli analizza esaminando e valutando aree chiave quali il panorama competitivo e il contesto politico e normativo; dopodiché, seleziona le Società di Infrastrutture che ritiene più idonee a sopportare tali rischi o aventi un'esposizione più limitata agli stessi in ragione di vantaggi competitivi della specifica Società di Infrastrutture, quali anni di esistenza, qualità e costo di sostituzione delle proprie risorse infrastrutturali (e, pertanto, la sostenibilità dei suoi flussi di cassa).
Disciplina di vendita
Laddove la revisione costante da parte del Gestore degli Investimenti di una Società di Infrastrutture individui dei difetti nel modello di business, una maggiore esposizione a rischi economici, normativi o politici, o pagamenti di dividendi inferiori alle attese, è possibile la vendita delle partecipazioni. Gli investimenti saranno venduti anche nel caso in cui il Gestore degli Investimenti identifichi un'opportunità di investimento più promettente.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti applica un'analisi fondamentale supportata da risorse di dati quantitativi per valutare i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, incluse le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. Il Gestore degli Investimenti individua e integra nel proprio processo decisionale in materia di investimenti gli aspetti che influenzeranno il comportamento di un emittente o che influenzeranno i contesti economici, normativi, politici, sociali o ambientali in cui opera. Il Gestore degli Investimenti fa leva sull'analisi fondamentale e sui dati quantitativi per ricavare un punteggio ESG proprietario e rafforzare ulteriormente la gestione dei fattori di sostenibilità all'interno del Comparto. La ricerca proprietaria del Gestore degli Investimenti è integrata da
risorse di terzi, tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability
Accounting Standards Board (SASB), ricerca sell-side ed eventi del settore. Ne consegue un processo decisionale in materia di investimenti che cerca di ridurre al minimo l'esposizione del Comparto alle società più in ritardo rispetto ai criteri ambientali, sociali e di governance, tenendo conto anche degli eventuali rischi di sostenibilità residui associati agli investimenti del Comparto.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance proprietarie e di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CHF, or1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) aventi il suffisso ("M"), i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati vengono di solito pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Per tutte le altre classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31
dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 50.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Inoltre, gli Investitori devono soffermare la loro attenzione al paragrafo intitolato "Fattori di Rischio" nel Prospetto e, in particolare, alla sezione "Rischi associati alle Società di Infrastrutture".

## BNY Mellon Mobility Innovation Fund

### SUPPLEMENTO 43 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
Il presente Supplemento contiene informazioni specifiche relative al BNY Mellon Mobility Innovation Fund (il
“Comparto”), un comparto di BNY Mellon Global Funds, plc (la “Società”), società di investimento di tipo aperto multicomparto costituita come OICVM ai sensi dei
Regolamenti OICVM. Esiste una separazione patrimoniale tra i Comparti della Società.
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. Il Comparto non utilizzerà SFD a scopi di investimento. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere appropriato per tutti gli investitori.
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “K” e Azioni “K (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD K (Acc.) | USD | Come concordato | 5% | 1,40% | 0% |
| USD K (Inc.) | USD | Come concordato | 5% | 1,40% | 0% |
| EUR K (Acc.) (hedged) | EUR | Come concordato | 5% | 1,40% | 0% |
| EUR K (Inc.) (hedged) | EUR | Come concordato | 5% | 1,40% | 0% |
| CHF K (Acc.) (hedged) | CHF | Come concordato | 5% | 1,40% | 0% |
| CHF K (Inc.) (hedged) | CHF | Come concordato | 5% | 1,40% | 0% |
| Sterling K (Acc.) (hedged) | GBP | Come concordato | 5% | 1,40% | 0% |
| Sterling K (Inc.) (hedged) | GBP | Come concordato | 5% | 1,40% | 0% |
| SGD K (Acc.) (hedged) | SGD | Come concordato | 5% | 1,40% | 0% |
| SGD K (Inc.) (hedged) | SGD | Come concordato | 5% | 1,40% | 0% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| EUR E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| EUR E (Inc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| SGD E (Acc.) | SGD | Come concordato | 5% | 0,40% | 0% |
| SGD E (Inc.) | SGD | Come concordato | 5% | 0,40% | 0% |
| EUR E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| EUR E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,40% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| SGD E (Acc.) (hedged) | SGD | Come concordato | 5% | 0,40% | 0% |
| SGD E (Inc.) (hedged) | SGD | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| EUR X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| EUR X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine principalmente acquisendo un'esposizione a società di tutto il mondo operanti nel settore dell'innovazione nei trasporti e delle tecnologie correlate.

##### Politiche di investimento
Il Comparto investe principalmente (ossia, almeno l’80% del Valore Patrimoniale Netto del Comparto) in azioni e
titoli correlati ad azioni (che comprendono, seppur senza limitarvisi, azioni ordinarie e privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali
(GDR) (collettivamente definiti “Certificati di deposito”) di
società di tutto il mondo operanti nel settore
dell'innovazione nei trasporti e delle tecnologie correlate.
Tali società includono produttori di automobili, venditori di componenti efornitori di tecnologie automobilistiche che operano nel settore dell'innovazione nei trasporti relativa all'uso, al controllo e all'alimentazione; ne sono un esempio le infrastrutture potenziate e le capacità di elaborazione dati, la produzione di energia pulita, le implicazioni relative alla sicurezza di sistemi avanzati di assistenza alla guida e le società che si avvalgono o implementano dette innovazioni nel campo della mobilità ("Società di Innovazione della Mobilità"). Il Comparto investirà in diversi settori sparsi per il globo che riflettono l'ampia gamma di connessioni fra trasporti, investimenti in componenti auto, software e investimenti nei servizi Internet.
Non vi sono limiti all'investimento del Comparto in azioni e titoli correlati ad azioni di società a bassa e media capitalizzazione; il Comparto può investire in modo sostanziale in tali società.
In particolare, una quota significativa dell'universo degli investimenti del Comparto può essere selezionata tra i componenti di determinati settori di mercato del Benchmark. Il Benchmark rappresenta il mercato a media capitalizzazione tanto nei mercati sviluppati quanto in quelli emergenti. Il Benchmark annovera svariati settori di mercato pertinenti alla strategia di investimento del Comparto, come ulteriormente dettagliato di seguito. Il Comparto investirà direttamente in componenti selezionati del Benchmark. Per ulteriori informazioni sul Benchmark consultare il sito www.msci.com. Il Benchmark è ribilanciato in maggio e in novembre.
Tuttavia, se da un lato il Comparto utilizza il Benchmark a fini di investimento poiché non intende replicare o seguire il Benchmark, dall'altro non sarà necessariamente influenzato da qualsivoglia ribilanciamento, costi associati o ponderazione dei titoli nel Benchmark che supererebbero le limitazioni agli investimenti consentite.
Il Comparto può investire tanto in mercati sviluppati quanto in mercati emergenti. Mentre il Comparto prevede un'esposizione significativa ai mercati sviluppati in base a come si evolve il settore del mercato dell'innovazione della mobilità, nel tempo potrebbe investire oltre il 40% del suo Valore Patrimoniale Netto nei Paesi dei mercati emergenti senza limiti di investimento in relazione a tali investimenti. Tali paesi dei mercati emergenti probabilmente includeranno, seppur senza limitarvisi, Brasile, Russia, Cina, India e Messico. Il Comparto può acquisire esposizione alla Cina acquistando azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il programma di Connessione fra le Borse e attraverso Certificati di deposito. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto. Il Comparto
può acquisire esposizione all’India direttamente o
attraverso Certificati di deposito. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca.
Il Comparto potrà inoltre investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF"). Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il rendimento del Comparto può essere fortemente influenzato dai movimenti dei tassi di cambio in quanto le attività del Comparto denominate in una valuta diversa dalla valuta di base generalmente non saranno coperte (hedged) nella valuta di base.
Tuttavia, il Comparto può utilizzare SFD, come descritto di seguito nelle sezioni intitolate "Utilizzo di SFD" e "Gestione Efficiente del Portafoglio" per effettuare operazioni in valuta estera al fine di coprire tutte o parte delle esposizioni di valuta alla Valuta base del Comparto, di volta in volta.
Il Comparto non intende assumere posizioni short.
Ad eccezione dell'investimento consentito in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.

##### Benchmark
MSCI AC World Mid Cap NR Index (il "Benchmark").
Il Benchmark cattura la rappresentazione di società a media capitalizzazione di 23 Paesi di mercati sviluppati (DM) e 26 Paesi di mercati emergenti (EM). Con i suoi
1.307 componenti, il Benchmark copre circa il 15% della libera capitalizzazione di mercato rettificata al flottante per ogni paese.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.
Consultare le sezioni "Politiche di investimento" e "Strategia di investimento" per ulteriori informazioni sull'utilizzo del Benchmark.

##### Strategia di investimento
Il Comparto intende perseguire il proprio obiettivo di investimento acquisendo esposizione alle Società di Innovazione della Mobilità, come ulteriormente descritto nella sezione "Politiche di Investimento" di cui sopra.
Identificazione dell'Universo Investibile
Come indicato nella precedente sezione "Politiche di Investimento", il Gestore degli Investimenti può selezionare una parte significativa (fino all'80%) dei titoli del Comparto da settori di mercato pertinenti all'interno del Benchmark. Tali settori includono, a titolo
esemplificativo ma non esaustivo, beni di consumo discrezionali (componenti per auto, automobili, beni durevoli per la casa), materiali industriali (prodotti per l'edilizia, il settore delle costruzioni e l'ingegneria, apparecchiature elettriche, conglomerati industriali, macchinari), tecnologia dell'informazione (apparecchiature di comunicazione, strumenti e componenti per apparecchiature elettroniche, software e servizi Internet, semiconduttori e apparecchiature per semiconduttori, software, tecnologia, hardware di archiviazione e periferiche) nonché servizi di telecomunicazione (servizi di telecomunicazione diversificati, servizi di telecomunicazione wireless). Il Comparto investirà direttamente in elementi costituenti selezionati dei settori.
L'elenco dei settori di mercato pertinenti all'interno del Benchmark e dei loro componenti sarà riesaminato a cadenza regolare. Eventuali modifiche pertinenti da apportare al Benchmark saranno revisionate e analizzate dal Gestore degli Investimenti, il quale deciderà se allineare l'Universo degli Investimenti ai possibili cambiamenti.
Il Gestore degli Investimenti acquisisce inoltre esposizione a società non appartenenti al Benchmark che identifica mediante la propria ricerca di settore.
Selezione dell'investimento
Il Gestore degli Investimenti seleziona gli investimenti dall'Universo degli Investimenti applicando l'analisi fondamentale per verificare la gestione di una pertinente capacità e volontà della società di mantenere e idealmente di aumentare il proprio valore. Questa analisi fondamentale comprende la valutazione della solidità del bilancio, del panorama della concorrenza, delle valutazioni del prezzo delle azioni, della liquidità e del contesto normativo.
Disciplina di vendita
Il Gestore degli Investimenti effettua revisioni periodiche delle prestazioni di ciascun titolo. Le revisioni delle prestazioni includono una valutazione delle prestazioni di un titolo rispetto al suo gruppo di riferimento e al Benchmark. Il Gestore degli Investimenti prende in considerazione la vendita di titoli con un potenziale di crescita limitato o nullo, che si prevede diminuiranno di valore o nel momento in cui saranno disponibili opportunità di investimento più promettenti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti applica un'analisi fondamentale supportata da risorse di dati quantitativi per valutare i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei
rifiuti, nonché le politiche e le pratiche sociali di un emittente, incluse le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. Il Gestore degli Investimenti individua e integra nel proprio processo decisionale in materia di investimenti gli aspetti che influenzeranno il comportamento di un emittente o che influenzeranno i contesti economici, normativi, politici, sociali o ambientali in cui opera. Il Gestore degli Investimenti fa leva sull'analisi fondamentale e sui dati quantitativi per ricavare un punteggio ESG proprietario e rafforzare ulteriormente la gestione dei fattori di sostenibilità all'interno del Comparto. La ricerca proprietaria del Gestore degli Investimenti è integrata da
risorse di terzi, tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerca sell-side ed
eventi del settore. Ne consegue un processo decisionale in materia di investimenti che cerca di ridurre al minimo l'esposizione del Comparto alle società più in ritardo rispetto ai criteri ambientali, sociali e di governance, tenendo conto anche degli eventuali rischi di sostenibilità residui associati agli investimenti del Comparto.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance proprietarie e di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto non utilizzerà SFD a scopi di investimento.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Registrazione a Hong Kong
Il Comparto è registrato per la vendita a Hong Kong.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 50% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III -
Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CHF, 1 SGD, 1 CAD, 1 AUD
o 10 HKD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nella sezione "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 50.000 EUR e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Inoltre, gli Investitori devono soffermare la loro attenzione al paragrafo intitolato "Fattori di Rischio" nel Prospetto e, in particolare, alle sezioni "Rischio di Capitalizzazione di Mercato".

## BNY Mellon U.S. Credit Select Income Fund

### SUPPLEMENTO 44 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- L'investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- In circostanze eccezionali, il Comparto investirà fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni.

L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita del capitale.

#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited.
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli
Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| 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% |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,30% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,30% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% |
| CAD E (Acc.) (hedged) | CAD | Come concordato | 5% | 0,30% | 0% |
| CAD E (Inc.) (hedged) | CAD | Come concordato | 5% | 0,30% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Inc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire un reddito con il potenziale per una crescita del capitale a lungo termine.

##### Politiche di investimento
Il Comparto investe la maggior parte del suo patrimonio (con ciò intendendo almeno il 51% del Valore Patrimoniale Netto del Comparto) in un portafoglio di titoli di debito e correlati al debito a tasso fisso o variabile emessi da società statunitensi, istituzioni finanziarie, agenzie e dal governo degli Stati Uniti.
Il Comparto può investire il resto del suo patrimonio in strumenti di debito e correlati al debito di emittenti non statunitensi fra cui titoli di debito e correlati al debito societari e sovrani non statunitensi. Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito di mercati emergenti, fra cui fino al 10% del suo Valore Patrimoniale Netto in Russia, nel cui caso l'investimento sarà fatto solo in titoli quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire sia in titoli investment grade (ossia con un rating BBB- o superiore) sia, fino al 35% del suo Valore Patrimoniale Netto, in titoli con rating inferiore a investment grade (ossia BB+ o inferiore), secondo la classificazione, al momento dell'acquisto, di un'Agenzia
di rating riconosciuta, o in titoli privi di rating. Il Comparto non sarà soggetto a restrizioni relative alla
qualità o alla scadenza del credito nell'effettuare le decisioni di investimento. Pertanto agli investimenti del Comparto non sarà applicato nessun rating di credito minimo.
I titoli di debito e correlati al debito in cui il Comparto può investire direttamente o indirettamente tramite SFD comprendono obbligazioni non garantite (debenture), obbligazioni (quali obbligazioni a cedola zero, obbligazioni di agenzia, obbligazioni comunali, obbligazioni garantite, obbligazioni puttable, obbligazioni callable, tender option bond, obbligazioni step-up, obbligazioni con pagamento in natura, Eurobond, obbligazioni bullet e buoni del Tesoro), obbligazioni collegate al PIL, strumenti del mercato monetario (quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali e depositi a termine), note (quali note a tasso variabile, note a vista a tasso variabile e obbligazioni in eccedenza), prestiti (fra cui partecipazioni a prestiti e cessioni di prestiti), collocamenti privati (quali alcune obbligazioni Reg S e alcune obbligazioni 144A), strumenti di debito ibridi (quali obbligazioni perpetue, interessi differibili, ad esempio obbligazioni cumulative e non cumulative e azioni fiduciarie privilegiate), certificati di investimento garantiti, titoli garantiti da attività e titoli garantiti da ipoteca, obbligazioni di prestito garantite, obbligazioni convertibili e titoli convertibili contingenti ("CoCo") (qui di seguito "Titoli di debito e correlati al debito").
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in Prestiti.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto investe in certificati a interesse residuo emessi da Tender Option Bond Trust se questi permettono di ottenere un'esposizione più conveniente a obbligazioni comunali rispetto all'investimento diretto in dette obbligazioni comunali.
Il Comparto può investire complessivamente fino al 5% del Valore Patrimoniale Netto in collocamenti privati (quali alcune obbligazioni Reg S e alcune obbligazioni 144A).
Il Comparto può cercare di detenere posizioni short sintetiche in credit default swap ("CDS"), futures su obbligazioni, swap di rendimento totale e contratti di cambio a termine allo scopo di generare un reddito ulteriore per coprire l'esposizione obbligazionaria o di credito (ad esempio il rischio di insolvenza, di inflazione o dei tassi di interesse) e/o per ridurre l'esposizione al mercato (ad esempio il rischio che un mercato, una classe di attività o un singolo emittente perdano valore) in periodi di diminuzione significativa del prezzo di mercato.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") fra cui fondi del mercato monetario e altri OICVM irlandesi di cui il Gestore degli Investimenti è consulente.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Sebbene la sua valuta di base sia il dollaro statunitense, il Comparto può anche investire in attività non denominate in tale valuta, che generalmente saranno coperte in dollari statunitensi mediante l'utilizzo di SFD correlati a valute. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Investimenti in prestiti
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto del Comparto in partecipazioni a prestiti non cartolarizzati e/o cessioni di prestiti, prestiti ammortizzati e/o prestiti sindacati a condizione che tali strumenti siano strumenti del mercato monetario negoziati normalmente sul mercato monetario, liquidi e con un valore determinabile con precisione in qualsiasi momento.
Il Comparto può anche investire in prestiti ad ammortamento.
Un prestito è spesso amministrato da una banca che funge da agente per tutti i detentori. Il Comparto può doversi affidare alla banca agente o ad altro intermediario finanziario per adottare le misure creditizie appropriate nei riguardi di tale società mutuataria.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di
reinvestimento e fornire garanzia a supporto dell'esposizione SFD. In circostanze eccezionali il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ad esempio
fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Gli attivi equiparabili a liquidità possono comprendere qualsiasi Titolo di debito o correlato ai titoli di debito a tasso fisso o variabile come descritto sopra diverso dai CoCo, dall'MBS e dall'ABS, i quali possiedono caratteristiche coerenti con la loro natura di attivi liquidi o equiparabili alla liquidità e depositi bancari. Resta inteso che emittenti e/o garanti di tali Titoli di debito e correlati al debito e depositi di credito avranno un rating di credito al momento dell'acquisto non inferiore ad A1/ P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta, o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays US Credit Index TR (il "Benchmark").
Il Benchmark misura l'investment grade, denominato in dollari statunitensi a tasso fisso, soggetto a imposta sui mercati obbligazionari societari e pubblici. È composto dall'indice Bloomberg Barclays US Corporate e da una componente non societaria che comprende agenzie straniere, governi sovrani, enti sovranazionali e autorità locali.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
La strategia di investimento del Comparto consiste nell'applicare sia l'approccio del reddito che quello del rendimento totale con una combinazione di:
- in misura prevalente, partecipazioni al reddito core detenute a lungo termine, secondo il principio di acquisto e mantenimento;e
- in misura minore, partecipazioni attive a rendimento totale, cioè partecipazioni che il Gestore degli Investimenti avrà la flessibilità di regolare frequentemente in base alle condizioni di mercato e che, di conseguenza, saranno detenute per periodi più brevi.

Sia le partecipazioni al reddito core che le partecipazioni attive a rendimento totale consistono in Titoli di debito e correlati al debito di emittenti statunitensi e non statunitensi.
Al fine di determinare l'allocazione delle attività del Comparto alle partecipazioni al reddito core e alle partecipazioni attive a rendimento totale, il Gestore degli Investimenti esamina il mercato del credito considerando:
- Valutazione del valore: identificare se ciascun segmento del mercato del credito viene negoziato a livelli sostanzialmente a buon mercato o costosi;
- Indicatori strategici: valutare i fondamentali societari (ad esempio entrate, attività, passività), i fondamentali ABS (ad esempio rischio di insolvenza, rating di credito), il contesto tecnico e l'attività economica. Questa valutazione si basa sull'analisi della direzione degli spread di rendimento su un periodo di 12 mesi. Uno spread di rendimento è la differenza tra i rendimenti di strumenti di debito diversi con scadenze, rating di credito e rischio variabili. La direzione dello spread può aumentare o allargarsi e ciò significa che la differenza di rendimento tra due obbligazioni è in aumento e che un settore sta ottenendo risultati migliori di un altro. Se gli spread si restringono la differenza di rendimento è in diminuzione e un settore sta ottenendo risultati peggiori di un altro.
- Prospettive tattiche: valutare fattori come il posizionamento degli investitori, il sentiment (ossia l'atteggiamento del mercato nei confronti di un particolare titolo che si manifesta attraverso le fluttuazioni dei prezzi e l'attività di negoziazione), l'emissione e il rischio di eventi a breve termine (compresi gli eventi di carattere politico). Tale valutazione è soggettiva perché si basa sui giudizi del Gestore degli Investimenti.

Una volta effettuata la valutazione del valore, considerati gli indicatori strategici e le prospettive tattiche per ciascun segmento del mercato del credito, il Gestore degli Investimenti deciderà quale porzione di portafoglio allocare alle partecipazioni al reddito core e quale alle partecipazioni attive a rendimento totale. La selezione dei titoli di determinate partecipazioni al reddito e di partecipazioni attive a rendimento totale sarà quindi basata sull'analisi del singolo titolo e sulla considerazione della durata e della curva del rendimento del portafoglio nel suo complesso. La durata è la sensibilità del prezzo di Titoli di debito e correlati al debito alle variazioni dei tassi di interesse ed è espressa in numero di anni. La selezione dei titoli comprende anche le segnalazioni di selezione di singoli titoli bottom- up degli analisti di credito del Gestore degli Investimenti specializzati in settori e industrie specifici quali telecomunicazioni, automotive, tecnologia, produzione e titoli di stato.
Il Gestore degli Investimenti deve tenere in considerazione vari fattori, quali i costi e la facilità di implementazione al momento di decidere come implementare la strategia di investimento e ottenere esposizione ai Titoli di debito e correlati al debito, ad esempio utilizzando SFD od OIC piuttosto che l'acquisto diretto di Titoli di debito e correlati al debito.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG
("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato Future su obbligazioni |
| --- | --- |
| Opzioni | Opzioni su valute (comprese le opzioni con barriera) Opzioni su futures su tassi di interesse Opzioni su obbligazioni Opzioni su future su obbligazioni Opzioni su tassi di interesse Opzioni su credit default swap Opzioni sugli indici di volatilità |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Credit default swap ("CDS") (titoli singoli e indice) Swap sui tassi d'interesse Swap di rendimento totale (titoli singoli, indice, paniere personalizzato - in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche) |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Obbligazioni callable e puttable Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX North American High Yield Indice Markit CDX North American Investment Grade |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx USD Liquid High Yield |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende
replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 15% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 15% con riferimento al TRS e il 25% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Le Azioni della classe di azioni disponibile saranno offerte durante un Periodo di offerta iniziale, che inizierà alle 9.00 del 4 maggio 2022 e terminerà alle 17.00 del 3 novembre 2022 a un prezzo di offerta iniziale per Azione pari a 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 HKD, 10 CNH o 1
SGD a seconda della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Sustainable Global Dynamic Bond Fund

### SUPPLEMENTO 45 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi diinvestimento, inclusa la possibile perdita del capitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD A (Acc.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD A (Inc.) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro A (Acc.) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| Euro A (Inc.) | EUR | 5.000 | 5% | 1,25% | 0% | EURIBOR 1 mese + 2% |
| Sterling A (Acc.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling A (Inc.) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 30 giorni) + 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% | HIBOR HKD 1 mese+ 2% |
| HKD A (Inc.) | HKD | 50.000 | 5% | 1,25% | 0% | HIBOR HKD 1 mese+ 2% |
| CNH A (Acc.) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| CNH A (Inc.) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| SGD A (Acc.) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 2% |
| SGD A (Inc.) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 2% |
| USD H (Acc.) (hedged) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD H (Inc.) (hedged) | USD | 5.000 | 5% | 1,25% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| GBP H (Acc.) (hedged) | GBP | 5.000 | 5% | 1,25% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 1,25% | 0% | SARON (tasso composto a 30 giorni) + 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% | SIBOR SGD 1 mese + 2% |
| SGD H (Inc.) (hedged) | SGD | 5.000 | 5% | 1,25% | 0% | SIBOR SGD 1 mese + 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% | HIBOR CNH 1 mese + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| CNH H (Inc.) (hedged) | CNH | 50.000 | 5% | 1,25% | 0% | HIBOR CNH 1 mese + 2% |
| DKK H (Acc.) (hedged) | DKK | 50.000 | 5% | 1,25% | 0% | LIBOR DKK 1 mese + 2% |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 1,25% | 0% | LIBOR NOK 1 mese + 2% |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 1,25% | 0% | LIBOR SEK 1 mese + 2% |

| Azioni “V” e Azioni “V (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro V (Acc.) | EUR | Come concordato | 5% | 0,18% | 0% | EURIBOR 1 mese + 2% |
| Euro V (Inc.) | EUR | Come concordato | 5% | 0,18% | 0% | EURIBOR 1 mese + 2% |

| Azioni “G” e Azioni “G” (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD G (Acc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD G (Inc.) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| USD G (Acc.) (hedged) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD G (Inc.) (hedged) | USD | 5.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| GBP G (Acc.) (hedged) | GBP | 5.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF G (Acc.) (hedged) | CHF | 5.000 | 5% | 0,75% | 0% | SARON (tasso composto a 30 giorni) + 2% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD C (Acc.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| USD C (Inc.) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 2% |
| Sterling C (Inc.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling C (Acc.) | GBP | 5.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF I (Acc.) (hedged) | CHF | 5.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 30 giorni) + 2% |
| USD I (Acc.) (hedged) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD I (Inc.) (hedged) | USD | 5.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| SGD I (Acc.) (hedged) | SGD | 5.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 2% |
| SGD I (Inc.) (hedged) | SGD | 5.000.000 | 5% | 0,75% | 0% | SIBOR SGD 1 mese + 2% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD W (Acc.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD W (Inc.) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro W (Acc.) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 1 mese + 2% |
| Euro W (Inc.) | EUR | 15.000.000 | 5% | 0,50% | 0% | EURIBOR 1 mese + 2% |
| HKD W (Inc.) | HKD | 150.000.000 | 5% | 0,50% | 0% | HIBOR HKD 1 mese+ 2% |
| USD W (Acc.) (hedged) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD W (Inc.) (hedged) | USD | 15.000.000 | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| Sterling W (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,50% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,50% | 0% | SARON (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| 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% | SIBOR SGD 1 mese + 2% |
| SGD W (Inc.) (hedged) | SGD | 15.000.000 | 5% | 0,50% | 0% | SIBOR SGD 1 mese + 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% | HIBOR CNH 1 mese + 2% |
| DKK W (Acc.) (hedged) | DKK | 150.000.000 | 5% | 0,50% | 0% | LIBOR DKK 1 mese + 2% |
| NOK W (Acc.) (hedged) | NOK | 150.000.000 | 5% | 0,50% | 0% | LIBOR NOK 1 mese + 2% |
| SEK W (Acc.) (hedged) | SEK | 150.000.000 | 5% | 0,50% | 0% | LIBOR SEK 1 mese + 2% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD Z (Acc.) (hedged) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD Z (Inc.) (hedged) | USD | 200.000.000 | 5% | 0,35% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro Z (Acc.) | EUR | 200.000.000 | 5% | 0,35% | 0% | EURIBOR 1 mese + 2% |
| Euro Z (Inc.) | EUR | 200.000.000 | 5% | 0,35% | 0% | EURIBOR 1 mese + 2% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD E (Acc.) | USD | Come concordato | 5% | 0,30% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,30% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,30% | 0% | EURIBOR 1 mese + 2% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,30% | 0% | EURIBOR 1 mese + 2% |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,30% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,30% | 0% | SOFR (tasso composto a 30 giorni) + 2% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% | SARON (tasso composto a 30 giorni) + 2% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% | SARON (tasso composto a 30 giorni) + 2% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% | SOFR (tasso composto a 30 giorni) + 2% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 1 mese + 2% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 1 mese + 2% |
| Sterling X (Acc.) | GBP | Nessuna | 0% | 0% | 0% | SONIA (tasso composto a 30 giorni) + 2% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | SARON (tasso composto a 30 giorni) + 2% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende massimizzare il rendimento totale per mezzo della crescita dei redditi e del capitale investendo principalmente (ossia almeno i tre quarti del Valore Patrimoniale Netto del Comparto) in un portafoglio diversificato costituito da titoli di debito e correlati al debito emessi da società e governi che dimostrano caratteristiche d'investimento interessanti e sono considerati sostenibili.

##### Politiche di investimento
Il Comparto investirà principalmente almeno tre quarti del Valore Patrimoniale Netto del Comparto, in un portafoglio di obbligazioni internazionali, di mercati emergenti, sovrane, statali, di agenzie sopranazionali, societarie e bancarie, a tasso fisso e variabile (comprese obbligazioni ipotecarie e societarie) e altri titoli di debito e correlati al debito (quali obbligazioni non garantite (debenture), effetti, fra cui effetti societari, titoli sovrani, strutturati, a tasso variabile e fisso), titoli garantiti da attività e titoli garantiti da ipoteca, certificati di deposito e carte commerciali quotati o negoziati su Mercati Idonei di tutto il mondo come indicato di seguito nella sezione intitolata "Utilizzo di SFD" (nel prosieguo, "Titoli di debito e correlati al debito").
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire prevalentemente in Titoli di debito e correlati al debito societari e governativi con rating inferiore a investment grade. Il Comparto non investirà in Titoli di debito e correlati al debito che, alla
data dell’acquisto, presentino un rating inferiore a B- (o
suo equivalente) oppure, nel caso di titoli garantiti da
attività, titoli garantiti da ipoteca e altri strumenti legati
al rischio credito, che presentino un rating BBB- (o suo equivalente), secondo la classificazione di un’Agenzia di rating riconosciuta. Il Comparto può investire in Titoli di
debito e correlati al debito privi di rating a condizione che il Gestore degli Investimenti li ritenga di qualità equivalente come precedentemente indicato. Nel caso di rating discordante (ovvero rating diversi assegnati da due o più agenzie), sarà considerato il valore inferiore tra i due più elevati. Nel caso in cui i Titoli di debito e i Titoli correlati al debito detenuti dal Comparto vengano successivamente declassati al di sotto dei limiti definiti sopra, il Gestore degli Investimenti può mantenere
un’esposizione massima pari al 3% del Valore
Patrimoniale Netto del Comparto a tali titoli declassati.
Nella misura in cui il valore complessivo di tali titoli superi il 3% del Valore Patrimoniale Netto del Comparto, quelli che non sono stati promossi entro un periodo di sei mesi, saranno venduti. Le esposizioni derivanti dalle partecipazioni sottostanti agli organismi di investimento
collettivo ("OIC") saranno prese in considerazione nel processo di selezione delle limitazioni di cui al presente paragrafo.
Il Comparto può investire oltre il 10% e fino al 35% del suo Valore Patrimoniale Netto in titoli di debito emessi e/ o garantiti da un singolo emittente sovrano (compreso il suo governo o autorità pubblica o locale) con rating inferiore a investment grade (ossia inferiore a BBB-, ma non inferiore a B- (o suo equivalente)) assegnato da un'Agenzia di rating riconosciuta. Esempi di emittenti sovrani sono il Brasile, l'Indonesia e l'Ungheria. Tali investimenti si basano sul giudizio professionale del Gestore degli Investimenti, le cui ragioni di investimento possono includere una prospettiva favorevole/positiva sull'emittente sovrano, potenziale per gli aggiornamenti di rating e i cambiamenti previsti nel valore di tali investimenti a causa dei cambiamenti del rating. Si tenga presente che i rating degli emittenti sovrani possono cambiare di volta in volta e che i suddetti sovrani sono nominati solo a titolo di riferimento e soggetti a cambiamento in base al cambiamento dei rating.
Non esistono limiti quanto alla scadenza massima dei Titoli di debito e correlati al debito. Non esiste limite formale alla durata del Comparto.
Il Comparto non sarà esposto ai Titoli di debito e correlati al debito di società che traggono più del 10% del loro fatturato dalla produzione e dalla vendita di tabacco e non effettuerà operazioni di prestito titoli.
Il Comparto può investire anche in SFD come illustrato nella sezione "Utilizzo di SFD" di seguito.
Il Comparto potrà investire fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC"), inclusi fondi negoziati in borsa aperti ("ETF"). Gli investimenti in OIC possono essere utilizzati per la gestione del contante investendo in fondi del mercato monetario o per assumere un'esposizione a Titoli di debito e correlati al debito.
Al momento dell’acquisto, il rating di credito minimo dei Titoli di debito e correlati al debito in cui tali OIC possono
investire è B- (o suo equivalente) oppure, nel caso di titoli garantiti da attività, titoli garantiti da ipoteca, titoli strutturati e altri strumenti legati al credito, BBB- (o suo
equivalente), secondo la classificazione di un’Agenzia di
rating riconosciuta. Nel caso di rating separato, sarà
considerato il rating più basso tra i due rating migliori. Il Comparto può investire in ETF che saranno quotati su Mercati Idonei e dare esposizione ai mercati obbligazionari.
Il Comparto può assumere posizioni long e short per coprire e controllare il rischio del Comparto o per esprimere un'opinione sulla direzione del mercato. Le posizioni short saranno utilizzate principalmente a fini di copertura.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
Il Comparto può detenere livelli elevati di liquidità o attività equiparabili a liquidità in certe circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Nonostante la Valuta di Base sia l'euro, il Comparto può investire in attività non denominate in euro. Tali attività saranno coperte rispetto all'euro utilizzando SFD correlati alla valuta.

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere livelli elevati di liquidità o attività equiparabili a liquidità per fornire garanzia a supporto dell'esposizione SFD e in certe circostanze.
Queste comprendono condizioni di mercato che possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso e la facilitazione del pagamento delle spese.
Le attività equiparabili a liquidità includono strumenti del mercato monetario (quali titoli di Stato a breve termine, certificati di deposito, carte commerciali e depositi a termine) e depositi bancari. Resta inteso che emittenti e/ o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
EURIBOR 1 mese + 2% all'anno (il "Benchmark liquido").
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.
Il Benchmark è un benchmark liquido di mercato che non tiene conto dei fattori ESG e non viene utilizzato per misurare il grado di conformità alle caratteristiche ambientali o sociali promosse dal Comparto.

##### Strategia di investimento
Il Comparto è un portafoglio di titoli a reddito fisso, globale, dinamico, gestito in modo attivo, che intende generare rendimenti positivi investendo in un portafoglio di Titoli di debito e correlati al debito che dimostrano la capacità di generare rendimenti coerenti con l'obiettivo del Comparto e di soddisfare i criteri Ambientali, Sociali e di Governance ("ESG") e di sostenibilità del Gestore degli Investimenti. Nel determinare se un emittente si impegna in pratiche di business sostenibili e soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti, il Gestore degli Investimenti considera se l'emittente (i) si impegna in tali pratiche in termini economici (ad esempio stabilità della strategia, delle operazioni e delle finanze dell'emittente) e (ii) tiene debitamente conto del contesto economico, politico, di governance e normativo in cui
l'emittente opera, che include la valutazione delle pratiche ambientali, sociali e/o di governance dell'emittente.
I criteri del Gestore degli Investimenti integrano elementi di screening negativo e positivo insieme ad analisi generali e relative ai livelli di sicurezza ESG e, in ultima analisi, in linea con l'obiettivo e la strategia di investimento del Comparto cercano di:
- Identificare ed escludere emittenti che si occupano di specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ESG o che non seguono buone pratiche di governance. A titolo di esempio, il Gestore degli Investimenti potrebbe ritenere non idonei agli investimenti gli emittenti che emettono grandi quantità di anidride carbonica o i governi con cattive politiche in materia di diritti umani. Escluderà inoltre quegli emittenti che violano i Principi del Global Compact delle Nazioni Unite, inclusi i principi relativi ai diritti umani, al lavoro, all'ambiente e alla lotta alla corruzione.
- Identificare e investire in emittenti che cercano proattivamente di gestire i fattori sociali e ambientali in modo adeguato per generare rendimenti sostenibili. Ciò può includere anche quegli emittenti partecipi dello sviluppo di soluzioni che contribuiranno a risolvere questioni ambientali e/o sociali, ad esempio con un uso più efficiente o limitato delle risorse naturali o con l'accessibilità all'assistenza sanitaria.

Il Gestore degli Investimenti può anche investire in società emittenti in cui ritiene di poter promuovere pratiche di business sostenibili attraverso il costante impegno dell'emittente. Non effettuerà alcun investimento in un titolo che ritiene abbia questioni ESG rilevanti inerenti al business o alle attività economiche degli emittenti, come ad esempio un'azienda del tabacco, a causa delle implicazioni del fumo sulla salute.
Nel determinare se un emittente soddisfa i criteri ESG e
di sostenibilità del Gestore degli Investimenti, quest’ultimo utilizza una combinazione di dati esterni ed interni, ricerca e rating di natura sia quantitativa che
qualitativa.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche,
report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano a livello mondiale influenzino tutti i mercati finanziari e che, pertanto, un investimento proficuo in Titoli di debito e correlati al debito richieda una conoscenza approfondita del mondo nel suo complesso. Il processo di investimento del Gestore degli Investimenti comporta il confronto incrociato tra categorie di attività a reddito fisso e Titoli di debito e correlati al debito all'interno di un quadro globale, utilizzando una combinazione di temi di investimento, analisi fondamentale dell'emittente e dell'emissione, valutazione dei titoli e analisi delle questioni ESG. Il Gestore degli Investimenti determinerà quanto investire in ciascuna classe di attività a reddito fisso, fra cui debiti societari investment grade, debiti societari di qualità inferiore all'investment grade, debiti sovrani investment
grade, debiti sovrani dei mercati emergenti, esaminando fattori quali la durata, la qualità del credito, il paese e la valuta dei Titoli di debito e correlati al debito. In un contesto a reddito fisso, i fattori ESG influenzano la qualità, e quindi il valore, dei Titoli di debito e correlati al debito emessi da emittenti societari e sovrani.
I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo, fornendo il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità di investimento e rischio potenziali. Alcuni dei temi a lungo termine del Gestore degli Investimenti comprendono attualmente, a titolo non esaustivo, "Dinamiche della popolazione" (ad esempio l'impatto dell'invecchiamento della popolazione), "Questioni riguardanti l'ambiente" (ad esempio lo sviluppo di soluzioni riguardanti l'energia pulita e la gestione dei rifiuti), "Interventi statali" (ad esempio
l'impatto sui prezzi degli attivi che deriva da cambiamenti nelle politiche della banca centrale e nella politica in generale) e "Rivoluzione intelligente" (ad esempio lo sviluppo dell'intelligenza artificiale e dell'automazione).
Le allocazioni verranno effettuate a discrezione del Gestore degli Investimenti e non sono vincolate dalla regione o dal tipo di reddito fisso, sebbene tutti gli investimenti debbano soddisfare i criteri di sostenibilità del Gestore degli Investimenti.
Nel caso in cui gli emittenti risultino partecipare a specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ESG, tali emittenti sono soggetti a un'ulteriore revisione da parte del Gestore degli Investimenti prima di essere acquistati o detenuti su base continuativa.
Potrebbero verificarsi casi in cui il Gestore degli investimenti si trovi a investire in un titolo che è ritenuto collegato ad attività potenzialmente dannose. Ciò può verificarsi per alcune società le cui attività o operazioni, in genere per via di una combinazione di attività di business ereditate, possono in passato aver causato problemi ambientali o sociali, ma che ora intendono investire e aprirsi positivamente alle esigenze future (ad esempio, le aziende energetiche che si stanno preparando per una transizione verso un mondo a basse emissioni di carbonio). Analogamente, in alcuni casi, i rating ESG prevalenti potrebbero non cogliere appieno le iniziative positive correlate all'ESG in cui un emittente è coinvolto.
Gli investimenti del Comparto devono essere in grado di soddisfare i criteri del Gestore degli Investimenti su base continuativa dopo l'acquisto iniziale, e il livello di rischio di sostenibilità a cui un titolo può essere soggetto riceverà una valutazione analoga a quella precedente l'acquisto iniziale.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento, promuove caratteristiche ambientali o sociali e investe in società con una buona governance ai sensi dell’Articolo 8 dell’SFDR.
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da fornitori di dati terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Qualora il rischio di sostenibilità associato a un particolare investimento aumenti oltre un livello accettabile per il Gestore degli Investimenti, sempre considerando l'obiettivo e la strategia di investimento del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Fondo a tale investimento, tenendo conto dei principali interessi degli Azionisti del Fondo.
Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai
sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
I Criteri tecnici di selezione del Regolamento sulla tassonomia dell’UE (“TSC”) richiederanno la disponibilità di molteplici dati specifici per ogni investimento. Alla
data del presente documento, non sono disponibili dati affidabili, tempestivi e verificabili sufficienti affinché il Gestore possa valutare gli investimenti del Comparto utilizzando i TSC.
Inoltre, le norme tecniche di regolamentazione per l’SFDR che definiscono la metodologia per il calcolo della quota di allineamento alla tassonomia UE per i prodotti
finanziari come il Comparto e i modelli per le comunicazioni richieste non sono ancora disponibili nella loro forma definitiva. Alla data del presente documento, il Gestore non è in grado di fornire informazioni standardizzate e comparabili sull'allineamento degli investimenti del Comparto al Regolamento sulla
tassonomia dell’UE.
Sebbene il Comparto detenga investimenti in attività economiche che contribuiscono a un obiettivo ambientale e potrebbero essere idonei a essere valutati rispetto ai TSC, il Gestore non è attualmente in grado di descrivere:
- La misura in cui gli investimenti del Comparto riguardino attività economiche ecosostenibili;
- La proporzione, in percentuale del portafoglio del Comparto, di investimenti in attività economiche ambientalmente sostenibili; o
- La proporzione, in percentuale del portafoglio del Comparto, delle “Attività abilitanti del Regolamento sulla tassonomia dell’UE” e delle “Attività di transizione del Regolamento sulla tassonomia dell’UE”.

Il Gestore sta tenendo sotto controllo attivo questa situazione e quando saranno disponibili dati affidabili, tempestivi e verificabili sufficienti sugli investimenti del Comparto, il Gestore fornirà le descrizioni di cui sopra; in tal caso il presente Prospetto o il relativo Supplemento saranno aggiornati.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su valute (comprese le Opzioni FX) Opzioni su future su titoli di Stato Opzioni su obbligazioni Swaption |
| --- | --- |
| Futures | Future su Valute e Opzioni su Future su Valuta Future su titoli di Stato Future sul mercato monetario |
| Swap | Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) e Titoli Garantiti da Ipoteca (MBS) |

| Altri strumenti | Contratti Differenziali (CFD) |
| --- | --- |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite. I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto. Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la
disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR
assoluto e sulla Leva Finanziaria Lorda, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia contratti di riacquisto e contratti
di riacquisto inverso, come descritto nella sezione
“Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, il Gestore degli Investimenti non prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS, e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT del Comparto. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale
idoneo e la procedura della controparte, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 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, a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Blockchain Innovation Fund

### SUPPLEMENTO 46 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Newton Investment Management Limited (il “Subgestore degli Investimenti”) in relazione a questo Comparto.
Ulteriori dettagli sull’Accordo di Subgestione degli
Investimenti stipulato fra il Gestore degli Investimenti e il
Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “K” e Azioni “K (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD K (Acc.) | USD | Come concordato | 5% | 1,40% | 0% |
| USD K (Inc.) | USD | Come concordato | 5% | 1,40% | 0% |
| Euro K (Acc.) | EUR | Come concordato | 5% | 1,40% | 0% |
| Euro K (Inc.) | EUR | Come concordato | 5% | 1,40% | 0% |
| CHF K (Acc.) | CHF | Come concordato | 5% | 1,40% | 0% |
| CHF K (Inc.) | CHF | Come concordato | 5% | 1,40% | 0% |
| Euro K (Acc.) (hedged) | EUR | Come concordato | 5% | 1,40% | 0% |
| Euro K (Inc.) (hedged) | EUR | Come concordato | 5% | 1,40% | 0% |
| CHF K (Acc.) (hedged) | CHF | Come concordato | 5% | 1,40% | 0% |
| CHF K (Inc.) (hedged) | CHF | Come concordato | 5% | 1,40% | 0% |
| Sterling K (Acc.) (hedged) | GBP | Come concordato | 5% | 1,40% | 0% |
| Sterling K (Inc.) (hedged) | GBP | Come concordato | 5% | 1,40% | 0% |
| SGD K (Acc.) (hedged) | SGD | Come concordato | 5% | 1,40% | 0% |
| SGD K (Inc.) (hedged) | SGD | Come concordato | 5% | 1,40% | 0% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,50% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,50% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,50% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,50% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,50% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,50% | 0% |
| SGD E (Acc.) | SGD | Come concordato | 5% | 0,50% | 0% |
| SGD E (Inc.) | SGD | Come concordato | 5% | 0,50% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,50% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,50% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,50% | 0% |
| SGD E (Acc.) (hedged) | SGD | Come concordato | 5% | 0,50% | 0% |
| SGD E (Inc.) (hedged) | SGD | Come concordato | 5% | 0,50% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine investendo principalmente in società di asset digitali.

##### Politiche di investimento
Il Comparto investe principalmente (ossia, almeno l’80% del Valore Patrimoniale Netto del Comparto) in azioni e titoli correlati ad azioni, che comprendono, seppur senza
limitarvisi, azioni ordinarie e privilegiate, diritti di acquisto sulle azioni, warrant, certificati di deposito americani e certificati di deposito globali (collettivamente
definiti “Certificati di deposito"), fondi di investimento
immobiliare ("REIT") quotati, ed SFD correlati ad azioni
(di seguito "Azioni e titoli correlati ad azioni") di società di asset digitali di tutto il mondo.
Le società di asset digitali sono quelle società suscettibili di beneficiare delle opportunità di entrate continue o in crescita e/o di risparmi sui costi offerte da tecnologie blockchain (note altresì come tecnologie di distributed
ledger) o società che consentono l’utilizzo di tecnologie blockchain (di seguito “Società di innovazione della blockchain"). Una semplice definizione di tecnologia
blockchain può essere quella di software e hardware integrati che consentono alle società di mantenere e scambiare, in maniera indipendente, dati commerciali digitalizzati in un formato standardizzato.
Non vi sono limiti all'investimento del Comparto in Azioni e titoli correlati ad azioni di società a bassa e media capitalizzazione; il Comparto può investire in modo sostanziale in tali società.
L'investimento in REIT non supererà il 10% del Valore Patrimoniale Netto del Comparto e l'investimento in warrant non supererà il 20% del Valore Patrimoniale Netto del Comparto.
Il Comparto può anche investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in comparti di tipo chiuso (compresi gli ETF) che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto. Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il Comparto può acquisire esposizione a materie prime attraverso una combinazione di titoli quotati o negoziati su Mercati Idonei, quali Azioni e titoli correlati ad azioni e OIC. Il Comparto non investirà direttamente in materie prime.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati e OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto può investire tanto in mercati sviluppati quanto in mercati emergenti. Sebbene si preveda che il Comparto abbia un'esposizione significativa ai mercati sviluppati in base a come si evolve il settore del mercato della tecnologia blockchain, nel tempo potrebbe investire oltre il 40% del suo Valore Patrimoniale Netto nei Paesi dei mercati emergenti. Tali paesi dei mercati emergenti probabilmente includeranno, seppur senza limitarvisi, Brasile, Russia, Cina, India e Messico. Il Comparto può
acquisire esposizione alla Cina acquistando azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il programma di Connessione fra le Borse e attraverso Certificati di deposito. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto. Il Comparto
può acquisire esposizione all’India direttamente o
attraverso Certificati di deposito. Il Comparto può
investire fino al 20% del suo Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno di solito coperte in USD. Pertanto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio.
Tuttavia, il Comparto può di volta involta utilizzare SFD per effettuare operazioni in valuta estera al fine di coprire tutte o parte delle esposizioni di valuta alla Valuta base del Comparto. Gli SFD sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.
Il Comparto non intende assumere posizioni short, tuttavia investirà sia in SFD correlati ad azioni che in altri SFD.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con oltre 2.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
Identificazione dell'Universo Investibile
Il Gestore degli Investimenti investe in Azioni e titoli correlati ad azioni per acquisire esposizione alle Società di innovazione della blockchain incluse nell'universo investibile. L'universo investibile è sviluppato e mantenuto dal Gestore degli Investimenti, che effettua ricerche e valutazioni sulle Società di Innovazione della Blockchain. Il Gestore degli Investimenti crea l'universo investibile a livello globale, indipendentemente dal settore o dalla capitalizzazione di mercato, utilizzando una combinazione di risorse interne (analisti della ricerca di settore globale di base, team di gestione del portafoglio e membri del team quantitativo), nonché di risorse esterne, tra cui i rapporti delle industrie e delle fiere.
Tra i settori rappresentativi vi sono, a titolo esemplificativo ma non esaustivo, quello della tecnologia dell'informazione, finanziario, dei servizi di pubblica utilità, dei comparti industriali, sanitario, dei beni di consumo discrezionali, dei servizi di comunicazione e immobiliare, comprensivi dei sottosettori/delle sottocategorie relative a ciascun gruppo industriale. Tali settori possono utilizzare tecnologie blockchain e/o contratti intelligenti per gestire la filiera, velocizzare le transazioni e ridurre i costi. A causa dell'ampia natura di applicazione delle tecnologie di distributed ledger e dello spessore delle componenti coinvolte all'interno di ogni singola implementazione, il Comparto può investire in un insieme di industrie in evoluzione. Queste industrie includono, a titolo esemplificativo ma non esaustivo, quelle aziende esposte: al monitoraggio e all'ottimizzazione della filiera globale (ad es., trasporto aereo e logistica, navigazione marittima, autotrasporto, confezionamento di alimenti e carni, supermercati, ristoranti, prodotti personali), al mercato finanziario globale (ad es., scambi finanziari, società di asset management, banche depositarie, assicuratori multiramo), e alla digitalizzazione della sanità (ad es., servizi sanitari, sanità gestita). Le industrie operanti nel settore della tecnologia dell'informazione (applicazioni, produzione di semiconduttori, fornitura di servizi internet e di infrastruttura relativa alla tecnologia dell'informazione) possono beneficiare dell'offerta di tecnologia blockchain come servizio aggiuntivo. Il Comparto può inoltre perseguire un'esposizione a materie prime investendo in indici finanziari. Come conseguenza di questo insieme variegato di opportunità, si prevede un'espansione e un'evoluzione dell'universo per abbracciare un insieme sempre più ampio di settori e industrie.
Selezione dell'investimento
Il Gestore degli Investimenti seleziona gli investimenti dall'universo investibile utilizzando modelli proprietari per valutare le aziende rispetto alle aspettative del mercato e l'analisi fondamentale per verificare la gestione di una pertinente capacità e volontà della società di mantenere e idealmente di aumentare il proprio valore. Questa analisi fondamentale comprende la valutazione della solidità del bilancio, del panorama della concorrenza, delle valutazioni del prezzo delle azioni, della liquidità e del contesto normativo. L'analisi è supportata da un pool di analisti con esperienza nell'ambito della ricerca azionaria.
Gli investimenti vengono quindi classificati utilizzando un sistema che attribuisce un punteggio in termini qualitativi alla misura in cui l'investimento è suscettibile di beneficiare delle opportunità di entrate continue o in crescita e/o dei risparmi sui costi offerte da tecnologie di distributed ledger. Il sistema attribuisce un punteggio ai potenziali investimenti per riflettere la possibilità che la società in esame abbia un'esposizione futura prevista a tecnologie blockchain (esposizione attesa), sia attualmente alla ricerca di esposizione a tecnologie blockchain (esposizione moderata) o abbia attualmente un'esposizione a tecnologie blockchain (esposizione elevata). Il Gestore degli Investimenti mira a costruire un portafoglio che si concentra sulle società in possesso di un'esposizione elevata, sebbene investa anche in società con esposizione moderata e attesa.
Disciplina di vendita
Il Gestore degli Investimenti effettua revisioni periodiche delle prestazioni di ciascun investimento. Le revisioni delle prestazioni includono una valutazione delle prestazioni di un investimento rispetto al suo gruppo di riferimento all'interno dell'universo investibile. Il Gestore degli Investimenti prende in considerazione la vendita di titoli con un potenziale di crescita limitato o nullo, che si prevede diminuiranno di valore o nel momento in cui saranno disponibili opportunità di investimento più promettenti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti applica un'analisi fondamentale supportata da risorse di dati quantitativi per valutare i fattori ambientali, sociali e di governance di ciascun investimento in portafoglio al fine di individuare potenziali rischi di sostenibilità. Tali fattori possono includere, a titolo esemplificativo ma non esaustivo, l'impatto ambientale di un emittente, comprese le emissioni, l'uso del suolo e le attività di smaltimento dei rifiuti, nonché le politiche e le pratiche sociali di un emittente, incluse le questioni relative ai dipendenti, alle procedure riguardanti la catena di approvvigionamento e alle politiche sui diritti umani. Il Gestore degli Investimenti individua e integra nel proprio processo decisionale in materia di investimenti gli aspetti che influenzeranno il comportamento di un emittente o che influenzeranno i contesti economici, normativi, politici, sociali o ambientali in cui opera. Il Gestore degli Investimenti fa leva sull'analisi fondamentale e sui dati quantitativi per ricavare un punteggio ESG proprietario e rafforzare ulteriormente la gestione dei fattori di sostenibilità all'interno del Comparto. La ricerca proprietaria del Gestore degli Investimenti è integrata da
risorse di terzi, tra cui dati e rating ESG MSCI, dati ESG Bloomberg, Guida all’impegno del Sustainability Accounting Standards Board (SASB), ricerca sell-side ed
eventi del settore. Ne consegue un processo decisionale in materia di investimenti che cerca di ridurre al minimo l'esposizione del Comparto alle società più in ritardo
rispetto ai criteri ambientali, sociali e di governance, tenendo conto anche degli eventuali rischi di sostenibilità residui associati agli investimenti del Comparto.
Inoltre, il Gestore degli Investimenti valuta le pratiche di governance degli emittenti attraverso la sua ricerca fondamentale, integrata da metodologie di punteggio relative alla governance proprietarie e di terzi, al fine di assicurarsi che gli emittenti in questione seguano le buone pratiche di governance, specialmente in termini di strutture di gestione solide, relazioni con i dipendenti, retribuzione del personale e rispetto degli adempimenti fiscali.
Il Gestore degli Investimenti monitora regolarmente i fattori di sostenibilità e le esposizioni al rischio esaminando le relazioni periodiche sia sui punteggi ESG proprietari del Gestore degli Investimenti che su quelli di terzi.
Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su indici azionari Future su indice di materie prime |
| --- | --- |
| Opzioni | Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Diritti di Acquisto sulle Azioni |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a una gamma di indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di
investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di materie prime per offrire un'esposizione ai settori di materie prime quali energia e metalli industriali, in quanto il Comparto non investirà direttamente in materie prime. | Indice Bloomberg Commodity Indice S&P GSCI |
| Indici azionari per offrire un'esposizione a mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice MSCI AC World NR |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire questi indici, esso non sarà direttamente influenzato dal ribilanciamento degli indici, da costi associati o da qualsivoglia ponderazione dei titoli che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici sopracitati sono riportati nella sezione "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento".
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CHF, o 1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nella sezione "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Absolute Return Global Convertible Fund

### SUPPLEMENTO 47 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto investirà principalmente in SFD e li utilizzerà a scopo di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni.

L'Investimento in un Comparto espone a dei rischi di investimento, inclusa la possibile perdita del capitale.

#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited.
Il Gestore degli Investimenti può delegare le sue funzioni di gestione degli investimenti a un Subgestore degli Investimenti e/o nominare un consulente degli investimenti per fornire consulenza sugli investimenti in conformità ai requisiti della Banca Centrale. Alla data di pubblicazione del presente Supplemento, il Gestore degli Investimenti ha nominato il Subgestore degli Investimenti, come di seguito descritto.

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Insight North America LLC (il “Subgestore degli
Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli Investimenti e il Subgestore
degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “R” e Azioni “R (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro R (Acc.) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro R (Inc.) | EUR | 5.000 | 5% | 1,50% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Sterling R (Acc.) (hedged) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Sterling R (Inc.) (hedged) | GBP | 5.000 | 5% | 1,50% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD R (Acc.) (hedged) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| USD R (Inc.) (hedged) | USD | 5.000 | 5% | 1,50% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| CHF R (Acc.) (hedged) | CHF | 5.000 | 5% | 1,50% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| JPY R (Acc.) (hedged) | JPY | 500.000 | 5% | 1,50% | 0% | 15% | TONAR (tasso composto a 30 giorni) | TONAR (tasso composto a 30 giorni) |

| Azioni “D” e Azioni “D (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro D (Acc.) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro D (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Sterling D (Acc.) (hedged) | GBP | 5.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD D (Acc.) (hedged) | USD | 5.000 | 5% | 1,00% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| CHF D (Acc.) (hedged) | CHF | 5.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| JPY D (Acc.) (hedged) | JPY | 500.000 | 5% | 1,00% | 0% | 15% | TONAR (tasso composto a 30 giorni) | TONAR (tasso composto a 30 giorni) |

| Azioni “S” e Azioni “T (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro S (Acc.) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro S (Inc.) | EUR | 5.000.000 | 5% | 1,00% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Sterling T (Acc.) (hedged) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Sterling T (Inc.) (hedged) | GBP | 5.000.000 | 5% | 1,00% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD T (Acc.) (hedged) | USD | 5.000.000 | 5% | 1,00% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| CHF T (Acc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| JPY T (Acc.) (hedged) | JPY | 500.000.000 | 5% | 1,00% | 0% | 15% | TONAR (tasso composto a 30 giorni) | TONAR (tasso composto a 30 giorni) |

| Azioni “U” e Azioni “U (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro U (Acc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Euro U (Inc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Sterling U (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| Sterling U (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD U (Acc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| USD U (Inc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| CHF U (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,75% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| JPY U (Acc.) (hedged) | JPY | 1.500.000.000 | 5% | 0,75% | 0% | 15% | TONAR (tasso composto a 30 giorni) | TONAR (tasso composto a 30 giorni) |

| Azioni “F” e Azioni “F (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro F (Acc.) | EUR | Come concorda- to | 5% | 0,35% | 0% | 15% | EURIBOR 1 mese | EURIBOR 1 mese |
| Sterling F (Acc.) (hedged) | GBP | Come concorda- to | 5% | 0,35% | 0% | 15% | SONIA (tasso composto a 30 giorni) | SONIA (tasso composto a 30 giorni) + 0,04% |
| USD F (Acc.) (hedged) | USD | Come concorda- to | 5% | 0,35% | 0% | 15% | SOFR (tasso composto a 30 giorni) | SOFR (tasso composto a 30 giorni) + 0,12% |
| CHF F (Acc.) (hedged) | CHF | Come concorda- to | 5% | 0,35% | 0% | 15% | SARON (tasso composto a 30 giorni) | SARON (tasso com- posto a 30 giorni) |
| JPY F (Acc.) (hedged) | JPY | Come concorda- to | 5% | 0,35% | 0% | 15% | TONAR (tasso composto a 30 giorni) | TONAR (tasso composto a 30 giorni) |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis- sione di rimborso | Commissione di perfor- mance | Benchmark della perfor- mance della classe di azioni | Hurdle Rate |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% | Nessuna | EURIBOR 1 mese | Nessuna |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% | Nessuna | SONIA (tasso composto a 30 giorni) | Nessuna |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% | Nessuna | SOFR (tasso composto a 30 giorni) | Nessuna |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% | Nessuna | SARON (tasso composto a 30 giorni) | Nessuna |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% | Nessuna | TONAR (tasso composto a 30 giorni) | Nessuna |


#### Commissione di performance
Oltre alla commissione di gestione annuale, il Gestore
avrà diritto a una commissione annuale di performance (la “Commissione di Performance”) alle condizioni descritte di seguito. L'aliquota a cui sarà applicata la
Commissione di Performance è esposta nella tabella precedente. Le Commissioni di Performance riducono il valore del vostro investimento e il rendimento che riceverete.
La Commissione di Performance in relazione a ogni Classe di Azione pertinente è calcolata come aliquota della commissione di performance (stabilita nella tabella qui sopra) del Rendimento della Classe di Azioni (come
definito di seguito) eccedente il Rendimento dell’Hurdle
Rate (come definito di seguito) e soggetta a un High
Water Mark (come definito di seguito) 
1
.
La Commissione di Performance verrà calcolata su ogni periodo di dodici mesi che ha termine il 31 dicembre (il
“Periodo di Calcolo”). Il primo Periodo di Calcolo sarà il
periodo che ha inizio il Giorno Lavorativo immediatamente
successivo la chiusura del Periodo di Offerta Iniziale e termina il 31 dicembre dello stesso anno.
Il “Rendimento della Classe di Azioni” viene calcolato in ciascun Giorno di Valutazione e consiste nella differenza percentuale tra il Valore Patrimoniale Netto Rettificato
relativo a tale Giorno di Valutazione e il Valore Patrimoniale Netto Rettificato relativo al Giorno di Valutazione precedente.
Il “Valore Patrimoniale Netto Rettificato” è costituito dal Valore Patrimoniale Netto della relativa classe di azioni (che comprende tutte le commissioni e le spese
maturate, incluse la commissione di gestione annuale e le spese di gestione e amministrazione a carico della
1 
Gli Investitori devono essere consapevoli del fatto che i seguenti Comparti della Società applicano una definizione diversa di "High Water Mark" nel calcolo della Commissione di Performance per le rispettive classi di azioni: BNY Mellon Absolute Return Equity Fund e BNY Mellon Absolute Return Bond Fund. Ulteriori dettagli sul calcolo della Commissione di Performance di questi Comparti sono indicati nei loro rispettivi Supplementi.
relativa classe di azioni, rettificato in caso di distribuzioni
di dividendi), al lordo della Commissione di Performance maturata a partire dall’inizio del Periodo di Calcolo.
L’“Hurdle Rate” è l’aliquota stabilita nella tabella precedente. L’hurdle rate è un livello predeterminato di rendimento che un fondo deve superare per generare una
commissione di performance.
Il “Rendimento dell’Hurdle Rate” è calcolato in ciascun Giorno di Valutazione ed è definito come il valore che risulti maggiore tra: (i) il rendimento dell’Hurdle Rate (espresso in forma percentuale); o (ii) lo zero percento (0%). L’“Hurdle Rate” è indicato nella tabella precedente ed è calcolato su 365 giorni per il tasso SONIA (tasso composto a 30 giorni) e su 360 giorni per l’EURIBOR e il SOFR a 1 mese (tasso composto a 30 giorni), il SARON
(tasso composto a 30 giorni) e il TONAR (tasso composto a 30 giorni).
L’“High Water Mark” viene definito come il valore che risulti maggiore tra: (i) il massimo Valore Patrimoniale Netto per Azione sul quale è stata pagata una
Commissione di Performance nell’ultimo giorno di
qualsiasi Periodo di Calcolo precedente; o (ii) il prezzo di
emissione iniziale per Azione di ciascuna Classe.
In ciascun Giorno di Valutazione, viene calcolato un Valore Patrimoniale Netto Rettificato in relazione a ciascuna classe di azioni a cui si applica la Commissione di Performance. La Commissione di Performance matura
nel caso in cui il Valore Patrimoniale Netto Rettificato della relativa classe di azioni sia superiore all’High Water Mark e il Rendimento della Classe di Azioni sia superiore al Rendimento dell’Hurdle Rate.
L’uso di un High Water Mark garantisce che non venga applicata una Commissione di Performance fino a che
eventuali performance inferiori precedenti del Rendimento della Classe di Azioni non saranno recuperate. Di conseguenza, non verrà addebitata alcuna Commissione di Performance a meno che il Valore Patrimoniale Netto Rettificato per Azione alla fine del Periodo di Calcolo (o al momento del rimborso, nel caso di una fusione soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere
liquidati o cessare le negoziazioni) sia superiore all’High
Water Mark. Si invita a prendere atto che la differenza
negativa relativa del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate rilevata nei Periodi di Calcolo precedenti non sarà recuperata.
Qualora l’Hurdle Rate fosse inferiore allo zero percentuale (0%), nell’effettuare il calcolo di qualsiasi Commissione di Performance si applicherà un Rendimento minimo dell’Hurdle Rate pari allo zero percentuale (0%). Ciò
significa che non verrà addebitata una Commissione di
performance, fatto salvo il caso in cui il Rendimento della
Classe di Azioni sia maggiore dello zero percentuale (0%) e le Commissioni di performance maturate siano limitate alla sovraperformance raggiunta oltre lo zero percentuale (0%), ossia le Commissioni di Performance non vengono addebitate in periodi di performance negativa.
Se il Rendimento della Classe di Azioni non risulta superiore al Rendimento dell’Hurdle Rate, la Commissione di Performance viene ridotta (non al di
sotto dello zero). La Commissione di Performance è ridotta di un ammontare calcolato come percentuale della commissione di performance (come indicato nella tabella precedente) della sottoperformance del Rendimento della Classe di Azioni rispetto al Rendimento
dell’Hurdle Rate (il rendimento negativo) moltiplicato per
le Azioni in emissione. Una volta che la Commissione di
Performance viene ridotta a zero, non maturerà alcuna nuova Commissione di Performance fino a quando (i) il
Rendimento cumulativo della Classe di Azioni non supererà il Rendimento cumulativo dell’Hurdle Rate a partire dall’inizio del Periodo di Calcolo e (ii) il Valore Patrimoniale Netto Rettificato della relativa Classe di Azioni non supererà l’High Water Mark.
La Commissione di Performance maturata in ciascun Giorno di Valutazione viene considerata nel calcolo del Valore Patrimoniale Netto per Azione sulla cui base possono essere accettati sottoscrizioni, rimborsi, scambi o trasferimenti di Azioni.
Nel calcolo della Commissione di Performance sono comprese le plusvalenze nette realizzate e non realizzate più le perdite di capitale nette realizzate e non realizzate alla fine del relativo periodo. Di conseguenza, possono essere pagate delle Commissioni di Performance su guadagni non realizzati che potrebbero non essere mai realizzati in seguito.
Una performance positiva può essere frutto degli andamenti del mercato, oltre che di una gestione attiva del portafoglio; ciò può far sì che si verifichino casi in cui
una parte della Commissione di Performance viene corrisposta in base all’andamento del mercato.
Il calcolo della Commissione di Performance non è aperto alla possibilità di manipolazione e sarà verificato dal Depositario.
La Commissione di performance è calcolata e matura in ciascun Giorno di valutazione e viene pagata annualmente in via posticipata, in relazione a ciascun Periodo di Calcolo. Qualsiasi Commissione di Performance dovuta sarà generalmente pagata entro 30 Giorni Lavorativi dopo la fine di ciascun Periodo di Calcolo, alla data di un rimborso, alla data di una fusione (soggetta ai requisiti della Banca Centrale), alla data di risoluzione del Contratto di Gestione o in altra data in cui la Società o il Comparto possono essere liquidati o cessare le negoziazioni.

##### Esempi di calcolo della commissione di performance
Nota: il modello della commissione di performance non consente l’addebito di commissioni di performance in caso di performance negativa.
| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno uno) | 105p | 100p | 102p | 3p | 0,45p | 104,55p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 105 p alla fine dell’anno uno è stato superiore al prezzo di emissione iniziale di 100 p. Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 100 p E l’Extra-rendimento di 3 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,45 p. |
| 31 dicembre (anno due) | 95p | 104.55p | 106p | 0p | 0p | 95p | La performance è stata negativa durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 95 p alla fine dell’anno due è stato inferiore al Valore Patrimoniale Netto di 104,55 p alla fine dell’anno uno. Pertanto, non è stata pagata alcuna Commissione di Performance. |
| 31 dicembre (anno tre) | 104p | 104.55p | 97p | 0p | 0p | 104p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 104 p alla fine dell’anno tre è stato superiore al Valore Patrimoniale Netto di 95 p alla fine dell’anno due. Tuttavia, il Valore Patrimoniale Netto Rettificato di 104 p è stato inferiore all’High Water Mark di 104,55 p, con conseguente Extra- rendimento pari a zero. Pertanto, non è stata pagata alcuna Commissione di Performance. |

| Giorno di Valutazione | Valore Pa- trimoniale Netto Retti- ficato alla fine del Periodo di Calcolo | High Water Mark | Rendimento dell’Hurdle Rate espres- so in penny | Extra-rendi- mento espres- so in penny* | Commissione di performan- ce** | Valore Pa- trimoniale Netto alla fine del Periodo di Calcolo | Descrizione dell’esempio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 31 dicembre (anno quat- tro) | 110p | 104.55p | 108p | 2p | 0.30p | 109.7p | La performance è stata positiva durante il Periodo di Calcolo in quanto il Valore Patrimoniale Netto Rettificato di 110 p alla fine dell’anno quattro è stato superiore al Valore Patrimoniale Netto di 104 p alla fine dell’anno tre. Inoltre, il Valore Patrimoniale Netto Rettificato è superiore all’High Water Mark di 104,55 p E l’Extra- rendimento di 2 p è positivo. Pertanto, è stata pagata una Commissione di Performance di 0,30 p. |

*L’Extra-rendimento è la sovraperformance del Rendimento della Classe di Azioni rispetto al Rendimento dell’Hurdle Rate, quando il Valore Patrimoniale Netto Rettificato supera l’High Water Mark.
**15% di Extra-rendimento

#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende conseguire un rendimento positivo in tutte le condizioni di mercato; tuttavia, non sono garantiti rendimenti positivi.

##### Politiche di investimento
Il Comparto mira a conseguire il proprio obiettivo di investimento su base triennale continuativa, al netto delle commissioni.
Il Comparto acquisirà esposizione diretta o indiretta tramite SFD a obbligazioni convertibili (comprese le obbligazioni convertibili obbligatorie), azioni e titoli correlati ad azioni nonché ad altri titoli di debito e correlati al debito (come definiti di seguito), su base lunga e corta.
Il Comparto può investire più del 100% del proprio Valore Patrimoniale Netto in obbligazioni convertibili (incluse le obbligazioni convertibili obbligatorie).
Le azioni e i titoli correlati ad azioni in cui il Comparto può investire, direttamente o indirettamente, tramite SFD includono azioni, warrant, azioni privilegiate, fondi
negoziati in borsa (“ETF”), certificati negoziati in borsa (“ETN”), Certificati di deposito americani (“ADR”), Certificati di deposito globali ("GDR") e strumenti di
debito ibridi (quali obbligazioni permutabili, obbligazioni perpetue, interessi differibili, ad esempio obbligazioni cumulative e non cumulative e azioni fiduciarie privilegiate) (di seguito, "Azioni e titoli correlati ad azioni").
Gli ETN possono essere utilizzati per fornire esposizione a indici finanziari, compresi gli indici di volatilità e gli indici azionari elencati di seguito nella sezione "Indici finanziari". La principale esposizione azionaria del Comparto sarà costituita da posizioni corte in titoli azionari di società a cui si è esposta investendo in
obbligazioni convertibili, titoli di debito e correlati al debito (come definiti di seguito) o in Azioni e titoli correlati ad azioni. Le posizioni lunghe in azioni possono essere detenute qualora un'obbligazione convertibile venga convertita in azione.
Il Comparto può investire in titoli di debito e correlati al debito governativi a tasso fisso e variabile (quali obbligazioni a tasso fisso, obbligazioni indicizzate e buoni del Tesoro a cedola zero), titoli correlati al debito societari (quali certificati a tasso fisso e variabile, obbligazioni di agenzia, obbligazioni comunali, obbligazioni garantite, obbligazioni callable e puttable, nonché Eurobond e obbligazioni bullet), strumenti del mercato monetario (quali certificati di deposito e carte commerciali e depositi a vista) e titoli garantiti da attività e titoli garantiti da ipoteca (di seguito "Titoli di debito e correlati al debito"). Il Comparto può investire in Titoli di debito e correlati al debito direttamente o indirettamente tramite SFD.
Agli investimenti del Comparto non sarà applicato nessun rating di credito minimo. Il Comparto può investire in strumenti di qualità investment grade, inferiore a investment grade (ossia strumenti con rating inferiore a BBB- (o equivalente) attribuito da un'Agenzia di rating riconosciuta) e privi di rating. La maggior parte delle obbligazioni convertibili è sprovvista di rating, pertanto il Comparto può avere un'esposizione significativa a strumenti privi di rating che possono essere considerati equivalenti a strumenti di qualità inferiore a investment grade. Il Comparto può anche investire in depositi in contanti.
Il Comparto può investire complessivamente fino al 10% del proprio Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") fra cui OIC che forniscono un'esposizione a obbligazioni convertibili, titoli di debito e correlati al debito e titoli azionari e correlati ad azioni, fondi del mercato monetario, indici di volatilità e altri OICVM irlandesi di cui il Gestore degli Investimenti è consulente. Gli OIC in cui il Comparto può investire
comprendono gli ETF. Gli investimenti in ETF saranno soggetti ai limiti di investimento previsti per gli OIC. Il Comparto può anche investire in OIC di tipo chiuso, in conformità ai limiti di investimento previsti per i valori mobiliari di cui al capitolo "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento.
Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto in titoli di mercati emergenti, tra cui
Russia, Cina e India. Il Comparto può investire in titoli che garantiscono un’esposizione a emittenti russi negoziati su un ,Mercato Idoneo ma può investire solo
fino al 10% del proprio Valore Patrimoniale Netto in titoli quotati o negoziati alla Borsa di Mosca. Il Comparto può acquisire esposizione indiretta alla Cina e all'India attraverso obbligazioni convertibili che possono essere convertite in azioni, ADR o GDR. Nessun titolo tra obbligazioni convertibili, azioni, ADR e GDR sarà detenuto nel mercato locale. Prima di acquisire un'esposizione diretta in India, il Gestore degli Investimenti deve aggiornare il Supplemento per fornire informazioni sulle licenze locali pertinenti e sugli accordi di subcustodia e deve assicurarsi che questi siano in essere. Il Comparto può acquisire esposizione ai titoli cinesi acquistando azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC diversi dagli ETF, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'EUR, il Comparto può investire in attività non denominate in EUR che in generale saranno coperte in EUR utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire garanzia a supporto dell'esposizione SFD.
Inoltre, in determinate circostanze, il Comparto può detenere livelli elevati di liquidità o equiparabili a liquidità (ad esempio fino al 100% del proprio Valore Patrimoniale Netto). A titolo esemplificativo: in casi di estrema volatilità, qualora sussista il rischio che il Comparto non raggiunga il proprio obiettivo di rendimento o se le condizioni di mercato richiedono una strategia d'investimento difensiva.
Gli attivi equiparabili a liquidità possono comprendere depositi in contanti e tutti i Titoli di debito o correlati al debito a tasso fisso o variabile descritti sopra, restando inteso che gli emittenti e/o i garanti di tali Titoli di debito e correlati al debito e depositi di credito avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
EURIBOR 1 mese (il "Benchmark liquido").
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su base triennale annualizzata continuativa al lordo delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
Il Comparto cerca di generare rendimenti prevalentemente attraverso investimenti long diretti o indiretti in obbligazioni convertibili, titoli indicizzati ad azioni e short nei corrispondenti titoli azionari. Il Comparto può cercare di mantenere posizioni corte sintetiche in swap su azioni, swap di obbligazioni (fra cui swap su obbligazioni convertibili), credit default swap ("CDS"), future su obbligazioni, swap di rendimento totale, contratti differenziali e contratti di cambio a termine.
Il Comparto cercherà di trarre vantaggio dalle anomalie di valutazione degli investimenti, ad esempio ricercando investimenti ritenuti sopravvalutati o sottovalutati dal Gestore degli Investimenti. Tali valutazioni possono essere determinate su base assoluta (valore derivato tenendo in considerazione il titolo e il proprio emittente in sé) o su base relativa (valore rispetto a titoli simili e al mercato in generale).
Le opportunità di negoziazione basate su una valutazione assoluta o relativa possono presentarsi in base a una serie di fattori, tra cui l'errata valutazione della volatilità (ad esempio, nel caso in cui il prezzo effettivo dei titoli differisca dalla valutazione teorica), l'incertezza del mercato (causa di volatilità e simili valutazioni errate), il credito rispetto ai valori azionari, come le differenze di prezzo tra il credito e le azioni di uno stesso emittente o di società appartenenti allo stesso settore), e le differenze di prezzo tra strumenti in diverse parti della struttura del capitale dello stesso emittente.
Il Gestore degli Investimenti costruirà il portafoglio di investimento utilizzando una combinazione di un approccio bottom-up e top-down per determinare se un titolo è sottovalutato o sopravvalutato. Il processo bottom-up si basa sull'analisi di settori industriali e società per identificare potenziali candidati all'investimento utilizzando una combinazione di modelli quantitativi, analisi azionarie e creditizie (quali una revisione di documentazione finanziaria come bilanci e
dichiarazioni di reddito per valutare la solvibilità e le prospettive di guadagno), prezzi attuali e storici di titoli simili e ricerche di terzi.
Il processo top-down consiste nell'analisi dei movimenti globali in termini di titoli azionari, credito e tassi di interesse e del loro effetto previsto sul portafoglio di investimenti. I candidati migliori della classe saranno individuati per un loro potenziale inserimento nel Comparto.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti del Comparto, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG"). La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione.
Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari di tutti gli emittenti. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se un investimento può ragionevolmente compensare un fondo rispetto ai rischi di sostenibilità a lungo e breve termine.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Il Comparto può avere una performance inferiore o diversa rispetto ad altri fondi analoghi che non integrano rischi di sostenibilità nelle proprie decisioni di investimento e sussiste il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto derivato da un evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
| Futures | Future su azioni Future su valuta Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato Future su obbligazioni Future su indici finanziari |
| --- | --- |
| Opzioni | Opzioni su valute (comprese le opzioni con barriera) Opzioni su futures su tassi di interesse Opzioni su azioni Opzioni su obbligazioni Opzioni su future su obbligazioni Opzioni su tassi di interesse Opzioni su credit default swap Opzioni sugli indici di volatilità Opzioni su indice |
| Contratti a Termine | Contratti di Cambio a Termine |
| Swap | Credit default swap ("CDS") (titoli singoli e indice) Swap su azioni (inclusi titoli singoli e portafogli in swap) Swap di obbligazioni, fra cui swap di obbligazioni convertibili (inclusi titoli singoli e portafogli in swap) Swap sui tassi d'interesse Swap di attività Swap di rendimento totale, fra cui contratti differenziali (titoli singoli, indice e paniere personalizzato [in quest'ultimo caso, componenti sottostanti che possono essere raggruppati per settore, area geografica o altre caratteristiche]) |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Obbligazioni callable e puttable Alcuni titoli Garantiti da Attività (ABS) e alcuni titoli Garantiti da Ipoteca (MBS) Warrant ETF (solo gli ETF sintetici avranno al loro interno SFD/leva finanziaria, gli ETF fisici non avranno al loro interno SFD/leva finanziaria) Certificati negoziati in borsa (ETN) |

Il Comparto può investire nei seguenti SFD OTC a fini di investimento:
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit CDX North American High Yield Indice Markit CDX North American Investment Grade Indice Markit iTraxx Europe Main (Investment Grade) Indice Markit iTraxx Europe Crossover (High Yield) Indice Markit iTraxx Europe High Yield |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice S&P 500 Indice Nasdaq 100 Indice Euro Stoxx 50 Indice Euro Stoxx 600 Indice Nikkei 225 Indice FTSE 100 Indice Hang Seng |
| Indici di swap di rendimento totale (TRS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice Markit iBoxx USD Liquid High Yield |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Indice CBOE Volatility (VIX) |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 500% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 500% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 6% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 5 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 50 – 1000% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 500% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 400% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 GBP, 1 USD, 1 CHF o 100 JPY a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso delle classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Floating Rate Credit Fund

### SUPPLEMENTO 48 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al patrimonio del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Alcentra Limited
Alcentra Limited ("Alcentra") è una società di investimento a livello mondiale con sede a Londra, al 160 Queen Victoria Street, Londra EC4V 4LA, Regno Unito.
Alcentra si focalizza sulle obbligazioni societarie di qualità inferiore all'investment grade in Europa e negli Stati Uniti. Alcentra Limited è una controllata della Bank of New York Mellon Corporation attraverso società di partecipazione ed è regolamentata dalla Financial Conduct Authority ("FCA").

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,10% | 0% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,10% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |
| DKK E (Acc.) (hedged) | DKK | Come concordato | 5% | 0,10% | 0% |
| NOK E (Acc.) (hedged) | NOK | Come concordato | 5% | 0,10% | 0% |
| SEK E (Acc.) (hedged) | SEK | Come concordato | 5% | 0,10% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| JPY X (Inc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |
| JPY X (Acc.) (hedged) | JPY | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto si propone di realizzare rendimenti superiori al benchmark come descritto in dettaglio di seguito, su base triennale continuativa al lordo delle commissioni.

##### Politiche di investimento
Il Comparto intende perseguire il suo obiettivo di investimento investendo prevalentemente (ossia almeno il 70% del suo Valore Patrimoniale Netto) in un portafoglio di attività a tasso variabile, incluse le note a tasso variabile ("FRN"), le obbligazioni di prestito garantite ("CLO") e i prestiti, nel prosieguo le "Attività a tasso variabile", che possono essere emesse come obbligazioni 114 A o Reg S. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in prestiti, compresi i prestiti a leva finanziaria, le partecipazioni a prestiti e le cessioni di prestiti. Il Comparto può anche investire in altri titoli di debito e correlati al debito (come definiti di seguito). Le Attività a tasso variabile e i titoli di debito e correlati al debito possono essere detenuti direttamente e indirettamente attraverso SFD. Le FRN ad alto rendimento (con un termine di scadenza tipico da cinque
a otto anni) sono una componente sempre più presente nell’universo del credito sub-investment grade (ossia strumenti con rating inferiore a BBB- o equivalente attribuito da un’Agenzia di rating riconosciuta) e sono prevalentemente emessi da società. Il Comparto potrà
acquistare tranche di CLO europee e statunitensi con rating compreso tra AAA e B (nella misura in cui siano conformi alle norme europee sul mantenimento del rischio). L'investimento si concentrerà sulle tranche di CLO con rating A, BBB e BB.
Il Comparto può investire in titoli di debito e correlati al debito governativi e societari a tasso fisso e variabile, quali obbligazioni non garantite (debenture), obbligazioni (quali obbligazioni toggle, obbligazioni con pagamento in natura, buoni del Tesoro, obbligazioni callable (incluse le obbligazioni step-up)), note (note a vista a tasso variabile), obbligazioni non garantite (quali obbligazioni ad alto rendimento, obbligazioni societarie a tasso fisso e variabile di qualità inferiore a investment grade e obbligazioni non garantite di istituzioni finanziarie quali obbligazioni subordinate emesse da banche nordamericane ed europee), strumenti di debito ibridi (quali obbligazioni perpetue, interessi differibili, per esempio obbligazioni cumulative e non cumulative e azioni fiduciarie privilegiate), titoli garantiti da attività ("ABS") e strumenti del mercato monetario (quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali e depositi a termine), qui di seguito "Titoli di debito e correlati al debito". Sebbene l'investimento in obbligazioni non garantite non costituisca una parte significativa della strategia di investimento, il Comparto potrebbe investire fino al 25% del proprio Valore Patrimoniale Netto in obbligazioni non garantite.
Il Comparto non intende assumere posizioni short.
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo ("OIC") di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF"). Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Agli investimenti del Comparto non sarà applicato nessun rating di credito minimo. Il Comparto potrà investire in strumenti pari all'investment grade, inferiori all'investment grade e privi di rating. Nel caso di rating separato, sarà considerato il valore più alto. Il Comparto non sarà soggetto a restrizioni relative alla qualità o alla scadenza del credito nell'effettuare le decisioni di investimento.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento.
Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti. Il Comparto non investirà in Russia.
Ad eccezione degli investimenti consentiti in titoli non quotati e in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'EUR, esso può investire in attività non denominate in EUR che saranno coperte in EUR utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire garanzia a supporto dell'esposizione SFD. In circostanze eccezionali il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ad esempio
fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Gli attivi equiparabili a liquidità includono strumenti del mercato monetario (come descritto sopra) e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
EURIBOR 1 mese (il "Benchmark liquido").
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su base triennale annualizzata continuativa al lordo delle commissioni.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
Il Comparto investirà principalmente in attività a tasso variabile e cercherà di individuare opportunità di investimento che combinino un rendimento corrente interessante a una forte probabilità di rendimento finale del capitale. Il Comparto è stato concepito per fornire reddito, proteggendosi nel contempo dalla volatilità dei tassi di interesse limitando la durata e tutelandosi dalla perdita di capitale.
Il processo del Gestore degli Investimenti combina una visione top-down e un approccio bottom-up. Il processo si basa su una ricerca di credito del fondamentale bottom-up e su un'analisi di mercato volta all'identificazione e allo sfruttamento delle inefficienze del mercato nei mercati della finanza a leva. Il Gestore degli Investimenti privilegia settori con valutazioni interessanti delle attività, ambienti competitivi stabili e notevoli barriere all'ingresso. Inoltre, il Gestore degli Investimenti seleziona gli emittenti che si ritiene abbiano profili di credito da stabili a in miglioramento, posizioni fortemente competitive, flessibilità finanziaria e i cui attivi, a loro giudizio, siano valutati in modo da equo a conveniente. La valutazione è effettuata attraverso la stima dell'attività in relazione ad altre attività della struttura del capitale dell'emittente e ad altre attività del settore e del mercato.
Tale approfondita ricerca di credito del fondamentale bottom-up è arricchita da un approccio top-down che si basa su una serie di parametri macro e di mercato specifici, tra cui la prospettiva economica regionale, le prospettive settoriali, il profilo dei tassi di interesse e le prospettive di inadempienza.
Il processo di investimento del Gestore degli Investimenti si fonda su una combinazione di due diligence qualitativa e quantitativa, condotta da un team globale di analisti qualificati ed esperti al fine di identificare le fonti alfa (excess return) a livello di settore, emittente e titolo.
Questa due diligence include la valutazione delle caratteristiche del credito di un emittente, della qualità della gestione, del flusso di cassa libero, della flessibilità finanziaria, della quota di mercato, della crescita dei ricavi, dell'andamento dei margini, dell'accesso al capitale, degli incontri con l'alta dirigenza di un emittente e della partecipazione a conferenze settoriali specifiche. Il team di analisti del Gestore degli Investimenti è organizzato per settore industriale in mercati ad alto rendimento FRN, ad alto rendimento fisso e a prestiti a leva finanziaria, e dispone di un team indipendente dedicato al mercato CLO.
Il team più ampio di Alcentra Limited dispone di un comitato settimanale per l'allocazione delle attività, che fissa obiettivi di allocazione per ogni classe di attività e definisce i temi di investimento. I temi di investimento del Comparto vengono quindi individuati attraverso la discussione di temi rilevanti per specifiche categorie di attività, quali, ad esempio, la situazione creditizia degli emittenti, la dinamica dell'offerta e della domanda e le valutazioni. Sono considerati temi macro anche la crescita specifica di una regione, l'inflazione, i tassi di interesse e le prospettive dei tassi di inadempienza. Gli
obiettivi di allocazione delle attività vengono modificati sulla base di tali discussioni e dell'analisi dei singoli emittenti effettuata dal Gestore degli Investimenti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Utilizzando sia processi quantitativi che qualitativi, il Gestore degli Investimenti individua, monitora e gestisce il rischio di sostenibilità nel modo seguente:
- Prima di acquisire investimenti per conto di un Comparto, si valuta l'universo di investimento utilizzando la politica di esclusione per settori del Gestore degli Investimenti, per cui si escludono potenziali investimenti in base al settore di appartenenza, ad esempio armi controverse. Nel valutare un'opportunità di investimento, il Gestore degli Investimenti effettua un'analisi olistica approfondita del rischio di credito dell'emittente. Una componente chiave di questa analisi è la valutazione di tutti i fattori ESG rilevanti che possono avere un effetto negativo sulla solvibilità di un emittente. Il processo di integrazione dei fattori ESG inizia identificando l'esposizione di un emittente ai rischi ESG rilevanti, cui segue una valutazione del potenziale effetto finanziario di tali rischi. Infine, il Gestore degli Investimenti valuta l'impegno dell'emittente a gestire l'esposizione a rischi ESG rilevanti. Considerati i mercati in cui è esposto il Comparto, l'impegno societario attivo risulta essere lo strumento più importante, costituendo la base per l'integrazione e l'analisi dei fattori ESG. Il Gestore degli Investimenti ha sviluppato una lista di controllo ESG e una guida sulla rilevanza settoriale che definiscono le attività di impegno. L'integrazione dei fattori di rischio ESG culmina con l'assegnazione di un rating ESG proprietario, che costituisce la base per la valutazione del credito e per le decisioni di costruzione del portafoglio del Gestore degli Investimenti.
- Nel corso della durata dell'investimento, si monitora il rischio di sostenibilità attraverso la revisione dei dati ESG resi pubblici dall'emittente (se pertinenti) e attraverso un'attenzione costante all'impegno societario attivo per determinare se il livello di rischio di sostenibilità è cambiato rispetto alla valutazione iniziale. La valutazione dei fattori ESG da parte del Gestore degli Investimenti è una parte importante del processo quotidiano di monitoraggio del credito, in cui il Gestore degli Investimenti valuta tutti i rischi e le opportunità relativi all'emittente. Il Gestore degli Investimenti stabilisce un impegno su base annua con tutti gli emittenti circa le questioni ESG; tuttavia, la frequenza dell'impegno aumenta al crescere dell'esposizione ai rischi ESG rilevanti. Inoltre, il Gestore degli Investimenti monitora l'impegno ESG per rilevare e misurare l'efficacia delle attività relative all'impegno. Ove si riscontri che il rischio di sostenibilità associato a un particolare investimento sia aumentato oltre la propensione al rischio ESG delComparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Comparto a tale investimento, tenendo conto dei principali interessi degli Azionisti del Comparto.

Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Swap | Credit default swap (titoli singoli e indice) Swap sul tasso di inflazione |
| --- | --- |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni callable (incluse le obbligazioni step- up) ABS |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit North American High Yield CDX Indice Markit North American Investment Grade CDX Index Indice Markit iTraxx Europe Indice Markit iTraxx Europe Crossover |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 4,47% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 1 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 100 – 500% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare
questo limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Le Azioni della classe di azioni disponibile saranno offerte durante un Periodo di offerta iniziale, che inizierà alle 9.00 del 4 maggio 2022 e terminerà alle 17.00 del 3 novembre 2022 a un prezzo di offerta iniziale per Azione pari a 1 USD, 1 GBP, 1 EUR, 1 CHF, 1 AUD, 1 CAD, 1 SGD, 10
DKK, 10 NOK, a seconda della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni
e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Sustainable Global Real Return Fund (EUR)

### SUPPLEMENTO 49 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.
- Il Comparto può investire fondamentalmente in depositi presso istituti di credito. Sebbene il Comparto possa investire in strumenti del mercato monetario e depositi monetari, le Azioni nel Comparto non sono depositi e sono differenti da un deposito in quanto l’investimento non è garantito e il valore dell’investimento è soggetto a fluttuazioni. L'Investimento in un Comparto espone a dei rischi diinvestimento, inclusa la possibile perdita del capitale.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro A (Acc.) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR 1 mese + 4% |
| Euro A (Inc.) | EUR | 5.000 | 5% | 1,50% | 0% | EURIBOR 1 mese + 4% |
| USD H (Acc.) (hedged) | USD | 5.000 | 5% | 1,50% | 0% | SOFR (tasso composto a 30 giorni) + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| Sterling H (Acc.) (hedged) | GBP | 5.000 | 5% | 1,50% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| CHF H (Acc.) (hedged) | CHF | 5.000 | 5% | 1,50% | 0% | SARON (tasso composto a 30 giorni) + 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% |
| SGD H (Acc.) (hedged) | SGD | 5.000 | 5% | 1,50% | 0% | SIBOR SGD 1 mese + 4% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro G (Acc.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 1,00% | 0% | EURIBOR 1 mese + 4% |
| CHF I (Acc.) (hedged) | CHF | 5.000.000 | 5% | 1,00% | 0% | SARON (tasso composto a 30 giorni) + 4% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro W (Acc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 4% |
| Euro W (Inc.) | EUR | 15.000.000 | 5% | 0,75% | 0% | EURIBOR 1 mese + 4% |
| USD W (Acc.) (hedged) | USD | 15.000.000 | 5% | 0,75% | 0% | SOFR (tasso composto a 30 giorni) + 4% |
| CHF W (Acc.) (hedged) | CHF | 15.000.000 | 5% | 0,75% | 0% | SARON (tasso composto a 30 giorni) + 4% |
| AUD W (Acc.) (hedged) | AUD | 15.000.000 | 5% | 0,75% | 0% | BofA Merrill Lynch AUD LIBOR 1 M Cons Maturity TR + 4% |

| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| --- | --- | --- | --- | --- | --- | --- |
| 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% | SIBOR SGD 1 mese + 4% |
| Sterling W (Acc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 4% |
| Sterling W (Inc.) (hedged) | GBP | 15.000.000 | 5% | 0,75% | 0% | SONIA (tasso composto a 30 giorni) + 4% |

| Azioni “Z” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro Z (Acc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR 1 mese + 4% |
| Euro Z (Inc.) | EUR | 200.000.000 | 5% | 0,65% | 0% | EURIBOR 1 mese + 4% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,50% | 0% | EURIBOR 1 mese + 4% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,50% | 0% | EURIBOR 1 mese + 4% |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 4% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,50% | 0% | SOFR (tasso composto a 30 giorni) + 4% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,50% | 0% | SARON (tasso composto a 30 giorni) + 4% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,50% | 0% | SARON (tasso composto a 30 giorni) + 4% |

| Azioni “X” |
| --- |
| Classe | Valuta | Investi-mento ini- ziale minimo nella valuta della Classe di azioni | Commis- sione di vendita ini- ziale massi- ma (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso | Benchmark della performance della classe di azioni |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% | EURIBOR 1 mese + 4% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto mira a conseguire un rendimento totale superiore a un benchmark liquido (come descritto di seguito) su un orizzonte di investimento di 3-5 anni, investendo in titoli che dimostrino caratteristiche di investimento interessanti e siano considerati sostenibili. Tuttavia, non vi è garanzia che tale obiettivo sia raggiunto nel summenzionato periodo o in qualsiasi altro periodo di tempo.

##### Politiche di investimento
Il Comparto può investire in azioni e titoli correlati ad azioni, titoli di debito e correlati al debito, SFD (compresi gli SFD correlati a valute), organismi di investimento collettivo ("OIC"), liquidità e attività equiparabili a liquidità.
Il Comparto può investire in azioni ordinarie, azioni privilegiate, Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali Certificati di Partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW")), fondi di investimento immobiliare ("REIT") quotati e altri fondi di tipo chiuso quotati, warrant, diritti di acquisto di azioni e SFD correlati ad azioni (di seguito "Azioni e titoli correlati ad azioni").
Il Comparto può investire in titoli di debito e correlati al debito a tasso fisso e variabile, internazionali, di mercati emergenti, sovrani, governativi, di agenzie sovranazionali, societari e bancari, quali obbligazioni non garantite (debenture), effetti, obbligazioni, titoli garantiti da attività ("ABS"), titoli garantiti da ipoteca ("MBS"), titoli convertibili in o sostituibili con azioni (quali obbligazioni convertibili e titoli convertibili contingenti ("CoCo")), titoli strutturati, strumenti del mercato monetario (quali certificati di deposito e carte commerciali, titoli di Stato a breve termine e depositi a termine), certificati negoziati in borsa ("ETN") (comprese materie prime negoziate in borsa e certificati negoziati in borsa) e SFD correlati al debito (di seguito "Titoli di debito e correlati al debito").
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli strutturati.
Il Comparto può investire in Titoli di debito e correlati al debito di qualità investment grade e inferiore a investment grade (ossia strumenti con rating pari o inferiore a BB+ (o equivalente) attribuito da un'Agenzia di rating riconosciuta). L'investimento in Titoli di debito e correlati al debito di qualità inferiore a investment grade non dovrebbe superare il 30% del Valore Patrimoniale Netto del Comparto e di norma sarà sostanzialmente inferiore al 30%.
Il Comparto non acquisirà esposizione diretta a società che traggono più del 10% del loro fatturato dalla produzione e dalla vendita di tabacco e non effettuerà attività di prestito titoli.
Il Comparto potrà altresì investire fino al 10% del suo Valore Patrimoniale Netto in OIC, compresi ETF di tipo aperto. Il Comparto può detenere livelli elevati di liquidità o attività equiparabili a liquidità in certe circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto può acquisire esposizione a materie prime, proprietà immobiliari, energie rinnovabili e infrastrutture tramite una combinazione di titoli quotati o negoziati su Mercati Idonei quali Azioni e titoli correlati ad azioni, Titoli di debito e correlati al debito, OICVM e OIC idonei, compresi ETF di tipo aperto. Il Comparto non investirà direttamente in materie prime, proprietà immobiliari, energie rinnovabili o infrastrutture.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento.
Il Comparto può investire oltre il 20% del suo Valore Patrimoniale Netto nei mercati emergenti e può investire fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può inoltre investire fino al 10% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
I metodi per acquisire esposizione a titoli cinesi possono includere l’acquisto di azioni cinesi di classe A mediante il programma Stock Connect. Il Comparto può investire
fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Il Comparto può investire fino al 10% del Valore Patrimoniale Netto in valori mobiliari non quotati né negoziati su Mercati Idonei.
Nonostante la Valuta di Base sia l'euro, il Comparto può investire in attività non denominate in euro. Tali attività non saranno necessariamente coperte in EUR. Inoltre, il Comparto può assumere posizioni attive in valuta utilizzando contratti di cambio a termine come copertura per attività non denominate in euro rispetto ad altre valute, quale il dollaro statunitense, per esprimere l'opinione del Gestore degli Investimenti su valute diverse dall'euro. Pertanto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le posizioni in valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute e non tutte le attività possono essere coperte rispetto alla Valuta di Base.

##### Gestione di Liquidità e Collaterale
Il Comparto può anche detenere livelli elevati di liquidità e attività equiparabili a liquidità in certe circostanze.
Queste comprendono casi in cui il Gestore degli Investimenti crede che i mercati sono sopravvalutati, casi in cui le condizioni di mercato possono richiedere una strategia d'investimento difensiva, la detenzione di liquidità in deposito in attesa di reinvestimento, la soddisfazione delle richieste di rimborso, l'agevolazione del pagamento delle spese o la fornitura di garanzia a
supporto dell'esposizione SFD. Il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ossia fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Le attività equiparabili a liquidità includono strumenti del mercato monetario e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
EURIBOR 1 mese + 4% all'anno (il "Benchmark liquido").
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale realizzare una performance pari o superiore, su un periodo di 5 anni, al lordo delle commissioni.
L'EURIBOR è il tasso interbancario di offerta in euro ed è un tasso di riferimento costruito a partire dal tasso di interesse medio al quale le banche dell'Eurozona offrono prestiti a breve termine non garantiti sul mercato interbancario.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.
Il Benchmark è un benchmark liquido di mercato che non tiene conto dei fattori ESG e non viene utilizzato per misurare il grado di conformità alle caratteristiche ambientali o sociali promosse dal Comparto.

##### Strategia di investimento
Il Gestore degli Investimenti ritiene che nessun emittente, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano a livello mondiale influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in titoli globali richieda una conoscenza approfondita del mondo nel suo complesso. Il Comparto segue una strategia globale multi-attività a gestione attiva non vincolata. Le allocazioni verranno effettuate a discrezione del Gestore degli Investimenti nelle regioni, nei settori e nelle categorie di attività sopra descritte, sebbene tutti gli investimenti debbano soddisfare i criteri
di ambientali sociali e di governance (“ESG”) e di
sostenibilità del Gestore degli Investimenti. Il Gestore
degli Investimenti si concentra principalmente sull'investimento diretto in molteplici categorie di attività.
Il processo di investimento del Gestore degli Investimenti si basa sull'allocazione delle attività e sui temi di investimento.
L'allocazione delle attività del Comparto varia a seconda della visione del Gestore degli Investimenti rispetto a condizioni di mercato ed economiche fondamentali e ai trend degli investimenti nel mondo, prendendo i considerazione fattori quali la liquidità, i costi, le tempistiche di esecuzione, gli emittenti disponibili nel mercato e le analisi delle questioni ESG. Ad esempio, se il Gestore degli Investimenti prevede un aumento dei tassi di interesse, può decidere di ridurre la ponderazione
del reddito fisso nel Comparto e di aumentare la ponderazione delle azioni del Comparto. Per fare un altro esempio, se il Gestore degli Investimenti prevede una flessione del mercato azionario, può decidere di ridurre la ponderazione delle azioni del Comparto e di aumentare la ponderazione del reddito fisso e la ponderazione di liquidità o attività equiparabili a liquidità. Il Gestore degli Investimenti potrebbe acquistare opzioni di acquisto di volatilità relative a un indice azionario (ad es. S&P 500 Index) con anticipo rispetto all'aumento previsto della volatilità del mercato azionario (ad es. del mercato azionario statunitense) allo scopo di aumentare i rendimenti della performance del Comparto.
I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo, fornendo il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità di investimento e rischio potenziali.
Nel determinare se un emittente soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti, quest'ultimo considera se l'emittente (i) si impegna in tali pratiche in termini economici (ad esempio stabilità della strategia, delle operazioni e delle finanze dell'emittente) e (ii) tiene debitamente conto del contesto economico, politico, di governance e normativo in cui l'emittente opera, che include la valutazione delle pratiche ambientali, sociali e/o di governance dell'emittente.
I criteri del Gestore degli Investimenti integrano elementi di screening negativo e positivo insieme ad analisi generali e relative ai livelli di sicurezza ESG e, in ultima analisi, in linea con l'obiettivo e la strategia di investimento del Comparto cercano di:
- Identificare ed escludere emittenti che si occupano di specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ESG o che non seguono buone pratiche di governance. A titolo di esempio, il Gestore degli Investimenti potrebbe ritenere non idonei agli investimenti gli emittenti che emettono grandi quantità di anidride carbonica o i governi con cattive politiche in materia di diritti umani. Escluderà inoltre quegli emittenti che violano i Principi del Global Compact delle Nazioni Unite, inclusi i principi relativi ai diritti umani, al lavoro, all'ambiente e alla lotta alla corruzione.
- Identificare e investire in emittenti che cercano proattivamente di gestire i fattori sociali e ambientali in modo adeguato per generare rendimenti sostenibili. Ciò può includere anche quegli emittenti partecipi dello sviluppo di soluzioni che contribuiranno a risolvere questioni ambientali e/o sociali, ad esempio con un uso più efficiente o limitato delle risorse naturali o con l'accessibilità all'assistenza sanitaria.

Il Gestore degli Investimenti può anche investire in società emittenti in cui ritiene di poter promuovere pratiche di business sostenibili attraverso il costante impegno dell'emittente. Non effettuerà alcun investimento in un titolo che ritiene abbia questioni ESG rilevanti inerenti al business o alle attività economiche degli emittenti, come ad esempio un'azienda del tabacco, a causa delle implicazioni del fumo sulla salute. Nel determinare se un emittente soddisfa i criteri ESG e di
sostenibilità del Gestore degli Investimenti, quest’ultimo
utilizza una combinazione di dati esterni ed interni,
ricerca e rating di natura sia quantitativa che qualitativa.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche,
report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Nel caso in cui gli emittenti risultino partecipare a specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ESG, tali emittenti sono soggetti a un'ulteriore revisione da parte del Gestore degli Investimenti prima di essere acquistati o detenuti su base continuativa.
Potrebbero verificarsi casi in cui il Gestore degli investimenti si trovi a investire in un titolo che è ritenuto collegato ad attività potenzialmente dannose. Ciò può verificarsi per alcune società le cui attività o operazioni, in genere per via di una combinazione di attività di business ereditate, possono in passato aver causato problemi ambientali o sociali, ma che ora intendono investire e aprirsi positivamente alle esigenze future (ad esempio, le aziende energetiche che si stanno preparando per una transizione verso un mondo a basse emissioni di carbonio). Analogamente, in alcuni casi, i rating ESG prevalenti potrebbero non cogliere appieno le iniziative positive correlate all'ESG in cui un emittente è coinvolto.
Gli investimenti del Comparto devono essere in grado di soddisfare i criteri del Gestore degli Investimenti su base continuativa dopo l'acquisto iniziale, e il livello di rischio di sostenibilità a cui un titolo può essere soggetto riceverà una valutazione analoga a quella precedente l'acquisto iniziale.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento, promuove caratteristiche ambientali o sociali e investe in società con una buona governance ai sensi dell’Articolo 8 dell’SFDR.
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da fornitori di dati terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Qualora il rischio di sostenibilità associato a un particolare investimento aumenti oltre un livello accettabile per il Gestore degli Investimenti, sempre considerando l'obiettivo e la strategia di investimento del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Fondo a tale investimento, tenendo conto dei principali interessi degli Azionisti del Fondo.
Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
I Criteri tecnici di selezione del Regolamento sulla tassonomia dell’UE (“TSC”) richiederanno la disponibilità di molteplici dati specifici per ogni investimento. Alla
data del presente documento, non sono disponibili dati affidabili, tempestivi e verificabili sufficienti affinché il Gestore possa valutare gli investimenti del Comparto utilizzando i TSC.
Inoltre, le norme tecniche di regolamentazione per l’SFDR che definiscono la metodologia per il calcolo della quota
di allineamento alla tassonomia UE per i prodotti finanziari come il Comparto e i modelli per le comunicazioni richieste non sono ancora disponibili nella loro forma definitiva. Alla data del presente documento, il Gestore non è in grado di fornire informazioni standardizzate e comparabili sull'allineamento degli investimenti del Comparto al Regolamento sulla
tassonomia dell’UE.
Sebbene il Comparto detenga investimenti in attività economiche che contribuiscono a un obiettivo ambientale e potrebbero essere idonei a essere valutati rispetto ai TSC, il Gestore non è attualmente in grado di descrivere:
- La misura in cui gli investimenti del Comparto riguardino attività economiche ecosostenibili;
- La proporzione, in percentuale del portafoglio del Comparto, di investimenti in attività economiche ambientalmente sostenibili; o
- La proporzione, in percentuale del portafoglio del Comparto, delle “Attività abilitanti del Regolamento sulla tassonomia dell’UE” e delle “Attività di transizione del Regolamento sulla tassonomiadell’UE”.

Il Gestore sta tenendo sotto controllo attivo questa situazione e quando saranno disponibili dati affidabili, tempestivi e verificabili sufficienti sugli investimenti del Comparto, il Gestore fornirà le descrizioni di cui sopra; in tal caso il presente Prospetto o il relativo Supplemento saranno aggiornati.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su titoli di Stato Future su indici azionari Future su indici di volatilità Future sul mercato monetario Future su azioni |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) Opzioni a basso prezzo di esercizio (LEPO) e warrant a basso prezzo di esercizio (LEPW) Opzioni su obbligazioni Opzioni su future su titoli di Stato Opzioni su future su azioni Swaption Opzioni su indici di volatilità Opzioni su valute (comprese le opzioni con barriera) |
| Swap | Credit Default Swap (titoli singoli, indice e paniere personalizzato) Swap sui tassi d’interesse Swap su azioni Swap di varianza Swap su indici Swap di rendimento totale (titoli singoli, credito, indice e paniere personalizzato) Contratti Differenziali (CFD) Swap su settori Swap su volatilità |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Titoli Garantiti da Attività (ABS) Titoli Garantiti da Ipoteca (MBS) Warrant Titoli strutturati ETN |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx CDS |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Borsa Istanbul 30 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World Indice Hang Seng Indice KOSPI Indice MDAX Indice MSCI All Countries World Indice MSCI Emerging Markets Indice Nasdaq Composite Indice Nikkei 225 Indice Russell 2000 Indice S&P/ASX 200 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 Indice Stoxx Europe Small 200 |
| Indici di volatilità per offrire un'esposizione ed esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Chicago Board Options Exchange SPX Volatility Index |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore
Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: Il portafoglio del Comparto non supererà il 20% del Valore Patrimoniale Netto (sulla base di un periodo di detenzione di 20 Giorni Lavorativi).
Si prevede una variazione della leva finanziaria lorda compresa tra lo 0% e il 1000% del Valore Patrimoniale Netto del Comparto. La leva finanziaria lorda può all'occorrenza superare questo limite massimo.
Per ulteriori informazioni sull'approccio fondato sul VaR assoluto e sulla Leva Finanziaria Lorda, consultare la
sezione "La Società – Esposizione totale e Leva
Finanziaria" del Prospetto

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti differenziali, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto/riacquisto inverso ai fini di una gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia contratti di riacquisto e contratti
di riacquisto inverso, come descritto nella sezione
“Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale idoneo e la procedura della controparte, sono forniti nelle
sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni in ciascuna delle classi di Azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 EUR, 1 GBP, 1 CAD, 1AUD, 1 SGD o 1
CHF a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient Global IG Corporate Beta Fund

### SUPPLEMENTO 50 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,10% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,10% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |

| Azioni “L” , e Azioni “L (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Sterling L (Acc.) | GBP | Come concordato | 5% | 0,08% | 0% |
| Sterling L (Inc.) | GBP | Come concordato | 5% | 0,08% | 0% |
| Sterling L (Acc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |
| Sterling L (Inc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, Politiche di investimento ealtre informazioniObiettivi di Investimento, Politiche di Investimento e altre informazioniObiettivi di investimento, Politiche di investimento ealtre informazioni

##### Obiettivi di investimento
Il Comparto intende generare un rendimento superiore al Benchmark descritto di seguito con livelli di volatilità simili sul medio e lungo termine al lordo di spese e commissioni.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento investendo direttamente e indirettamente nei titoli di debito e correlati al debito sottostanti inclusi nel Bloomberg Barclays Global Aggregate Corporate TR Index USD Hedged (il "Benchmark"). Il Comparto può altresì investire in titoli di debito e correlati al debito non inclusi nel Benchmark il cui emittente ha altri titoli inclusi nel Benchmark o nel caso in cui il titolo di debito o correlato al debito soddisfi i requisiti del Benchmark e se ne preveda l'inclusione in futuro. Ciò consente al Comparto di acquistare titoli alla loro prima emissione, anziché attenderne l'inclusione nel Benchmark. Il Comparto può continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark.
Il Comparto può investire in titoli di debito e correlati al debito societari a tasso fisso e variabile, tra cui obbligazioni, collocamenti privati (ossia obbligazioni Reg S e 144A), strumenti del mercato monetario (quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali e depositi a termine) e SFD, di seguito "Titoli di debito e correlati al debito". Gli SFD sono elencati di
seguito nella sezione “Utilizzo di SFD”.
Il Comparto può avere un'esposizione nella misura massima del 10% del suo Valore Patrimoniale Netto a titoli convertibili contingenti ("CoCo"). Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto può investire in titoli investment grade, secondo la classificazione attribuita, al momento dell'acquisto, da un'Agenzia di rating riconosciuta. I titoli sono classificati come investment grade se il rating intermedio di queste Agenzie di rating riconosciute è superiore a Ba1/BB+/BB+. Quando è disponibile un rating di due sole agenzie, viene utilizzato il rating più basso; quando un titolo è valutato da una sola agenzia, viene utilizzato quel rating. Il Comparto può anche continuare a detenere titoli declassati a sub-investment grade successivamente all'acquisto e, di conseguenza, eliminati dal Benchmark. L'investimento in titoli declassati a sub- investment grade successivamente all'acquisto sarà limitato al 10% del Valore Patrimoniale Netto del Comparto.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite indici di Credit Default Swap ("CDS"), come descritto nella sezione relativa agli Indici finanziari di seguito, e organismi di investimento collettivo ("OIC").
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF"). Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il Comparto può detenere anche liquidità o attività equiparabili a liquidità in determinate circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento o di dove è focalizzato il Benchmark.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto nei paesi dei mercati emergenti. Il Comparto non investirà in Russia.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (ossia Titoli di debito e correlati al debito) non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'USD, esso può investire in attività non denominate in USD che saranno coperte in USD utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione intitolata "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays Global Aggregate Corporate TR Index USD Hedged (il "Benchmark")
Il Benchmark misura la performance del mercato globale del debito societario. Il Benchmark è un indice ponderato sul mercato che include titoli di debito societari a reddito fisso emessi da società di mercati emergenti e sviluppati di tutto il mondo, sopra descritti come Titoli di debito e correlati al debito. Tali titoli di debito sono di qualità investment grade al momento dell'emissione, secondo la definizione di cui sopra, e avranno una scadenza minima di un anno, nonché un volume minimo di emissione, in conformità alle linee guida stabilite dal fornitore
dell'indice. Il Benchmark è ribilanciato mensilmente; tuttavia, il Comparto non intende replicare o seguire il Benchmark e pertanto non sarà direttamente influenzato dal ribilanciamento, dai costi associati o dalla ponderazione dei titoli del Benchmark che eccederebbero le limitazioni all'investimento consentite.
Per ulteriori informazioni sul Benchmark, visitare il sito: https://www.bloomberg.com/quote/LGCPTRUU:IND
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore degli Investimenti ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e, di conseguenza, il Comparto sarà simile per quanto riguarda esposizione valutaria e settoriale, nonché durata. Tuttavia, il Gestore degli Investimenti non cerca di replicare il profilo del Benchmark in termini di scadenze e qualità del credito.
La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo termine.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio top-down sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Il Gestore degli Investimenti cerca di allocare in modo efficiente il portafoglio, sovraponderando segmenti di rendimento adeguati al rischio attraenti in termini di scadenza e qualità del credito rispetto al Benchmark. Per esempio, il Gestore degli Investimenti potrebbe scegliere di sottoponderare Titoli di debito e correlati al debito con rating AAA/AA e A di lunga durata in relazione al Benchmark e sovraponderare Titoli di debito e correlati al debito con rating BBB con scadenze più brevi. Il Gestore degli Investimenti cercherà di mantenere una duration dei tassi di interesse in linea con quella del Benchmark. La
duration è la misura della sensibilità del prezzo di un’obbligazione alle variazioni dei tassi d’interesse.
In questo modo, il Comparto accede a quell'area di credito in cui il Gestore degli Investimenti ritiene che vi sia l'equilibrio più efficiente tra sovrarendimento e rischio aggiuntivo. Tale valutazione deriva da stime interne dell'entità dei premi di rischio attuali, nonché da analisi di mercato continue
Il Gestore degli Investimenti adotta strategie che cercano di superare le inefficienze all'interno del Benchmark e dell'universo Investment Grade più in generale. In base all'opinione del Gestore degli Investimenti, queste strategie includono la gestione efficiente della rotazione e l'investimento nei cosiddetti "fallen angels". I "fallen angels" sono quei Titoli di debito e correlati al debito che in un determinato momento della loro storia di negoziazione erano investment grade e che sono stati successivamente declassati a sub-investment grade.
Sebbene il Benchmark elimini i fallen angels, potrebbe non risultare efficiente vendere tali titoli e il Comparto potrebbe detenere Titoli di debito e correlati al debito declassati a categorie inferiori a investment grade (ossia con rating pari o inferiore a BB+ attribuito da un'Agenzia di rating riconosciuta).
Per quanto riguarda i titoli, saranno selezionati Titoli di debito e correlati al debito per rappresentare esposizioni complessive di valuta e di settore del Benchmark facendo in modo che tali esposizioni siano in linea con il Benchmark: in sostanza, un'esposizione beta.
Il portafoglio è ben diversificato e il Gestore degli Investimenti utilizza un modello di credito di propria elaborazione a supporto del processo decisionale. Il modello di credito utilizza segnali di fattore per individuare i Titoli di debito e correlati al debito più rischiosi. Questi fattori includono parametri di qualità, momentum e valore. Tali parametri consentono al Gestore degli Investimenti di prevedere la possibilità di declassamento e di insolvenza, nonché il giusto valore
dei Titoli di debito e correlati al debito. Il Gestore degli Investimenti integra le informazioni fornite dal modello nel processo di selezione dei titoli e nel monitoraggio costante del Benchmark. Mediante la combinazione di strategie che mirano a correggere le inefficienze del Benchmark, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l'obiettivo di investimento di questo Comparto, il Gestore degli Investimenti ha discrezionalità limitata nella decisione di discostarsi dalle caratteristiche e dalle esposizioni del Benchmark. Tale discrezionalità consente al Gestore degli Investimenti, ad esempio, di investire in titoli non inclusi nel Benchmark laddove tali titoli ne soddisfino i requisiti e si preveda di includerli nel Benchmark in futuro, e di continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Benchmark non tiene conto dei fattori ESG o dei rischi di sostenibilità. Di conseguenza, il Gestore degli Investimenti non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un "Evento ESG”)) nelle sue decisioni di
investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i
dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli e indice (CDS)) |
| Titoli con SFD integrati/Leva finanziaria | Titoli convertibili contingenti (CoCo) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Markit CDX North American Investment Grade Markit iTraxx Global Index Europe (Main) |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, titoli con SFD integrati, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle
SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si prevede che l’esposizione del Comparto alle SFT superi il 15% del Valore Patrimoniale
Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 CAD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 40.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 4 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient EM Debt Local Currency Beta Fund

### SUPPLEMENTO 51 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD G (Acc.) | USD | 5.000 | 5% | 0,30% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| USD G (Inc.) | USD | 5.000 | 5% | 0,30% | 0% |
| Euro G (Acc.) (hedged) | EUR | 5.000 | 5% | 0,30% | 0% |
| Euro G (Inc.) (hedged) | EUR | 5.000 | 5% | 0,30% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,10% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,10% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, Politiche di investimento ealtre informazioniObiettivi di Investimento, Politiche di Investimento e altre informazioniObiettivi di investimento, Politiche di investimento ealtre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire una performance e livelli di volatilità simili al Benchmark (descritto di seguito) sul medio e lungo termine al lordo di spese e commissioni.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento investendo direttamente e indirettamente nei titoli di debito e correlati al debito sottostanti inclusi nel JP Morgan GBI-EM Global Diversified Index (il "Benchmark"). Il Comparto può altresì investire in titoli di debito e correlati al debito che soddisfino i requisiti del Benchmark e se ne preveda l'inclusione in futuro. Il Comparto può continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark.
Il Comparto investirà in titoli di debito e correlati al debito statali, a tasso fisso, di mercati emergenti e in valuta locale, quali obbligazioni, obbligazioni non garantite (debenture), di seguito "Titoli di debito e correlati al debito" e relativi SFD (elencati di seguito nella sezione intitolata "Utilizzo di SFD").
Il Comparto può avere un'esposizione nella misura massima del 10% del suo Valore Patrimoniale Netto a titoli convertibili contingenti ("CoCo"). Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto investirà in Titoli di debito e correlati al debito sia investment grade che sub-investment grade, secondo la classificazione attribuita, al momento dell'acquisto, da un'Agenzia di rating riconosciuta. I Titoli di debito e correlati al debito sono classificati come investment grade se il rating intermedio di queste agenzie di rating è superiore a Ba1/BB+/BB+ e sono classificati come sub-investment grade se il rating intermedio delle agenzie è pari o inferiore a Ba1/BB+/BB
+. Quando è disponibile un rating di due sole agenzie, viene utilizzato il rating più basso; quando un titolo è valutato da una sola agenzia, viene utilizzato quel rating. Il Comparto può investire oltre il 30% del proprio Valore Patrimoniale Netto in Titoli di debito e correlati al debito sub-investment grade. Il Comparto può continuare a detenere Titoli di debito e correlati al debito declassati a sub-investment grade, privi di rating o promossi a investment grade successivamente all'acquisto.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite SFD e organismi di investimento collettivo ("OIC").
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF"). Il Comparto può altresì detenere attività liquide strumentali quali i depositi bancari.
Il Comparto può detenere anche liquidità o attività equiparabili a liquidità in determinate circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire oltre il 20% del Valore Patrimoniale Netto in mercati emergenti senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento o di dove è focalizzato il Benchmark.
Il Comparto può inoltre investire fino al 15% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito nella Repubblica Popolare Cinese ("PRC") negoziati sul mercato obbligazionario interbancario cinese ("CIBM") tramite Bond Connect (come ulteriormente descritto nell'Appendice VI del Prospetto).
Il Comparto può inoltre acquisire esposizione alla Russia. Il Comparto può investire fino al 15% del suo Valore Patrimoniale Netto in titoli quotati o negoziati alla borsa di Mosca.
Ad eccezione dell'investimento consentito in titoli non quotati e in OIC di tipo aperto, gli investimenti verranno effettuati sui Mercati Idonei elencati nell'Appendice II del Prospetto. La performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le attività del Comparto denominate in una valuta diversa dalla Valuta di Base generalmente non saranno coperte (hedged) nella Valuta di Base. Il Comparto manterrà un profilo valutario simile a quello del Benchmark e utilizzerà contratti di cambio a termine per coprire le proprie posizioni obbligazionarie in valuta locale ove necessario per conseguire tale scopo. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione intitolata "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non
inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
JP Morgan GBI-EM Global Diversified Index (il "Benchmark").
Il Benchmark è un indice completo di mercati emergenti locali e globali e consiste in titoli di Stato regolarmente negoziati, liquidi, a tasso fisso e in valuta locale a cui possono acquisire esposizione gli investitori internazionali. Per ulteriori informazioni sul Benchmark, visitare il sito:
https://etfdb.com/index/jpmorgan-government-bond- index-emerging-markets-global-diversified-index/.
Il Benchmark è ribilanciato mensilmente; tuttavia, il Comparto non intende replicare o seguire il Benchmark e pertanto non sarà direttamente influenzato dal ribilanciamento, dai costi associati o dalla ponderazione dei titoli del Benchmark che eccederebbero le limitazioni all'investimento consentite.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore
Il Gestore ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e il Comparto sarà simile per quanto riguarda valuta ed esposizioni. Tuttavia, il Gestore degli Investimenti non cerca di eguagliare il profilo di esposizione a paesi o di scadenze del Benchmark.
La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo termine.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio top-down sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Il Gestore degli Investimenti cerca di gestire in modo efficiente il portafoglio, sovraponderando segmenti di rendimento adeguati al rischio attraenti rispetto al Benchmark. In particolare, il Gestore degli Investimenti potrebbe scegliere di sovraponderare alcuni Titoli di debito e correlati al debito rispetto al Benchmark e sottoponderarne altri.
Il Gestore degli Investimenti adotta strategie che cercano di superare le inefficienze all'interno del Benchmark e dell'universo del debito di mercati emergenti in valuta locale più in generale. Seguire le regole adottate dal Benchmark e applicare un approccio di indicizzazione standard produrrebbe risultati inferiori rispetto all'indice.
Inoltre, le imposte locali generano un effetto negativo sulla performance dell'investitore. Il nostro approccio a beta efficiente cerca di correggere tali inefficienze.
Nello specifico, il Gestore degli Investimenti cercherà di sovraponderare l'esposizione a segmenti con curva dei rendimenti per paese che offrono tassi di interesse relativamente più alti su un dato periodo di tempo man mano che i Titoli di debito e correlati al debito si avvicinano alla scadenza e sottoponderare l'esposizione a segmenti con curva dei rendimenti per paese che offrono tassi di interesse più bassi sullo stesso periodo di tempo. In questo modo, il Comparto detiene posizioni in Titoli di debito e correlati al debito che ritiene essere più efficienti in termini di curve dei rendimenti per paese. Il Gestore degli Investimenti utilizzerà inoltre una gestione efficiente della rotazione. Il Benchmark applica regole di ribilanciamento dalle quali il Gestore degli Investimenti si discosterà al fine di minimizzare i costi di negoziazione. Sebbene il Comparto si discosterà dal Benchmark in termini di partecipazioni, il Gestore degli Investimenti utilizzerà contratti di cambio a termine in modo che l'esposizione valutaria sia in linea con il Benchmark.
Si tenga presente che, per quanto riguarda i titoli, saranno selezionati Titoli di debito e correlati al debito per rappresentare le esposizioni a paesi del Benchmark. Il Comparto non necessariamente manterrà sempre un'esposizione a tutti i paesi del Benchmark e la composizione di tale esposizione si discosterà. Tuttavia, queste esposizioni costituiranno, in sostanza, un'esposizione beta. Mediante la combinazione di strategie che mirano a correggere le inefficienze del Benchmark, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l'obiettivo di investimento di questo Comparto, il Gestore degli Investimenti ha discrezionalità limitata nella decisione di discostarsi dalle caratteristiche e dalle esposizioni del Benchmark. Tale discrezionalità consente al Gestore degli Investimenti, ad esempio, di investire in titoli non inclusi nel Benchmark laddove tali titoli ne soddisfino i requisiti e si preveda di includerli nel Benchmark in futuro, e di continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Benchmark non tiene conto dei fattori ESG o dei rischi di sostenibilità. Di conseguenza, il Gestore degli Investimenti non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto
negativo reale o potenziale sul valore del relativo investimento (un "Evento ESG”)) nelle sue decisioni di investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore,
tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Swap su tassi d'interesse Swap sull'inflazione Swap di rendimento totale (TRS) Cross-Currency Swap |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Titoli convertibili contingenti (CoCo) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Fondo potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Fondo potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT. Il Comparto può perfezionare SFT, ossia
accordi di prestito titoli e contratti di riacquisto e
contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L’esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale
Netto del Fondo con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale idoneo e la procedura della controparte, sono forniti nelle
sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto,
Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 CAD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 40.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 4 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient U.S. Fallen Angels Beta Fund

### SUPPLEMENTO 52 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “N” e Azioni “N (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro N (Inc.) (hedged) | EUR | 5.000 | 5% | 0,90% | 0% |
| SGD N (Acc.) (hedged) | SGD | 5.000 | 5% | 0,90% | 0% |
| SGD N (Inc.) (hedged) (M) | SGD | 5.000 | 5% | 0,90% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,08% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,08% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,08% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,08% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,08% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende generare un rendimento superiore al Benchmark descritto di seguito con livelli di volatilità simili sul medio e lungo termine al lordo di spese e commissioni, tenendo conto al contempo di fattori ambientali, sociali e di governance ("ESG").

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento acquisendo esposizione ai titoli di debito e correlati al debito sottostanti inclusi nel Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (il "Benchmark").
Il Comparto può altresì investire in titoli di debito o correlati al debito non inclusi nel Benchmark qualora il titolo in questione soddisfi i requisiti del Benchmark e se ne preveda l'inclusione in futuro. Il Comparto può continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark a seguito della perdita del loro rating o della promozione a investment grade.
Il Comparto può investire in titoli di debito e correlati al debito societari e governativi a tasso fisso che possono essere emessi come titoli 144A o Reg S, tra cui obbligazioni, obbligazioni non garantite (debenture) e
SFD, di seguito "Titoli di debito e correlati al debito". Gli SFD sono elencati di seguito nella sezione “Utilizzo di SFD”.
Il Comparto può investire fino al 40% del proprio Valore Patrimoniale Netto in Titoli di debito e correlati al debito emessi come titoli 144A o Reg S.
Il Comparto può acquisire esposizione a uno qualsiasi dei titoli di debito e correlati al debito sottostanti ad eccezione dei titoli convertibili contingenti ("CoCo"). Pur escludendo CoCo con fattori espliciti (in base alle sue norme di inclusione), il Benchmark include Titoli di debito e correlati al debito che possono essere classificati come CoCo a causa dei loro fattori impliciti (o discrezionali).
I CoCo possono convertirsi da obbligazioni ad azioni grazie a fattori espliciti o fattori impliciti (o discrezionali); questi sono stabiliti nei relativi termini e condizioni di emissione.
- I CoCo con fattori espliciti hanno una soglia numerica contrattuale creata dall'emittente. In caso di violazione della soglia, scatta automaticamente la conversione da obbligazione ad azione.
- I CoCo con fattori impliciti (o discrezionali) hanno una soglia contrattuale non numerica definita da un controllore e non dall'emittente. In caso di violazionedella soglia, la conversione da obbligazione ad azione viene attivata esclusivamente a discrezione di tale controllore.

Vedere le "Informazioni sugli strumenti di debito" per la descrizione dei CoCo e i "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Attualmente meno del 2% dei titoli di debito e correlati al debito inclusi nel Benchmark sono classificati come CoCo a causa dei loro fattori impliciti (o discrezionali). Tali classificazioni sono visibili dal Gestore degli Investimenti e contrassegnate all'interno dei sistemi di conformità del Gestore degli Investimenti come titoli di debito e correlati al debito verso i quali il Comparto non può acquisire esposizione. Dato il livello di esposizione del Benchmark verso i CoCo, tale esclusione non inciderà sulla capacità del Comparto di raggiungere il suo obiettivo di investimento.
Il Comparto investirà la maggior parte del suo Valore Patrimoniale Netto in Fallen Angels. Per “Fallen Angels” si intendono quei Titoli di debito e correlati al debito con rating, al momento dell’acquisto, pari a sub-investment grade, ma che precedentemente godevano di un rating pari a investment grade assegnato da un’Agenzia di rating riconosciuta. I titoli sono classificati come sub-
investment grade se il rating intermedio di queste agenzie è pari o inferiore a Ba1/BB+/BB+. Quando è disponibile un rating di due sole agenzie, viene utilizzato il rating più basso; quando un titolo è valutato da una sola agenzia, viene utilizzato quel rating. I Titoli di debito e correlati al debito che sono stati declassati perdendo il proprio rating o che sono stati promossi a investment grade non dovrebbero superare il 10% del Valore Patrimoniale Netto del Comparto.
Il Comparto, in base ai criteri ESG da esso adottati, non investirà in titoli emessi da entità societarie che:
- traggono più del 30% dei loro ricavi da sabbie bituminose o carbone termico;
- si ritiene abbiano, in base ai dati forniti da terzi, un rating negativo rispetto a qualsiasi criterio ambientale fondamentale;
- si ritiene violino i principi del Global Compact delle Nazioni Unite (compresi i principi ambientali e di governance, quelli relativi al lavoro, ai diritti umani e alla corruzione), in base ai dati forniti da terzi;
- producono armi controverse; o
- ottengono, in base ai dati forniti da terzi, un punteggio ambientale inferiore a quanto prestabilito, qualora tale punteggio ambientale sia ritenuto pertinente, ovvero ottengono, in base ai dati forniti da terzi, un punteggio inferiore a quanto prestabilito rispetto a questioni chiave legate a temi sul cambiamento climatico.

I punteggi ESG sono attribuiti da fornitori terzi ("Fornitori di dati"), quali MSCI, Sustainalytics o altri fornitori che misurano l'impatto ESG delle entità societarie. Tutti gli emittenti in cui vengono effettuati investimenti seguono le buone pratiche di governance definite nei principi del Global Compact delle Nazioni Unite.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite indici di Credit Default Swap ("CDS"), come descritto nella sezione relativa agli Indici finanziari di seguito, e organismi di investimento collettivo ("OIC").
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF").
Il Comparto può detenere liquidità o attività equiparabili a liquidità in determinate circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire in Titoli di debito o correlati al debito denominati in dollari statunitensi di società o emittenti di mercati sviluppati senza una particolare concentrazione settoriale o industriale. Tuttavia il Comparto, a volte, può concentrarsi in un'industria o settori particolari, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti o della focalizzazione del Benchmark.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari non ammessi o non trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario, quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali, depositi a termine e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (il "Benchmark").
Il Benchmark misura la performance del mercato statunitense del debito "Fallen Angel", con una limitazione del 3% per ciascun emittente. Il Benchmark è un indice ponderato sul mercato che include titoli di debito statunitensi a reddito fisso emessi da società, sopra descritti come Titoli di debito e correlati al debito. Tali titoli erano precedentemente classificati come
investment grade, secondo la definizione di cui sopra, ed erano inclusi nel Bloomberg Barclays US Corporate Total Return Value Unhedged Index, in base a criteri di inclusione conformi alle linee guida stabilite dal fornitore dell'indice.
I titoli declassati a sub-investment grade sono noti come "Fallen Angels" e sono quindi inclusi nel Benchmark.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore degli Investimenti ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark qualora il titolo in questione soddisfi i requisiti del Benchmark e se ne preveda l'inclusione in futuro.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e il Comparto sarà simile al Benchmark per quanto riguarda valuta e durata. Il Comparto sarà inoltre simile rispetto alle esposizioni settoriali e al profilo di qualità del credito, salvo restrizioni agli investimenti. Il Comparto non cercherà di riflettere il profilo di scadenza del Benchmark.
La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo periodo.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio sistematico e disciplinato sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Il Comparto investirà in "Fallen Angels", secondo la definizione della politica di investimento, e utilizzerà questo universo di titoli nella costruzione del portafoglio.
Nel processo di costruzione del portafoglio, il Gestore degli Investimenti selezionerà Titoli di debito e correlati al debito dall'universo di investimento. Il Gestore degli Investimenti cerca, in prima battuta, di sovraponderare le obbligazioni che sono state declassate negli ultimi 12 mesi, focalizzandosi prima su quei Titoli di debito e correlati al debito di più recente declassamento, potendo successivamente anche arrivare a considerare i titoli declassati fino a 24 mesi prima. Il Gestore degli Investimenti inoltre cerca di mitigare l'esposizione ai "Fallen Angels" più recenti con fondamentali in rapido deterioramento, per esempio vendendo obbligazioni declassate da BBB a CCC o a rating inferiori negli ultimi due mesi. Generalmente, il Gestore degli Investimenti ridurrà anche l'esposizione a Titoli di debito e correlati al debito che sono stati declassati nei 24 mesi precedenti o più e che hanno una scadenza più lunga, poiché ritiene che tali Titoli di debito e correlati al debito presentino opportunità meno interessanti in termini di rischio/ ricompensa rispetto al resto dell'universo di investimento.
Il Gestore degli Investimenti esaminerà le caratteristiche di rendimento/spread, rischio, settore e qualità del credito e selezionerà i Titoli di debito e correlati al debito in modo che i parametri complessivi, il rischio, il settore
e la qualità delle partecipazioni del Comparto siano in linea con il processo di investimento, in funzione della selezione dei titoli. Il processo di selezione dei titoli viene guidato applicando il modello di credito del Gestore degli Investimenti. Questo modello di credito assegna un punteggio e classifica l'universo degli investimenti in base alle informazioni ottenute dai mercati finanziari e dai bilanci aziendali per individuare il valore appropriato a cui i Titoli di debito e correlati al debito dovrebbero essere negoziati. Il modello aiuta così il Gestore degli Investimenti a identificare i Titoli di debito e correlati al debito che possono avere una performance inferiore rispetto a titoli di debito e correlati al debito analoghi. Il Gestore degli Investimenti sottopondererà tali Titoli di debito e correlati al debito.
Il Gestore degli Investimenti adotterà strategie di allocazione efficiente per gestire il portafoglio in modo economicamente conveniente e ponderato. Ad esempio, il Gestore degli Investimenti può detenere Titoli di debito e correlati al debito non più inclusi nel Benchmark, la cui vendita comporterebbe inutili costi di negoziazione.
Il Gestore degli Investimenti cercherà di coprire la durata rispetto al livello del Benchmark, in modo da gestire il rischio di tasso di interesse, limiterà la ponderazione degli emittenti al 7% e l'esposizione a titoli con rating CCC al 10%. Il portafoglio varierà nel tempo in base alla necessità del Gestore degli Investimenti di adeguare le partecipazioni del Comparto all'obiettivo di investimento del Comparto.
Le caratteristiche ambientali e sociali promosse dal Comparto comprendono la riduzione delle pratiche dannose per l'ambiente (comprese quelle che possono contribuire al cambiamento climatico come l'estrazione delle sabbie bituminose e del carbone termico), la limitazione della produzione di armi controverse e la promozione di pratiche commerciali responsabili, come definite dai principi del Global Compact delle Nazioni Unite.
Nell'individuare investimenti che consentono al Comparto di promuovere caratteristiche ambientali o sociali, il Gestore degli Investimenti:
- valuterà l'idoneità complessiva di un emittente in base al punteggio ESG attribuito da Fornitori riconosciuti di dati.
- scarterà emittenti in base al punteggio ESG, nonché al loro coinvolgimento in determinate industrie o settori meglio specificati di seguito.

Il Comparto cerca di escludere determinati emittenti sulla base di fattori ESG. Gli emittenti con punteggi ESG considerati più deboli (per esempio, con un basso rating ESG rispetto a temi legati al cambiamento climatico, alle emissioni di carbonio, all'impronta di carbonio) possono essere esclusi. Anche gli emittenti i cui ricavi derivano in modo significativo da attività o prodotti considerati non idonei per il Comparto (per esempio, gli emittenti che traggono oltre il 30% dei loro ricavi da sabbie bituminose o da carbone termico o che producono armi controverse) possono essere esclusi. Mediante la combinazione delle strategie appena descritte, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori che fornirà un rendimento superiore al Benchmark sul medio e lungo periodo.
Il Gestore degli Investimenti integra i suddetti fattori nel suo processo sistematico di selezione dei titoli e costruzione del portafoglio. I risultati del processo di
selezione e costruzione del portafoglio vengono
monitorati e rivisti su base continuativa e il Gestore degli Investimenti verifica regolarmente l’effetto di ciascun fattore ESG sull’universo degli investimenti.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento, promuove caratteristiche ambientali o sociali e investe in società con una buona governance ai sensi dell’Articolo 8 dell’SFDR.
La gestione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Utilizzando un processo quantitativo, il Gestore degli Investimenti individua, monitora e gestisce il rischio di sostenibilità nel modo seguente:
- Prima di acquisire investimenti per conto del Comparto, il Gestore degli Investimenti utilizza i parametri ESG dei Fornitori di dati al fine di valutare l'investimento in questione rispetto al rischio di sostenibilità e determinare l'eventualità di un'esposizione a tale rischio. Tale processo prevede l'applicazione di una politica di esclusione (per cui si possono eliminare i potenziali investimenti dall'universo di investimento sulla base del fatto che costituiscono un rischio di sostenibilità troppo elevato per il Comparto).
- Nel corso della durata dell'investimento, il rischio di sostenibilità viene monitorato attraverso la revisione dei dati ESG resi pubblici dall'emittente (se pertinenti) o da fornitori di dati terzi selezionati(“Fornitori di dati”) quali MSCI, Sustainalytics o altrifornitori che misurano l'impatto ESG delle società perdeterminare se il livello di rischio di sostenibilità è cambiato rispetto alla valutazione iniziale. Questa revisione viene condotta su base continuativa. Ove si riscontri che il rischio di sostenibilità associato a un particolare investimento sia aumentato oltre la propensione al rischio ESG del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Comparto a tale investimento, tenendo conto dei principali interessi degli Azionisti del Comparto.

Come spiegato in precedenza, la gestione e la valutazione dei rischi di sostenibilità costituiscono una parte importante della due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Benchmark non tiene conto dei fattori ESG e non viene utilizzato per misurare il grado di conformità alle caratteristiche ambientali o sociali promosse dal Comparto.
Per maggiori informazioni sulle modalità di promozione delle caratteristiche ambientali o sociali del Comparto e sulle modalità di valutazione delle buone pratiche di
governance delle emissioni da parte del Comparto, consultare le sezioni del Supplemento intitolate “Politiche di Investimento” e “Strategia di Investimento".
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Sebbene questo Comparto sia classificato come un fondo Art. 8 ai sensi della SFDR e promuova le caratteristiche ambientali e sociali selezionando gli emittenti in base ai punteggi ESG, gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ambientalmente sostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli e indice (CDS)) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap | Markit CDX North American High |
| (CDS) utilizzati per ottenere | Yield |
| esposizione a mercati globali di |  |
| titoli a reddito fisso in modo più |  |
| conveniente o efficace rispetto |  |
| all'acquisto dei titoli fisici. |  |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire questi indici, esso non sarà direttamente influenzato dal
ribilanciamento degli indici, da costi associati o da qualsivoglia ponderazione dei titoli che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici sono riportati nella “Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento” del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Fondo potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), ossia contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del
Comparto. Tuttavia, non si prevede che l’esposizione del
Comparto alle SFT superi il 15% del Valore Patrimoniale
Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 EUR, 1 GBP, 1 CHF, 1 SGD, 10 DKK, 10 SEK, 10
NOK, 1 CAD o 1 AUD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di Azioni di reddito (Inc.) aventi il suffisso "(M)", i dividendi vengono di solito dichiarati su base mensile l'ultimo Giorno Lavorativo del mese. Per i detentori di Azioni di reddito distribuite su base mensile, i dividendi dichiarati saranno pagati entro il ventesimo giorno solare del mese successivo o prima di tale data. Nel caso di tutte le altre classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EURe saranno attribuite
all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient Global High Yield Beta Fund

### SUPPLEMENTO 53 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro I (Inc.) (hedged) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,10% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,10% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, Politiche di investimento ealtre informazioniObiettivi di Investimento, Politiche di Investimento e altre informazioniObiettivi di investimento, Politiche di investimento ealtre informazioni

##### Obiettivi di investimento
Il Comparto intende fornire una performance e livelli di volatilità simili al Benchmark descritto di seguito sul medio e lungo termine al lordo di spese e commissioni.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento acquisendo esposizione ai titoli di debito e correlati al debito sottostanti inclusi nel Bloomberg Barclays Global High Yield Corporate USD Hedged Total Return Index (il "Benchmark").
Il Comparto può altresì investire in titoli di debito e correlati al debito non inclusi nel Benchmark il cui emittente ha altri titoli inclusi nel Benchmark o nel caso in cui il titolo di debito o correlato al debito soddisfi i requisiti del Benchmark e se ne preveda l'inclusione in futuro. Ciò consente al Comparto di acquistare titoli alla loro prima emissione, anziché attenderne l'inclusione nel Benchmark. Il Comparto può continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark.
Il Comparto può investire in titoli di debito e correlati al debito societari a tasso fisso che possono essere emessi come titoli 144A o Reg S, tra cui obbligazioni, obbligazioni non garantite (debenture) e SFD, di seguito "Titoli di debito e correlati al debito". Gli SFD sono elencati di
seguito nella sezione “Utilizzo di SFD”.
Il Comparto può investire fino al 90% del proprio Valore Patrimoniale Netto in Titoli di debito e correlati al debito emessi come titoli 144A o Reg S.
Il Comparto può acquisire esposizione a uno qualsiasi dei titoli di debito e correlati al debito sottostanti del Benchmark ad eccezione dei titoli convertibili contingenti ("CoCo"). Pur escludendo CoCo con fattori espliciti (in base alle sue norme di inclusione), il Benchmark include Titoli di debito e correlati al debito che possono essere classificati come CoCo a causa dei loro fattori impliciti (o discrezionali).
I CoCo possono convertirsi da obbligazioni ad azioni grazie a fattori espliciti o fattori impliciti (o discrezionali); questi sono stabiliti nei relativi termini e condizioni di emissione.
- I CoCo con fattori espliciti hanno una soglia numerica contrattuale creata dall'emittente. In caso di violazione della soglia, scatta automaticamente la conversione da obbligazione ad azione.
- I CoCo con fattori impliciti (o discrezionali) hanno una soglia contrattuale non numerica definita da un controllore e non dall'emittente. In caso di violazione della soglia, la conversione da obbligazione ad azione viene attivata esclusivamente a discrezione di tale controllore.

Vedere le "Informazioni sugli strumenti di debito" per la descrizione dei CoCo e i "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Attualmente meno del 2% dei titoli di debito e correlati al debito inclusi nel Benchmark sono classificati come CoCo a causa dei loro fattori impliciti (o discrezionali). Tali classificazioni sono visibili dal Gestore degli Investimenti e contrassegnate all'interno dei sistemi di conformità del Gestore degli Investimenti come titoli di debito e correlati al debito verso i quali il Comparto non può acquisire esposizione. Dato il livello di esposizione del Benchmark verso i CoCo, tale esclusione non inciderà sulla capacità del Comparto di raggiungere il suo obiettivo di investimento.
Il Comparto investirà in Titoli di debito e correlati al debito high yield sia investment grade che sub- investment grade, secondo la classificazione attribuita, al
momento dell’acquisto, da un’Agenzia di rating
riconosciuta. I titoli sono classificati come sub-
investment grade se il rating intermedio di queste agenzie è pari o inferiore a Ba1/BB+/BB+. Quando è disponibile un rating di due sole agenzie, viene utilizzato il rating più basso; quando un titolo è valutato da una sola agenzia, viene utilizzato quel rating. Il Comparto può continuare a detenere Titoli di debito e correlati al debito che perdono il loro rating, diventano privi di rating o sono promossi a investment grade successivamente all'acquisto. I Titoli di debito e correlati al debito che sono privi di rating o che sono investment grade non dovrebbero superare il 10% del Valore Patrimoniale Netto del Comparto.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite indici di Credit Default Swap ("CDS"), come descritto nella sezione relativa agli Indici finanziari di seguito, e organismi di investimento collettivo ("OIC").
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF").
Il Comparto può detenere liquidità o attività equiparabili a liquidità in determinate circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento o di dove è focalizzato il Benchmark.
Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto nei mercati emergenti e fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari non ammessi o non trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'USD, esso investirà in attività non denominate in USD che saranno coperte in USD utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere
utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione intitolata "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays Global High Yield Corporate Bond USD Hedged TR Index (il "Benchmark").
Il Benchmark misura la performance del mercato globale del debito ad alto rendimento. Il Benchmark è un indice ponderato sul mercato che include titoli di debito societari a reddito fisso emessi da società di tutto il mondo, sopra descritti come Titoli di debito e correlati al debito. Tali titoli di debito sono di qualità sub-investment grade al momento dell'emissione, secondo la definizione di cui sopra, e avranno una scadenza minima di un anno, nonché un volume minimo di emissione, in conformità alle linee guida stabilite dal fornitore dell'indice. Il Benchmark è ribilanciato mensilmente; tuttavia, il Comparto non intende replicare o seguire il Benchmark e pertanto non sarà direttamente influenzato dal ribilanciamento, dai costi associati o dalla ponderazione dei titoli del Benchmark che eccederebbero le limitazioni all'investimento consentite. Per ulteriori informazioni sulla famiglia di indici a cui appartiene il Benchmark, visitare il sito:
https://data.bloomberglp.com/indices/sites/2/2016/08/ Factsheet-Global-High-Yield.pdf
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore degli Investimenti ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e, di conseguenza, il Comparto sarà simile per quanto riguarda esposizione valutaria e settoriale, nonché scadenze e profilo della qualità del credito.
La strategia di investimento limita la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la loro possibilità di sovraperformare rispetto al Benchmark. La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo periodo.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio top-down sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Nel processo di costruzione del portafoglio il Gestore degli Investimenti selezionerà dal Benchmark Titoli di debito e correlati al debito in base alle caratteristiche di rendimento/spread, rischio, settore e qualità del credito dei componenti del Benchmark; i Titoli di debito e correlati al debito vengono inoltre selezionati in modo che vi sia la più alta corrispondenza possibile con i parametri complessivi di rendimento/spread, rischio, settore e qualità delle partecipazioni del Comparto e in modo che il Comparto mantenga un beta di 1 rispetto al Benchmark. Mantenere un beta di 1 significa che il Comparto riflette la performance complessiva e la volatilità del Benchmark. Qualora la selezione dei Titoli di debito e correlati al debito dal Benchmark non consenta al Comparto di mantenere un beta di 1, il Gestore degli Investimenti può investire in Indici di CDS o in OIC per fare in modo che il portafoglio mantenga nel complesso un beta di 1 rispetto al Benchmark. Il portafoglio varierà nel tempo in base alla necessità del Gestore degli Investimenti di adeguare le partecipazioni del Comparto all'Obiettivo di Investimento del Comparto.
Il processo di selezione dei titoli viene perfezionato dall'applicazione del modello di credito del Gestore degli Investimenti. Questo modello di credito assegna un punteggio e classifica l'universo degli investimenti in base alle informazioni ottenute dai mercati finanziari e dai bilanci aziendali per individuare il valore appropriato a cui i Titoli di debito o correlati al debito dovrebbero essere negoziati e comprende indicatori fondamentali come qualità degli utili (margine lordo e redditività) e revisioni degli utili. Il Gestore degli Investimenti integra le informazioni del modello di credito nel processo di selezione delle attività e nel monitoraggio costante dell'universo degli investimenti. Il modello aiuta così il Gestore degli Investimenti a identificare i Titoli di debito o correlati al debito con più alta probabilità di declassamento, inadempienza o performance inferiore rispetto al Benchmark. Il Gestore degli Investimenti si assicura quindi che l'esposizione del Comparto a questi Titoli di debito o correlati al debito sia pari o inferiore alla ponderazione di tali Titoli di debito o correlati al debito nel Benchmark.
Il Gestore degli Investimenti cercherà di adottare strategie di rotazione efficiente per gestire il portafoglio in modo conveniente. Ad esempio, il Gestore degli Investimenti può detenere Titoli di debito o correlati al debito che non sono più inclusi nel Benchmark, la cui vendita comporterebbe inutili costi di negoziazione. Il Gestore degli Investimenti mira a fornire un rendimento che rifletta il Benchmark sul medio e lungo termine, ma non mira a seguire quotidianamente il Benchmark.
Questo significa che il Gestore degli Investimenti non focalizza la sua attenzione sull'errore di allineamento del Comparto rispetto al Benchmark e non intraprende azioni per ridurre al minimo l'errore di allineamento. Piuttosto, mediante la combinazione di strategie che mirano a correggere le inefficienze del Benchmark, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l'obiettivo di investimento di questo Comparto, il Gestore degli Investimenti ha discrezionalità limitata nella decisione di discostarsi dalle caratteristiche e dalle esposizioni del Benchmark. Tale discrezionalità consente al Gestore degli Investimenti, ad esempio, di investire in titoli non inclusi nel Benchmark laddove tali titoli ne soddisfino i requisiti e si preveda di includerli nel Benchmark in futuro, e di continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Benchmark non tiene conto dei fattori ESG o dei rischi di sostenibilità. Di conseguenza, il Gestore degli Investimenti non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un "Evento ESG”)) nelle sue decisioni di
investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli e indice (CDS)) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di
investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Indice Markit iTraxx Europe (crossover) Indice Markit CDX North American High Yield |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap e contratti a termine. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle
SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si prevede che l’esposizione del Comparto alle SFT superi il 15% del Valore Patrimoniale
Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli su SFT, compreso sul collaterale idoneo e sulla procedura della controparte, sono forniti nelle sezioni "Appendice III - Operazioni di finanziamento tramite titoli", "Appendice III - Gestione del Collaterale", "Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli", "Gestione Efficiente del Portafoglio" e "Fattori di Rischio" del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 CAD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima
non superino i 30.000 EURe saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## Responsible Horizons Euro Corporate Bond Fund

### SUPPLEMENTO 54 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,45% | 0% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,45% | 0% |

| Azioni “C” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 0,45% | 0% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 0,45% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “Z” e Azioni “Z (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende generare un rendimento totale costituito da reddito e crescita del capitale investendo prevalentemente in un'ampia gamma di Titoli di debito e
correlati al debito denominati in euro e relativi SFD, tenendo conto al contempo di fattori ambientali, sociali e di governance ("ESG").

##### Politiche di investimento
Il Comparto investirà la maggior parte del suo patrimonio (ossia almeno il 51% del Valore Patrimoniale Netto del Comparto) in debito societario a tasso fisso o variabile
con rating investment grade. Il Comparto investe principalmente (ossia almeno il 70% del Valore Patrimoniale Netto del Comparto) in titoli di debito e correlati al debito denominati in euro.
I titoli di debito e correlati al debito in cui il Comparto può investire includono titoli di società a tasso fisso e variabile, Obbligazioni convertibili, Titoli convertibili
contingenti (“CoCo”), Obbligazioni garantite, Obbligazioni
puttable, Obbligazioni callable, obbligazioni non garantite
(debenture), Obbligazioni a cedola zero, nonché Eurobond e Obbligazioni bullet, Obbligazioni di agenzie sovranazionali, obbligazioni di agenzia, utilizzo dei proventi delle obbligazioni a impatto, Titoli di debito governativi a tasso fisso e variabile, Obbligazioni
municipali, Obbligazioni indicizzate e Obbligazioni indicizzate all’inflazione (“ILB”) e strumenti del mercato monetario (come certificati di deposito, carte commerciali
e depositi overnight) e relativi SFD (come elencati nella sezione “Utilizzo di SFD” di seguito), ossia “Titoli di debito e correlati al debito”.
Per i dettagli sui rischi associati alle obbligazioni garantite, alle obbligazioni bullet, alle obbligazioni
callable e puttable, si rimanda ai paragrafi “Rischio dei prodotti strutturati”, “Rischi associati a titoli a reddito fisso” e “Rischi associati all’investimento in obbligazioni callable e puttable” del Prospetto.
Il Comparto può avere un'esposizione fino al 5% del suo Valore Patrimoniale Netto ai CoCo. Vedere "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Il Comparto investirà in Titoli di debito e correlati al debito con rating investment grade attribuito da un'Agenzia di rating riconosciuta. I Titoli di debito e correlati al debito sono classificati con rating investment grade se al momento dell'acquisto il rating intermedio del titolo è superiore a Ba1/BB+/BB+. Inoltre il Comparto può investire fino al 20% in Titoli di debito e correlati al debito con rating inferiore all'investment grade.
Il Comparto non investirà in Titoli di debito e correlati al debito che, alla data dell’acquisto, abbiano un rating inferiore a B- (o suo equivalente) secondo la classificazione di un’Agenzia di rating riconosciuta. Per maggior chiarezza, il Comparto non investirà in titoli
garantiti da ipoteca, titoli garantiti da attività o altri strumenti legati al rischio di credito. Il Comparto può investire in Titoli di debito e correlati al debito privi di rating a condizione che il Gestore degli Investimenti li ritenga di qualità equivalente come precedentemente indicato. Nel caso di rating discordante (ovvero rating diversi assegnati da due o più agenzie), sarà considerato il valore inferiore tra i due più elevati. Nel caso in cui i Titoli di debito e i Titoli correlati al debito detenuti dal Comparto vengano successivamente declassati al di sotto
dei limiti definiti sopra, il Gestore degli Investimenti può mantenere un’esposizione massima pari al 3% del Valore Patrimoniale Netto del Comparto a tali titoli declassati.
Nella misura in cui il valore complessivo di tali titoli o strumenti superi il 3% del Valore Patrimoniale Netto del Comparto, quelli che non sono stati promossi entro un periodo di sei mesi, saranno venduti. Le esposizioni derivanti dalle partecipazioni sottostanti agli organismi di investimento collettivo ("OIC") saranno prese in considerazione nel processo di selezione delle limitazioni di cui al presente paragrafo.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in ETF di tipo chiuso che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In certe circostanze il Comparto può anche detenere livelli elevati di liquidità e di strumenti del mercato monetario. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento. Alcuni settori saranno evitati come conseguenza della considerazione dei fattori ESG.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto nei mercati emergenti e fino al 10% in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (ossia Titoli di debito e correlati al debito) non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'euro, il Comparto può investire in attività non denominate in euro che non vengano necessariamente coperte in euro utilizzando SFD correlati alla valuta.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire garanzia a supporto dell'esposizione SFD. In circostanze eccezionali il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ad esempio
fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Le attività equiparabili a liquidità includono strumenti del mercato monetario e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Bloomberg Barclays Euro Aggregate Corporate Total Return Index (il "Benchmark").
Il Benchmark include obbligazioni societarie a tasso fisso, denominate in euro, con rating investment grade.
L'inserimento si basa sulla valuta dell'emissione e non sul domicilio dell'emittente.
Per ulteriori informazioni sul Benchmark, visitare il sito: https://www.bloomberg.com/quote/LECPTREU:IND
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark e le ponderazioni in portafoglio potrebbero essere simili a quelle del Benchmark. La strategia di investimento limiterà la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la possibilità del Comparto di sovraperformare rispetto al Benchmark.
Il Benchmark è un benchmark di mercato a base ampia che non tiene conto dei fattori ESG e non viene utilizzato per misurare il grado di conformità alle caratteristiche ambientali o sociali promosse dal Comparto.

##### Strategia di investimento
La strategia d'investimento del Comparto è una combinazione di analisi macro "top-down" e di ricerche creditizie "bottom-up" effettuate dal Gestore degli Investimenti e di sua proprietà.
L'analisi " top-down" consiste in:
- comprensione del contesto macroeconomico attuale e futuro, per quel che concerne i livelli occupazionali, l'inflazione, i tassi di interesse, e quale impatto possono avere questi fattori sui titoli di debito e correlati a titoli di debito e sulle valute. Questa comprensione è stata sviluppata utilizzando varie fonti, tra cui dati economici pubblicati, dichiarazioni delle banche centrali circa le proprie politiche e una revisione dei dati storici;e
- analisi delle diverse categorie di attività che compongono gli investimenti nel Comparto, ossia credito, debito dei mercati emergenti e titoli di Stato al fine di valutare il loro potenziale di generazione di rendimento.

La ricerca e l'analisi del credito "bottom-up" implica una valutazione della solvibilità dell'emittente che comprende un'analisi dei principali parametri di credito, come la leva finanziaria e il flusso di cassa. Una valutazione del valore relativo degli strumenti di debito dell'emittente rispetto a strumenti di debito comparabili può anche essere effettuata per integrare la ricerca e l'analisi del credito. Tale approccio intende identificare, su base mondiale e senza alcuna specifica concentrazione geografica o settoriale, gli investimenti che presentano un buon potenziale di generazione di rendimento totale.
Una volta completata questa analisi, il Gestore degli Investimenti può decidere l'allocazione delle attività del Comparto, ossia quale percentuale delle attività debba essere investita in una data classe di attività. Il Gestore degli Investimenti deve tenere in considerazione vari
fattori quali i costi e la facilità di attecchimento nel momento in cui decide come implementare la strategia di investimento e ottenere esposizione alle categorie di attività, ad esempio utilizzando SFD od OIC piuttosto che l'acquisto diretto di attività.
La selezione dei singoli titoli avviene grazie alle segnalazioni dei team di credito all'interno del Gestore degli Investimenti, specializzati in settori o industrie specifiche quali telecomunicazioni, automotive, tecnologia, produzione e titoli di stato.
Le posizioni short sintetiche vengono in genere utilizzate: –	come copertura per le posizioni di mercato long, ad
esempio se il Gestore degli Investimenti vuole ridurre
l'esposizione del Comparto al rischio di credito rispetto a quella del Benchmark;
- come copertura per posizioni long di titoli singoli, ad esempio quando il Gestore degli Investimenti vuole ridurre il rischio di credito di una particolare obbligazione societaria ma potrebbe non essere in grado di vendere l'obbligazione a un prezzo interessante; o
- per realizzare rendimenti positivi e assumere un orientamento rispetto al mercato, ad esempio se il Gestore degli Investimenti ritiene che il prezzo di alcune obbligazioni societarie possa diminuire e vuole ottenere un rendimento su questa oscillazione di prezzo.

Nell'effettuare i propri investimenti il Comparto utilizzerà anche una combinazione di ricerca ESG esterna e/o interna nonché di ricerche creditizie "bottom-up" e di valutazioni del valore relativo (descritte sopra) per valutare un investimento.
Le caratteristiche di questo Comparto comprenderanno un'allocazione positiva in emittenti con rating ESG più solidi (migliori), escludendo al contempo gli emittenti con rating ESG più deboli (peggiori). Tra le altre caratteristiche di questo Comparto vi sono l'eliminazione dell'esposizione a emittenti con ricavi societari o attività operative che il Gestore degli Investimenti ritiene evidenzino eccessivi rischi di sostenibilità ambientale, sociale o di reputazione.
Nell'individuare investimenti che consentono al Comparto di promuovere le caratteristiche ESG, il Gestore degli Investimenti vaglia ed esclude determinati strumenti ed emittenti alla luce dei criteri ESG per creare un universo di investimento ESG ridotto e ottimizzato. All'interno di tale universo di investimento, il Gestore degli Investimenti effettua allocazioni positive verso gli emittenti migliori e con i punteggi ESG più elevati nell'universo. Il Gestore degli Investimenti inoltre effettuerà allocazioni strutturali verso strumenti ed emittenti a impatto positivo e mirerà a ottenere un'intensità di carbonio inferiore al livello del Benchmark.
Di seguito sono riportati ulteriori dettagli:
- Punteggio ESG - il Gestore degli Investimenti valuta l'idoneità complessiva di un emittente in base al punteggio ESG:
	- attribuito da un fornitore riconosciuto di rating ESG;
	- in base a una valutazione interna di un emittenteI dati ESG consentono al Gestore degli Investimenti di comprendere i profili di rischio ESG e, se del caso, di scartare le partecipazioni non idonee sulla base diquesta analisi. I punteggi ESG sono determinati in modo da distinguere le società ad alto rischio da quelle a basso rischio, al fine di creare una distribuzione dei punteggi che rappresenti questo differenziale.


Tuttavia, il Comparto può avere un’esposizione a emittenti coinvolti in settori sensibili dal punto di vista ambientale, esposti al rischio di cambiamento
climatico o ad alta intensità di carbonio, come ad esempio l’estrazione di carbone, la produzione di energia elettrica da carbone, l’estrazione di petrolio e gas non convenzionali, a condizione che l’esposizione sia ottenuta tramite Utilizzo dei proventi delle
obbligazioni a impatto, che il Gestore degli Investimenti ritenga che l’emittente abbia un piano a lungo termine chiaramente definito per affrontare il
proprio impatto ambientale e che il Gestore degli Investimenti ritenga che lo strumento emesso soddisfi i propri criteri ESG.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche, report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
- Screening: il Comparto cerca di ottenere un'esposizione agli emittenti con punteggi ESG più elevati. Gli emittenti con punteggi ESG considerati più deboli (ad esempio a causa di elevati rischi di emissioni di carbonio e/o che dimostrano gravi violazioni delle norme accettate a livello internazionale riguardanti, a titolo esemplificativo ma non esaustivo, corruzione, diritti dei lavoratori o impatto ambientale) saranno esclusi. Gli emittenti saranno esclusi anche nel caso in cui la loro redditività derivi in misura significativa da prodotti considerati inadatti per il Comparto in base al suo orientamento ai fattori ESG (ad esempio, tabacco, difesa, gioco d'azzardo ed estrazione del carbone).

Al momento dell'acquisto e su base continuativa, almeno il 90% degli strumenti detenuti nel Comparto deve soddisfare questi criteri: non verrà effettuato alcun investimento in uno strumento che si ritiene abbia questioni ambientali rilevanti e irrisolvibili.
Gli strumenti che non soddisfano ancora tali criteri dopo l'acquisto possono essere venduti; in alternativa, il Comparto può continuare a detenere lo strumento a fronte dell'impegno del Gestore degli Investimenti con l'emittente a individuare i rischi che hanno determinato la variazione del punteggio ESG.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari del Gestore degli Investimenti di tutte le società del Comparto. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se i titoli obbligazionari possano ragionevolmente compensare il Comparto rispetto ai rischi di sostenibilità a lungo e breve termine.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento, promuove caratteristiche ambientali o sociali e investe in società con una buona governance ai sensi dell’Articolo 8 dell’SFDR.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione. Laddove si considerino rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri ESG al Comparto. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri ESG. Tali controlli sono codificati e aggiornati quando vengono acquisite nuove informazioni. Un processo di ricerca e/o impegno ESG può aiutare il Gestore degli Investimenti a raggiungere gli obiettivi di investimento e gli obiettivi ESG mirati del Comparto.
Come descritto più dettagliatamente nella sezione intitolata "Strategia di investimento”, la governance societaria è un fattore chiave del rischio di sostenibilità
che rientra nei rating di rischio ESG proprietari di tutti gli emittenti.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria fornisce a tutti gli analisti informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Dal momento che il Comparto considera i fattori ESG per tutto il processo di investimento, il Gestore degli Investimenti può deliberatamente rinunciare alle opportunità per il Comparto di acquisire esposizione a determinati emittenti e può scegliere di vendere un titolo in un momento in cui potrebbe altrimenti risultare svantaggioso. Il Comparto può invece concentrarsi su investimenti in emittenti che dimostrino il rispetto delle pratiche ambientali, sociali e di buona governance. Di conseguenza, l'universo di investimenti per il Comparto è inferiore a quello di altri fondi e ciò può influire sulla performance, sussistendo il rischio che si verifichino effetti negativi sul valore del Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore,
tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
I Criteri tecnici di selezione del Regolamento sulla tassonomia dell’UE (“TSC”) richiederanno la disponibilità di molteplici dati specifici per ogni investimento. Alla
data del presente documento, non sono disponibili dati affidabili, tempestivi e verificabili sufficienti affinché il Gestore possa valutare gli investimenti del Comparto utilizzando i TSC.
Inoltre, le norme tecniche di regolamentazione per l’SFDR che definiscono la metodologia per il calcolo della quota di allineamento alla tassonomia UE per i prodotti
finanziari come il Comparto e i modelli per le comunicazioni richieste non sono ancora disponibili nella loro forma definitiva. Alla data del presente documento, il Gestore non è in grado di fornire informazioni standardizzate e comparabili sull'allineamento degli investimenti del Comparto al Regolamento sulla
tassonomia dell’UE.
Sebbene il Comparto detenga investimenti in attività economiche che contribuiscono a un obiettivo ambientale e potrebbero essere idonei a essere valutati rispetto ai TSC, il Gestore non è attualmente in grado di descrivere:
- La misura in cui gli investimenti del Comparto riguardino attività economiche ecosostenibili;
- La proporzione, in percentuale del portafoglio del Comparto, di investimenti in attività economiche ambientalmente sostenibili; o
- La proporzione, in percentuale del portafoglio del Comparto, delle “Attività abilitanti del Regolamento sulla tassonomia dell’UE” e delle “Attività ditransizione del Regolamento sulla tassonomia dell’UE”.

Il Gestore sta tenendo sotto controllo attivo questa situazione e quando saranno disponibili dati affidabili, tempestivi e verificabili sufficienti sugli investimenti del Comparto, il Gestore fornirà le descrizioni di cui sopra; in tal caso il presente Prospetto o il relativo Supplemento saranno aggiornati.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato Future su obbligazioni |
| --- | --- |

| Opzioni | Opzioni su indice Opzioni su futures su tassi di interesse Opzioni su obbligazioni Opzioni su future su obbligazioni Swaption Opzioni su credit default swap |
| --- | --- |
| Swap | Credit Default Swap Credit Default Swaps Index/Basket Swap sui tassi d'interesse Swap sull'inflazione Swap di attività Swap su indici Swap di rendimento totale (TRS) (titoli singoli, credito, indice e paniere personalizzato) |
| Titoli con SFD inte- grati/ Leva fi- nanziaria | Obbligazioni convertibili Titoli convertibili contingenti (CoCo) Obbligazioni callable e puttable |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non supererà il 100% del Valore Patrimoniale Netto
del Comparto e la posizione short netta totale non supererà il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 CAD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 40.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 4 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Efficient Euro High Yield Beta Fund

### SUPPLEMENTO 55 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- È previsto che le commissioni di gestione e le altre commissioni e spese del Comparto saranno addebitate al capitale del Comparto per cercare di massimizzare le distribuzioni. Vedere "Commissioni e spese" nel Prospetto per ulteriori dettagli.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Insight North America LLC

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,30% | 0% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,30% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 0,30% | 0% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 0,30% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,10% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,10% | 0% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,10% | 0% |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,10% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,10% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| CHF X (Inc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, Politiche di investimento ealtre informazioniObiettivi di Investimento, Politiche di Investimento e altre informazioniObiettivi di investimento, Politiche di investimento ealtre informazioni

##### Obiettivi di investimento
Il Comparto intende una performance e livelli simili al Benchmark descritto di seguito sul medio e lungo termine al lordo di spese e commissioni.Il Comparto intende una performance e livelli simili al Benchmark descritto di seguito sul medio e lungo termine al lordo di spese e commissioni.

##### Politiche di investimento
Il Comparto intende raggiungere il suo obiettivo di investimento acquisendo esposizione ai titoli di debito e correlati al debito sottostanti inclusi nell'Indice Bloomberg Barclays Pan-European High Yield (Euro) Total Return (il "Benchmark").
Il Comparto può altresì investire in titoli di debito o correlati al debito non inclusi nel Benchmark il cui emittente ha altri titoli inclusi nel Benchmark o nel caso in cui il titolo di debito o correlato al debito soddisfi i requisiti del Benchmark e se ne preveda l'inclusione in futuro. Il Comparto può continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Comparto non investirà in titoli di debito o correlati al debito dei mercati emergenti.
Il Comparto può investire in titoli di debito e correlati al debito societari a tasso fisso che possono essere emessi come titoli 144A o Reg S, tra cui obbligazioni, obbligazioni non garantite (debenture) e SFD, di seguito "Titoli di debito e correlati al debito". Gli SFD sono elencati di
seguito nella sezione “Utilizzo di SFD”.
Il Comparto può acquisire esposizione a uno qualsiasi dei titoli di debito e correlati al debito sottostanti ad eccezione dei titoli convertibili contingenti ("CoCo"). Pur escludendo CoCo con fattori espliciti (in base alle sue norme di inclusione), il Benchmark include Titoli di debito e correlati al debito che possono essere classificati come CoCo a causa dei loro fattori impliciti (o discrezionali).
I CoCo possono convertirsi da obbligazioni ad azioni grazie a fattori espliciti o fattori impliciti (o discrezionali); questi sono stabiliti nei relativi termini e condizioni di emissione.
- I CoCo con fattori espliciti hanno una soglia numerica contrattuale creata dall'emittente. In caso di violazionedella soglia, scatta automaticamente la conversione da obbligazione ad azione.
- I CoCo con fattori impliciti (o discrezionali) hanno una soglia contrattuale non numerica definita da un controllore e non dall'emittente. In caso di violazionedella soglia, la conversione da obbligazione ad azione viene attivata esclusivamente a discrezione di tale controllore.

Vedere le "Informazioni sugli strumenti di debito" per la descrizione dei CoCo e i "Rischi relativi ai titoli convertibili contingenti (CoCo)" all'interno del Prospetto per dettagli sui rischi associati ai CoCo.
Attualmente meno del 2% dei titoli di debito e correlati al debito inclusi nel Benchmark sono classificati come CoCo a causa dei loro fattori impliciti (o discrezionali). Tali
classificazioni sono visibili dal Gestore degli Investimenti e contrassegnate all'interno dei sistemi di conformità del Gestore degli Investimenti come titoli di debito e correlati al debito verso i quali il Comparto non può acquisire esposizione. Dato il livello di esposizione del Benchmark verso i CoCo, tale esclusione non inciderà sulla capacità del Comparto di raggiungere il suo obiettivo di investimento.
Il Comparto investirà la maggioranza del suo Valore patrimoniale netto in Titoli di debito e correlati al debito
sia investment grade che sub-investment grade, secondo la classificazione attribuita, al momento dell’acquisto, da un’Agenzia di rating riconosciuta. I titoli sono classificati come sub-investment grade se il rating intermedio di
queste agenzie è pari o inferiore a Ba1/BB+/BB+. Quando è disponibile un rating di due sole agenzie, viene utilizzato il rating più basso; quando un titolo è valutato da una sola agenzia, viene utilizzato quel rating. Il Comparto può continuare a detenere Titoli di debito e correlati al debito che perdono il loro rating, diventano privi di rating o sono promossi a investment grade successivamente all'acquisto. I Titoli di debito e correlati al debito che sono privi di rating o che sono promossi non dovrebbero superare il 10% del Valore Patrimoniale Netto del Comparto.
Prevalentemente, il Comparto investirà direttamente nei Titoli di debito e correlati al debito sottostanti inclusi nel Benchmark, ma, a titolo accessorio, acquisirà indirettamente esposizione ai componenti del Benchmark tramite indici di Credit Default Swap ("CDS"), come descritto nella sezione relativa agli Indici finanziari di seguito, e organismi di investimento collettivo ("OIC").
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, inclusi fondi del mercato monetario e fondi negoziati in borsa aperti ("ETF").
Il Comparto può detenere liquidità o attività equiparabili a liquidità in determinate circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire in Titoli di debito e correlati al debito denominati in euro di emittenti con sede in mercati sviluppati. Il Comparto, a volte, può concentrarsi in un particolare settore industriale, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti o della focalizzazione del Benchmark.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari non ammessi o non trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti
avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Indice Bloomberg Barclays Pan-European High Yield (Euro) Total Return (il "Benchmark").
Il Benchmark è una misura del mercato del debito societario a tasso fisso, ad alto rendimento, denominato in euro, emesso da emittenti con sede nei mercati sviluppati. Il Benchmark include Titoli di debito e correlati al debito di emittenti dei settori industriale, dei servizi di pubblica utilità e finanziario. Il Benchmark viene ribilanciato mensilmente; tuttavia il Comparto non intende replicare o seguire il Benchmark e pertanto non sarà direttamente influenzato dal ribilanciamento, dai costi associati o dalle variazioni nella ponderazione dei titoli del Benchmark che eccederebbero le limitazioni all'investimento consentite.
Per ulteriori informazioni sul Benchmark, visitare il sito: https://www.bloomberg.com/quote/LP02TREU:IND
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Gestore degli Investimenti utilizzerà il Benchmark per costruire l'universo d'investimento. Il Comparto è gestito in modo attivo e non mira a replicare interamente i componenti del Benchmark. Il Gestore degli Investimenti ha discrezionalità limitata nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
La maggior parte delle partecipazioni del Comparto saranno componenti del Benchmark e, di conseguenza, il Comparto sarà simile per quanto riguarda esposizione valutaria e settoriale, nonché scadenze e profilo della qualità del credito.
La strategia di investimento limita la possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la loro possibilità di sovraperformare rispetto al Benchmark. La strategia di investimento mira a ottenere una volatilità analoga a quella del Benchmark sul medio e lungo periodo.

##### Strategia di investimento
Per la costruzione del portafoglio viene utilizzato un approccio top-down sulla base del Benchmark che fornisce un "beta efficiente". Con "beta" si intende l'esposizione di mercato, mentre con "efficiente" si intende il raggiungimento del "beta" attraverso decisioni e strategie ritenute dal Gestore degli Investimenti efficienti in termini di costi.
Nel processo di costruzione del portafoglio il Gestore degli Investimenti selezionerà dal Benchmark Titoli di debito e correlati al debito in base alle caratteristiche di rendimento/spread, rischio, settore e qualità del credito dei componenti del Benchmark; i Titoli di debito e correlati al debito vengono inoltre selezionati in modo che vi sia la più alta corrispondenza possibile tra i parametri complessivi di rendimento/spread, rischio, settore e qualità delle partecipazioni del Comparto e il suo beta e in modo che il Comparto mantenga un beta di 1 rispetto al Benchmark. Mantenere un beta di 1 significa che il Comparto riflette la performance complessiva e la volatilità del Benchmark. Qualora la selezione dei Titoli di
debito e correlati al debito del Benchmark non consenta al Comparto di mantenere un beta di 1, il Gestore degli Investimenti può investire in Indici di CDS o in organismi di investimento collettivo per fare in modo che il portafoglio mantenga nel complesso un beta di 1 rispetto al Benchmark. Il portafoglio varierà nel tempo in base alla necessità del Gestore degli Investimenti di adeguare le partecipazioni del Comparto all'Obiettivo di Investimento del Comparto.
Il processo di selezione dei titoli viene perfezionato dall'applicazione del modello di credito del Gestore degli Investimenti. Questo modello di credito assegna un punteggio e classifica l'universo degli investimenti in base alle informazioni ottenute dai mercati finanziari e dai bilanci aziendali per individuare il valore appropriato a cui i Titoli di debito o correlati al debito dovrebbero essere negoziati e comprende indicatori fondamentali come qualità degli utili (margine lordo e redditività) e revisioni degli utili. Il Gestore degli Investimenti integra le informazioni del modello di credito nel processo di selezione delle attività e nel monitoraggio costante dell'universo degli investimenti. Il modello aiuta così il Gestore degli Investimenti a identificare i Titoli di debito o correlati al debito con più alta probabilità di declassamento, inadempienza o performance inferiore rispetto al Benchmark. Il Gestore degli Investimenti, attraverso il monitoraggio costante del Benchmark e i processi appena descritti, si assicura che l'esposizione del Comparto ai Titoli di debito o correlati al debito sia pari o inferiore alla ponderazione di tali Titoli di debito o correlati al debito nel Benchmark.
L'indice di Credit Default Swap descritto di seguito è utilizzato come metodo per acquisire esposizione di mercato indiretta (fino al 10% del Valore Patrimoniale Netto) ai componenti del Benchmark tramite un paniere di credit default swap su credito europeo non-investment grade. Si tratta di un modo per acquisire esposizione di mercato in modo più rapido ed economicamente vantaggioso rispetto all'acquisto o alla vendita di obbligazioni fisiche. Questa esposizione indiretta ha luogo tramite l'utilizzo di SFD a scopi di investimento. A seconda della direzione dei mercati, il Gestore degli Investimenti utilizza l'Indice di Credit Default Swap descritto di seguito (vedere la sezione "Indici finanziari") per adattare il portafoglio complessivo in modo che mantenga un beta di 1 rispetto al Benchmark.
Il Gestore degli Investimenti cercherà di adottare strategie di rotazione efficiente per gestire il portafoglio in modo conveniente. Ad esempio, il Gestore degli Investimenti può detenere Titoli di debito o correlati al debito che non sono più inclusi nel Benchmark, la cui vendita comporterebbe inutili costi di negoziazione. Il Gestore degli Investimenti mira a fornire un rendimento che rifletta il Benchmark sul medio e lungo termine, ma non mira a seguire quotidianamente il Benchmark.
Questo significa che il Gestore degli Investimenti non focalizza la sua attenzione sull'errore di allineamento del Comparto rispetto al Benchmark e non intraprende azioni per ridurre al minimo l'errore di allineamento. Piuttosto, mediante la combinazione di strategie che mirano a correggere le inefficienze del Benchmark, il Gestore degli Investimenti cerca di garantire una soluzione di investimento a beta efficiente per gli investitori (come descritto in dettaglio di seguito nella sezione "Indici finanziari").

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l'obiettivo di investimento di questo Comparto, il Gestore degli Investimenti ha discrezionalità limitata nella decisione di discostarsi dalle caratteristiche e dalle esposizioni del Benchmark. Tale discrezionalità consente al Gestore degli Investimenti, ad esempio, di investire in titoli non inclusi nel Benchmark laddove tali titoli ne soddisfino i requisiti e si preveda di includerli nel Benchmark in futuro, e di continuare a detenere titoli inclusi nel Benchmark al momento dell'acquisto, anche se sono stati successivamente eliminati dal Benchmark. Il Benchmark non tiene conto dei fattori ESG o dei rischi di sostenibilità. Di conseguenza, il Gestore degli Investimenti non integra i rischi di sostenibilità (definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un "Evento ESG”)) nelle sue decisioni di
investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap (titoli singoli e indice (CDS)) |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di
investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Markit iTraxx (Europe) Crossover |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle
SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si prevede che l’esposizione del Comparto alle SFT superi il 15% del Valore Patrimoniale
Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 EUR, 1 USD, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 CAD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima
non superino i 30.000 EURe saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Future Earth Fund

### SUPPLEMENTO 56 DATATO 31 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.

In aggiunta ai Comparti elencati nel Prospetto, il seguente Comparto è stato creato a partire dalla data del presente Supplemento:
- BNY Mellon Sustainable Global Emerging Markets Fund (per i dettagli vedere il Supplemento 62).


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 1,85% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 1,85% | 0% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,40% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende realizzare una crescita del capitale nel lungo termine e ha un obiettivo d'investimento sostenibile.
In particolare, il Comparto intende contribuire al raggiungimento di un obiettivo ambientale investendo in titoli di società di tutto il mondo che forniscono prodotti, servizi e soluzioni che riducono la pressione sull'ambiente e sulle risorse naturali della Terra.

##### Politiche di investimento
Il Comparto investe almeno il 75% del suo Valore Patrimoniale Netto in un portafoglio concentrato di titoli azionari e titoli correlati ad azioni di società che contribuiscono al raggiungimento dell'obiettivo ambientale di riduzione delle pressioni sulle risorse ambientali e naturali della Terra, che costituiscono Investimenti sostenibili SFDR (come definiti di seguito) e che soddisfano i criteri ambientali, sociali e di governance ("ESG"), nonché quelli di sostenibilità vincolanti del Gestore degli investimenti.
Tutti gli investimenti del Comparto, ad eccezione di quelli destinati a scopi specifici quali la copertura e la liquidità, dovranno soddisfare la definizione di Investimenti Sostenibili SFDR.
Per investimenti sostenibili SFDR si intendono quegli investimenti che contribuiscono a un obiettivo ambientale o a un obiettivo sociale, a condizione che tali investimenti non arrechino un danno significativo ad alcuno di questi obiettivi e che le società coinvolte seguano buone pratiche di governance.
Gli investimenti devono soddisfare i criteri ambientali, sociali e di governance ("ESG") e di sostenibilità vincolanti del Gestore degli Investimenti. Oltre ad avere un impatto dimostrabile sull'attenuazione delle pressioni ambientali o sull'offerta di soluzioni legate all'utilizzo di risorse naturali, come ad esempio il contributo al
raggiungimento di uno o più degli Obiettivi di sviluppo sostenibile dell'ONU in materia ambientale, tra i cui esempi figurano azione per il clima, energia accessibile e pulita e consumo e produzione responsabili, il Gestore degli Investimenti cercherà anche di:
- Identificare ed evitare l'investimento in società che si occupano di specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ambientale e/o sociale. Tutte le società in cui vengono effettuati investimenti seguono le buone pratiche di governance definite nei principi del Global Compact delle Nazioni Unite. Sono escluse le società in violazione dei principi del Global Compact delle Nazioni Unite. Questi ultimi includono principi relativi a diritti umani, lavoro, ambiente e lotta alla corruzione; e
- Identificare e investire in società che cercano dinamicamente di gestire in modo soddisfacente i fattori ambientali e/o sociali e ciò a sua volta dovrebbe sostenere i rendimenti finanziari di lungo termine. Ciò includerà anche le società che concorrono allo sviluppo di soluzioni che contribuiranno a risolvere questioni ambientali, tra cui un uso più efficiente o limitato di risorse naturali.

Le Società in cui il Comparto investe sono soggette ai summenzionati elementi vincolanti nell'ambito dei criteri ESG e di sostenibilità del Gestore degli Investimenti mirati a raggiungere l'obiettivo d'investimento sostenibile del Comparto.
I titoli azionari e titoli correlati ad azioni in cui il Comparto può investire comprendono azioni ordinarie e privilegiate, Certificati di deposito americani (ADR), Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate convertibili, certificati di partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW"), fondi di investimento immobiliare ("REIT") quotati e altri fondi di tipo chiuso quotati compresi fondi di investimento mobiliare quotati, warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei
warrant), diritti di acquisto di azioni e SFD correlati (elencati nella successiva sezione "Utilizzo di SFD"), di seguito "Azioni e titoli correlati ad azioni".
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in schemi di investimento collettivo di tipo aperto ("OIC"), compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in OIC di tipo chiuso che costituisca valori mobiliari sarà conforme
ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata “La Società - Limitazioni agli Investimenti e ai Prestiti” del Prospetto.
In determinate circostanze il Comparto potrà detenere liquidità o attività equiparabili a liquidità compresi i casi in cui il Gestore degli Investimenti ritiene che i mercati
siano sopravvalutati o i casi in cui le condizioni di mercato possono richiedere una strategia d’investimento difensiva o come indicato di seguito nella sezione intitolata “Gestione di Liquidità e Collaterale”.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto intende investire a livello globale, tuttavia può a volte concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti.
Il Comparto può investire più del 20% del suo Valore Patrimoniale Netto in mercati emergenti, tra cui Russia, Cina e India. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
I metodi per acquisire esposizione ai titoli cinesi possono includere l'acquisto di azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il Programma Stock Connect. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno necessariamente coperte in USD. Inoltre il Comparto può assumere posizioni attive in valuta su valute diverse dall'USD per esprimere l'opinione del Gestore degli Investimenti sulle valute al fine di aiutare il Comparto ad aumentare la crescita del capitale. A tali scopi gli SFD possono essere utilizzati come contratti di cambio a termine, future su valuta od opzioni su future su valuta. Pertanto, mentre le posizioni attive in valuta non costituiranno la parte centrale della strategia d'investimento del Comparto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le posizioni in valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con quasi 3.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili (ad agosto 2021). Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Ulteriori informazioni sul Benchmark sono disponibili su www.msci.com/acwi.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.
Il Benchmark di questo Comparto è un indice di riferimento del mercato ad ampio raggio che non tiene conto dei fattori ESG. Il Benchmark non è utilizzato per determinare se gli investimenti sono Investimenti sostenibili SFDR né per misurare il modo in cui il Comparto realizzerà i propri obiettivi ambientali. Il Gestore degli Investimenti cercherà invece di valutare la misura in cui le società partecipate in cui il Comparto investe hanno un impatto dimostrabile sull'attenuazione delle pressioni ambientali o sull'offerta di soluzioni legate all'utilizzo di risorse naturali al fine di misurare se gli obiettivi ambientali del Comparto siano stati raggiunti, tra i quali gli Obiettivi di sviluppo sostenibile (OSS) dell'ONU, ove pertinenti.

##### Strategia di investimento
Il Comparto è un portafoglio globale basato su un tema d'investimento senza vincoli geografici. Segue un approccio d'investimento basato sulle idee migliori, creando un portafoglio fondato su solide convinzioni di investimento che a volte sarà concentrato. Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.
Il processo di investimento a livello di azienda del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo. Il cambiamento strutturale include molteplici mutamenti come quelli ambientali, economici, tecnologici e demografici che forniscono il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di attività che di titoli. L'analisi fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare le aree di potenziali investimenti per il Comparto. Il cambiamento ambientale è un'importante area di variazione strutturale per il Comparto.
La valutazione del titolo comprende un'analisi dettagliata basata su un'ampia gamma di parametri finanziari e di ricerca. Ciò include la considerazione dei rischi, delle opportunità e delle questioni ESG. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, come ad esempio le esposizioni delle categorie di attività, la dimensione di ciascuna posizione dei titoli e le caratteristiche di rischio dell'investimento dei titoli stessi. Non vi sono restrizioni in termini di dimensione (capitalizzazione di mercato) delle società in cui il Comparto può investire.
Nell'identificare opportunità e selezionare investimenti per il Comparto, il Gestore degli Investimenti applicherà determinati criteri correlati al tema "Questioni riguardanti l'ambiente" del Gestore degli Investimenti. Il tema delle "Questioni riguardanti l'ambiente" cerca di identificare le società che contribuiscono in modo proattivo a un cambiamento generale verso un modello operativo che contribuisca a proteggere l'ambiente e le risorse naturali della Terra. È opinione del Gestore degli Investimenti che l'aumento dei livelli di attività economica abbia generato uno stress significativo sull'ambiente e sulle risorse naturali della Terra e che debbano essere affrontate problematiche relative a variazioni strutturali legate all'ambiente.
Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti e costituisce un Investimento sostenibile SFDR (e se segue buone pratiche di governance), il Gestore degli Investimenti considera se la società: (i) adotta pratiche aziendali sostenibili in senso economico (ad es. la strategia, le operazioni e la situazione finanziaria della società sono stabili e durevoli); (ii) adotta misure appropriate per gestire eventuali conseguenze sostanziali o l'impatto
delle sue politiche e operazioni in relazione a questioni ESG (ad es. l'impronta ambientale della società, standard di lavoro, struttura dei consigli di amministrazione); e (iii) contribuisce, in modo dimostrabile, attraverso le sue operazioni aziendali - ed è in possesso di piani credibili per contribuire ulteriormente nel lungo termine (ove
pertinente) - ad alleviare le pressioni ambientali o fornire soluzioni legate all’uso delle risorse, il che potrebbe comprendere un contributo al raggiungimento di uno o
più Obiettivi di sviluppo sostenibile dell'ONU.
Queste società possono includere anche le aziende le cui attività commerciali sono ritenute in una fase di transizione tale da generare un impatto positivo sull'ambiente e/o sulla società. Il coinvolgimento in attività potenzialmente dannose dal punto di vista ambientale o sociale può verificarsi per alcune società le cui attività od operazioni, in genere per via di una combinazione di attività di business ereditate, possono in passato aver avuto scarsi risultati ambientali o sociali, ma che ora intendono investire e adeguarsi positivamente alle esigenze future. Ciò può includere ad esempio società generatrici di energia elettrica che stanno realizzando impianti per lo sfruttamento di risorse rinnovabili, al fine di sostenere un'economia a basse emissioni di carbonio, e che si sono impegnate a smantellare le centrali elettriche alimentate a carbone. A titolo di ulteriore chiarimento, tali investimenti saranno Investimenti sostenibili SFDR al momento dell'acquisto.
Analogamente, in alcune circostanze il Comparto può investire in una società le cui iniziative positive di tipo sociale non sono state pienamente rappresentate nelle informazioni e nei dati ESG offerti da fornitori di rating ESG esterni, a parere del Gestore degli Investimenti.
Il Gestore degli Investimenti prevede che, attraverso l'uso di questi criteri, almeno il 20% dei componenti del Benchmark sarà escluso dall'universo investibile del Comparto.
Inoltre, almeno il 90% del Valore Patrimoniale Netto del Comparto (al netto dell'esposizione del Comparto a liquidità e attività equiparabili a liquidità, fondi monetari e SFD legati a valute (le "Attività non ESG")) deve soddisfare tali criteri al momento dell'acquisto e su base continuativa. A titolo di ulteriore chiarimento, le Attività non ESG non devono necessariamente soddisfare questi criteri. Non sarà effettuato alcun investimento in un titolo che si presuppone abbia problematiche di tipo ambientale, sociale o di governance sostanziali e irrisolvibili.
Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti, quest’ultimo utilizza una combinazione di dati esterni ed interni,
ricerca e rating di natura sia quantitativa che qualitativa.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche,
report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Gli investimenti del Comparto devono continuare a soddisfare i criteri ESG e di sostenibilità del Gestore degli Investimenti su base continuativa dopo l'acquisto iniziale e il Gestore degli Investimenti valuterà il livello di rischio di sostenibilità a cui una società può essere soggetta nello stesso modo in cui essa sarebbe valutata prima dell'acquisto iniziale.
Il Comparto investirà prevalentemente in Azioni e titoli correlati ad azioni, ma potrà anche investire in liquidità e attività equiparabili a liquidità a scopo di copertura o al fine di ottenere liquidità quando il Gestore degli Investimenti lo riterrà opportuno. Sebbene il Comparto abbia la possibilità di utilizzare gli SFD, questi ultimi non costituiscono una parte essenziale della strategia d'investimento. L'utilizzo degli SFD avverrà probabilmente su base occasionale, qualora il Gestore degli Investimenti ritenga che gli SFD rappresentino un modo più efficace per raggiungere l'obiettivo d'investimento del Comparto rispetto agli investimenti diretti. Qualsiasi utilizzo di SFD a fini d'investimento sarà consentito soltanto nella misura in cui si prevede che permetterà al Gestore degli Investimenti di realizzare l'obiettivo ambientale del Comparto.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento e ha come obiettivo gli investimenti sostenibili ai sensi dell’Articolo 9 dell'SFDR.
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da fornitori di dati terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento. Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Qualora il rischio di sostenibilità associato a un particolare investimento aumenti oltre un livello accettabile per il Gestore degli Investimenti, sempre considerando l'obiettivo e la strategia di investimento del Comparto, il Gestore degli Investimenti prenderà in
considerazione la possibilità di vendere o ridurre l'esposizione del Fondo a tale investimento, tenendo conto dei principali interessi degli Azionisti del Fondo.
Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il “Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Sebbene questo Comparto sia classificato come un fondo conforme all'Articolo 9 di cui al SFDR in quanto punta a contribuire al raggiungimento di obiettivi ambientali, alla data del presente Supplemento gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche sostenibili dal punto di vista ambientale, fermo restando che alcuni investimenti detenuti dal Comparto possono contribuire al raggiungimento degli obiettivi ambientali di Mitigazione dei cambiamenti climatici e/o Adattamento ai cambiamenti climatici. Questa situazione sarà tenuta sotto controllo attivo e potrà essere riconsiderata non appena saranno disponibili dati più adeguati, affidabili, tempestivi e verificabili sugli investimenti del Comparto.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su indici azionari Future su azioni Future su indice |
| --- | --- |

| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) LEPO e LEPW Opzioni su indice Opzioni su future su azioni Opzioni su valute Opzioni su future su valuta |
| --- | --- |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Certificati negoziati in borsa (ETN) Diritti di Acquisto sulle Azioni Azioni privilegiate convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice ASX 200 Indice Dax 30 Indice Euro Stoxx 50 Indice FTSE 100 Indice FTSE All Share Indice FTSE World |
|  | Indice Hang Seng |
|  | Indice KOSPI |
|  | Indice MSCI AC World NR |
|  | Indice MSCI Emerging Markets |
|  | Indice Nasdaq Composite |
|  | Indice Nikkei 225 |
|  | Indice Russell 2000 Indice S&P/TSX Composite Indice S&P 500 Indice Stoxx Europe 600 |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), ossia contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Future Food Fund

### SUPPLEMENTO 57 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine principalmente acquisendo un'esposizione a società di tutto il mondo in grado di beneficiare delle opportunità di investimento associate alla domanda di innovazioni tecnologiche nei settori alimentare e agricolo in tutta la filiera alimentare globale.

##### Politiche di investimento
Il Comparto investe prevalentemente (ossia almeno il 75% del suo Valore Patrimoniale Netto) in azioni e titoli correlati ad azioni (azioni ordinarie e privilegiate comprese), Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate
convertibili, certificati di partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW")), fondi di investimento immobiliare ("REIT") quotati e altri fondi di tipo chiuso quotati compresi fondi di investimento mobiliare quotati, warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant), diritti di acquisto di azioni e SFD correlati
(come elencati nella sezione "Utilizzo di SFD" di seguito) ossia "Azioni e titoli correlati ad azioni".
Il Comparto potrà anche investire fino al 25% del suo Valore Patrimoniale Netto in titoli di Stato a tasso fisso o variabile, obbligazioni a cedola zero, certificati negoziati in borsa ("ETN") e relativi SFD (come elencati nella sezione "Utilizzo di SFD" di seguito) ossia "Titoli di debito e correlati al debito".
I Titoli di debito e correlati al debito avranno un rating investment grade (ossia strumenti con rating BBB- o
superiore (o equivalente) attribuito da un’Agenzia di rating riconosciuta al momento dell’acquisto. Nel caso di rating separato, sarà considerato il valore più alto. Se
uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in schemi di investimento collettivo di tipo aperto ("OIC"), compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in OIC di tipo chiuso che costituisca valori mobiliari sarà conforme
ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In determinate circostanze il Comparto potrà detenere liquidità o attività equiparabili a liquidità compresi i casi in cui il Gestore degli Investimenti ritiene che i mercati
siano sopravvalutati o i casi in cui le condizioni di mercato possono richiedere una strategia d’investimento difensiva o come indicato di seguito nella sezione intitolata “Gestione di Liquidità e Collaterale”.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto intende investire a livello globale, tuttavia può a volte concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti.
Il Comparto può investire più del 20% del suo Valore Patrimoniale Netto in mercati emergenti, tra cui Russia, Cina e India. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire e avere accesso diretto alle azioni cinesi di classe A quotate alla Borsa di Shanghai tramite il programma Stock Connect di Shanghai e Hong Kong (come ulteriormente descritto al capitolo "Programma Stock Connect", Appendice V del Prospetto). Grazie al programma Stock Connect di Shanghai e Hong Kong, l'esposizione alle azioni cinesi di classe A non supererà il 10% del Valore Patrimoniale Netto del Comparto.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno necessariamente coperte in USD. Inoltre il Comparto può assumere posizioni attive in valuta su valute diverse dall'USD per esprimere l'opinione del Gestore degli Investimenti sulle valute al fine di aiutare il Comparto ad aumentare la crescita del capitale. A tali scopi gli SFD possono essere utilizzati come contratti di cambio a termine, future su valuta od opzioni su future su valuta. Pertanto, mentre le posizioni attive in valuta non costituiranno la parte centrale della strategia d'investimento del Comparto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le posizioni in
valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute e non tutte le attività possono essere coperte rispetto alla Valuta di Base.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con oltre 2.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
Il processo di investimento a livello di azienda del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo. Il cambiamento strutturale include molteplici mutamenti come quelli ambientali, economici, tecnologici e demografici che forniscono il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di
attività che di titoli. Per questo Comparto le aree principali di cambiamento strutturale sono rappresentate dai cambiamenti tecnologici e demografici a livello globale. L'analisi fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare una lista di potenziali investimenti per il Comparto. La valutazione del titolo comprende un'analisi dettagliata basata su un'ampia gamma di parametri finanziari e di ricerca. Ciò include la considerazione dei rischi, delle opportunità e delle questioni ambientali, sociali e di governance (ESG). Ad esempio una società che rivela una governance carente o che dimostra un trattamento non corretto nei confronti dei dipendenti potrebbe incorrere in un ulteriore rischio di contenzioso. Ciò può potenzialmente avere un impatto sostanziale sulla credibilità e sul valore delle azioni della società, che pertanto a discrezione del Gestore degli Investimenti può essere esclusa dal portafoglio sulla base di tali motivi.
Non vi sono tuttavia specifiche limitazioni ESG sul
processo decisionale del Gestore degli Investimenti in linea con l'obiettivo del Comparto. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, come ad esempio le esposizioni delle categorie di attività, la dimensione di ciascuna posizione dei titoli e le caratteristiche di rischio dell'investimento dei titoli stessi.
La strategia d'investimento del presente Comparto segue un approccio d'investimento basato sulle idee migliori, creando un portafoglio fondato su solide convinzioni di investimento che a volte può essere concentrato. Intende fornire agli azionisti rendimenti sugli investimenti acquisendo un'esposizione a società di tutto il mondo che beneficeranno delle opportunità di investimento associate alla domanda di innovazioni tecnologiche nei settori alimentare e agricolo in tutta la filiera alimentare globale.
Il Gestore degli Investimenti prende in considerazione una serie di temi di investimento sottostanti, quali l'aumento della popolazione, il cambiamento della domanda dei consumatori e le ben note emergenze ambientali che, secondo il Gestore degli Investimenti, determineranno per gli anni a venire una domanda senza precedenti di innovazioni tecnologiche nei settori alimentare e agricolo in tutta la filiera alimentare a livello globale. Il Comparto cerca di beneficiare delle opportunità a lungo termine che si presentano nei relativi settori alimentare e agricolo. Il Gestore degli Investimenti cerca di identificare le società pubbliche (ossia quotate in borsa) all'avanguardia nella tecnologia distruttiva, nei servizi e nell'innovazione dei settori agricolo e alimentare a livello globale per promuovere il progresso dei processi agricoli e dei sistemi alimentari. Le società vincenti potrebbero essere aziende produttrici di ingredienti con budget di ricerca e sviluppo solidi che permetteranno ai produttori del settore alimentare di creare prodotti intelligenti o alternativi che soddisfino la domanda crescente dei consumatori, oppure, aziende che riducono l'impronta di carbonio producendo alternative alla carne a base vegetale. Le società perdenti potrebbero essere aziende di distribuzione alimentare i cui modelli operativi sono destinati a diventare obsoleti e non sono in grado di stare al passo con le crescenti esigenze della logistica, come la conservazione del cibo fresco o le sempre più diverse esigenze legate alla distribuzione internazionale.
Il Comparto investirà prevalentemente in Azioni e titoli correlati ad azioni, ma potrà anche investire in Titoli di debito e correlati al debito, generalmente in alternativa alla detenzione di liquidità, quando il Gestore degli Investimenti lo riterrà opportuno. Sebbene il Comparto abbia la possibilità di utilizzare gli SFD, compresa l'assunzione di posizioni long e short sintetiche, gli SFD non costituiscono una parte essenziale della strategia d'investimento. L'utilizzo di SFD sarà probabilmente su base occasionale, qualora il Gestore degli Investimenti ritenga che gli SFD rappresentino un modo più efficace per raggiungere l'obiettivo d'investimento del Comparto. Un esempio di strategia short sintetica potrebbe essere l'acquisto di un'opzione di vendita o la stipula di un contratto future short su un singolo indice azionario o su un settore azionario che è stato identificato come società/settore perdente nell'ambito dell'obiettivo e della strategia d'investimento del Comparto. Un esempio di strategia long sintetica potrebbe essere l'acquisto di un'opzione di acquisto o la stipula di un contratto future long su un indice azionario o su un settore azionario che è stato identificato come società/settore vincente.
Il Comparto non ha alcuna limitazione relativa alla capitalizzazione di mercato (il valore totale di tutte le azioni di una società) e come tale può avere una maggiore esposizione alle società a piccola capitalizzazione rispetto al Benchmark. Inoltre il Comparto è notevolmente più concentrato rispetto al Benchmark, in quanto è esposto a un numero significativamente inferiore di società.
Il Comparto è un portafoglio globale basato su un tema d'investimento senza vincoli geografici. Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Utilizzo di SFD
| Futures | Future su valuta Future su indici azionari Future su azioni Future su indici |
| --- | --- |

Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) LEPO e LEPW Opzioni su indici Opzioni su future su azioni Opzioni su valute Opzioni su Future su Valuta |
| --- | --- |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Warrant Certificati negoziati in borsa (ETN) Diritti di acquisto sulle azioni Azioni Privilegiate Convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire | Indice ASX 200 |
| un'esposizione ai mercati | Indice Dax 30 |
| azionari regionali e | Indice Euro Stoxx 50 |
| internazionali in modo più | Indice FTSE 100 |
| efficiente o conveniente | Indice FTSE All Share |
| rispetto all'acquisto di titoli | Indice FTSE World |
| fisici. | Indice Hang Seng |
|  | Indice KOSPI |
|  | Indice MSCI AC World NR |
|  | Indice MSCI Emerging Markets |
|  | Indice Nasdaq Composite |
|  | Indice Nikkei 225 |
|  | Indice Russell 2000 |
|  | Indice S&P/TSX Composite |
|  | Indice S&P 500 |
|  | Indice Stoxx Europe 600 |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso
SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno attività coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione
di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Future Life Fund

### SUPPLEMENTO 58 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende perseguire una crescita del capitale a lungo termine acquisendo prevalentemente esposizione a società di tutto il mondo che si prevede beneficeranno delle opportunità di investimento associate all'invecchiamento della popolazione globale e ai cambiamenti che porteranno alla domanda di prodotti e servizi da parte dei consumatori.

##### Politiche di investimento
Il Comparto investe prevalentemente (ossia almeno il 75% del suo Valore Patrimoniale Netto) in azioni e titoli correlati ad azioni (azioni ordinarie e privilegiate comprese), Certificati di deposito americani (ADR) e Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate
convertibili, certificati di partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW"), fondi di investimento immobiliare ("REIT") quotati e altri fondi di tipo chiuso quotati compresi fondi di investimento mobiliare quotati, warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant), diritti di acquisto di azioni e SFD correlati
(come elencati nella sezione "Utilizzo di SFD" di seguito) ossia "Azioni e titoli correlati ad azioni".
Il Comparto potrà anche investire fino al 25% del suo Valore Patrimoniale Netto in titoli di Stato a tasso fisso o variabile, obbligazioni a cedola zero, certificati negoziati in borsa ("ETN") e relativi SFD (come elencati nella sezione "Utilizzo di SFD" di seguito) ossia "Titoli di debito e correlati al debito".
I Titoli di debito e correlati al debito avranno un rating investment grade (ossia strumenti con rating BBB- o
superiore (o equivalente) attribuito da un’Agenzia di rating riconosciuta al momento dell’acquisto. Nel caso di rating separato, sarà considerato il valore più alto. Se
uno strumento è privo di rating, deve essere di tipologia equivalente secondo quanto determinato dal Gestore degli Investimenti.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in schemi di investimento collettivo di tipo aperto ("OIC"), compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in OIC di tipo chiuso che costituisca valori mobiliari sarà conforme
ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In determinate circostanze il Comparto potrà detenere liquidità o attività equiparabili a liquidità compresi i casi in cui il Gestore degli Investimenti ritiene che i mercati
siano sopravvalutati o i casi in cui le condizioni di mercato possono richiedere una strategia d’investimento difensiva o come indicato di seguito nella sezione intitolata “Gestione di Liquidità e Collaterale”.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto intende investire a livello globale, tuttavia può a volte concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti.
Il Comparto può investire più del 20% del suo Valore Patrimoniale Netto in mercati emergenti, tra cui Russia, Cina e India. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire e avere accesso diretto alle azioni cinesi di classe A quotate alla Borsa di Shanghai tramite il programma Stock Connect di Shanghai e Hong Kong (come ulteriormente descritto al capitolo "Programma Stock Connect", Appendice V del Prospetto). Grazie al programma Stock Connect di Shanghai e Hong Kong, l'esposizione alle azioni cinesi di classe A non supererà il 10% del Valore Patrimoniale Netto del Comparto.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno necessariamente coperte in USD. Inoltre il Comparto può assumere posizioni attive in valuta su valute diverse dall'USD per esprimere l'opinione del Gestore degli Investimenti sulle valute al fine di aiutare il Comparto ad aumentare la crescita del capitale. A tali scopi gli SFD possono essere utilizzati come contratti di cambio a termine, future su valuta od opzioni su future su valuta. Pertanto, mentre le posizioni attive in valuta non costituiranno la parte centrale della strategia d'investimento del Comparto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le posizioni in valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute e non tutte le attività possono essere coperte rispetto alla Valuta di Base.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con oltre 2.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili. Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.

##### Strategia di investimento
Il processo di investimento a livello di azienda del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli (con cui intendiamo il processo di determinazione del valore di un titolo rispetto a un indice di mercato). I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo. Il cambiamento strutturale include molteplici mutamenti come quelli ambientali, economici, tecnologici e demografici che forniscono il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di attività che di titoli. Per questo Comparto, un'area significativa di cambiamento strutturale è rappresentata dal cambiamento demografico globale. L'analisi
fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare una lista di potenziali investimenti per il Comparto. La valutazione del titolo comprende un'analisi dettagliata basata su un'ampia gamma di parametri finanziari e di ricerca.
Ciò include la considerazione dei rischi, delle opportunità e delle questioni ambientali, sociali e di governance (ESG). Ad esempio una società che rivela una governance carente o che dimostra un trattamento non corretto nei confronti dei dipendenti potrebbe incorrere in un ulteriore rischio di contenzioso. Ciò può potenzialmente avere un impatto sostanziale sulla credibilità e sul valore delle azioni della società, che pertanto a discrezione del Gestore degli Investimenti può essere esclusa dal portafoglio sulla base di tali motivi. Non vi sono tuttavia specifiche limitazioni ESG sul processo decisionale del Gestore degli Investimenti in linea con l'obiettivo del Comparto. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, come ad esempio le esposizioni delle categorie di attività, la dimensione di ciascuna posizione dei titoli e le caratteristiche di rischio dell'investimento dei titoli stessi.
La strategia d'investimento del presente Comparto segue un approccio d'investimento basato sulle idee migliori, creando un portafoglio fondato su solide convinzioni di investimento che a volte può essere concentrato. Intende fornire agli azionisti rendimenti sugli investimenti investendo in società che dovrebbero beneficiare delle opportunità di investimento associate all'invecchiamento della popolazione globale e dei cambiamenti che porteranno alla domanda dei consumatori.
Il Gestore degli Investimenti valuterà le opportunità presentate da questa domanda in evoluzione ed esaminerà i rischi e le opportunità che ciò presenta agli investitori utilizzando il suo processo di investimento come descritto sopra. Il Gestore degli Investimenti prevede che le aziende offrano soluzioni innovative in settori quali sanità, tempo libero, servizi finanziari, abitazioni e viaggi e ritiene che le società pubbliche (ossia quotate in borsa) operanti o collegate a tali settori presenteranno opportunità di investimento significative negli anni a venire. Le aziende vincenti potrebbero includere quelle che sviluppano soluzioni di assistenza sanitaria o di pianificazione finanziaria personalizzate o accessibili o prodotti di consumo richiesti da una popolazione che invecchia. Esempi di tali prodotti possono includere le app per smartphone e i dispositivi periferici che monitorano i dati sanitari di una persona o la somministrazione di farmaci.
Le aziende in perdita potrebbero includere aziende affermate che non adattano i loro modelli di business per soddisfare le esigenze di una popolazione più anziana, come ad esempio i rivenditori tradizionali o le aziende di consumo con prodotti o servizi non posizionati per modificare i profili della domanda in settori come la nutrizione, il benessere e il tempo libero.
Il Comparto investirà prevalentemente in Azioni e titoli correlati ad azioni, ma potrà anche investire in Titoli di debito e correlati al debito, generalmente in alternativa alla detenzione di liquidità, quando il Gestore degli Investimenti lo riterrà opportuno. Sebbene il Comparto abbia la possibilità di utilizzare gli SFD, compresa l'assunzione di posizioni long e short sintetiche, gli SFD non costituiscono una parte essenziale della strategia
d'investimento. L'utilizzo di SFD sarà probabilmente su base occasionale, qualora il Gestore degli Investimenti ritenga che gli SFD rappresentino un modo più efficace per raggiungere l'obiettivo d'investimento del Comparto. Un esempio di strategia short sintetica potrebbe essere l'acquisto di un'opzione di vendita o la stipula di un contratto future short su un singolo indice azionario o su un settore azionario che è stato identificato come società/settore perdente nell'ambito dell'obiettivo e della strategia d'investimento del Comparto. Un esempio di strategia long sintetica potrebbe essere l'acquisto di un'opzione di acquisto o la stipula di un contratto future long su un indice azionario o su un settore azionario che è stato identificato come società/settore vincente.
Il Comparto non ha alcuna limitazione relativa alla capitalizzazione di mercato (il valore totale di tutte le azioni di una società) e come tale può avere una maggiore esposizione alle società a piccola capitalizzazione rispetto al Benchmark. Inoltre il Comparto è notevolmente più concentrato rispetto al Benchmark, in quanto è esposto a un numero significativamente inferiore di società.
Il Comparto è un portafoglio globale basato su un tema d'investimento senza vincoli geografici. Il Gestore degli Investimenti ritiene che nessuna società, mercato o economia sia da intendersi come un elemento isolato; ognuno di essi deve essere considerato in un contesto globale. Il Gestore degli Investimenti ritiene che gli eventi che si verificano in tutto il mondo influenzino tutti i mercati finanziari e che, pertanto, un investimento di successo in azioni diversificate dal punto di vista internazionale richieda una conoscenza approfondita del mondo nel suo complesso.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da dati di terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50% del suo patrimonio in
azioni come definito nell’articolo 2 paragrafo 8 della legge
tedesca in materia di imposizione fiscale degli
investimenti.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su valuta Future su indici azionari Future su azioni Future su indici |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) LEPO e LEPW Opzioni su indici Opzioni su future su azioni Opzioni su valute Opzioni su Future su Valuta |
| Contratti a Termine | Contratti di Cambio a Termine |

| Titoli con SFD integrati/Leva finanziaria | Warrant Certificati negoziati in borsa (ETN) Diritti di acquisto sulle azioni Azioni Privilegiate Convertibili |
| --- | --- |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire | Indice ASX 200 |
| un'esposizione ai mercati | Indice Dax 30 |
| azionari regionali e | Indice Euro Stoxx 50 |
| internazionali in modo più | Indice FTSE 100 |
| efficiente o conveniente | Indice FTSE All Share |
| rispetto all'acquisto di titoli | Indice FTSE World |
| fisici. | Indice Hang Seng |
|  | Indice KOSPI |
|  | Indice MSCI AC World NR |
|  | Indice MSCI Emerging Markets |
|  | Indice Nasdaq Composite |
|  | Indice Nikkei 225 |
|  | Indice Russell 2000 |
|  | Indice S&P/TSX Composite |
|  | Indice S&P 500 |
|  | Indice Stoxx Europe 600 |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il suo obiettivo di investimento. L'esposizione long netta totale (dopo aver considerato la copertura) attraverso SFD non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto e la posizione short netta totale non dovrebbe superare il 100% del Valore Patrimoniale Netto del Comparto (utilizzando l'approccio fondato sugli impegni).

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), per esempio accordi di prestito di titoli e contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del
Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto.
I tipi di attività soggetti a SFT saranno attività coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure
accettabili concernenti la garanzia collaterale e le controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 3 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 GBP, 1 EUR, 1 CHF, 10 DKK, 10 SEK, 10 NOK o
1 SGD a seconda della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi
abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EURe saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Smart Cures Innovation Fund

### SUPPLEMENTO 59 DATATO 31 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.

In aggiunta ai Comparti elencati nel Prospetto, il seguente Comparto è stato creato a partire dalla data del presente Supplemento:
- BNY Mellon Sustainable Global Emerging Markets Fund (per i dettagli vedere il Supplemento 62).


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in
parte le sue funzioni di gestione degli investimenti a Newton Investment Management Limited (il “Subgestore degli Investimenti”) in relazione a questo Comparto.
Ulteriori dettagli sull’Accordo di Subgestione degli
Investimenti stipulato fra il Gestore degli Investimenti e il
Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “B” e Azioni “J (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B (Acc.) | USD | 10.000 | 5% | 1,40% | 0% |
| USD B (Inc.) | USD | 10.000 | 5% | 1,40% | 0% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| SGD B (Acc.) | SGD | 10.000 | 5% | 1,40% | 0% |
| HKD B (Acc.) | HKD | 100.000 | 5% | 1,40% | 0% |
| SGD J (Acc.) (hedged) | SGD | 10.000 | 5% | 1,40% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,40% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,40% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,40% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,40% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,40% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende realizzare una crescita del capitale nel lungo termine e ha un obiettivo d'investimento sostenibile.
In particolare, il Comparto intende contribuire a un obiettivo sociale investendo in titoli di società di tutto il mondo che migliorano l'adeguatezza e l'efficienza dei sistemi sanitari attraverso l'innovazione nelle biotecnologie e nella sanità.

##### Politiche di investimento
Il Comparto investe almeno l'80% del suo Valore Patrimoniale Netto in un portafoglio di titoli azionari e titoli correlati ad azioni di società che contribuiscono al raggiungimento di obiettivi sociali, migliorando l'adeguatezza e l'efficienza dei sistemi sanitari attraverso l'innovazione nelle biotecnologie e nella sanità ("Società di Innovazione delle Cure Smart"), che costituiscono Investimenti sostenibili SFDR (come definiti di seguito) e soddisfano i criteri ambientali, sociali e di governance ("ESG"), nonché quelli di sostenibilità vincolanti del Gestore degli Investimenti.
Le Società di Innovazione delle Cure Smart sviluppano trattamenti medici per le malattie o svolgono un ruolo di supporto, concentrandosi sulla componente genetica alla base di tali malattie.
Tutti gli investimenti del Comparto, ad eccezione di quelli destinati a scopi specifici quali la copertura e la liquidità, dovranno soddisfare la definizione di Investimenti Sostenibili SFDR.
Per investimenti sostenibili SFDR si intendono quegli investimenti che contribuiscono a un obiettivo ambientale o a un obiettivo sociale, a condizione che tali investimenti non arrechino un danno significativo ad alcuno di questi obiettivi e che le società coinvolte seguano buone pratiche di governance.
Gli investimenti devono soddisfare i criteri ambientali, sociali e di governance ("ESG") e di sostenibilità vincolanti del Gestore degli Investimenti. Oltre a contribuire al raggiungimento di obiettivi sociali attraverso l'individuazione e l'investimento in società che avranno prevedibilmente un impatto dimostrabile sul miglioramento dell'adeguatezza e dell'efficienza dei sistemi sanitari, il Gestore degli Investimenti cercherà anche di:
- Identificare ed evitare l'investimento in società che si occupano di specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ambientale e/o sociale. Tutte le società in cui vengono effettuati investimenti seguono le buone pratiche di governance definite nei principi del Global Compact delle Nazioni Unite. Sono escluse le società in violazione dei principi del Global Compact delle Nazioni Unite. Questi ultimi includono principi relativi a diritti umani, lavoro, ambiente e lotta alla corruzione; e
- Identificare e investire in società che cercano dinamicamente di gestire in modo soddisfacente i fattori ambientali e/o sociali e ciò a sua volta dovrebbe sostenere i rendimenti finanziari di lungo termine. Ciò includerà anche le società che concorrono allo sviluppo di soluzioni che contribuiranno a risolvere questioni ambientali e/o sociali, tra cui un uso più efficiente o limitato di risorse o l'accessibilità all'assistenza sanitaria.

Le Società in cui il Comparto investe sono soggette ai summenzionati elementi vincolanti nell'ambito dei criteri ESG e di sostenibilità del Gestore degli Investimenti mirati a raggiungere l'obiettivo d'investimento sostenibile del Comparto.
I titoli azionari e titoli correlati ad azioni in cui il Comparto può investire comprendono azioni ordinarie e privilegiate, Certificati di deposito americani (ADR), Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate convertibili, certificati di partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW"), fondi di investimento immobiliare ("REIT") quotati, società operanti nel settore immobiliare (Real Estate Operating Companies, REOC) e altri fondi di tipo chiuso quotati compresi fondi di investimento mobiliare quotati, warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant), diritti di acquisto di azioni e SFD correlati, di seguito "Azioni e titoli correlati ad azioni".
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in schemi di investimento collettivo di tipo aperto ("OIC"), compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in OIC di tipo chiuso che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In determinate circostanze il Comparto potrà detenere liquidità o attività equiparabili a liquidità compresi i casi in cui il Gestore degli Investimenti ritiene che i mercati siano sopravvalutati o i casi in cui le condizioni di
mercato possono richiedere una strategia d’investimento
difensiva o come indicato di seguito nella sezione intitolata “Gestione di Liquidità e Collaterale”.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto intende investire a livello globale, tuttavia può a volte concentrarsi in particolari settori industriali o aree geografiche, compresi gli Stati Uniti, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti.
Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in mercati emergenti, tra cui, ma non solo, Cina e India.
I metodi per acquisire esposizione ai titoli cinesi possono includere l'acquisto di azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il programma Stock Connect e attraverso Certificati di deposito. Il Comparto può investire fino al 20% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V
al Prospetto. Il Comparto può acquisire esposizione all’India direttamente o attraverso Certificati di deposito.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno necessariamente coperte in USD. Pertanto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario quali buoni del Tesoro statunitensi, buoni del Tesoro e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non
inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
MSCI AC World NR Index (il “Benchmark”).
Il Benchmark è un indicatore completo della performance del mercato azionario globale, che acquisisce una capitalizzazione media ed elevata nei paesi sviluppati e nei mercati emergenti. Con quasi 3.000 componenti, copre approssimativamente l'85% della gamma di opportunità delle azioni globali investibili (ad agosto 2021). Il Benchmark adotta un approccio completo e coerente nella costruzione dell'indice che consente di avere visioni globali significative e confronti tra regioni attraverso tutti i segmenti e le combinazioni in termini di dimensione, settore e tipo di capitalizzazione di mercato. L'obiettivo di questa metodologia è quello di fornire una copertura totale della gamma di opportunità con un forte accento sulla liquidità, sull'investibilità e sulla replicabilità dell'indice. Il Benchmark viene riesaminato con cadenza trimestrale al fine di rispecchiare i cambiamenti nei mercati azionari sottostanti, limitando al contempo il volume dell'indice indebito.
Ulteriori informazioni sul Benchmark sono disponibili su www.msci.com/acwi.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.
Il Benchmark di questo Comparto è un indice di riferimento del mercato ad ampio raggio che non tiene conto dei fattori ESG. Il Benchmark non è utilizzato per determinare se gli investimenti sono Investimenti sostenibili SFDR né per misurare il modo in cui il
Comparto realizzerà i propri obiettivi sociali. Il Gestore degli Investimenti cercherà invece di misurare l’impatto dimostrabile delle società partecipate in cui il Comparto
investe sul miglioramento dell'adeguatezza e dell'efficienza dei sistemi sanitari, nell'intento di valutare se gli obiettivi sociali del Comparto sono stati realizzati.

##### Strategia di investimento
Il Comparto mira a conseguire la crescita del capitale a lungo termine e a contribuire al raggiungimento degli obiettivi sociali investendo in titoli di società che migliorano l'adeguatezza e l'efficienza dei sistemi sanitari attraverso l'innovazione nelle biotecnologie e nella sanità. A volte il Comparto può essere concentrato.
Identificazione dell'Universo Investibile
Nell'identificare e selezionare società da inserire nel portafoglio, il Gestore degli Investimenti va principalmente in cerca di "precursori clinici" o di aziende "a supporto del settore".
- I precursori clinici cercano di dimostrare il proof-of- concept clinico di una terapia che aggiunge o modifica il contenuto genetico di una persona allo scopo di curare una particolare malattia. Queste società adottano approcci diversi, tra cui la terapia genica, l'editing genetico e la modulazione genetica.
- Le aziende a supporto del settore includono organizzazioni di ricerca e/o produzione in conto terzi che hanno competenze specifiche nel campo delle terapie genetiche. Tra queste vi sono anche società che creano strumenti diagnostici per il sequenziamento dei genomi, nonché aziende di fornitura specializzate che beneficiano della crescita dei progressi e della costruzione di pipeline nel campo delle terapie genetiche.

Il Gestore degli Investimenti ha una base di conoscenze specializzate nei settori delle biotecnologie, farmaceutico, degli strumenti per le bioscienze e dei fornitori di servizi sanitari, nonché nella relativa esperienza professionale e nei laboratori accademici.
La vasta esperienza del Gestore degli Investimenti, sia nella ricerca di queste terapie sia nei settori biotecnologico e dell'assistenza sanitaria su cui si concentra la sua attenzione, gli consente di valutare se queste società saranno in grado di fornire cure funzionali per molte malattie. In particolare, il Gestore degli Investimenti beneficia della pertinente esperienza di laboratorio dei membri del team di investimento.
Il Gestore degli Investimenti può selezionare una porzione significativa (oltre l'80%) dei titoli del Comparto da
settori di mercato pertinenti all'interno del Benchmark. Tali settori includono, a titolo esemplificativo ma non esaustivo, biotecnologie, prodotti farmaceutici e strumenti per le bioscienze. Il Comparto investirà direttamente in elementi costituenti selezionati dei settori.
L'elenco dei settori di mercato pertinenti all'interno del Benchmark e dei loro componenti sarà riesaminato a cadenza regolare. Eventuali modifiche pertinenti da apportare al Benchmark saranno revisionate e analizzate dal Gestore degli Investimenti, il quale deciderà se allineare l'universo investibile ai possibili cambiamenti.
Il Gestore degli Investimenti acquisisce inoltre esposizione a società non incluse nel Benchmark che soddisfano i criteri del Gestore degli Investimenti per Società di Innovazione delle Cure Smart, compresi i criteri ESG e di sostenibilità del Gestore degli Investimenti.
Selezione dell'investimento
Il Gestore degli Investimenti seleziona gli investimenti dall'universo investibile applicando l'analisi fondamentale per verificare la gestione di una pertinente capacità e volontà della società di mantenere e idealmente di aumentare il proprio valore. L'analisi
fondamentale misura il valore intrinseco di una società esaminando i fattori economici e finanziari correlati, tra cui la situazione economica, le condizioni di settore, l'efficacia della gestione aziendale, la solidità del bilancio, il panorama competitivo, le valutazioni dei prezzi azionari, la liquidità e il contesto normativo. L'analisi fondamentale consente al Gestore degli Investimenti di determinare se una società è sottovalutata o sopravvalutata.
Inoltre, il Gestore degli Investimenti, avvalendosi della competenza di cui sopra e dei dati esterni disponibili, valuterà il progresso di una società pertinente nei trial clinici e determinerà la probabilità di successo. I dati esterni presi in considerazione comprendono precedenti trial clinici svolti dall'azienda, trial clinici dei concorrenti, trial che utilizzano endpoint analoghi o trial in una popolazione di pazienti analoga. In questa fase, i criteri ESG e di sostenibilità del Gestore degli Investimenti sono applicati utilizzando l'analisi fondamentale sostenuta da solide capacità quantitative mirate a valutare i fattori ambientali, sociali e di governance di ogni investimento nel portafoglio.
Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti e costituisce un Investimento sostenibile SFDR (e se segue buone pratiche di governance), il Gestore degli Investimenti considera se la società: (i) adotta pratiche aziendali sostenibili in senso economico (ossia la strategia, le operazioni e la situazione finanziaria della società sono stabili e durevoli); (ii) adotta misure appropriate per gestire eventuali conseguenze sostanziali o l'impatto delle sue politiche e operazioni in relazione a questioni ESG (ad es. l'impronta ambientale della società, standard di lavoro, struttura dei consigli di amministrazione); e (iii) contribuisce in modo dimostrabile, attraverso le sue operazioni aziendali, o contribuirà nel lungo termine, al miglioramento dell'adeguatezza e/o dell'efficienza dei sistemi sanitari.
Tali società possono anche includere Società di Innovazione delle Cure Smart le cui attività aziendali sono ritenute in una fase di transizione tale da generare un impatto positivo sull'ambiente e/o sulla società, nonostante siano state storicamente coinvolte in attività potenzialmente dannose dal punto di vista ambientale o sociale. Tra di esse figura, ad esempio, una grande società farmaceutica coinvolta per anni in costosi trattamenti per i sintomi di malattie croniche e che al momento sta investendo pesantemente nella tecnologia genica per sviluppare terapie monodose contro le malattie. A titolo di ulteriore chiarimento, tali
investimenti saranno Investimenti sostenibili SFDR al momento dell'acquisto. Analogamente, in alcune circostanze il Comparto può investire in una società le cui iniziative positive di tipo ambientale non sono state pienamente rappresentate nelle informazioni e nei dati ESG offerti da fornitori di rating ESG esterni, a parere del Gestore degli Investimenti.
Il Gestore degli Investimenti prevede che, nel tentativo di identificare società che contribuiscono agli obiettivi sociali migliorando l'adeguatezza e l'efficienza dei sistemi sanitari attraverso l'innovazione nelle biotecnologie e nella sanità e che sono compatibili con i criteri ESG e di sostenibilità del Gestore degli Investimenti, almeno il 20% dei componenti del Benchmark sarà escluso dall'universo d'investimento del Comparto.
Inoltre, almeno il 90% del Valore Patrimoniale Netto del Comparto (al netto dell'esposizione del Comparto a liquidità e attività equiparabili a liquidità, fondi monetari e SFD legati a valute (le "Attività non ESG")) deve soddisfare i criteri ESG e di sostenibilità del Gestore degli Investimenti al momento dell'acquisto e su base continuativa. A titolo di ulteriore chiarimento, le Attività non ESG non devono necessariamente soddisfare questi criteri. Non sarà effettuato alcun investimento in un titolo
che si presuppone abbia problematiche di tipo ambientale, sociale o di governance sostanziali e irrisolvibili.
Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti, quest’ultimo utilizza una combinazione di dati esterni ed interni,
ricerca e rating di natura sia quantitativa che qualitativa.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche,
report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Gli investimenti del Comparto devono continuare a soddisfare i criteri ESG e di sostenibilità del Gestore degli Investimenti su base continuativa dopo l'acquisto iniziale e il Gestore degli Investimenti valuterà il livello di rischio di sostenibilità a cui una società può essere soggetta nello stesso modo in cui essa sarebbe valutata prima dell'acquisto iniziale.
Disciplina di vendita
Il Gestore degli Investimenti effettua revisioni periodiche delle prestazioni di ogni investimento, che possono includere l'impegno diretto con la gestione della società interessata. Le revisioni delle prestazioni includono una valutazione delle prestazioni di un investimento rispetto al suo gruppo di riferimento e al Benchmark. Il Gestore degli Investimenti prenderà in considerazione la vendita di titoli con un potenziale di crescita limitato o nullo, che si prevede diminuiranno di valore o nel momento in cui saranno disponibili opportunità di investimento più promettenti, in particolare se la probabilità di successo con specifici trial sui farmaci è considerata a rischio.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento e ha come obiettivo gli investimenti sostenibili ai sensi dell’Articolo 9 dell'SFDR.
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da fornitori di dati terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Qualora il rischio di sostenibilità associato a un particolare investimento aumenti oltre un livello accettabile per il Gestore degli Investimenti, sempre considerando l'obiettivo e la strategia di investimento del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Fondo a tale investimento, tenendo conto dei principali interessi degli Azionisti del Fondo.
Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del regime di valutazione degli effetti negativi principali di
cui all'articolo 4 dell'SFDR (il “Regime PAI”). Il Gestore
sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Sebbene questo Comparto sia classificato come un fondo conforme all'Articolo 9 di cui al SFDR in quanto punta a contribuire al raggiungimento di obiettivi sociali, esso non cerca di contribuire alla realizzazione di obiettivi ambientali. Di conseguenza, gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.

#### Registrazione in Germania
Il Comparto è registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in
modo permanente più del 50% del suo patrimonio in azioni come definito nell’articolo 2 paragrafo 8 della legge tedesca in materia di imposizione fiscale degli
investimenti.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap e contratti a termine. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale.
Utilizzando gli SFD ai fini della gestione efficiente del portafoglio, il Comparto può acquisire un’esposizione indiretta agli indici finanziari.
Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), ossia contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Copertura della classe di Azioni
Il Comparto offre classi di azioni con copertura. Tali classi di azioni sono caratterizzate dal suffisso "(hedged)". Si rimanda alla sezione intitolata "Copertura della classe di Azioni" nel Prospetto per ulteriori informazioni sul funzionamento e sull'impatto delle classi di azioni hedged.

#### Emissione di Azioni
Il Periodo di offerta iniziale per tutte le classi di azioni lanciate del Comparto è ora chiuso. Il Periodo di offerta iniziale delle classi di azioni non lanciate proseguirà fino al 30 novembre 2022 o alla data, precedente o successiva, alla quale verranno emesse le prime azioni della relativa classe di azioni, dopodiché il Periodo di offerta iniziale di tale classe di azioni terminerà automaticamente. I dettagli delle classi di azioni lanciate nel Comparto sono disponibili sul seguente sito web www.bnymellonim.com.
Le Azioni delle classi di azioni disponibili non lanciate verranno emesse durante i rispettivi Periodi di offerta iniziale, al rispettivo prezzo di offerta iniziale per Azione di 1 USD, 1 EUR, 1 GBP, 1 CHF, 10 HKD o 1 SGD a seconda
della valuta della relativa classe (più gli eventuali oneri di vendita applicabili a tale classe).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Gli Investitori devono soffermare la loro attenzione al paragrafo intitolato “Fattori di Rischio” nel Prospetto e, in particolare, alla sezione “Rischio di Concentrazione”.

## Responsible Horizons Euro Impact Bond Fund

### SUPPLEMENTO 60 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di copertura e di gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".


#### Il Gestore degli Investimenti
Insight Investment Management (Global) Limited

#### Valuta di Base
Euro

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro G (Acc.) | EUR | 5.000 | 5% | 0,20% | 0% |
| Euro G (Inc.) | EUR | 5.000 | 5% | 0,20% | 0% |

| Azioni “C” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro C (Acc.) | EUR | 5.000.000 | 5% | 0,20% | 0% |
| Euro C (Inc.) | EUR | 5.000.000 | 5% | 0,20% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,08% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,08% | 0% |
| USD E (Acc.) (hedged) | USD | Come concordato | 5% | 0,08% | 0% |
| USD E (Inc.) (hedged) | USD | Come concordato | 5% | 0,08% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,08% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,08% | 0% |
| DKK E (Acc.) (hedged) | DKK | Come concordato | 5% | 0,08% | 0% |
| SEK E (Acc.) (hedged) | SEK | Come concordato | 5% | 0,08% | 0% |
| NOK E (Acc.) | NOK | Come concordato | 5% | 0,08% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| USD X (Acc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) (hedged) | USD | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto mira a conseguire un impatto ambientale e/o sociale positivo, generando al contempo un rendimento
totale costituito da reddito e crescita del capitale, attraverso investimenti in un’ampia gamma di titoli di debito denominati in euro e titoli correlati al debito,
nonché SFD.

##### Politiche di investimento
Tutti gli investimenti del Comparto, ad eccezione di quelli destinati a scopi specifici quali la copertura e la liquidità, dovranno soddisfare la definizione di Investimenti Sostenibili SFDR.
Per investimenti sostenibili SFDR si intendono quegli investimenti che contribuiscono a un obiettivo ambientale o a un obiettivo sociale, a condizione che tali investimenti non arrechino un danno significativo ad alcuno di questi obiettivi e che le società coinvolte seguano buone pratiche di governance.
Il Comparto investirà nei due tipi di investimenti seguenti:
- Obbligazioni a impatto con utilizzo dei proventi: titoli di debito o correlati al debito a tasso fisso o variabile inclusi i relativi SFD, i cui ricavi saranno destinati esclusivamente al finanziamento o al rifinanziamento parziale o totale di progetti con un impattoambientale (“verde”) e/o sociale positivo e/o definiti come “attività economiche ecosostenibili” dal Regolamento sulla tassonomia dell’UE.
- Emittenti a impatto: titoli di debito o correlati al debito a tasso fisso o variabile di emittenti che generano flussi di entrate collegati per almeno il 50% a un impatto ambientale e/o sociale positivo utilizzando gli Obiettivi di Sviluppo Sostenibile delle Nazioni Unite come guida per gli obiettivi ambientali o sociali o le cui attività economiche siano peralmeno il 50% definite come “attività economiche ecosostenibili” dal Regolamento sulla tassonomia dell’UE.

Il Comparto investirà almeno il 75% del suo Valore Patrimoniale Netto in “Obbligazioni a impatto con utilizzo dei proventi” con rating investment grade.
Il Comparto investirà almeno il 70% del suo Valore Patrimoniale Netto in titoli di debito e correlati al debito denominati in euro.
Il Comparto può investire fino al 30% del suo Valore Patrimoniale Netto in Titoli di debito e correlati al debito governativi a tasso fisso o variabile.
I titoli di debito e correlati al debito in cui il Comparto può investire includono: titoli a tasso fisso e variabile, collocamenti privati (quali titoli Rule 144A e Reg. S), obbligazioni societarie ibride, obbligazioni step-up, obbligazioni garantite, obbligazioni non garantite (debenture), obbligazioni puttable, obbligazioni callable, obbligazioni a cedola zero, warrant, nonché Eurobond e obbligazioni bullet, obbligazioni di agenzie sovranazionali, obbligazioni di agenzia, titoli di stato a tasso fisso e variabile, obbligazioni municipali, obbligazioni indicizzate e obbligazioni indicizzate all'inflazione ("ILB") e strumenti del mercato monetario (quali certificati di deposito, carte
commerciali e depositi overnight) e relativi SFD (come elencati nella sezione "Utilizzo di SFD" di seguito), nel prosieguo "Titoli di debito e correlati al debito".
Il Comparto può investire complessivamente fino al 5% del Valore Patrimoniale Netto in collocamenti privati (quali alcuni titoli Reg. S e alcuni titoli Rule 144A).
Il Comparto può investire fino al 5% del suo Valore Patrimoniale Netto in warrant.
Il Comparto investirà in Titoli di debito e correlati al debito con rating investment grade attribuito da un'Agenzia di rating riconosciuta. I Titoli di debito e correlati al debito sono classificati con rating investment grade se al momento dell'acquisto il rating intermedio del titolo è superiore a Ba1/BB+/BB+. Inoltre il Comparto può investire fino al 20% in Titoli di debito e correlati al debito con rating inferiore all'investment grade.
Il Comparto non investirà in Titoli di debito e correlati al debito che, alla data dell’acquisto, abbiano un rating inferiore a B- (o suo equivalente) secondo la
classificazione di un'Agenzia di rating riconosciuta. A scanso di equivoci, il Comparto non investirà in titoli garantiti da attività, titoli garantiti da ipoteca o altri strumenti legati al rischio di credito. Il Comparto può investire in Titoli di debito e correlati al debito privi di rating a condizione che il Gestore degli Investimenti li ritenga di qualità equivalente come precedentemente indicato. Nel caso di rating discordante (ovvero rating diversi assegnati da due o più agenzie), sarà considerato il valore inferiore tra i due più elevati. Nel caso in cui i Titoli di debito e i Titoli correlati al debito detenuti dal Comparto vengano successivamente declassati al di sotto dei limiti definiti sopra, il Gestore degli Investimenti può
mantenere un’esposizione massima pari al 3% del Valore
Patrimoniale Netto del Comparto a tali titoli declassati.
Nella misura in cui il valore complessivo di tali titoli o strumenti superi il 3% del Valore Patrimoniale Netto del Comparto, quelli che non sono stati promossi entro un periodo di sei mesi, saranno venduti. Le esposizioni derivanti dalle partecipazioni sottostanti agli organismi di investimento collettivo ("OIC") saranno prese in considerazione nel processo di selezione delle limitazioni di cui al presente paragrafo.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto, compresi fondi negoziati in borsa ("ETF") e fondi del mercato monetario. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in ETF di tipo chiuso che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In certe circostanze il Comparto può anche detenere livelli elevati di liquidità e di strumenti del mercato monetario. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire a livello globale senza una particolare concentrazione settoriale o industriale; tuttavia, a volte il Comparto può concentrarsi in particolari settori industriali o aree geografiche, a seconda di dove il Gestore degli Investimenti individua opportunità di investimento.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto nei mercati emergenti e fino al 10% in titoli russi quotati o negoziati alla Borsa di Mosca.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari (ossia Titoli di debito e correlati al debito) non ammessi o trattati su un Mercato Idoneo, conformemente ai Regolamenti OICVM. A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia l'EUR, il Comparto può investire in attività non denominate in EUR che in generale saranno coperte in EUR utilizzando SFD correlati alla valuta. Gli SFD correlati alla valuta che possono essere utilizzati dal Comparto a fini di copertura sono descritti in dettaglio nella sezione "Tecniche e strumenti finanziari derivati" del Prospetto.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD. In circostanze eccezionali il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ad esempio
fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Le attività equiparabili a liquidità includono strumenti del mercato monetario e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti. Non è necessario che le liquidità siano costituite da Obbligazioni a impatto sull'utilizzo dei ricavi o che riflettano o promuovano in altro modo impatti sociali e/o ambientali positivi.

##### Benchmark
Bloomberg Barclays MSCI Euro Corporate Green Bond Index, (il "Benchmark").
Il Benchmark include obbligazioni societarie verdi a tasso fisso, denominate in euro, con rating investment grade. L'inserimento si basa sulla valuta dell'emissione e non sul domicilio dell'emittente.
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Tuttavia, poiché il Benchmark copre una parte sostanziale dell'universo degli investimenti, la maggior parte delle partecipazioni del Comparto sarà costituita da componenti del Benchmark e le ponderazioni in portafoglio potrebbero essere simili a quelle del Benchmark. La strategia di investimento limiterà la
possibilità delle partecipazioni in portafoglio di discostarsi dal Benchmark e di conseguenza la possibilità del Comparto di sovraperformare rispetto al Benchmark.
Il Benchmark include solo obbligazioni societarie verdi a tasso fisso, denominate in euro e con rating investment grade, che costituiscono un sottogruppo del più ampio mercato delle obbligazioni societarie. Il Benchmark è allineato all'obiettivo di investimento sostenibile in quanto l'uso dei proventi di queste obbligazioni è legato al finanziamento di progetti specifici con un obiettivo ambientale virtuoso. Ciò si differenzia da un ampio indice di mercato che non dispone della stessa composizione o delle stesse credenziali ecologiche. Per ulteriori informazioni sul Benchmark, anche sulla metodologia utilizzata per il suo calcolo, visitare il sito:
https://www.msci.com/our-solutions/indexes/bloomberg- msci-esg-fixed-income-indexes

##### Strategia di investimento
L’universo di investimento principale del Comparto rifletterà principalmente il Benchmark, che comprende
solo Obbligazioni verdi a impatto con utilizzo dei proventi, ma includerà anche Emittenti a impatto e Obbligazioni non-verdi a impatto con utilizzo dei proventi , per es. obbligazioni i cui ricavi saranno destinati al finanziamento o al rifinanziamento parziale o totale di progetti sociali. Come descritto più dettagliatamente di seguito, il Gestore degli Investimenti vaglia tutti gli emittenti utilizzando i criteri ESG per creare un universo di investimento ridotto e ottimizzato in base ai criteri ESG. All'interno di tale universo di investimento, il Gestore degli Investimenti utilizza quindi un approccio tematico per identificare quei titoli ed emittenti che secondo le sue previsioni soddisferanno sia i criteri di sostenibilità del Comparto che gli obiettivi di performance, privilegiando titoli ed emittenti migliori e con i punteggi più elevati nell'universo. Il Gestore degli Investimenti utilizza gli Obiettivi di Sviluppo Sostenibile delle Nazioni Unite come guida per gli obiettivi ambientali
o sociali nell’ambito del suo approccio tematico. Ciò è
descritto più dettagliatamente di seguito.
Il Gestore degli Investimenti utilizza le proprie ricerche e analisi del credito per investire in Obbligazioni a impatto con utilizzo dei proventi e utilizzerà una serie di criteri per la valutazione di un investimento. Il quadro prenderà in considerazione, a titolo esemplificativo ma non
esaustivo, la trasparenza sulle modalità di allocazione dei ricavi derivanti dall’emissione e la misurabilità dell’eventuale impatto conseguito e terrà conto anche del generale orientamento alla sostenibilità dell’emittente in questione. I titoli saranno classificati con i colori verde
scuro (categoria migliore), verde chiaro (alcune criticità nei criteri di sostenibilità) o rosso (non idonei all'investimento). I titoli contraddistinti dal colore rosso saranno esclusi dall'universo di investimento.
Oltre alle Obbligazioni a impatto con utilizzo dei proventi, il Gestore degli Investimenti può cercare di investire in Emittenti a Impatto. Per formulare tale giudizio, il processo di analisi dei flussi di entrate degli Emittenti a impatto può basarsi su una combinazione di dati esterni
(ricavati, tra gli altri, da Bloomberg, MSCI, Sustainalytics e Vigeo Eiris) e di dati interni. Per garantire l’idoneità costante si potranno utilizzare altri dati fra i quali l’analisi della compatibilità dell’emittente con
un’economia a basse emissioni di carbonio.
In relazione sia alle Obbligazioni a impatto con utilizzo dei proventi che agli Emittenti di impatto, il Gestore degli
Investimenti può utilizzare una combinazione di dati esterni e interni per stabilire se le attività sono “attività economiche ecosostenibili” come definite dal Regolamento sulla tassonomia dell’UE.
A tutti gli investimenti si applicherà il Principio "non arrecare un danno significativo".
In relazione a tutti gli investimenti, saranno esclusi gli emittenti con impatti considerati negativi (ad esempio a causa di elevati rischi di emissioni di carbonio e/o gravi violazioni delle norme accettate a livello internazionale riguardanti, a titolo esemplificativo ma non esaustivo, corruzione, diritti dei lavoratori o impatto ambientale). Gli emittenti saranno esclusi anche nel caso in cui la loro redditività o il modello di business derivi in misura significativa da prodotti o processi considerati inadatti per il Comparto in base al suo orientamento alla sostenibilità (ad esempio, tabacco, difesa e gioco d'azzardo).
Gli strumenti che non soddisfano più tali criteri dopo l’acquisto saranno venduti. In alternativa, il Comparto può continuare a detenere lo strumento mentre il Gestore degli Investimenti cerca di affrontare la causa all’origine
del problema. Se l’emittente non ha adottato misure
ragionevoli per risolvere il problema entro 12 mesi, il
Gestore degli Investimenti venderà lo strumento.
In relazione ai dati esterni, il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche, report, screening, rating e/ o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Al fine di valutare se un investimento che soddisfa i criteri di sostenibilità del Gestore degli Investimenti soddisfa anche il suo obiettivo di performance, nella selezione dei titoli il Gestore degli Investimenti utilizzerà principalmente ricerche e analisi "bottom-up" sul credito. Ciò implica una valutazione della solvibilità dell'emittente che comprende un'analisi dei principali parametri di credito, come la leva finanziaria e il flusso di cassa. Una valutazione del valore relativo dei titoli di debito e correlati al debito dell'emittente rispetto a titoli di debito e correlati al debito comparabili può anche essere effettuata per integrare la ricerca e l'analisi del credito. Tale approccio intende identificare, su base mondiale e senza alcuna specifica concentrazione geografica o settoriale, i titoli di debito e correlati al debito che presentano un buon potenziale di generazione di rendimento totale.
Al momento dell'acquisto e su base continuativa, almeno il 90% degli strumenti detenuti nel Comparto deve soddisfare i criteri di sostenibilità sopra descritti e non verrà effettuato alcun investimento in uno strumento che si ritiene abbia questioni ambientali rilevanti e irrisolvibili.
Ai fini della gestione del rischio, vengono generalmente utilizzate posizioni short sintetiche per coprire il rischio di credito o di tasso di interesse a livello di portafoglio complessivo: ad esempio, quando il Gestore degli Investimenti desidera ridurre il rischio di credito di una particolare obbligazione societaria ma potrebbe non essere in grado di vendere l'obbligazione a un prezzo interessante, il Gestore degli Investimenti assumerà una posizione short sintetica in tale obbligazione. Le
operazioni allo scoperto non saranno utilizzate per
aiutare il Comparto a raggiungere il proprio obiettivo d’investimento.
La governance societaria è un fattore chiave del rischio di sostenibilità che rientra nei rating di rischio ESG proprietari del Gestore degli Investimenti di tutti gli emittenti ai quali il Comparto è esposto. La valutazione della governance societaria del Gestore degli Investimenti comprende l'esame della remunerazione, del controllo e della responsabilità, dell'etica o delle controversie, nonché delle pratiche e dei comportamenti del consiglio di amministrazione. Per stabilire le priorità di impegno con gli emittenti, il Gestore degli Investimenti tiene conto delle considerazioni sui rating ESG insieme alla propria conoscenza delle strutture di governance degli emittenti. Il Gestore degli Investimenti prende in considerazione tutti questi rischi per decidere se i titoli obbligazionari possano ragionevolmente compensare il Comparto rispetto ai rischi di sostenibilità a lungo e breve termine.
I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità al Comparto. Le restrizioni ESG sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati in relazione al Comparto e aggiornati quando vengono acquisite nuove informazioni.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento e ha come obiettivo gli investimenti sostenibili ai sensi dell’Articolo 9 dell'SFDR.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
La gestione dei rischi di sostenibilità avviene mediante garanzia di condivisione delle informazioni e di inclusione dei decision maker più esperti nel programma di investimento responsabile del Gestore degli Investimenti, stabilendo procedure efficaci di responsabilità, trasparenza e implementazione. Laddove si considerino essere rilevanti ai fini dei risultati di investimento alcune questioni legate al rischio di sostenibilità, le stesse vengono integrate nei processi di due diligence. Ciò può includere la valutazione di singoli titoli e/o l'interazione con emittenti o partecipanti al mercato. I controlli interni assicurano l'applicazione costante dei criteri di sostenibilità. Le restrizioni ESG, che riguardano i rating ESG proprietari e i dati di terzi, sono stabilite per impedire o consentire l'investimento in titoli che soddisfano i criteri di sostenibilità. Tali controlli sono codificati e aggiornati quando vengono acquisite nuove informazioni. Un processo di ricerca e/o impegno ESG ha lo scopo di aiutare il Gestore degli Investimenti a raggiungere gli obiettivi di investimento e di sostenibilità mirati del Comparto.
Come descritto più dettagliatamente nella sezione intitolata "Strategia di investimento”, la governance societaria è un fattore chiave del rischio di sostenibilità
che rientra nei rating di rischio ESG proprietari di tutti gli emittenti.
In termini di fattori sociali e ambientali, la metodologia di rating ESG proprietaria del Gestore degli Investimenti fornisce informazioni specifiche per settore ed emittente su questioni chiave. Questo modello aiuta il Gestore degli
Investimenti a identificare i rischi principali a cui potrebbe essere esposto un emittente o un settore specifico.
Dal momento che il Comparto ha come obiettivo l'investimento sostenibile, il Gestore degli Investimenti può deliberatamente rinunciare alle opportunità per il Comparto di acquisire esposizione a determinati emittenti e può scegliere di vendere un titolo in un momento in cui potrebbe altrimenti risultare svantaggioso. Il Comparto può invece concentrarsi su investimenti in emittenti che dimostrino il rispetto degli investimenti sostenibili. Di conseguenza, l'universo di investimenti per il Comparto è inferiore a quello di altri fondi e ciò può influire sulla performance, sussistendo il rischio che si verifichino effetti negativi sul valore del Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
I Criteri tecnici di selezione del Regolamento sulla tassonomia dell’UE (“TSC”) richiederanno la disponibilità di molteplici dati specifici per ogni investimento. Alla
data del presente documento, non sono disponibili dati affidabili, tempestivi e verificabili sufficienti affinché il Gestore possa valutare gli investimenti del Comparto utilizzando i TSC.
Inoltre, le norme tecniche di regolamentazione per l’SFDR che definiscono la metodologia per il calcolo della quota di allineamento alla tassonomia UE per i prodotti
finanziari come il Comparto e i modelli per le comunicazioni richieste non sono ancora disponibili nella loro forma definitiva. Alla data del presente documento, il Gestore non è in grado di fornire informazioni standardizzate e comparabili sull'allineamento degli investimenti del Comparto al Regolamento sulla
tassonomia dell’UE.
Sebbene il Comparto detenga investimenti in attività economiche che contribuiscono a un obiettivo ambientale e potrebbero essere idonei a essere valutati rispetto ai TSC, il Gestore non è attualmente in grado di descrivere:
- La misura in cui gli investimenti del Comparto riguardino attività economiche ecosostenibili;
- La proporzione, in percentuale del portafoglio del Comparto, di investimenti in attività economiche ambientalmente sostenibili; o
- La proporzione, in percentuale del portafoglio del Comparto, delle “Attività abilitanti del Regolamento sulla tassonomia dell’UE” e delle “Attività di transizione del Regolamento sulla tassonomiadell’UE”.

Il Gestore sta tenendo sotto controllo attivo questa situazione e quando saranno disponibili dati affidabili, tempestivi e verificabili sufficienti sugli investimenti del Comparto, il Gestore fornirà le descrizioni di cui sopra; in tal caso il presente Prospetto o il relativo Supplemento saranno aggiornati.

#### Utilizzo di SFD
Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
| Futures | Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato Future su obbligazioni |
| --- | --- |
| Swap | Credit Default Swap Credit Default Swaps Index/Basket Swap sui tassi d'interesse Swap di rendimento totale (TRS) (titoli singoli, credito, indice e paniere personalizzato) |
| Titoli con SFD inte- grati/ Leva fi- nanziaria | Obbligazioni callable e puttable Warrant |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per offrire un'esposizione ai mercati di titoli a reddito fisso in modo più economico o efficiente rispetto all'acquisto dei titoli fisici. | Markit iTraxx Europe Main 5yr Markit iTraxx Europe Crossover 5yr Markit iTraxx Europe Senior Financials 5yr Markit iTraxx Europe Subordinated Financials 5yr |

Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare swap di rendimento totale (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia contratti di riacquisto e contratti
di riacquisto inverso, come descritto nella sezione
“Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 30% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 20% con riferimento al TRS e il 30% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno operazioni coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Le Azioni della classe di azioni disponibile saranno offerte durante un Periodo di offerta iniziale, che inizierà alle 9.00 del 4 maggio 2022 e terminerà alle 17.00 del 3 novembre 2022 a un prezzo di offerta iniziale per Azione pari a 1 EUR, 1 USD, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10
NOK o 1 CAD a seconda della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi verranno normalmente dichiarati con cadenza trimestrale il 31 dicembre, il 31 marzo, il 30 giugno e il 30 settembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati rispettivamente entro l'11 febbraio, l'11 maggio, l'11 agosto, l'11 novembre o prima di tali date. Ulteriori dettagli sono indicati nella sezione "La Società - Politiche di Distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EURe saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Dynamic Factor Premia V10 Fund

### SUPPLEMENTO 61 DATATO 3 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto investirà principalmente in strumenti finanziari derivati ("SFD") e utilizzerà tali SFD a scopo di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management North America LLC

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a
Newton Investment Management Limited (il “Subgestore degli Investimenti”) in relazione a questo Comparto.
Ulteriori dettagli sull’Accordo di Subgestione degli
Investimenti stipulato fra il Gestore degli Investimenti e il
Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino e negli Stati Uniti.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 22.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD C (Acc.) | USD | 5.000.000 | 5% | 0,75% | 0% |
| 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% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,30% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,30% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,30% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,30% | 0% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| Sterling X (Acc) (Hedged) | GBP | Nessuna | 0% | 0% | 0% |
| CHF X (Acc.) (hedged) | CHF | Nessuna | 0% | 0% | 0% |
| CAD X (Acc.) (hedged) | CAD | Nessuna | 0% | 0% | 0% |
| AUD X (Acc.) (hedged) | AUD | Nessuna | 0% | 0% | 0% |
| AUD X (Inc.) (hedged) | AUD | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto mira a conseguire un rendimento totale superiore a un benchmark liquido (come descritto di seguito) su un orizzonte di investimento di 3-5 anni, con
un obiettivo di volatilità del 10% attraverso un approccio multi-asset all’asset allocation e alla selezione dei titoli. Tuttavia, non vi è garanzia che tale obiettivo sarà
raggiunto nel summenzionato periodo o in qualsiasi altro periodo di tempo.

##### Politiche di investimento
Il Comparto punta a investire in un insieme diversificato di premi di rischio o di fattori di rischio tra azioni, obbligazioni, valute e volatilità azionaria con una bassa correlazione con le attività rischiose tradizionali e in modo trasparente, liquido e conveniente in termini di
costi, investendo principalmente in SFD (come descritto in dettaglio nella sezione “Utilizzo di SFD”). Ulteriori informazioni sui premi di rischio sono riportate nella successiva sezione “Strategia di investimento”.
La sigla “V10” nel nome del Comparto fa riferimento all’obiettivo d’investimento di raggiungere una volatilità o un rischio totale pari al 10% su un orizzonte temporale di
3-5 anni. La volatilità o il rischio possono essere definiti come l’ammontare di variabilità del rendimento annualizzato del Comparto su un periodo di 3-5 anni. Una
maggiore variabilità indica una volatilità superiore. Non vi è alcuna garanzia che il rischio o la volatilità realizzata
del Comparto saranno pari al 10% nell’arco di questo o di
qualsiasi altro periodo.
Il Comparto può investire in titoli di debito governativo e titoli legati al debito tra cui obbligazioni, obbligazioni di agenzia, titoli garantiti da attività (ABS), Credit Linked Notes (CLN), obbligazioni ibride societarie, eurobond, Certificati negoziati in borsa (ETN), Note a tasso variabile
(FRN), obbligazioni indicizzate, obbligazioni indicizzate all’inflazione, obbligazioni “Interest Only”, obbligazioni convertibili, obbligazioni comunali, obbligazioni Reg S,
obbligazioni 144A, titoli strutturati, obbligazioni a cedola zero e strumenti del mercato monetario (certificati di deposito, carte commerciali, depositi a termine, buoni del
Tesoro e SFD correlati al debito (di seguito, “Titoli di debito e correlati al debito”). Gli SFD sono elencati di seguito nella sezione “Utilizzo di SFD”.
- Obbligazioni indicizzate - sono titoli di debito in cui gli interessi attivi sul capitale sono legati a uno specifico indice dei prezzi, generalmente il Consumer Price Index. Ciò offre protezione agli investitori dalle oscillazioni dell'indice sottostante. I flussi di cassa dell'obbligazione sono rettificati per garantire che il titolare dell'obbligazione riceva un tasso di rendimento reale certo.
- Sebbene i Certificati negoziati in borsa (ETN) siano negoziati su una borsa valori, i titoli strutturati sono acquistati fuori borsa attraverso un contratto bilaterale con una controparte.

Il Comparto può investire fino al 5% del suo Valore Patrimoniale Netto in ABS.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in obbligazioni Reg S e 144 A.
Il Comparto può investire fino al 5% del suo Valore Patrimoniale Netto in titoli strutturati.
Il Comparto non investirà in CoCo.
I Certificati negoziati in borsa (ETN) possono essere utilizzati per offrire un’esposizione focalizzata su determinati settori di mercato, come un sottosettore
immobiliare quale ad esempio le attività immobiliari statunitensi o altre attività correlate a ipoteche degli Stati Uniti.
Per le descrizioni dei titoli di debito e correlati al debito, all’infuori delle obbligazioni indicizzate, si rimanda alla sezione “Informazioni sugli strumenti di debito” nella parte principale del Prospetto.
Il Comparto può investire sia in titoli investment grade (ossia con un rating BBB- o superiore) sia, fino al 30% del suo Valore Patrimoniale Netto, in titoli con rating inferiore a investment grade (ossia BB+ o inferiore), secondo la classificazione, al momento dell'acquisto, di un'Agenzia
di rating riconosciuta.
Il Comparto può inoltre investire in azioni, compresi fondi d’investimento immobiliare (“REIT”), società di gestione immobiliare (“REOC”), azioni privilegiate convertibili, certificati di deposito americani (“ADR”), certificati di deposito globali (“GDR”) e diritti di acquisto sulle azioni e SFD correlati ad azioni (di seguito, “Azioni e titoli correlati ad azioni”). Gli SFD sono elencati di seguito nella sezione “Utilizzo di SFD”.
Il Comparto può investire fino al 35% del suo Valore Patrimoniale Netto in materie prime tramite una combinazione di titoli quotati o negoziati su Mercati Idonei quali Azioni e titoli correlati ad azioni, Titoli di debito e correlati al debito e SFD. Il Comparto non
investirà direttamente in materie prime. Gli SFD sono elencati di seguito nella sezione “Utilizzo di SFD”.
Il Comparto potrà investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in OIC di tipo aperto,
inclusi fondi del mercato monetario, fondi negoziati in borsa aperti (“ETF”) ed ETF sintetici. Tutti gli ETF in cui il Comparto investe saranno OICVM.
Il Comparto può detenere livelli elevati di liquidità o attività equiparabili a liquidità in certe circostanze. Si rimanda alla sezione intitolata "Gestione di Liquidità e Collaterale" di seguito per ulteriori dettagli.
Il Comparto intende investire a livello globale in Titoli di debito e correlati al debito e in Azioni e titoli correlati ad azioni, denominati sia in dollari statunitensi che non in dollari statunitensi, di società o emittenti di mercati sviluppati ed emergenti senza una particolare concentrazione settoriale o industriale. Tuttavia il Comparto può talvolta concentrarsi su industrie o settori particolari, a seconda delle opportunità di investimento individuate dal Gestore degli Investimenti.
Il Comparto può investire fino al 40% del suo Valore Patrimoniale Netto nei mercati emergenti, tra cui fino al 10% del suo Valore Patrimoniale Netto in Cina, fino al 10% del suo Valore Patrimoniale Netto in India e fino al 5% del suo Valore Patrimoniale Netto in titoli russi
quotati o negoziati sulla Borsa di Mosca. Il Comparto acquisirà esposizione alla Cina e all’India attraverso un’esposizione indiretta a indici finanziari pertinenti.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in valori mobiliari non ammessi o non trattati su un Mercato Idoneo,
conformemente ai Regolamenti OICVM. Ad eccezione degli investimenti consentiti in OIC di tipo aperto, gli investimenti del Comparto saranno quotati o negoziati sui Mercati Idonei elencati nell'Appendice II del Prospetto.
Nonostante la Valuta di Base del Comparto sia il dollaro statunitense, il Comparto può investire in attività non denominate in dollari statunitensi. Tali attività non saranno necessariamente coperte nel dollaro statunitense. Il Comparto può inoltre assumere posizioni valutarie attive utilizzando contratti di cambio a termine,
ad esempio implementando una posizione lunga sull’euro
e una corta sul dollaro statunitense ed esprimere in tal
modo la visione del Gestore degli Investimenti su valute diverse dall’USD. Pertanto, la performance del Comparto può essere fortemente influenzata dai movimenti dei
tassi di cambio in quanto le posizioni in valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute e non tutte le attività possono essere coperte rispetto alla Valuta di Base.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD. In circostanze eccezionali il Comparto può detenere temporaneamente livelli elevati di liquidità o attività equiparabili a liquidità (ad esempio
fino al 100% del Valore Patrimoniale Netto del Comparto) se le condizioni di mercato richiedessero una strategia d'investimento difensiva (ad esempio crollo dei mercati o grave crisi).
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario, quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali, depositi a termine e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli, strumenti o obbligazioni avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
Indice FTSE 3 Month US T Bill (il “Benchmark liquido”). L’Indice FTSE 3 Month US T Bill segue la performance giornaliera dei buoni del Tesoro statunitensi a 3 mesi.
Il Comparto utilizza il Benchmark liquido come obiettivo rispetto al quale misurare la sua performance su base triennale annualizzata continuativa al lordo delle commissioni. Il Comparto punta a un posizionamento neutrale in termini di mercato. Ciò significa che si
prefigge di bilanciare l’esposizione di mercato lunga complessiva con un’esposizione di mercato corta complessiva in modo tale che la loro somma si avvicini a
zero nel tempo. Su tale base, la liquidità è considerata un obiettivo appropriato rispetto al quale misurare la performance del Comparto.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha discrezionalità nella selezione degli investimenti in funzione dell'obiettivo e della politica di investimento.

##### Strategia di investimento
Il Comparto adotta una strategia multi-asset dinamica e globale che punta a catturare premi di rischio difensivi, neutrali ed effettivi tra azioni, obbligazioni, materie prime ed esposizioni alla volatilità, investendo principalmente in SFD. La dinamica si riferisce alla modalità con cui il Gestore degli Investimenti effettuerà delle allocazioni fra le classi di attivi e titoli, esposte in dettaglio nella sezione della Politica di Investimento di cui sopra, e con cui adatterà quelle allocazioni in base al processo di investimento descritto di seguito. Il Gestore degli Investimenti stima il rendimento e il rischio associati a ogni premio di rischio in ogni classe di attivi. Il Gestore degli Investimenti aggiorna tali stime con frequenza giornaliera e ribilancia e corregge regolarmente il portafoglio sulla base delle stime aggiornate. Il portafoglio di questi premi di rischio è costruito attentamente in modo tale che il Comparto possa catturare il rendimento a essi attribuito, mantenendo al contempo un insieme diversificato di esposizioni che attenuano i rischi di ribasso con una bassa correlazione con le classi di attivi tradizionali quali azioni e obbligazioni.
Il Gestore degli Investimenti punta inoltre a generare un
portafoglio con un obiettivo di volatilità totale o di rischio del 10% su un orizzonte di 3-5 anni. Nell’ambito del suo processo di costruzione del portafoglio, il Gestore degli
Investimenti punta a un livello di volatilità di portafoglio pari al 10%. Questo processo implica una tecnica di ottimizzazione del portafoglio che mira a bilanciare i rendimenti attesi e il rischio previsto per ogni premio allo scopo di creare un mix ottimale che massimizzi i rendimenti corretti per il rischio. Il Gestore degli Investimenti vincola questo mix ottimale in modo tale da ottenere una volatilità di portafoglio prevista del 10%.
I premi difensivi come Equity Trend tendono a registrare risultati migliori in fasi di calo del mercato. I premi neutrali come Equity Momentum non sono correlati alle condizioni di mercato. I premi effettivi come Equity Value tendono a generare performance soddisfacenti sia in fasi di rialzo che di ribasso dei mercati.
Un premio di rischio è il rendimento o la ricompensa che un investitore ottiene per essersi assunto un rischio. Ad esempio, il premio di rischio più comune è il premio sul rischio azionario. e corrisponde al rendimento azionario meno il tasso di liquidità o il tasso privo di rischio. La differenza tra questi due rendimenti (ossia rendimento azionario meno liquidità) corrisponde al premio sul rischio azionario. I mercati finanziari possono essere ritenuti un insieme di elementi portanti o premi relativi a ogni classe di attivi. Il Comparto punta a utilizzare questi elementi portanti come base per creare un flusso di rendimenti diversificato, scarsamente correlato agli attivi tradizionali, trasparente, liquido e conveniente in termini di costi.
I premi di rischio sono: valore, momentum, trend, carry, qualità e volatilità.
- “Valore” è una strategia che prevede la selezione di titoli scambiati a un prezzo inferiore rispetto al loro valore intrinseco o contabile.
- “Momentum” è una strategia che prevede la selezione di titoli che presentano un aumento di prezzo positivo nell’arco di un periodo recente come ad esempio gli ultimi 50 giorni.
- “Trend” è una strategia che prevede la selezione di titoli che presentano una tendenza di prezzo positiva nell’arco di un lungo periodo.
- “Carry” è una strategia che prevede la selezione di titoli che generano performance o rendimenti superiori rispetto a categorie d’investimento analoghe.
- “Qualità” è una strategia che prevede la selezione di titoli che generano performance o rendimenti superiori rispetto a categorie d’investimento analoghe.

“Volatilità” è una strategia che prevede una posizione lunga o corta sulla volatilità sulle varie classi di attivi.
L’esposizione a ogni premio può essere lunga (ad es. momentum lunga su azioni) e corta (ad es. momentum corta su azioni). Ogni premio di rischio può essere
ottenuto contemporaneamente su più classi di attivi, come momentum lunga su azioni o momentum corta su valute. Un altro esempio è la volatilità azionaria, dove è possibile assumere posizioni lunghe sulla volatilità azionaria o corte sulla volatilità azionaria. Ad esempio, se un investitore ha una posizione lunga sulla volatilità
azionaria e il livello di volatilità sale, l’investitore ne
beneficia. Questo premio di rischio sulla volatilità azionaria non è correlato in alcun modo con l’obiettivo di volatilità complessivo del Comparto. Il primo è un premio di rischio, mentre quest’ultimo si riferisce alla dispersione dei rendimenti del Comparto. Lo scopo delle posizioni lunghe e corte consiste nell’ottimizzare la generazione di rendimento del premio, controllando al contempo l’esposizione alla classe di attivi sottostante. Per cercare di beneficiare della volatilità del mercato
azionario, il Gestore degli Investimenti può assumere una posizione lunga attraverso l’acquisto di un’opzione call su un indice azionario. Se la volatilità del mercato azionario determina un aumento del valore dell’indice azionario, salirà anche il valore dell’opzione call, con un conseguente impatto positivo sul Valore Patrimoniale Netto del Comparto. Tuttavia, se la volatilità del mercato azionario determina un calo del valore dell’indice azionario, diminuirà anche il valore dell’opzione call, con un conseguente impatto negativo sul Valore Patrimoniale Netto del Comparto. Il Gestore degli Investimenti può acquistare e vendere opzioni call su indici azionari allo scopo di esprimere le proprie opinioni sulla volatilità del mercato azionario.
Il Gestore degli Investimenti può utilizzare gli swap di
varianza per assumere esposizione alla volatilità azionaria. Per gestire l’inflazione con i tassi di inflazione dei vari paesi, possono essere utilizzati gli swap sull’inflazione.
Il Gestore degli Investimenti utilizzerà posizioni corte sintetiche, leva finanziaria e opzioni per gestire
l’esposizione di mercato complessiva e il profilo di rischio
del Comparto. Il Gestore degli Investimenti utilizzerà
posizioni corte sintetiche per generare i premi in modo efficiente come sopra descritto. Il Gestore degli Investimenti venderà sinteticamente allo scoperto società, emittenti o mercati che a suo giudizio presentano una relativa debolezza rispetto ad altre società, mercati o emittenti più solidi, riuscendo in tal modo a eliminare il rischio dal Comparto. Tuttavia il Comparto assumerà un posizionamento lungo sui premi sopra descritti. La leva finanziaria può essere impiegata anche per finalità di gestione del rischio; un esempio può
essere l’impiego della leva finanziaria per assumere
posizioni lunghe su attività di copertura, come ad esempio le obbligazioni sovrane. Poiché queste attività di
copertura non sono correlate con le attività rischiose o hanno addirittura una correlazione negativa, l’effetto complessivo sarebbe una riduzione del rischio del
Comparto. Analogamente, il Comparto potrebbe acquistare un’opzione put per ridurre il rischio e preservare il capitale in una fase di calo del mercato.
Per realizzare la sua leva finanziaria, il Comparto non ricorrerà a prestiti ma utilizzerà SFD. La maggior parte delle posizioni del Comparto saranno realizzate utilizzando SFD come future su indici e contratti di cambio a termine. Per acquisire esposizioni ai vari
mercati, si ricorre all’uso degli indici finanziari. Ad
esempio, il Gestore degli Investimenti può acquistare future su un indice finanziario come l’Indice FTSE China 150 allo scopo di acquisire esposizione alla Cina. Per
catturare il premio di rischio, può essere utilizzata un’esposizione a una combinazione di indici finanziari.

##### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Considerato l’obiettivo, la politica e la strategia di investimento del Comparto, il Gestore degli Investimenti
non integra i rischi di sostenibilità, definiti come evento o condizione ESG che, se si verifica, potrebbe causare un effetto negativo reale o potenziale sul valore del relativo
investimento (un “Evento ESG”) nelle sue decisioni di
investimento. Tuttavia, a causa della natura diversificata
del Comparto, il Gestore degli Investimenti ha stabilito che il rischio di sostenibilità a cui è esposto il Comparto è minimo.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il "Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

##### Il Regolamento sulla tassonomia dell’UE
Gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche ecosostenibili.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici di credit default swap (CDS) per ottenere esposizione a mercati globali di titoli a reddito fisso in modo più conveniente rispetto all'acquisto dei titoli fisici. | 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 |
| Indici azionari per offrire un'esposizione ai mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici. | Indice AEX Indice ASX SPI Indice ASX 200 Indice Bovespa Indice CAC- 40 Indice DAX 30 Indice Hang Seng Indice HSCEI Indice IBEX 35 Indice FTSE 100 Indice FTSE China 150 Indice FTSE MIB Indice FTSE Taiwan Indice FTSE/JSE Top 40 Indice Kospi 200 Indice MSCI Singapore Indice Nasdaq 100 EMINI Indice Russell 2000 Indice S&P 500 Indice S&P CNX Nifty Indice S&P Midcap 400 Indice S&P/TSX 60 Indice S&P Toronto 60 Indice S&P Emerging Markets Indice Stockholm OMX Indice Swiss Markit TOPIX |
| Indici di volatilità per esprimere l'opinione del Gestore degli Investimenti sulla volatilità di un particolare mercato o valuta in modo più conveniente o efficiente rispetto all'acquisto di titoli fisici. | Indice CBOE Volatility |


#### Utilizzo di SFD
| Futures | Future su valuta Future su tassi di interesse (compresi i Future su tassi di interesse a breve termine) Future su titoli di Stato Future su obbligazioni Future su indici, compresi future su indici azionari e future su indici di volatilità Future sul mercato monetario Future su azioni |
| --- | --- |
| Opzioni | Opzioni su azioni (singolo titolo, indice, settore, paniere personalizzato) Opzioni su indici Opzioni su future su tassi d’interesse Opzioni su obbligazioni Opzioni su future su obbligazioni Opzioni su future su titoli di Stato Opzioni su tassi d’interesse Opzioni su future su tassi d’interesse Opzioni su fondi negoziati in borsa (ETF) Opzioni su future su azioni Opzioni su future su valute Opzioni su indici di volatilità Opzioni su credit default swap Opzioni su dividendi Opzioni su future su dividendi Opzioni su valute (comprese le opzioni con barriera) |
| Swap | Credit Default Swap Indice/Paniere di Credit Default Swap Swap su tassi d’interesse Swap su valute Cross Currency Swap Swap su materie prime Swap su dividendi Swap su azioni (compreso singolo titolo, indice e settore) Swap su inflazione Swap su varianza Swap su indice Swap di rendimento totale (TRS) (compreso singolo titolo, credito, indice e paniere personalizzato) Swap su settori Swap su volatilità |
| Contratti a Termine | Contratti di Cambio a Termine |
| Titoli con SFD integrati/Leva finanziaria | Obbligazioni convertibili Titoli garantiti da attività (ABS) Credit Linked Notes (CLN) Titoli strutturati ETF sintetici Certificati negoziati in borsa (ETN) Diritti di acquisto sulle azioni Azioni privilegiate convertibili |

Il Comparto può investire nei seguenti SFD negoziati in borsa e OTC a fini di investimento:
Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

##### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l'uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento. Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
Le ponderazioni dei componenti degli indici di CDS sono determinate a discrezione di IHS Markit e, di norma, non saranno ribilanciate regolarmente. I restati indici finanziari verranno di norma ribilanciati regolarmente.
Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

##### Posizioni long e short
Il Comparto può assumere esposizioni long e short sintetiche in ciascuna delle categorie di attività indicate nelle Politiche di Investimento al fine di raggiungere il
suo obiettivo di investimento. L’esposizione lunga lorda
totale tramite SFD non supererà il 2000% del Valore
Patrimoniale Netto del Comparto e l’esposizione corta lorda totale non supererà il 2000% del Valore Patrimoniale Netto del Comparto.
Esposizione totale e Leva Finanziaria 
Metodologia di calcolo dell’esposizione totale: VaR assoluto
Limite VaR assoluto: 20% del Valore Patrimoniale Netto del Comparto (sulla base di un periodo di detenzione di 20 Giorno Lavorativo)
Si prevede una variazione della leva finanziaria lorda compresa tra 0 – 2000% del Valore Patrimoniale Netto. La leva finanziaria lorda può all'occorrenza superare questo
limite massimo
Per ulteriori informazioni sull'approccio fondato sul VaR
assoluto e sulla Leva Finanziaria Lorda, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap e contratti a termine. Il Comparto potrà utilizzare contratti di prestito di titoli e contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Operazioni di finanziamento tramite titoli
Il Comparto può stipulare Total Return Swap (“TRS”) come descritto nella sezione “Utilizzo di SFD” e perfezionare SFT, ossia accordi di prestito titoli e contratti di
riacquisto e contratti di riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto sarà pari al 100% con riferimento al TRS e al 100% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. Tuttavia, non si prevede che l'esposizione del Comparto superi il 30% con riferimento al TRS e il 15% del Valore Patrimoniale Netto del Comparto con riferimento alle SFT. I tipi di attività soggetti a TRS e SFT saranno di tipo coerente con le politiche di investimento del Comparto.
Ulteriori dettagli su TRS e SFT, compresi il collaterale idoneo e la procedura della controparte, sono forniti nelle
sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di Contratti di Riacquisto,
Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Le Azioni della classe di azioni disponibile saranno offerte durante un Periodo di offerta iniziale, che inizierà alle 9.00 del 4 maggio 2022 e terminerà alle 17.00 del 3 novembre 2022 a un prezzo di offerta iniziale per Azione pari a 1 USD, 1 EUR, 1 GBP, 1 CHF, 10 DKK, 10 SEK,
10 NOK, 1 CAD o 1 AUD a seconda della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel capitolo "La Società - Politiche di distribuzione" del Prospetto.

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo “Gestione e Amministrazione della Società - Commissioni
e Spese” del Prospetto. La commissione di gestione
annuale da corrispondere al Gestore è indicata nella sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 30.000 EURe saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata "Fattori di Rischio" del Prospetto.

## BNY Mellon Sustainable Global Emerging Markets Fund

### SUPPLEMENTO 62 DATATO 31 MAGGIO 2022 AL PROSPETTO DATATO 3 MAGGIO 2022 DI BNY MELLON GLOBAL FUNDS, PLC
- Questo Supplemento costituisce parte integrante del e deve essere letto congiuntamente al Prospetto della Società datato 3 maggio 2022.
- Il Comparto può utilizzare SFD a fini di investimento, copertura e gestione efficiente del portafoglio. In relazione all’effetto leva derivante dall'utilizzo di SFD, consultare la sezione "Esposizione totale e Leva Finanziaria" di seguito. Ulteriori dettagli sui rischi associati all'utilizzo di SFD sono descritti nel Prospetto al capitolo "Fattori di Rischio - Rischi associati ai valori mobiliari, agli SFD e ad altre tecniche".
- Il Valore Patrimoniale Netto del Comparto può avere una volatilità alta a seguito delle sue politiche di investimento.
- Un investimento nel Comparto non dovrebbe costituire una parte sostanziale di un portafoglio di investimento e potrebbe non essere adatto a tutti gli investitori.


#### Il Gestore degli Investimenti
Newton Investment Management Limited

#### Subgestore degli Investimenti
Il Gestore degli Investimenti può delegare in tutto o in parte le sue funzioni di gestione degli investimenti a Newton Investment Management North America LLC (il
“Subgestore degli Investimenti”) in relazione a questo Comparto. Ulteriori dettagli sull’Accordo di Subgestione degli Investimenti stipulato fra il Gestore degli
Investimenti e il Subgestore degli Investimenti sono riportati nella sezione del Prospetto intitolata “Subgestori degli Investimenti”.

#### Valuta di Base
Dollaro Statunitense

#### Giorno Lavorativo
Ogni giorno lavorativo per le banche a Dublino.

#### Giorno di Valutazione
Ogni Giorno Lavorativo o altro giorno stabilito dagli Amministratori a condizione che tutti gli Azionisti ricevano previa comunicazione e a condizione che ci sia almeno un Giorno di Valutazione in ogni settimana.

#### Momento di Valutazione
Ore 12.00 (ora di Dublino) di un Giorno di Valutazione o in qualsiasi altro momento stabilito di volta in volta dagli Amministratori a condizione che tale momento sia sempre successivo alla Scadenza per la Negoziazione e a condizione che sia comunicato in anticipo a tutti gli Azionisti.

#### Scadenza per la Negoziazione
La Scadenza per la Negoziazione per ricevere le richieste di sottoscrizione, rimborso o scambio sono le ore 12.00 (ora di Dublino) di un Giorno di Valutazione.

#### Profilo di un investitore tipo
L'investitore tipo ha un orizzonte d'investimento da medio a lungo termine.

#### Classi di Azioni
Le classi di Azioni del Comparto disponibili per gli investitori sono indicate nelle tabelle delle classi di Azioni di seguito e sono contraddistinte per valuta, requisiti di sottoscrizione minima iniziale e livelli di commissioni e spese applicati così come descritto di seguito. Una descrizione delle diverse categorie di investitori per i quali può essere destinata ogni classe di Azioni è contenuta nel Prospetto nella sezione "La Società - Struttura".
| Azioni “A” e Azioni “H (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| --- | --- | --- | --- | --- | --- |
| DKK H (Acc.) (hedged) | DKK | 50.000 | 5% | 2,00% | 0% |
| SEK H (Acc.) (hedged) | SEK | 50.000 | 5% | 2,00% | 0% |
| NOK H (Acc.) (hedged) | NOK | 50.000 | 5% | 2,00% | 0% |

| Azioni “B” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD B (Acc.) | USD | 10.000 | 5% | 1,50% | 0% |
| USD B (Inc.) | USD | 10.000 | 5% | 1,50% | 0% |

| Azioni “C” e Azioni “I (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “G” e Azioni “G (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “E” e Azioni “E (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD E (Acc.) | USD | Come concordato | 5% | 0,45% | 0% |
| USD E (Inc.) | USD | Come concordato | 5% | 0,45% | 0% |
| Euro E (Acc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| Euro E (Inc.) | EUR | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) | GBP | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Inc.) | CHF | Come concordato | 5% | 0,45% | 0% |
| Euro E (Acc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| Euro E (Inc.) (hedged) | EUR | Come concordato | 5% | 0,45% | 0% |
| CHF E (Acc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |
| CHF E (Inc.) (hedged) | CHF | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Acc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |
| Sterling E (Inc.) (hedged) | GBP | Come concordato | 5% | 0,45% | 0% |

| Azioni “W” e Azioni “W (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| 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% |

| Azioni “X” e Azioni “X (hedged)” |
| --- |
| Classe | Valuta | Investi-mento iniziale minimo nella valuta della Classe di azioni | Commis-sione di vendita iniziale massima (fino a) | Commis-sione di gestione annuale | Commis-sione di rimborso |
| USD X (Acc.) | USD | Nessuna | 0% | 0% | 0% |
| USD X (Inc.) | USD | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Acc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |
| Euro X (Inc.) (hedged) | EUR | Nessuna | 0% | 0% | 0% |


#### Obiettivi di investimento, politiche di investimento e altre informazioni

##### Obiettivi di investimento
Il Comparto intende realizzare una crescita del capitale nel lungo termine e ha un obiettivo d'investimento sostenibile.
In particolare, il Comparto punta a contribuire al raggiungimento di obiettivi sociali e ambientali investendo in titoli di società dei mercati emergenti che dimostrano caratteristiche d'investimento interessanti e che agevolano uno sviluppo sostenibile.

##### Politiche di investimento
Il Comparto investirà almeno il 75% del suo Valore Patrimoniale Netto in società quotate, negoziate o situate o che traggono almeno la metà dei propri ricavi o del proprio reddito da paesi dei mercati emergenti, tra cui Russia, Cina e India.
Il Comparto investirà almeno il 75% del proprio Valore Patrimoniale Netto in azioni e titoli correlati ad azioni di società di paesi dei mercati emergenti che contribuiscono al raggiungimento di obiettivi sociali o ambientali sostenendo lo sviluppo sostenibile attraverso la partecipazione alla realizzazione di uno o più Obiettivi di sviluppo sostenibile dell'ONU (gli "OSS"). Tra gli esempi di OSS figurano azione per il clima, energia accessibile e pulita, città e comunità sostenibili, buon livello di salute e benessere, istruzione di qualità e azzeramento della fame.
Tutti gli investimenti del Comparto, ad eccezione di quelli destinati a scopi specifici quali la copertura e la liquidità, dovranno soddisfare la definizione di Investimenti Sostenibili SFDR.
Per investimenti sostenibili SFDR si intendono quegli investimenti che contribuiscono a un obiettivo ambientale o a un obiettivo sociale, a condizione che tali investimenti non arrechino un danno significativo ad alcuno di questi obiettivi e che le società coinvolte seguano buone pratiche di governance..
Gli investimenti devono soddisfare i criteri ambientali, sociali e di governance ("ESG") e di sostenibilità vincolanti del Gestore degli Investimenti. Oltre a contribuire al raggiungimento di obiettivi sociali o ambientali, partecipando alla realizzazione di uno o più OSS dell'ONU il Gestore degli Investimenti cercherà anche di:
Identificare ed evitare l'investimento in società che si occupano di specifiche aree di attività che il Gestore degli Investimenti ritiene dannose dal punto di vista ambientale e/o sociale. Tutte le società in cui vengono effettuati investimenti seguono le buone pratiche di governance definite nei principi del Global Compact delle Nazioni Unite. Sono escluse le società in violazione dei principi del Global Compact delle Nazioni Unite. Questi ultimi includono principi relativi a diritti umani, lavoro, ambiente e lotta alla corruzione; e
Identificare e investire in società che cercano dinamicamente di gestire in modo soddisfacente i fattori ambientali e/o sociali e ciò a sua volta dovrebbe sostenere i rendimenti finanziari di lungo termine. Ciò includerà anche le società che concorrono allo sviluppo di soluzioni che contribuiranno a risolvere questioni
ambientali e/o sociali, tra cui un uso più efficiente o limitato di risorse o l'accessibilità all'assistenza sanitaria.
Le Società in cui il Comparto investe sono soggette ai summenzionati elementi vincolanti nell'ambito dei criteri ESG e di sostenibilità del Gestore degli Investimenti mirati a raggiungere l'obiettivo d'investimento sostenibile del Comparto.
I titoli azionari e titoli correlati ad azioni in cui il Comparto può investire comprendono azioni ordinarie e privilegiate, Certificati di deposito americani (ADR), Certificati di deposito globali (GDR), titoli convertibili in o sostituibili con tali azioni (quali azioni privilegiate convertibili, certificati di partecipazione ("P-Note"), i quali includono opzioni a basso prezzo di esercizio ("LEPO") e warrant a basso prezzo di esercizio ("LEPW"), fondi di investimento immobiliare ("REIT") quotati, società operanti nel settore immobiliare (REOC) e altri fondi di tipo chiuso quotati compresi fondi di investimento mobiliare quotati, warrant (con un limite del 10% del Valore Patrimoniale Netto del Comparto nel caso dei warrant), diritti di acquisto di azioni e SFD correlati (elencati nella successiva sezione "Utilizzo di SFD"), di seguito "Azioni e titoli correlati ad azioni".
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in REIT quotati e fino al 10% del suo Valore Patrimoniale Netto in REOC quotate. I REIT e le REOC in cui il Comparto può investire potrebbero contribuire al raggiungimento di obiettivi sociali finanziando progetti di edilizia sociale, ospedali o infrastrutture essenziali.
Il Comparto può investire complessivamente fino al 10% del suo Valore Patrimoniale Netto in organismi di investimento collettivo di tipo aperto ("OIC"), come i fondi negoziati in borsa ("ETF") basati su indici azionari e i fondi del mercato monetario. Gli OIC per il Comparto
saranno selezionati se si prevede che sosterranno quest’ultimo nel raggiungimento del proprio obiettivo d'investimento (e se costituiscono inoltre Investimenti
sostenibili SFDR) o se il loro utilizzo è ritenuto appropriato per finalità di copertura o di gestione della liquidità. Gli OIC possono includere un altro Comparto o Comparti della Società o altri fondi di cui il Gestore degli Investimenti è consulente. Ogni investimento in OIC di tipo chiuso che costituisca valori mobiliari sarà conforme ai criteri e ai limiti di investimento in valori mobiliari, come indicato nella sezione intitolata "La Società - Limitazioni agli Investimenti e ai Prestiti" del Prospetto.
In determinate circostanze il Comparto potrà detenere liquidità o attività equiparabili a liquidità compresi i casi in cui il Gestore degli Investimenti ritiene che i mercati siano sopravvalutati o i casi in cui le condizioni di
mercato possono richiedere una strategia d’investimento
difensiva o come indicato di seguito nella sezione intitolata “Gestione di Liquidità e Collaterale”.
A eccezione dell'investimento consentito in valori mobiliari non quotati e in strumenti del mercato monetario approvati, gli investimenti del Comparto saranno quotati o negoziati su Mercati Idonei. Un elenco dei Mercati Idonei è riportato nell'Appendice II del Prospetto.
Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in titoli russi quotati o negoziati alla Borsa di Mosca.
I metodi per acquisire esposizione ai titoli cinesi possono includere l'acquisto di azioni cinesi di classe H quotate o negoziate alla Borsa di Hong Kong, azioni cinesi di classe B quotate o negoziate alla Borsa di Shanghai o alla Borsa di Shenzhen o azioni cinesi di classe A mediante il Programma Stock Connect. Il Comparto può investire fino al 10% del suo Valore Patrimoniale Netto in Azioni cinesi di classe A tramite il programma Stock Connect. Ulteriori dettagli sul programma Stock Connect sono indicati nell'Appendice V al Prospetto.
Nonostante la Valuta di Base del Comparto sia l'USD, il Comparto può investire in attività non denominate in USD. Tali attività non saranno necessariamente coperte in USD. Inoltre il Comparto può assumere posizioni attive in valuta su valute diverse dall'USD per esprimere l'opinione del Gestore degli Investimenti sulle valute al fine di aiutare il Comparto ad aumentare la crescita del capitale. A tali scopi gli SFD possono essere utilizzati come contratti di cambio a termine, future su valuta od opzioni su future su valuta. Pertanto, mentre le posizioni attive in valuta non costituiranno la parte centrale della strategia d'investimento del Comparto, la performance del Comparto può essere fortemente influenzata dai movimenti dei tassi di cambio in quanto le posizioni in valuta detenute dal Comparto possono non corrispondere alle posizioni in titoli detenute.

##### Gestione di Liquidità e Collaterale
Il Comparto deterrà liquidità o attività equiparabili a liquidità in certe circostanze, ad esempio per soddisfare le richieste di rimborso, facilitare il pagamento delle spese, detenere liquidità in deposito in attesa di reinvestimento e fornire liquidità e garanzia a supporto dell'esposizione SFD.
Le attività equiparabili a liquidità possono includere strumenti del mercato monetario (quali buoni del Tesoro statunitensi, certificati di deposito, carte commerciali e depositi a termine) e depositi bancari. Resta inteso che emittenti e/o garanti di tali titoli e strumenti avranno un rating di credito al momento dell'acquisto non inferiore ad A1/P1 (o equivalente) attribuito da un'Agenzia di rating riconosciuta o saranno considerati di qualità equivalente dal Gestore degli Investimenti.

##### Benchmark
MSCI Emerging Markets NR Index (il "Benchmark").
Il Benchmark è un indice della capitalizzazione di mercato ponderato sulla base del flottante che è ideato per misurare la performance del mercato azionario di aziende a grande e media capitalizzazione nei mercati emergenti internazionali. Il Benchmark copre circa l'85% della libera capitalizzazione di mercato rettificata al flottante in ogni paese coperto, tra cui: Argentina, Brasile, Cile, Cina, Colombia, Repubblica Ceca, Egitto, Grecia, Ungheria, India, Indonesia, Corea, Kuwait, Malesia, Messico, Pakistan, Perù, Filippine, Polonia, Qatar, Russia, Arabia Saudita, Sud Africa, Taiwan, Thailandia, Turchia ed Emirati Arabi Uniti (a settembre 2021).
Ulteriori informazioni sul Benchmark sono disponibili su https://www.msci.com/our-solutions/indexes/emerging- markets
Il Comparto misurerà la sua performance rispetto al Benchmark.
Il Comparto è gestito in modo attivo, il che significa che il Gestore degli Investimenti ha assoluta discrezionalità nella decisione di investire al di fuori del Benchmark in funzione dell'obiettivo e della politica di investimento.
Sebbene le partecipazioni del Comparto possano includere componenti del Benchmark, la selezione degli investimenti e le loro ponderazioni nel portafoglio non sono influenzate dal Benchmark. La strategia di investimento non limita la misura in cui il Gestore degli Investimenti potrà discostarsi dal Benchmark.
Il Benchmark di questo Comparto è un indice di riferimento del mercato ad ampio raggio che non tiene conto dei fattori ESG. Il Benchmark non è utilizzato per determinare se gli investimenti sono Investimenti sostenibili SFDR né per misurare il modo in cui il Comparto realizzerà i propri obiettivi ambientali e sociali. Il Gestore degli Investimenti cercherà invece di misurare il contributo delle società partecipate in cui il Comparto investe rispetto al raggiungimento degli OSS, al fine di valutare se gli obiettivi ambientali e sociali del Comparto sono stati realizzati.

##### Strategia di investimento
Il processo di investimento a livello di azienda del Gestore degli Investimenti si serve di una combinazione di temi di investimento, analisi fondamentale e valutazione dei titoli. I temi cercano di identificare le aree principali di cambiamento strutturale nel mondo. Il cambiamento strutturale include molteplici mutamenti come quelli ambientali, economici, tecnologici e demografici che forniscono il contesto all'analisi di investimento e al processo decisionale, aiutando il Gestore degli Investimenti a identificare le aree con opportunità e rischio potenziali sia a livello di classe di attività che di titoli. L'analisi fondamentale e la considerazione delle valutazioni del titolo da parte del Gestore degli Investimenti contribuisce in seguito a determinare le aree di potenziali investimenti per il Comparto.
La valutazione del titolo comprende un'analisi dettagliata basata su un'ampia gamma di parametri finanziari e di ricerca. Ciò include la considerazione dei rischi, delle opportunità e delle questioni ESG. Durante la fase di investimento in titoli, il gestore del portafoglio prenderà in considerazione l'impatto di tali investimenti sulla costruzione generale del Comparto, come ad esempio le esposizioni delle categorie di attività, la dimensione di ciascuna posizione dei titoli e le caratteristiche di rischio dell'investimento dei titoli stessi. Non vi sono restrizioni in termini di dimensione (capitalizzazione di mercato) delle società in cui il Comparto può investire. Inoltre il Comparto è notevolmente più concentrato rispetto al Benchmark, in quanto è esposto a un numero significativamente inferiore di società. L'approccio del Gestore degli Investimenti si concentra sull'investimento in titoli di società con valutazioni interessanti, buone prospettive e solidi fondamentali. Il Gestore degli Investimenti pone particolare attenzione alla solidità del bilancio, ai rendimenti durevoli dai capitali e ai team di gestione che enfatizzano gli interessi degli azionisti.
Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli Investimenti e costituisce un Investimento sostenibile SFDR (e se segue buone pratiche di governance), il Gestore degli Investimenti considera se la società: (i) adotta pratiche aziendali sostenibili in senso economico (ossia la strategia, le operazioni e la situazione finanziaria della società sono
stabili e durevoli); (ii) adotta misure appropriate per gestire eventuali conseguenze sostanziali o l'impatto delle sue politiche e operazioni in relazione a questioni ESG (ad es. l'impronta ambientale della società, standard di lavoro, struttura dei consigli); e (iii) contribuisce, in modo dimostrabile, attraverso le sue operazioni aziendali, ed è in possesso di piani credibili per contribuire ulteriormente nel lungo termine (ove pertinente), a uno o più Obiettivi di sviluppo sostenibile dell'ONU.
Queste Società possono includere aziende le cui attività commerciali sono ritenute in una fase di transizione tale da generare un impatto positivo sull'ambiente e/o sulla società. Il coinvolgimento in attività potenzialmente dannose dal punto di vista ambientale o sociale può verificarsi per alcune società le cui attività od operazioni, in genere per via di una combinazione di attività di business ereditate, possono in passato aver avuto scarsi risultati ambientali o sociali, ma che ora intendono investire e adeguarsi positivamente alle esigenze future. Ciò può includere ad esempio società generatrici di energia elettrica che stanno realizzando impianti per lo sfruttamento di risorse rinnovabili, al fine di sostenere un'economia a basse emissioni di carbonio, e che si sono impegnate a smantellare le centrali elettriche alimentate a carbone. A titolo di ulteriore chiarimento, tali investimenti saranno Investimenti sostenibili SFDR al momento dell'acquisto.
Analogamente, in alcune circostanze il Comparto può investire in una società le cui iniziative positive di tipo sociale non sono state pienamente rappresentate nelle informazioni e nei dati ESG offerti da fornitori di rating ESG esterni, a parere del Gestore degli Investimenti.
Inoltre, almeno il 90% del Valore Patrimoniale Netto del Comparto (al netto dell'esposizione del Comparto a liquidità e attività equiparabili a liquidità, fondi monetari e SFD legati a valute (le "Attività non ESG")) deve soddisfare i criteri ESG e di sostenibilità del Gestore degli Investimenti al momento dell'acquisto e su base continuativa. A titolo di ulteriore chiarimento, le Attività non ESG non devono necessariamente soddisfare questi criteri. Non sarà effettuato alcun investimento in un titolo che si presuppone abbia problematiche di tipo ambientale, sociale o di governance sostanziali e irrisolvibili. Nel determinare se una società soddisfa i criteri ESG e di sostenibilità del Gestore degli
Investimenti, quest’ultimo utilizza una combinazione di
dati esterni ed interni, ricerca e rating di natura sia
quantitativa che qualitativa.
Il Gestore degli Investimenti si affida a informazioni e dati di terzi (che possono includere fornitori di ricerche,
report, screening, rating e/o analisi quali fornitori di indici e consulenti). Tali informazioni o dati possono essere incompleti, inesatti o incoerenti.
Gli investimenti del Comparto devono continuare a soddisfare i criteri ESG e di sostenibilità del Gestore degli Investimenti su base continuativa dopo l'acquisto iniziale e il Gestore degli Investimenti valuterà il livello di rischio di sostenibilità a cui una società può essere soggetta nello stesso modo in cui essa sarebbe valutata prima dell'acquisto iniziale.
Il Comparto investirà prevalentemente in Azioni e titoli correlati ad azioni, ma potrà anche investire in liquidità e attività equiparabili a liquidità a scopo di copertura o al fine di ottenere liquidità quando il Gestore degli Investimenti lo riterrà opportuno. Sebbene il Comparto abbia la possibilità di utilizzare gli SFD, questi ultimi non
costituiscono una parte essenziale della strategia d'investimento. L'utilizzo degli SFD avverrà probabilmente su base occasionale, qualora il Gestore degli Investimenti ritenga che gli SFD rappresentino un modo più efficace per raggiungere l'obiettivo d'investimento del Comparto rispetto agli investimenti diretti. Qualsiasi utilizzo di SFD a fini d'investimento sarà consentito soltanto nella misura in cui si prevede che permetterà al Gestore degli Investimenti di realizzare gli obiettivi ambientali e sociali del Comparto.

#### Regolamento relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari
Il Comparto integra il rischio di sostenibilità nelle decisioni d’investimento e ha come obiettivo gli investimenti sostenibili ai sensi dell’Articolo 9 dell'SFDR.
La valutazione del rischio di sostenibilità costituisce una parte importante del processo di due diligence attuato dal Gestore degli Investimenti.
Nel valutare il rischio di sostenibilità associato agli investimenti sottostanti, il Gestore degli investimenti valuta il rischio che si verifichino effetti pesantemente negativi sul valore di tali investimenti sottostanti a causa di un evento o di una condizione ESG ("Evento ESG").
Il Gestore degli Investimenti ha accesso a una serie di indicatori ESG forniti da fornitori di dati terzi, utili per determinare potenziali problematiche ESG che un emittente può trovarsi ad affrontare. Ciò include, a titolo esemplificativo ma non esaustivo, l'esposizione ad attività che possono essere considerate dannose per l'ambiente o per la società. Tali dati, insieme ai dati delle risorse proprietarie di ricerca sugli investimenti responsabili del Gestore degli Investimenti, costituiscono una parte centrale dell'esame e della valutazione del Gestore degli Investimenti del livello di rischio di sostenibilità a cui può essere soggetto un investimento.
Tale valutazione è integrata nel processo di ricerca del livello di sicurezza, che si basa sull'analisi fondamentale delle singole opportunità di investimento attraverso una serie di fattori, tra cui:
- Caratteristiche finanziarie o economiche fondamentali
- Valutazione
- Profilo di rischio/rendimento
- Caratteristiche ESG dell'emittente, inclusa la comprensione dell'impatto di tali aspetti sui rendimenti economiciIl Gestore degli Investimenti prenderà in considerazione le informazioni raccolte in seguito alla conduzione dell'analisi fondamentale per decidere se acquisire una partecipazione in un emittente o continuare a detenere una posizione.

Qualora il rischio di sostenibilità associato a un particolare investimento aumenti oltre un livello accettabile per il Gestore degli Investimenti, sempre considerando l'obiettivo e la strategia di investimento del Comparto, il Gestore degli Investimenti prenderà in considerazione la possibilità di vendere o ridurre l'esposizione del Fondo a tale investimento, tenendo conto dei principali interessi degli Azionisti del Fondo.
Come spiegato in precedenza, la valutazione e la gestione dei rischi di sostenibilità costituiscono una parte importante del processo di due diligence del Gestore
degli Investimenti; tuttavia, potrebbe ancora sussistere il rischio che si verifichino effetti pesantemente negativi sul valore di un Comparto a causa di un Evento ESG.
Il Gestore ha esaminato attentamente i requisiti del
regime di valutazione degli effetti negativi principali di cui all'articolo 4 dell'SFDR (il “Regime PAI”). Il Gestore sostiene gli obiettivi di politica del Regime PAI, al fine di
migliorare la trasparenza nei confronti degli investitori e del mercato, per quanto concerne il modo in cui i partecipanti al mercato finanziario integrano la valutazione degli effetti negativi delle loro decisioni di investimento sui fattori di sostenibilità. Il Gestore, tuttavia, non considera attualmente gli effetti negativi delle decisioni di investimento sui fattori di sostenibilità in linea con il Regime PAI per il Comparto a causa delle riserve relative alla mancanza di dati prontamente disponibili per soddisfare i molti obblighi di segnalazione tecnica del regime. Il Gestore continua ad analizzare i dati disponibili necessari per adempiere a tali obblighi di segnalazione tecnica e per valutare i suoi obblighi ai sensi del Regime PAI insieme al Gestore degli investimenti, e la sua decisione di non conformarsi al Regime PAI sarà oggetto di riesame periodico.

#### Il Regolamento sulla tassonomia dell’UE
Sebbene questo Comparto sia classificato come un fondo conforme all'Articolo 9 di cui al SFDR in quanto punta a contribuire al raggiungimento di obiettivi ambientali, alla data del presente Supplemento gli investimenti sottostanti questo Comparto non tengono conto dei Criteri UE per le attività economiche sostenibili dal punto di vista ambientale, fermo restando che alcuni investimenti detenuti dal Comparto possono contribuire incidentalmente al raggiungimento degli obiettivi ambientali di Mitigazione dei cambiamenti climatici e/o Adattamento ai cambiamenti climatici. Questa situazione sarà tenuta sotto controllo attivo e potrà essere riconsiderata non appena saranno disponibili dati più adeguati, affidabili, tempestivi e verificabili sugli investimenti del Comparto.

#### Registrazione in Germania
Resta inteso che questo Comparto sarà registrato per la vendita in Germania. Il Comparto si classifica come Fondo azionario (Equity Fund) in Germania ai fini fiscali e come tale investirà in modo permanente più del 50%
del suo patrimonio in azioni come definito nell’articolo 2
paragrafo 8 della legge tedesca in materia di imposizione
fiscale degli investimenti.

#### Utilizzo di SFD
| Futures | Future su valuta Future su indici azionari Future su azioni Future su indice |
| --- | --- |
| Opzioni | Opzioni su azioni (titoli singoli, indice, settore, paniere personalizzato) LEPO e LEPW Opzioni su indice Opzioni su future su azioni Opzioni su valute Opzioni su future su valuta |

Il Comparto può investire nei seguenti SFD negoziati in borsa e over-the-counter (OTC) a fini di investimento:
| Contratti a Termine | Contratti di Cambio a Termine |
| --- | --- |
| Titoli con SFD integrati/Leva finanziaria | Warrant Diritti di Acquisto sulle Azioni Azioni privilegiate convertibili |

Ulteriori dettagli riguardo all'uso di SFD per finalità di investimento, copertura e gestione efficiente del portafoglio, comprese le loro finalità commerciali, sono descritte nella sezione "La Società - Tecniche e strumenti finanziari derivati" del Prospetto.

#### Indici finanziari
Il Comparto può acquisire esposizione indiretta a indici finanziari tramite l’uso di SFD sia per la gestione efficiente del portafoglio (EPM) che a fini di investimento.
Il Comparto utilizza i seguenti indici finanziari ai fini di investimento laddove è più efficiente farlo, o in circostanze in cui il Comparto non può accedere direttamente agli investimenti.
| Tipo di indici finanziari | Nome degli indici finanziari |
| --- | --- |
| Indici azionari per offrire un'esposizione a mercati azionari regionali e internazionali in modo più efficiente o conveniente rispetto all'acquisto di titoli fisici | Indice MSCI Emerging Markets MSCI India Index MSCI China Index |

Questi indici finanziari saranno di norma ribilanciati regolarmente. Tuttavia, dal momento che il Comparto non intende replicare o seguire alcun indice, esso non sarà direttamente influenzato da alcun ribilanciamento, costi associati o ponderazione dei titoli in un indice finanziario che eccederebbero le limitazioni agli investimenti consentite.
I dettagli relativi al reperimento di ulteriori informazioni sugli indici finanziari sopracitati sono riportati nella "Appendice IX - Informazioni aggiuntive sugli indici finanziari utilizzati a scopo di investimento" del Prospetto.
Qualora il Comparto acquisisca esposizione a scopo di investimento a un indice finanziario non elencato in precedenza, i dettagli, incluso il mercato che rappresenta e la disponibilità di ulteriori informazioni, saranno riportati nel bilancio annuale e semestrale della Società.

#### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e Leva Finanziaria" del Prospetto.

#### Gestione Efficiente del Portafoglio
Il Comparto potrà utilizzare i seguenti tipi di SFD ai fini di una gestione efficiente del portafoglio: - future, opzioni, swap, contratti a termine e warrant. Il Comparto potrà utilizzare contratti di riacquisto e riacquisto inverso ai fini della gestione efficiente del portafoglio, alle condizioni ed entro i limiti stabiliti dai Regolamenti OICVM della Banca Centrale. Per ulteriori informazioni sui tipi di tecniche e SFD che il Comparto può utilizzare ai
fini di una gestione efficiente del portafoglio, consultare la sezione "La Società - Gestione Efficiente del Portafoglio" del Prospetto.

#### Accordi di prestito di titoli
Questo Comparto non utilizzerà accordi di prestito di titoli e, pertanto, può rinunciare a qualsiasi rendimento aggiuntivo che possa essere prodotto da tali attività.

#### Operazioni di finanziamento tramite titoli
Il Comparto può effettuare operazioni di finanziamento tramite titoli (“SFT”), ossia contratti di riacquisto e riacquisto inverso, come descritto nella sezione “Gestione Efficiente del Portafoglio” del Prospetto.
L'esposizione massima del Comparto con riferimento alle SFT è pari al 100% del Valore Patrimoniale Netto del Comparto. Tuttavia, non si ritiene che l'esposizione del Comparto alle SFT supererà il 15% del Valore Patrimoniale Netto. I tipi di attività soggetti a SFT saranno coerenti con le politiche di investimento del Comparto.
Ulteriori dettagli sugli SFT, nonché su procedure accettabili concernenti la garanzia collaterale e le
controparti, sono forniti nelle sezioni “Appendice III - Operazioni di finanziamento tramite titoli”, “Appendice III - Gestione del Collaterale”, “Appendice III - Utilizzo di
Contratti di Riacquisto, Contratti di Riacquisto Inverso e Contratti di Prestito di Titoli”, “Gestione Efficiente del Portafoglio” e “Fattori di Rischio” del Prospetto.

#### Emissione di Azioni
Le Azioni delle classi di Azioni disponibili non lanciate saranno offerte durante un periodo di offerta iniziale, che avrà inizio alle 9.00 del 1° giugno 2022 e terminerà alle
17.00 del 30 novembre 2022 (il "Periodo di offerta iniziale"), a un prezzo di offerta iniziale per Azione pari a 1 USD, 1 EUR, 1 GBP, 1 CHF, 10 DKK, 10 SEK, 10 NOK o 1
SGD a seconda della valuta della classe pertinente (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
I rispettivi periodi di offerta iniziale possono essere abbreviati o prolungati dagli Amministratori. La Banca Centrale sarà avvertita con anticipo di qualsiasi abbreviazione o prolungamento di tale periodo se le sottoscrizioni di Azioni sono state ricevute o comunque su base annuale.
Successivamente alle rispettive offerte iniziali, le Azioni di ciascuna classe saranno assegnate in ogni Giorno di Valutazione nel Momento di Valutazione. Il Prezzo di Sottoscrizione è il Valore Patrimoniale Netto per Azione di quella classe calcolato nel Momento di Valutazione (oltre agli oneri di vendita, ove presenti, applicabili alla classe pertinente).
Tutte le richieste di emissione di Azioni devono essere ricevute entro la Scadenza per la Negoziazione nel modo indicato nel Prospetto.

#### Politica di distribuzione
Nel caso di classi di azioni di reddito (Inc.) e ad accumulazione (Acc.), i dividendi vengono di solito dichiarati su base annua il 31 dicembre. Per i detentori di Azioni di reddito, i dividendi dichiarati vengono di solito pagati entro l'11 febbraio o prima di tale data. Ulteriori dettagli sono indicati nel Prospetto nel capitolo "La Società - Politiche di Distribuzione".

#### Commissioni
Le Commissioni e spese degli Amministratori, del Gestore degli Investimenti, dell’Amministratore, del Depositario, nonché le spese iniziali, sono indicate nel capitolo
"Gestione e Amministrazione della Società - Commissioni e Spese" del Prospetto. La commissione di gestione annuale da corrispondere al Gestore è indicata nella
sezione “Classi di Azioni” che precede.
Tutte le spese e commissioni relative alla costituzione e organizzazione del Comparto incluse le spese dei consulenti professionali del Comparto saranno a carico del Comparto stesso. Tali spese e commissioni si stima non superino i 35.000 EUR e saranno attribuite all'esercizio del Comparto dell'anno in cui tali spese sono sostenute e saranno ammortate in un periodo massimo di 3 anni dalla data di lancio del Comparto.

#### Fattori di Rischio
Si richiama in particolare l'attenzione degli investitori sulla sezione intitolata “Fattori di Rischio” del Prospetto.