22 May 2020 - Volksbank · 2020. 6. 5. · BNY Mellon Global Funds, plc (la "Società") è una...

ProspectusBNY MELLON GLOBAL FUNDS, PLC

DATED: 04 NOVEMBER, 2020(CONSOLIDATED AS OF 8 DECEMBER, 2020)

BNY Mellon Global Funds, plc (the “Company”) is an open-ended umbrella type investment company with variable capital incorporatedwith limited liability under the laws of Ireland (registered number 335837) and authorised by the Central Bank of Ireland pursuant to theEuropean Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (SI. No 352 of 2011) (asamended). There exists segregated liability between Sub-Funds.

If you are in doubt about the contents of this Prospectus, you should consult your stockbroker or other independent financialadviser.

The Directors whose names appear under the heading “Management and Administration of the Company” accept full responsibility forthe accuracy of the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have takenall care to ensure that such is the case) such information is in accordance with the facts and does not omit anything likely to affect theimport of such information. The Directors accept responsibility accordingly.

PreliminaryAuthorisation of the Company and of its Sub-Funds isnot an endorsement or guarantee of the Company or itsSub-Funds by the Central Bank nor is the Central Bankresponsible for the contents of this Prospectus. Theauthorisation of the Company and of its Sub-Funds bythe Central Bank shall not constitute a warranty as tothe performance of the Company and of its Sub-Fundsand the Central Bank shall not be liable for theperformance or default of the Company or its Sub-Funds.

No person has been authorised to issue anyadvertisement or to give any information, or to make anyrepresentations in connection with the offering, placing,subscription or sale of Shares other than those containedin this Prospectus and, if issued, given or made, suchadvertisement, information or representations must not berelied upon as having been authorised by the Company.Neither the delivery of this Prospectus nor the offer,placement, allotment or issue of any of the Shares shallunder any circumstances create any implication orconstitute a representation that the information given inthis Prospectus is correct as of any time subsequent tothe date hereof.

This Prospectus does not constitute, and may not be usedfor the purposes of, an offer or solicitation to anyone inany jurisdiction in which such offer or solicitation is notauthorised, or to any person to whom it is unlawful tomake such offer or solicitation. The distribution of thisProspectus and the offering of Shares in certainjurisdictions may be restricted and accordingly, personsinto whose possession this Prospectus comes are requiredto inform themselves about and to observe suchrestrictions. Prospective investors should informthemselves as to

a) the legal requirements within their own jurisdictionsfor the purchase or holding of Shares;

b) any foreign exchange restrictions which may affectthem;

and

c) the income and other tax consequences which mayapply in their own jurisdictions relevant to thepurchase, holding or disposal of Shares.

The Shares have not been and will not be registered inthe United States under the Securities Act of 1933, asamended (the “Securities Act”), or any U.S. statesecurities laws, and neither any Sub-Fund nor theCompany has been or will be registered in the UnitedStates under the Investment Company Act of 1940, asamended (the “1940 Act”) and Shareholders will not beentitled to the benefits of such registration. Applicantswill be required to certify that they are not U.S. Persons

precluded from purchasing, acquiring or holding Shares.Please see section “Information for United States ofAmerica” in Appendix VII for further details.

Application may be made to the Irish Stock Exchange forthe Shares of any particular class or Sub-Fund to beadmitted to the Official List and to trading on the MainSecurities Market of the Irish Stock Exchange. TheDirectors do not expect that an active secondary marketwill develop in the Shares. The admission of the Shares tothe Official List and to trading on the Main SecuritiesMarket of the Irish Stock Exchange shall not constitute awarranty or representation by the Irish Stock Exchange asto the competence of the service providers to or any otherparty connected with the Company, the adequacy ofinformation contained in the Prospectus and Supplementsor the suitability of the Company for investment purposes.

Distribution of this Prospectus is not authorised unless itis accompanied by a copy of the latest annual report ofthe Company and, if published thereafter, the latest half-yearly report of the Company. Such reports and eachrelevant Supplement to this Prospectus will form part ofthis Prospectus.

Unless otherwise provided, statements made in thisProspectus are based on the law and practice currently inforce in Ireland and are subject to changes in that law.

The price of Shares as well as any income therefrommay go down as well as up to reflect changes in the NetAsset Value of a Sub-Fund. The value of yourinvestments may fluctuate. Past performance providesno guarantee for the future. A redemption fee may beimposed which may differ between classes and Sub-Funds (as detailed in the Supplements hereto) and whichshall at no time exceed 3% of the total redemptionamount. The difference at any one time between thesale and repurchase price of the Shares means that theinvestment should be viewed as medium to long-term.

Unless otherwise indicated in the relevant Supplement,fees and expenses are only charged to capital wherethere is insufficient income to cover fees and expenses.Where all or part of the fees (including managementfees), are charged to capital, Shareholders should notethat capital may be eroded and this will have the effectof lowering the capital value of an investment andconstraining the potential for future capital growth.Thus, on redemptions of holdings Shareholders may notreceive back the full amount invested.

Attention is also drawn to the section headed “RiskFactors”.

If you do not understand the contents of this documentyou should consult an authorised financial adviser.

BNY Mellon Global Funds, plc – Preliminary 3

ContentsPreliminary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

The Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Establishment and Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Benchmarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Investment and Borrowing Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Registration and Authorisation in Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Registration in Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Cluster Munitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Debt Instruments Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Equity-Related Instruments Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Financial Derivative Instruments and Techniques . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Efficient Portfolio Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Risk Management Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Global Exposure and Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Share Class Hedging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Distribution Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

UK Reporting Fund Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Application for Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Issue of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Repurchase of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Restrictions on Ownership, Compulsory Repurchase and Transfer of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Compulsory Conversion of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Voluntary Switching and/or Conversion of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Transfer of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Calculation of Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Dilution Adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Publication of Net Asset Value per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Management and Administration of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Investment Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Distributor (excluding the EEA other than the U.K.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Sub-Investment Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Investment Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

i-Hedge Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Depositary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Distributors and Paying Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Conflicts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Soft Commissions and fee sharing arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Best Execution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Voting Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Class Actions Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

4 BNY Mellon Global Funds, plc – Contents

Error and Breach Correction Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Accounts and Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

General Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Transferable Securities, FDI and Other Techniques Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Structured Products Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Real Estate Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Investment in Mobility Innovation Companies Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Investment in Infrastructure Companies Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Sustainable Investment Approach Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Investment in Digital Assets Companies Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Risks relating to investments in P-Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Risks of investing in MLPs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Political and/or Regulatory Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Currency Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Investment Manager and Strategy Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Index Tracking Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Counterparty Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Legal and Operational Risks Linked to Management OF Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Borrowing Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Segregated Liability Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Operation of Umbrella Cash Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Accounting, Auditing and Financial Reporting Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Concentration Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Exchange Control and Repatriation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Emerging Markets Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Sovereign Debt Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Eurozone Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Investment in Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Investment in Mainland China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Custody Risks and Settlement Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Liquidity Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Valuation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Securities Lending Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Credit Ratings and Unrated Securities Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Redemption Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Changes in Interest Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Global Financial Market Crisis and Governmental Intervention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Market Disruptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Reliability of Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Investment Manager Valuation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Market Capitalisation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Manager of Managers Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Allocation Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Risks specific to investment in small capitalisation companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Foreign Account Tax Compliance Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Common Reporting Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Volcker Rule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

US Bank Holding Company Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

BNY Mellon Global Funds, plc – Contents 5

Cyber Security Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

Risks Associated with China Interbank Bond Market and Bond Connect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

IBOR Phase Out Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

COVID-19 Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

Irish Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

UK Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

Compliance with US reporting and withholding requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Common Reporting Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

Mandatory Disclosure Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Appendix I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

Appendix II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Eligible Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Appendix III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Use of Repurchase/Reverse Repurchase and Stocklending Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Securities Financing Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Management of Collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

Collateral Management Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

Appendix IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

Sub-Custodians . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

Appendix V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Stock Connect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Appendix VI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100

Bond Connect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100

Appendix VII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101

Selling restrictions for certain non-EEA countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101

Appendix VIII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105

Benchmark provider disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105

Supplement 1 - BNY Mellon Asian Equity Fund

Supplement 2 - BNY Mellon Small Cap Euroland Fund

Supplement 3 - BNY Mellon Global Bond Fund

Supplement 4 - BNY Mellon Global Equity Fund

Supplement 5 - BNY Mellon Global High Yield Bond Fund

Supplement 6 - BNY Mellon Global Opportunities Fund

Supplement 7 - BNY Mellon Pan European Equity Fund*

Supplement 8 - BNY Mellon S&P 500® Index Tracker

Supplement 9 - BNY Mellon U.S. Dynamic Value Fund

Supplement 10 - BNY Mellon Euroland Bond Fund

Supplement 11 - BNY Mellon Emerging Markets Debt Fund

Supplement 12 - BNY Mellon Emerging Markets Debt Local Currency Fund

Supplement 13 - BNY Mellon Brazil Equity Fund

Supplement 14 - BNY Mellon Long-Term Global Equity Fund

Supplement 15 - BNY Mellon Global Real Return Fund (USD)

Supplement 16 - BNY Mellon Global Real Return Fund (EUR)

Supplement 17 - BNY Mellon Global Opportunistic Bond Fund*


Supplement 18 - BNY Mellon Global Equity Income Fund

Supplement 19 - BNY Mellon Global Dynamic Bond Fund

Supplement 20 - BNY Mellon Absolute Return Equity Fund

Supplement 21 - BNY Mellon Emerging Markets Corporate Debt Fund

Supplement 22 - BNY Mellon Absolute Return Bond Fund

Supplement 23 - BNY Mellon European Credit Fund

Supplement 24 - BNY Mellon Global Real Return Fund (GBP)

Supplement 25 - BNY Mellon Global Emerging Markets Fund

Supplement 26 - BNY Mellon Emerging Markets Debt Opportunistic Fund

Supplement 27 - BNY Mellon Japan Small Cap Equity Focus Fund

Supplement 28 - BNY Mellon Japan All Cap Equity Fund*

Supplement 29 - BNY Mellon Asian Income Fund

Supplement 30 - BNY Mellon US Opportunities Fund*

Supplement 31 - BNY Mellon Dynamic Total Return Fund

Supplement 32 - BNY Mellon Global Leaders Fund

Supplement 33 - BNY Mellon Targeted Return Bond Fund

Supplement 34 - BNY Mellon Global Credit Fund

Supplement 35 - BNY Mellon Asia Rising Stars Fund*

Supplement 36 - BNY Mellon U.S. Equity Income Fund

Supplement 37 - BNY Mellon Global Short-Dated High Yield Bond Fund

Supplement 38 - BNY Mellon Japan REIT Alpha Fund*

Supplement 39 - BNY Mellon U.S. Municipal Infrastructure Debt Fund

Supplement 40 - BNY Mellon Dynamic U.S. Equity Fund

Supplement 41 - BNY Mellon Global Unconstrained Fund

Supplement 42 - BNY Mellon Global Multi-Asset Income Fund

Supplement 43 - BNY Mellon Efficient U.S. High Yield Beta Fund

Supplement 44 - BNY Mellon Emerging Markets Debt Total Return Fund

Supplement 45 - BNY Mellon Multi-Asset High Income Fund*

Supplement 46 - BNY Mellon Global Infrastructure Income Fund

Supplement 47 - BNY Mellon Mobility Innovation Fund

Supplement 48 - BNY Mellon U.S. Credit Select Income Fund

Supplement 49 - BNY Mellon U.S. Opportunistic Alpha Fund*

Supplement 50 - BNY Mellon Sustainable Global Dynamic Bond Fund

Supplement 51 - BNY Mellon Blockchain Innovation Fund

Supplement 52 - BNY Mellon Absolute Return Global Convertible Fund

Supplement 53 - BNY Mellon Floating Rate Credit Fund

Supplement 54 - BNY Mellon Sustainable Global Real Return Fund (EUR)

Supplement 55 - BNY Mellon Efficient Global IG Corporate Beta Fund

Supplement 56 - BNY Mellon Efficient EM Debt Local Currency Beta Fund

Supplement 57 - BNY Mellon Efficient U.S. Fallen Angels Beta Fund

Supplement 58 - BNY Mellon Efficient Global High Yield Beta Fund

Supplement 59 - Responsible Horizons Euro Corporate Bond Fund

Supplement 60 - BNY Mellon Efficient Euro High Yield Beta Fund

Supplement 61 - BNY Mellon Future Earth Fund

Supplement 62 - BNY Mellon Future Food Fund

Supplement 63 - BNY Mellon Future Life Fund

BNY Mellon Global Funds, plc – Contents 7

Supplement 64 - BNY Mellon Smart Cures Innovation Fund

First Addendum - BNY Mellon Global Funds, PLC (the “Company”)

BNY MELLON S&P 500® INDEX TRACKER: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by BNYMellon Global Funds, plc. The BNY Mellon S&P 500® Index Tracker is not sponsored, endorsed, sold or promoted by Standard & Poor’s andStandard & Poor’s makes no representation regarding the advisability of investing in the BNY Mellon S&P 500® Index Tracker.

* please note that these Sub-Funds are closed to subscriptions and are pending revocation from the Central Bank. Please see the relevantSupplements for further information.


DirectoryRegistered Office

One Dockland CentralGuild StreetIFSCDublin 1D01E4X0Ireland

SecretaryTudor Trust Limited33 Sir John Rogerson’s QuayDublin 2Ireland

DirectorsGreg BriskDavid DillonMichael MeagherGerald Rehn

DepositaryThe Bank of New York Mellon SA/NV, Dublin BranchRiverside Two, Sir John Rogerson’s QuayDublin 2D02KV60Ireland

Administrator, Registrar and Transfer AgentBNY Mellon Fund Services (Ireland) DesignatedActivity CompanyOne Dockland CentralGuild StreetIFSCDublin 1D01E4X0Ireland

Legal Advisers in IrelandDillon Eustace33 Sir John Rogerson’s QuayDublin 2Ireland

AuditorsErnst & YoungHarcourt CentreHarcourt StreetDublin 2Ireland

Distributor (within the EEA excluding the U.K.)BNY Mellon Fund Management (Luxembourg) S.A.2-4, rue Eugène RuppertL-2453 Luxembourg

Distributor (excluding the EEA other than the U.K.)BNY Mellon Investment Management EMEA LimitedBNY Mellon Centre160 Queen Victoria StreetLondon EC4V 4LAUnited Kingdom

ManagerBNY Mellon Fund Management (Luxembourg) S.A.2-4, rue Eugène RuppertL-2453 Luxembourg

Investment ManagersAlcentra Limited160 Queen Victoria StreetLondon, EC4V 4LAUnited Kingdom

Alcentra NY, LLC200 Park Ave., 7th FloorNew York, NY 10166United States

ARX Investimentos Ltda.Avenida Borges de Medeiros, 633, 4th floor, LeblonRio de Janeiro, R.J.BrazilZip Code: 22430-041

BNY Mellon Investment Management Japan LimitedMarunouchi Trust Tower Main1-8-3 Marunouchi, Chiyoda-kuTokyo 100-0005Japan

Insight Investment Management (Global) Limited160 Queen Victoria StreetLondon, EC4V 4LAUnited Kingdom

Newton Investment Management LimitedBNY Mellon Centre160 Queen Victoria StreetLondon, EC4V 4LAUnited Kingdom

Mellon Investments CorporationBNY Mellon CenterOne Boston Place201 Washington StreetBoston, MA 02108-4408

Walter Scott & Partners LimitedOne Charlotte SquareEdinburgh, EH2 4DRScotlandUnited Kingdom

BNY Mellon Global Funds, plc – Directory 9

DefinitionsThe following definitions apply throughout thisProspectus unless the context otherwise requires:

“Administration Agreement”an agreement dated 13 March 2001 between BNYMellon Global Management Limited and Mellon FundAdministration Limited, as amended and novated byagreement between BNY Mellon Global ManagementLimited, Mellon Fund Administration Limited and theAdministrator dated 31 July 2008 and further novatedby agreement between BNY Mellon GlobalManagement Limited, the Manager and theAdministrator dated 1 March 2019, as amended,supplemented or otherwise modified from time totime in accordance with the requirements of theCentral Bank UCITS Regulations

“Administrator”BNY Mellon Fund Services (Ireland) DesignatedActivity Company or any successor companyappointed by the Manager as administrator of theCompany and of each Sub-Fund in accordance withthe requirements of the Central Bank UCITSRegulations

“Articles”the Memorandum and Articles of Association of theCompany, as amended from time to time

“Board” or “Directors”the board of directors of the Company, including dulyauthorised committees of the board of directors

“Bond Connect”Bond Connect is a mutual bond market accessscheme between Mainland China and Hong Kongestablished by China Foreign Exchange Trade System& National Interbank Funding Centre (“CFETS”), ChinaCentral Depository & Clearing Co., Ltd (“CCDCC”),Shanghai Clearing House, and Hong Kong Exchangesand Clearing Limited and Central Moneymarkets Unit.This scheme allows foreign investors (including aSub-Fund) to invest in the China interbank bondmarket (CIBM) through connection between therelated Mainland and Hong Kong financialinfrastructure institutions. Further details about BondConnect are set out in Appendix VI to this Prospectus

“Business Day”any such day or days as set out in the relevantSupplement

“Central Bank”the Central Bank of Ireland or any successor bodythereto

“Central Bank UCITS Regulations”the Central Bank (Supervision and Enforcement) Act2013 (Section 48(1)) (Undertakings for CollectiveInvestment in Transferable Securities)Regulations 2019, (as may be further amended,

consolidated and substituted from time to time) andany related guidance issued by the Central Bank fromtime to time

“CIS”collective investment schemes

“Company”BNY Mellon Global Funds, plc

“Dealing Deadline”such day and time as specified in the relevantSupplement for the Sub-Fund

“Depositary”shall mean The Bank of New York Mellon SA/NVDublin Branch, which acts as depositary of theCompany or any successor company appointed by theCompany with the prior approval of the Central Bankas depositary of the Company and of each Sub-Fund

“Depositary Agreement”shall mean the custody agreement dated 13 March2001 between the Company and Mellon TrusteesLimited, as amended and as novated by agreementbetween the Company, Mellon Trustees Limited andthe Depositary dated 31 July 2008, as amended andreplaced by the depositary agreement between theCompany and the Depositary dated 1 July, 2016, asmay be amended, substituted or replaced from timeto time subject to the requirements of the CentralBank

“Eligible Markets”markets on which a Sub-Fund may invest, as definedin the Articles as “Recognised Exchanges”. A list ofsuch markets is contained in Appendix II hereto

“ESMA”shall mean the European Securities and MarketsAuthority

“Exempt Irish Investor”• a pension scheme which is an exempt approved

scheme within the meaning of Section 774 of theTaxes Act or a retirement annuity contract or atrust scheme to which Section 784 or 785 of theTaxes Act applies;

• a company carrying on life business within themeaning of Section 706 of the Taxes Act;

• an investment undertaking within the meaning ofSection 739B(1) of the Taxes Act;

• a special investment scheme within the meaningof Section 737 of the Taxes Act;

• a charity being a person referred to in Section739D(6)(f)(i) of the Taxes Act;

• a unit trust to which Section 731(5)(a) of theTaxes Act applies;

10 BNY Mellon Global Funds, plc – Definitions

• a qualifying fund manager within the meaning ofSection 784A(1)(a) of the Taxes Act where theShares held are assets of an approved retirementfund or an approved minimum retirement fund;

• a qualifying management company within themeaning of Section 739B of the Taxes Act;

• an investment limited partnership within themeaning of Section 739J of the Taxes Act;

• a personal retirement savings account (“PRSA”)administrator acting on behalf of a person who isentitled to exemption from income tax andcapital gains tax by virtue of Section 787I of theTaxes Act and the Shares are assets of a PRSA;

• a credit union within the meaning of Section 2 ofthe Credit Union Act, 1997;

• the National Asset Management Agency;• the National Treasury Management Agency or a

Fund investment vehicle (within the meaning ofsection 37 of the National Treasury ManagementAgency (Amendment) Act 2014) of which theMinister for Finance is the sole beneficial owner,or the State acting through the National TreasuryManagement Agency;

• the Motor Insurers’ Bureau of Ireland in respectof an investment made by it of moneys paid tothe Motor Insurer Insolvency Compensation Fundunder the Insurance Act 1964 (amended by theInsurance (Amendment) Act 2018), and the MotorInsurers’ Bureau of Ireland has made adeclaration to that effect to the Company;

• a company which is within the charge tocorporation tax in accordance with Section 110(2)of the Taxes Act in respect of payments made toit by the Company;

• a company that is within the charge tocorporation tax in accordance with Section 739G(2) of the Taxes Act in respect of payments madeto it by the Company, that has made adeclaration to that effect and that has providedthe Company with its tax reference number butonly to extent that the relevant Sub-Fund is amoney market fund (as defined in Section 739Bof the Taxes Act); or

• any other Irish Resident or persons who areOrdinarily Resident in Ireland who may bepermitted to own Shares under taxationlegislation or by written practice or concession ofthe Irish Revenue Commissioners without givingrise to a charge to tax in the Company orjeopardising tax exemptions associated with theCompany giving rise to a charge to tax in theCompany;

provided that they have correctly completed theRelevant Declaration.

“FCA”the Financial Conduct Authority of 12 EndeavourSquare, Canary Wharf, London E20 1JN

“Guidance”the Central Bank’s guidance issued from time to timein respect of the application of the Central BankUCITS Regulations

“Institutional Investors”Includes:

• undertakings or organisations such as a banks,money managers or other professionals in thefinancial sector investing either on their ownbehalf or on behalf of Institutional Investors orclients under a discretionary managementagreement;

• insurance and reinsurance companies;• pension funds;• industrial, commercial and financial group

companies;

• regional and local authorities;• collective investment schemes;• experienced and knowledgeable investors; and• the structures which any of the above investor

types put into place for the management of theirown assets

“Intermediary”means a person who:

• carries on a business which consists of, orincludes, the receipt of payments from aninvestment undertaking on behalf of otherpersons;

or

• holds shares in an investment undertaking onbehalf of other persons

“Investment Advisor”any one or more investment advisors appointed by anInvestment Manager to provide investment advice inrespect of the assets of a Sub-Fund

“Investment Managers”such parties appointed by the Manager from time totime, to act as investment manager of the Sub-Fundsin accordance with the requirements of the CentralBank UCITS Regulations and as set out in eachSupplement to the Prospectus

“Investment Management Agreement”an agreement between the Manager and each of theInvestment Managers respectively, as amended,supplemented or otherwise modified from time totime in accordance with the requirements of theCentral Bank

“Ireland”the Republic of Ireland

“Irish Resident”means in the case of:

• an individual, means an individual who is residentin Ireland for tax purposes.

• a trust, means a trust that is resident in Irelandfor tax purposes.

BNY Mellon Global Funds, plc – Definitions 11

• a company, means a company that is resident inIreland for tax purposes.

An individual will be regarded as being resident inIreland for a tax year if he/she is present inIreland: (1) for a period of at least 183 days inthat tax year; or (2)

for a period of at least 280 days in any twoconsecutive tax years, provided that theindividual is present in Ireland for at least 31days in each period. In determining days presentin Ireland, an individual is deemed to be presentif he/she is in Ireland at any time during the day.This test took effect from 1 January 2009(previously in determining days present in Irelandan individual was deemed to be present if he/shewas in Ireland at the end of the day (midnight)).

A trust will generally be Irish resident where thetrustee is resident in Ireland or a majority of thetrustees (if more than one) are resident inIreland.

A company which has its central managementand control in Ireland is resident in Irelandirrespective of where it is incorporated. Acompany which does not have its centralmanagement and control in Ireland but which isincorporated in Ireland is resident in Irelandexcept where:

– the company or a related company carries ona trade in Ireland, and either the company isultimately controlled by persons resident inEU Member States or in countries with whichIreland has a double taxation treaty, or thecompany or a related company are quotedcompanies on a recognised Stock Exchangein the EU or in a treaty country under adouble taxation treaty between Ireland andthat country. This exception does not applywhere it would result in an Irish incorporatedcompany that is managed and controlled in arelevant territory (other than Ireland), butwould not be resident in that relevantterritory as it is not incorporated there, notbeing resident for tax purposes in anyterritory.

or

– the company is regarded as not resident inIreland under a double taxation treatybetween Ireland and another country.

The Finance Act 2014 amended the aboveresidency rules for companies incorporated on orafter 1 January 2015. These new residency ruleswill ensure that companies incorporated inIreland and also companies not so incorporatedbut that are managed and controlled in Ireland,will be tax resident in Ireland except to theextent that the company in question is, by virtueof a double taxation treaty between Ireland andanother country, regarded as resident in aterritory other than Ireland (and thus not residentin Ireland). For companies incorporated beforethis date these new rules will not come intoeffect until 1 January 2021 (except in limitedcircumstances).

It should be noted that the determination of acompany’s residence for tax purposes can becomplex in certain cases and potential investorsare referred to the specific legislative provisionsthat are contained in Section 23A of the TaxesAct.

“Irish Stock Exchange”The Irish Stock Exchange Limited trading as EuronextDublin

“Manager”BNY Mellon Fund Management (Luxembourg) S.A.appointed by the Company with the prior approval ofthe Central Bank as the manager of the Company andof each Sub-Fund

“Management Agreement”an agreement dated 28 February 2019 between theCompany and the Manager, as amended,supplemented or otherwise modified from time totime in accordance with the requirements of theCentral Bank

“Management Share”a management share in the capital of the Company

“Member State”a member state of the European Economic Area(“EEA”)

“Net Asset Value of the Company”the aggregate net asset value of all the Sub-Funds

“Net Asset Value of the Sub-Fund”the net asset value of a Sub-Fund calculated inaccordance with the provisions of the Articles, asdescribed under “The Company - Calculation of NetAsset Value”

“Net Asset Value per Share”the net asset value per Share of a Sub-Fundcalculated in accordance with the provisions of theArticles, as described under “The Company -Calculation of Net Asset Value”

“OECD”the Organisation for Economic Cooperation andDevelopment, whose member states include allcountries listed on the OECD website: http://www.oecd.org

“Ordinarily Resident in Ireland”• in the case of an individual, means an individual

who is ordinarily resident in Ireland for taxpurposes;

• in the case of a trust, means a trust that isordinarily resident in Ireland for tax purposes.

An individual will be regarded as ordinarilyresident for a particular tax year if he/she hasbeen Irish Resident for the three previousconsecutive tax years (i.e. he/she becomesordinarily resident with effect from thecommencement of the fourth tax year). An


http://www.oecd.orghttp://www.oecd.org

individual will remain ordinarily resident inIreland until he/she has been non-Irish Residentfor three consecutive tax years. Thus, anindividual who is resident and ordinarily residentin Ireland in the tax year 1 January 2020 to 31December 2020 and departs from Ireland in thattax year will remain ordinarily resident up to theend of the tax year 1 January 2023 to 31December 2023.

The concept of a trust’s ordinary residence issomewhat obscure and linked to its taxresidence.

“Paying Agency Agreement”one or more Paying Agency Agreements madebetween the Company and/or the Manager and aPaying Agent

“Paying Agent”one or more paying agents appointed by the Companyand/or the Manager in certain jurisdictions

“Prospectus”the prospectus of the Company and any supplementsand addenda thereto issued in accordance with therequirements of the Central Bank UCITS Regulations

“Recognised Clearing System”any clearing system listed in Section 246A of theTaxes Act (including, but not limited to, Euroclear,Clearstream Banking AG, Clearstream Banking SA andCREST) or any other system for clearing shares whichis designated for the purposes of Chapter 1A in Part27 of the Taxes Act, by the Irish RevenueCommissioners, as a recognised clearing system.

“Recognised Rating Agency/ies”any rating agency such as Standard & Poor’s, Moody’sInvestor Services, Fitch Ratings or equivalentrecognised rating agency.

“Register”the register in which the names of the Shareholdersof the Company are listed

“Relevant Declaration”the declaration relevant to the Shareholder as set outin Schedule 2B of the Taxes Act

“Relevant Period”means a period of 8 years beginning with theacquisition of a Share by a Shareholder and eachsubsequent period of 8 years beginning immediatelyafter the preceding Relevant Period

“Repurchase Price”the Net Asset Value per Share (subject to any dilutionadjustment) attributable to a particular class or Sub-Fund at the date of the redemption

“Securities Act”the United States Securities Act of 1933, as amended

“SFC”the Hong Kong Securities and Futures Commission

“Shareholder”a person who is registered as the holder of Shares inthe register for the time being kept by or on behalf ofthe Company

“Shares” or “Share”participating shares of no par value in the capital ofthe Company which may be designated as differentclasses of shares in one or more Sub-Funds

“Specified US Person”means

a) a US citizen or resident individual,

b) a partnership or corporation organized in theUnited States or under the laws of the UnitedStates or any State thereof

c) a trust if

i) a court within the United States would haveauthority under applicable law to renderorders or judgments concerning substantiallyall issues regarding administration of thetrust,

and

ii) one or more US persons have the authority tocontrol all substantial decisions of the trust,or an estate of a decedent that is a citizen orresident of the United States excluding;

1) a corporation the stock of which isregularly traded on one or moreestablished securities markets;

2) any corporation that is a member of thesame expanded affiliated group, asdefined in section 1471(e)(2) of the U.S.Internal Revenue Code, as a corporationdescribed in clause a);

3) the United States or any wholly ownedagency or instrumentality thereof;

4) any State of the United States, any U.S.Territory, any political subdivision of anyof the foregoing, or any wholly ownedagency or instrumentality of any one ormore of the foregoing;

5) any organization exempt from taxationunder section 501(a) or an individualretirement plan as defined in section7701(a)(37) of the U.S. Internal RevenueCode;

6) any bank as defined in section 581 of theU.S. Internal Revenue Code;

7) any real estate investment trust asdefined in section 856 of the U.S. InternalRevenue Code;

8) any regulated investment company asdefined in section 851 of the U.S. InternalRevenue Code or any entity registered


with the Securities Exchange Commissionunder the Investment Company Act of1940 (15 U.S.C. 80a-64);

9) any common trust fund as defined insection 584(a) of the U.S. InternalRevenue Code;

10) any trust that is exempt from tax undersection 664(c) of the U.S. InternalRevenue Code or that is described insection 4947(a)(1) of the U.S. InternalRevenue Code;

11) a dealer in securities, commodities, orderivative financial instruments (includingnotional principal contracts, futures,forwards, and options) that is registeredas such under the laws of the UnitedStates or any State;

or

12) a broker as defined in section 6045(c) ofthe U.S. Internal Revenue Code. Thisdefinition shall be interpreted inaccordance with the US Internal RevenueCode

“Stock Connect”The Stock Connect, which comprises the Shanghai-Hong Kong Stock Connect and the Shenzhen-HongKong Stock Connect, is a securities trading andclearing linked programme developed by the HongKong Exchanges and Clearing Limited, ShanghaiStock Exchange (the “SSE”), the Shenzhen StockExchange (the “SZSE”) and the China SecuritiesDepository and Clearing Corporation Limited, whichprovides mutual stock market access betweenmainland China and Hong Kong. This programmeallows foreign investors (including a Sub-Fund) totrade certain China A-shares listed on the SSE and/orthe SZSE, through their Hong Kong based brokers.Further details about the Stock Connect are set outin Appendix V to this Prospectus.

“Sub-Investment Manager”any one or more sub-investment managers oradvisers appointed by an Investment Manager tomanage the assets of a Sub-Fund

“Sub-Fund”a sub-fund of the Company established by theDirectors from time to time with the prior approval ofthe Central Bank

“Subscription Price”the Net Asset Value per Share (subject to any dilutionadjustment) attributable to a particular class or Sub-Fund at the date of the subscription

“Supplement” or “Supplements”a document supplemental to this Prospectus whichcontains specific information in relation to aparticular Sub-Fund

“Taxes Act”the Taxes Consolidation Act, 1997 (of Ireland) asamended

“UCITS”an Undertaking for Collective Investment inTransferable Securities established pursuant to ECCouncil Directive 85/611/EEC of 20 December 1985,as amended, consolidated or substituted from timeto time

“UCITS Directive”shall mean Directive 2009/65/EEC of the EuropeanParliament and of the Council, as amended byDirective 2014/91/EU of 23rd July, 2014 and as may befurther amended, consolidated or substituted fromtime to time

“UCITS Regulations”the European Communities Undertakings forCollective Investment in Transferable Securities)Regulations, 2011 (S.I. No. 352 of 2011) as amendedby the European Communities (Undertakings forCollective Investment in Transferable Securities)(Amendment) Regulations, 2012 (S.I. No. 300 of 2012)and as further amended by the European Union(Undertakings for Collective Investment inTransferable Securities) (Amendment) Regulations,2016 (S.I. No. 143 of 2016), (as may be furtheramended, consolidated and substituted from time totime) and any regulations or Guidance issued by theCentral Bank pursuant thereto for the time being inforce

“U.S. Person”a person who is in either of the following twocategories:

a) a person included in the definition of “U.S.person” under Rule 902 of Regulation S under theSecurities Act

or

b) a person excluded from the definition of a “Non-United States person” as used in CommodityFutures Trading Commission (“CFTC”) Rule 4.7. Forthe avoidance of doubt, a person is excludedfrom this definition of U.S. Person only if he or itis outside the definition of “U.S. person” in Rule902 and within the definition of a “Non-UnitedStates person” under CFTC Rule 4.7.

c) U.S. person under Rule 902 generally includes thefollowing:

i) any natural person resident in the UnitedStates (including U.S. residents temporarilyresiding abroad);

ii) any partnership or corporation organised orincorporated under the laws of the UnitedStates;

iii) any estate of which any executor oradministrator is a U.S. person;

iv) any trust of which any trustee is a U.S.person;

v) any agency or branch of a non-U.S. entitylocated in the United States;


vi) any non-discretionary account or similaraccount (other than an estate or trust) heldby a dealer or other fiduciary for the benefitor account of a U.S. person;

vii) any discretionary account or similar account(other than an estate or trust) held by adealer or other fiduciary organised,incorporated or (if an individual) resident inthe United States;

and

viii) any partnership or corporation if:

1) organised or incorporated under the lawsof any non-U.S. jurisdiction;

and

2) formed by a U.S. person principally forthe purpose of investing in securities notregistered under the Securities Act,unless it is organised or incorporated,and owned, by accredited investors (asdefined in Rule 501(a) of Regulation Dunder the Securities Act) who are notnatural persons, estates or trusts.

Notwithstanding the preceding paragraph, “U.S.person” under Rule 902 does not include:

i) any discretionary account or similar account(other than an estate or trust) held for thebenefit or account of a non-U.S. person by adealer or other professional fiduciaryorganised, incorporated, or (if an individual)resident in the United States;

ii) any estate of which any professional fiduciaryacting as executor or administrator is a U.S.person, if

1) an executor or administrator of theestate who is not a U.S. person has soleor shared investment discretion withrespect to the assets of the estate,

and

2) the estate is governed by non-UnitedStates law;

iii) any trust of which any professional fiduciaryacting as trustee is a U.S. person, if a trusteewho is not a U.S. person has sole or sharedinvestment discretion with respect to thetrust assets, and no beneficiary of the trust(and no settler if the trust is revocable) is aU.S. person;

iv) an employee benefit plan established andadministered in accordance with the law of acountry other than the United States andcustomary practices and documentation ofsuch country;

v) any agency or branch of a U.S. person locatedoutside the United States if

1) the agency or branch operates for validbusiness reasons,

and

2) the agency or branch is engaged in thebusiness of insurance or banking and issubject to substantive insurance orbanking regulation, respectively, in thejurisdiction where located;

and

vi) certain international organisations asspecified in Rule 902(k) (2) (vi) of Regulation Sunder the Securities Act.

CFTC Rule 4.7 currently provides in the relevantpart that the following persons are considered“Non-United States persons”:

d) a natural person who is not a resident of theUnited States;

e) a partnership, corporation or other entity, otherthan an entity organised principally for passiveinvestment, organised under the laws of a non-U.S. jurisdiction and which has its principal placeof business in a non-U.S. jurisdiction;

f) an estate or trust, the income of which is notsubject to United States income tax regardless ofsource;

g) an entity organised principally for passiveinvestment such as a pool, investment companyor other similar entity, provided that units ofparticipation in the entity held by persons who donot qualify as Non-United States persons orotherwise as qualified eligible persons (asdefined in CFTC Rule 4.7(a) (2) or (3)) represent inthe aggregate less than ten per cent. of thebeneficial interest in the entity, and that suchentity was not formed principally for the purposeof facilitating investment by persons who do notqualify as Non-United States persons in a poolwith respect to which the operator is exemptfrom certain requirements of Part 4 of the CFTC’sregulations by virtue of its participants beingnon-United States persons;

or

h) a pension plan for the employees, officers orprincipals of an entity organised and with itsprincipal place of business outside the UnitedStates

“United States”the United States of America (including the statesthereof and the District of Columbia), its territories,its possessions and other areas subject to itsjurisdiction

“Valuation Day”such day or days as specified in the relevantSupplement for each Sub-Fund

“Valuation Point”such time on each Valuation Day as specified in therelevant Supplement for each Sub-Fund

In this Prospectus, unless otherwise specified, allreferences to:“trillion” are to one thousand billion;“billion” are to one thousand million;“USD” or “dollars” or “US$” or “cents” are to UnitedStates dollars or cents;


“EUR” or “euros” or “€” are to the euro;“GBP” or “sterling” or “Stg£” or “£” are to Britishpounds sterling;“JPY” or “yen” or “¥” are to Japanese yen;“AUD” or “A$” are to Australian dollars;“SGD” or “S$” are to Singapore dollars;“HKD” or “HK$” are to Hong Kong dollars;“SEK” or “KR” are to Swedish Krona;“CHF” or “FR” are to Swiss Francs;“CAD” or C$ are to Canadian dollars;“CNH” or “renminbi” are to the offshore renminbimarket currency. “Renminbi” is the official currency ofthe People’s Republic of China, used to denote theChinese currency traded in the onshore and offshoremarkets. All references in this Prospectus to CNH orrenminbi should be interpreted as references to theoffshore renminbi market currency (CNH);“DKK” are to Danish Krona; and“NOK” are to Norwegian Krona.


The CompanyESTABLISHMENT AND DURATION

The Company was incorporated on 27 November 2000under the laws of Ireland as an open-ended umbrellatype investment company with variable capital andlimited liability. The Company was authorised by theCentral Bank on 14 March 2001 pursuant to the UCITSRegulations. The Company’s share capital is at all timesequal to the Net Asset Value of the Company.

Although the Company has an unlimited life, it may atany time, by giving not less than four nor more thantwelve weeks’ notice to the Shareholders, expiring on aValuation Day, repurchase at the Repurchase Priceprevailing on such Valuation Day all (but not some of) theShares in each or any Sub-Fund then outstanding.

STRUCTURE

The Company is an umbrella type collective investmentvehicle consisting of multiple Sub-Funds.

Additional Sub-Funds may, with the prior approval of theCentral Bank, be created by the Directors. The name ofeach Sub-Fund, the terms and conditions of its initialoffer of Shares, details of its investment objectives,policies and restrictions and of any applicable fees andexpenses shall be set out in the Supplements to thisProspectus. This Prospectus may only be issued with oneor more Supplements, each containing specificinformation relating to a particular Sub-Fund. ThisProspectus and the relevant Supplement should be readand construed as a single document. Supplements maybe added to, or removed from, this Prospectus from timeto time as Sub-Funds are approved by the Central Bankor have such approval withdrawn, as the case may be.The following are the current Sub-Funds of the Company:

BNY Mellon Asian Equity FundBNY Mellon Small Cap Euroland FundBNY Mellon Global Bond FundBNY Mellon Global Equity FundBNY Mellon Global High Yield Bond FundBNY Mellon Global Opportunities FundBNY Mellon Pan European Equity Fund*BNY Mellon S&P 500® Index TrackerBNY Mellon U.S. Dynamic Value FundBNY Mellon Euroland Bond FundBNY Mellon Emerging Markets Debt FundBNY Mellon Emerging Markets Debt Local Currency FundBNY Mellon Brazil Equity FundBNY Mellon Long-Term Global Equity FundBNY Mellon Global Real Return Fund (USD)BNY Mellon Global Real Return Fund (EUR)BNY Mellon Global Opportunistic Bond Fund*BNY Mellon Global Equity Income FundBNY Mellon Global Dynamic Bond FundBNY Mellon Absolute Return Equity FundBNY Mellon Emerging Markets Corporate Debt FundBNY Mellon Absolute Return Bond FundBNY Mellon European Credit FundBNY Mellon Global Real Return Fund (GBP)BNY Mellon Global Emerging Markets FundBNY Mellon Emerging Markets Debt Opportunistic FundBNY Mellon Japan Small Cap Equity Focus FundBNY Mellon Japan All Cap Equity Fund*

BNY Mellon Asian Income FundBNY Mellon US Opportunities Fund*BNY Mellon Dynamic Total Return FundBNY Mellon Global Leaders FundBNY Mellon Targeted Return Bond FundBNY Mellon Global Credit FundBNY Mellon Asia Rising Stars Fund*BNY Mellon U.S. Equity Income FundBNY Mellon Global Short-Dated High Yield Bond FundBNY Mellon Japan REIT Alpha Fund*BNY Mellon U.S. Municipal Infrastructure Debt FundBNY Mellon Dynamic U.S. Equity FundBNY Mellon Global Unconstrained FundBNY Mellon Global Multi-Asset Income FundBNY Mellon Efficient U.S. High Yield Beta FundBNY Mellon Emerging Markets Debt Total Return FundBNY Mellon Multi-Asset High Income Fund*BNY Mellon Global Infrastructure Income FundBNY Mellon Mobility Innovation FundBNY Mellon U.S. Credit Select Income FundBNY Mellon U.S. Opportunistic Alpha Fund*BNY Mellon Sustainable Global Dynamic Bond FundBNY Mellon Digital Assets FundBNY Mellon Absolute Return Global Convertible FundBNY Mellon Floating Rate Credit FundBNY Mellon Sustainable Global Real Return Fund (EUR)BNY Mellon Efficient Global IG Corporate Beta FundBNY Mellon Efficient EM Debt Local Currency Beta FundBNY Mellon Efficient U.S. Fallen Angels Beta FundBNY Mellon Efficient Global High Yield Beta Fund* Please note that these Sub-Funds are closed tosubscriptions and are pending revocation from theCentral Bank. Please see the relevant Supplements forfurther information.

The Directors may, whether on the establishment of aSub-Fund or from time to time create more than oneclass of Shares in each Sub-Fund that may differ as tocertain matters including:

a) subscription amounts,

b) fees and expenses,

c) designated currencies,

and/or

d) different distribution policies, as the Directors maydetermine may be applicable.

The classes of Share established in each Sub-Fund shallbe set out in the relevant Supplement to the Prospectus.Separate pools of assets will not be maintained for eachclass. The creation of further classes must be effected inaccordance with the requirements of the Central Bank.

The Directors may close some or all of the share classesin the Sub-Fund to subscriptions from existing and/ornew Shareholders if the assets attributable to the Sub-Fund are at a level, above which, as determined by theDirectors, it is not in the best interests of Shareholdersto accept further subscriptions – for instance where thesize of the Sub-Fund may constrain the ability of theInvestment Manager to meet the investment objective.

The Directors may subsequently re-open some or all ofthe share classes in the Sub-Fund to furthersubscriptions from existing and/or new Shareholders attheir discretion and the process of closing and

BNY Mellon Global Funds, plc – The Company 17

potentially, re-opening the share classes may berepeated thereafter as the Directors may determine fromtime to time.

Shareholders may ascertain the closed or open status ofthe share classes and if those share classes are open toexisting and/or new Shareholders by contacting theAdministrator. Closing the share classes to newsubscriptions from existing and/or new Shareholders willnot affect the redemption rights of Shareholders.

Certain classes of Shares are intended for certain typesof investors (see details of the share classes in the tablebelow).

Subscriptions from other types of investors may beaccepted where the Directors reasonably believe theinvestor can subscribe an amount in excess of theapplicable Minimum Initial Investment and may besubject to minimum account maintenance or otherqualification established from time to time by theDirectors.

Initial subscriptions for many classes of Shares aresubject to a Minimum Initial Investment. Please see therelevant Supplement for any applicable Minimum InitialInvestment. Such amounts may be waived from time totime by the Directors.

Description of for whom the share classes areintended:

share classes

Financial intermediaries acting on behalf oftheir clients, who do not charge their clientsdirectly for the investment advice they provide.A distribution fee (commission) or rebate of theannual management charge may be paid by theManager where agreed and permitted underapplicable law.

A, H (hedged), R,R (hedged)

Financial intermediaries acting on behalf oftheir clients, who may charge their clientsdirectly for the investment advice they provide.A distribution fee (commission) or rebate of theannual management charge may be paid by theManager where agreed and permitted underapplicable law.

B, J (hedged)

Financial intermediaries who do not chargetheir clients directly for the investment advicethey provide. A distribution fee (commission) orrebate of the annual management charge maybe paid by the Manager or its associate whereagreed and permitted under applicable law.

Holdings in these share classes may be subjectto minimum account maintenance establishedfrom time to time by the Directors. In particular,the Directors may determine that once the totalNet Asset Value of these share classes reachesor exceeds a particular amount that theseshare classes be closed to further investment.Notwithstanding the foregoing, these shareclasses may be made available for subsequentsubscriptions by existing Shareholders in theshare class at the sole discretion of theDirectors.

K, K (hedged)

Financial intermediaries acting on behalf oftheir client who charge their clients directly forthe investment advice they provide. Adistribution fee (commission) or rebate of theannual management charge may be paid by theManager where agreed and permitted underapplicable law.

C, I (hedged), S,T (hedged)


share classes

Any non-intermediated investors.

or

Financial intermediaries who charge theirclients directly for the portfolio management orinvestment advice they provide and who eitherdo not accept or are prohibited from receivingand retaining third-party payments (distributionfee (commission) or rebate) under applicablelaw.

D, D (hedged)

G, G (hedged)

Non-intermediated Institutional Investors.

or

Financial intermediaries who charge theirclients directly for the portfolio management orinvestment advice they provide and who eitherdo not accept or are prohibited from receivingand retaining third-party payments (distributionfee (commission) or rebate) under applicablelaw.

W, W (hedged),U, U (hedged)

Z, Z (hedged)

Investors who at the time of subscription areclients of the Manager or of an associate of theManager within The Bank of New York MellonCorporation Group.


E, E (hedged), F,F (hedged)

Financial intermediaries who charge theirclients directly for the portfolio management orinvestment advice they provide and either donot accept or are prohibited from receiving andretaining third-party payments (distribution fee(commission) or rebate).


L, L (hedged)

Financial intermediaries in Taiwan where, dueto market factors applicable in Taiwan a higherannual management charge than is applicableto other similar Share Classes is charged. Suchmarket factors include the requirement for alocal master agent. Such local master agentmay be paid as a distribution fee (commission),a portion of the annual management charged bythe Manager where agreed and permitted underapplicable law. Such agents may, in turn, pay adistribution fee (commission) to financialintermediaries in Taiwan. Such financialintermediaries are acting on behalf of theirclients and do not charge their clients directlyfor the investment advice they provide.

P, P (hedged)

18 BNY Mellon Global Funds, plc – The Company


share classes

Investors who have agreed specific terms ofbusiness with the Manager or with an associateof the Manager within The Bank of New YorkMellon Corporation Group, and in respect ofwhich the Directors deem it appropriate forsuch investor to invest in the share class.

These share classes are designed, among otherthings, to accommodate an alternative chargingstructure under which the investor is chargedmanagement fees directly by the Manager or itsrelevant associate. Accordingly, no annualmanagement fees are payable in respect of XShares out of the net assets of the relevantSub-Fund.

X, X (hedged)

Investors (whether institutional or individualclients) who maintain a discretionaryinvestment management agreement or otheragreement with an entity within The Bank ofNew York Mellon Corporation Group and may besubject to other qualification criteriaestablished from time to time by the Directors.In particular, the Directors may determine thatonce the total Net Asset Value of these Y shareclasses reaches or exceeds a particular amountthat these Y share classes be closed to newinvestors.

Y, Y (hedged)

Investment in any class of Shares shall, in all cases, besubject to the restrictions set out in the Prospectusunder the heading “Restrictions on Ownership,Compulsory Repurchase and Transfer of Shares”.

Any additional criteria/details specific to investing inclasses in any particular Sub-Fund will be set out in therelevant Supplement.

The Directors have the right in their sole discretion towaive any share class restriction at any time.

Subscriptions for the Shares of each Sub-Fund should bein the denominated currency of the relevant class.Subscription, redemption or distribution money paid orreceived in respect of a class denominated in a currencyother than the denominated currency of the class, will beconverted by the Administrator or a delegate of theCompany into or out of the denominated currency of theclass at an exchange rate deemed appropriate by theAdministrator or a delegate of the Company and suchsubscription, redemption or distribution money shall bedeemed to be in the amounts so converted. The cost ofthe conversion will be borne by the relevant Shareholder.

The assets and liabilities of the Company shall beallocated to each Sub-Fund in the following manner:

a) for each Sub-Fund, the Company shall keep separatebooks and records in which all transactions relatingto the relevant Sub-Fund shall be recorded and, inparticular, the proceeds from the issue of Shares ineach Sub-Fund shall be applied in the books of theCompany to that Sub-Fund, and the assets andliabilities and income and expenditure attributablethereto shall be applied to such Sub-Fund subject tothe provisions below;

b) any asset derived from another asset of a Sub-Fundshall be applied in the books of the relevant Sub-Fund as the asset from which it was derived and oneach valuation of an asset, the increase or diminutionin value thereof shall be applied to the relevant Sub-Fund;

c) where the Company incurs a liability which relates toany asset of a particular Sub-Fund or to any actiontaken in connection with an asset of a particularSub-Fund, such liability shall be allocated to therelevant Sub-Fund;

d) in the case where an asset or a liability of theCompany cannot be considered as being attributableto a particular Sub-Fund, the Directors shall have thediscretion subject to the approval of the auditors(such approval not to be unreasonably withheld ordelayed) to determine the basis upon which suchasset or liability shall be allocated between the Sub-Funds and the Directors shall have power at any timeand from time to time subject to the approval of theauditors (such approval not to be unreasonablywithheld or delayed) to vary such basis provided thatthe approval of the auditors shall not be required inany case where such asset or liability is allocated toall the Sub-Funds pro rata to their respective netasset values at the time when the allocation is made;provided that all liabilities shall (in the event of awinding up of the Company or a repurchase of all ofthe Shares of the Sub-Fund), be binding only on therelevant Sub-Fund to which they are attributable.

Operation of Cash AccountsCash accounts designated in different currencies havebeen established at umbrella level into whichsubscription monies received from investors of all of theSub-Funds shall be lodged and from which redemptionmonies payable to Shareholders will be paid. Allsubscriptions, redemptions or dividends payable to orfrom the relevant Sub-Fund will be channelled andmanaged through such umbrella cash accounts and nosuch accounts shall be operated at the level of eachindividual Sub-Fund. However the Company will ensurethat all monies in any such umbrella fund cash accountare recorded in the books and records of the Company asassets of, and attributable to, the relevant Sub-Fund inaccordance with the requirements of the Articles of theCompany.

Further information relating to such accounts is set outin the sections below entitled

a) “Application for Shares – Operation of CashAccounts”;

b) “Repurchase of Shares - “Operation of CashAccounts”;and

c) “Distribution Policy” respectively. In addition, yourattention is drawn to the section of the Prospectusentitled “Risk Factors” –“Operation of Umbrella CashAccounts” below.

INVESTMENT OBJECTIVES AND POLICIES

The assets of each Sub-Fund will be invested separatelyin accordance with the investment objectives and policiesof the relevant Sub-Fund which are set out in therelevant Supplements to this Prospectus.

The investment return to Shareholders in a particularSub-Fund is related to the Net Asset Value of a Sub-Fundwhich in turn is primarily determined by the performanceof the portfolio of investments held by that Sub-Fundover the relevant period of time.

BNY Mellon Global Funds, plc – The Company 19

The Company and each Sub-Fund may hold ancillaryliquid assets including cash deposits and money marketinstruments at investment grade or above (rated byStandard & Poor’s, Moody's or an equivalent recognisedrating agency), e.g. certificates of deposit, commercialpaper and listed fixed interest securities (includinggovernment and non-government notes and bonds) or atsuch other rating as the relevant Investment Managerdeems equivalent.

Where the Shares of a particular Sub-Fund have beenlisted on the Irish Stock Exchange, the Directors willensure that, in the absence of unforeseen circumstances,the relevant Sub-Fund will adhere to the materialinvestment objective and policies for that Sub-Fund forat least three years following the admission of the Sharesto the Official List and to trading on the Main SecuritiesMarket of the Irish Stock Exchange.

The Company shall not make any change to theinvestment objective or any material change to theinvestment policy, each as disclosed in the relevantSupplement, unless Shareholders of the relevant Sub-Fund have, in advance, on the basis of a simple majorityof votes cast at a general meeting or with the priorwritten approval of all Shareholders of the relevant Sub-Fund (in accordance with the Articles), approved therelevant change(s).

Not less than 21 clear days’ prior written notice (or suchother period as the Securities and Futures Commission inHong Kong (“SFC”) may require) will be given to affectedShareholders of such a meeting if the Sub-Fund isregistered with the SFC.

The Company shall provide all Shareholders of therelevant Sub-Fund with reasonable notice of the change(s) in the event of any change to the investment objectiveor any material change to the investment policy, each asdisclosed in the relevant Supplement. In the event of achange of the investment objectives, policy, restrictionsand/or powers of any Sub-Fund authorised by the SFCwhich do not require Shareholder approval, not less thanone month’s prior written notice (or such other period asthe SFC may require) will be given to affectedShareholders in respect of such changes.

There can be no guarantee any Sub-Fund will achieve itsinvestment objective.

BENCHMARKS

Use of BenchmarksInvestors should be aware that certain Sub-Funds maybe considered to be ‘managed in reference to’ a specifiedindex or benchmark in accordance with the ESMAQuestions and Answers on the Application of the UCITSDirective. A Sub-Fund is considered to be managed inreference to a specific index or benchmark where theindex or benchmark plays a role in the management ofthe UCITS. Shareholders are directed towards therelevant Supplement which will provide information onwhether any index or benchmark plays a role in themanagement of the specific Sub-Fund.

Benchmark NamesCertain indices or benchmarks’ names may include areference to ‘TR’ or ‘NR’ where several versions of anindex or benchmark are available.

‘TR’ is an abbreviation of ‘Total Return’ and indicates thatthe version of the index or benchmark being usedmeasures the combined capital (price) and income(dividends or interest coupons before deduction ofwithholding tax)) returns of the index or benchmark. Theindex or benchmark return assumes that all distributionspaid out by the constituents of the index or benchmarkare reinvested and not paid out.

‘NR’ is an abbreviation of ‘Net Return’ and indicates thatthe version of the index or benchmark being usedmeasures the combined capital (price) and net income(dividends or interest coupons after the deduction ofwithholding tax) returns of an index. The index orbenchmark return assumes that all distributions paid outby the constituents of the index are reinvested net ofwithholding tax and not paid out.

In addition, certain Sub-Funds will be managed inreference to a blended index or benchmark. Blendedindices or benchmarks are created by combining two ormore market indices or benchmarks. Pre-determinedweightings are assigned to each of the market indices orbenchmarks within the blended index or benchmark

The Company may at any time change an index orbenchmark where, for reasons outside its control, thatindex or benchmark has been replaced, or another indexor benchmark may reasonably be considered by theCompany to have become the appropriate standard forthe relevant exposure. Any change to the index orbenchmark will be disclosed in the annual or half yearlyreport of the Company subsequent to the change.

Please see Appendix VIII for the Benchmark ProviderDisclaimers.

The Benchmark RegulationAs at the date of this Prospectus, the indices orbenchmarks utilised by Sub-Funds that may track theirreturn against a benchmark index, or whose assetallocation is defined by reference to a benchmark index,or otherwise use a benchmark index to compute aperformance fee, in accordance with Regulation (EU)2016/1011 (the “EU Benchmark Regulation”) are providedby benchmark administrators who appear on the registerof administrators and benchmarks maintained by ESMApursuant to the EU Benchmark Regulation.

INVESTMENT AND BORROWINGRESTRICTIONS

Within each Sub-Fund’s investment policies, the followingrestrictions shall apply. The Directors may impose furtherinvestment restrictions in respect of each Sub-Fund asset out in the relevant Supplement hereto. In addition,unless otherwise stated in the relevant ProspectusSupplement, each Sub-Fund will not invest more than10% of its Net Asset Value in aggregate in collectiveinvestment schemes.

1. Permitted Investments

Investments of a UCITS are confined to:

1.1 Transferable securities and money marketinstruments which are either admitted to officiallisting on a stock exchange in a Member State ornon-Member State or which are dealt on a

20 BNY Mellon Global Funds, plc – The Company

market which is regulated, operates regularly, isrecognised and open to the public in a MemberState or non-Member State.

1.2 Recently issued transferable securities which willbe admitted to official listing on a stockexchange or other market (as described above)within a year.

1.3 Money market instruments, other than thosedealt on an Eligible Market.

1.4 Shares of UCITS.

1.5 Shares of AIFs.

1.6 Deposits with credit institutions.

1.7 Financial derivative instruments (“FDI”).

2. Investment Restrictions

2.1 A UCITS may invest no more than 10% of netassets in transferable securities and moneymarket instruments other than those referred toin paragraph 1.

2.2 Recently Issued Transferable Securities:

Subject to paragraph (2) a responsible personshall not invest any more than 10% of assets of aUCITS in secur

22 May 2020 - Volksbank · 2020. 6. 5. · BNY Mellon Global Funds, plc (la "Società") è una...

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Transcript of 22 May 2020 - Volksbank · 2020. 6. 5. · BNY Mellon Global Funds, plc (la "Società") è una...