CHARACTERISTICS Performance of the Fund is measured against the JP Morgan GBI-EM Global Diversified Index.

In addition to holding physical bonds, the Fund may utilise a variety of derivative instruments in order to isolate views on currency or rates, or to provide downside protection.

The Fund targets an ex-ante tracking error of 200bps (annualised).

Typical beta range for the Fund is 0.8 to 1.2 on a rolling three-year basis.

WHY INVEST IN THIS FUND?

INVESTMENT MANAGER:Standish, an award winning global, emerging markets

and regional fixed income solutions specialist.

ASSET CLASSEQUITIES

FIXED INCOME

MULTI-ASSET

SPECIALIST

An actively managed, pure play approach to emerging market local currency debt

The BNY Mellon Emerging Markets Debt Local Currency Fund seeks to provide investors with attractive total returns through an actively managed portfolio comprising local currency-denominated emerging market sovereign bonds and government-related debt securities.

1 POSITIVE BACKDROP FOR EMERGING MARKETS: Improving domestic fundamentals and supportive external drivers are providing a positive backdrop for emerging markets. Investing in local currency-denominated sovereign debt can provide investors with undiluted exposure to emerging market economies, while offering the opportunity to capture an attractive yield premium relative to developed market government bonds.

2 MULTIPLE SOURCES OF PERFORMANCE: The Fund has the ability to pursue returns from multiple sources, including changes in spot exchange rates, duration and carry – the interest rate differential between local currencies and the Fund’s base currency. Duration and currency exposures are actively and independently managed, enabling the portfolio managers to position the portfolio to exploit opportunities as they arise.

3 DISTINCTIVE, FINE-TUNED INVESTMENT APPROACHES: Reflecting Standish’s belief that emerging market debt is a heterogeneous asset class, the investment team applies three distinctive and fine-tuned investment approaches. These approaches combine top-down fundamental research and proprietary quantitative models to identify opportunities within spreads, currencies and local interest rates that have the greatest potential to deliver strong risk-adjusted returns.

4 SPECIALIST KNOWLEDGE, RESOURCES AND EXPERIENCE: Standish has been managing emerging market debt mandates for over decade. The dedicated Emerging Market Debt team has an average of 16 years’ investment experience across the entire emerging market debt spectrum.

BNY Mellon Emerging Markets Debt Local Currency Fund

FOR PROFESSIONAL CLIENTS AND, IN SWITZERLAND, FOR QUALIFIED INVESTORS ONLY. BNY MELLON GLOBAL FUNDS, PLC

REGIONS:

INVESTMENT TEAM The BNY Mellon Emerging Markets Debt Local Currency Fund is managed by Standish’s dedicated Emerging Markets Debt team. This deep and experienced team is led by Managing Director of Emerging Markets Debt, Federico Garcia Zamora, with investment professionals located in Boston, London and Singapore.

Federico and Senior Portfolio Manager Josephine Shea have ultimate decision-making authority and accountability for the Fund. However, Standish follows a team approach whereby all members contribute to the investment process. Responsibility for covering designated countries and regions is divided between the sovereign research analysts in the team, whose work is supplemented through close collaboration with Standish’s broader team of 130 investment professionals. Supporting the team management approach to the Fund, priority is given to the exchange of ideas, across desks and offices. Investment ideas are exchanged informally between members of the Emerging Markets Debt team on a daily basis, as well as at formal team meetings which take place at least once a week.

INVESTMENT PHILOSOPHY With respect to investing in emerging market debt, Standish believes the following:

– Seeking consistent outperformance requires both top-down and bottom-up expertise Teams of experienced professionals must use both quantitative and fundamental methods to identify value in both macro and idiosyncratic positions.

– The search for value Standish believes that success in managing emerging markets debt demands investment in bonds and currencies whose valuations are underpinned by long-term structural improvements, rather than by short-term capital inflows only.

– Fundamental understanding Standish’s portfolio managers are determined to avoid costly mistakes by investing only in those emerging market countries, currencies, and securities they know and follow on a daily basis.

– Distinct investment approaches Standish believes that emerging markets debt is a heterogeneous asset class that requires three distinct investment approaches targeting:

• Spreads (sovereign and corporate)• Currencies• Local interest rates

EMERGING MARKETS DEBT INVESTMENT TEAMDavid Leduc, CFA

Chief Executive Officer & Chief Investment Officer

Federico Garcia Zamora Managing Director of Emerging Markets Debt

PORTFOLIO MANAGEMENT TRADING PRODUCT MANAGEMENTPORTFOLIO ANALYTICS /

QUANTITATIVE RESEARCH

Federico Garcia Zamora Josephine Shea

Sally Bartunek, CFA Ian Barnes1

Ryan Lambert, CFA Michael Piersol, CFA

David Bowser Jr, CFA Vikas Malla, CFA William Newton, CFA Victor Tavares, CFA

RESEARCH

GLOBAL CORPORATE CREDIT SOVEREIGN & CURRENCY

David Morse, CFA Matthew

Fontaine, CFA Diana Belman,

CFA Maura Caporale,

CFA

Joseph Chiurri, CFA Jonathan Earle, CFA

Beth Fiore

Prakash Gopalakrishnan2

Milena Ianeva1 Benjamin Li, CFA

Rebecca Braeu, PhD, CFA Federico Garcia Zamora

Rowena Geraghty1

Aninda Mitra2 Nate Pearson, CFA Nicholas Tocchio

Vincent Reinhart Chief Economist

MULTI-SECTOR INVESTMENT COMMITTEE

COMMODITY STRATEGY COMMITTEEMACROECONOMIC RESEARCH

COMMITTEE

1 Employee of Standish Mellon Asset Management (UK) Ltd who provides investment management and trading services as shared employees of Standish US. 2 Employee of BNY Mellon Investment Management Singapore Pte. Ltd who provides non-discretionary research services to Standish US. Investment research, trading

and related functions for high yield and mortgage strategies utilized by Standish client portfolios are provided by certain employees of Alcentra NY, LLC and Amherst Capital Management, both affiliates of Standish, in their capacity as dual officers of Standish. Note: Some investment professionals perform the same role on more than one product team.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Source: Standish at July 2017.

INVESTMENT PROCESSSeeking diversified exposure to emerging markets local currency bonds, portfolio construction is focused on countries experiencing deep, positive, fundamental changes. The Fund will, typically, underweight or outright avoid those economies whose currencies and bonds are supported primarily by short-term capital inflows, which may quickly reverse in the future.

Using in-depth, fundamental, top-down country research, portfolio allocation decisions are supported by proprietary quantitative models assessing variables within each individual country from the macroeconomic to the political. The investment team also devotes effort to reconciling various sources of national macroeconomic data, enabling greater like-for-like cross-country comparisons to support relative weightings. Such country fundamentals are expanded upon through first-hand team knowledge and research, aided by visits to more than a dozen emerging market countries each year.

Within the portfolio, the investment team has the scope to separate currency and bond exposures if either the currency or the local duration exposure is considered attractive, but not the other. As such, the risk-adjusted attractiveness of currency and duration returns are examined separately for each emerging market country.

Although the portfolio managers will take tactical trading opportunities, they are long-term investors. Risk management is a fundamental feature of the portfolio construction process. Monthly attribution analysis, daily value-at-risk assessments and performance dispersion reports are used to monitor portfolio positions and relative weightings as well as maintain the Fund’s risk profile.

PORTFOLIO CONSTRUCTION AND IMPLEMENTATION

1 Employee of Standish Mellon Asset Management (UK) Ltd who provides investment management and trading services as shared employees of Standish US. 2 Employee of BNY Mellon Investment Management Singapore Pte. Ltd who provides non-discretionary research services to Standish US. Note: Some investment

professionals perform the same role on more than one product team.

Team view of macro

environment for emerging

markets

Research by analysts in

Boston, London1 and Singapore2

Fundamental research

Model outputs

Discussion

Questions

Portfolio risks & guidelines

Impact on portfolios

Liquidity Counterparty

risk

Market technicals

Proposal to team

incorporating relative value assessment

and risk-adjusted forecasts

Portfolio construction

Instructions sent to trading

desks in Boston and

London

Important informationThe value of investments can fall. Investors may not get back the amount invested. For Professional Clients and, in Switzerland, for Qualified Investors only. This is a financial promotion and is not investment advice. For a full list of risks applicable to this fund, please refer to the Prospectus or other offering documents. Before subscribing, investors should read the most recent Prospectus, financial reports and KIID for each fund in which they want to invest. Go to www.bnymellonim.com. Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA or the BNY Mellon funds. Any views and opinions are those of the investment manager, unless otherwise noted. Calls may be recorded. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and its subsidiaries. Investments should not be regarded as short-term and should normally be held for at least five years. The Fund is a sub-fund of BNY Mellon Global Funds, plc, an open-ended investment company with variable capital (ICVC), with segregated liability between sub-funds. Incorporated with limited liability under the laws of Ireland and authorised by the Central Bank of Ireland as a UCITS Fund. The Management Company is BNY Mellon Global Management Limited (BNY MGM), approved and regulated by the Central Bank of Ireland. Registered address: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. In Austria, the current Prospectus and the Key Investor Information Document are available free of charge from Raiffeisen Zentralbank Österreich Aktiengesellschaft, Am Stadtpark 9, A-1030 Vienna. In Belgium, the KIID, Prospectus, articles of association and latest annual report are freely available upon request to from the paying agent : JP Morgan Chase Bank, 1 Boulevard du Roi Albert II, B-1210 Bruxelles, Belgium. The Prospectus, KIIDs, articles of association, annual and half-yearly financial reports are available in French. In France, the KIID, Prospectus, articles and latest annual report are freely available upon request to the centralising agent: BNP Paribas Securities Services, 3 rue d'Antin, 75002 Paris, tél: 00 33 1 42 98 10 00. In Germany, the prospectus is available from BNY Mellon Investment Management EMEA Limited, German branch, MesseTurm Friedrich-Ebert-Anlage 49, 60308 Frankfurt am Main, Germany. In Spain, BNY Mellon Global Funds is registered with the CNMV, Registration No. 267. In Switzerland, the Company is established as an open-ended umbrella type investment company under Irish law and the Sub-funds are authorised by FINMA for distribution to non-qualified investors in or from Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva. The Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors in Switzerland can obtain the documents of the Company, such as the Prospectus, the KIIDs, the Memorandum and Articles of Association, the semi-annual and annual reports, each in their latest version as approved by FINMA, in German, and further information free of charge from the Swiss representative. BNY Mellon Investment Management EMEA Limited, BNY MGM and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation. Issued in the UK, Jersey and Europe (excluding Switzerland) by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. Issued in Switzerland by BNY Mellon Investments Switzerland GmbH, Talacker 29, CH-8001 Zürich, Switzerland. Authorised and regulated by the FINMA. PC00293. Exp. 31 December 2017. T6053 09/17.

TO LEARN MORE ABOUT THIS FUND PLEASE CONTACT US

+44 (0)20 7163 2367

internationalsales@bnymellon.com

www.bnymellonim.com

INVESTMENT OBJECTIVETo achieve a superior total return from a portfolio of bond and other debt instruments, including derivatives thereon, from emerging markets.

FOUR OVERLAPPING RISK CONTROLS1. Exposure limits

– By country, region, sector and issuer

2. Tracking error

– Maximum tracking error targets vary by strategy and according to fund guidelines

– Calculate tracking error ex-post and ex-ante

3. Investment theme diversification

Monitor total positions in clusters of potentially highly-correlated exposures:

– Commodity-dependent countries

– Geographical regions

– High carry currencies

– Asset class

– Industry sectors

4. Total portfolio risk

Portfolio Value at Risk (VaR)

– VaR calculated by Barclays POINT

– Monitor and stress-test VaR estimates

Source: Standish.

RISK CONTROLS FOR EMERGING MARKETS DEBTStandish employs four overlapping types of portfolio risk controls in the management of its emerging markets debt portfolios. In isolation, each of the four portfolio risk controls methods has its limitations. However, taken together, Standish believes they produce an effective system of risk control.

The system of risk management is designed to avoid ‘negative surprises’ in either the magnitude or the source of potential underperformance. Risk is measured primarily against the comparative index/benchmark but absolute risk indicators are considered as well.

GENERAL INFORMATIONFund launch date: 28 April 2006

Base currency: USD

Currencies available: CHF, EUR, GBP, JPY, USD

Benchmark/comparative index: JP Morgan GBI-EM Global Diversified TR Index

Fund manager: Dedicated team