Webex Series: Quarterly Economic Outlook October 2021

Mellon Investments Corporation (MIC) is a registered investment advisor and subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). The Firm assets also include assets managed by MIC personnel acting as dual officers of affiliated companies. AUM, client and employee counts are as of the most recent quarter end, unless noted otherwise. Where applicable, assets include discretionary and non-discretionary assets, and assets managed by investment personnel acting in their capacity as officers of affiliated entities. ESG assets include assets managed in custom ESG strategies and assets managed in accordance with client directed SRI guidelines. BNY Mellon Investment Management is one of the world’s leading investment management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

MIC’s investment capabilities in fixed income, equities and multi-asset, and liquidity were realigned with Insight Investment (Insight), Newton Investment Management North America, LLC (NIMNA) and Dreyfus Cash Investment Strategies (Dreyfus) effective September 1, 2021. As part of this realignment, MIC’s fixed income capabilities transitioned to Insight, MIC’s equity and multi-asset capabilities transitioned to NIMNA, and MIC continues to operate its cash and liquidity business under the brand of Dreyfus. MIC will continue to deliver institutional equity and fixed income index management as Mellon. Dreyfus and Mellon are divisions of MIC. There was no change to the firms’ investment processes or philosophies during the transition period as a result of the change.

The Bank of New York Mellon, a New York state chartered banking institution, is the discretionary trustee for its bank-maintained collective investment funds which include any funds presented. The Bank of New York Mellon is responsible for the management of the Funds, including the custody of Fund assets. Employees of MIC manage the assets of the Funds in their capacity as dual officers of The Bank of New York Mellon. The Bank of New York Mellon and MIC are subsidiaries of The Bank of New York Mellon Corporation. Any collective investment funds presented are not deposits of, and are not insured or guaranteed by, any bank, the FDIC or any other government agency. Please refer to the fund’s Schedule A for important additional information.

Personnel of certain of our BNY Mellon affiliates may act as: (i) registered representatives of BNY Mellon Securities Corporation (in its capacity as a registered broker-dealer) to offer securities and certain bank-maintained collective investment funds, (ii) officers of The Bank of New York Mellon (a New York chartered bank) to offer bank-maintained collective investment funds and (iii) associated persons of BNY Mellon Securities Corporation (in its capacity as a registered investment adviser) to offer separately managed accounts managed by BNY Mellon Investment Management firms.

This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorized. This material (or any portion thereof) may not be copied or distributed without MIC’s prior written approval.

Statements and views are current as of the date of the material only and subject to change. Views expressed are those of the author stated and do not reflect views of other managers or the firm overall.

The following provides a simplified example of the cumulative effect of management fees on investment performance: An annual management fee of 0.80% applied over a five-year period to a $100 million portfolio with an annualized gross return of 10% would reduce the value of the portfolio from $161,051,000 to $154,783,041. The actual investment advisory fees incurred by clients may vary depending on account size, structure, cash flow and other account-specific factors. Mellon’s standard fees are shown in Part 2A of its Form ADV.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Past results are not indicative of future performance and are no guarantee that losses will not occur in the future. Future returns are not guaranteed and a loss of principal may occur.

This material has been provided for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions. This information may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here.

Performance is expressed in U.S. dollars unless noted otherwise. Performance results for one year and less are not annualized. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments.

To derive Ten Largest Holdings, Characteristics, Economic Sector Weightings, Country Weightings and Portfolio Holdings for presentation purposes, a representative institutional account (“Account”) has been identified to be used as a proxy for the strategy. The information provided in this document should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an Account’s entire portfolio and in the aggregate may represent only a small percentage of an Account’s portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Some information contained herein has been obtained from third-party sources that are believed to be reliable, but the information has not been independently verified by MIC. MIC makes no representations as to the accuracy or the completeness of such information and has no obligation to revise or update any statement herein for any reason.

Charts and graphs herein are provided as illustrations only and are not meant to be guarantees of any return. The illustrations are based upon certain assumptions that may or may not turn out to be true.

The use of corporate names or logos in this presentation, other than those of MIC or its affiliates, is for illustrative purposes only and rights to any logos, trademarks or servicemarks are owned by their respective entities. It is not known whether the listed companies endorse or disapprove of MIC or any advisory services provided.

MIC claims compliance with the CFA Institute Asset Manager Code of Professional Conduct. This claim has not been verified by CFA Institute.

The indices referred to herein are used for comparative and informational purposes only and have been selected because they are generally considered to be representative of certain markets. Comparisons to indices as benchmarks have limitations because indices have volatility and other material characteristics that may differ from the portfolio, investment or hedge to which they are compared. The providers of the indices referred to herein are not affiliated with MIC, do not endorse, sponsor, sell or promote the investment strategies or products mentioned herein and they make no representation regarding the advisability of investing in the products and strategies described herein. Please see Mellon.com for important index licensing information.