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410                                        <ul class="selector-form-dropdown" id="listbox-usertype" ref="listboxUserType" role="listbox" tabindex="0" data-active-option="" aria-labelledby="combobox-usertype" aria-activedescendant="" aria-expanded="false" @keydown.prevent="listItemKeyEvent('userTypeOptions', $event)" @keypress.prevent="listItemKeyEvent('userTypeOptions', $event)">
411                                            <!-- @click="listItemClick($event)"-->
412
413                                            <li v-for="(value, key, index) in userTypes" tabindex="-1" class="selector-form-label" role="option" aria-selected="false" :id="'u-' + key" ref="userTypeOptions" @click="setUserType(key, 'listbox-usertype', value.metadata.title, $event)" @keydown.enter.stop="setUserType(key, 'listbox-usertype', value.metadata.title, $event)">
414                                                <span v-bind:data-i18n-en="value.metadata.title" v-i18n></span>
415                                                <!-- {{value.metadata.title}} -->
416                                            </li>
417                                        </ul>
418                                    </div>
419                                </div>
420                            </div>
421
422                            <div class="selector-form-section" v-if="multiLingual">
423                                <label for="combobox-language" data-i18n-en="Language preference" v-i18n></label>
424
425                                <div id="language-select" class="select-holder">
426                                    <button type="button" class="combobox dropdown-opener" @click="showDropDown('listBoxLanguages', 'languageTypeOptions', $event)" id="combobox-language" aria-owns="listbox-language" role="label">
427                                        <span v-if="language" class="selected">
428                                            <span v-bind:data-i18n-en="options[jurisdiction]['role'][userType]['language'][language]['title']" v-i18n></span>
429                                            <!-- {{options[jurisdiction]['role'][userType]['language'][language]['title']}} -->
430                                        </span>
431                                    </button>
432
433                                    <ul class="selector-form-dropdown" ref="listBoxLanguages" id="listbox-language" role="listbox" data-active-option="" tabindex="-1" aria-labelledby="combobox-language" aria-activedescendant="" aria-expanded="false" @keydown="listItemKeyEvent('languageTypeOptions', $event)" @keypress="listItemKeyEvent('languageTypeOptions', $event)">
434                                        <li v-for="(value, key, index) in languageTypes" :id="'l-' + key" class="selector-form-label" tabindex="-1" role="option" ref="languageTypeOptions" aria-selected="false" @click="setLanguage(key, 'listbox-language', $event)" @keydown.enter.stop="setLanguage(key, 'listbox-language', $event)">
435                                            <span v-bind:data-i18n-en="value.title" v-i18n></span>
436                                        </li>
437                                    </ul>
438                                </div>
439                            </div>
440                        </div>
441
442                        <div class="selector-disclaimer" role="region" :style="[(jurisdiction !== '') && (userType !== '') ? {visibility: 'visible'} : {visibility: 'hidden'}]">
443                            <!-- <div class="disclaimer-intro"
444                                        data-i18n-en="By using this website, I confirm for this jurisdiction that:"
445                                        v-i18n>
446                                    </div> -->
447
448                            <span v-if="jurisdiction && userType">
449                                <div v-if="isAuthorMode" v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure']" class="disclaimer-text"></div>
450                                <div v-else v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure'].replaceAll('/content/imemea','')" class="disclaimer-text"></div>
451                            </span>
452                            <span v-else style="color: red;">Disclaimer Not Available</span>
453
454                            <div class="disclaimer-confirm">
455                                <label for="selector-form-confirm" class="disclaimer-confirm--label">
456                                    <input id="selector-form-confirm" class="disclaimer-confirm--checkbox" type="checkbox" v-model="checkBoxValidation"/>&nbsp
457
458                                    <span class="roleBasedClass" data-i18n-en="I am an" v-i18n></span>&nbsp;<span v-bind:data-i18n-en="userTypeText" v-i18n></span>
459                                </label>
460                            </div>
461                            <div class="disclaimer-button">
462                                <button type="submit" :disabled="!checkBoxValidation" data-i18n-en="Proceed" v-i18n></button>
463                                <svg width="12" height="12" viewBox="0 0 12 12" fill="none" xmlns="http://www.w3.org/2000/svg">
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465                                </svg>
466                            </div>
467                        </div>
468                    </form>
469                </div>
470            </div>
471        </div>
472    </div>
473</section>
474
475
476    
477<link rel="stylesheet" href="/etc.clientlibs/im/clientlibs/im.one-bny.jurisdictionselector.lc-85baf9eafdcca673be509dfc3d899da7-lc.min.css" type="text/css">
478<script src="/etc.clientlibs/im/clientlibs/im.one-bny.jurisdictionselector.lc-faf7f218649dad1053577b37ddfb236a-lc.min.js"></script>
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479
480
481
482
483
484         </div>
485    </dialog>
486
487
488<script>
489    $(document).ready(function(){
490        if($('.dreyfusHeaderOneBNY').length == 0)
491        {
492            if ($(window).width() <= 768) {
493                if ($(".personalization-nav__trigger__country_role").length == 1) {
494                    var navHeaderEL = $(".personalization-nav__trigger__country_role").parent();
495
496
497                    $(".country-selector.only-mobile").append(
498                        $(navHeaderEL)
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502                if ($(".personalization-nav__trigger--account").length == 1) {
503                    var navAccEL = $(".personalization-nav__trigger--account").parent();
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505
506                    $(".country-selector.only-mobile").append(
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516
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521                    var navHeaderEL = $(".one-Bny-PersonalizationNav");
522                    $(".one-Bny-PersonalizationNav").remove();
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525                $(".only-mobile-region-selector").remove();
526            }
527        }
528
529
530       $(document).ready(function() {
531    
532                var seen = false;
533
534                $('dialog#country-dialog').each(function() {
535                    if (seen) {
536                        $(this).remove();
537                    } else {
538                        seen = true;
539                    }
540                });
541    
542      });
543
544    });
545</script>
545
546
547	
548    
549<link rel="stylesheet" href="/etc.clientlibs/im/clientlibs/im.one-bny.regionSelector.lc-5ca10b1437f6af3ee8b0c5d728c3d40b-lc.min.css" type="text/css">
550<script src="/etc.clientlibs/im/clientlibs/im.one-bny.regionSelector.lc-85628da9e0540f487081532ac62d2a95-lc.min.js"></script>
550
551
552
553
554
555
556	<div>
557
558
559<div class="">
560    <div class="root responsivegrid">
561
562
563<div class="aem-Grid aem-Grid--12 aem-Grid--default--12 ">
564    
565    <div class="header aem-GridColumn aem-GridColumn--default--12">
566    
567    
568<link rel="stylesheet" href="/etc.clientlibs/bnymellon/components/navigation/header/clientlibs.lc-8b7c327dd5ad634be62e7ac81e953427-lc.min.css" type="text/css">
569
570
571
572
573
574<div class="parent-header">
575    <div class="nav-header" id="sticky-header">
576        <div class="superNav-section navContainer bnym-container-fullwidth" style="--variable-superNavBackgroundColor:#00243D;">
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578    
579
580    
581
582    
583
584    
585
586    
587
588
589        </div>
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591            <nav class="navbar navbar-expand-lg">
592                <div class="container-fluid no-padding">
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613</svg></a>
614
615
616
617                    <div class="navbar-toggler collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#navbarSupportedContent" aria-controls="navbarSupportedContent" aria-expanded="false" aria-label="Toggle navigation">
618                        <!--span>&nbsp;</span-->
619                        <i class="material-icons">menu</i>
620                    </div>
621                    
622<a class="navbar-brand only-mobile" id="main-logo-mobile" href="/investments/us/en/intermediary.html">
623    <svg id="uuid-3edac940-c491-4603-a4b5-f01e7da6ea12" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="60 60 770 70">
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641</svg>
642</a>
643
644                    
645                        <button class="nav-btn only-mobile search-toggler search-clear" type="button" id="search-toggle">
646                            <i class="material-icons">search</i>
647                   		 </button>
648                    
649					
650
651					<input type="hidden" name="searchPageUrl" id="searchPageUrl" value="/content/im/us/en/intermediary/search-page.html"/>
652            		<input type="hidden" name="ajaxBaseUrl" id="ajaxBaseUrl" value="/content/im/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels"/>
653
654                    <div class="collapse navbar-collapse" id="navbarSupportedContent">
655                        <div class="navbar-collapse-container header-container">
656                            <ul class="navbar-nav navbar-nav-scroll">
657                                
658                                    
659                                
660                                    
661                                
662                                    
663                                
664                                    
665                                
666                                    
667                                        
668                                            <li class="nav-item dropdown">
669                                                <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false">
670                                                    <span>Investments</span>
671                                                    <i class="material-icons">keyboard_arrow_down</i>
672
673                                                </a>
674                                                
675                                                <div class="dropdown-menu">
676    <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000">
677        
678        
679        
680            <div class="col-lg-4 col-md-12 col-sm-12 left-panel menu nav-section1 border-right" style="background: #FFFFFF">
681                <div class="nav-item-secondary-header">
682                    
683                    
684                        
685                            
686								
687                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/featured-funds.html">
688                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Featured Funds</span>
689                                </a>
690                                <p class="av-link-secondary-header-description">
691                                    </p>
692                            
693								
694                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/campaign/fixed-income.html">
695                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Fixed Income</span>
696                                </a>
697                                <p class="av-link-secondary-header-description">
698                                    </p>
699                            
700								
701                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/etf-home.html">
702                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">ETFs</span>
703                                </a>
704                                <p class="av-link-secondary-header-description">
705                                    </p>
706                            
707								
708                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/lt.html">
709                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Mutual Funds</span>
710                                </a>
711                                <p class="av-link-secondary-header-description">
712                                    </p>
713                            
714                        
715                    
716                        
717                    
718                        
719                    
720                </div>
721            </div>
722        
723        
724            <div class="col-lg-4 col-md-6 col-sm-12 right-panel menu right-panel-row nav-section2 border-right" style="background: #FFFFFF">
725                <div class="nav-item-secondary-header">
726                    
727                    
728                        
729                    
730                        
731                            
732								
733                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/separately-managed-accounts.html">
734                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Separately Managed Accounts</span>
735                                </a>
736                                <p class="av-link-secondary-header-description">
737                                    </p>
738
739                            
740								
741                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/bny-model-portfolios.html">
742                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">BNY Model Portfolios</span>
743                                </a>
744                                <p class="av-link-secondary-header-description">
745                                    </p>
746
747                            
748								
749                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/closed-end-funds.html">
750                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Closed-End Funds</span>
751                                </a>
752                                <p class="av-link-secondary-header-description">
753                                    </p>
754
755                            
756								
757                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/closed-end-funds.html">
758                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Overview</span>
759                                </a>
760                                <p class="av-link-secondary-header-description">
761                                    </p>
762
763                            
764                        
765                    
766                        
767                    
768                </div>
769            </div>
770        
771        
772        
773        
774
775
776        
777            <div class="col-lg-4 col-md-6 col-sm-12 menu right-panel right-panel-row nav-section3 " style="background: #FFFFFF">
778                <div class="nav-item-secondary-header" style="--variable-linkColorNav3:#000">
779                    
780                    
781                        
782                    
783                        
784                    
785                        
786                            
787								
788                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/mm.html">
789                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Money Market Funds</span>
790                                </a>
791                                <p class="av-link-secondary-header-description">
792                                    </p>
793
794                            
795								
796                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/variable-products.html">
797                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Variable Investment Trusts</span>
798                                </a>
799                                <p class="av-link-secondary-header-description">
800                                    </p>
801
802                            
803								
804                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/bny-mellon.html">
805                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">BNY Mellon Funds Trust</span>
806                                </a>
807                                <p class="av-link-secondary-header-description">
808                                    </p>
809
810                            
811								
812                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/nra-offshore.html#overview">
813                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Offshore Money Market Funds (For non-U.S. persons)</span>
814                                </a>
815                                <p class="av-link-secondary-header-description">
816                                    </p>
817
818                            
819                        
820                    
821                </div>
822            </div>
823        
824        
825        
826        
827
828
829    </div>
830</div>
831
832                                            </li>
833                                        
834                                            <li class="nav-item dropdown">
835                                                <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false">
836                                                    <span>Insights</span>
837                                                    <i class="material-icons">keyboard_arrow_down</i>
838
839                                                </a>
840                                                
841                                                <div class="dropdown-menu">
842    <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000">
843        
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846            <div class="col-lg-4 col-md-12 col-sm-12 left-panel menu nav-section1 border-right" style="background: #FFFFFF">
847                <div class="nav-item-secondary-header">
848                    
849                    
850                        
851                            
852								
853                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/insights.html">
854                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Featured Insights</span>
855                                </a>
856                                <p class="av-link-secondary-header-description">
857                                    </p>
858                            
859								
860                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/all-insights.html">
861                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">All Insights</span>
862                                </a>
863                                <p class="av-link-secondary-header-description">
864                                    </p>
865                            
866								
867                                <a class="nav-link-secondary-header" aria-current="page" href="https://www.bny.com/corporate/global/en/institute.html">
868                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">BNY Institute</span>
869                                </a>
870                                <p class="av-link-secondary-header-description">
871                                    </p>
872                            
873								
874                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/perspectives/in-the-news.html">
875                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">In the news</span>
876                                </a>
877                                <p class="av-link-secondary-header-description">
878                                    </p>
879                            
880                        
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882                </div>
883            </div>
884        
885        
886        
887        
888        
889
890
891        
892        
893        
894        
895
896
897    </div>
898</div>
899
900                                            </li>
901                                        
902                                            <li class="nav-item dropdown">
903                                                <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false">
904                                                    <span>Resources</span>
905                                                    <i class="material-icons">keyboard_arrow_down</i>
906
907                                                </a>
908                                                
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915                <div class="nav-item-secondary-header">
916                    
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918                        
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920								
921                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/bny-pinpoint.html">
922                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">BNY PinPoint℠ Portfolio Consultation Service</span>
923                                </a>
924                                <p class="av-link-secondary-header-description">
925                                    </p>
926                            
927								
928                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/literature-center.html#mutual-funds">
929                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Literature Center</span>
930                                </a>
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935                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/retirement.html">
936                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Retirement Checklists</span>
937                                </a>
938                                <p class="av-link-secondary-header-description">
939                                    </p>
940                            
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952                <div class="nav-item-secondary-header">
953                    
954                    
955                        
956                    
957                        
958                            
959								
960                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/tax-center.html">
961                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Tax Center</span>
962                                </a>
963                                <p class="av-link-secondary-header-description">
964                                    </p>
965
966                            
967								
968                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/manage-client-accounts.html">
969                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Manage Client Accounts</span>
970                                </a>
971                                <p class="av-link-secondary-header-description">
972                                    </p>
973
974                            
975								
976                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/perspectives/in-the-news.html">
977                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold"> In The News</span>
978                                </a>
979                                <p class="av-link-secondary-header-description">
980                                    </p>
981
982                            
983                        
984                    
985                        
986                    
987                </div>
988            </div>
989        
990        
991        
992        
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994
995        
996            <div class="col-lg-4 col-md-6 col-sm-12 menu right-panel right-panel-row nav-section3 " style="background: #FFFFFF">
997                <div class="nav-item-secondary-header" style="--variable-linkColorNav3:#000">
998                    
999                    
1000                        
1001                    
1002                        
1003                    
1004                        
1005                            
1006								
1007                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/account-forms.html">
1008                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Account Forms</span>
1009                                </a>
1010                                <p class="av-link-secondary-header-description">
1011                                    </p>
1012
1013                            
1014								
1015                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/contact-us.html">
1016                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Contact us</span>
1017                                </a>
1018                                <p class="av-link-secondary-header-description">
1019                                    </p>
1020
1021                            
1022                        
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1024                </div>
1025            </div>
1026        
1027        
1028        
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1030
1031
1032    </div>
1033</div>
1034
1035                                            </li>
1036                                        
1037                                            <li class="nav-item dropdown">
1038                                                <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false">
1039                                                    <span>About Us</span>
1040                                                    <i class="material-icons">keyboard_arrow_down</i>
1041
1042                                                </a>
1043                                                
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1045    <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000">
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1050                <div class="nav-item-secondary-header">
1051                    
1052                    
1053                        
1054                            
1055								
1056                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/about-us.html">
1057                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">About BNY Investments</span>
1058                                </a>
1059                                <p class="av-link-secondary-header-description">
1060                                    </p>
1061                            
1062								
1063                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/investment-approach.html">
1064                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Our Investment Approach</span>
1065                                </a>
1066                                <p class="av-link-secondary-header-description">
1067                                    </p>
1068                            
1069								
1070                                <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/investor-solutions.html">
1071                                    <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">BNY Advisors</span>
1072                                </a>
1073                                <p class="av-link-secondary-header-description">
1074                                    </p>
1075                            
1076                        
1077                    
1078                        
1079                    
1080                        
1081                    
1082                </div>
1083            </div>
1084        
1085        
1086        
1087        
1088        
1089
1090
1091        
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1096
1097    </div>
1098</div>
1099
1100                                            </li>
1101                                        
1102                                            <li class="nav-item dropdown">
1103                                                <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false">
1104                                                    <span>Explore BNY</span>
1105                                                    <i class="material-icons">keyboard_arrow_down</i>
1106
1107                                                </a>
1108                                                
1109                                                <div class="dropdown-menu">
1110    <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000">
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1125
1126    </div>
1127</div>
1128
1129                                            </li>
1130                                        
1131                                    
1132                                
1133								
1134                                <div class="country-selector only-mobile">
1135                                    
1136                                        
1137                                    
1138                                        
1139                                    
1140                                        
1141                                    
1142                                        
1143                                    
1144                                        
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1146                                    
1147                                    
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1150                                <div class="superNav-section navContainer only-mobile" style="--variable-superNavBackgroundColor:#00243D; margin-top: auto;">
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1186                                    
1187                                        
1188                                    
1189                                    
1190                                </ul>
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1203                                    
1204                                        <input class="" name="q" id="siteSearch" type="text" placeholder="Search..." role="searchbox" aria-label="Search..." aria-controls="searchContainer" autocomplete="off" redirect="/content/im/us/en/intermediary/search-page.html" required/>
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1226                                    <dt>
1227                                        
1228                                        
1229                                            SUGGESTED RESULTS
1230                                        
1231                                    </dt>
1232                                </dl>
1233                                <dl class="data-quick-results" data-quick-results="">
1234                                </dl>
1235                            </div>
1236                        </form>
1237                        <div class="searchContainer" id="searchContainer" role="region" aria-modal="true">
1238                            <h3 class="visually-hidden" id="search-results-title" tabindex="-1">
1239                                
1240                                
1241                                    Search Results
1242                                
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1244                            <div class="searchTags" id="searchTags"></div>
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1463						
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1465							<span class="cmp-pagebanner-hero__text" style="color:#fff!important;position:unset;transform:none;">
1466								<h1>Hidden in Plain Sight: Seeking Opportunities in Fallen Angels</h1>
1467							</span>
1468						
1469					</h1>
1470					<div class="hero__wrapper__summary">
1471						<p>Fallen angels, or bonds downgraded from investment grade to high yield, have quietly outperformed comparable fixed income markets across most near- and
1472longer-term time horizons.</p>
1473					</div>
1474				</div>
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1538    <h2>August 2026<br />
1539 </h2>
1540<h2><i>Fallen angels, or bonds downgraded from investment grade to high yield, have quietly outperformed comparable fixed income markets across most near- and longer-term time horizons. With downgrades potentially picking up, now may be the time to take another look at the asset class.</i></h2>
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1556    <h3>Fallen Angels Have Performed Historically Well Against Other Credit Markets</h3>
1557<p>Fallen angels’ track record is compelling across many periods, with only one notable weak spot: their five-year performance versus U.S. high yield, which was a result of the 2022 rising rate environment.</p>
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1661    <p>The composition of fallen angel returns has historically mirrored high yield corporates more than investment grade companies. Like high yield, fallen angels have seen greater contributions from credit spread (or “excess” returns versus Treasuries), potentially offering diversification benefits against investment grade bonds. These returns are largely driven by fallen angels’ typically wider credit spreads relative to investment grade bonds.</p>
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1693    <h3>Credit Spreads, Not Interest Rates, Have Driven Strong Fallen Angel Performance Versus High Yield</h3>
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1758    <h3>Can a Wave of Downgrades Improve Near-Term Fallen Angel Returns Further?</h3>
1759<p>When a bond is downgraded from investment grade to high yield, it gets removed from investment grade indices, forcing passive funds and many active managers to sell simultaneously. Many funds are unable to hold any bond below investment grade, creating “forced sellers.” This may lead to overselling, creating potentially compelling entry points for other investors.</p>
1760<p>Our research indicates that sector downgrade waves historically coincided with higher fallen angel returns, and we believe business development companies (BDCs) are a sector to watch for future downgrade candidates.<sup>1</sup> BDCs have had a difficult year, partly due to concerns around software exposure and most of the market holds BBB ratings (the lowest investment grade rating) and many trade in line with high yield companies.</p>
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1792    <h3>Waves of Downgrades Have Historically Coincided with Higher Fallen Angel Returns</h3>
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1857    <p>We see signs that downgrades may also pick up across other sectors. Fallen angel downgrades have been low since the pandemic, but $30 billion has entered fallen angel indices year-to-date, already making it the highest level since 2020.</p>
1858<h3>Economic Conditions May Also Indicate a Potential Catalyst for Downgrades</h3>
1859<p>Consumers, particularly in lower-income brackets, are increasingly dipping into savings to support consumption, leaving the personal savings rate at its lowest level since 2022.<sup>
18592</sup> A declining savings rate signals that consumers are under financial pressure, which can weigh on corporate revenues and earnings, particularly for consumer-facing companies, and ultimately increase the likelihood of credit downgrades.</p>
1860<p>Trends are also moving toward higher mergers and acquisitions (M&amp;A) activity. Goldman Sachs forecast M&amp;A volumes of $3.8 trillion in 2026,<sup>3</sup> driven by factors like deregulation and AI-related disruption and consolidation.</p>
1861<p>We are watching fundamentals, rating agency outlooks and pricing within BBB names in particular. We expect to see downgrades return to more historically normal levels of $40 billion to $50 billion per year.</p>
1862<h3>Getting Ahead of Future Downgrade Waves May Be an Optimal Strategy</h3>
1863<p>In our view, total returns over recent years offer potential evidence that the fallen angel market may provide value even absent a wave of downgrades. Importantly, we do not expect higher downgrades to coincide with higher defaults. We expect default rates in high yield and fallen angel markets to remain contained, as we believe the economic environment and corporate fundamentals should remain robust.</p>
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1904<h1 style="font-family:druk, font-druk; color:#05687f"><span style="color:#000">ABOUT</span> INSIGHT INVESTMENT</h1>
1905
1906<p>Insight Investment is a leading global investment manager and fixed income specialist firm within BNY Investments.</p>
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1961				<p><p><b>Endnotes</b></p>
1962<p>1. Insight Investment, BDCs as a Fallen Angels Opportunity, May 2026. Business development companies (BDCs) are publicly traded vehicles that finance small and mid-sized private companies, passing most income to shareholders as dividends.</p>
1963<p>2. U.S. Bureau of Economic Analysis, May 2026.</p>
1964<p>3. Source: Goldman Sachs, M&amp;A Volume Expected to Surge This Year Despite Economic Uncertainty, April 2026.</p>
1965<p> </p>
1966<p>Appendix</p>
1967<p><b>Credit spread</b> is the difference in yield between a bond and a comparable “risk-free” government bond (typically a U.S. Treasury) of the same maturity. <b>Credit spread</b> return is the gain or loss resulting from the narrowing or widening of a bond’s credit spread. Interest rate return is the portion of a bond’s total return that results from changes in market interest rates. Fallen angels are bonds that were originally issued as investment grade but have since been downgraded to high yield (or “junk”) status by a major credit rating agency. <b>Fallen angels</b> have longer maturities, so when spreads tighten, their prices rise more than shortermaturity high yield bonds — amplifying returns.</p>
1968<p><b>Bloomberg U.S. High Yield Fallen Angel Index</b> Tracks U.S. bonds originally issued as investment grade that have since been downgraded to high yield status. <b>Bloomberg U.S. High Yield Fallen Angel 3% Capped Index</b> Tracks U.S. bonds originally issued as investment grade that have since been downgraded to high yield status, but limits any single issuer to 3% of the index to reduce concentration in any one company. <b>Bloomberg U.S. Corporate High Yield Index </b>Tracks the broad US high yield corporate bond market, or bonds rated below investment grade (BB or lower). <b>Bloomberg U.S. Corporate Index</b> Tracks the U.S. investment grade corporate bond market, or bonds rated BBB or higher. <b>Morningstar LSTA U.S. Leveraged Loan 100 Index </b>Tracks the 100 largest leveraged loans in the U.S., or floating-rate loans made to below-investment grade companies. Investors cannot directly invest in any index.</p>
1969<p>“BLOOMBERG” and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by the distributor hereof (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the “Products”). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.</p>
1970<p><b>Risks</b></p>
1971<p><b>Bonds</b> are subject generally to interest-rate, credit, liquidity, call and market r
1971isks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines. <b>Investment grade </b>is a rating of fixed-income bonds, bills, and notes by credit rating agencies.</p>
1972<p>Bond ratings reflect the rating entity’s evaluation of the issuer’s ability to pay interest and repay principal on the bond on a timely basis. Bonds rated BBB/Baa or higher are considered investment grade, while bonds rated BB/Ba or lower are considered speculative as to the timely payment of interest and principal. Credit ratings reflect only those assigned by Nationally Recognized Statistical Rating Organizations (NRSRO) that have rated fund holdings. Split-rated bonds, if any, are reported in the higher rating category.</p>
1973<p><b>Important information</b></p>
1974<p><b>All investments involve risk, including the possible loss of principal. Asset allocation does not guarantee investment returns and does not eliminate the risk of loss.</b></p>
1975<p>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. Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances. Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change.</p>
1976<p>This information contains 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. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.</p>
1977<p>Investment advisory services in North America are provided by Insight North America LLC, a registered investment adviser and regulated by the U.S. Securities and Exchange Commission (SEC). Insight North America LLC is associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as “Insight” or “Insight Investment.” Insight is a subsidiary of BNY.</p>
1978<p>BNY Investments is the brand name for the investment management business of BNY and its investment firm affiliates worldwide. BNY 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.</p>
1979<p><b>NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE</b></p>
1980<p>©2026 <b>THE BANK OF NEW YORK MELLON CORPORATION</b></p>
1981<p>MARK-979339-2026-07-31</p>
1982</p>
1983			</div>
1984		</div>
1985	</section>
1986
1987
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1990
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1992						
1993					
1994					
1995				</div>
1996			</section>
1997		
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2000
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2005</div></div>
2006<div class="richtextbox text aem-GridColumn aem-GridColumn--default--12">
2007    
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2014<link rel="stylesheet" href="/content/dam/im/web/assets/bny_local_fix.css">
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2023
2024<script>$(document).ready(() => $('.hero__wrapper__summary').hide())</script>
2024
2025
2026<div class="bny_code"></div>
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2031
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2033</div>
2034</div>
2035<div class="footer aem-GridColumn aem-GridColumn--default--12"><div id="fundsLoader" class="funds-loader" style="display: none;"></div>
2036
2037	
2038		
2039			<div class="xfpageBNY xfpage page basicpage">
2040
2041	
2042
2043    
2044    
2045
2046
2047
2048    
2049    
2050
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2052
2053    
2054    
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2063    
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2069    
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2073	
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2075
2076
2077
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2088        <button id="country-dialog__close" aria-label="Close Modal"></button>
2089         <div class="im-wrapper">
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2091                    
2092<div class="country-container" style="display: none;">
2093    <div id="country">us</div>
2094    <div id="language">en</div>
2095    <div id="role">intermediary</div>
2096    <div id="roleTitle">intermediary</div>
2097	<div id="env"></div>
2098</div>
2099
2100    
2101    
2102        <div style="display: none;" id="publishRunMode">true</div>
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2104
2105<section class="bnym-container-fullwidth jurisdiction-component">
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2109                <div v-if="isLoading" class="data-loading">
2110                    <img src="/content/dam/imemea/web/images/icons/bny-logo-sml.svg"/>
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2114                <div v-else class="selector-wrapper">
2115                    <form class="selector-form" @submit="formSubmit">
2116                        <input type="hidden" name="jurisdiction" v-model="jurisdiction"/>
2117                        <!-- <input type="hidden" name="usertype" v-model="userType" />
2118                                <input type="hidden" name="languagetype" v-model="languageType" /> -->
2119                        <div class="selector-form-group">
2120                            <div class="selector-form-section">
2121                                <div class="form-group">
2122                                    <label for="combobox-jurisdiction" id="dropdown1-label" v-i18n data-i18n-en="I am based in"></label>
2123
2124                                    <div id="country-select" class="select-holder">
2125                                        <button type="button" class="combobox dropdown-opener" @click="showDropDown('listboxJurisdiction', 'jurisdictionOptions', $event)" id="combobox-jurisdiction" aria-owns="listbox-jurisdiction" role="label">
2126                                            <span v-if="jurisdiction" class="selected">
2127                                                <span v-bind:data-i18n-en="options[jurisdiction].metadata.title" v-i18n></span>
2128                                                <!-- <span v-i18n :data-i18n-en="jurisdiction"></span> -->
2129                                                <img aria-hidden="true" :src="getFlag(jurisdiction)" alt=""/>
2130                                            </span>
2131                                            <!-- <span class="chevron"><img
2132															src="./img/jurisdiction-selector/DropdownChevronIcon.svg"
2133															alt="" /></span> -->
2134                                        </button>
2135
2136                                        <ul class="selector-form-dropdown" id="listbox-jurisdiction" ref="listboxJurisdiction" role="listbox" tabindex="0" data-active-option="" aria-labelledby="combobox-jurisdiction" aria-activedescendant="" aria-expanded="false" @keydown="listItemKeyEvent('jurisdictionOptions', $event)" @keypress="listItemKeyEvent('jurisdictionOptions', $event)">
2137                                            <!-- @click="listItemClick($event)"-->
2138
2139                                            <li v-for="(value, key, index) in options" class="selector-form-label" tabindex="-1" role="option" aria-selected="false" :id="'j-' + key" ref="jurisdictionOptions" @click="setCountry(key, 'listbox-jurisdiction', $event)" @keydown.enter.stop="setCountry(key, 'listbox-jurisdiction', $event)">
2140                                                <span v-bind:data-i18n-en="value.metadata.title" v-i18n></span> <img :src="getFlag(key)" alt=""/>
2141                                            </li>
2142                                        </ul>
2143                                    </div>
2144                                </div>
2145                            </div>
2146
2147                            <div class="selector-form-section">
2148                                <div class="form-group">
2149                                    <label id="combobox-usertype-lbl" for="combobox-usertype" data-i18n-en="and I am an" v-i18n></label>
2150                                    <div id="usertype-select" class="select-holder">
2151                                        <button type="button" class="combobox dropdown-opener" @click="showDropDown('listboxUserType', 'userTypeOptions', $event)" id="combobox-usertype" aria-owns="listbox-usertype" role="label">
2152                                            <span v-if="userType" class="selected">
2153                                                <!--  {{options[jurisdiction]['role'][userType].metadata.title}} -->
2154                                                <span v-bind:data-i18n-en="options[jurisdiction]['role'][userType].metadata.title" v-i18n></span>
2155                                            </span>
2156                                        </button>
2157
2158                                        <ul class="selector-form-dropdown" id="listbox-usertype" ref="listboxUserType" role="listbox" tabindex="0" data-active-option="" aria-labelledby="combobox-usertype" aria-activedescendant="" aria-expanded="false" @keydown.prevent="listItemKeyEvent('userTypeOptions', $event)" @keypress.prevent="listItemKeyEvent('userTypeOptions', $event)">
2159                                            <!-- @click="listItemClick($event)"-->
2160
2161                                            <li v-for="(value, key, index) in userTypes" tabindex="-1" class="selector-form-label" role="option" aria-selected="false" :id="'u-' + key" ref="userTypeOptions" @click="setUserType(key, 'listbox-usertype', value.metadata.title, $event)" @keydown.enter.stop="setUserType(key, 'listbox-usertype', value.metadata.title, $event)">
2162                                                <span v-bind:data-i18n-en="value.metadata.title" v-i18n></span>
2163                                                <!-- {{value.metadata.title}} -->
2164                                            </li>
2165                                        </ul>
2166                                    </div>
2167                                </div>
2168                            </div>
2169
2170                            <div class="selector-form-section" v-if="multiLingual">
2171                                <label for="combobox-language" data-i18n-en="Language preference" v-i18n></label>
2172
2173                                <div id="language-select" class="select-holder">
2174                                    <button type="button" class="combobox dropdown-opener" @click="showDropDown('listBoxLanguages', 'languageTypeOptions', $event)" id="combobox-language" aria-owns="listbox-language" role="label">
2175                                        <span v-if="language" class="selected">
2176                                            <span v-bind:data-i18n-en="options[jurisdiction]['role'][userType]['language'][language]['title']" v-i18n></span>
2177                                            <!-- {{options[jurisdiction]['role'][userType]['language'][language]['title']}} -->
2178                                        </span>
2179                                    </button>
2180
2181                                    <ul class="selector-form-dropdown" ref="listBoxLanguages" id="listbox-language" role="listbox" data-active-option="" tabindex="-1" aria-labelledby="combobox-language" aria-activedescendant="" aria-expanded="false" @keydown="listItemKeyEvent('languageTypeOptions', $event)" @keypress="listItemKeyEvent('languageTypeOptions', $event)">
2182                                        <li v-for="(value, key, index) in languageTypes" :id="'l-' + key" class="selector-form-label" tabindex="-1" role="option" ref="languageTypeOptions" aria-selected="false" @click="setLanguage(key, 'listbox-language', $event)" @keydown.enter.stop="setLanguage(key, 'listbox-language', $event)">
2183                                            <span v-bind:data-i18n-en="value.title" v-i18n></span>
2184                                        </li>
2185                                    </ul>
2186                                </div>
2187                            </div>
2188                        </div>
2189
2190                        <div class="selector-disclaimer" role="region" :style="[(jurisdiction !== '') && (userType !== '') ? {visibility: 'visible'} : {visibility: 'hidden'}]">
2191                            <!-- <div class="disclaimer-intro"
2192                                        data-i18n-en="By using this website, I confirm for this jurisdiction that:"
2193                                        v-i18n>
2194                                    </div> -->
2195
2196                            <span v-if="jurisdiction && userType">
2197                                <div v-if="isAuthorMode" v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure']" class="disclaimer-text"></div>
2198                                <div v-else v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure'].replaceAll('/content/imemea','')" class="disclaimer-text"></div>
2199                            </span>
2200                            <span v-else style="color: red;">Disclaimer Not Available</span>
2201
2202                            <div class="disclaimer-confirm">
2203                                <label for="selector-form-confirm" class="disclaimer-confirm--label">
2204                                    <input id="selector-form-confirm" class="disclaimer-confirm--checkbox" type="checkbox" v-model="checkBoxValidation"/>&nbsp
2205
2206                                    <span class="roleBasedClass" data-i18n-en="I am an" v-i18n></span>&nbsp;<span v-bind:data-i18n-en="userTypeText" v-i18n></span>
2207                                </label>
2208                            </div>
2209                            <div class="disclaimer-button">
2210                                <button type="submit" :disabled="!checkBoxValidation" data-i18n-en="Proceed" v-i18n></button>
2211                                <svg width="12" height="12" viewBox="0 0 12 12" fill="none" xmlns="http://www.w3.org/2000/svg">
2212                                    <path fill-rule="evenodd" clip-rule="evenodd" d="M6 0L4.9425 1.0575L9.1275 5.25H0V6.75H9.1275L4.9425 10.9425L6 12L12 6L6 0Z" fill="currentColor"></path>
2213                                </svg>
2214                            </div>
2215                        </div>
2216                    </form>
2217                </div>
2218            </div>
2219        </div>
2220    </div>
2221</section>
2222
2223
2224    
2225
2226
2227
2228
2229
2230         </div>
2231    </dialog>
2232
2233
2234<script>
2235    $(document).ready(function(){
2236        if($('.dreyfusHeaderOneBNY').length == 0)
2237        {
2238            if ($(window).width() <= 768) {
2239                if ($(".personalization-nav__trigger__country_role").length == 1) {
2240                    var navHeaderEL = $(".personalization-nav__trigger__country_role").parent();
2241
2242
2243                    $(".country-selector.only-mobile").append(
2244                        $(navHeaderEL)
2245                    );
2246                }
2247
2248                if ($(".personalization-nav__trigger--account").length == 1) {
2249                    var navAccEL = $(".personalization-nav__trigger--account").parent();
2250
2251
2252                    $(".country-selector.only-mobile").append(
2253                        $(navAccEL)
2254                    );
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2256
2257                var profContainerEL = $("#profile-containers").parent();
2258
2259                $(".country-selector.only-mobile").append(
2260                    $(profContainerEL)
2261                );
2262
2263                $(".one-Bny-PersonalizationNav").remove();
2264                $(".only-desktop-region-selector").remove();
2265            } else {
2266                if ($(".one-Bny-PersonalizationNav").length == 1) {
2267                    var navHeaderEL = $(".one-Bny-PersonalizationNav");
2268                    $(".one-Bny-PersonalizationNav").remove();
2269                    $(".nav-header .superNav-section:first").after(navHeaderEL);
2270                }
2271                $(".only-mobile-region-selector").remove();
2272            }
2273        }
2274
2275
2276       $(document).ready(function() {
2277    
2278                var seen = false;
2279
2280                $('dialog#country-dialog').each(function() {
2281                    if (seen) {
2282                        $(this).remove();
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2284                        seen = true;
2285                    }
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2287    
2288      });
2289
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2291</script>
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2305
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2330                                                    <a class=" " href="/investments/us/en/intermediary/products/lt.html" target="_self">
2331                                                        INVESTMENTS 
2332                                                    </a>
2333                                                
2334                                                
2335                                            </span>
2336                                        
2337                                            <span>
2338                                                
2339                                                    <a class=" " href="/investments/us/en/intermediary/products/lt.html" target="_self">
2340                                                        All Mutual Funds 
2341                                                    </a>
2342                                                
2343                                                
2344                                            </span>
2345                                        
2346                                            <span>
2347                                                
2348                                                    <a class=" " href="/investments/us/en/intermediary/products/etf.html" target="_self">
2349                                                        All ETFs 
2350                                                    </a>
2351                                                
2352                                                
2353                                            </span>
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2355                                            <span>
2356                                                
2357                                                    <a class=" " href="/investments/us/en/intermediary/separately-managed-accounts.html" target="_self">
2358                                                        All SMAs 
2359                                                    </a>
2360                                                
2361                                                
2362                                            </span>
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2364                                            <span>
2365                                                
2366                                                    <a class=" " href="/investments/us/en/intermediary/products/mm.html" target="_self">
2367                                                        All Money Market Funds 
2368                                                    </a>
2369                                                
2370                                                
2371                                            </span>
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2373                                            <span>
2374                                                
2375                                                    <a class=" " href="/investments/us/en/intermediary/resources/literature-center.html#mutual-funds.html" target="_self">
2376                                                        Literature Center 
2377                                                    </a>
2378                                                
2379                                                
2380                                            </span>
2381                                        
2382                                    </div>
2383                                
2384                            
2385                                
2386                                    <div>
2387                                        
2388                                            <span>
2389                                                
2390                                                    <a class=" " href="/investments/us/en/intermediary/about-us.html" target="_self">
2391                                                        ABOUT US 
2392                                                    </a>
2393                                                
2394                                                
2395                                            </span>
2396                                        
2397                                            <span>
2398                                                
2399                                                    <a class=" " href="/investments/us/en/intermediary/investment-approach.html#firms.html" target="_self">
2400                                                        Our Investment Firms 
2401                                                    </a>
2402                                                
2403                                                
2404                                            </span>
2405                                        
2406                                            <span>
2407                                                
2408                                                    <a class=" " href="https://www.bny.com/corporate" target="_blank">
2409                                                        BNY.com 
2410                                                    </a>
2411                                                
2412                                                
2413                                            </span>
2414                                        
2415                                            <span>
2416                                                
2417                                                    <a class=" " href="https://www.bnymellon.com/us/en/about-us/newsroom.html" target="_blank">
2418                                                        Newsroom 
2419                                                    </a>
2420                                                
2421                                                
2422                                            </span>
2423                                        
2424                                            <span>
2425                                                
2426                                                    <a class=" " href="https://www.bnymellon.com/us/en/careers/work-with-us.html" target="_blank">
2427                                                        Careers 
2428                                                    </a>
2429                                                
2430                                                
2431                                            </span>
2432                                        
2433                                    </div>
2434                                
2435                            
2436                                
2437                                    <div>
2438                                        
2439                                            <span>
2440                                                
2441                                                    <a class=" " href="/investments/us/en/intermediary/resources/account-forms.html" target="_self">
2442                                                        RESOURCES 
2443                                                    </a>
2444                                                
2445                                                
2446                                            </span>
2447                                        
2448                                            <span>
2449                                                
2450                                                    <a class=" " href="/investments/us/en/intermediary/resources/account-forms.html" target="_self">
2451                                                        Account Forms 
2452                                                    </a>
2453                                                
2454                                                
2455                                            </span>
2456                                        
2457                                            <span>
2458                                                
2459                                                    <a class=" siteLeavingPopupModal" href="https://my.accessportals.com/app/avc/login" target="_self">
2460                                                        AdvisorCentral <i class="material-icons" style="font-size:1em;">open_in_new</i>
2461                                                    </a>
2462                                                
2463                                                
2464                                            </span>
2465                                        
2466                                            <span>
2467                                                
2468                                                    <a class=" " href="/investments/us/en/intermediary/resources/proxy-materials.html" target="_self">
2469                                                        Proxy Materials 
2470                                                    </a>
2471                                                
2472                                                
2473                                            </span>
2474                                        
2475                                            <span>
2476                                                
2477                                                    <a class=" siteLeavingPopupModal" href="http://brokercheck.finra.org/" target="_blank">
2478                                                        Check firm&#39;s background on BrokerCheck <i class="material-icons" style="font-size:1em;">open_in_new</i>
2479                                                    </a>
2480                                                
2481                                                
2482                                            </span>
2483                                        
2484                                            <span>
2485                                                
2486                                                    <a class=" " href="/investments/us/en/intermediary/perspectives/in-the-news.html" target="_self">
2487                                                        In The News 
2488                                                    </a>
2489                                                
2490                                                
2491                                            </span>
2492                                        
2493                                            <span>
2494                                                
2495                                                    <a class=" " href="/content/dam/im/documents/manual/handouts/bny-omnibus-guidelines.pdf" target="_self">
2496                                                        Omnibus Guidelines and Policies 
2497                                                    </a>
2498                                                
2499                                                
2500                                            </span>
2501                                        
2502                                    </div>
2503                                
2504                            
2505                                
2506                                    <div>
2507                                        
2508                                            <span>
2509                                                
2510                                                    <a class=" " href="/investments/us/en/intermediary/resources/contact-us.html" target="_self">
2511                                                        CONTACT US 
2512                                                    </a>
2513                                                
2514                                                
2515                                            </span>
2516                                        
2517                                            <span>
2518                                                
2519                                                
2520                                                    <p style="color: #000;">1.877.334.6899</p>
2521                                                
2522                                            </span>
2523                                        
2524                                            <span>
2525                                                
2526                                                
2527                                                    <p style="color: #000;">Monday-Friday</p>
2528                                                
2529                                            </span>
2530                                        
2531                                            <span>
2532                                                
2533                                                
2534                                                    <p style="color: #000;"> 8:30am-6pm ET</p>
2535                                                
2536                                            </span>
2537                                        
2538                                            <span>
2539                                                
2540                                                    <a class=" " href="mailto:[email protected]" target="_self">
2541                                                        [email protected] 
2542                                                    </a>
2543                                                
2544                                                
2545                                            </span>
2546                                        
2547                                    </div>
2548                                
2549                            
2550                        
2551                    
2552                        
2553                    
2554                </div>
2555                
2556            </div>
2557
2558            <div class="social-handle-container">
2559                
2560                    <div class="image">
2561                        <a href="https://www.linkedin.com/showcase/bnyinvestments" class="siteLeavingPopupModal">
2562                            <img class="image-handle" src="/content/dam/bnymellon/web/icons/linkedin.svg" alt="BNY LinkedIn"/>
2563                        </a>
2564                    </div>
2565                
2566
2567                
2568
2569                
2570                    <div class="image">
2571                        <a href="https://www.x.com/bnyglobal" class="siteLeavingPopupModal">
2572                            <img class="image-handle" src="/content/dam/bnymellon/web/icons/twitter.svg" alt="BNY X"/>
2573                        </a>
2574                    </div>
2575                
2576
2577                
2578                    <div class="image">
2579                        <a href="https://www.facebook.com/bny" class="siteLeavingPopupModal">
2580                            <img class="image-handle" src="/content/dam/bnymellon/web/icons/facebook.svg" alt="BNY Facebook"/>
2581                        </a>
2582                    </div>
2583                
2584				
2585				
2586            </div>
2587
2588            <hr/>
2589			
2590				
2591			
2592				
2593					<div class="legal-links footer-links">
2594						
2595							
2596							<a class="" href="/investments/us/en/intermediary/policies.html" target="_self">
2597								<b>POLICIES </b>
2598							</a>
2599						
2600							
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