BNY Mellon Securities Corporation

Item 5. Fees and Compensation
Fees for BNYSC’s investment advisory services are described in the sections below. As a dually
registered investment adviser and broker-dealer, the investment advisory services that we perform
are separate and distinct from the brokerage services we perform, and each is governed by different
laws and contractual arrangements. While there may be certain similarities between the brokerage
and advisory services we provide depending on the capacity in which we act, our contractual
relationship and legal duties, including the fees we charge to clients, are subject to a number of
important differences.

Wrap Programs

Generally, in a Wrap Program, the Program Sponsor charges the Wrap Client an inclusive (“wrap”)
fee that covers various costs relating to the management of the Wrap Client’s account. This wrap
fee typically includes brokerage transaction and clearing charges, custodian fees, investment
advisory fees, and any other applicable fees for related services. Typically, the Wrap Client is
introduced to the Strategy by the Wrap Client’s financial professional, who is employed by the
Program Sponsor. Some Wrap Programs may not charge a wrap fee and may, instead, bill
separately for each service provided. With respect to Dual-Contract Programs, the investment
advisory fee typically is not included in the Program Sponsor’s wrap fee and, therefore, the
investment advisory fee would be an additional fee paid by the Wrap Client either directly or
collected by the Program Sponsor from the Wrap Client on our behalf. Wrap Clients should consult
their Program Sponsor’s Wrap Fee Program Brochure for additional information about the services
provided through their program by the Program Sponsor and related fees and expenses associated
with the Wrap Program.

Except with respect to certain Dual-Contract Programs, the Program Sponsor’s Wrap Clients
generally do not pay a fee directly to BNYSC and have limited direct contact with BNYSC. The
Program Sponsor typically pays BNYSC a portion of the total managed account program fee paid
to the Program Sponsor by the Wrap Client. This typically ranges from 0.00% to 0.50% annually,
depending on the Program Sponsor, the type of account, the level of support provided by BNYSC
and the size of the Wrap Client’s assets in the specific Strategy. In addition, and as described
above, BNYSC may be retained by affiliated and non-affiliated investment managers to provide
administrative and support services in connection with the investment advisory services that such
managers have agreed to perform for wrap accounts of financial services firms who sponsor wrap
fee programs. In such cases, BNYSC is paid a fee by those investment managers for providing
such administrative and support services, which are unrelated to BNYSC’s provision of investment
advisory services to Wrap Clients.

BNY Mellon
Securities Corporation
Form ADV Part 2A                                                    March 31, 2026

In Traditional Wrap Programs, trade execution is generally conducted through the Program
Sponsor unless trade execution with a non-sponsoring firm may result in more favorable execution
for the Wrap Client. With respect to Dual-Contract Programs, depending upon the structure of the
Program, trade execution may either be generally conducted through the Program Sponsor, unless
trade execution with a non-sponsoring firm may result in more favorable execution, or all trading
may occur away from the Program Sponsor. Trade execution with a non-sponsoring firm may
result in additional fees to the Program Sponsor’s Wrap Clients. Please refer to Item 12 of this
Brochure (Brokerage Practices) for more information about trade execution with non-sponsoring
firms.

Depending on the amount of activity in an account, the fees for a Wrap Program may result in
higher costs than a Wrap Client might otherwise incur by establishing separate arrangements for
trade execution, custody, investment advice and other account-related services. Wrap Clients may
wish to periodically evaluate whether the total fee for a particular Wrap Program is appropriate to
their needs.

Conflicts of Interest Related to Wrap Programs

BNYSC has certain representatives who, among other things, market the Strategies advised by the
Delegated Managers to Program Sponsors. Program Sponsors may then recommend the Strategies
to their Wrap Clients. BNYSC may compensate its representatives more for successfully
marketing certain Strategies over others. The compensation paid by BNYSC to its representatives
for marketing the Strategies is made solely by BNYSC out of its own assets. These payments
present a conflict of interest because the BNYSC representatives have an incentive to promote
Strategies to Program Sponsors based on the potential for compensation rather than the needs of a
Program Sponsor’s Wrap Clients.

For more information on fees and compensation, please see the Wrap Program Brochure you
receive from your Program Sponsor.

Types of Clients

As discussed in Item 4 (Advisory Business) above, we provide an array of investment advisory
services to individual investors and other clients of Program Sponsors of Wrap Programs. To the
extent that we are providing advice to a municipal entity or obligated person regarding the
investment of proceeds of a municipal security, this will be done in our investment adviser
capacity.
 Please review the wrap fee program brochure from your Program Sponsor for more information
on types of clients and account requirements for the Program Sponsor’s Wrap Programs. For
information regarding BNY MAP, please refer to our Form ADV Part 2A, Appendix 1 - Wrap Fee
Program Brochure, available at www.adviserinfo.sec.gov.