Summary

• Heightened geopolitical tensions involving Iran, and the subsequent spike in oil prices, weighed on risk sentiment despite resilient, albeit slowing, global growth and moderating inflation.
• BNY Mellon Natural Resources Fund returned 24.60% during the first quarter of 2026.
• Commodities moved higher during the period, with the Refinitiv/CoreCommodity CRB Index rising 25.78%.
• BNY Mellon Natural Resources Fund sold the position in Canadian Natural Resources Limited during the period.
• BNY Mellon Natural Resources Fund expects continued tightness in oil supply due to OPEC discipline and declining U.S. shale productivity, which should underpin pricing.

Market Review

Equity performance was broadly negative across developed and emerging markets. Heightened geopolitical tensions involving Iran, and the subsequent spike in oil prices, weighed on risk sentiment despite resilient, albeit slowing, global growth and moderating inflation. The S&P 500® Index

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