N-CSR 1 lp1-mellon.htm ANNUAL REPORTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-09903

	BNY Mellon Funds Trust
	(Exact name of Registrant as specified in charter)

	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices) (Zip code)

	Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		08/31
Date of reporting period:		08/31/23

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Funds Trust

BNY Mellon Income Stock Fund

BNY Mellon Mid Cap Multi-Strategy Fund

BNY Mellon Small Cap Multi-Strategy Fund

BNY Mellon International Fund

BNY Mellon Emerging Markets Fund

BNY Mellon International Equity Income Fund

BNY Mellon Asset Allocation Fund


ANNUAL REPORT August 31, 2023

Contents

THE FUNDS


Discussion of Funds’ Performance	2
Fund Performance	16
Understanding Your Fund’s Expenses	25
Comparing Your Fund’s Expenses With Those of Other Funds	26
Statements of Investments	27
Statements of Assets and Liabilities	72
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights	82
Notes to Financial Statements	100
Report of Independent Registered Public Accounting Firm	113
Important Tax Information	114
Information About the Renewal and Approval of Each Fund’s Investment Advisory, Administration and Each Relevant Fund’s Sub-Investment Advisory Agreements	116
Liquidity Risk Management Program	124
Board Members Information	125
Officers of the Trust	127

FOR MORE INFORMATION

Back Cover

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The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period of September 1, 2022, through August 31, 2023, as provided by John C. Bailer, Brian C. Ferguson, and Keith Howell, Portfolio Managers of Newton Investment Management North America, LLC (NIMNA), the fund’s sub-adviser.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Income Stock Fund’s (the “fund”) Class M shares produced a total return of 12.06%, Investor shares produced a total return of 11.93%, Class A shares produced a total return of 11.72%, Class C shares produced a total return of 11.00%, Class I shares produced a total return of 12.16% and Class Y shares produced a total return of 12.09%.¹ In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of −1.56% for the same period.²

Income-oriented stocks lagged as investors favored more growth-oriented shares. But the fund outperformed the Index mostly due to favorable security selection.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its assets, plus any borrowings for investment purposes, in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis and risk management. The fund emphasizes those stocks with value characteristics, although it may also purchase growth stocks. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund’s investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Index.

Market Supported by Easing Inflation, Economic Resilience

The reporting period was marked by a range of factors that affected returns. Early in the period, the dominant theme was the Federal Reserve’s (the “Fed”) continued monetary tightening policies aimed at curbing inflation. Added to this was the banking crisis that emerged early in 2023. Uncertainty about the outcome of the debt ceiling standoff in the Congress also weighed on markets, as did some weaker-than-expected performance of China’s economy. Easing inflation, continued economic growth, the anticipated end to the Fed’s rate hikes and the emergence of the artificial intelligence (“AI”) theme provided markets with support.

The Fed raised the federal funds rate seven times during the period but reduced the size of the increase from 75 basis points to just 25 basis points for the last four hikes. The smaller rate hikes late in the period disappointed markets somewhat, as many investors were hoping for an end to the hiking cycle, given some signs of economic slowing.

Economic data showed that as pricing pressures continued to weaken from their peak in June 2022, the labor market also began to soften. Though unemployment remained relatively low, some large technology companies announced layoffs or paused hiring amid a more cautious macroeconomic outlook.

The banking crisis that emerged early in 2023 gave investors another reason to believe the Fed’s tightening policy would not continue. Three regional banks—Silicon Valley Bank, Signature Bank and First Republic Bank—faced mounting losses in their long-dated bond holdings as interest rates rose. Uninsured depositors were alarmed by the headlines and lost confidence, choosing to move their money into larger money center banks.

In May 2023, the debate in Congress over the federal debt ceiling reached an apparent standoff, resulting in some market volatility. While an agreement was eventually reached, providing the market with some relief, the run-up caused some turmoil as the prospect of a default was threatened.

In addition to easing inflation and investors’ growing anticipation of the end to the Fed’s tightening cycle, the possibility the economy could avoid recession also provided some support as a widely expected recession failed to arrive. China’s weaker-than-expected rebound from its Zero-COVID policies, however, disappointed investors somewhat.

The market was also supported by the launch of ChatGPT by Open AI, which drew investors’ attention to the promise of artificial intelligence and its likely enhancement of productivity and economic growth. While the most immediate beneficiaries of this news were large-cap growth stocks in the information technology sector, their performance provided support to the market as a whole.

Performance Aided Largely by Stock Selection

The fund’s outperformance versus the Index benefited mainly from stock selection decisions, with asset allocations also contributing somewhat. The fund’s leading sector was utilities, where performance stemmed largely from a position in Constellation Energy Corp. This company is the largest owner and operator of nuclear power plants, and nuclear power will be the beneficiary of financial incentives passed in the 2022 Inflation Reduction Act. The company has also reported less volatile cash flows, resulting in a higher valuation. Stock selection in the information technology sector also added to the fund’s performance. Shares of Cisco Systems, Inc. a network hardware company, gained from the company’s robust backlog, which is twice the normal level, providing some assurance of revenues expected over the next two years. The fund’s position in Applied Materials, Inc. which is a semiconductor equipment manufacturer, also contributed positively. The company will be a beneficiary of the construction of semiconductor fabrication facilities in the U.S., funded in part by the CHIPS Act passed in 2022 to reduce the semiconductor industry’s dependence on China. Positions in the financials sector also boosted performance somewhat. Shares of insurance companies in particular, which benefit from higher interest rates, were advantageous. Shares of J.P.Morgan Chase & Co. also added to relative returns. The large bank was not hurt by the banking crisis early in the year, and it kept more cash on its balance sheet, which bolstered its financial results.

While all sectors generated positive returns, some lagged the Index, resulting in a drag on relative performance. But the fund’s relative returns were hindered most by certain stock selections.

In the consumer staples sector, which lagged the Index the most, the fund’s position in British American Tabacco PLC was a leading detractor. Shares slumped on concerns about the company’s exposure to the U.S. vaping market, where rival Philip Morris International will introduce a new product. Shares of Kenvue, Inc., a spin-off from Johnson & Johnson, also hampered relative returns. These shares performed poorly as arbitrageurs bought Johnson & Johnson and shorted Kenvue, Inc. In addition, Kenvue, Inc. is also exposed somewhat to legal liabilities related to a lawsuit regarding Johnson & Johnson’s talcum powder product. A lawsuit related to Tylenol may also have weighed on shares. Finally, two positions in the materials sector also detracted. Shares of two fertilizer companies, The Mosaic Co. and CF Industries Holdings, Inc., hampered performance as both companies were hurt by weak demand for potash.

Focused on Quality

In this uncertain and high interest-rate environment, we remain cautious. We believe inflation will remain relatively high for an extended period, in part due to deglobalization and also due to greater worker negotiating power, which should boost wages and support higher prices. As for interest rates, we believe that while short-term bond yields may come down, longer-term yields will remain steady.

In this environment, we remain focused on high-quality companies with strong balance sheets and less need to refinance existing debt. While some sectors, such as consumer staples, are highly leveraged, we are finding value elsewhere. We see opportunities among insurance companies, which typically benefit from higher interest rates. In addition, we are overweight in the energy sector, where balance sheets are stronger than in the past, and cash flows are strong. We also believe this sector will benefit as China continues to rebound. In addition, energy production in Russia will level off or decline because many oilfield services firms have exited the country as a result of sanctions by the U.S. and Europe. The need in the U.S. to refill the Strategic Petroleum Reserve could also boost demand for this sector.

Finally, we believe that market returns could be muted in the medium term, and that as a result, dividends will account for a larger portion of total returns in the equity market.

September 15, 2023

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 30, 2023, for Class A, Class C, Class I and Class Y, at which time it may be extended, terminated or modified. Had these expenses not been absorbed, the fund’s returns for those share classes would have been lower.

² Source: Lipper Inc. – The Dow Jones U.S. Select Dividend™ Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative, historical, five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative, trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least U.S. $1 billion, and a three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.

Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.

Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2022, through August 31, 2023, as provided by Alicia Levine, Primary Portfolio Manager responsible for investment allocation decisions.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Mid Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of 10.50%, and Investor shares produced a total return of 10.18%.¹ In comparison, the fund’s benchmark, the Russell Midcap^{^®} Index (the “Index”), produced a total return of 8.38% for the reporting period.² The Russell Midcap^{^®} Growth Index and Russell Midcap^{^®} Value Index, the fund’s secondary benchmarks, produced total returns of 13.00% and 5.65%, respectively, for the same period.^3,4

Mid-cap stocks gained ground over the reporting period as investors began to anticipate the end of the Federal Reserve’s (the “Fed”) monetary tightening program. The fund outperformed the Index due to outperformance by three of the underlying strategies.

The Fund’s Investment Approach

The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of mid-cap companies. The fund considers mid-cap companies to be those companies with market capitalizations that are within the market-capitalization range of companies comprising the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser and unaffiliated sub-investment advisers that invest primarily in equity securities issued by mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Mid Cap Tax-Sensitive Core Strategy, Opportunistic Mid Cap Value Strategy, Mid Cap Growth Strategy, Boston Partners Mid Cap Value Strategy and Geneva Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.

Market Supported by Easing Inflation, Economic Resilience

The reporting period was marked by a range of factors that affected returns. Early in the period, the dominant theme was the Fed’s continued monetary tightening policies aimed at curbing inflation. Added to this was the banking crisis that emerged early in 2023. Uncertainty about the outcome of the debt ceiling standoff in the Congress also weighed on markets, as did some weaker-than-expected performance of China’s economy. Easing inflation, continued economic growth, the anticipated end to the Fed’s rate hikes and the emergence of the artificial intelligence (“AI”) theme provided markets with support.

The banking crisis that emerged early in 2023 gave investors another reason to believe the Fed’s tightening policy would not continue. Three regional banks—Silicon Valley Bank, Signature Bank and First Republic Bank—faced mounting losses in their long-dated bond holdings as interest rates rose. Uninsured depositors were disconcerted by the headlines and lost confidence, choosing to move their money into larger money center banks.

Three Strategies Contributed Positively

The fund’s relative performance was aided by three of the five underlying strategies. The primary contributor was the Boston Partners Mid Cap Value Strategy, which outperformed both the Index and the Russell Midcap Value benchmark. The Opportunistic Mid Cap Value Strategy also contributed positively. In the growth category, the Midcap Growth Strategy added to relative returns, outperforming both the Index and the category benchmark.

On the other hand, an underweight to the value-oriented category hindered returns somewhat, and two underlying strategies in two other categories also detracted from relative performance. In the growth-oriented category, the Geneva Midcap Growth Strategy posted a positive return but fell slightly short of the category benchmark. In the tax-sensitive category, the Mid Cap Tax-Sensitive Core Strategy lagged.

A Positive Outlook

could be more challenging due to sticky inflation in the services sector, higher commodity prices, and resilient U.S. growth. Sentiment and valuations are elevated, which could become a near-term headwind along with higher interest rates. The longer U.S. growth remains resilient, the greater likelihood that interest rates stay higher for longer. Key risks are China’s slowdown, the impact of credit tightening, and another uptick in inflation, especially if inflation in services remains sticky, oil prices continue to increase and growth stays resilient.

September 15, 2023

² Source: Lipper Inc. — The Russell Midcap^{^®} Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^{^®} Index is a subset of the Russell 1000^{^®} Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^{^®} Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap^{^®} Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set. Investors cannot invest directly in any index.

³ Source: Lipper Inc. — The Russell Midcap^{^®} Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^{^®} Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap Value^{^®} Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Russell Midcap^{^®} Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Investors cannot invest directly in any index.

⁴ Source: Lipper Inc. — The Russell Midcap^{^®} Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^{^®} Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap^{^®} Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Russell Midcap^{^®} Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Investors cannot invest directly in any index.

Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2022, through August 31, 2023, as provided by Alicia Levine, Primary Portfolio Manager responsible for investment allocation decisions.

Fund and Market Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Small Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of 2.15%, and Investor shares produced a total return of 1.88%.¹ In comparison, the fund’s primary benchmark, the Russell 2000^{^®} Index (the “Index”), produced a total return of 4.65% for the same period.² The Russell 2000^{^®} Growth Index and Russell 2000^{^®} Value Index, the fund’s secondary benchmarks, produced total returns of 6.78% and 2.17%, respectively, for the same period.^3,4

Small-cap stocks gained ground over the reporting period as investors began to anticipate the end of the Federal Reserve’s (the “Fed) monetary tightening program. The fund lagged the Index, primarily due to the underperformance of two of the fund’s underlying strategies.

The Fund’s Investment Approach

The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that are equal to or less than the market capitalization of the largest company included in the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy and the Small Cap Growth Strategy—all of which are more fully described in the fund’s prospectus.

Market Supported by Easing Inflation, Economic Resilience

The banking crisis that emerged early in 2023 gave investors another reason to believe the Fed’s tightening policy would not continue. Three regional banks—Silicon Valley Bank, Signature Bank and First Republic Bank—faced mounting losses in their long-dated bond holdings as interest rates rose. Uninsured depositors were disconcerted by the headlines and lost confidence, choosing to move their money into larger money center banks.

Two Underlying Funds Hindered Performance

The primary detractor in the fund’s relative performance was the Small Cap Growth Strategy. The fund’s decision to underweight this underlying strategy partially offset the effect of this lagging performance. An overweight allocation to the small cap value category also hindered relative returns. Although the underlying strategy in this category outperformed the Russell 2000^{^®} Value benchmark, it lagged the Index. The Opportunistic Small Cap Strategy also detracted somewhat as it slightly lagged the Index.

On the other hand, the strongest performance came from the underlying strategy in the Small Cap Value category. The underlying fund in this category significantly outperformed the Russell 2000^{^®} Value benchmark.

A Positive Outlook

We’ve become more constructive on the forward outlook. There are growing signs that the slowdown in earnings and economic activity is stabilizing, and leading indicators are turning higher. Resilient U.S. growth is diverging from the rest of world, especially China and Europe, leading to a stronger U.S. dollar. The U.S. labor market is cooling but remains strong and continues to support consumer spending. Further disinflation could be more challenging due to sticky inflation in the services sector, higher commodity prices and resilient U.S. growth. Sentiment and valuations are elevated, which could become a

near-term headwind along with higher interest rates. The longer U.S. growth remains resilient, the greater likelihood that interest rates stay higher for longer. Key risks are China’s slowdown, the impact of credit tightening and another uptick in inflation, especially if inflation in services remains sticky, oil prices continue to increase and growth stays resilient.

September 15, 2023

² Source: Lipper Inc. — The Russell 2000^{^®} Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^{^®} Index is a subset of the Russell 3000^{^®} Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^{^®} Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.

³ Source: Lipper Inc. — The Russell 2000^{^®} Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000^{^®} Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2000^{^®} Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set, and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.

⁴ Source: Lipper Inc. — The Russell 2000^{^®} Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000 ^{^®}Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Russell 2000 ^{^®}Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set, and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.

Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2022, through August 31, 2023, as provided by portfolio manager, James A. Lydotes, of Newton Investment Management North America, LLC, sub-adviser.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon International Fund’s (the “fund”) Class M shares produced a total return of 21.91%, and Investor shares produced a total return of 21.64%.¹ In comparison, the fund’s benchmark, the MSCI EAFE^{^®} Index (the “Index”), produced a total return of 17.92% for the same period.²

International equity markets posted gains as inflation eased, and investors began to anticipate an easing of tight monetary policy. The fund outperformed the Index primarily due to favorable stock selections.

The Fund’s Investment Approach

The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers. Foreign issuers are companies, organized under the laws of a foreign country, whose principal trading market is in a foreign country or with a majority of their assets or business outside the United States. The fund may invest in companies of any size. Though not specifically limited, the fund ordinarily will invest in a broad range of (and in any case at least five different) countries. The fund will limit its investments in any single company to no more than 5% of the fund’s assets at the time of purchase.

The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.

Market Supported by Easing Inflation, Economic Resilience

The banking crisis that emerged early in 2023 gave investors another reason to believe the Fed’s tightening policy would not continue. Three regional banks—Silicon Valley Bank, Signature Bank and First Republic Bank—faced mounting losses in their long-dated bond holdings as interest rates rose. Uninsured depositors were disconcerted by the headlines and lost confidence, choosing to move their money into larger money center banks.

The market was also supported by the launch of ChatGPT by OpenAI, which drew investors’ attention to the promise of artificial intelligence and its likely enhancement of productivity and economic growth. While the most immediate beneficiaries of this news were large-cap growth stocks in the information technology sector, their performance provided support to the market as a whole.

Risk factors that drove performance during the period varied. While the dividend and value factors were very strong over the last year, momentum was quite weak. In addition, outside the U.S. market, the “big tech” narrative has played little role in performance as big technology companies make up only a small share of non-U.S. developed markets. As a result, the value/dividend trade continued to work very well during the period.

Finally, markets in Europe benefited from economic activity that was stronger than expected. A year ago, many were concerned that Europe’s dependence on Russian natural gas would result in shortages, causing economic activity to suffer. But these fears failed to materialize as a mild winter reduced natural gas demand.

Stock Selection Drove Results

The fund performed well relative to the Index over the period due primarily to favorable stock selection. Selections in the utilities sector were a key to relative outperformance, with positions in SSE PLC, based in the UK, and Enel SPA, based in Italy, contributing most. Both companies performed better than expected because the worst-case scenario, which included price caps on utilities, failed to materialize. A position in British defense contractor BAE Systems PLC also added to relative returns. Shares moved higher as a result of the conflict between Russia and Ukraine. The fund’s position in Germany’s Deutsche Post AG, a package delivery and logistics company, was also advantageous as the company benefited from better-than-expected economic activity in Europe. Finally, Ashtead Group PLC, UK-based industrial equipment rental company,

contributed positively as well. The U.S. market makes up the bulk of the company’s business, and that market segment has performed well.

On a less positive note, the health care sector was the primary laggard. A large position in Roche Holding AG, a Swiss pharmaceutical and diagnostics company, detracted from returns because the company’s drug pipeline proved to be disappointing during the reporting period. In the consumer discretionary sector, the fund’s position in Volkswagen AG also detracted, primarily because of its exposure to China. In the less expensive portion of that auto market, the company has faced increased competition.

Europe, Health Care and Communication Services Are Attractive

We continue to be constructive about the next six to 12 months for non-U.S. developed market equities. Although Europe remains dependent on Russia for natural gas, once this coming winter has passed, investors will find stocks in this region more attractive.

We remain overweight in the health care sector, driven largely by an overweight to the pharmaceutical industry. The sector’s underperformance over the past years stemmed largely from a rotation into more cyclical sectors, but we continue to view our position in health care as appropriate, given its defensive, consumer staples-like nature. In addition, the sector is home to many attractive businesses, and valuations are generally attractive. We are also overweight in the communication services sector. We especially see value in telecommunications companies and advertising agencies.

September 15, 2023

² Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI EAFE^{^®} Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.

The fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. These risks are enhanced in emerging market countries.

The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2022, through August 31, 2023, as provided by Paul Birchenough, Ian Smith and Alex Khosla, portfolio managers, of Newton Investment Management Limited, sub-adviser.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Emerging Markets Fund’s (the “fund”) Class M shares produced a total return of 1.02%, and Investor shares produced a total return of .87%.¹ In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 1.25% for the same period.²

The reporting period was bookended by two down months for markets, as high inflation, higher-for-longer interest rates, geopolitical tensions and concerns about the strength of the Chinese economy dragged the Index down. This outweighed a period of more positive sentiment that persisted through much of the fourth quarter of 2022 and into the new year. The fund underperformed the Index, mainly due to stock selections in the consumer staples and information technology sectors.

The Fund’s Investment Approach

The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. Emerging-markets countries generally include all countries represented by the Index. The fund may invest in companies of any size.

Normally, the fund will invest in a broad range of (and in any case, at least five different) emerging-markets countries. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.

Inflation, Geopolitical Concerns and the Chinese Economy Hinder Markets

The outlook for inflation and the trajectory of monetary policy continued to dominate the narrative within financial markets. The review period began with a large decline in the Index with the Federal Reserve (the “Fed”) raising interest rates by 75 basis points (bps), with a hawkish statement accompanying the rise, prompting investors to reassess their assumptions that rate hikes might have peaked. Meanwhile, the threat of nuclear escalation by Russia further unsettled markets.

In early October 2022, evidence of decelerating price growth in the U.S. ISM (Institute for Supply Management) manufacturing report raised hopes that inflation had peaked, ensuring risk assets got off to a flying start. Further positive momentum was injected the following month, when it was the turn of U.S. consumer price inflation to come in lower than expected. However, the resilience of the U.S. economy, particularly when viewed in terms of its labor market, necessitated further increases in interest rates through the review period, and also saw expectations for the terminal rate this cycle to move higher.

The other key factor that affected confidence was the initial positive reaction to the lifting of China’s strict COVID-19 restrictions at the beginning of 2023, despite rising infections. Sentiment was also bolstered by a government vaccination drive for the elderly population and the securities regulator’s decision to make raising equity easier for property developers. However, as we moved through the year, a series of weak macroeconomic data releases called into question the strength of the country’s post-COVID-19 recovery.

Meanwhile, U.S.-China relations continued to worsen. Despite well-received indications from the Chinese government that it would provide more support for the troubled real estate sector, pledge to boost consumption and address the market concerns about local government debt, the Chinese market widely underperformed the Index over the review period. An unexpected move by the central bank to reduce interest rates by the greatest amount since 2020 to support an economy facing further pressure from weak consumer spending, also failed to boost the market.

Performance Hindered by Stock Selection

The leading detractor for the period was in the consumer staples sector. Shares of China’s Foshan Haitian Flavouring & Food Co. Ltd. trended downwards after the release of results in which net profits and sales came in lower than the market expected. Investors were also worried that short-term economic headwinds could push retail and catering customers to cheaper non-branded offerings. The second leading detractor was in the information technology sector. Shares of LONGi Green Energy Technology Co. Ltd. declined, with the solar energy product manufacturer being affected by concerns around pricing pressure. Finally, Brazil’s second-largest private bank, Banco Bradesco SA, weakened over the period after reporting a fall in profits and raising its forecast for the amount of money it will set aside to cover bad loans.

The energy sector was a leading contributor to the fund’s outperformance. Having sold the position in October 2022, the fund’s zero weighting in Brazil’s largest oil and gas producer, Petroleo Brasileiro SA, was the top contributor to relative returns. Its share price plunged in December 2022 as Brazilian lawmakers approved changes to a law that shields state-controlled companies from political interference. In the information technology sector, the fund benefited from its holding in Japan-based automatic test equipment manufacturer Advantest Corp., which rode a wave of positive sentiment after U.S. chipmaker Nvidia released guidance that hugely exceeded market expectations, driven by significant demand for chips used in generative artificial intelligence systems. China-based Internet giant Tencent Holdings Ltd. also outperformed over the review period, largely in the latter part of 2022, on optimism that the economic reopening in China would boost economic growth. Another leading contributor was China Resources Sanjiu Medical & Pharmaceutical Co,, which the fund sold in October 2022 following strong performance.

Attractive Opportunities in the Consumer Staples and Industrial Sectors

We believe the longer-term opportunities in emerging markets are attractive. These are based on relatively higher levels of

income growth, rapid increases in product penetration and scope for industry consolidation. We believe there is a unique opportunity for emerging-markets companies that are well-exposed to reliable secular-growth trends and that can exploit this opportunity more than their peers, with their differentiated customer offering and execution. Accordingly, we believe that emerging-markets investors who can identify the right growth themes and companies should be rewarded over the long term.

On a sector basis, the fund is most overweight in the consumer staples and industrials sectors. On a country basis, the fund remains most overweight in India, as we believe the country offers many of the best investment cases in emerging markets over five years and beyond.

September 15, 2023

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through April 1, 2024, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.

² Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Investors cannot invest directly in any index.

Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.

The fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed, or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. These risks are enhanced in emerging market countries.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2022, through August 31, 2023, as provided by Peter D. Goslin, CFA, of Newton Investment Management North America, LLC, sub-adviser.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon International Equity Income Fund’s (the “fund”) Class M shares produced a total return of 16.79%, and Investor shares produced a total return of 16.54%.¹ In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 11.89% for the same period.²

International equities generally rose during the period as economic growth and easing inflationary pressures outweighed concerns regarding elevated interest rates, slowing growth in China and heightened geopolitical tensions. The fund outperformed the Index during the period, largely due to its emphasis on high-dividend-paying stocks, which were favored by the market.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund normally invests substantially all of its assets in the equity securities of issuers located outside the United States and diversifies broadly among developed- and emerging-markets countries. The fund focuses on dividend-paying stocks of foreign companies, including those of emerging-markets countries. The fund may invest in the stocks of companies of any market capitalization.

We select stocks through a disciplined investment process using proprietary, quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks according to earnings quality. Based on this analysis, we generally select from the higher-ranked, dividend-paying securities that we believe will continue to pay above-average dividends. We seek to overweight higher-dividend-paying stocks, while maintaining country and sector weights generally similar to those of the Index.

High-Yielding, Developed-Markets Equities Outperform

The reporting period began on a negative note, as stocks broadly retreated in September and early October 2022 in the face of elevated rates of inflation, high energy prices and geopolitical concerns regarding the war in Ukraine. In the Eurozone, annual inflation was estimated at 10.0% in September, up from 9.1% a month earlier. While economic growth remained mildly positive, signs of economic weakening raised the specter of a recession. In much of Asia, shares were further hampered by slowing growth in China due to the spread of COVID-19 infections and fears of pandemic-related lockdowns.

Equities recovered broadly beginning in mid-October as inflationary pressures eased, and economic data reassured investors that a recession was not imminent. In Europe, equities showed surprising strength, bolstered by signs of easing global inflation, despite the war in Ukraine. In Asia, shares rose as China eased the pandemic restrictions that had been constraining economic growth, although China’s growth remained subdued through the remainder of the period. Most other emerging markets exhibited mild gains as well, due to lessening inflationary pressures and declining, relative U.S. dollar values, although energy producers were hurt by weak oil prices for much of the period. Over the entire reporting period, traditionally defensive, value-oriented and dividend-paying stocks tended to outperform growth-oriented shares by a wide margin, with high-dividend-paying stocks in the Index returning approximately 18%, while low-dividend-paying stocks gained approximately 2%. The best-performing sectors in the Index included information technology and industrials, while communication services and real estate lagged. Among countries, top performers included Turkey and Greece, while Qatar and Saudi Arabia were hurt by weak oil prices.

Gains Driven by a Focus on Dividend-Paying Stocks

The fund captured the outperformance of high-dividend-paying stocks, in line with its benchmark-driven, risk-controlled focus on maximizing dividend-yield exposure. Returns relative to the Index further benefited from good stock selection in industrials and financials, while disappointing selection in communication services and consumer staples detracted. From a country perspective, the fund saw strong returns from stock selections in Japan and Hong Kong, while positions in the UK and Denmark lagged. While individual holdings played only a minor role in the fund’s outperformance, given its broadly diversified profile, notably strong performers included Japan-based industrial conglomerate Sumitomo Corp., which posted strong earnings with inflation fueling strengthening margins; France-based global property and casualty insurance provider AXA SA, which reported better-than-expected earnings and revenues while exhibiting strong pricing power and repurchasing shares; and Ford Otomotiv Sanayi SA, a Turkey-based manufacturer, importer and distributor of Ford trucks, automobiles and commercial vehicles, which beat earnings expectations on strong domestic performance and issued improved guidance. Notably weak holdings included UK-based British American Tobacco PLC, which came under pressure from the increasing likelihood of a UK ban on disposable vaping products, and wireless telecommunications services provider Spark New Zealand Ltd., which declined after providing disappointing guidance and issuing uncharacteristically soft financial results.

Maintaining a Diversified, Risk-Controlled Portfolio

As of August 31, 2023, with inflation subsiding and economic growth remaining broadly positive despite the pressure from high interest rates, most observers now anticipate a soft landing, in which central banks manage to bring inflation under control without precipitating a global recession. However, risks remain as the impacts of high—and still increasing—interest rates continue to work their way through the real economy. Geopolitical risks remain a cause for concern as well, with Russia’s war in Ukraine ongoing and tensions simmering between the Western world and China over several issues. In this environment, we believe the fund is well positioned to provide investors with diversified access to international, high-dividend-paying stocks that reflect the geographic, sector and market-capitalization characteristics of the Index. While the fund maintains weightings similar to those of the Index, it does hold modest overweights and underweights in some areas. As of the

end of the reporting period, sector overweights included communication services and financials, while underweights included materials and industrials. Country overweights included Taiwan and Australia, with underweights in France and Denmark.

September 15, 2023

² Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI ACWI ex USA Index captures large- and mid-cap representation across developed market (DM) countries (excluding the U.S.) and emerging market (EM) countries. Investors cannot invest directly in any index.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2022, through August 31, 2023, as provided by Alicia Levine of BNY Mellon Investment Adviser, Inc., Primary Portfolio Manager responsible for investment allocation decisions.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Asset Allocation Fund (the “fund”) produced a total return of 7.53% for Class M shares, and 7.29% for Investor shares.¹ In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 6.48% for the same period.²

Global equities gained ground during the reporting period as inflationary pressures eased, the U.S. Federal Reserve (the “Fed”) reduced the pace of interest-rate hikes and economic growth remained positive. Bonds produced mixed returns under pressure from rising interest rates. The fund outperformed the Index, largely due to the positive impact from fixed-income allocations and manager selection.

The Fund’s Investment Approach

The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the BNY Mellon Investment Adviser, Inc. Family of Funds and unaffiliated open-end funds, closed-end funds and exchange-traded funds (collectively, the “underlying funds”). To pursue its goal, the fund currently intends to allocate its assets, directly and/or through investment in the underlying funds, to gain investment exposure to the following asset classes: large-cap equities, small-cap and mid-cap equities, developed international and global equities, emerging-markets equities, investment grade bonds, high yield bonds, emerging-markets debt, diversifying strategies and money market instruments.

BNY Mellon Investment Adviser, Inc. (“BNYM Investment Adviser”) allocates the fund’s investments among these asset classes using fundamental and quantitative analysis and its outlook for the economy and financial markets. The underlying funds are selected by BNYM Investment Adviser based on its investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors, including the correlation and covariance among the underlying funds.

Easing Inflation and Strong Economic Conditions Bolster Stocks and Bonds

Stocks and bonds broadly retreated in September and early October 2022 in the face of high levels of inflation and sharply rising interest rates. Although U.S. inflation appeared to peak before the period began, topping at over 9% in June, rates remained over 8% at the start of the period, well above the 2% target adopted by the Fed. The Fed responded with its third consecutive 0.75% increase to the federal funds rate in September, while indicating that additional increases were likely, increasing concerns of a possible recession. In Europe, inflation-related worries were exacerbated by Russia’s ongoing war in Ukraine, which increased energy prices and heightened regional geopolitical instability. In Asia, shares were further hampered by slowing growth in China due to the country’s “zero-COVID-19” lockdowns.

Equities and fixed-income assets began recovering broadly beginning in mid-October as inflationary pressures eased, and economic data reassured investors that a recession was not imminent. In the United States, inflation dropped steadily, dipping below 3% in June 2023 and remaining under 4% through the end of the period. While the Fed continued to hike rates, the scale of increases eased, with a fourth 0.75% increase in November, followed by a 0.50% increase in December and four subsequent 0.25% increases in 2023. At the same time, the U.S. economy continued to grow, bolstered by strong consumer spending, rising wages and robust levels of employment. Although European economic conditions proved less robust than those in the United States, European economies showed surprising strength despite the war in Ukraine, with warmer-than-expected winter temperatures limiting the impact of the conflict on energy prices. In addition, China began to emerge from pandemic-related lockdowns, although economic growth in the world’s second-largest economy remained sluggish. Generally, equity market returns remained positive despite a downturn in February and early March driven by renewed inflationary concerns, rising geopolitical tensions in Asia and concerns regarding a few inflation-driven regional bank failures in the United States. Over the entire reporting period, large-cap growth stocks tended to outperform value-oriented and smaller-capitalization shares. Bond prices improved as well from October through the end of the period, although fixed-income securities generated mixed returns overall. Shorter-duration fixed-income instruments tended to outperform their longer-duration counterparts, and lower-credit-rated securities generally outperformed higher credit ratings.

Fixed-Income Positions Enhance Relative Returns

While most of the fund’s total gains were driven by equity positions, particularly in the large-cap blend category, fixed-income positions provided the greatest contributions to relative performance, with positive attribution split between manager selection and asset allocation. From a manager selection perspective, investment grade fixed-income positions led relative returns, with nearly equal contributions from corporate bond and intermediate bond positions. From an asset allocation point of view, relative returns were bolstered by high yield bond positions.

The most significant detractors from relative performance came from equity positions, led by emerging-markets equity, followed by small-cap blend. Virtually all of the fund’s negative equity contribution resulted from asset allocation, with manager selection having little net effect.

We made several changes to the fund’s composition during the period. In September 2022, we reduced allocations to small-cap value and small-cap growth stocks, while increasing exposure to small-cap multi-strategy and short-term U.S. government securities. In January 2023, we used some of the fund’s cash to increase exposure to investment grade fixed-income direct and international equity, while selling a portion of the fund’s large-cap tax-managed equity to increase positions in income stock and, to a lesser extent, emerging-markets equity. In June, we sold positions in income stock and mid-cap equity multi-strategy,

while buying positions in research growth. Finally, in July, we trimmed positions in short-term U.S. government fixed income, small-cap equity multi-strategy and floating-rate income, while increasing large-cap tax-managed equity.

Adopting a More Constructive Outlook

In light of emerging economic developments, we have become more constructive on the market’s near- and mid-term prospects. Specifically, we see growing signs that the slowdown in earnings and economic activity is stabilizing, and leading indicators are turning higher. However, U.S. growth is diverging from the rest of world, leading to a stronger U.S. dollar, which could drive risk-off sentiment. From a monetary policy perspective, we see little likelihood of further substantial Fed rate increases. While rates may remain high for an extended period of time, the potential shock to the system has diminished. Nevertheless, elevated investor sentiment and equity price/earnings ratios could become near-term headwinds in an environment of high rates. Key risks over the coming months include China’s slowdown, the impact of credit tightening (which typically leads to lower earnings and growth) and the potential for another uptick in inflation if service prices remain high, and oil prices continue to increase.

As of the end of the period, the fund has allocated 64.3% of assets to equities and 33.1% to fixed income. The fund’s largest allocations by category are to large-cap blend equity and investment grade fixed income, while its smallest allocations by category are to alternatives and emerging-markets equity. By manager, the fund’s largest allocations are to tax-managed large-cap equity, investment grade fixed-income direct and intermediate bond, while its smallest allocations by manager are to small-cap growth, developed-markets REITs (real estate investment trusts), small-cap value, high yield and floating-rate income.

September 15, 2023

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 30, 2023, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.

² Source: Morningstar Inc. — Morningstar Moderate Target Risk Index serves as a benchmark to help with target-risk, mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Investors cannot invest directly in any index.

The underlying funds’ underlying strategies may use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

FUND PERFORMANCE (Unaudited)

Comparison of change in value of a $10,000 investment in Class M shares, Investor shares, Class A shares, Class C shares and Class I shares of BNY Mellon Income Stock Fund with a hypothetical investment of $10,000 in the Dow Jones U.S. Select Dividend^TM Index (the “Index”).

^† Source: Lipper Inc.

^†† The total return figures presented for Class A shares, Class C shares and Class I shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A shares, Class C shares and Class I shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A shares, Class C shares and Class I shares thereafter.

Past performance is not predictive of future performance.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares, Investor shares, Class A shares, Class C shares and Class I shares of BNY Mellon Income Stock Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on all classes. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

Comparison of change in value of a $1,000,000 investment in Class Y shares of BNY Mellon Income Stock Fund with a hypothetical investment of $1,000,000 in the Dow Jones U.S. Select Dividend^TM Index (the “Index”).

^† Source: Lipper Inc.

^†† The total return figures presented for Class Y shares for the period prior to 5/31/16 (the inception date for Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class Y shares thereafter.

Past performance is not predictive of future performance.

The above graph compares a hypothetical investment of $1,000,000 made in Class Y shares of BNY Mellon Income Stock Fund on 8/31/13 to a hypothetical investment of $1,000,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on Class Y shares. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE (Unaudited) (continued)


Average Annual Total Returns as of 8/31/2023
	Inception Date	1 Year	5 Years	10 Years
Class M shares	1/1/85	12.06%	9.43%	11.01%
Investor shares	7/11/01	11.93%	9.17%	10.73%
Class A shares
with maximum sales charge (5.75%)	5/31/16	5.30%	7.79%	10.13%^††
without sales charge	5/31/16	11.72%	9.08%	10.78%^††
Class C shares
with applicable redemption charge^†	5/31/16	10.12%	8.27%	10.16%^††
without redemption	5/31/16	11.00%	8.27%	10.16%^††
Class I shares	5/31/16	12.16%	9.40%	10.99%^††
Class Y shares	5/31/16	12.09%	9.41%	11.00%^††
Dow Jones U.S. Select Dividend^TM Index		-1.56%	6.53%	9.88%

^† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.

^†† The total return performance figures presented for Class A shares, Class C shares, Class I shares and Class Y shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A shares, Class C shares, Class I shares and Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A shares, Class C shares, Class I shares and Class Y shares thereafter.

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.

The fund’s performance shown in the graphs and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in each of the Russell Midcap^{^®} Index, Russell Midcap^{^®} Value Index and Russell Midcap^{^®} Growth Index.


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	10.50%	7.13%	9.81%
Investor shares	10.18%	6.88%	9.54%
Russell Midcap^{^®} Index	8.38%	7.35%	10.04%
Russell Midcap^{^®} Value Index	5.65%	6.12%	8.93%
Russell Midcap^{^®} Growth Index	13.00%	7.95%	11.03%

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund on 8/31/13 to a hypothetical investment of $10,000 made in each of the (1) the Russell Midcap^{^®} Index, (2) the Russell Midcap^{^®} Value Index and (3) the Russell Midcap^{^®} Growth Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Russell Midcap^{^®} Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^{^®} Index is a subset of the Russell 1000^{^®} Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^{^®} Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap^{^®} Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap^{^®} Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^{^®} Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap^{^®} Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap^{^®} Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^{^®} Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap^{^®} Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

FUND PERFORMANCE (Unaudited) (continued)

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in each of the Russell 2000^{^®} Index, Russell 2000^{^®} Value Index and Russell 2000^{^®} Growth Index.


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	2.15%	4.09%	8.55%
Investor shares	1.88%	3.84%	8.29%
Russell 2000^{^®} Index	4.65%	3.14%	7.96%
Russell 2000^{^®} Value Index	2.17%	3.18%	7.36%
Russell 2000^{^®} Growth Index	6.78%	2.46%	8.17%

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund on 8/31/13 to a hypothetical investment of $10,000 made in each of the (1) the Russell 2000^{^®} Index, (2) the Russell 2000^{^®} Value Index and (3) the Russell 2000^{^®} Growth Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Russell 2000^{^®} Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^{^®} Index is a subset of the Russell 3000^{^®} Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 2000^{^®} Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000^{^®} Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Russell 2000^{^®} Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000^{^®} Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Fund with a hypothetical investment of $10,000 in the MSCI EAFE Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	21.91%	2.99%	4.28%
Investor shares	21.64%	2.75%	4.03%
MSCI EAFE Index	17.92%	4.14%	4.93%

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon International Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a free float‐adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any Index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

FUND PERFORMANCE (Unaudited) (continued)

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Emerging Markets Fund with a hypothetical investment of $10,000 in the MSCI Emerging Markets Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	1.02%	1.34%	2.84%
Investor shares	.87%	1.09%	2.60%
MSCI Emerging Markets Index	1.25%	.98%	2.99%

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a hypothetical investment of $10,000 made in each of the Class M shares and Investor shares of BNY Mellon Emerging Markets Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a free float‐adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Equity Income Fund with a hypothetical investment of $10,000 in the MSCI ACWI ex USA Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Year	10 Years
Class M shares	16.79%	2.52%	3.14%
Investor shares	16.54%	2.26%	2.83%
MSCI ACWI ex USA Index	11.89%	3.33%	4.38%

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon International Equity Income Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging Market (EM) countries. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

FUND PERFORMANCE (Unaudited) (continued)

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Asset Allocation Fund with a hypothetical investment of $10,000 in the Morningstar Moderate Target Risk Index (the “Index”)


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	7.53%	5.45%	6.87%
Investor shares	7.29%	5.21%	6.62%
Morningstar Moderate Target Risk Index	6.48%	4.67%	5.91%

^† Source: Morningstar Inc.

Past performance is not predictive of future performance.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Asset Allocation Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index serves as a benchmark to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Unlike a mutual fund, the index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2023 to August 31, 2023. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended August 31, 2023

		Class M	Investor Shares	Class A	Class C	Class I	Class Y
BNY Mellon Income Stock Fund
Expenses paid per $1,000^†		$4.42	$5.70	$5.90	$9.73	$4.62	$4.42
Ending value (after expenses)		$1,037.60	$1,036.70	$1,036.00	$1,032.50	$1,038.70	$1,037.60
Annualized expense ratio (%)		.86	1.11	1.15	1.90	.90	.86
BNY Mellon Mid Cap Multi-Strategy Fund
Expenses paid per $1,000^†		$4.75	$6.03	-	-	-	-
Ending value (after expenses)		$1,047.30	$1,045.60	-	-	-	-
Annualized expense ratio (%)		.92	1.17	-	-	-	-
BNY Mellon Small Cap Multi-Strategy Fund
Expenses paid per $1,000^†		$5.15	$6.40	-	-	-	-
Ending value (after expenses)		$985.50	$984.20	-	-	-	-
Annualized expense ratio (%)		1.03	1.28	-	-	-	-
BNY Mellon International Fund
Expenses paid per $1,000^†		$4.69	$5.98	-	-	-	-
Ending value (after expenses)		$1,046.70	$1,045.60	-	-	-	-
Annualized expense ratio (%)		.91	1.16	-	-	-	-
BNY Mellon Emerging Markets Fund
Expenses paid per $1,000^†		$6.16	$7.44	-	-	-	-
Ending value (after expenses)		$1,021.30	$1,020.70	-	-	-	-
Annualized expense ratio (%)		1.21	1.46	-	-	-	-
BNY Mellon International Equity Income Fund
Expenses paid per $1,000^†		$8.66	$9.94	-	-	-	-
Ending value (after expenses)		$1,045.10	$1,043.80	-	-	-	-
Annualized expense ratio (%)		1.68	1.93	-	-	-	-
BNY Mellon Asset Allocation Fund
Expenses paid per $1,000^†		$2.18	$3.48	-	-	-	-
Ending value (after expenses)		$1,062.50	$1,061.00	-	-	-	-
Annualized expense ratio (%)		.42	.67	-	-	-	-
^†	Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2023

		Class M	Investor Shares	Class A	Class C	Class I	Class Y
BNY Mellon Income Stock Fund
Expenses paid per $1,000^†		$4.38	$5.65	$5.85	$9.65	$4.58	$4.38
Ending value (after expenses)		$1,020.87	$1,019.61	$1,019.41	$1,015.63	$1,020.67	$1,020.87
Annualized expense ratio (%)		.86	1.11	1.15	1.90	.90	.86
BNY Mellon Mid Cap Multi-Strategy Fund
Expenses paid per $1,000^†		$4.69	$5.96	-	-	-	-
Ending value (after expenses)		$1,020.57	$1,019.31	-	-	-	-
Annualized expense ratio (%)		.92	1.17	-	-	-	-
BNY Mellon Small Cap Multi-Strategy Fund
Expenses paid per $1,000^†		$5.24	$6.51	-	-	-	-
Ending value (after expenses)		$1,020.01	$1,018.75	-	-	-	-
Annualized expense ratio (%)		1.03	1.28	-	-	-	-
BNY Mellon International Fund
Expenses paid per $1,000^†		$4.63	$5.90	-	-	-	-
Ending value (after expenses)		$1,020.62	$1,019.36	-	-	-	-
Annualized expense ratio (%)		.91	1.16	-	-	-	-
BNY Mellon Emerging Markets Fund
Expenses paid per $1,000^†		$6.16	$7.43	-	-	-	-
Ending value (after expenses)		$1,019.11	$1,017.85	-	-	-	-
Annualized expense ratio (%)		1.21	1.46	-	-	-	-
BNY Mellon International Equity Income Fund
Expenses paid per $1,000^†		$8.54	$9.80	-	-	-	-
Ending value (after expenses)		$1,016.74	$1,015.48	-	-	-	-
Annualized expense ratio (%)		1.68	1.93	-	-	-	-
BNY Mellon Asset Allocation Fund
Expenses paid per $1,000^†		$2.14	$3.41	-	-	-	-
Ending value (after expenses)		$1,023.09	$1,021.83	-	-	-	-
Annualized expense ratio (%)		.42	.67	-	-	-	-
^†	Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

August 31, 2023



BNY Mellon Income Stock Fund
Description		Shares		Value ($)
Common Stocks - 96.4%
Automobiles & Components - .8%
General Motors Co.		77,562		2,599,103
Banks - 7.5%
JPMorgan Chase & Co.		112,558		16,470,612
U.S. Bancorp		253,646		9,265,688
			25,736,300
Capital Goods - 4.3%
Eaton Corp. PLC		26,391		6,079,695
L3Harris Technologies, Inc.		19,168		3,413,629
Northrop Grumman Corp.		11,998		5,196,214
			14,689,538
Consumer Durables & Apparel - .5%
Hasbro, Inc.		24,597		1,770,984
Consumer Services - 5.0%
International Game Technology PLC		376,729		12,062,863
Wynn Resorts Ltd.		48,616		4,928,690
			16,991,553
Energy - 14.8%
ConocoPhillips		32,620		3,882,759
EQT Corp.		105,032	^a	4,539,483
Exxon Mobil Corp.		72,514		8,062,832
Hess Corp.		42,105		6,505,222
Marathon Petroleum Corp.		49,346		7,045,128
Occidental Petroleum Corp.		141,565		8,888,866
Schlumberger NV		75,887		4,474,298
Shell PLC, ADR		116,137		7,210,946
			50,609,534
Financial Services - 9.8%
Ameriprise Financial, Inc.		7,609		2,568,646
Ares Management Corp., Cl. A		34,121		3,529,476
CME Group, Inc.		51,594		10,457,072
Morgan Stanley		37,271		3,173,626
The Charles Schwab Corp.		77,308		4,572,768
The Goldman Sachs Group, Inc.		7,923		2,596,446
Voya Financial, Inc.		96,474		6,722,308
			33,620,342
Food, Beverage & Tobacco - 1.3%
Bunge Ltd.		39,478		4,513,125
Health Care Equipment & Services - 9.4%
Baxter International, Inc.		70,178		2,849,227
Becton, Dickinson & Co.		49,203		13,749,778
Medtronic PLC		149,227		12,162,000
UnitedHealth Group, Inc.		7,294		3,476,175
			32,237,180
Household & Personal Products - 2.2%
Kenvue, Inc.		329,194		7,587,922
Insurance - 10.4%
American International Group, Inc.		117,333		6,866,327
Assurant, Inc.		71,189		9,918,763
Everest Group Ltd.		28,153		10,154,224
The Allstate Corp.		32,387		3,491,642
The Progressive Corp.		39,007		5,206,264
			35,637,220
Materials - 3.0%
CF Industries Holdings, Inc.		33,993		2,619,841

BNY Mellon Income Stock Fund (continued)
Description		Shares		Value ($)
Common Stocks - 96.4%(continued)
Materials - 3.0% (continued)
Freeport-McMoRan, Inc.		195,010		7,782,849
			10,402,690
Media & Entertainment - 4.6%
Comcast Corp., Cl. A		82,650		3,864,714
Omnicom Group, Inc.		72,302		5,857,185
The Interpublic Group of Companies, Inc.		181,391		5,915,161
			15,637,060
Pharmaceuticals, Biotechnology & Life Sciences - 9.0%
AbbVie, Inc.		82,862		12,177,400
Gilead Sciences, Inc.		115,110		8,803,613
Sanofi, ADR		183,454		9,756,084
			30,737,097
Semiconductors & Semiconductor Equipment - 3.5%
Applied Materials, Inc.		54,264		8,289,369
Intel Corp.		102,878		3,615,133
			11,904,502
Software & Services - .8%
International Business Machines Corp.		19,873		2,917,953
Technology Hardware & Equipment - 4.8%
Cisco Systems, Inc.		288,158		16,525,861
Transportation - 1.4%
FedEx Corp.		18,926		4,940,065
Utilities - 3.3%
Constellation Energy Corp.		76,628		7,981,572
Exelon Corp.		78,709		3,157,805
			11,139,377
Total Common Stocks(cost $277,058,519)			330,197,406
	1-Day Yield (%)
Investment Companies - 3.7%
Registered Investment Companies - 3.7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $12,657,325)	5.41	12,657,325	^b	12,657,325
Total Investments (cost $289,715,844)		100.1%	342,854,731
Liabilities, Less Cash and Receivables		(.1%)	(394,404)
Net Assets		100.0%	342,460,327

ADR—American Depositary Receipt

^a Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $4,494,059 and the value of the collateral was $4,594,452, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan.

^b Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Financials	27.7
Health Care	18.4
Energy	14.8
Information Technology	9.2
Consumer Discretionary	6.2
Industrials	5.7
Communication Services	4.6
Investment Companies	3.7
Consumer Staples	3.5
Utilities	3.3
Materials	3.0
	100.1

^† Based on net assets.

See notes to financial statements.


BNY Mellon Income Stock Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 3.7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 3.7%	20,109,734	228,879,769	(236,332,178)	12,657,325	729,452
Investment of Cash Collateral for Securities Loaned - .0%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0%	-	8,443,135	(8,443,135)	-	78,374	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	-	21,835,554	(21,835,554)	-	3,478	^†††
Total - 3.7%	20,109,734	259,158,458	(266,610,867)	12,657,325	811,304

^† Includes reinvested dividends/distributions.

^†† Effective July 3, 2023, cash collateral for securities lending was transferred from Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares to Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares.

^††† Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Mid Cap Multi-Strategy Fund
Description	Shares		Value ($)
Common Stocks - 97.1%
Automobiles & Components - .7%
Aptiv PLC	4,059	^a	411,786
BorgWarner, Inc.	9,390		382,642
Gentex Corp.	94,484		3,085,847
Harley-Davidson, Inc.	56,479		1,906,166
Lear Corp.	6,904		994,797
Mobileye Global, Inc., Cl. A	53,323	^a,b	1,893,500
Phinia, Inc.	1,878		52,208
QuantumScape Corp.	25,140	^a	179,500
Rivian Automotive, Inc., Cl. A	25,340	^a,b	575,978
Thor Industries, Inc.	7,630		799,777
		10,282,201
Banks - 1.3%
Columbia Banking System, Inc.	3,160		64,717
Comerica, Inc.	4,685		225,395
East West Bancorp, Inc.	30,294		1,676,470
F.N.B. Corp.	43,090		501,137
Fifth Third Bancorp	124,323		3,300,776
First Citizens Bancshares, Inc., Cl. A	37		50,335
First Horizon Corp.	4,920		61,746
Frost Bankers, Inc.	4,574		432,380
Huntington Bancshares, Inc.	227,867		2,527,045
KeyCorp	10,532		119,328
M&T Bank Corp.	3,655		457,058
New York Community Bancorp, Inc.	32,375		397,565
NU Holdings Ltd.	72,990	^a	499,981
Popular, Inc.	75,249		5,138,002
Regions Financial Corp.	107,880		1,978,519
Synovus Financial Corp.	29,000		897,840
Webster Financial Corp.	26,387		1,119,073
Wintrust Financial Corp.	8,355		648,432
Zions Bancorp NA	16,875		599,062
		20,694,861
Capital Goods - 10.9%
Advanced Drainage Systems, Inc.	54,887		7,034,318
AECOM	17,410		1,527,727
Air Lease Corp.	6,640		270,646
Allegion PLC	34,765		3,956,605
AMETEK, Inc.	77,101		12,298,381
Axon Enterprise, Inc.	48,822	^a	10,394,692
Builders FirstSource, Inc.	8,083	^a	1,172,358
BWX Technologies, Inc.	34,224		2,524,362
Carrier Global Corp.	26,000		1,493,700
ChargePoint Holdings, Inc.	4,640	^a,b	33,222
CNH Industrial NV	257,996		3,555,185
Cummins, Inc.	4,163		957,657
Curtiss-Wright Corp.	17,849		3,712,414
Donaldson Co., Inc.	14,855		948,789
Dover Corp.	37,357		5,540,043

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Capital Goods - 10.9% (continued)
Eaton Corp. PLC	17,388		4,005,674
Fastenal Co.	19,190		1,104,960
Ferguson PLC	16,920		2,733,595
Flowserve Corp.	3,645		144,233
Fortive Corp.	24,322		1,917,790
Fortune Brands Innovations, Inc.	27,204		1,877,620
Generac Holdings, Inc.	8,463	^a	1,005,489
Graco, Inc.	30,099		2,376,015
HEICO Corp., Cl. A	51,347		6,953,924
Hexcel Corp.	32,312		2,368,470
Howmet Aerospace, Inc.	89,937		4,449,183
Huntington Ingalls Industries, Inc.	14,527		3,200,589
IDEX Corp.	44,982		10,183,925
Ingersoll Rand, Inc.	26,105		1,817,169
ITT, Inc.	12,580		1,286,682
L3Harris Technologies, Inc.	4,579		815,474
Lincoln Electric Holdings, Inc.	7,846		1,510,041
Masco Corp.	79,484		4,690,351
MasTec, Inc.	2,525	^a	251,212
MDU Resources Group, Inc.	8,735		177,845
Nordson Corp.	5,253		1,282,467
nVent Electric PLC	49,230		2,783,464
Otis Worldwide Corp.	30,342		2,595,758
Owens Corning	9,915		1,426,868
PACCAR, Inc.	26,962		2,218,703
Parker-Hannifin Corp.	22,681		9,455,709
Plug Power, Inc.	26,170	^a,b	221,398
Quanta Services, Inc.	26,156		5,489,360
Regal Rexnord Corp.	1,638		265,667
Resideo Technologies, Inc.	64,860	^a	1,093,540
Rockwell Automation, Inc.	8,130		2,537,210
Snap-on, Inc.	3,450		926,670
Spirit AeroSystems Holdings, Inc., Cl. A	7,775		165,763
Stanley Black & Decker, Inc.	3,671		346,469
Sunrun, Inc.	6,815	^a,b	106,518
Textron, Inc.	67,254		5,226,308
The Timken Company	12,925		987,728
Trane Technologies PLC	18,780		3,854,783
TransDigm Group, Inc.	5,429	^a	4,907,002
United Rentals, Inc.	6,549		3,120,860
Vertiv Holdings Co.	14,395		567,019
W.W. Grainger, Inc.	3,197		2,283,106
Watsco, Inc.	16,282	^b	5,935,603
WESCO International, Inc.	8,886		1,438,199
Westinghouse Air Brake Technologies Corp.	15,160		1,705,803
WillScot Mobile Mini Holdings Corp.	3,875	^a	158,953



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Capital Goods - 10.9% (continued)
Xylem, Inc.	16,498		1,708,203
		171,099,471
Commercial & Professional Services - 6.4%
ASGN, Inc.	11,444	^a	940,239
Broadridge Financial Solutions, Inc.	42,657		7,943,160
CACI International, Inc., Cl. A	12,506	^a	4,102,093
Cintas Corp.	9,448		4,763,398
Clarivate PLC	541,423	^a,b	4,022,773
Copart, Inc.	265,212	^a	11,889,454
Dun & Bradstreet Holdings, Inc.	15,875		173,038
Equifax, Inc.	34,127		7,054,051
FTI Consulting, Inc.	9,872	^a	1,834,415
Jacobs Solutions, Inc.	9,215		1,242,366
Leidos Holdings, Inc.	12,464		1,215,365
Paychex, Inc.	23,210		2,836,958
Paycom Software, Inc.	10,889		3,210,513
RB Global, Inc.	39,157		2,416,770
Rentokil Initial PLC, ADR	158,057		5,998,263
Republic Services, Inc.	22,682		3,269,157
Robert Half, Inc.	16,716		1,236,315
Rollins, Inc.	55,452		2,194,236
Science Applications International Corp.	18,660		2,195,536
SS&C Technologies Holdings, Inc.	129,460		7,433,593
TransUnion	21,943		1,782,210
Verisk Analytics, Inc.	49,946		12,097,920
Waste Connections, Inc.	76,982		10,545,764
		100,397,587
Consumer Discretionary Distribution - 5.2%
Advance Auto Parts, Inc.	1,891		130,139
AutoZone, Inc.	1,956	^a	4,951,281
Bath & Body Works, Inc.	21,525		793,627
Best Buy Co., Inc.	18,641		1,425,104
Burlington Stores, Inc.	35,988	^a	5,839,413
CarMax, Inc.	11,440	^a	934,419
Chewy, Inc., Cl. A	66,116	^a	1,585,462
Coupang, Inc.	45,530	^a	864,159
eBay, Inc.	49,935		2,236,089
Etsy, Inc.	22,905	^a	1,685,121
Farfetch Ltd., Cl. A	338,435	^a	964,540
Five Below, Inc.	3,867	^a	664,969
Floor & Decor Holdings, Inc., Cl. A	1,850	^a	184,445
Genuine Parts Co.	7,796		1,198,479
Kohl's Corp.	15,520		413,453
Lithia Motors, Inc.	1,491		459,258
LKQ Corp.	24,094		1,265,658
Macy's, Inc.	7,725		94,477
Ollie's Bargain Outlet Holdings, Inc.	120,284	^a	9,271,491
O'Reilly Automotive, Inc.	12,080	^a	11,351,576

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Consumer Discretionary Distribution - 5.2% (continued)
Pool Corp.	20,861		7,626,782
RH	5,728	^a,b	2,091,808
Ross Stores, Inc.	115,467		14,065,035
The Gap, Inc.	14,250	^b	165,015
Tractor Supply Co.	9,328		2,038,168
Ulta Beauty, Inc.	13,922	^a	5,778,048
Valvoline, Inc.	39,415		1,357,453
Victoria's Secret & Co.	12,270	^a,b	235,339
Wayfair, Inc., Cl. A	5,085	^a	351,424
Williams-Sonoma, Inc.	7,545	^b	1,065,354
		81,087,586
Consumer Durables & Apparel - 3.1%
Capri Holdings Ltd.	21,955	^a	1,152,418
Crocs, Inc.	2,277	^a	221,643
D.R. Horton, Inc.	12,075		1,437,166
Deckers Outdoor Corp.	145	^a	76,718
Garmin Ltd.	23,780		2,521,156
Hasbro, Inc.	79,705		5,738,760
Lululemon Athletica, Inc.	31,910	^a	12,166,007
Mohawk Industries, Inc.	9,035	^a	916,059
NVR, Inc.	628	^a	4,004,963
Peloton Interactive, Inc., Cl. A	336,916	^a	2,149,524
Polaris, Inc.	27,242		3,053,556
PulteGroup, Inc.	25,990		2,132,739
PVH Corp.	4,395		367,422
Ralph Lauren Corp.	5,191		605,426
Skechers USA, Inc., Cl. A	78,571	^a	3,952,907
Tapestry, Inc.	30,675		1,022,091
Tempur Sealy International, Inc.	61,606	^b	2,878,232
Toll Brothers, Inc.	25,915		2,123,216
Whirlpool Corp.	18,248		2,553,990
		49,073,993
Consumer Services - 3.8%
ADT, Inc.	335,681		2,155,072
Aramark	190,301		7,075,391
Boyd Gaming Corp.	21,656		1,448,137
Bright Horizons Family Solutions, Inc.	205	^a	19,356
Caesars Entertainment, Inc.	11,755	^a	649,581
Carnival Corp.	57,165	^a	904,350
Darden Restaurants, Inc.	22,439		3,489,489
Domino's Pizza, Inc.	3,183		1,233,094
Doordash, Inc., Cl. A	9,185	^a	772,734
DraftKings, Inc., Cl. A	17,180	^a	509,387
Expedia Group, Inc.	116,055	^a	12,579,201
Frontdoor, Inc.	53,448	^a	1,754,163
H&R Block, Inc.	33,585		1,342,728
Hilton Worldwide Holdings, Inc.	19,703		2,928,851

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Consumer Services - 3.8% (continued)
Hyatt Hotels Corp., Cl. A	4,388		493,255
International Game Technology PLC	29,468		943,565
Las Vegas Sands Corp.	28,631		1,570,697
Marriott International, Inc., Cl. A	12,701		2,584,781
Marriott Vacations Worldwide Corp.	81		8,804
MGM Resorts International	36,220		1,592,956
Norwegian Cruise Line Holdings Ltd.	28,425	^a	471,002
Planet Fitness, Inc., Cl. A	104,754	^a,b	6,369,043
Restaurant Brands International, Inc.	36,670		2,546,731
Royal Caribbean Cruises Ltd.	15,572	^a	1,540,694
Service Corp. International	20,820		1,313,950
The Wendy's Company	14,790		292,694
Travel + Leisure Co.	1,960		78,792
Wingstop, Inc.	508		81,605
Wyndham Hotels & Resorts, Inc.	38,904		2,932,973
Wynn Resorts Ltd.	4,135		419,206
		60,102,282
Consumer Staples Distribution - 1.0%
BJ's Wholesale Club Holdings, Inc.	2,450	^a	165,106
Casey's General Stores, Inc.	3,018		737,629
Dollar Tree, Inc.	49,937	^a	6,110,291
Grocery Outlet Holding Corp.	66,956	^a	2,065,593
Performance Food Group Co.	8,770	^a	544,880
The Kroger Company	25,875		1,200,341
US Foods Holding Corp.	99,150	^a	4,008,634
Walgreens Boots Alliance, Inc.	16,335		413,439
		15,245,913
Energy - 5.2%
Antero Midstream Corp.	3,020		36,602
Antero Resources Corp.	58,693	^a	1,624,035
Baker Hughes Co.	60,845		2,201,981
Cheniere Energy, Inc.	15,258		2,490,106
Chesapeake Energy Corp.	21,200	^b	1,870,052
Chevron Corp.	711		114,542
Coterra Energy, Inc.	20,415		575,499
Devon Energy Corp.	79,323		4,052,612
Diamondback Energy, Inc.	27,535		4,179,262
DT Midstream, Inc.	10,030		524,469
EQT Corp.	358,559	^b	15,496,920
Halliburton Co.	246,765		9,530,064
Hess Corp.	34,370		5,310,165
HF Sinclair Corp.	4,910		270,492
Marathon Oil Corp.	79,820		2,103,257
Marathon Petroleum Corp.	13,425		1,916,687
New Fortress Energy, Inc.	4,410	^b	136,886
NOV, Inc.	252,110		5,327,084
ONEOK, Inc.	22,535		1,469,282
Phillips 66	14,881		1,698,815
Pioneer Natural Resources Co.	29,283		6,967,304

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Energy - 5.2% (continued)
Range Resources Corp.	4,330		140,205
Schlumberger NV	45,051		2,656,207
Targa Resources Corp.	22,185		1,913,456
TechnipFMC PLC	10,825		206,108
The Williams Companies, Inc.	24,340		840,460
Valero Energy Corp.	52,452		6,813,515
Weatherford International PLC	20,121	^a	1,781,111
		82,247,178
Equity Real Estate Investment - 4.3%
Alexandria Real Estate Equities, Inc.	22,109	^c	2,572,161
American Homes 4 Rent, Cl. A	41,898	^c	1,510,004
Americold Realty Trust, Inc.	1,850	^c	62,253
AvalonBay Communities, Inc.	5,361	^c	985,459
Boston Properties, Inc.	6,370	^c	425,325
Brixmor Property Group, Inc.	74,580	^c	1,639,268
Camden Property Trust	19,110	^c	2,056,618
Cousins Properties, Inc.	9,820	^c	230,770
CubeSmart	13,560	^b,c	565,588
Digital Realty Trust, Inc.	52,677	^c	6,938,614
EastGroup Properties, Inc.	6,233	^c	1,119,634
EPR Properties	1,775	^c	79,485
Equinix, Inc.	3,932	^c	3,072,386
Equity Lifestyle Properties, Inc.	53,747	^c	3,598,899
Equity Residential	86,262	^c	5,592,365
Essex Property Trust, Inc.	10,834	^c	2,582,717
Extra Space Storage, Inc.	18,242	^c	2,347,381
Federal Realty Investment Trust	5,455	^c	534,263
Healthcare Realty Trust, Inc.	700	^c	12,264
Healthpeak Properties, Inc.	70,728	^c	1,455,582
Highwoods Properties, Inc.	12,525	^c	298,471
Host Hotels & Resorts, Inc.	61,889	^c	977,227
Iron Mountain, Inc.	6,610	^c	419,999
Kilroy Realty Corp.	11,150	^c	411,992
Kimco Realty Corp.	81,004	^c	1,534,216
Lamar Advertising Co., Cl. A	35,968	^c	3,281,001
Medical Properties Trust, Inc.	50,060	^b,c	361,433
Mid-America Apartment Communities, Inc.	6,670	^c	968,684
NNN REIT, Inc.	11,835	^c	466,181
Omega Healthcare Investors, Inc.	6,270	^b,c	199,511
Park Hotels & Resorts, Inc.	31,625	^c	405,749
Rayonier, Inc.	24,799	^c	741,490
Realty Income Corp.	31,106	^c	1,743,180
Regency Centers Corp.	54,170	^c	3,369,374
Rexford Industrial Realty, Inc.	19,962	^c	1,067,368
Simon Property Group, Inc.	31,357	^c	3,558,706
Spirit Realty Capital, Inc.	23,674	^c	914,053
UDR, Inc.	28,390	^c	1,132,761
Ventas, Inc.	6,545	^c	285,886



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Equity Real Estate Investment - 4.3% (continued)
VICI Properties, Inc.	97,483	^c	3,006,376
Vornado Realty Trust	9,040	^a,b,c	217,141
Welltower, Inc.	51,542	^c	4,271,801
Weyerhaeuser Co.	27,897	^c	913,627
		67,927,263
Financial Services - 7.4%
Affirm Holdings, Inc.	10,005	^a	208,204
Ally Financial, Inc.	38,090		1,054,712
Ameriprise Financial, Inc.	30,332		10,239,477
Apollo Global Management, Inc.	17,090		1,492,640
Ares Management Corp., Cl. A	111,520		11,535,629
Block, Inc.	103,223	^a	5,950,806
Blue Owl Capital, Inc.	22,135		264,513
Coinbase Global, Inc., Cl. A	8,690	^a,b	691,724
Credit Acceptance Corp.	593	^a	297,550
Discover Financial Services	47,781		4,303,635
Equitable Holdings, Inc.	41,565		1,197,072
Euronet Worldwide, Inc.	43,095	^a	3,764,779
Evercore, Inc., Cl. A	21,487		3,009,254
Fidelity National Information Services, Inc.	66,630		3,721,952
Fiserv, Inc.	58,896	^a	7,149,385
FLEETCOR Technologies, Inc.	7,535	^a	2,047,486
Franklin Resources, Inc.	13,315	^b	356,043
Global Payments, Inc.	98,810		12,518,239
Interactive Brokers Group, Inc., Cl. A	745		67,855
Intercontinental Exchange, Inc.	47,295		5,580,337
Invesco Ltd.	43,145		686,868
Jack Henry & Associates, Inc.	8,174		1,281,520
Janus Henderson Group PLC	7,975		219,073
Jefferies Financial Group, Inc.	5,100		182,019
KKR & Co., Inc.	19,560		1,228,564
LPL Financial Holdings, Inc.	37,737		8,701,775
MGIC Investment Corp.	41,290		725,878
MSCI, Inc.	3,382		1,838,523
Nasdaq, Inc.	49,192		2,581,596
Northern Trust Corp.	12,025		914,742
OneMain Holdings, Inc.	2,250		93,398
Raymond James Financial, Inc.	48,215		5,042,807
Robinhood Markets, Inc., Cl. A	33,875	^a	368,899
Rocket Cos, Inc., CI. A	45,894	^a,b	490,148
Shift4 Payments, Inc., Cl. A	5,415	^a	307,518
SLM Corp.	103,412		1,472,587
SoFi Technologies, Inc.	45,520	^a,b	394,203
Starwood Property Trust, Inc.	43,790	^b,c	894,630
State Street Corp.	14,635		1,006,010
Synchrony Financial	22,749		734,338
T. Rowe Price Group, Inc.	13,812		1,550,121

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Financial Services - 7.4% (continued)
Toast, Inc., Cl. A	18,225	^a,b	404,048
Tradeweb Markets, Inc., Cl. A	29,296		2,532,053
Voya Financial, Inc.	90,073		6,276,287
WEX, Inc.	1,437	^a	281,911
XP, Inc., Cl. A	9,800	^a	248,332
		115,909,140
Food, Beverage & Tobacco - 1.4%
Brown-Forman Corp., Cl. B	15,817		1,045,978
Bunge Ltd.	12,935		1,478,729
Celsius Holdings, Inc.	988	^a	193,688
Coca-Cola Europacific Partners PLC	30,236		1,938,430
Conagra Brands, Inc.	150,638		4,501,063
Darling Ingredients, Inc.	1,650	^a	101,904
Freshpet, Inc.	8,991	^a,b	678,910
Ingredion, Inc.	4,980		512,492
Lamb Weston Holdings, Inc.	12,021		1,170,966
McCormick & Co., Inc.	19,380		1,590,710
Molson Coors Beverage Co., Cl. B	61,015		3,873,842
The J.M. Smucker Company	1,779		257,866
Tyson Foods, Inc., Cl. A	85,392		4,548,832
		21,893,410
Health Care Equipment & Services - 6.6%
Acadia Healthcare Co., Inc.	430	^a	33,153
agilon health, Inc.	18,125	^a,b	321,175
Align Technology, Inc.	28,951	^a	10,715,923
AMN Healthcare Services, Inc.	11,755	^a	1,038,907
Baxter International, Inc.	91,657		3,721,274
Cencora, Inc.	39,479		6,947,514
Centene Corp.	102,750	^a	6,334,537
Certara, Inc.	7,930	^a	128,149
DaVita, Inc.	4,865	^a	498,273
Dentsply Sirona, Inc.	10,956		406,358
DexCom, Inc.	85,293	^a	8,612,887
Doximity, Inc., Cl. A	6,740	^a,b	160,682
Encompass Health Corp.	73,119		5,194,374
Enovis Corp.	2,475	^a	138,699
Envista Holdings Corp.	10,990	^a	351,900
HCA Healthcare, Inc.	5,540		1,536,242
HealthEquity, Inc.	14,532	^a	981,637
Henry Schein, Inc.	13,215	^a	1,011,476
Humana, Inc.	3,071		1,417,666
ICU Medical, Inc.	453	^a,b	65,699
IDEXX Laboratories, Inc.	19,113	^a	9,774,579
Inspire Medical Systems, Inc.	15,183	^a	3,444,719
Insulet Corp.	8,822	^a	1,691,266
Laboratory Corp. of America Holdings	24,731		5,146,521
Masimo Corp.	1,792	^a,b	204,790
Molina Healthcare, Inc.	11,609	^a	3,600,183

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Health Care Equipment & Services - 6.6% (continued)
Penumbra, Inc.	1,981	^a	523,974
Quest Diagnostics, Inc.	10,071		1,324,336
QuidelOrtho Corp.	2,335	^a	192,311
R1 RCM, Inc.	127,540	^a	2,198,790
ResMed, Inc.	12,592		2,009,557
Shockwave Medical, Inc.	12,573	^a	2,770,963
Steris PLC	35,658		8,186,720
Tenet Healthcare Corp.	1,680	^a	130,301
The Cooper Companies, Inc.	12,759		4,720,702
Universal Health Services, Inc., Cl. B	826		111,262
Veeva Systems, Inc., Cl. A	10,500	^a	2,191,350
Zimmer Biomet Holdings, Inc.	51,428		6,126,103
		103,964,952
Household & Personal Products - .7%
Church & Dwight Co., Inc.	73,119		7,075,726
Coty, Inc., Cl. A	73,520	^a	849,891
Kenvue, Inc.	94,808		2,185,324
Spectrum Brands Holdings, Inc.	815		67,784
The Clorox Company	4,322		676,177
		10,854,902
Insurance - 3.9%
Aflac, Inc.	25,776		1,922,116
American Financial Group, Inc.	9,016		1,045,135
Aon PLC, Cl. A	6,208		2,069,685
Arch Capital Group Ltd.	102,167	^a	7,852,556
Arthur J. Gallagher & Co.	10,541		2,429,490
Assurant, Inc.	35,920		5,004,734
Assured Guaranty Ltd.	22,525		1,325,371
Brighthouse Financial, Inc.	35	^a	1,738
Cincinnati Financial Corp.	14,964		1,583,042
Everest Group Ltd.	12,779		4,609,130
Fidelity National Financial, Inc.	27,130		1,123,182
First American Financial Corp.	42,908		2,646,565
Globe Life, Inc.	20,935		2,335,718
Kinsale Capital Group, Inc.	247		98,462
Lincoln National Corp.	13,920		357,187
Markel Group, Inc.	2,940	^a	4,348,025
Old Republic International Corp.	41,500		1,135,025
Principal Financial Group, Inc.	22,735		1,766,737
Prudential Financial, Inc.	590		55,855
Reinsurance Group of America, Inc.	37,463		5,193,121
RenaissanceRe Holdings Ltd.	6,990		1,313,351
Ryan Specialty Holdings, Inc.	94,321	^a	4,598,149
The Allstate Corp.	624		67,273
The Hanover Insurance Group, Inc.	1,750		186,760
The Hartford Financial Services Group, Inc.	53,110		3,814,360
The Travelers Companies, Inc.	5,334		860,001

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Insurance - 3.9% (continued)
Unum Group	25,415		1,250,164
W.R. Berkley Corp.	32,492		2,009,955
White Mountains Insurance Group Ltd.	28		44,483
		61,047,370
Materials - 3.9%
Albemarle Corp.	7,742		1,538,413
Alcoa Corp.	55,093		1,657,197
Ashland, Inc.	9,860		854,172
Avery Dennison Corp.	22,120		4,166,966
Axalta Coating Systems Ltd.	63,350	^a	1,792,805
Ball Corp.	13,165		716,834
Celanese Corp.	13,008		1,643,691
CF Industries Holdings, Inc.	66,299		5,109,664
Cleveland-Cliffs, Inc.	13,085	^a	200,070
Corteva, Inc.	98,627		4,981,650
DuPont de Nemours, Inc.	45,771		3,519,332
Eastman Chemical Co.	5,938		504,789
FMC Corp.	27,531		2,373,998
Freeport-McMoRan, Inc.	87,256		3,482,387
Huntsman Corp.	32,120		895,184
International Flavors & Fragrances, Inc.	12,210		860,194
LyondellBasell Industries NV, Cl. A	6,330		625,214
Martin Marietta Materials, Inc.	5,338		2,382,937
Newmont Corp.	142,254		5,607,653
Nucor Corp.	4,988		858,435
Olin Corp.	17,040		988,661
Packaging Corp. of America	18,411		2,745,080
PPG Industries, Inc.	23,785		3,371,762
Reliance Steel & Aluminum Co.	5,136		1,463,555
Royal Gold, Inc.	8,690		974,062
Sealed Air Corp.	23,140		857,568
Sonoco Products Co.	11,905		683,942
SSR Mining, Inc.	14,615		217,033
Steel Dynamics, Inc.	14,217		1,515,390
Teck Resources Ltd., Cl. B	35,978		1,486,611
The Chemours Company	770		26,195
The Mosaic Company	27,740		1,077,699
The Scotts Miracle-Gro Company	2,440	^b	138,250
U.S. Steel Corp.	10,865		337,793
Vulcan Materials Co.	7,685		1,677,251
WestRock Co.	12,296		402,202
		61,734,639
Media & Entertainment - 2.5%
Atlanta Braves Holdings, Inc.	2,603	^a	95,894
Cable One, Inc.	121		78,719
Electronic Arts, Inc.	5,635		676,087
Fox Corp., Cl. A	21,295		704,013



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Media & Entertainment - 2.5% (continued)
IAC, Inc.	13,645	^a	754,978
Liberty Broadband Corp., Cl. A	2,552	^a,b	238,969
Liberty Broadband Corp., Cl. C	7,696	^a	720,038
Liberty Media Corp-Liberty Formula One, Cl. C	89,913	^a	6,185,115
Liberty Media Corp-Liberty Live, Cl. C	8,952	^a	301,235
Liberty Media Corp-Liberty SiriusXM	20,420	^a	499,065
Live Nation Entertainment, Inc.	34,877	^a	2,948,153
Match Group, Inc.	24,767	^a	1,160,829
News Corporation, Cl. A	38,225		821,455
Nexstar Media Group, Inc.	6,204	^b	1,010,011
Omnicom Group, Inc.	23,400		1,895,634
Paramount Global, Cl. B	31,991	^b	482,744
Pinterest, Inc., Cl. A	18,392		505,596
Roblox Corp., CI. A	15,860	^a	448,679
Roku, Inc.	3,690	^a	299,628
Spotify Technology SA	20,505	^a	3,157,155
Take-Two Interactive Software, Inc.	21,584	^a	3,069,245
TEGNA, Inc.	57,110		944,028
The Interpublic Group of Companies, Inc.	81,992		2,673,759
The Trade Desk, Inc., Cl. A	53,189	^a	4,256,716
Warner Bros Discovery, Inc.	86,224	^a	1,132,983
Warner Music Group Corp., Cl. A	124,226		4,136,726
ZoomInfo Technologies, Inc.	4,860	^a	87,577
		39,285,031
Pharmaceuticals, Biotechnology & Life Sciences - 5.4%
10X Genomics, Inc., CI. A	35,758	^a	1,854,052
Agilent Technologies, Inc.	22,884		2,770,566
Alnylam Pharmaceuticals, Inc.	7,849	^a	1,552,689
Apellis Pharmaceuticals, Inc.	6,030	^a,b	254,526
Avantor, Inc.	104,215	^a	2,256,255
Biogen, Inc.	3,048	^a	814,913
BioMarin Pharmaceutical, Inc.	51,269	^a	4,684,961
Bio-Rad Laboratories, Inc., Cl. A	246	^a	98,449
Bio-Techne Corp.	53,287		4,177,701
Catalent, Inc.	8,435	^a	421,497
Charles River Laboratories International, Inc.	8,597	^a	1,778,032
Elanco Animal Health, Inc.	47,987	^a	585,441
Exact Sciences Corp.	8,410	^a	703,665
Exelixis, Inc.	1,630	^a	36,496
Fortrea Holdings, Inc.	49,102	^a	1,352,760
Horizon Therapeutics PLC	69,494	^a	7,834,754
ICON PLC	16,087	^a	4,181,655
Illumina, Inc.	28,304	^a	4,676,387
Incyte Corp.	14,730	^a	950,527
Ionis Pharmaceuticals, Inc.	11,845	^a,b	476,998

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Pharmaceuticals, Biotechnology & Life Sciences - 5.4% (continued)
IQVIA Holdings, Inc.	12,851	^a	2,861,018
Karuna Therapeutics, Inc.	1,235	^a	231,884
Mettler-Toledo International, Inc.	1,752	^a	2,126,017
Moderna, Inc.	5,686	^a	642,916
Natera, Inc.	7,575	^a	444,880
Neurocrine Biosciences, Inc.	64,540	^a	7,027,761
QIAGEN NV	10,641	^a	484,059
Repligen Corp.	42,364	^a	7,367,523
Roivant Sciences Ltd.	19,470	^a	225,268
Sarepta Therapeutics, Inc.	103,345	^a	12,505,778
Seagen, Inc.	6,830	^a	1,407,458
Sotera Health Co.	1,730	^a	27,922
Syneos Health, Inc.	1,130	^a	48,285
Ultragenyx Pharmaceutical, Inc.	5,430	^a	199,770
United Therapeutics Corp.	18,783	^a	4,214,154
Viatris, Inc.	45,179		485,674
Waters Corp.	4,032	^a	1,132,186
West Pharmaceutical Services, Inc.	4,337		1,764,725
		84,659,602
Real Estate Management & Development - 1.9%
CBRE Group, Inc., Cl. A	74,519	^a	6,337,841
CoStar Group, Inc.	240,075	^a	19,683,749
Zillow Group, Inc., Cl. C	71,995	^a	3,755,259
		29,776,849
Semiconductors & Semiconductor Equipment - 2.4%
Allegro MicroSystems, Inc.	2,635	^a	100,789
Enphase Energy, Inc.	5,729	^a	724,890
First Solar, Inc.	6,921	^a	1,308,900
KLA Corp.	2,320		1,164,338
Lattice Semiconductor Corp.	8,295	^a	806,772
Marvell Technology, Inc.	28,730		1,673,522
Microchip Technology, Inc.	44,363		3,630,668
MKS Instruments, Inc.	46,535	^b	4,664,203
Monolithic Power Systems, Inc.	5,424		2,827,043
NVIDIA Corp.	13,020		6,426,021
NXP Semiconductors NV	7,214		1,484,064
ON Semiconductor Corp.	10,785	^a	1,061,891
Qorvo, Inc.	30,184	^a	3,241,460
Skyworks Solutions, Inc.	46,078		5,010,522
Teradyne, Inc.	23,986	^b	2,587,370
Universal Display Corp.	1,947		316,504
Wolfspeed, Inc.	7,760	^a,b	371,083
		37,400,040
Software & Services - 9.9%
Akamai Technologies, Inc.	51,342	^a	5,395,531
Alteryx, Inc., Cl. A	65	^a	1,919

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Software & Services - 9.9% (continued)
Ansys, Inc.	44,489	^a	14,186,207
AppLovin Corp., Cl. A	37,760	^a	1,631,987
Bill Holdings, Inc.	32,500	^a	3,747,250
Black Knight, Inc.	14,860	^a	1,125,794
BlackLine, Inc.	19,464	^a	1,169,008
Cadence Design Systems, Inc.	20,347	^a	4,892,233
CCC Intelligent Solutions Holdings, Inc.	2,685	^a	28,730
Check Point Software Technologies Ltd.	22,210	^a	2,989,244
Cloudflare, Inc., Cl. A	10,200	^a,b	663,306
Cognizant Technology Solutions Corp., Cl. A	31,687		2,269,106
Confluent, Inc., Cl. A	10,765	^a	356,214
CrowdStrike Holdings, Inc., CI. A	8,610	^a	1,403,688
Datadog, Inc., Cl. A	10,558	^a	1,018,636
DocuSign, Inc.	4,011	^a	201,753
Dolby Laboratories, Inc., Cl. A	37,659		3,181,056
DoubleVerify Holdings, Inc.	2,265	^a	76,580
DXC Technology Co.	14,045	^a	291,293
Dynatrace, Inc.	67,800	^a	3,267,960
Elastic NV	3,075	^a	190,281
EPAM Systems, Inc.	18,195	^a	4,712,323
Fair Isaac Corp.	686	^a	620,549
Five9, Inc.	4,235	^a	306,487
Gartner, Inc.	27,939	^a	9,769,710
Gen Digital, Inc.	116,852		2,366,253
Gitlab, Inc., Cl. A	2,195	^a	103,977
Globant SA	1,159	^a,b	236,981
Guidewire Software, Inc.	8,140	^a	703,540
HashiCorp, Inc., Cl. A	815	^a	23,765
HubSpot, Inc.	27,685	^a	15,130,406
Informatica, Inc., Cl. A	1,640	^a	34,358
Intuit, Inc.	17,009		9,215,646
Kyndryl Holdings, Inc.	33,080	^a	558,390
Manhattan Associates, Inc.	1,622	^a	328,650
MongoDB, Inc.	3,612	^a	1,377,256
nCino, Inc.	855	^a	28,104
New Relic, Inc.	5,340	^a	454,487
Nutanix, Inc., Cl. A	7,170	^a	222,987
Okta, Inc.	6,807	^a	568,453
Palantir Technologies, Inc., Cl. A	84,685	^a	1,268,581
Pegasystems, Inc.	135		6,704
Procore Technologies, Inc.	4,345	^a	293,505
PTC, Inc.	744	^a	109,494
RingCentral, Inc., Cl. A	3,375	^a	104,389
Roper Technologies, Inc.	24,955		12,454,042
SentinelOne, Inc., Cl. A	2,075	^a	34,507
ServiceNow, Inc.	14,352	^a	8,450,888

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 97.1%(continued)
Software & Services - 9.9% (continued)
Shopify, Inc., Cl. A	143,646	^a	9,551,023
Smartsheet, Inc., Cl. A	6,545	^a	273,123
Splunk, Inc.	74,530	^a	9,037,508
Teradata Corp.	1,775	^a	82,129
Twilio, Inc., Cl. A	103,835	^a	6,615,328
Tyler Technologies, Inc.	19,323	^a	7,698,863
UiPath, Inc., Cl. A	43,165	^a,b	682,439
Unity Software, Inc.	10,417	^a,b	386,158
Verisign, Inc.	7,681	^a	1,596,035
Zoom Video Communications, Inc., CI. A	8,840	^a	627,905
Zscaler, Inc.	6,681	^a	1,042,570
		155,165,289
Technology Hardware & Equipment - 3.7%
Amphenol Corp., Cl. A	204,901		18,109,150
CDW Corp.	10,114		2,135,571
Cognex Corp.	22,447		1,056,805
Coherent Corp.	1,975	^a	74,319
Corning, Inc.	6,635		217,761
Dell Technologies, Inc., Cl. C	44,304		2,491,657
F5, Inc.	6,103	^a	998,817
Flex Ltd.	53,124	^a	1,465,691
Hewlett Packard Enterprise Co.	20,315		345,152
HP, Inc.	10,460		310,767
Jabil, Inc.	15,780		1,805,548
Keysight Technologies, Inc.	68,484	^a	9,128,917
Lumentum Holdings, Inc.	37,455	^a	2,027,439
NetApp, Inc.	43,987		3,373,803
Pure Storage, Inc., Cl. A	27,470	^a	1,005,127
TE Connectivity Ltd.	20,361		2,695,593
Trimble, Inc.	77,738	^a	4,259,265
Viasat, Inc.	3,650	^a,b	101,251
Western Digital Corp.	81,662	^a	3,674,790
Zebra Technologies Corp., Cl. A	9,446	^a	2,597,744
		57,875,167
Telecommunication Services - .0%
Frontier Communications Parent, Inc.	15,720	^a	251,834
Iridium Communications, Inc.	4,965		243,037
		494,871
Transportation - 1.7%
Alaska Air Group, Inc.	39,805	^a	1,670,616
American Airlines Group, Inc.	12,965	^a	190,974
Avis Budget Group, Inc.	472	^a	100,720
Expeditors International of Washington, Inc.	38,414		4,483,298
GXO Logistics, Inc.	4,345	^a	277,950
J.B. Hunt Transport Services, Inc.	19,259		3,618,381
Knight-Swift Transportation Holdings, Inc.	48,383		2,652,356



BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description		Shares		Value ($)
Common Stocks - 97.1%(continued)
Transportation - 1.7% (continued)
Landstar System, Inc.		19,722		3,743,433
Lyft, Inc., Cl. A		275,686	^a	3,247,581
Norfolk Southern Corp.		13,258		2,718,023
Old Dominion Freight Line, Inc.		1,096		468,398
Ryder System, Inc.		8,455		851,418
Southwest Airlines Co.		6,290	^b	198,764
United Airlines Holdings, Inc.		31,825	^a	1,585,203
XPO, Inc.		735	^a	54,853
			25,861,968
Utilities - 3.8%
Ameren Corp.		38,855		3,080,036
American Electric Power Co., Inc.		31,772		2,490,925
American Water Works Co., Inc.		19,573		2,715,558
Brookfield Renewable Corp., Cl. A		385		10,761
CenterPoint Energy, Inc.		197,050		5,495,724
Clearway Energy, Inc., Cl. C		3,465		85,828
CMS Energy Corp.		30,975		1,740,485
Constellation Energy Corp.		93,815		9,771,770
Dominion Energy, Inc.		74,608		3,621,472
DTE Energy Co.		26,091		2,697,288
Edison International		11,110		764,923
Entergy Corp.		41,312		3,934,968
Essential Utilities, Inc.		1,475		54,428
Eversource Energy		37,690		2,405,376
Exelon Corp.		97,998		3,931,680
FirstEnergy Corp.		52,523		1,894,505
IDACORP, Inc.		1,090		104,466
NiSource, Inc.		42,260		1,130,878
NRG Energy, Inc.		32,600		1,224,130
Pinnacle West Capital Corp.		19,345		1,494,788
Public Service Enterprise Group, Inc.		7,980		487,418
The AES Corp.		51,305		919,899
UGI Corp.		7,740		194,893
Vistra Corp.		182,278		5,727,175
WEC Energy Group, Inc.		11,365		956,024
Xcel Energy, Inc.		42,585		2,432,881
			59,368,279
Total Common Stocks(cost $769,004,941)			1,523,449,844

Exchange-Traded Funds - 1.4%
Registered Investment Companies - 1.4%
iShares Russell Mid-Cap Growth ETF		170,192	^b	16,374,172
SPDR S&P MidCap 400 ETF Trust		10,629	^b	5,139,866
Total Exchange-Traded Funds(cost $18,511,478)			21,514,038

Escrow Shares - .0%
Telecommunication Services - .0%
GCI Liberty, Inc. (cost $0)		9,830		8,847

BNY Mellon Mid Cap Multi-Strategy Fund (continued)
Description		Number of Rights		Value ($)
Rights - .0%
Health Care Equipment & Services - .0%
Abiomed, Inc. expiring 12/31/2049 (cost $0)		40,585	^d	41,397
	1-Day Yield (%)	Shares
Investment Companies - 1.5%
Registered Investment Companies - 1.5%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $23,123,161)	5.41	23,123,161	^e	23,123,161

Investment of Cash Collateral for Securities Loaned - .7%
Registered Investment Companies - .7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $10,609,780)	5.41	10,609,780	^e	10,609,780
Total Investments (cost $821,249,360)		100.7%	1,578,747,067
Liabilities, Less Cash and Receivables		(.7%)	(10,576,666)
Net Assets		100.0%	1,568,170,401

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

SPDR—Standard & Poor's Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $43,643,130 and the value of the collateral was $44,454,513, consisting of cash collateral of $10,609,780 and U.S. Government & Agency securities valued at $33,844,733. In addition, the value of collateral may include pending sales that are also on loan.

^c Investment in real estate investment trust within the United States.

^d The fund held Level 3 securities at August 31, 2023. These securities were valued at $41,397 or .0% of net assets.

^e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Industrials	19.0
Information Technology	16.0
Consumer Discretionary	12.7
Financials	12.6
Health Care	12.0
Real Estate	6.2
Energy	5.3
Materials	3.9
Utilities	3.8
Investment Companies	3.6
Consumer Staples	3.1
Communication Services	2.5
Consumer, Non-cyclical	.0
Communications	.0
	100.7

^† Based on net assets.

See notes to financial statements.


BNY Mellon Mid Cap Multi-Strategy Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 1.5%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.5%	32,165,379	399,832,183	(408,874,401)	23,123,161	1,501,733
Investment of Cash Collateral for Securities Loaned - .7%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .7%	-	82,064,166	(71,454,386)	10,609,780	33,335	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	20,829,528	325,265,922	(346,095,450)	-	186,200	^†††
Total - 2.2%	52,994,907	807,162,271	(826,424,237)	33,732,941	1,721,268

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Small Cap Multi-Strategy Fund
Description	Shares		Value ($)
Common Stocks - 95.8%
Automobiles & Components - .9%
Gentherm, Inc.	37,177	^a	2,238,427
Stoneridge, Inc.	86,345	^a	1,774,390
Visteon Corp.	11,406	^a	1,588,514
		5,601,331
Banks - 6.6%
BankUnited, Inc.	109,882		2,884,402
Banner Corp.	13,949		607,479
Capstar Financial Holdings, Inc.	29,650		387,229
Columbia Banking System, Inc.	151,493		3,102,577
CVB Financial Corp.	51,758		903,695
First Bancorp	24,783	^b	734,568
First Bancorp / Puerto Rico	313,462		4,344,583
First Hawaiian, Inc.	49,393		934,022
First Interstate BancSystem, Inc., Cl. A	87,681		2,271,815
First Merchants Corp.	64,647		1,929,066
HarborOne Bancorp, Inc.	43,212		430,824
Heritage Commerce Corp.	65,018		563,706
Heritage Financial Corp.	48,486		834,929
National Bank Holdings Corp., Cl. A	45,747		1,442,860
Seacoast Banking Corp. of Florida	103,229		2,437,237
SouthState Corp.	27,509		1,988,901
Synovus Financial Corp.	88,905		2,752,499
Texas Capital Bancshares, Inc.	104,489	^a	6,524,293
UMB Financial Corp.	42,573		2,691,039
United Community Banks, Inc.	84,151		2,272,077
Webster Financial Corp.	60,258		2,555,542
		42,593,343
Capital Goods - 12.4%
AerCap Holdings NV	23,963	^a	1,474,204
AeroVironment, Inc.	18,087	^a	1,754,982
Armstrong World Industries, Inc.	26,463		2,026,801
Astec Industries, Inc.	27,346		1,499,108
Boise Cascade Co.	7,665		838,321
BWX Technologies, Inc.	65,070		4,799,563
Construction Partners, Inc., Cl. A	181,598	^a	6,310,530
Curtiss-Wright Corp.	12,716		2,644,801
Dycom Industries, Inc.	12,701	^a	1,269,211
EMCOR Group, Inc.	19,232		4,312,776
Energy Recovery, Inc.	40,859	^a	1,110,548
EnerSys	54,906		5,764,032
EnPro Industries, Inc.	13,389		1,826,126
Flowserve Corp.	122,113		4,832,011
Fluor Corp.	351,986	^a	12,315,990
Gibraltar Industries, Inc.	25,136	^a	1,885,954
GrafTech International Ltd.	39,091		138,382
Granite Construction, Inc.	43,390	^b	1,791,573

BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.8%(continued)
Capital Goods - 12.4% (continued)
Kratos Defense & Security Solutions, Inc.	83,994	^a	1,351,463
Lindsay Corp.	9,081		1,126,952
Matrix Service Co.	298,529	^a	2,480,776
MDU Resources Group, Inc.	55,240		1,124,686
Mercury Systems, Inc.	41,435	^a	1,626,324
MSC Industrial Direct Co., Inc., Cl. A	19,835		2,024,360
Proto Labs, Inc.	34,705	^a	1,023,798
SiteOne Landscape Supply, Inc.	23,846	^a	4,082,197
Spirit AeroSystems Holdings, Inc., Cl. A	136,259	^b	2,905,042
Terex Corp.	6,399		387,843
The AZEK Company, Inc.	98,838	^a	3,361,480
Titan Machinery, Inc.	32,875	^a	1,019,783
Zurn Elkay Water Solutions Corp.	24,391		722,461
		79,832,078
Commercial & Professional Services - 2.2%
CACI International, Inc., Cl. A	13,605	^a	4,462,576
KBR, Inc.	62,472		3,843,277
Korn Ferry	29,753		1,516,808
Li-Cycle Holdings Corp.	113,415	^a,b	503,563
The Brink's Company	53,754		4,075,091
		14,401,315
Consumer Discretionary Distribution - 3.9%
American Eagle Outfitters, Inc.	132,184		2,241,841
Citi Trends, Inc.	57,090	^a	1,234,857
Designer Brands, Inc., Cl. A	166,114		1,745,858
Farfetch Ltd., Cl. A	314,116	^a,b	895,231
Leslie's, Inc.	123,661	^a,b	774,118
Ollie's Bargain Outlet Holdings, Inc.	167,505	^a	12,911,285
RH	3,769	^a,b	1,376,401
Urban Outfitters, Inc.	60,534	^a	2,010,334
Warby Parker, Inc., Cl. A	198,260	^a,b	2,381,103
		25,571,028
Consumer Durables & Apparel - 3.0%
Capri Holdings Ltd.	22,637	^a	1,188,216
Carter's, Inc.	9,837	^b	704,034
Cavco Industries, Inc.	5,949	^a	1,662,864
Figs, Inc., Cl. A	133,527	^a	825,197
GoPro, Inc., Cl. A	581,644	^a	2,114,276
Meritage Homes Corp.	6,990		971,890
Oxford Industries, Inc.	1,362		137,548
Peloton Interactive, Inc., Cl. A	324,242	^a	2,068,664
Skechers USA, Inc., Cl. A	26,353	^a	1,325,819
Sonos, Inc.	57,983	^a	799,006
The Lovesac Company	33,167	^a	760,188
Toll Brothers, Inc.	9,061		742,368
Topgolf Callaway Brands Corp.	178,531	^a	3,113,581



BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.8%(continued)
Consumer Durables & Apparel - 3.0% (continued)
YETI Holdings, Inc.	60,492	^a	3,021,575
		19,435,226
Consumer Services - 3.9%
Bloomin' Brands, Inc.	137,538		3,859,316
Bright Horizons Family Solutions, Inc.	23,950	^a	2,261,359
Chuy's Holdings, Inc.	18,647	^a	710,451
El Pollo Loco Holdings, Inc.	9,984	^a	94,948
European Wax Center, Inc., Cl. A	73,203	^a,b	1,270,804
Genius Sports Ltd.	1,184,430	^a	7,864,615
Monarch Casino & Resort, Inc.	7,652		515,745
Papa John's International, Inc.	25,908		1,961,236
Planet Fitness, Inc., Cl. A	72,337	^a	4,398,090
Six Flags Entertainment Corp.	91,760	^a	2,106,810
		25,043,374
Consumer Staples Distribution - 1.0%
Grocery Outlet Holding Corp.	149,457	^a	4,610,748
The Chefs' Warehouse, Inc.	58,482	^a	1,669,076
		6,279,824
Energy - 9.2%
Antero Resources Corp.	54,569	^a	1,509,924
Cactus, Inc., Cl. A	157,530		8,402,650
ChampionX Corp.	50,807		1,833,625
CNX Resources Corp.	291,652	^a	6,518,422
Comstock Resources, Inc.	147,106	^b	1,803,520
Dril-Quip, Inc.	176,751	^a	4,874,793
EQT Corp.	150,343		6,497,824
Expro Group Holdings NV	158,706	^a	3,731,178
Frontline PLC	135,008		2,378,841
Helix Energy Solutions Group, Inc.	154,979	^a	1,571,487
Liberty Energy, Inc.	59,778		953,459
PBF Energy, Inc., Cl. A	200,850		9,417,856
Transocean Ltd.	407,869	^a	3,336,368
Viper Energy Partners LP	229,990		6,398,322
		59,228,269
Equity Real Estate Investment - 3.3%
Agree Realty Corp.	34,010	^c	2,102,498
EPR Properties	56,597	^c	2,534,414
Equity Commonwealth	106,440	^c	2,025,553
Highwoods Properties, Inc.	38,368	^c	914,309
Pebblebrook Hotel Trust	168,136	^b,c	2,432,928
Physicians Realty Trust	184,715	^c	2,569,386
Potlatchdeltic Corp.	40,162	^b,c	1,898,056
Rayonier, Inc.	34,104	^c	1,019,710
STAG Industrial, Inc.	53,135	^c	1,941,022
Sunstone Hotel Investors, Inc.	163,150	^c	1,465,087
Terreno Realty Corp.	19,248	^c	1,172,011

BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.8%(continued)
Equity Real Estate Investment - 3.3% (continued)
Urban Edge Properties	96,357	^c	1,576,401
		21,651,375
Financial Services - 4.7%
AvidXchange Holdings, Inc.	229,470	^a,b	2,358,952
Bread Financial Holdings, Inc.	35,777		1,344,500
Cannae Holdings, Inc.	68,815	^a	1,350,838
Cohen & Steers, Inc.	20,729		1,351,116
Essent Group Ltd.	160,555		8,063,072
Euronet Worldwide, Inc.	16,518	^a	1,443,012
Federated Hermes, Inc.	53,794		1,869,879
Flywire Corp.	7,135	^a	246,728
MarketWise, Inc.	121,071		163,446
PJT Partners, Inc., Cl. A	51,189		4,043,419
PRA Group, Inc.	166,286	^a	3,239,251
PROG Holdings, Inc.	60,531	^a	2,076,213
StepStone Group, Inc., Cl. A	33,182		1,024,328
WisdomTree, Inc.	218,905		1,598,007
		30,172,761
Food, Beverage & Tobacco - 1.4%
Fresh Del Monte Produce, Inc.	42,278		1,080,203
Freshpet, Inc.	61,272	^a,b	4,626,649
J&J Snack Foods Corp.	10,090		1,635,892
Mission Produce, Inc.	25,613	^a	243,836
The Boston Beer Company, Inc., Cl. A	4,047	^a,b	1,478,895
		9,065,475
Health Care Equipment & Services - 9.8%
Acadia Healthcare Co., Inc.	60,607	^a	4,672,800
AtriCure, Inc.	39,768	^a	1,795,525
CONMED Corp.	24,582		2,739,910
Encompass Health Corp.	36,881		2,620,026
Evolent Health, Inc., Cl. A	208,683	^a	5,323,503
Globus Medical, Inc., Cl. A	81,670	^a	4,418,347
Guardant Health, Inc.	39,826	^a	1,556,400
Health Catalyst, Inc.	86,060	^a	1,006,041
Inspire Medical Systems, Inc.	7,751	^a	1,758,547
iRhythm Technologies, Inc.	17,534	^a	1,812,490
Merit Medical Systems, Inc.	5,085	^a	331,949
ModivCare, Inc.	28,424	^a	912,410
Omnicell, Inc.	92,904	^a	5,282,521
Outset Medical, Inc.	79,076	^a	1,076,224
Privia Health Group, Inc.	332,361	^a	8,724,476
R1 RCM, Inc.	594,181	^a	10,243,680
Select Medical Holdings Corp.	135,804		3,966,835
TransMedics Group, Inc.	77,290	^a	5,072,543
		63,314,227
Household & Personal Products - 1.6%
Inter Parfums, Inc.	33,175		4,635,543

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.8%(continued)
Household & Personal Products - 1.6% (continued)
Spectrum Brands Holdings, Inc.	66,016		5,490,551
		10,126,094
Insurance - 1.7%
BRP Group, Inc., Cl. A	190,699	^a	5,070,686
Palomar Holdings, Inc.	28,050	^a	1,430,831
Selective Insurance Group, Inc.	19,866		1,970,906
The Hanover Insurance Group, Inc.	22,731		2,425,852
		10,898,275
Materials - 5.0%
Alamos Gold, Inc., Cl. A	745,856		9,576,791
Carpenter Technology Corp.	42,064		2,634,468
Constellium SE	145,765	^a	2,623,770
Hecla Mining Co.	257,613	^b	1,130,921
Knife River Corp.	25,774	^a	1,326,330
Largo, Inc.	226,681	^a	759,381
Livent Corp.	72,988	^a,b	1,567,052
Materion Corp.	20,684		2,250,212
MP Materials Corp.	47,326	^a,b	991,006
Royal Gold, Inc.	14,927		1,673,167
Schnitzer Steel Industries, Inc., Cl. A	42,508		1,411,266
The Chemours Company	120,632		4,103,901
Tronox Holdings PLC	162,152		2,211,753
		32,260,018
Media & Entertainment - 3.2%
Eventbrite, Inc., Cl. A	451,358	^a	4,572,257
IMAX Corp.	73,580	^a	1,407,585
John Wiley & Sons, Inc., Cl. A	23,542		874,821
Lions Gate Entertainment Corp., Cl. A	169,718	^a	1,344,167
Lions Gate Entertainment Corp., Cl. B	181,806	^a	1,354,455
Magnite, Inc.	442,316	^a	3,649,107
Manchester United PLC, Cl. A	96,232	^a,b	2,195,052
Scholastic Corp.	30,281		1,315,709
Shutterstock, Inc.	26,862	^b	1,131,159
Stagwell, Inc.	74,914	^a	408,281
TEGNA, Inc.	112,094		1,852,914
Ziff Davis, Inc.	13,205	^a	880,113
		20,985,620
Pharmaceuticals, Biotechnology & Life Sciences - 6.3%
10X Genomics, Inc., CI. A	19,561	^a	1,014,238
Akero Therapeutics, Inc.	21,399	^a	1,062,032
Alkermes PLC	320,699	^a	9,361,204
Ascendis Pharma A/S, ADR	12,754	^a,b	1,250,147
Beam Therapeutics, Inc.	17,394	^a	403,193
Crinetics Pharmaceuticals, Inc.	77,708	^a	1,345,903
Cytokinetics, Inc.	26,280	^a	918,223
Denali Therapeutics, Inc.	163,023	^a	3,764,201
ImmunoGen, Inc.	65,610	^a	1,039,262

BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.8%(continued)
Pharmaceuticals, Biotechnology & Life Sciences - 6.3% (continued)
Insmed, Inc.	194,230	^a	4,251,695
Karuna Therapeutics, Inc.	7,158	^a	1,343,986
Keros Therapeutics, Inc.	6,898	^a	242,189
MeiraGTx Holdings PLC	32,520	^a	204,551
Pacific Biosciences of California, Inc.	187,210	^a	2,111,729
Prothena Corp. PLC	16,487	^a	870,843
PTC Therapeutics, Inc.	45,273	^a	1,788,283
Sarepta Therapeutics, Inc.	35,378	^a	4,281,092
Twist Bioscience Corp.	57,173	^a	1,257,234
Ultragenyx Pharmaceutical, Inc.	15,707	^a	577,861
Xenon Pharmaceuticals, Inc.	96,835	^a	3,774,628
		40,862,494
Real Estate Management & Development - .5%
Colliers International Group, Inc.	23,409		2,702,803
Douglas Elliman, Inc.	137,918		346,174
Newmark Group, Inc., Cl. A	24,142		171,167
		3,220,144
Semiconductors & Semiconductor Equipment - 2.1%
Diodes, Inc.	3,606	^a	295,151
MaxLinear, Inc.	138,301	^a	3,250,073
MKS Instruments, Inc.	27,304		2,736,680
Power Integrations, Inc.	32,853		2,760,309
SkyWater Technology, Inc.	45,165	^a	302,606
Synaptics, Inc.	50,083	^a	4,384,266
		13,729,085
Software & Services - 4.8%
A10 Networks, Inc.	86,146		1,282,714
DoubleVerify Holdings, Inc.	174,109	^a	5,886,625
Edgio, Inc.	1,084,584	^a	937,081
Everbridge, Inc.	24,912	^a	618,067
HubSpot, Inc.	11,150	^a	6,093,698
JFrog Ltd.	236,266	^a	6,778,472
nCino, Inc.	19,604	^a,b	644,383
Progress Software Corp.	20,016		1,217,773
Twilio, Inc., Cl. A	41,694	^a	2,656,325
Zuora, Inc., Cl. A	534,207	^a	4,866,626
		30,981,764
Technology Hardware & Equipment - 3.7%
ADTRAN Holdings, Inc.	316,761		2,708,307
Belden, Inc.	14,187		1,332,159
Calix, Inc.	59,976	^a	2,789,484
Corsair Gaming, Inc.	94,281	^a	1,482,097
Itron, Inc.	78,764	^a	5,388,245
Knowles Corp.	148,081	^a	2,373,738
Lumentum Holdings, Inc.	74,497	^a	4,032,523
nLight, Inc.	172,678	^a	1,970,256



BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description		Shares		Value ($)
Common Stocks - 95.8%(continued)
Technology Hardware & Equipment - 3.7% (continued)
Ondas Holdings, Inc.		75,101	^a,b	75,101
Plexus Corp.		14,647	^a	1,487,403
			23,639,313
Telecommunication Services - .1%
Bandwidth, Inc., Cl. A		34,439	^a	494,888
Transportation - 1.6%
Alaska Air Group, Inc.		38,028	^a	1,596,035
Heartland Express, Inc.		118,119		1,782,416
SkyWest, Inc.		124,251	^a	5,603,720
Werner Enterprises, Inc.		27,113		1,128,172
			10,110,343
Utilities - 2.9%
Atlantica Sustainable Infrastructure PLC		49,464		1,110,467
Avista Corp.		39,529		1,315,920
Chesapeake Utilities Corp.		15,922		1,753,012
Clearway Energy, Inc., Cl. C		175,271		4,341,463
NextEra Energy Partners LP		95,061		4,741,643
NorthWestern Corp.		22,318		1,124,827
PNM Resources, Inc.		18,373		814,108
Portland General Electric Co.		43,155		1,892,778
Southwest Gas Holdings, Inc.		29,620		1,834,367
			18,928,585
Total Common Stocks(cost $533,000,767)			618,426,249
	1-Day Yield (%)
Investment Companies - 4.0%
Registered Investment Companies - 4.0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $25,668,861)	5.41	25,668,861	^d	25,668,861

BNY Mellon Small Cap Multi-Strategy Fund (continued)
Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - 1.3%
Registered Investment Companies - 1.3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $8,407,712)	5.41	8,407,712	^d	8,407,712
Total Investments (cost $567,077,340)		101.1%	652,502,822
Liabilities, Less Cash and Receivables		(1.1%)	(6,818,610)
Net Assets		100.0%	645,684,212

ADR—American Depositary Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $21,025,115 and the value of the collateral was $21,583,912, consisting of cash collateral of $8,407,712 and U.S. Government & Agency securities valued at $13,176,200. In addition, the value of collateral may include pending sales that are also on loan.

^c Investment in real estate investment trust within the United States.

^d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Industrials	16.2
Health Care	16.1
Financials	13.0
Consumer Discretionary	11.7
Information Technology	10.6
Energy	9.2
Investment Companies	5.3
Materials	5.0
Consumer Staples	3.9
Real Estate	3.9
Communication Services	3.3
Utilities	2.9
	101.1

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Small Cap Multi-Strategy Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 4.0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 4.0%	24,504,649	162,996,255	(161,832,043)	25,668,861	1,061,147
Investment of Cash Collateral for Securities Loaned - 1.3%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.3%	-	26,234,842	(17,827,130)	8,407,712	12,464	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	8,610,562	117,185,502	(125,796,064)	-	111,793	^†††
Total - 5.3%	33,115,211	306,416,599	(305,455,237)	34,076,573	1,185,404

^† Includes reinvested dividends/distributions.

See notes to financial statements.



BNY Mellon International Fund
Description	Shares		Value ($)
Common Stocks - 95.6%
Australia - 3.7%
AGL Energy Ltd.	95,820	^a	688,540
Aristocrat Leisure Ltd.	27,816		737,156
ASX Ltd.	181,085	^a	6,757,267
Brambles Ltd.	137,160		1,330,426
Macquarie Group Ltd.	11,864		1,364,723
		10,878,112
Austria - 1.3%
OMV AG	82,089		3,807,095
Bermuda - 1.9%
Hiscox Ltd.	430,899		5,444,982
Denmark - .3%
AP Moller - Maersk A/S, Cl. B	520		946,094
France - 18.5%
AXA SA	64,090		1,930,251
BNP Paribas SA	155,180		10,047,368
Cie Generale des Etablissements Michelin SCA	143,657		4,503,440
Euroapi SA	3,255	^b	44,314
Klepierre SA	99,477		2,631,976
LVMH Moet Hennessy Louis Vuitton SE	3,631		3,079,736
Orange SA	757,236		8,505,046
Publicis Groupe SA	98,676		7,710,371
Sanofi	93,996		10,053,839
Teleperformance SE	14,434		2,001,045
Vinci SA	31,137		3,476,280
		53,983,666
Germany - 11.1%
Allianz SE	11,404		2,774,296
Bayer AG	138,334		7,581,125
Daimler Truck Holding AG	42,342		1,491,731
Deutsche Post AG	90,946		4,248,926
Evonik Industries AG	149,901		2,877,862
Heidelberg Materials AG	15,436		1,243,301
Mercedes-Benz Group AG	114,475		8,383,805
Muenchener Rueckversicherungs-Gesellschaft AG	9,647		3,747,031
		32,348,077
Hong Kong - .8%
Sun Hung Kai Properties Ltd.	204,000		2,296,914
Italy - 2.5%
Enel SPA	440,540		2,966,514
Eni SPA	273,698		4,239,269
		7,205,783
Japan - 16.1%
Advantest Corp.	11,200		1,409,478
Casio Computer Co. Ltd.	343,600		3,049,998
FUJIFILM Holdings Corp.	25,700		1,521,563

BNY Mellon International Fund (continued)
Description	Shares		Value ($)
Common Stocks - 95.6%(continued)
Japan - 16.1% (continued)
Fujitsu Ltd.	27,700		3,465,951
ITOCHU Corp.	144,200		5,423,296
Mitsubishi Electric Corp.	180,600		2,357,190
Mizuho Financial Group, Inc.	84,500		1,399,670
Nippon Telegraph & Telephone Corp.	4,938,200		5,712,217
Renesas Electronics Corp.	148,500	^b	2,501,112
Shionogi & Co. Ltd.	78,600		3,466,622
Sony Group Corp.	50,700		4,232,114
Sumitomo Mitsui Financial Group, Inc.	159,500		7,324,097
Tokyo Electron Ltd.	26,800		3,974,088
Trend Micro, Inc.	30,600		1,301,649
		47,139,045
Netherlands - 6.1%
ASML Holding NV	10,056		6,628,678
ING Groep NV	375,624		5,335,733
Koninklijke Ahold Delhaize NV	176,758		5,783,568
		17,747,979
Norway - .4%
Yara International ASA	33,851	^a	1,238,245
Singapore - 1.4%
Singapore Exchange Ltd.	390,800		2,784,716
United Overseas Bank Ltd.	57,400		1,207,929
		3,992,645
Spain - .9%
ACS Actividades de Construccion y Servicios SA	74,412		2,613,505
Switzerland - 7.2%
Kuehne + Nagel International AG	10,532		3,170,271
Novartis AG	38,469		3,889,360
Roche Holding AG	34,541		10,178,324
Sonova Holding AG	9,686		2,562,538
STMicroelectronics NV	24,790		1,173,760
		20,974,253
United Kingdom - 23.4%
Ashtead Group PLC	42,778		2,993,520
BAE Systems PLC	289,057		3,689,237
BP PLC	437,254		2,700,328
Bunzl PLC	31,720		1,137,176
Burberry Group PLC	159,894		4,423,773
Diageo PLC	261,821		10,757,874
Ferguson PLC	20,337		3,309,246
GSK PLC	466,813		8,212,790
Haleon PLC	289,534		1,182,871
Imperial Brands PLC	206,380		4,678,508
Legal & General Group PLC	592,333		1,641,054
Melrose Industries PLC	216,248		1,404,232
Rio Tinto PLC	53,387		3,295,303

STATEMENT OF INVESTMENTS (continued)



BNY Mellon International Fund (continued)
Description		Shares		Value ($)
Common Stocks - 95.6%(continued)
United Kingdom - 23.4% (continued)
Shell PLC		286,579		8,754,668
SSE PLC		171,346		3,530,499
Tate & Lyle PLC		606,864		5,431,398
Unilever PLC		21,977		1,125,312
			68,267,789
Total Common Stocks(cost $260,230,582)			278,884,184

Exchange-Traded Funds - 1.0%
United States - 1.0%
iShares MSCI EAFE ETF (cost $2,851,125)		40,710	^a	2,911,986
	Preferred Dividend Rate (%)
Preferred Stocks - 1.7%
Germany - 1.7%
Volkswagen AG (cost $9,433,505)	24.93	39,262		4,812,537
	1-Day Yield (%)
Investment Companies - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $1,009,721)	5.41	1,009,721	^c	1,009,721

Investment of Cash Collateral for Securities Loaned - 1.0%
Registered Investment Companies - 1.0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $2,981,093)	5.41	2,981,093	^c	2,981,093
Total Investments (cost $276,506,026)		99.6%	290,599,521
Cash and Receivables (Net)		.4%	1,138,195
Net Assets		100.0%	291,737,716

ETF—Exchange-Traded Fund

^a Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $5,711,092 and the value of the collateral was $5,955,660, consisting of cash collateral of $2,981,093 and U.S. Government & Agency securities valued at $2,974,567. In addition, the value of collateral may include pending sales that are also on loan.

^b Non-income producing security.

^c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Pharmaceuticals, Biotechnology & Life Sciences	13.8
Capital Goods	9.5
Banks	8.7
Food, Beverage & Tobacco	7.1
Energy	6.7
Automobiles & Components	6.1
Semiconductors & Semiconductor Equipment	5.4
Insurance	5.3
Consumer Durables & Apparel	5.1
Telecommunication Services	4.9
Financial Services	3.7
Materials	3.0
Transportation	2.9
Media & Entertainment	2.6
Utilities	2.5
Investment Companies	2.3
Consumer Staples Distribution	2.0
Software & Services	1.6
Pharmaceuticals Biotechnology & Life Sciences	1.2
Commercial & Professional Services	1.1
Equity Real Estate Investment	.9
Health Care Equipment & Services	.9
Household & Personal Products	.8
Real Estate Management & Devel	.8
Technology Hardware & Equipment	.5
Consumer Services	.2
	99.6

^† Based on net assets.

See notes to financial statements.


BNY Mellon International Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .3%	47,603	70,194,157	(69,232,039)	1,009,721	43,499
Investment of Cash Collateral for Securities Loaned - 1.0%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.0%	-	16,305,168	(13,324,075)	2,981,093	1,984	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	4,839,849	138,210,394	(143,050,243)	-	9,180	^†††
Total - 1.3%	4,887,452	224,709,719	(225,606,357)	3,990,814	54,663

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Emerging Markets Fund
Description	Shares		Value ($)
Common Stocks - 98.1%
Australia - .6%
BHP Group Ltd.	70,778		2,038,904
Brazil - 6.6%
B3 SA - Brasil Bolsa Balcao	1,267,995		3,315,907
Banco Bradesco SA, ADR	1,815,368		5,427,950
Raia Drogasil SA	626,354		3,517,514
WEG SA	600,219		4,337,969
XP, Inc., Cl. A	172,716	^a	4,376,623
		20,975,963
China - 21.5%
Alibaba Group Holding Ltd.	344,800	^a	3,965,770
BY-HEALTH Co. Ltd., Cl. A	782,964		2,076,033
China Merchants Bank Co. Ltd., Cl. H	501,000		1,980,401
Foshan Haitian Flavouring & Food Co. Ltd., Cl. A	727,056		3,899,466
JD.com, Inc., Cl. A	143,600		2,358,436
Kingdee International Software Group Co. Ltd.	879,000		1,358,455
Meituan, Cl. B	521,360	^a,b	8,542,689
NARI Technology Co. Ltd., Cl. A	1,556,337		5,085,176
NetEase, Inc.	161,900		3,381,540
Pharmaron Beijing Co. Ltd., Cl. H	552,150	^b,c	1,288,433
Ping An Insurance Group Company of China Ltd., Cl. H	793,000		4,747,474
Shenzhen Inovance Technology Co. Ltd., CI. A	375,032		3,512,549
Silergy Corp.	144,000		1,297,725
Sungrow Power Supply Co. Ltd., CI. A	305,206		4,176,058
Tencent Holdings Ltd.	374,700		15,528,190
Yum China Holdings, Inc.	99,968		5,367,282
		68,565,677
France - 2.2%
TotalEnergies SE	112,104		7,058,988
Hong Kong - 3.3%
AIA Group Ltd.	750,600		6,814,631
Hong Kong Exchanges & Clearing Ltd.	49,900		1,934,318
Pacific Basin Shipping Ltd.	6,769,000		1,838,476
		10,587,425
India - 20.5%
Dr Lal PathLabs Ltd.	81,364	^b	2,138,519
Godrej Consumer Products Ltd.	274,214	^a	3,329,372
HDFC Bank Ltd.	558,720		10,605,633
HDFC Life Insurance Co. Ltd.	416,378	^b	3,242,806
Hindustan Unilever Ltd.	129,020		3,904,049
ICICI Bank Ltd.	312,104		3,614,486
Info Edge India Ltd.	93,428		4,888,292
Infosys Ltd.	128,551		2,228,976
Jio Financial Services Ltd.	209,092	^a	589,747
KEI Industries Ltd.	97,185		3,178,407

BNY Mellon Emerging Markets Fund (continued)
Description	Shares		Value ($)
Common Stocks - 98.1%(continued)
India - 20.5% (continued)
Marico Ltd.	654,239		4,504,962
Pidilite Industries Ltd.	53,636		1,629,432
Reliance Industries Ltd.	203,760		5,924,297
Sona Blw Precision Forgings Ltd.	496,521	^b	3,572,186
Tata Consultancy Services Ltd.	104,757		4,247,665
Titan Co. Ltd.	122,739		4,602,662
Zomato Ltd.	2,750,225	^a	3,242,350
		65,443,841
Indonesia - 3.1%
Bank Mandiri Persero TBK Pt	19,075,900		7,546,441
Bank Rakyat Indonesia Persero TBK Pt	6,350,900		2,314,346
		9,860,787
Japan - .7%
Advantest Corp.	17,000		2,139,386
Mexico - 5.4%
Fomento Economico Mexicano SAB de CV	474,162		5,308,790
Grupo Financiero Banorte SAB de CV, Cl. O	637,691		5,412,921
Wal-Mart de Mexico SAB de CV	1,686,963		6,650,694
		17,372,405
Netherlands - 2.2%
ASM International NV	7,595		3,666,506
ASML Holding NV	5,224		3,443,537
		7,110,043
Peru - 1.5%
Credicorp Ltd.	34,233		4,841,573
Philippines - .6%
Ayala Corp.	182,540		1,985,953
Poland - .9%
Dino Polska SA	31,010	^a,b	2,847,926
Russia - .0%
Lukoil PJSC, ADR	85,809	^a,d	0
Sberbank of Russia PJSC, ADR	884,047	^a,d	0
X5 Retail Group NV, GDR	198,889	^a,d	0
Yandex NV, Cl. A	34,166	^a,d	0
Singapore - .3%
Sea Ltd., ADR	29,915	^a	1,125,701
South Africa - 1.3%
Clicks Group Ltd.	278,112		4,027,727
South Korea - 8.4%
KT Corp.	117,476		2,933,012
LG Energy Solution Ltd.	5,899	^a	2,427,884
Samsung Electronics Co. Ltd.	323,283		16,362,877
Samsung SDI Co. Ltd.	11,215		5,209,767
		26,933,540



BNY Mellon Emerging Markets Fund (continued)
Description		Shares		Value ($)
Common Stocks - 98.1%(continued)
Sweden - 1.3%
Epiroc AB, Cl. A		209,322		4,026,416
Taiwan - 12.6%
Airtac International Group		80,575		2,327,697
Chailease Holding Co. Ltd.		442,546		2,466,579
Delta Electronics, Inc.		248,000		2,694,425
MediaTek, Inc.		216,000		4,781,687
Taiwan Semiconductor Manufacturing Co. Ltd.		1,208,000		20,824,643
Uni-President Enterprises Corp.		2,024,000		4,493,329
Voltronic Power Technology Corp.		55,000		2,504,200
			40,092,560
United States - 2.5%
Lam Research Corp.		2,455		1,724,392
Livent Corp.		92,718	^a,c	1,990,655
Schlumberger NV		72,559		4,278,079
			7,993,126
Uruguay - 2.6%
Globant SA		16,924	^a,c	3,460,450
MercadoLibre, Inc.		3,555	^a	4,878,740
			8,339,190
Total Common Stocks(cost $273,205,297)			313,367,131
	1-Day Yield (%)
Investment Companies - 1.7%
Registered Investment Companies - 1.7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $5,362,241)	5.41	5,362,241	^e	5,362,241

BNY Mellon Emerging Markets Fund (continued)
Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $960,211)	5.41	960,211	^e	960,211
Total Investments (cost $279,527,749)		100.1%	319,689,583
Liabilities, Less Cash and Receivables		(.1%)	(364,595)
Net Assets		100.0%	319,324,988

ADR—American Depositary Receipt

GDR—Global Depository Receipt

^a Non-income producing security.

^b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, these securities were valued at $21,632,559 or 6.77% of net assets.

^c Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $4,163,828 and the value of the collateral was $4,329,051, consisting of cash collateral of $960,211 and U.S. Government & Agency securities valued at $3,368,840. In addition, the value of collateral may include pending sales that are also on loan.

^d The fund held Level 3 securities at August 31, 2023. These securities were valued at $0 or .0% of net assets.

^e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Banks	13.1
Semiconductors & Semiconductor Equipment	11.9
Capital Goods	10.5
Media & Entertainment	7.8
Technology Hardware & Equipment	7.6
Food, Beverage & Tobacco	5.7
Energy	5.4
Consumer Services	5.4
Consumer Staples Distribution	5.3
Insurance	4.6
Financial Services	3.8
Software & Services	3.5
Consumer Discretionary Distribution	3.5
Household & Personal Products	2.9
Investment Companies	2.0
Materials	1.8
Consumer Durables & Apparel	1.4
Automobiles & Components	1.1
Telecommunication Services	.9
Health Care Equipment & Services	.7
Transportation	.6
Pharmaceuticals Biotechnology & Life Sciences	.4
Diversified Financials	.2
	100.1

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Emerging Markets Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 1.7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.7%	-	170,597,503	(165,235,262)	5,362,241	250,149
Investment of Cash Collateral for Securities Loaned - .3%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .3%	-	1,762,929	(802,718)	960,211	1,806	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	1,883,109	21,209,849	(23,092,958)	-	6,379	^†††
Total - 2.0%	1,883,109	193,570,281	(189,130,938)	6,322,452	258,334

^† Includes reinvested dividends/distributions.

See notes to financial statements.



BNY Mellon International Equity Income Fund
Description	Shares		Value ($)
Common Stocks - 94.0%
Australia - 6.8%
ANZ Group Holdings Ltd.	3,966		65,092
Aurizon Holdings Ltd.	125,281		296,292
BHP Group Ltd.	9,094		264,277
National Australia Bank Ltd.	15,238		285,935
SEEK Ltd.	7,194		107,724
Sonic Healthcare Ltd.	3,076		64,098
Suncorp Group Ltd.	4,307		38,038
Wesfarmers Ltd.	22,634		790,041
Westpac Banking Corp.	6,018		85,591
Woodside Energy Group Ltd.	1,656		39,723
		2,036,811
Belgium - .4%
Proximus SADP	15,341		116,079
Brazil - .6%
Cia Siderurgica Nacional SA	79,190		194,295
Canada - 8.6%
BCE, Inc.	1,379		58,418
Canadian Imperial Bank of Commerce	5,022		198,992
Enbridge, Inc.	12,163		427,037
Great-West Lifeco, Inc.	12,181		350,050
IGM Financial, Inc.	10,432		297,395
Keyera Corp.	8,651		213,714
Manulife Financial Corp.	14,628		270,432
Power Corporation of Canada	5,541		151,320
The Bank of Nova Scotia	4,284		203,294
The Toronto-Dominion Bank	6,590		401,974
		2,572,626
China - 6.8%
Alibaba Group Holding Ltd., ADR	2,283	^a,b	212,091
Bank of China Ltd., Cl. H	587,580		199,298
Cosco Shipping Holdings Co. Ltd., Cl. H	334,150		342,998
Industrial & Commercial Bank of China Ltd., Cl. H	161,860		74,301
JD.com, Inc., Cl. A	321		5,272
Lenovo Group Ltd.	181,070		204,797
Meituan, Cl. B	823	^b,c	13,485
Ping An Insurance Group Company of China Ltd., Cl. H	22,030		131,888
Shenzhou International Group Holdings Ltd.	5,600		57,483
Sinopharm Group Co. Ltd., Cl. H	55,600		161,291
Tencent Holdings Ltd.	9,130		378,362
Zhejiang Expressway Co. Ltd., Cl. H	331,050		247,369
		2,028,635
Czech Republic - 2.0%
CEZ AS	13,730		584,563

BNY Mellon International Equity Income Fund (continued)
Description	Shares		Value ($)
Common Stocks - 94.0%(continued)
Finland - 2.5%
Fortum OYJ	12,128		163,072
Nordea Bank Abp	42,692		468,624
Orion OYJ, Cl. B	1,514		62,040
Sampo OYJ, Cl. A	980		43,070
		736,806
France - 5.5%
AXA SA	26,784		806,676
Bouygues SA	2,171		75,097
Credit Agricole SA	3,692		46,664
Engie SA	3,004		48,503
Eutelsat Communications SA	14,134	^a	86,133
Orange SA	800		8,985
Sanofi	2,610		279,166
TotalEnergies SE	4,821		303,570
		1,654,794
Germany - 5.7%
Allianz SE	1,017		247,410
BASF SE	3,881		196,909
Bayer AG	2,958		162,107
Bayerische Motoren Werke AG	1,230		129,601
Deutsche Post AG	11,110		519,051
Mercedes-Benz Group AG	3,706		271,416
SAP SE	1,244		173,769
		1,700,263
Hong Kong - 1.1%
China Medical System Holdings Ltd.	98,250		141,818
New World Development Co. Ltd.	24,000		50,985
PCCW Ltd.	291,880		138,825
		331,628
Israel - .5%
Bank Leumi Le-Israel BM	8,749		68,026
ICL Group Ltd.	14,689		88,063
		156,089
Italy - 2.6%
Enel SPA	18,968		127,727
Eni SPA	35,673		552,534
Poste Italiane SPA	8,864	^c	98,568
		778,829
Japan - 13.1%
AGC, Inc.	4,100		144,083
Aisin Corp.	5,600		187,327
Canon, Inc.	8,490		209,369
Honda Motor Co. Ltd.	10,310		333,262
ITOCHU Corp.	4,420		166,234
Japan Tobacco, Inc.	13,000		285,116
Marubeni Corp.	17,700		290,083
Mitsubishi Corp.	3,480		172,116

STATEMENT OF INVESTMENTS (continued)



BNY Mellon International Equity Income Fund (continued)
Description	Shares		Value ($)
Common Stocks - 94.0%(continued)
Japan - 13.1% (continued)
MS&AD Insurance Group Holdings, Inc.	7,010		252,465
Otsuka Corp.	4,460		199,098
Sumco Corp.	45,500		608,877
Sumitomo Corp.	22,030		454,091
Takeda Pharmaceutical Co. Ltd.	20,600		638,268
		3,940,389
Malaysia - .1%
British American Tobacco Malaysia Bhd	11,490		24,713
Malta - .0%
Lighthouse Properties PLC	4,442		1,275
Mexico - 1.1%
Grupo Mexico SAB de CV, Ser. B	71,700		342,720
Netherlands - 1.3%
ASML Holding NV	513		338,157
Randstad NV	744		43,710
		381,867
New Zealand - 2.0%
Spark New Zealand Ltd.	195,054		590,277
Norway - .5%
Mowi ASA	6,520		118,359
Telenor ASA	1,972		21,127
		139,486
Philippines - .1%
Manila Electric Co.	5,890		35,744
Poland - .9%
Powszechny Zaklad Ubezpieczen SA	28,408		284,583
Qatar - .8%
Industries Qatar Qsc	71,190		241,733
Singapore - .1%
DBS Group Holdings Ltd.	1,051		25,897
South Africa - .8%
Anglo American Platinum Ltd.	1,902		66,581
Kumba Iron Ore Ltd.	5,639		124,031
Resilient REIT Ltd.	9,288		19,491
Vodacom Group Ltd.	3,431		19,596
		229,699
South Korea - 1.3%
LG Display Co. Ltd.	4,400		44,608
Samsung Electronics Co. Ltd.	6,714		339,827
		384,435
Spain - 1.9%
ACS Actividades de Construccion y Servicios SA	7,206		253,090
Endesa SA	6,030		125,411
Telefonica SA	45,589		189,037
		567,538

BNY Mellon International Equity Income Fund (continued)
Description	Shares		Value ($)
Common Stocks - 94.0%(continued)
Sweden - 1.9%
Hennes & Mauritz AB, Cl. B	15,268		233,556
Svenska Handelsbanken AB, Cl. A	9,465		78,981
Tele2 AB, Cl. B	20,065		141,739
Telia Co. AB	60,436		122,048
		576,324
Switzerland - 7.5%
Nestle SA	3,596		433,140
Novartis AG	4,063		410,785
Partners Group Holding AG	297		321,157
Roche Holding AG	720		212,165
Swiss Re AG	5,121		497,984
Zurich Insurance Group AG	784		368,325
		2,243,556
Taiwan - 7.1%
ASE Technology Holding Co. Ltd.	45,000		166,737
Asia Cement Corp.	50,700		63,521
Asustek Computer, Inc.	17,550		221,810
Catcher Technology Co. Ltd.	27,940		158,359
China Steel Corp.	10,300		8,571
MediaTek, Inc.	10,000		221,374
Micro-Star International Co. Ltd.	22,510		112,739
Nan Ya Plastics Corp.	30,750		63,824
Pegatron Corp.	40,430		99,023
Quanta Computer, Inc.	35,140		279,716
Realtek Semiconductor Corp.	13,990		183,625
Taiwan Semiconductor Manufacturing Co. Ltd.	26,990		465,279
Uni-President Enterprises Corp.	2,020		4,484
United Microelectronics Corp.	63,300		90,439
		2,139,501
Turkey - 1.2%
Ford Otomotiv Sanayi AS	11,009		355,441
United Arab Emirates - .5%
Dubai Islamic Bank PJSC	37,475		57,544
Emirates Telecommunications Group Co. PJSC	18,483		99,837
		157,381
United Kingdom - 8.7%
abrdn PLC	88,956		186,050
Anglo American PLC	3,328		88,555
BP PLC	56,391		348,251
British American Tobacco PLC	14,033		466,202
GSK PLC	24,237		426,409
Imperial Brands PLC	27,094		614,204
Persimmon PLC	20,511		276,982
SSE PLC	3,299		67,974
Taylor Wimpey PLC	96,528		139,768
		2,614,395
Total Common Stocks(cost $25,683,784)		28,168,372



BNY Mellon International Equity Income Fund (continued)
Description		Shares		Value ($)
Exchange-Traded Funds - 1.5%
United States - 1.5%
iShares MSCI EAFE ETF (cost $427,584)		6,077	^a	434,688
	Preferred Dividend Rate (%)
Preferred Stocks - 1.7%
Brazil - .6%
Gerdau SA	15.80	31,902		166,659
Germany - .9%
Volkswagen AG	25.08	2,177		266,846
South Korea - .2%
Samsung Electronics Co. Ltd.	2.00	1,462		59,730
Total Preferred Stocks(cost $561,081)			493,235
	1-Day Yield (%)
Investment Companies - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $101,957)	5.41	101,957	^d	101,957

Investment of Cash Collateral for Securities Loaned - .2%
Registered Investment Companies - .2%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $72,149)	5.41	72,149	^d	72,149
Total Investments (cost $26,846,555)		97.7%	29,270,401
Cash and Receivables (Net)		2.3%	697,574
Net Assets		100.0%	29,967,975

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

^a Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $709,519 and the value of the collateral was $733,706, consisting of cash collateral of $72,149 and U.S. Government & Agency securities valued at $661,557. In addition, the value of collateral may include pending sales that are also on loan.

^b Non-income producing security.

^c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, these securities were valued at $112,053 or .37% of net assets.

^d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Insurance	11.8
Pharmaceuticals, Biotechnology & Life Sciences	7.8
Banks	7.5
Semiconductors & Semiconductor Equipment	6.9
Food, Beverage & Tobacco	6.5
Energy	6.3
Capital Goods	6.0
Technology Hardware & Equipment	5.8
Materials	5.6
Automobiles & Components	5.2
Telecommunication Services	5.0
Transportation	4.7
Consumer Discretionary Distribution	4.1
Utilities	3.9
Financial Services	2.7
Investment Companies	2.0
Media & Entertainment	1.9
Consumer Durables & Apparel	1.6
Software & Services	1.2
Health Care Equipment & Services	.8
Real Estate Management & Development	.2
Commercial & Professional Services	.1
Equity Real Estate Investment	.1
Consumer Services	.0
	97.7

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon International Equity Income Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .3%	298,075	9,113,407	(9,309,525)	101,957	4,044
Investment of Cash Collateral for Securities Loaned - .2%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .2%	-	113,389	(41,240)	72,149	333	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	1,124,132	8,931,247	(10,055,379)	-	2,215	^†††
Total - .5%	1,422,207	18,158,043	(19,406,144)	174,106	6,592

^† Includes reinvested dividends/distributions.

See notes to financial statements.



BNY Mellon Asset Allocation Fund
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 12.4%
Aerospace & Defense - .0%
The Boeing Company, Sr. Unscd. Notes		3.63	2/1/2031	250,000		223,378
Airlines - .1%
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A		3.38	5/1/2027	231,191		206,265
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA		3.20	4/25/2024	250,000		245,474
					451,739
Automobiles & Components - .0%
General Motors Financial Co., Inc., Sr. Unscd. Notes		3.10	1/12/2032	150,000		120,302
Banks - .9%
Bank of America Corp., Jr. Sub. Notes, Ser. TT		6.13	4/27/2027	350,000	^a	340,375
Barclays PLC, Sr. Unscd. Notes		7.33	11/2/2026	325,000		332,510
Citigroup, Inc., Sub. Notes		4.45	9/29/2027	240,000		229,546
Citigroup, Inc., Sub. Notes		6.17	5/25/2034	100,000		99,707
Citizens Bank NA/Providence RI, Sr. Unscd. Notes		2.25	4/28/2025	175,000		162,507
Deutsche Bank AG, Sr. Unscd. Notes		2.55	1/7/2028	365,000		322,878
HSBC Holdings PLC, Sr. Unscd. Notes		4.76	6/9/2028	175,000		167,961
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II		4.00	4/1/2025	290,000	^a,b	266,887
Morgan Stanley, Sr. Unscd. Notes		1.59	5/4/2027	375,000		336,588
NatWest Group PLC, Sr. Unscd. Notes		5.08	1/27/2030	260,000		247,797
Nordea Bank Abp, Jr. Sub. Notes		6.63	3/26/2026	255,000	^a,c	242,248
Societe Generale SA, Sub. Notes		6.22	6/15/2033	350,000	^c	329,157
The Goldman Sachs Group, Inc., Sub. Notes		6.75	10/1/2037	385,000		408,466
UBS Group AG, Sr. Unscd. Notes		2.59	9/11/2025	175,000	^c	168,817
					3,655,444
Beverage Products - .1%
Anheuser-Busch Companies LLC/Anheuser-Busch Inbev Worldwide, Inc., Gtd. Notes		4.90	2/1/2046	300,000		279,310
Chemicals - .0%
Celanese US Holdings LLC, Gtd. Notes		5.90	7/5/2024	215,000	^b	214,803
Consumer Discretionary - .1%
Warnermedia Holdings, Inc., Gtd. Notes		3.76	3/15/2027	325,000		304,932
Warnermedia Holdings, Inc., Gtd. Notes		4.28	3/15/2032	275,000	^b	242,785
					547,717
Diversified Financials - .4%
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes		2.45	10/29/2026	300,000		270,095
Aircastle Ltd., Sr. Unscd. Notes		2.85	1/26/2028	425,000	^c	366,286
Ares Capital Corp., Sr. Unscd. Notes		2.88	6/15/2028	275,000		232,217
BlackRock TCP Capital Corp., Sr. Unscd. Notes		2.85	2/9/2026	200,000		180,896
Blackstone Secured Lending Fund, Sr. Unscd. Notes		2.85	9/30/2028	310,000		256,387
Blue Owl Finance LLC, Gtd. Notes		4.13	10/7/2051	350,000	^c	210,160
					1,516,041
Electronic Components - .1%
Jabil, Inc., Sr. Unscd. Notes		3.60	1/15/2030	275,000		246,186
Energy - .3%
Boardwalk Pipelines LP, Gtd. Notes		3.60	9/1/2032	175,000		147,243
Diamondback Energy, Inc., Gtd. Notes		3.13	3/24/2031	200,000		172,099
Enterprise Products Operating LLC, Gtd. Notes		5.35	1/31/2033	125,000		125,769
Marathon Petroleum Corp., Sr. Unscd. Notes		3.80	4/1/2028	175,000		163,615

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 12.4% (continued)
Energy - .3% (continued)
Sabine Pass Liquefaction LLC, Sr. Scd. Notes		4.50	5/15/2030	200,000		188,317
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes		5.00	1/15/2028	250,000		240,794
TransCanada PipeLines Ltd., Sr. Unscd. Notes		2.50	10/12/2031	175,000		139,552
					1,177,389
Food Products - .1%
The Kroger Company, Sr. Unscd. Notes		1.70	1/15/2031	300,000		233,358
Health Care - .3%
AbbVie, Inc., Sr. Unscd. Notes		3.20	11/21/2029	285,000		257,057
Amgen, Inc., Sr. Unscd. Notes		5.60	3/2/2043	150,000		147,313
Amgen, Inc., Sr. Unscd. Notes		5.65	6/15/2042	80,000		78,805
CVS Health Corp., Sr. Unscd. Notes		4.78	3/25/2038	360,000		322,590
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes		4.65	5/19/2030	300,000		295,420
					1,101,185
Information Technology - .1%
Oracle Corp., Sr. Unscd. Notes		3.90	5/15/2035	275,000		234,932
Insurance - .1%
MetLife, Inc., Jr. Sub. Bonds, Ser. G		3.85	9/15/2025	100,000	^a,b	92,460
Prudential Financial, Inc., Sr. Unscd. Notes		4.35	2/25/2050	275,000		229,103
					321,563
Internet Software & Services - .2%
Amazon.com, Inc., Sr. Unscd. Notes		1.65	5/12/2028	350,000		306,100
eBay, Inc., Sr. Unscd. Notes		1.90	3/11/2025	300,000		284,335
Meta Platforms, Inc., Sr. Unscd. Notes		4.45	8/15/2052	380,000		322,741
					913,176
Media - .0%
Comcast Corp., Gtd. Notes		5.35	11/15/2027	215,000		218,114
Metals & Mining - .1%
Glencore Funding LLC, Gtd. Notes		2.63	9/23/2031	225,000	^c	179,308
Nucor Corp., Sr. Unscd. Notes		4.30	5/23/2027	125,000		121,302
					300,610
Municipal Securities - .0%
New York City, GO, Refunding, Ser. D		1.92	8/1/2031	175,000		139,916
Real Estate - .1%
Alexandria Real Estate Equities, Inc., Gtd. Notes		2.95	3/15/2034	225,000		178,278
Prologis LP, Sr. Unscd. Notes		2.25	1/15/2032	175,000		140,613
Prologis LP, Sr. Unscd. Notes		4.75	6/15/2033	100,000		95,946
Simon Property Group LP, Sr. Unscd. Notes		2.65	2/1/2032	200,000		160,790
					575,627
Retailing - .1%
McDonald's Corp., Sr. Unscd. Notes		4.60	9/9/2032	200,000	^b	195,784
The Home Depot, Inc., Sr. Unscd. Notes		1.38	3/15/2031	280,000		219,392
					415,176
Semiconductors & Semiconductor Equipment - .2%
Broadcom, Inc., Gtd. Notes		2.45	2/15/2031	175,000	^c	141,172
Broadcom, Inc., Sr. Unscd. Notes		3.19	11/15/2036	300,000	^c	225,626
Foundry JV Holdco LLC, Sr. Scd. Notes		5.88	1/25/2034	225,000	^c	222,148
Microchip Technology, Inc., Sr. Unscd. Notes		0.97	2/15/2024	125,000		122,145
Microchip Technology, Inc., Sr. Unscd. Notes		0.98	9/1/2024	100,000		95,269



BNY Mellon Asset Allocation Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 12.4% (continued)
Semiconductors & Semiconductor Equipment - .2% (continued)
NXP BV/NXP Funding LLC, Gtd. Notes		5.35	3/1/2026	210,000		208,770
					1,015,130
Technology Hardware & Equipment - .0%
Dell International LLC/EMC Corp., Gtd. Notes		3.38	12/15/2041	200,000	^c	141,012
Telecommunication Services - .1%
AT&T, Inc., Sr. Unscd. Notes		4.55	3/9/2049	345,000		276,398
T-Mobile USA, Inc., Gtd. Notes		3.00	2/15/2041	325,000		229,773
Verizon Communications, Inc., Sr. Unscd. Notes		3.40	3/22/2041	140,000		104,033
					610,204
Transportation - .1%
J.B. Hunt Transport Services, Inc., Gtd. Notes		3.88	3/1/2026	250,000		242,345
U.S. Government Agencies Collateralized Municipal-Backed Securities - .0%
Government National Mortgage Association, Ser. 2012-135, Cl. AE		1.83	12/16/2052	254,821		209,197
U.S. Government Agencies Mortgage-Backed - 3.4%
Federal Home Loan Mortgage Corp.:
1.50%, 10/1/2050				266,822	^d	196,388
2.00%, 8/1/2041-2/1/2052				1,794,692	^d	1,420,589
2.50%, 12/1/2035-12/1/2051				2,332,973	^d	2,001,257
3.00%, 11/1/2051-1/1/2052				641,067	^d	554,285
3.50%, 1/1/2052				315,589	^d	282,327
4.00%, 1/1/2052				429,356	^d	396,964
5.00%, 11/1/2052-6/1/2053				666,843	^d	649,391
5.50%, 1/1/2053-4/1/2053				941,963	^d	931,791
Federal National Mortgage Association:
1.50%, 1/1/2042				255,298	^d	205,014
2.00%, 10/1/2050-1/1/2052				2,198,019	^d	1,760,015
2.50%, 6/1/2051-11/1/2051				1,690,907	^d	1,400,702
3.00%, 1/1/2035-1/1/2052				816,920	^d	732,610
3.50%, 3/1/2052				564,138	^d	505,261
4.00%, 4/1/2052-6/1/2052				699,966	^d	646,789
4.50%, 3/1/2050-10/1/2052				701,308	^d	667,393
Government National Mortgage Association II:
2.00%, 8/20/2051-9/20/2051				400,746		318,086
2.50%, 5/20/2051				516,880		424,940
3.00%, 6/20/2050-11/20/2051				686,990		604,970
3.50%, 1/20/2052				258,189		234,594
4.00%, 2/20/2051-5/20/2051				281,281		258,077
4.50%, 7/20/2052				406,862		388,207
					14,579,650
U.S. Treasury Securities - 5.5%
U.S. Treasury Bonds		1.88	11/15/2051	100,000		61,465
U.S. Treasury Bonds		2.25	2/15/2052	150,000		101,238
U.S. Treasury Bonds		3.00	8/15/2052	700,000		558,059
U.S. Treasury Bonds		3.63	5/15/2053	575,000		518,713
U.S. Treasury Bonds		3.63	2/15/2053	585,000		527,186
U.S. Treasury Bonds		3.88	2/15/2043	970,000		902,706
U.S. Treasury Bonds		4.00	11/15/2052	1,640,000		1,582,920

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 12.4% (continued)
U.S. Treasury Securities - 5.5% (continued)
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted		0.38	1/15/2027	353,662	^e	331,209
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted		0.50	1/15/2028	661,758	^e	616,888
U.S. Treasury Notes		0.25	6/15/2024	250,000	^b	240,165
U.S. Treasury Notes		0.50	8/31/2027	515,000		442,578
U.S. Treasury Notes		0.63	5/15/2030	375,000		297,583
U.S. Treasury Notes		0.75	4/30/2026	100,000		90,453
U.S. Treasury Notes		0.88	1/31/2024	460,000	^b	451,528
U.S. Treasury Notes		1.25	11/30/2026	320,000		289,062
U.S. Treasury Notes		1.50	2/15/2030	110,000		93,339
U.S. Treasury Notes		1.63	8/15/2029	865,000		749,306
U.S. Treasury Notes		1.75	12/31/2026	55,000		50,428
U.S. Treasury Notes		2.00	11/15/2026	395,000		365,776
U.S. Treasury Notes		2.38	5/15/2027	1,280,000		1,191,400
U.S. Treasury Notes		2.50	3/31/2027	980,000		918,444
U.S. Treasury Notes		2.50	5/31/2024	815,000		797,519
U.S. Treasury Notes		2.50	1/31/2024	185,000	^b	182,778
U.S. Treasury Notes		2.63	7/31/2029	505,000		462,608
U.S. Treasury Notes		2.63	1/31/2026	300,000		285,926
U.S. Treasury Notes		2.75	7/31/2027	145,000		136,521
U.S. Treasury Notes		2.75	8/15/2032	535,000		480,309
U.S. Treasury Notes		2.88	4/30/2029	1,095,000		1,019,334
U.S. Treasury Notes		2.88	5/15/2032	460,000		418,115
U.S. Treasury Notes		3.00	7/31/2024	200,000		195,696
U.S. Treasury Notes		3.13	11/15/2028	75,000		71,024
U.S. Treasury Notes		3.25	6/30/2029	940,000		891,605
U.S. Treasury Notes		3.25	6/30/2027	100,000		96,016
U.S. Treasury Notes		3.38	5/15/2033	670,000	^b	631,266
U.S. Treasury Notes		3.50	1/31/2028	345,000		333,666
U.S. Treasury Notes		3.50	1/31/2030	40,000		38,377
U.S. Treasury Notes		3.50	2/15/2033	555,000		528,637
U.S. Treasury Notes		3.63	3/31/2030	850,000	^b	821,180
U.S. Treasury Notes		3.75	5/31/2030	145,000		141,109
U.S. Treasury Notes		3.88	12/31/2027	1,035,000		1,016,160
U.S. Treasury Notes		3.88	1/15/2026	1,050,000		1,030,271
U.S. Treasury Notes		4.00	2/29/2028	175,000		172,860
U.S. Treasury Notes		4.13	11/15/2032	895,000		894,755
U.S. Treasury Notes		4.25	12/31/2024	1,050,000		1,037,265
U.S. Treasury Notes		4.50	11/15/2025	200,000		198,812
U.S. Treasury Notes		4.63	6/30/2025	410,000		407,758
U.S. Treasury Notes		4.63	2/28/2025	690,000		685,283
U.S. Treasury Notes		4.75	7/31/2025	160,000	^b	159,581
					23,514,877
Total Bonds and Notes (cost $57,937,131)				53,198,381



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7%
Advertising - .1%
Omnicom Group, Inc.	1,670		135,287
The Interpublic Group of Companies, Inc.	3,450		112,505
		247,792
Aerospace & Defense - .5%
Howmet Aerospace, Inc.	2,930		144,947
L3Harris Technologies, Inc.	334		59,482
Lockheed Martin Corp.	1,056		473,458
Northrop Grumman Corp.	603		261,153
RTX Corp.	5,352		460,486
The Boeing Company	2,278	^f	510,340
TransDigm Group, Inc.	275	^f	248,559
		2,158,425
Agriculture - .3%
Altria Group, Inc.	5,696		251,877
Archer-Daniels-Midland Co.	2,185		173,270
Bunge Ltd.	685		78,309
Philip Morris International, Inc.	6,749		648,309
		1,151,765
Airlines - .1%
American Airlines Group, Inc.	7,020	^f	103,405
Delta Air Lines, Inc.	4,405		188,886
Southwest Airlines Co.	2,715		85,794
		378,085
Automobiles & Components - .8%
BorgWarner, Inc.	2,925		119,194
Ford Motor Co.	21,985		266,678
General Motors Co.	4,770		159,843
Tesla, Inc.	10,508	^f	2,711,905
		3,257,620
Banks - 1.0%
Bank of America Corp.	33,963		973,719
Citigroup, Inc.	6,456		266,568
Citizens Financial Group, Inc.	3,970		111,676
Fifth Third Bancorp	3,530		93,722
Huntington Bancshares, Inc.	9,700		107,573
JPMorgan Chase & Co.	10,809		1,581,681
KeyCorp	8,680		98,344
M&T Bank Corp.	874		109,294
Regions Financial Corp.	10,285		188,627
The PNC Financial Services Group, Inc.	1,641		198,118
Truist Financial Corp.	2,398		73,259
Wells Fargo & Co.	13,104		541,064
		4,343,645
Beverage Products - .6%
Constellation Brands, Inc., Cl. A	609		158,681
CVS Health Corp.	4,822		314,250
Molson Coors Beverage Co., Cl. B	1,915		121,583
Monster Beverage Corp.	6,138	^f	352,383
PepsiCo, Inc.	5,365		954,541

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Beverage Products - .6% (continued)
The Coca-Cola Company	14,658		876,988
		2,778,426
Building Materials - .2%
Carrier Global Corp.	4,330		248,758
Johnson Controls International PLC	3,282		193,835
Trane Technologies PLC	1,301		267,043
		709,636
Chemicals - .6%
Air Products & Chemicals, Inc.	794		234,619
Albemarle Corp.	661		131,347
Celanese Corp.	800		101,088
CF Industries Holdings, Inc.	1,055		81,309
Dow, Inc.	2,970		162,043
DuPont de Nemours, Inc.	1,960		150,704
Eastman Chemical Co.	1,845		156,843
Ecolab, Inc.	820		150,724
FMC Corp.	803		69,243
Linde PLC	1,879		727,248
LyondellBasell Industries NV, Cl. A	1,520		150,130
PPG Industries, Inc.	836		118,511
The Sherwin-Williams Company	891		242,103
Vulcan Materials Co.	592		129,204
		2,605,116
Commercial & Professional Services - .4%
Automatic Data Processing, Inc.	1,922		489,360
Cintas Corp.	478		240,993
Equifax, Inc.	775		160,193
FLEETCOR Technologies, Inc.	399	^f	108,420
S&P Global, Inc.	1,751		684,396
		1,683,362
Consumer Discretionary - .5%
Carnival Corp.	7,535	^f	119,204
Chipotle Mexican Grill, Inc.	116	^f	223,490
D.R. Horton, Inc.	1,923		228,875
Darden Restaurants, Inc.	1,052		163,597
Hasbro, Inc.	1,080		77,760
Hilton Worldwide Holdings, Inc.	1,179		175,258
Lennar Corp., Cl. A	1,527		181,850
Marriott International, Inc., Cl. A	1,197		243,601
MGM Resorts International	2,810		123,584
Newell Brands, Inc.	5,430		57,449
Royal Caribbean Cruises Ltd.	930	^f	92,014
Starbucks Corp.	4,398		428,541
Whirlpool Corp.	695		97,272
Yum! Brands, Inc.	1,106		143,094
		2,355,589
Consumer Durables & Apparel - .2%
NIKE, Inc., Cl. B	5,011		509,669
Tapestry, Inc.	3,765		125,450



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Consumer Durables & Apparel - .2% (continued)
VF Corp.	3,610		71,334
		706,453
Consumer Staples - .4%
Church & Dwight Co., Inc.	1,370		132,575
Colgate-Palmolive Co.	4,370		321,064
The Procter & Gamble Company	9,259		1,429,034
		1,882,673
Diversified Financials - 1.5%
American Express Co.	3,600		568,764
BlackRock, Inc.	590		413,319
Capital One Financial Corp.	1,550		158,705
CME Group, Inc.	1,364		276,456
Discover Financial Services	1,780		160,325
Intercontinental Exchange, Inc.	2,071		244,357
Invesco Ltd.	7,300		116,216
Mastercard, Inc., Cl. A	3,109		1,282,898
Moody's Corp.	724		243,843
Morgan Stanley	5,650		481,097
Northern Trust Corp.	1,271		96,685
State Street Corp.	2,070		142,292
The Charles Schwab Corp.	5,760		340,704
The Goldman Sachs Group, Inc.	1,394		456,828
Visa, Inc., Cl. A	6,374		1,565,964
		6,548,453
Electronic Components - .6%
AMETEK, Inc.	1,268		202,259
Amphenol Corp., Cl. A	2,951		260,809
Emerson Electric Co.	2,740		269,205
Fastenal Co.	3,225		185,695
Fortive Corp.	920		72,542
Generac Holdings, Inc.	395	^f	46,930
Honeywell International, Inc.	2,616		491,651
PACCAR, Inc.	3,487		286,945
Quanta Services, Inc.	1,610		337,891
TE Connectivity Ltd.	1,528		202,292
United Rentals, Inc.	547		260,667
		2,616,886
Energy - 1.5%
Baker Hughes Co.	3,570		129,198
Chevron Corp.	5,410		871,551
ConocoPhillips	6,135		730,249
Coterra Energy, Inc.	3,455		97,396
Devon Energy Corp.	2,410		123,127
Diamondback Energy, Inc.	1,569		238,143
EOG Resources, Inc.	3,708		476,923
EQT Corp.	1,450		62,669
Exxon Mobil Corp.	13,964		1,552,657
Halliburton Co.	4,120		159,114
Hess Corp.	1,707		263,731

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Energy - 1.5% (continued)
Kinder Morgan, Inc.	5,557		95,692
Marathon Oil Corp.	8,310		218,968
Marathon Petroleum Corp.	1,621		231,430
Occidental Petroleum Corp.	2,870		180,207
ONEOK, Inc.	2,005		130,726
Phillips 66	1,501		171,354
Pioneer Natural Resources Co.	519		123,486
Schlumberger NV	6,225		367,026
The Williams Companies, Inc.	4,010		138,465
Valero Energy Corp.	1,333		173,157
		6,535,269
Environmental Control - .1%
Waste Management, Inc.	1,407		220,589
Food & Staples Retailing - .5%
Costco Wholesale Corp.	1,689		927,734
Sysco Corp.	2,235		155,668
The Kroger Company	3,420		158,654
Walmart, Inc.	6,160		1,001,678
		2,243,734
Food Products - .3%
General Mills, Inc.	3,590		242,899
Lamb Weston Holdings, Inc.	1,145		111,534
Mondelez International, Inc., Cl. A	5,715		407,251
The Hershey Company	824		177,045
The J.M. Smucker Company	1,022		148,139
		1,086,868
Forest Products & Paper - .0%
International Paper Co.	3,235		112,966
Health Care - 4.6%
Abbott Laboratories	7,279		749,009
AbbVie, Inc.	6,977		1,025,340
Agilent Technologies, Inc.	2,643		319,988
Amgen, Inc.	2,342		600,348
Baxter International, Inc.	2,800		113,680
Becton, Dickinson & Co.	1,315		367,477
Biogen, Inc.	768	^f	205,332
Boston Scientific Corp.	6,440	^f	347,374
Bristol-Myers Squibb Co.	8,558		527,601
Cardinal Health, Inc.	2,550		222,691
Centene Corp.	2,495	^f	153,817
Corteva, Inc.	2,893		146,125
Danaher Corp.	3,287		871,055
Dentsply Sirona, Inc.	1,995		73,995
DexCom, Inc.	1,413	^f	142,685
Edwards Lifesciences Corp.	1,391	^f	106,370
Elevance Health, Inc.	911		402,671
Eli Lilly & Co.	3,020		1,673,684
GE HealthCare Technologies, Inc.	1,755		123,640
Gilead Sciences, Inc.	4,645		355,250



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Health Care - 4.6% (continued)
HCA Healthcare, Inc.	1,049		290,888
Hologic, Inc.	1,510	^f	112,857
Humana, Inc.	534		246,510
IDEXX Laboratories, Inc.	595	^f	304,289
Illumina, Inc.	650	^f	107,393
Intuitive Surgical, Inc.	1,370	^f	428,372
IQVIA Holdings, Inc.	660	^f	146,936
Johnson & Johnson	11,018		1,781,390
Laboratory Corp. of America Holdings	611		127,149
McKesson Corp.	551		227,188
Medtronic PLC	1,778		144,907
Merck & Co., Inc.	9,576		1,043,592
Organon & Co.	3,475		76,311
Pfizer, Inc.	24,921		881,705
Quest Diagnostics, Inc.	762		100,203
Regeneron Pharmaceuticals, Inc.	424	^f	350,432
ResMed, Inc.	786		125,438
Steris PLC	608		139,591
Stryker Corp.	1,481		419,938
The Cigna Group	1,149		317,423
The Cooper Companies, Inc.	261		96,567
Thermo Fisher Scientific, Inc.	1,824		1,016,150
UnitedHealth Group, Inc.	3,658		1,743,330
Vertex Pharmaceuticals, Inc.	1,048	^f	365,060
Waters Corp.	356	^f	99,965
Zoetis, Inc.	2,225		423,885
		19,645,601
Household & Personal Products - .1%
Kimberly-Clark Corp.	2,269		292,315
Industrial - .9%
Caterpillar, Inc.	1,840		517,279
Copart, Inc.	4,546	^f	203,797
Deere & Co.	1,207		496,005
Dover Corp.	1,046		155,122
Eaton Corp. PLC	1,647		379,419
General Electric Co.	5,073		580,656
Huntington Ingalls Industries, Inc.	338		74,468
Illinois Tool Works, Inc.	475		117,491
Ingersoll Rand, Inc.	2,470		171,937
Otis Worldwide Corp.	1,444		123,534
Parker-Hannifin Corp.	672		280,157
Rockwell Automation, Inc.	708		220,953
Snap-on, Inc.	705		189,363
Teledyne Technologies, Inc.	244	^f	102,065
Textron, Inc.	1,610		125,113
Westinghouse Air Brake Technologies Corp.	931		104,756
		3,842,115
Information Technology - 4.0%
Activision Blizzard, Inc.	2,985		274,590

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Information Technology - 4.0% (continued)
Adobe, Inc.	1,790	^f	1,001,219
Autodesk, Inc.	932	^f	206,848
Cadence Design Systems, Inc.	1,967	^f	472,945
Cognizant Technology Solutions Corp., Cl. A	2,355		168,642
eBay, Inc.	2,732		122,339
Electronic Arts, Inc.	1,180		141,576
Fidelity National Information Services, Inc.	2,830		158,084
Fiserv, Inc.	2,511	^f	304,810
Global Payments, Inc.	1,454		184,207
International Business Machines Corp.	3,243		476,170
Intuit, Inc.	1,207		653,965
Jack Henry & Associates, Inc.	708		111,000
Microsoft Corp.	29,169		9,560,431
MSCI, Inc.	462		251,152
Oracle Corp.	6,013		723,905
Paychex, Inc.	1,826		223,192
PayPal Holdings, Inc.	5,056	^f	316,051
Roper Technologies, Inc.	411		205,114
Salesforce, Inc.	3,868	^f	856,607
ServiceNow, Inc.	772	^f	454,577
Synopsys, Inc.	564	^f	258,814
		17,126,238
Insurance - 1.3%
Aflac, Inc.	3,355		250,182
American International Group, Inc.	4,315		252,514
Aon PLC, Cl. A	1,054		351,393
Berkshire Hathaway, Inc., Cl. B	6,672	^f	2,403,254
Chubb Ltd.	1,244		249,882
Cincinnati Financial Corp.	1,130		119,543
Lincoln National Corp.	2,560		65,690
Marsh & McLennan Cos., Inc.	1,605		312,959
MetLife, Inc.	2,325		147,266
Prudential Financial, Inc.	2,400		227,208
The Allstate Corp.	1,605		173,035
The Progressive Corp.	4,353		580,995
The Travelers Companies, Inc.	1,277		205,891
Willis Towers Watson PLC	631		130,466
		5,470,278
Internet Software & Services - 3.3%
Alphabet, Inc., Cl. A	21,600	^f	2,941,272
Alphabet, Inc., Cl. C	22,134	^f	3,040,105
Amazon.com, Inc.	34,988	^f	4,828,694
Booking Holdings, Inc.	139	^f	431,599
Etsy, Inc.	940	^f	69,156
Match Group, Inc.	1,900	^f	89,053
Meta Platforms, Inc., Cl. A	8,670	^f	2,565,366
Verisign, Inc.	786	^f	163,323
		14,128,568



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Materials - .1%
Sealed Air Corp.	2,320		85,979
WestRock Co.	5,065		165,676
		251,655
Media - .6%
Charter Communications, Inc., Cl. A	465	^f	203,726
Comcast Corp., Cl. A	16,206		757,793
Fox Corp., Cl. A	3,125		103,313
Live Nation Entertainment, Inc.	1,125	^f	95,096
Netflix, Inc.	1,779	^f	771,517
News Corporation, Cl. A	6,050		130,015
The Walt Disney Company	3,783	^f	316,561
Warner Bros Discovery, Inc.	9,945	^f	130,677
		2,508,698
Metals & Mining - .1%
Freeport-McMoRan, Inc.	5,745		229,283
Nucor Corp.	1,088		187,245
		416,528
Real Estate - .8%
Alexandria Real Estate Equities, Inc.	881	^g	102,496
American Tower Corp.	288	^g	52,220
AvalonBay Communities, Inc.	672	^g	123,527
CBRE Group, Inc., Cl. A	1,925	^f	163,721
Crown Castle, Inc.	1,709	^g	171,754
Digital Realty Trust, Inc.	1,366	^g	179,930
Equinix, Inc.	351	^g	274,264
Equity Residential	2,210	^g	143,274
Essex Property Trust, Inc.	495	^g	118,003
Extra Space Storage, Inc.	852	^g	109,635
Federal Realty Investment Trust	1,200	^g	117,528
Healthpeak Properties, Inc.	5,785	^g	119,055
Invitation Homes, Inc.	3,060	^g	104,315
Iron Mountain, Inc.	2,770	^g	176,006
Prologis, Inc.	3,441	^g	427,372
Public Storage	1,169	^g	323,088
Regency Centers Corp.	2,065	^g	128,443
Simon Property Group, Inc.	1,964	^g	222,894
UDR, Inc.	3,370	^g	134,463
VICI Properties, Inc.	5,290	^g	163,144
Welltower, Inc.	2,125	^g	176,120
Weyerhaeuser Co.	3,105	^g	101,689
		3,632,941
Retailing - 1.0%
AutoZone, Inc.	113	^f	286,040
CarMax, Inc.	890	^f	72,695
Dollar General Corp.	1,022		141,547
Dollar Tree, Inc.	1,058	^f	129,457
Domino's Pizza, Inc.	177		68,570
Lowe's Cos., Inc.	2,524		581,732
McDonald's Corp.	2,617		735,770

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	Shares		Value ($)
Common Stocks - 34.7% (continued)
Retailing - 1.0% (continued)
O'Reilly Automotive, Inc.	305	^f	286,608
Target Corp.	1,972		249,557
The Home Depot, Inc.	3,913		1,292,464
The TJX Companies, Inc.	4,182		386,751
Tractor Supply Co.	862		188,347
		4,419,538
Semiconductors & Semiconductor Equipment - 2.5%
Advanced Micro Devices, Inc.	6,244	^f	660,116
Analog Devices, Inc.	2,182		396,644
Applied Materials, Inc.	3,442		525,800
Broadcom, Inc.	1,599		1,475,701
Intel Corp.	16,443		577,807
KLA Corp.	783		392,964
Lam Research Corp.	511		358,926
Microchip Technology, Inc.	2,521		206,319
Micron Technology, Inc.	4,440		310,534
Monolithic Power Systems, Inc.	173		90,169
NVIDIA Corp.	9,796		4,834,816
NXP Semiconductors NV	894		183,914
ON Semiconductor Corp.	1,455	^f	143,259
Teradyne, Inc.	607		65,477
Texas Instruments, Inc.	3,687		619,637
		10,842,083
Technology Hardware & Equipment - 3.3%
Accenture PLC, Cl. A	3,173		1,027,322
Apple, Inc.	58,698		11,027,593
Corning, Inc.	3,560		116,839
DXC Technology Co.	2,375	^f	49,258
F5, Inc.	516	^f	84,449
Fortinet, Inc.	4,620	^f	278,170
HP, Inc.	4,506		133,873
Juniper Networks, Inc.	4,985		145,163
Keysight Technologies, Inc.	1,270	^f	169,291
Leidos Holdings, Inc.	1,525		148,703
Motorola Solutions, Inc.	428		121,368
Palo Alto Networks, Inc.	1,117	^f	271,766
Qualcomm, Inc.	4,969		569,100
Seagate Technology Holdings PLC	1,240		87,780
Western Digital Corp.	2,040	^f	91,800
		14,322,475
Telecommunication Services - .5%
Arista Networks, Inc.	1,371	^f	267,660
AT&T, Inc.	7,615		112,626
Cisco Systems, Inc.	14,030		804,620
T-Mobile US, Inc.	3,239	^f	441,314
Verizon Communications, Inc.	20,738		725,415
		2,351,635
Transportation - .5%
CSX Corp.	7,083		213,907



BNY Mellon Asset Allocation Fund (continued)
Description			Shares		Value ($)
Common Stocks - 34.7% (continued)
Transportation - .5% (continued)
FedEx Corp.			1,061		276,942
Norfolk Southern Corp.			1,474		302,185
Union Pacific Corp.			3,100		683,767
United Parcel Service, Inc., Cl. B			2,995		507,353
				1,984,154
Utilities - .9%
Ameren Corp.			1,865		147,839
American Electric Power Co., Inc.			2,538		198,979
American Water Works Co., Inc.			1,539		213,521
CenterPoint Energy, Inc.			5,555		154,929
CMS Energy Corp.			2,315		130,080
Consolidated Edison, Inc.			3,475		309,136
Constellation Energy Corp.			1,723		179,468
Dominion Energy, Inc.			2,575		124,991
DTE Energy Co.			1,447		149,591
Duke Energy Corp.			2,585		229,548
Edison International			3,225		222,041
Entergy Corp.			1,156		110,109
Evergy, Inc.			3,000		164,910
Exelon Corp.			6,320		253,558
FirstEnergy Corp.			4,450		160,511
NextEra Energy, Inc.			8,137		543,552
NiSource, Inc.			3,805		101,822
Public Service Enterprise Group, Inc.			3,125		190,875
The Southern Company			2,945		199,465
				3,784,925
Total Common Stocks (cost $75,570,585)			148,643,099
	Preferred Dividend Rate (%)
Preferred Stocks - .1%
Telecommunication Services - .1%
AT&T, Inc., Ser. A (cost $375,000)		5.00	15,000		304,950
			Number of Rights
Rights - .0%
Health Care - .0%
Abiomed, Inc. (cost $0)			390	^h	398

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Asset Allocation Fund (continued)
Description	1-Day Yield (%)		Shares		Value ($)
Investment Companies - 52.9%
Registered Investment Companies - 52.9%
BNY Mellon Corporate Bond Fund, Cl. M			1,602,586	ⁱ	18,654,106
BNY Mellon Developed Markets Real Estate Securities Fund, CI. Y			1,246,316	ⁱ	9,372,297
BNY Mellon Emerging Markets Fund, Cl. M			2,024,158	ⁱ	19,391,435
BNY Mellon Floating Rate Income Fund, Cl. Y			778,047	ⁱ	8,589,643
BNY Mellon High Yield Fund, Cl. I			2,267,630	ⁱ	11,814,352
BNY Mellon Income Stock Fund, Cl. M			2,940,366	ⁱ	22,934,851
BNY Mellon Intermediate Bond Fund, Cl. M			2,192,593	ⁱ	25,456,010
BNY Mellon International Equity Fund, Cl. Y			1,091,079	ⁱ	22,956,302
BNY Mellon International Fund, Cl. M			20,170	ⁱ	275,522
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M			1,341,163	ⁱ	23,456,943
BNY Mellon Research Growth Fund Inc, Cl. Y			1,595,195	ⁱ	25,108,369
BNY Mellon Select Managers Small Cap Growth Fund, Cl. Y			241,259	ⁱ	5,310,119
BNY Mellon Select Managers Small Cap Value Fund, Cl. Y			493,011	ⁱ	10,294,069
BNY Mellon Short-Term U.S. Government Securities Fund, Cl. M			1,146,210	ⁱ	12,390,529
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M			489,144	ⁱ	9,606,788
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares		5.41	1,191,576	ⁱ	1,191,576
Total Investment Companies (cost $219,178,552)			226,802,911

Investment of Cash Collateral for Securities Loaned - .1%
Registered Investment Companies - .1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $612,720)		5.41	612,720	ⁱ	612,720
Total Investments (cost $353,673,988)			100.2%	429,562,459
Liabilities, Less Cash and Receivables			(0.2%)	(742,338)
Net Assets			100.0%	428,820,121

GO—General Obligation

^a Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

^b Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $3,428,283 and the value of the collateral was $3,530,423, consisting of cash collateral of $612,720 and U.S. Government & Agency securities valued at $2,917,703. In addition, the value of collateral may include pending sales that are also on loan.

^d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

^e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

^f Non-income producing security.

^g Investment in real estate investment trust within the United States.

^h The fund held Level 3 securities at August 31, 2023. These securities were valued at $398 or .0% of net assets.

ⁱ Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Investment Companies	53.0
Technology	9.8
Consumer, Non-cyclical	7.3
Financial	6.0
Government	5.5
Communications	5.2
Consumer, Cyclical	3.6
Mortgage Securities	3.5
Industrial	2.8
Energy	1.8
Utilities	.9
Basic Materials	.8
	100.2

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Asset Allocation Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Net Realized Gain (Loss) ($)	Net Change in Unrealized Appreciation (Depreciation) ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 52.9%
BNY Mellon Corporate Bond Fund, Cl. M - 4.3%	18,101,111	703,194	-	-	(150,199)	18,654,106	703,194
BNY Mellon Developed Markets Real Estate Securities Fund, CI. Y - 2.2%	9,685,917	645,959	-	-	(959,579)	9,372,297	645,959
BNY Mellon Emerging Markets Fund, Cl. M - 4.5%	15,169,116	5,969,702	-	-	(1,747,383)	19,391,435	1,800,435
BNY Mellon Floating Rate Income Fund, Cl. Y - 2.0%	11,919,561	964,885	(4,378,847)	(687,724)	771,768	8,589,643	964,884
BNY Mellon High Yield Fund, Cl. I - 2.8%	11,093,722	737,825	-	-	(17,195)	11,814,352	741,788
BNY Mellon Income Stock Fund, Cl. M - 5.3%	17,148,000	20,634,832	(12,877,883)	(940,054)	(1,030,044)	22,934,851	4,099,641
BNY Mellon Intermediate Bond Fund, Cl. M - 5.9%	25,139,781	659,350	-	-	(343,121)	25,456,010	659,350
BNY Mellon International Equity Fund, Cl. Y - 5.4%	16,274,442	4,813,363	-	-	1,868,497	22,956,302	614,384
BNY Mellon International Fund, Cl. M - .1%	226,000	10,887	-	-	38,635	275,522	10,887
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M - 5.5%	24,005,465	3,012,489	(3,199,365)	(236,207)	(125,439)	23,456,943	2,835,360
BNY Mellon Research Growth Fund Inc, Cl. Y - 5.9%	6,273,531	17,202,266	-	-	1,632,572	25,108,369	286,842
BNY Mellon Select Managers Small Cap Growth Fund, Cl. Y - 1.2%	20,529,815	401,028	(14,259,060)	(2,037,441)	675,777	5,310,119	401,028


BNY Mellon Asset Allocation Fund (continued)
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Net Realized Gain (Loss) ($)	Net Change in Unrealized Appreciation (Depreciation) ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 52.9% (continued)
BNY Mellon Select Managers Small Cap Value Fund, Cl. Y - 2.4%	25,151,772	1,266,075	(14,259,969)	(4,690,636)	2,826,827	10,294,069	1,266,075
BNY Mellon Short-Term U.S. Government Securities Fund, Cl. M - 2.9%	-	21,190,480	(8,695,936)	(48,561)	(55,454)	12,390,529	515,147
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M - 2.2%	4,630,763	8,460,327	(4,318,857)	256,890	577,665	9,606,788	350,480
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .3%	28,211,101	28,858,618	(55,878,143)	-	-	1,191,576	347,530
Investment of Cash Collateral for Securities Loaned - .1%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .1%	-	5,923,927	(5,311,207)	-	-	612,720	898	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	2,420,356	34,319,235	(36,739,591)	-	-	-	5,465	^†††
Total - 53.0%	235,980,453	155,774,442	(159,918,858)	(8,383,733)	3,963,327	227,415,631	16,249,347

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2023



	BNY Mellon Income Stock Fund	BNY Mellon Mid Cap Multi-Strategy Fund	BNY Mellon Small Cap Multi-Strategy Fund	BNY Mellon International Fund
Assets ($):
Investments in securities—See Statements of Investments† (including securities on loan)††—Note 1(c):
Unaffiliated issuers	330,197,406	1,545,014,126	618,426,249	286,608,707
Affiliated issuers	12,657,325	33,732,941	34,076,573	3,990,814
Cash denominated in foreign currency^†††	-	-	-	537,413
Receivable for investment securities sold	2,155,238	736,895	755,292	-
Dividends and securities lending income receivable	783,320	1,685,306	766,594	809,101
Receivable for shares of Beneficial Interest subscribed	162,027	361,456	1,690,149	-
Tax reclaim receivable	91,755	29,199	7,818	3,264,637
Prepaid expenses	64,089	39,748	35,324	28,330
	346,111,160	1,581,599,671	655,757,999	295,239,002
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)	246,970	1,227,264	559,938	232,655
Cash overdraft due to Custodian	378,432	-	-	-
Payable for investment securities purchased	2,461,272	566,341	697,000	-
Payable for shares of Beneficial Interest redeemed	495,696	899,047	354,481	234,277
Trustees’ fees and expenses payable	10,279	43,969	18,593	9,957
Liability for securities on loan—Note 1(c)	-	10,609,780	8,407,712	2,981,093
Other accrued expenses	58,184	82,869	36,063	43,304
	3,650,833	13,429,270	10,073,787	3,501,286
Net Assets ($)	342,460,327	1,568,170,401	645,684,212	291,737,716
Composition of Net Assets ($):
Paid-in capital	271,361,829	654,888,392	572,299,616	349,876,928
Total distributable earnings (loss)	71,098,498	913,282,009	73,384,596	(58,139,212)
Net Assets ($)	342,460,327	1,568,170,401	645,684,212	291,737,716
^† Investments at cost ($)
Unaffiliated issuers	277,058,519	787,516,419	533,000,767	272,515,212
Affiliated issuers	12,657,325	33,732,941	34,076,573	3,990,814
^††Value of securities on loan ($)	4,494,059	43,643,130	21,025,115	5,711,092
^†††Cash denominated in foreign currency (cost) ($)	-	-	-	548,139



	BNY Mellon Income Stock Fund	BNY Mellon Mid Cap Multi-Strategy Fund	BNY Mellon Small Cap Multi-Strategy Fund	BNY Mellon International Fund
Net Asset Value Per Share
Class M
Net Assets ($)	282,598,264	1,445,233,506	619,375,014	276,642,156
Shares Outstanding	36,217,415	82,624,883	31,539,322	20,251,327
Net Asset Value Per Share ($)	7.80	17.49	19.64	13.66
Investor Shares
Net Assets ($)	16,305,500	122,936,895	26,309,198	15,095,560
Shares Outstanding	2,041,962	7,239,762	1,453,850	1,029,339
Net Asset Value Per Share ($)	7.99	16.98	18.10	14.67
Class A
Net Assets ($)	3,081,538	-	-	-
Shares Outstanding	394,334	-	-	-
Net Asset Value Per Share ($)	7.81	-	-	-
Class C
Net Assets ($)	1,055,051	-	-	-
Shares Outstanding	135,973	-	-	-
Net Asset Value Per Share ($)	7.76	-	-	-
Class I
Net Assets ($)	39,110,270	-	-	-
Shares Outstanding	5,010,233	-	-	-
Net Asset Value Per Share ($)	7.81	-	-	-
Class Y
Net Assets ($)	309,704	-	-	-
Shares Outstanding	39,770	-	-	-
Net Asset Value Per Share ($)	7.79	-	-	-

See notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)



	BNY Mellon Emerging Markets Fund	BNY Mellon International Equity Income Fund	BNY Mellon Asset Allocation Fund
Assets ($):
Investments in securities—See Statements of Investments† (including securities on loan)††—Note 1(c):
Unaffiliated issuers	313,367,131	29,096,295	202,146,828
Affiliated issuers	6,322,452	174,106	227,415,631
Cash	59,926	-	-
Cash denominated in foreign currency^†††	1,538,388	94,815	-
Dividends, interest and securities lending income receivable	307,521	64,265	897,817
Tax reclaim receivable	46,938	682,931	-
Prepaid expenses	32,282	12,562	27,238
Receivable for shares of Beneficial Interest subscribed	13,270	-	42,200
	321,687,908	30,124,974	430,529,714
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)	486,786	54,590	179,339
Cash overdraft due to Custodian	-	-	560,366
Liability for securities on loan—Note 1(c)	960,211	72,149	612,720
Foreign capital gains tax payable	499,489	-	-
Payable for investment securities purchased	207,187	-	264,476
Payable for shares of Beneficial Interest redeemed	161,755	25,410	40,161
Trustees’ fees and expenses payable	9,618	1,095	12,768
Other accrued expenses	37,874	3,755	39,763
	2,362,920	156,999	1,709,593
Net Assets ($)	319,324,988	29,967,975	428,820,121
Composition of Net Assets ($):
Paid-in capital	634,268,934	96,366,741	350,748,336
Total distributable earnings (loss)	(314,943,946)	(66,398,766)	78,071,785
Net Assets ($)	319,324,988	29,967,975	428,820,121
^† Investments at cost ($)
Unaffiliated issuers	273,205,297	26,672,449	133,882,716
Affiliated issuers	6,322,452	174,106	219,791,272
^††Value of securities on loan ($)	4,163,828	709,519	3,428,283
^†††Cash denominated in foreign currency (cost) ($)	2,043,583	95,003	-
Net Asset Value Per Share
Class M
Net Assets ($)	299,278,196	29,325,187	420,930,124
Shares Outstanding	31,227,437	2,289,215	34,876,529
Net Asset Value Per Share ($)	9.58	12.81	12.07
Investor Shares
Net Assets ($)	20,046,792	642,788	7,889,997
Shares Outstanding	2,029,868	49,471	645,890
Net Asset Value Per Share ($)	9.88	12.99	12.22

See notes to financial statements.

STATEMENTS OF OPERATIONS

Year Ended August 31, 2023



	BNY Mellon Income Stock Fund		BNY Mellon Mid Cap Multi-Strategy Fund		BNY Mellon Small Cap Multi-Strategy Fund		BNY Mellon International Fund
Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers	11,376,129	^†	22,532,188	^†	6,503,019	^†	13,224,703	^†
Affiliated issuers	729,452		1,501,733		1,061,147		43,499
Interest	-		2,597		1,523		3,248
Income from securities lending—Note 1(c)	81,852		219,535		124,257		11,164
Total Income	12,187,433		24,256,053		7,689,946		13,282,614
Expenses:
Management fee—Note 3(a)	2,638,584		12,637,196		5,000,720		2,715,061
Administration fee—Note 3(a)	548,672		2,277,985		795,961		432,029
Registration fees	95,677		36,926		41,697		33,643
Shareholder servicing costs—Note 3(c)	86,729		308,997		68,627		38,685
Professional fees	53,246		97,433		58,940		48,670
Trustees’ fees and expenses—Note 3(d)	50,900		192,792		68,637		35,343
Custodian fees—Note 3(c)	22,014		54,204		36,780		80,499
Chief Compliance Officer fees—Note 3(c)	19,899		34,852		24,153		20,177
Prospectus and shareholders’ reports	16,942		31,334		21,621		17,307
Distribution fees—Note 3(b)	8,493		-		-		-
Loan commitment fees—Note 2	8,027		39,350		11,720		8,024
Interest expense—Note 2	-		-		-		2,797
Miscellaneous	27,256		80,880		34,256		35,996
Total Expenses	3,576,439		15,791,949		6,163,112		3,468,231
Less—reduction in expenses due to undertakings—Note 3(a)	(16,472)		-		-		(259,918)
Less—reduction in fees due to earnings credits—Note 3(c)	(2,755)		(6,820)		(4,497)		(1,207)
Net Expenses	3,557,212		15,785,129		6,158,615		3,207,106
Net Investment Income	8,630,221		8,470,924		1,531,331		10,075,508
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions	29,503,507		228,664,992		2,277,020		(11,323,021)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	8,754,579		(74,299,868)		8,560,854		65,089,352
Net Realized and Unrealized Gain (Loss) on Investments	38,258,086		154,365,124		10,837,874		53,766,331
Net Increase in Net Assets Resulting from Operations	46,888,307		162,836,048		12,369,205		63,841,839
^†Net of foreign taxes withheld at source ($)	76,578		64,682		30,466		1,584,264

See notes to financial statements.

STATEMENTS OF OPERATIONS (continued)



	BNY Mellon Emerging Markets Fund		BNY Mellon International Equity Income Fund		BNY Mellon Asset Allocation Fund
Investment Income ($):
Income:
Dividends:
Unaffiliated issuers	7,581,148	^†	1,979,731	^†	2,417,993	^†
Affiliated issuers	250,149		4,044		6,961,899
Interest	-		-		1,773,073
Income from securities lending—Note 1(c)	8,185		2,548		6,363
Total Income	7,839,482		1,986,323		11,159,328
Expenses:
Management fee—Note 3(a)	4,559,099		332,017		1,461,767
Administration fee—Note 3(a)	535,604		52,756		259,228
Custodian fees—Note 3(b)	466,904		90,100		11,847
Professional fees	254,611		63,273		52,525
Shareholder servicing costs—Note 3(b)	58,806		2,044		20,664
Registration fees	50,939		30,075		32,758
Trustees’ fees and expenses—Note 3(c)	41,576		4,449		50,570
Chief Compliance Officer fees—Note 3(b)	20,249		20,841		23,636
Prospectus and shareholders’ reports	19,766		11,127		12,369
Interest expense—Note 2	11,351		6,809		454
Loan commitment fees—Note 2	7,621		768		9,257
Miscellaneous	39,794		20,343		27,012
Total Expenses	6,066,320		634,602		1,962,087
Less—reduction in expenses due to undertakings—Note 3(a)	(602,995)		-		(89,511)
Less—reduction in fees due to earnings credits—Note 3(b)	(1,552)		(392)		(504)
Net Expenses	5,461,773		634,210		1,872,072
Net Investment Income	2,377,709		1,352,113		9,287,256
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions:
Unaffiliated issuers	21,178,639		3,756,451		836,646
Affiliated issuers	-		-		(8,383,733)
Capital gain distributions from affiliated issuers	-		-		9,281,085
Net Realized Gain (Loss)	21,178,639		3,756,451		1,733,998
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions:
Unaffiliated issuers	(25,391,354)		1,225,629		14,968,997
Affiliated issuers	-		-		3,963,327
Net Change in Unrealized Appreciation (Depreciation)	(25,391,354)		1,225,629		18,932,324
Net Realized and Unrealized Gain (Loss) on Investments	(4,212,715)		4,982,080		20,666,322
Net Increase (Decrease) in Net Assets Resulting from Operations	(1,835,006)		6,334,193		29,953,578
^†Net of foreign taxes withheld at source ($)	1,138,596		241,258		479

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


	BNY Mellon Income Stock Fund		BNY Mellon Mid Cap Multi-Strategy Fund
	Year Ended August 31,		Year Ended August 31,
	2023	2022	2023	2022
Operations ($):
Net investment income	8,630,221	9,984,516	8,470,924	7,239,499
Net realized gain (loss) on investments	29,503,507	122,871,363	228,664,992	230,322,444
Net change in unrealized appreciation (depreciation) on investments	8,754,579	(107,737,504)	(74,299,868)	(714,575,601)
Net Increase (Decrease) in Net Assets Resulting from Operations	46,888,307	25,118,375	162,836,048	(477,013,658)
Distributions ($):
Distributions to shareholders:
Class M	(87,444,071)	(93,310,187)	(196,813,310)	(317,016,965)
Investor Shares	(4,763,858)	(3,313,325)	(15,403,777)	(21,460,398)
Class A	(485,432)	(315,573)	-	-
Class C	(263,029)	(116,701)	-	-
Class I	(5,665,128)	(1,615,290)	-	-
Class Y	(95,500)	(143,557)	-	-
Total Distributions	(98,717,018)	(98,814,633)	(212,217,087)	(338,477,363)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M	57,583,320	74,655,179	24,028,695	131,500,513
Investor Shares	10,370,344	10,656,309	31,682,207	53,270,204
Class A	1,564,153	857,076	-	-
Class C	304,483	729,804	-	-
Class I	36,122,103	14,293,701	-	-
Class Y	152,500	137,730	-	-
Distributions reinvested:
Class M	37,719,277	36,772,633	83,609,366	137,487,779
Investor Shares	3,941,927	2,638,670	12,858,168	17,357,474
Class A	469,489	300,209	-	-
Class C	263,029	116,700	-	-
Class I	5,462,493	1,423,072	-	-
Class Y	95,418	143,558	-	-
Cost of shares redeemed:
Class M	(195,766,769)	(167,054,538)	(432,608,133)	(521,361,999)
Investor Shares	(15,108,064)	(7,052,622)	(51,301,437)	(60,295,702)
Class A	(752,994)	(602,310)	-	-
Class C	(421,895)	(308,796)	-	-
Class I	(18,519,236)	(4,743,897)	-	-
Class Y	(309,160)	(531,015)	-	-
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(76,829,582)	(37,568,537)	(331,731,134)	(242,041,731)
Total Increase (Decrease) in Net Assets	(128,658,293)	(111,264,795)	(381,112,173)	(1,057,532,752)
Net Assets ($):
Beginning of Period	471,118,620	582,383,415	1,949,282,574	3,006,815,326
End of Period	342,460,327	471,118,620	1,568,170,401	1,949,282,574

STATEMENTS OF CHANGES IN NET ASSETS (continued)


		BNY Mellon Income Stock Fund		BNY Mellon Mid Cap Multi-Strategy Fund
		Year Ended August 31,		Year Ended August 31,
		2023	2022	2023	2022
Capital Share Transactions (Shares):
Class M^a
Shares sold		7,342,643	8,206,558	1,425,243	6,578,749
Shares issued for distributions reinvested		5,020,059	4,122,850	5,088,824	6,509,838
Shares redeemed		(24,756,998)	(17,260,801)	(25,544,120)	(26,114,942)
Net Increase (Decrease) in Shares Outstanding		(12,394,296)	(4,931,393)	(19,030,053)	(13,026,355)
Investor Shares^a
Shares sold		1,246,774	1,120,882	1,909,515	2,653,269
Shares issued for distributions reinvested		512,322	289,772	804,641	842,187
Shares redeemed		(1,910,963)	(750,347)	(3,132,310)	(3,074,523)
Net Increase (Decrease) in Shares Outstanding		(151,867)	660,307	(418,154)	420,933
Class A
Shares sold		198,293	92,777	-	-
Shares issued for distributions reinvested		62,317	33,516	-	-
Shares redeemed		(93,122)	(65,122)	-	-
Net Increase (Decrease) in Shares Outstanding		167,488	61,171	-	-
Class C
Shares sold		36,859	80,514	-	-
Shares issued for distributions reinvested		35,191	13,106	-	-
Shares redeemed		(56,462)	(34,126)	-	-
Net Increase (Decrease) in Shares Outstanding		15,588	59,494	-	-
Class I
Shares sold		4,579,158	1,587,310	-	-
Shares issued for distributions reinvested		725,766	158,997	-	-
Shares redeemed		(2,359,396)	(504,841)	-	-
Net Increase (Decrease) in Shares Outstanding		2,945,528	1,241,466	-	-
Class Y
Shares sold		20,075	15,185	-	-
Shares issued for distributions reinvested		12,707	16,079	-	-
Shares redeemed		(41,277)	(58,289)	-	-
Net Increase (Decrease) in Shares Outstanding		(8,495)	(27,025)	-	-

^a	During the period ended August 31, 2023, 798,427 Class M shares representing $6,603,512 were exchanged for 782,059 Investor shares for BNY Mellon Income Stock Fund and 1,861,521 Class M shares representing $31,747,018 were exchanged for 1,914,614 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund. During the period ended August 31, 2022, 865,951 Class M shares representing $8,231,963 were exchanged for 851,272 Investor shares for BNY Mellon Income Stock Fund and 2,550,351 class M shares representing $52,469,790 were exchanged for 2,614,151 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund.
See notes to financial statements.


		BNY Mellon Small Cap Multi-Strategy Fund		BNY Mellon International Fund
		Year Ended August 31,		Year Ended August 31,
		2023	2022	2023	2022
Operations ($):
Net investment income (loss)		1,531,331	(132,459)	10,075,508	12,385,807
Net realized gain (loss) on investments		2,277,020	9,897,545	(11,323,021)	(24,320,821)
Net change in unrealized appreciation (depreciation) on investments		8,560,854	(132,545,919)	65,089,352	(113,651,528)
Net Increase (Decrease) in Net Assets Resulting from Operations		12,369,205	(122,780,833)	63,841,839	(125,586,542)
Distributions ($):
Distributions to shareholders:
Class M		(14,102,454)	(105,858,494)	(14,122,101)	(10,972,686)
Investor Shares		(788,902)	(4,329,154)	(614,959)	(328,535)
Total Distributions		(14,891,356)	(110,187,648)	(14,737,060)	(11,301,221)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M		169,879,822	184,363,598	1,539,915	42,310,492
Investor Shares		8,547,597	14,479,458	5,922,525	10,715,219
Distributions reinvested:
Class M		6,518,743	50,813,496	1,951,475	1,913,533
Investor Shares		682,264	3,704,720	491,619	252,819
Cost of shares redeemed:
Class M		(138,382,108)	(361,562,211)	(111,519,603)	(178,260,338)
Investor Shares		(10,963,920)	(14,661,356)	(9,102,533)	(10,023,297)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions		36,282,398	(122,862,295)	(110,716,602)	(133,091,572)
Total Increase (Decrease) in Net Assets		33,760,247	(355,830,776)	(61,611,823)	(269,979,335)
Net Assets ($):
Beginning of Period		611,923,965	967,754,741	353,349,539	623,328,874
End of Period		645,684,212	611,923,965	291,737,716	353,349,539
Capital Share Transactions (Shares):
Class M^a
Shares sold		8,893,817	8,335,456	119,965	2,960,185
Shares issued for distributions reinvested		352,937	2,273,534	155,993	129,118
Shares redeemed		(7,235,651)	(16,893,699)	(8,895,585)	(13,494,214)
Net Increase (Decrease) in Shares Outstanding		2,011,103	(6,284,709)	(8,619,627)	(10,404,911)
Investor Shares^a
Shares sold		482,153	700,102	433,884	712,127
Shares issued for distributions reinvested		40,016	178,713	36,552	15,921
Shares redeemed		(619,250)	(730,791)	(666,991)	(681,847)
Net Increase (Decrease) in Shares Outstanding		(97,081)	148,024	(196,555)	46,201

^a	During the period ended August 31, 2023, 398,945 Class M shares representing $7,650,485 were exchanged for 431,908 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 468,621 Class M shares representing $5,964,188 were exchanged for 436,964 Investor shares for BNY Mellon International Fund. During the period ended August 31, 2022, 626,736 Class M shares representing $13,896,251 were exchanged for 674,698 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 746,476 class M shares representing $10,488,986 were exchanged for 697,461 Investor shares for BNY International Fund.
See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


		BNY Mellon Emerging Markets Fund		BNY Mellon International Equity Income Fund
		Year Ended August 31,		Year Ended August 31,
		2023	2022	2023	2022
Operations ($):
Net investment income		2,377,709	34,678,017	1,352,113	2,804,350
Net realized gain (loss) on investments		21,178,639	61,318,116	3,756,451	4,606,067
Net change in unrealized appreciation (depreciation) on investments		(25,391,354)	(320,397,241)	1,225,629	(17,590,829)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,835,006)	(224,401,108)	6,334,193	(10,180,412)
Distributions ($):
Distributions to shareholders:
Class M		(51,953,342)	(18,779,410)	(1,691,697)	(3,259,273)
Investor Shares		(3,129,603)	(615,834)	(33,747)	(61,322)
Total Distributions		(55,082,945)	(19,395,244)	(1,725,444)	(3,320,595)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M		9,128,427	119,038,625	36,000	3,770,663
Investor Shares		11,434,080	20,385,715	233,785	1,466,682
Distributions reinvested:
Class M		9,131,665	3,324,382	432,680	959,726
Investor Shares		2,318,745	481,300	28,140	47,898
Cost of shares redeemed:
Class M		(187,263,379)	(428,652,989)	(28,512,770)	(28,270,733)
Investor Shares		(19,454,797)	(16,863,324)	(1,130,744)	(1,122,709)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions		(174,705,259)	(302,286,291)	(28,912,909)	(23,148,473)
Total Increase (Decrease) in Net Assets		(231,623,210)	(546,082,643)	(24,304,160)	(36,649,480)
Net Assets ($):
Beginning of Period		550,948,198	1,097,030,841	54,272,135	90,921,615
End of Period		319,324,988	550,948,198	29,967,975	54,272,135
Capital Share Transactions (Shares):
Class M^a
Shares sold		941,252	9,370,815	2,953	290,682
Shares issued for distributions reinvested		969,391	254,937	37,188	72,459
Shares redeemed		(19,150,518)	(36,309,720)	(2,372,351)	(2,237,040)
Net Increase (Decrease) in Shares Outstanding		(17,239,875)	(26,683,968)	(2,332,210)	(1,873,899)
Investor Shares^a
Shares sold		1,126,206	1,584,701	19,850	111,155
Shares issued for distributions reinvested		238,554	35,891	2,357	3,573
Shares redeemed		(1,946,863)	(1,338,697)	(98,998)	(85,326)
Net Increase (Decrease) in Shares Outstanding		(582,103)	281,895	(76,791)	29,402

^a	During the period ended August 31, 2023, 797,769 Class M shares representing $7,860,887 were exchanged for 775,085 Investor shares for BNY Mellon Emerging Markets Fund and 20,131 Class M shares representing $233,772 were exchanged for 19,849 Investor shares for BNY Mellon International Equity Income Fund. During the period ended August 31, 2022, 1,498,829 Class M shares representing $18,733,686 were exchanged for 1,459,974 Investor shares for BNY Mellon Emerging Markets Fund and 112,677 class M shares representing $1,466,682 were exchanged for 111,155 Investor shares for BNY International Equity Income Fund.
See notes to financial statements.


		BNY Mellon Asset Allocation Fund
		Year Ended August 31,
		2023	2022
Operations ($):
Net investment income		9,287,256	7,336,007
Net realized gain (loss) on investments		1,733,998	43,981,881
Net change in unrealized appreciation (depreciation) on investments		18,932,324	(115,663,116)
Net Increase (Decrease) in Net Assets Resulting from Operations		29,953,578	(64,345,228)
Distributions ($):
Distributions to shareholders:
Class M		(44,026,923)	(33,007,312)
Investor Shares		(861,566)	(502,061)
Total Distributions		(44,888,489)	(33,509,373)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M		27,701,028	35,128,163
Investor Shares		1,752,698	4,703,594
Distributions reinvested:
Class M		27,922,755	16,573,744
Investor Shares		714,831	471,584
Cost of shares redeemed:
Class M		(52,548,193)	(60,211,965)
Investor Shares		(3,069,506)	(2,532,696)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions		2,473,613	(5,867,576)
Total Increase (Decrease) in Net Assets		(12,461,298)	(103,722,177)
Net Assets ($):
Beginning of Period		441,281,419	545,003,596
End of Period		428,820,121	441,281,419
Capital Share Transactions (Shares):
Class M^a
Shares sold		2,363,423	2,505,076
Shares issued for distributions reinvested		2,502,740	1,123,931
Shares redeemed		(4,409,837)	(4,232,492)
Net Increase (Decrease) in Shares Outstanding		456,326	(603,485)
Investor Shares^a
Shares sold		143,842	339,791
Shares issued for distributions reinvested		63,031	31,836
Shares redeemed		(254,228)	(183,067)
Net Increase (Decrease) in Shares Outstanding		(47,355)	188,560

^a	During the period ended August 31, 2023, 143,246 Class M shares representing $1,727,467 were exchanged for 141,676 Investor shares and during the period ended August 31, 2022, 324,018 Class M shares representing $4,437,580 were exchanged for 320,858 Investor shares for BNY Mellon Asset Allocation Fund.
See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.


	Class M
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	8.84	10.36	7.34	8.70	9.78
Investment Operations:
Net investment income^a	.17	.19	.18	.20	.22
Net realized and unrealized gain (loss) on investments	.79	.24	3.02	(.66)	(.33)
Total From Investment Operations	.96	.43	3.20	(.46)	(.11)
Distributions:
Dividends from net investment income	(.17)	(.19)	(.18)	(.19)	(.21)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(2.00)	(1.95)	(.18)	(.90)	(.97)
Net asset value, end of period	7.80	8.84	10.36	7.34	8.70
Total Return (%)	12.06	4.22	44.06	(6.38)	(.36)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.86	.83	.83	.81	.80
Ratio of net expenses to average net assets	.86	.83	.83	.81	.80
Ratio of net investment income to average net assets	2.15	1.99	2.02	2.53	2.47
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	282,598	429,623	554,602	578,269	930,683

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	9.00	10.52	7.44	8.82	9.90
Investment Operations:
Net investment income^a	.15	.17	.16	.19	.20
Net realized and unrealized gain (loss) on investments	.82	.23	3.08	(.69)	(.33)
Total from Investment Operations	.97	.40	3.24	(.50)	(.13)
Distributions:
Dividends from net investment income	(.15)	(.16)	(.16)	(.17)	(.19)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(1.98)	(1.92)	(.16)	(.88)	(.95)
Net asset value, end of period	7.99	9.00	10.52	7.44	8.82
Total Return (%)	11.93	3.87	43.91	(6.77)	(.60)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.11	1.08	1.08	1.06	1.05
Ratio of net expenses to average net assets	1.11	1.08	1.08	1.06	1.05
Ratio of net investment income to average net assets	1.90	1.76	1.77	2.26	2.24
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	16,305	19,747	16,125	12,282	23,913

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class A
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	8.85	10.37	7.34	8.71	9.79
Investment Operations:
Net investment income^a	.15	.16	.15	.17	.19
Net realized and unrealized gain (loss) on investments	.79	.24	3.03	(.66)	(.33)
Total from Investment Operations	.94	.40	3.18	(.49)	(.14)
Distributions:
Dividends from net investment income	(.15)	(.16)	(.15)	(.17)	(.18)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(1.98)	(1.92)	(.15)	(.88)	(.94)
Net asset value, end of period	7.81	8.85	10.37	7.34	8.71
Total Return (%)^b	11.72	3.85	43.74	(6.81)	(.64)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.23	1.20	1.20	1.21	1.10
Ratio of net expenses to average net assets	1.15	1.15	1.15	1.15	1.10
Ratio of net investment income to average net assets	1.84	1.68	1.68	2.18	2.20
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	3,082	2,007	1,718	1,193	1,506

^a Based on average shares outstanding.

^b Exclusive of sales charge.

See notes to financial statements.


	Class C
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	8.80	10.33	7.32	8.68	9.76
Investment Operations:
Net investment income^a	.09	.09	.09	.11	.12
Net realized and unrealized gain (loss) on investments	.79	.23	3.01	(.65)	(.33)
Total from Investment Operations	.88	.32	3.10	(.54)	(.21)
Distributions:
Dividends from net investment income	(.09)	(.09)	(.09)	(.11)	(.11)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(1.92)	(1.85)	(.09)	(.82)	(.87)
Net asset value, end of period	7.76	8.80	10.33	7.32	8.68
Total Return (%)^b	11.00	3.03	42.59	(7.44)	(1.43)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.94	1.93	1.93	1.91	1.88
Ratio of net expenses to average net assets	1.90	1.90	1.90	1.90	1.88
Ratio of net investment income to average net assets	1.11	.93	.96	1.43	1.36
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	1,055	1,060	629	747	1,158

^a Based on average shares outstanding.

^b Exclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class I
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	8.84	10.36	7.34	8.71	9.78
Investment Operations:
Net investment income^a	.17	.18	.17	.20	.22
Net realized and unrealized gain (loss) on investments	.80	.24	3.03	(.67)	(.33)
Total from Investment Operations	.97	.42	3.20	(.47)	(.11)
Distributions:
Dividends from net investment income	(.17)	(.18)	(.18)	(.19)	(.20)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(2.00)	(1.94)	(.18)	(.90)	(.96)
Net asset value, end of period	7.81	8.84	10.36	7.34	8.71
Total Return (%)	12.16	4.13	43.96	(6.54)	(.28)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.94	.89	.89	.87	.84
Ratio of net expenses to average net assets	.90	.89	.89	.87	.84
Ratio of net investment income to average net assets	2.11	1.96	1.96	2.51	2.41
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	39,110	18,255	8,530	7,887	10,135

^a Based on average shares outstanding.

See notes to financial statements.


	Class Y
	Year Ended August 31,
BNY Mellon Income Stock Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	8.83	10.35	7.33	8.70	9.78
Investment Operations:
Net investment income^a	.19	.20	.18	.20	.22
Net realized and unrealized gain (loss) on investments	.77	.23	3.02	(.67)	(.33)
Total from Investment Operations	.96	.43	3.20	(.47)	(.11)
Distributions:
Dividends from net investment income	(.17)	(.19)	(.18)	(.19)	(.21)
Dividends from net realized gain on investments	(1.83)	(1.76)	-	(.71)	(.76)
Total Distributions	(2.00)	(1.95)	(.18)	(.90)	(.97)
Net asset value, end of period	7.79	8.83	10.35	7.33	8.70
Total Return (%)	12.09	4.21	44.11	(6.51)	(.36)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.87	.83	.83	.83	.82
Ratio of net expenses to average net assets	.87	.83	.83	.83	.82
Ratio of net investment income to average net assets	2.20	2.00	2.01	2.63	2.43
Portfolio Turnover Rate	83.54	83.04	69.79	78.02	59.45
Net Assets, end of period ($ x 1,000)	310	426	779	541	382

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon Mid Cap Multi-Strategy Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	17.86	24.69	19.28	17.45	19.24
Investment Operations:
Net investment income^a	.09	.06	.04	.09	.08
Net realized and unrealized gain (loss) on investments	1.65	(4.01)	6.99	2.36	(.63)
Total from Investment Operations	1.74	(3.95)	7.03	2.45	(.55)
Distributions:
Dividends from net investment income	(.08)	(.02)	(.08)	(.04)	(.05)
Dividends from net realized gain on investments	(2.03)	(2.86)	(1.54)	(.58)	(1.19)
Total Distributions	(2.11)	(2.88)	(1.62)	(.62)	(1.24)
Net asset value, end of period	17.49	17.86	24.69	19.28	17.45
Total Return (%)	10.50	(17.82)	38.15	14.24	(1.54)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.92	.90	.90	.90	.89
Ratio of net expenses to average net assets	.92	.90	.90	.90	.89
Ratio of net investment income to average net assets	.52	.31	.18	.50	.45
Portfolio Turnover Rate	26.34	22.23	31.74	41.86	44.44
Net Assets, end of period ($ x 1,000)	1,445,234	1,816,047	2,831,948	2,433,885	2,610,739

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Mid Cap Multi-Strategy Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	17.40	24.16	18.90	17.13	18.90
Investment Operations:
Net investment income (loss)^a	.04	.01	(.02)	.04	.04
Net realized and unrealized gain (loss) on investments	1.60	(3.91)	6.86	2.31	(.60)
Total from Investment Operations	1.64	(3.90)	6.84	2.35	(.56)
Distributions:
Dividends from net investment income	(.03)	-	(.04)	-	(.02)
Dividends from net realized gain on investments	(2.03)	(2.86)	(1.54)	(.58)	(1.19)
Total Distributions	(2.06)	(2.86)	(1.58)	(.58)	(1.21)
Net asset value, end of period	16.98	17.40	24.16	18.90	17.13
Total Return (%)	10.18	(18.00)	37.83	13.93	(1.70)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.17	1.15	1.15	1.15	1.14
Ratio of net expenses to average net assets	1.17	1.15	1.15	1.15	1.14
Ratio of net investment income (loss) to average net assets	.27	.06	(.08)	.26	.21
Portfolio Turnover Rate	26.34	22.23	31.74	41.86	44.44
Net Assets, end of period ($ x 1,000)	122,937	133,236	174,867	106,907	118,579

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon Small Cap Multi-Strategy Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	19.76	26.07	19.28	17.12	23.16
Investment Operations:
Net investment income (loss) ^a	.05	(.00)^b	(.05)	.00^b	.02
Net realized and unrealized gain (loss) on investments	.34	(3.37)	6.99	2.77	(3.16)
Total from Investment Operations	.39	(3.37)	6.94	2.77	(3.14)
Distributions:
Dividends from net investment income	-	-	-	(.03)	-
Dividends from net realized gain on investments	(.51)	(2.94)	(.15)	(.58)	(2.90)
Total Distributions	(.51)	(2.94)	(.15)	(.61)	(2.90)
Net asset value, end of period	19.64	19.76	26.07	19.28	17.12
Total Return (%)	2.15	(14.23)	36.05	16.42	(11.94)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.04	1.01	1.01	1.03	1.02
Ratio of net expenses to average net assets	1.04	1.01	1.01	1.03	1.02
Ratio of net investment income (loss) to average net assets	.27	(.01)	(.19)	.02	.10
Portfolio Turnover Rate	56.56	52.04	55.94	74.33	71.58
Net Assets, end of period ($ x 1,000)	619,375	583,546	933,506	466,531	405,350

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Small Cap Multi-Strategy Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	18.30	24.41	18.11	16.12	22.08
Investment Operations:
Net investment income (loss) ^a	.00^b	(.05)	(.10)	(.04)	(.02)
Net realized and unrealized gain (loss) on investments	.31	(3.12)	6.55	2.61	(3.04)
Total from Investment Operations	.31	(3.17)	6.45	2.57	(3.06)
Distributions:
Dividends from net realized gain on investments	(.51)	(2.94)	(.15)	(.58)	(2.90)
Net asset value, end of period	18.10	18.30	24.41	18.11	16.12
Total Return (%)	1.88	(14.40)	35.68	16.20	(12.20)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.29	1.26	1.26	1.28	1.27
Ratio of net expenses to average net assets	1.29	1.26	1.26	1.28	1.27
Ratio of net investment income (loss) to average net assets	.02	(.26)	(.44)	(.22)	(.13)
Portfolio Turnover Rate	56.56	52.04	55.94	74.33	71.58
Net Assets, end of period ($ x 1,000)	26,309	28,378	34,249	20,474	18,823

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon International Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.71	15.38	12.78	12.31	13.45
Investment Operations:
Net investment income^a	.41	.33	.27	.21	.31
Net realized and unrealized gain (loss) on investments	2.10	(3.71)	2.64	.60	(1.20)
Total from Investment Operations	2.51	(3.38)	2.91	.81	(.89)
Distributions:
Dividends from net investment income	(.56)	(.29)	(.31)	(.34)	(.25)
Net asset value, end of period	13.66	11.71	15.38	12.78	12.31
Total Return (%)	21.91	(22.39)	23.04	6.47	(6.50)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.07	1.03	1.03	1.03	1.02
Ratio of net expenses to average net assets	.99	1.03	1.03	1.03	1.02
Ratio of net investment income to average net assets	3.17	2.33	1.86	1.67	2.47
Portfolio Turnover Rate	63.06	78.04	56.01	66.41	59.03
Net Assets, end of period ($ x 1,000)	276,642	337,994	603,937	552,883	897,080

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon International Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	12.53	16.44	13.65	13.12	14.32
Investment Operations:
Net investment income^a	.40	.31	.25	.20	.29
Net realized and unrealized gain (loss) on investments	2.26	(3.97)	2.81	.64	(1.27)
Total from Investment Operations	2.66	(3.66)	3.06	.84	(.98)
Distributions:
Dividends from net investment income	(.52)	(.25)	(.27)	(.31)	(.22)
Net asset value, end of period	14.67	12.53	16.44	13.65	13.12
Total Return (%)	21.64	(22.57)	22.66	6.28	(6.74)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.32	1.28	1.28	1.28	1.27
Ratio of net expenses to average net assets	1.24	1.28	1.28	1.28	1.27
Ratio of net investment income to average net assets	2.92	2.08	1.62	1.53	2.20
Portfolio Turnover Rate	63.06	78.04	56.01	66.41	59.03
Net Assets, end of period ($ x 1,000)	15,096	15,355	19,392	14,473	16,755

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon Emerging Markets Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	10.77	14.15	11.35	10.14	10.72
Investment Operations:
Net investment income^a	.06	.50	.24	.07	.14
Net realized and unrealized gain (loss) on investments	.03	(3.61)	2.71	1.27	(.64)
Total from Investment Operations	.09	(3.11)	2.95	1.34	(.50)
Distributions:
Dividends from net investment income	(1.28)	(.27)	(.15)	(.13)	(.08)
Net asset value, end of period	9.58	10.77	14.15	11.35	10.14
Total Return (%)	1.02	(22.31)	26.19	13.24	(4.68)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.52	1.43	1.39	1.39	1.39
Ratio of net expenses to average net assets	1.36	1.43	1.39	1.39	1.39
Ratio of net investment income to average net assets	.61	4.00	1.78	.71	1.37
Portfolio Turnover Rate	121.64	60.15	63.29	34.44	90.09
Net Assets, end of period ($ x 1,000)	299,278	522,075	1,063,203	762,408	819,164

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Emerging Markets Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.05	14.52	11.64	10.41	11.01
Investment Operations:
Net investment income^a	.04	.48	.21	.04	.12
Net realized and unrealized gain (loss) on investments	.04	(3.71)	2.80	1.30	(.67)
Total from Investment Operations	.08	(3.23)	3.01	1.34	(.55)
Distributions:
Dividends from net investment income	(1.25)	(.24)	(.13)	(.11)	(.05)
Net asset value, end of period	9.88	11.05	14.52	11.64	10.41
Total Return (%)	.87	(22.52)	25.97	12.85	(4.99)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.77	1.68	1.64	1.64	1.64
Ratio of net expenses to average net assets	1.61	1.68	1.64	1.64	1.64
Ratio of net investment income to average net assets	.36	3.75	1.53	.36	1.10
Portfolio Turnover Rate	121.64	60.15	63.29	34.44	90.09
Net Assets, end of period ($ x 1,000)	20,047	28,873	33,827	20,919	20,970

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon International Equity Income Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.43	13.79	11.27	12.20	13.86
Investment Operations:
Net investment income^a	.41	.47	.37	.37	.59
Net realized and unrealized gain (loss) on investments	1.46	(2.28)	2.62	(.82)	(1.69)
Total from Investment Operations	1.87	(1.81)	2.99	(.45)	(1.10)
Distributions:
Dividends from net investment income	(.49)	(.55)	(.47)	(.48)	(.56)
Net asset value, end of period	12.81	11.43	13.79	11.27	12.20
Total Return (%)	16.79	(13.65)	27.02	(3.94)	(7.98)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.62	1.25	1.20	1.14	1.07
Ratio of net expenses to average net assets	1.62	1.25	1.20	1.14	1.07
Ratio of net investment income to average net assets	3.47	3.61	2.95	3.05	4.53
Portfolio Turnover Rate	56.71	45.62	44.35	55.03	45.49
Net Assets, end of period ($ x 1,000)	29,325	52,810	89,568	111,258	282,061

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon International Equity Income Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.58	13.97	11.42	12.35	14.00
Investment Operations:
Net investment income^a	.38	.45	.36	.36	.53
Net realized and unrealized gain (loss) on investments	1.49	(2.32)	2.63	(.85)	(1.67)
Total from Investment Operations	1.87	(1.87)	2.99	(.49)	(1.14)
Distributions:
Dividends from net investment income	(.46)	(.52)	(.44)	(.44)	(.51)
Net asset value, end of period	12.99	11.58	13.97	11.42	12.35
Total Return (%)	16.54	(13.88)	26.62	(4.15)	(8.21)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.87	1.50	1.45	1.39	1.32
Ratio of net expenses to average net assets	1.87	1.50	1.45	1.39	1.32
Ratio of net investment income to average net assets	3.22	3.36	2.80	2.97	4.09
Portfolio Turnover Rate	56.71	45.62	44.35	55.03	45.49
Net Assets, end of period ($ x 1,000)	643	1,463	1,354	930	2,318

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M
	Year Ended August 31,
BNY Mellon Asset Allocation Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	12.56	15.34	12.88	12.27	13.16
Investment Operations:
Net investment income^a	.26	.21	.16	.21	.19
Net realized and unrealized gain (loss) on investments	.57	(2.01)	2.81	1.31	(.33)
Total from Investment Operations	.83	(1.80)	2.97	1.52	(.14)
Distributions:
Dividends from net investment income	(.26)	(.35)	(.21)	(.23)	(.26)
Dividends from net realized gain on investments	(1.06)	(.63)	(.30)	(.68)	(.49)
Total Distributions	(1.32)	(.98)	(.51)	(.91)	(.75)
Net asset value, end of period	12.07	12.56	15.34	12.88	12.27
Total Return (%)	7.53	(12.62)	23.59	12.78	(.44)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^b	.46	.42	.40	.39	.39
Ratio of net expenses to average net assets^b	.44	.41	.32	.31	.31
Ratio of net investment income to average net assets^b	2.20	1.50	1.14	1.76	1.55
Portfolio Turnover Rate	32.54	29.76	17.71	35.71	28.14
Net Assets, end of period ($ x 1,000)	420,930	432,481	537,189	463,184	454,093

^a Based on average shares outstanding.

^b Amount does not include the expenses of the underlying funds.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Asset Allocation Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	12.69	15.48	13.00	12.37	13.25
Investment Operations:
Net investment income^a	.24	.17	.12	.18	.13
Net realized and unrealized gain (loss) on investments	.57	(2.02)	2.83	1.32	(.29)
Total from Investment Operations	.81	(1.85)	2.95	1.50	(.16)
Distributions:
Dividends from net investment income	(.22)	(.31)	(.17)	(.19)	(.23)
Dividends from net realized gain on investments	(1.06)	(.63)	(.30)	(.68)	(.49)
Total Distributions	(1.28)	(.94)	(.47)	(.87)	(.72)
Net asset value, end of period	12.22	12.69	15.48	13.00	12.37
Total Return (%)	7.29	(12.85)	23.29	12.51	(.63)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^b	.71	.67	.65	.64	.64
Ratio of net expenses to average net assets^b	.69	.66	.57	.56	.56
Ratio of net investment income to average net assets^b	1.97	1.25	.86	1.52	1.09
Portfolio Turnover Rate	32.54	29.76	17.71	35.71	28.14
Net Assets, end of period ($ x 1,000)	7,890	8,800	7,815	6,443	7,083

^a Based on average shares outstanding.

^b Amount does not include the expenses of the underlying funds.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), which serves as each fund’s investment adviser. BNY Mellon serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). BNY Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which BNY Mellon pays the Adviser for performing certain administrative services.

Boston Partners Global Investors, Inc. (“Boston Partners”), and Geneva Capital Management LLC (“Geneva”), serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-adviser with respect to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. Newton Investment Management North America, LLC (“NIMNA”), also an indirect wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser serves as a sub-adviser of (i) BNY Mellon Income Stock Fund; (ii) BNY Mellon Mid Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Opportunistic Mid Cap Value Strategy and the Mid Cap Growth Strategy; (iii) BNY Mellon Small Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Opportunistic Small Cap Strategy, the Small Cap Value Strategy and the Small Cap Growth Strategy; (iv) BNY Mellon International Fund and (v) BNY Mellon International Equity Income Fund. NIMNA, subject to the Adviser’s supervision and approval, provides investment advisory assistance and research and the day-to-day management of the respective fund’s assets or the portion of the respective fund’s assets allocated to the strategies described above. Effective March 31, 2023, NIMNA entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited (“NIM”), to enable NIM to provide certain advisory services to NIMNA for the benefit of the funds, including, but not limited to, portfolio management services. NIM is subject to the supervision of the NIMNA and the Adviser. NIM, also an indirect wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the sub-adviser for BNY Mellon Emerging Markets Fund. Effective March 31, 2023, NIM entered into a sub-sub-investment advisory agreement with its affiliate, NIMNA, to enable NIMNA to provide certain advisory services to NIM for the benefit of the funds, including, but not limited to, portfolio management services. NIMNA is subject to the supervision of the NIM and the Adviser.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares. Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor and for BNY Mellon Income Stock Fund only Class A, Class C, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

100

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:

The Trust’s Board of Trustees (the “Board”) has designated the Adviser as each fund’s valuation designee, effective September 8, 2022, to make all fair value determinations with respect to each fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.

BNY Mellon Asset Allocation Fund: Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices.

101

NOTES TO FINANCIAL STATEMENTS (continued)

U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a Service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The following below summarizes the inputs used as of August 31, 2023 in valuing each fund’s investments:


BNY Mellon Income Stock Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	330,197,406	-	-	330,197,406
Investment Companies	12,657,325	-	-	12,657,325

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon Mid Cap Multi-Strategy Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs		Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	1,523,449,844	-		-	1,523,449,844
Escrow Shares	-	8,847	^††	-	8,847
Exchange-Traded Funds	21,514,038	-		-	21,514,038
Investment Companies	33,732,941	-		-	33,732,941
Rights	-	-		41,397	41,397

^† See Statement of Investments for additional detailed categorizations, if any.

^†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.

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The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Rights ($)
Balance as of 8/31/2022	-
Purchases/Issuances	0
Sales/Dispositions	-
Net realized gain (loss)	-
Change in unrealized appreciation (depreciation)	41,397
Transfers into Level 3	-
Transfer out of Level 3	-
Balances as of 8/31/2023^†	41,397
The amount of total net gains (loss) for the period included in earnings attributable to the change in unrealized appreciation (depreciation) relating to investments still held at 8/31/2023	41,397

^† Securities deemed as Level 3 due to the lack of observable inputs by management assessment.


BNY Mellon Small Cap Multi-Strategy Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	618,426,249	-	-	618,426,249
Investment Companies	34,076,573	-	-	34,076,573

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon International Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	278,884,184	-	-	278,884,184
Equity Securities - Preferred Stocks	4,812,537	-	-	4,812,537
Exchange-Traded Funds	2,911,986	-	-	2,911,986
Investment Companies	3,990,814	-	-	3,990,814

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon Emerging Markets Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	313,367,131	-	0	313,367,131
Investment Companies	6,322,452	-	-	6,322,452

^† See Statement of Investments for additional detailed categorizations, if any.

103

NOTES TO FINANCIAL STATEMENTS (continued)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Equity Securities-Common Stocks ($)
Balance as of 8/31/2022^†	0
Purchases/Issuances	-
Sales/Dispositions	-
Net realized gain (loss)	-
Change in unrealized appreciation (depreciation)	-
Transfers into Level 3	-
Transfer out of Level 3	-
Balances as of 8/31/2023^†	0
The amount of total net gains (loss) for the period included in earnings attributable to the change in unrealized appreciation (depreciation) relating to investments still held at 8/31/2023	-

^† Securities deemed as Level 3 due to the lack of observable inputs by management assessment.


BNY Mellon International Equity Income Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	28,168,372	-	-	28,168,372
Equity Securities - Preferred Stocks	493,235	-	-	493,235
Exchange-Traded Funds	434,688	-	-	434,688
Investment Companies	174,106	-	-	174,106

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon Asset Allocation Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Corporate Bonds	-	14,754,741	-	14,754,741
Equity Securities - Common Stocks	148,643,099	-	-	148,643,099
Equity Securities - Preferred Stocks	304,950	-	-	304,950
Investment Companies	227,415,631	-	-	227,415,631
Municipal Securities	-	139,916	-	139,916
Rights	-	-	398	398
U.S. Government Agencies Collateralized Municipal-Backed Securities	-	209,197	-	209,197
U.S. Government Agencies Mortgage-Backed	-	14,579,650	-	14,579,650
U.S. Treasury Securities	-	23,514,877	-	23,514,877

^† See Statement of Investments for additional detailed categorizations, if any.

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The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Rights ($)
Balance as of 8/31/2022	-
Purchases/Issuances	0
Sales/Dispositions	-
Net realized gain (loss)	-
Change in unrealized appreciation (depreciation)	398
Transfers into Level 3	0
Transfer out of Level 3	-
Balances as of 8/31/2023^†	398
The amount of total net gains (loss) for the period included in earnings attributable to the change in unrealized appreciation (depreciation) relating to investments still held at 8/31/2023	398

^† Securities deemed as Level 3 due to the lack of observable inputs by management assessment.

(b) Foreign currency transactions: Each relevant fund do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

Foreign taxes: Each relevant fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the funds’ understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the funds invest. These foreign taxes, if any, are paid by the funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of August 31, 2023, if any, are disclosed in the funds’ Statements of Assets and Liabilities.

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 1 summarizes the amount BNY Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended August 31, 2023.

105

NOTES TO FINANCIAL STATEMENTS (continued)


Table 1—Securities Lending Agreement ($)

BNY Mellon Income Stock Fund	11,161
BNY Mellon Mid Cap Multi-Strategy Fund	29,922
BNY Mellon Small Cap Multi-Strategy Fund	16,934
BNY Mellon International Fund	1,521
BNY Mellon Emerging Markets Fund	1,115
BNY Mellon International Equity Income Fund	347
BNY Mellon Asset Allocation Fund	865

(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are defined as “affiliated” under the Act.

(e) Market Risk: The value of the securities in which each fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect each fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

Foreign Investment Risk: To the extent each fund invests in foreign securities, each fund’s performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.

Emerging Market Risk: The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. Special risks associated with investments in emerging market issuers may include a lack of publicly available information, a lack of uniform disclosure, accounting and financial reporting and recordkeeping standards and limited investor protections applicable in developed economies. The risks also may include unpredictable political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions or restrictions on certain investments by other countries, such as the United States.

ETF And Other Investment Company Risk: To the extent each relevant fund invests in pooled investment vehicles, such as ETFs and other investment companies, each relevant fund will be affected by the investment policies, practices and performance of such entities in direct proportion to the amount of assets each relevant fund has invested therein. The risks of investing in other investment companies, including ETFs, typically reflect the risks associated with the types of instruments in which the investment companies invest. When each relevant fund invests in an ETF or other investment company, shareholders of the fund will bear indirectly their proportionate share of the expenses of the ETF or other investment company (including management fees) in addition to the expenses of each relevant fund. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions. Additional risks of investments in ETFs include: (i) the market price of an ETF’s shares may trade at a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading may be halted if the listing exchanges’ officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts trading generally. The fund will incur brokerage costs when purchasing and selling shares of ETFs.

Debt Risk: Each relevant fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or

106

perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(f) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon Income Stock Fund and BNY Mellon Asset Allocation Fund normally declare and pay dividends from net investment income monthly. BNY Mellon International Equity Income Fund normally declares and pays dividends from net investment income quarterly. BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International Fund and BNY Mellon Emerging Markets Fund normally declare and pay dividends from net investment income annually. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(g) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.

As of and during the period ended August 31, 2023, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended August 31, 2023, the funds did not incur any interest or penalties.

Each tax year in the four-year period ended August 31, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

Table 2 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2023.

Table 3 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2023.

Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2023 and August 31, 2022.

During the period ended August 31, 2023, as a result of permanent book to tax differences, where indicated each identified fund increased (decreased) total distributable earnings (loss) and increased (decreased) paid-in capital as summarized in Table 5. These permanent book to tax differences are primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes for BNY Mellon Income Stock Fund and BNY Mellon Mid Cap Multi-Strategy Fund. Net assets and net asset value per share were not affected by these reclassifications.


Table 2—Components of Accumulated Earnings
	Undistributed Ordinary Income($)	Undistributed Capital Gains ($)	Accumulated Capital (Losses) ($)	Unrealized Appreciation (Depreciation) ($)
BNY Mellon Income Stock Fund	758,904	21,352,668	-	48,986,926
BNY Mellon Mid Cap Multi-Strategy Fund	3,835,511	171,890,608	-	737,583,560
BNY Mellon Small Cap Multi-Strategy Fund	890,025	2,126,045	-	70,368,526
BNY Mellon International Fund	10,210,068	-	(78,972,109)	10,622,829
BNY Mellon Emerging Markets Fund	4,450,474	-	(354,425,404)	35,030,984
BNY Mellon International Equity Income Fund	646,439	-	(69,064,926)	2,019,721
BNY Mellon Asset Allocation Fund	877,197	1,776,311	-	75,418,277

107

NOTES TO FINANCIAL STATEMENTS (continued)


Table 3—Capital Loss Carryover
	Short-Term Losses ($)^†	Long-Term Losses ($)^†	Total ($)
BNY Mellon International Fund	74,687,758	4,284,351	78,972,109
BNY Mellon Emerging Markets Fund	340,447,445	13,977,959	354,425,404
BNY Mellon International Equity Income Fund	36,404,842	32,660,084	69,064,926

^† These capital losses can be carried forward for an unlimited period.


Table 4— Tax Character of Distributions Paid
	2023		2022
	Ordinary Income ($)	Long-Term Capital Gains ($)	Ordinary Income ($)	Long-Term Capital Gains ($)
BNY Mellon Income Stock Fund	24,138,230	74,578,788	12,657,456	86,157,177
BNY Mellon Mid Cap Multi-Strategy Fund	7,702,473	204,514,614	52,286,726	286,190,637
BNY Mellon Small Cap Multi-Strategy Fund	-	14,891,356	36,895,850	73,291,798
BNY Mellon International Fund	14,737,060	-	11,301,221	-
BNY Mellon Emerging Markets Fund	55,082,945	-	19,395,244	-
BNY Mellon International Equity Income Fund	1,725,444	-	3,320,595	-
BNY Mellon Asset Allocation Fund	8,916,913	35,971,576	12,911,973	20,597,400


Table 5—Return of Capital Statement of Position
	Total Distributable Earnings (Loss) ($)	Paid-in Capital ($)
BNY Mellon Income Stock Fund	(5,660,980)	5,660,980
BNY Mellon Mid Cap Multi-Strategy Fund	(21,528,419)	21,528,419

NOTE 2—Bank Lines of Credit:

The funds participate with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $135 million and is available only to the BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended August 31, 2023, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund and BNY Mellon Small Cap Multi-Strategy Fund did not borrow under the Facilities.

During the period ended August 31, 2023, BNY Mellon International Fund was charged $2,797 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2023 for the fund was approximately $51,233, with a related weighted average annualized interest rate of 5.46%.

During the period ended August 31, 2023, BNY Mellon Emerging Markets Fund was charged $11,351 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2023 for the fund was approximately $218,356, with a related weighted average annualized interest rate of 5.20%.

During the period ended August 31, 2023, BNY Mellon International Equity Income Fund was charged $6,809 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2023 for the fund was approximately $127,123, with a related weighted average annualized interest rate of 5.36%.

108

During the period ended August 31, 2023, BNY Mellon Asset Allocation Fund was charged $454 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2023 for the fund was approximately $7,397, with a related weighted average annualized interest rate of 6.14%.

NOTE 3—Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment advisory agreement with the Adviser, the management fee is payable monthly and computed on the average daily value of each fund’s net assets at the following annual rate: .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Multi-Strategy Fund, .85% of BNY Mellon Small Cap Multi-Strategy Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .85% of BNY Mellon International Equity Income Fund and .65% (equity securities), .40% (debt securities) and .15% (money market instruments and other underlying funds, which may consist of affiliated funds and unaffiliated open-end funds, closed-end funds and exchange traded funds) of BNY Mellon Asset Allocation Fund.

For BNY Mellon Income Stock Fund, the Adviser has contractually agreed, from September 1, 2022 through December 30, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of Class A, Class C, Class I and Class Y share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .90% of the value of the fund’s average daily net assets. On or after December 30, 2023, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $16,472 during the period ended August 31, 2023.

For BNY Mellon International Fund, effective April 1, 2023, the Adviser has contractually agreed to waive receipt of a portion of its management fee in the amount of .20% of the value of the fund’s average daily net assets until April 1, 2024. On or after April 1, 2024, the Adviser may terminate this waiver agreement at any time. The reduction in expenses, pursuant to the undertaking amounted to $259,918 during the period ended August 31, 2023.

For BNY Mellon Emerging Markets Fund, effective January 1, 2023 through March 31, 2023, the Adviser had agreed to waive receipt of a portion of its management fee in the amount of .25% of the value of the fund’s average daily net assets. Effective April 1, 2023, the Adviser has contractually agreed to waive receipt of a portion of its management fee in the amount of .25% of the value of the fund’s average daily net assets until April 1, 2024. On or after April 1, 2024, the Adviser may terminate this waiver agreement at any time. The reduction in expenses, pursuant to the undertakings, amounted to $602,995 during the period ended August 31, 2023.

For BNY Mellon Asset Allocation Fund, the Adviser has contractually agreed, from September 1, 2022 through December 30, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the total annual fund operating expenses of neither class of fund shares (including indirect fees, and expense of the underlying funds, but excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .87% of the value of the fund’s average daily net assets. On or after December 30, 2023, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $89,511 during the period ended August 31, 2023.

Pursuant to the Administration Agreement, BNY Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:

0 up to $6 billion .15%

$6 billion up to $12 billion .12%

In excess of $12 billion .10%

No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.

Pursuant to a sub-investment advisory agreement between the Adviser and NIMNA and NIM for each relevant fund, the Adviser pays NIMNA and NIM for each relevant fund a monthly fee at an annual rate set forth below in Table 6 of the respective fund’s average daily net assets or the portion of the respective fund’s average daily net assets allocated to the strategies sub-advised by NIMNA and NIM for each relevant fund.

109

NOTES TO FINANCIAL STATEMENTS (continued)


Table 6—Annual Fee (as a percentage of average daily net assets allocated to the strategies sub-advised by NIMNA and NIM for each relevant fund)

BNY Mellon Income Stock Fund	.195
BNY Mellon Mid Cap Multi-Strategy Fund	.40
BNY Mellon Small Cap Multi-Strategy Fund	.55
BNY Mellon International Fund	.255
BNY Mellon Emerging Markets Fund	.345
BNY Mellon International Equity Income Fund	.25

Pursuant to separate sub-investment advisory agreements, Geneva and Boston Partners serve as a sub-adviser responsible for the day-to-day management of their respective portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. The Adviser pays Boston Partners and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. The Adviser has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser’s ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

During the period ended August 31, 2023, the Distributor retained $2,107 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares and $1,089 from CDSC fees on redemptions of the fund’s Class C shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended August 31, 2023, Class C shares were charged $8,493 pursuant to the Distribution Plan.

Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. BNY Mellon Income Stock Fund has also adopted a Shareholder Services Plan with respect to its Class A and Class C shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares, and BNY Mellon Income Stock Fund pays the Distributor at an annual rate of .25% of the value of its Class A and Class C shares, based on the respective fund’s average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 7 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended August 31, 2023, pursuant to the Shareholder Services Plan, which is included in Shareholder servicing costs in the Statements of Operations.


Table 7—Shareholder Services Plan Fees

BNY Mellon Income Stock Fund
Investor Shares	$	48,023
Class A	6,495
Class C	2,831
BNY Mellon Mid Cap Multi-Strategy Fund	308,961
BNY Mellon Small Cap Multi-Strategy Fund	68,619
BNY Mellon International Fund	38,611
BNY Mellon Emerging Markets Fund	58,733
BNY Mellon International Equity Income Fund	1,970
BNY Mellon Asset Allocation Fund	20,664

The funds have an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the funds include net earnings credits, if any, as an expense offset in the Statements of Operations.

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The funds have an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the funds will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the funds include this interest income and overdraft fees, if any, as interest income in the Statements of Operations.

Each fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency services for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares and cash management services for the funds. The majority of Transfer Agent fees for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. BNY Mellon pays each fund’s Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust, excluding BNY Mellon Income Stock Fund, Class A, Class C, Class I and Class Y shares. Table 8 summarizes the amount each fund was charged during the period ended August 31, 2023, which is included in Shareholder servicing costs in the Statements of Operations. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 8.

Each fund compensates the Custodian, under a custody agreement, for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 9 summarizes the amount each fund was charged during the period ended August 31, 2023 pursuant to the custody agreement.


Table 9—Custody Agreement Fees

BNY Mellon Income Stock Fund	$	22,014
BNY Mellon Mid Cap Multi-Strategy Fund	54,204
BNY Mellon Small Cap Multi-Strategy Fund	36,780
BNY Mellon International Fund	80,499
BNY Mellon Emerging Markets Fund	466,904
BNY Mellon International Equity Income Fund	90,100
BNY Mellon Asset Allocation Fund	11,847

Table 10 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended August 31, 2023.


Table 10—Chief Compliance Officer Fees

BNY Mellon Income Stock Fund	$	19,899
BNY Mellon Mid Cap Multi-Strategy Fund	34,852
BNY Mellon Small Cap Multi-Strategy Fund	24,153
BNY Mellon International Fund	20,177
BNY Mellon Emerging Markets Fund	20,249
BNY Mellon International Equity Income Fund	20,841
BNY Mellon Asset Allocation Fund	23,636


Table 8—Transfer Agent Fees
	Transfer Agent Fees ($)		Transfer Agent Earnings Credits ($)
BNY Mellon Income Stock Fund		4,063	(2,755)
BNY Mellon Mid Cap Multi-Strategy Fund		-	(6,820)
BNY Mellon Small Cap Multi-Strategy Fund		-	(4,497)
BNY Mellon International Fund		-	(1,207)
BNY Mellon Emerging Markets Fund		-	(1,552)
BNY Mellon International Equity Income Fund		-	(392)
BNY Mellon Asset Allocation Fund		-	(504)

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NOTES TO FINANCIAL STATEMENTS (continued)

Table 11 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.

(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

Table 12 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended August 31, 2023.

Table 13 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2023.


Table 11—Due to BNY Mellon Investment Adviser, Inc. and Affiliates
	Management Fee ($)	Administration Fee ($)	Distribution Plan Fees ($)	Shareholder Services Plan Fees ($)	Custodian Fees ($)	Chief Compliance Officer Fees ($)	Transfer Agent Fees ($)	Less Expense Reimbursement ($)
BNY Mellon Income Stock Fund	193,977	39,672	672	4,455	4,800	3,274	852	(732)
BNY Mellon Mid Cap Multi-Strategy Fund	998,970	179,142	-	25,887	16,800	6,465	-	-
BNY Mellon Small Cap Multi-Strategy Fund	462,322	72,500	-	5,669	14,000	5,447	-	-
BNY Mellon International Fund	214,761	34,032	-	3,183	28,000	3,323	-	(50,644)
BNY Mellon Emerging Markets Fund	321,146	37,514	-	4,354	190,000	3,586	-	(69,814)
BNY Mellon International Equity Income Fund	21,899	3,376	-	136	25,500	3,679	-	-
BNY Mellon Asset Allocation Fund	148,116	22,867	-	1,652	2,800	3,904	-	-


Table 12—Purchases and Sales
	Purchases ($)	Sales ($)
BNY Mellon Income Stock Fund	322,447,579	484,702,288
BNY Mellon Mid Cap Multi-Strategy Fund	437,137,324	966,340,563
BNY Mellon Small Cap Multi-Strategy Fund	343,944,985	321,835,008
BNY Mellon International Fund	196,978,287	311,500,586
BNY Mellon Emerging Markets Fund	474,513,321	691,926,301
BNY Mellon International Equity Income Fund	21,726,767	50,496,206
BNY Mellon Asset Allocation Fund	138,221,407	134,841,014


Table 13—Accumulated Net Unrealized Appreciation (Depreciation)
	Cost of Investments ($)	Gross Appreciation ($)	Gross Depreciation ($)	Net ($)
BNY Mellon Income Stock Fund	293,867,805	55,571,959	6,585,033	48,986,926
BNY Mellon Mid Cap Multi-Strategy Fund	841,163,523	782,323,200	44,739,656	737,583,544
BNY Mellon Small Cap Multi-Strategy Fund	582,134,296	138,737,367	68,368,841	70,368,526
BNY Mellon International Fund	279,936,304	33,378,641	22,715,424	10,663,217
BNY Mellon Emerging Markets Fund	283,653,324	63,952,133	27,915,874	36,036,259
BNY Mellon International Equity Income Fund	27,223,397	4,931,562	2,884,558	2,047,004
BNY Mellon Asset Allocation Fund	354,144,182	88,607,496	13,189,219	75,418,277

112

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund, (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.

New York, New York
October 23, 2023

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IMPORTANT TAX INFORMATION (Unaudited)

BNY Mellon Income Stock Fund

For federal tax purposes the fund reports the maximum amount allowable but not less than 58.30% of ordinary income dividends paid during the fiscal year ended August 31, 2023 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $15,429,172 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2024 of the percentage applicable to the preparation of their 2023 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.5093 per share as a capital gain dividend paid on December 7, 2022 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.3192 as a short-term capital gain dividend paid on December 7, 2022 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

BNY Mellon Mid Cap Multi-Strategy Fund

For federal tax purposes the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the fiscal year ended August 31, 2023 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $7,702,473 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2024 of the percentage applicable to the preparation of their 2023 income tax returns. Also, the fund reports the maximum amount allowable but not less than $2.0296 as a long-term capital gain dividend paid on December 13, 2022 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

BNY Mellon Small Cap Multi-Strategy Fund

The fund reports the maximum amount allowable but not less than $.5121 per share as a long-term capital gain dividend paid on December 16, 2022 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

BNY Mellon International Fund

For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $14,748,358 as income sourced from foreign countries for the fiscal year ended August 31, 2023 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $1,584,264 as taxes paid from foreign countries for the fiscal year ended August 31, 2023 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2023 calendar year with Form 1099-DIV which will be mailed in early 2023. Also the fund reports the maximum amount allowable, but not less than $16,321,324 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.

BNY Mellon Emerging Markets Fund

For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $10,703,589 as income sourced from foreign countries for the fiscal year ended August 31, 2023 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $1,152,044 as taxes paid from foreign countries for the fiscal year ended August 31, 2023 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2023 calendar year with Form 1099-DIV which will be mailed in early 2024. Also the fund reports the maximum amount allowable, but not less than $39,495,140 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.

BNY Mellon International Equity Income Fund

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accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $232,484 as taxes paid from foreign countries for the fiscal year ended August 31, 2023 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2023 calendar year with Form 1099-DIV which will be mailed in early 2024. Also, the fund reports the maximum amount allowable, but not less than $1,919,311 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.

BNY Mellon Asset Allocation Fund

For federal tax purposes the fund reports the maximum amount allowable but not less than 28.53% of ordinary income dividends paid during the fiscal year ended August 31, 2023 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $4,966,886 as ordinary income dividends paid during the fiscal year ended August 31, 2023 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2024 of the percentage applicable to the preparation of their 2023 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.0634 per share as a capital gain dividend paid on December 30, 2022 n accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

115

INFORMATION ABOUT THE RENEWAL AND APPROVAL OF THE FUND’S INVESTMENT ADVISORY, ADMINISTRATION AND EACH RELEVANT FUND’S SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the Trust’s Board of Trustees held on March 20-21, 2023, the Board considered the renewal of (i) the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon is responsible for the provision of administrative services to the funds (together, the “Management Agreement”); (ii) the separate Sub-Investment Advisory Agreements with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which (a) Boston Partners Global Investors, Inc. (“Boston Partners”) provides day-to-day management of the fund’s investments allocated to the Boston Partners Mid Cap Value Strategy, (b) Geneva Capital Management, LLC (“Geneva”) provides day-to-day management of the portion of the fund’s investments allocated to the Geneva Mid Cap Growth Strategy, and (c) Newton Investment Management North America, LLC (“NIMNA”) provides day-to-day management of the portion of the fund’s investments allocated to the Opportunistic Mid Cap Value Strategy and Mid Cap Growth Strategy; (iii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Small Cap Multi-Strategy Fund, pursuant to which NIMNA provides day-to-day management of the portion of the fund’s investments allocated to the Opportunistic Small Cap Strategy, the Small Cap Value Strategy and the Small Cap Growth Strategy; (iv) the Sub-Investment Advisory Agreement with respect to BNY Mellon Income Stock Fund, pursuant to which NIMNA provides day-to-day management of the fund’s investments; (v) the Sub-Investment Advisory Agreement with respect to BNY Mellon International Equity Income Fund, pursuant to which NIMNA provides day-to-day management of the fund’s investments; (vi) the Sub-Investment Advisory Agreement with respect to BNY Mellon International Fund, pursuant to which NIMNA provides day-to-day management of the fund’s investments; and (vii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Emerging Markets Fund, pursuant to which Newton Investment Management Limited (“NIM”) provides day-to-day management of the fund’s investments. The Management Agreement, together with the Sub-Investment Advisory Agreements, are referred to as the “Agreements,” Boston Partners, Geneva, NIMNA and NIM are each referred to as a “Sub-Adviser” and collectively as the “Sub-Advisers,” and BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Emerging Markets Fund, BNY Mellon Income Stock Fund, BNY Mellon International Equity Fund, BNY Mellon International Fund, and BNY Mellon Small Cap Multi-Strategy Fund are referred to collectively as the “Sub-Advised Funds.” The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of the administrative services referenced above. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Advisers. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds in the Trust, including the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the distribution channel(s) of the funds and the need to be able to provide ongoing shareholder services to each distribution channel, as applicable to each fund.

The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as, for the Sub-Advised Funds, the Adviser’s supervisory activities over the Sub-Adviser(s). The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

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and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all institutional funds in the particular Lipper classification, excluding outliers (the “Expense Universe”). At the Adviser’s request, the Board also reviewed reports prepared by Broadridge with respect to BNY Mellon Asset Allocation Fund, a “fund of funds,” which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of funds of funds selected by Broadridge as comparable to the fund (the “Funds of Funds Performance Group”), all for various periods ended December 31, 2022, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Funds of Funds Performance Group (the “Funds of Funds Expense Group”) and with a broader group of funds consisting of the funds in the Funds of Funds Expense Group and the fund’s Expense Universe (the “Funds of Funds Expense Universe”). The information for each comparison was derived, in part, from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe and representatives of the Adviser informed the Board of the methodology Broadridge used to select the funds in the Funds of Funds Performance Group and the Funds of Funds Expense Group and the funds in the Funds of Funds Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds and the end date selected. The Board also considered the funds’ performance in light of overall financial market conditions.

Management Fee and Expense Ratio Comparisons. For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser and the Sub-Advisers, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

For the Sub-Advised Funds, the Board considered the fee payable to the Sub-Adviser(s) in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser(s) and the Adviser. The Board also took into consideration that each Sub-Adviser’s fee is paid by the Adviser, out of its fee from the relevant fund, and not the fund.

For each of BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Asset Allocation Fund and BNY Mellon Emerging Markets Fund, representatives of the Adviser reviewed with the Board the management or advisory fees paid by any funds advised by the Adviser in the same Lipper category as the fund (the “Similar Fund(s)”) and explained the nature of the Similar Fund(s). They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. For each such fund, the Board considered the relevance of the fee information provided for the Similar Fund(s) to evaluate the appropriateness of the fund’s management fee. For each such fund, representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or, for the Sub-Advised Funds, the Sub-Adviser(s), that are considered to have similar investment strategies and policies as the fund.

For each of BNY Mellon Income Stock Fund and BNY Mellon International Fund, representatives of the Adviser reviewed with the Board the management or advisory fees (1) paid by any Similar Fund(s) and (2) paid to the Adviser or its affiliates for advising the one or more separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (together with the Similar Funds, the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. For each such fund, the Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee. For BNY Mellon International Equity Income Fund, representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

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INFORMATION ABOUT THE RENEWAL AND APPROVAL OF THE FUND’S INVESTMENT ADVISORY, ADMINISTRATION AND EACH RELEVANT FUND’S SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

BNY Mellon Income Stock Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as equity income funds by Lipper.

The Board discussed with representatives of the Adviser and the Sub-Adviser, the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods and was the highest in the Performance Group for all periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown. The Board noted that the fund had a four star rating for each of the three-, five- and ten-year periods and a four star overall rating from Morningstar based on Morningstar’s risk-adjusted return measures.

The Board considered that the fund’s contractual management fee was slightly higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were slightly higher than the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until December 30, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of Class A, C, I or Y shares of the fund (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowing and extraordinary expenses) exceed .90% of the fund’s average daily net assets.

BNY Mellon Mid Cap Multi-Strategy Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as mid-cap growth funds by Lipper.

The Board discussed with representatives of the Adviser and the Sub-Advisers the results of the performance comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except for the five- and ten-year periods when the fund’s total return performance was slightly below the Performance Group and Performance Universe medians. The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2022, which showed that three out of the fund’s five strategies performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted the fund’s returns were at or above the returns of the index in five of the ten calendar years shown. It was noted that the Performance Group and Performance Universe were comprised of institutional mid-cap growth funds, whereas the fund allocates its assets among multiple investment strategies which include mid-cap growth, value and core investment strategies. Management confirmed that the fund continued to apply consistent investment strategies and performed in a manner management expected under then-current market conditions.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s actual total expenses were higher than the Expense Group median and Expense Universe median total expenses.

BNY Mellon Small Cap Multi-Strategy Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as small-cap core funds by Lipper.

The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the performance comparisons and considered that the fund’s total return performance was at or above the Performance Group median for all periods, except for the one-, two- and ten-year periods when the fund’s total return performance was below the Performance Group median, and was above the Performance Universe medians for all periods, except for the one- and two-year periods when the fund’s total return performance was below the Performance Universe median. The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2022, which showed that two out of the fund’s three strategies performed better than the respective benchmark index. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund’s underperformance versus the Performance Group and Performance Universe during the most recent periods under review and noted that the

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portfolio managers are very experienced with an impressive long-term track record and continued to apply a consistent investment strategy. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns six out of the ten calendar years shown.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s actual total expenses were higher than the Expense Group median and Expense Universe median total expenses.

BNY Mellon International Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as international multi-cap core funds by Lipper.

The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median and the Performance Universe median for all periods. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund’s underperformance versus the Performance Group and Performance Universe and noted that the portfolio manager is very experienced and continued to apply a consistent investment strategy. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in four of the ten calendar years shown.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were higher than the Expense Group median and Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until April 1, 2024, to waive receipt of a portion of its management fee in the amount of .20% of the value of the fund’s average daily net assets.

BNY Mellon Emerging Market Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as emerging markets funds by Lipper.

The Board discussed with representatives of the Adviser and Sub-Adviser the results of the performance comparisons and considered that the fund’s total return performance was at or above the Performance Group median for all periods, except the four-year period when the fund’s total return performance was just below the Performance Group median, and was above the Performance Universe median for all periods, except the ten-year period when the fund’s total return performance was slightly below the Performance Group median. The Adviser also provided a comparison for the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in four of the ten calendar years shown.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were higher than the Expense Group median and Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until April 1, 2024, to waive receipt of a portion of its management fee in the amount of .25% of the value of the fund’s average daily net assets.

BNY Mellon International Equity Income Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as international equity income funds by Lipper.

The Board discussed with representatives of the Adviser and Sub-Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the one- and two-year periods when the fund’s total return performance was above and at the Performance Group median, respectively, and above the Performance Universe median. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund’s underperformance versus the Performance Group and Performance Universe during certain periods under review and noted that the portfolio manager is very experienced and continued to apply a

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INFORMATION ABOUT THE RENEWAL AND APPROVAL OF THE FUND’S INVESTMENT ADVISORY, ADMINISTRATION AND EACH RELEVANT FUND’S SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

consistent investment strategy. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were higher than the Expense Group median and Expense Universe median total expenses. The Board noted the small asset size of the fund.

BNY Mellon Asset Allocation Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as mixed-asset target allocation growth funds by Lipper and to that of its Funds of Funds Performance Group consisted of funds classified as mixed-asset target allocation growth funds of funds.

The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except for the three- and five-year periods when the fund’s total return performance was slightly above the Performance Group median, and was above the Performance Universe median for all periods, except for the ten-year period when the fund’s total return performance was below the Performance Universe median. The Board also considered that the fund’s total return performance was above the Funds of Funds Performance Group median for all periods. The Board also reviewed performance attribution information relating to each fund strategy to which fund assets were allocated and the managers and underlying funds responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2022, which showed that five out of the sixteen managers/underlying funds in the strategies to which fund assets were allocated performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in seven of the ten calendar years shown.

The Board considered that the fund invests a portion of its assets in underlying mutual funds (“Acquired Funds”) and that the fund’s pro rata share of the expenses of the Acquired Funds was included in the fund’s total expenses used to determine its rankings in the Expense Group, Expense Universe, Funds of Funds Expense Group and Funds of Funds Expense Universe (even though not all other funds in the Expense Group and Expense Universe invest in underlying funds). The Board considered that the fund’s contractual management fee was lower than the Expense Group median and higher than the Funds of Funds Expense Group median contractual management fee; the fund’s actual management fee was lower than the Expense Group median and Expense Universe median actual management fee (lowest in the Expense Group) and higher than the Funds of Funds Expense Group median and the Funds of Funds Expense Universe median actual management fee; and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses and slightly higher than the Funds of Funds Expense Group median and higher than the Funds of Funds Expense Universe median total expenses (all including Acquired Fund expenses). The Board determined that the fee payable by the fund pursuant to the Management Agreement was based on services provided that were in addition to, rather than duplicative of, the services provided under the advisory contracts of the Acquired Funds in which the fund invested.

Representatives of the Adviser stated that the Adviser has contractually agreed, until December 30, 2023, to waive receipt of its fees and/or assume the expenses of the fund so that the total annual operating expenses of neither share class (including indirect fees and expenses of the underlying funds, but excluding shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .87% of the fund’s average daily net assets.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates to each fund. The Board also considered the expense limitation arrangements for certain funds and the effect each such arrangement had on profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

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As to each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser(s), including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since the Adviser, and not the fund, pays each Sub-Adviser pursuant to the respective Sub-Advisory Agreement, the Board did not consider the Sub-Adviser’s profitability to be relevant to its deliberations. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Advisers from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading certain fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund, and by the each Sub-Adviser to the applicable Sub-Advised Fund, are adequate and appropriate.

· With respect to BNY Mellon Asset Allocation Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International Fund and BNY Mellon International Equity Income Fund, the Board determined each fund’s overall relative performance was satisfactory in light of the totality of the information presented.

· With respect to and BNY Mellon Income Stock Fund, the Board was satisfied with the fund’s performance.

· With respect to BNY Mellon Emerging Markets Fund, the Board generally was satisfied with the fund’s relative performance.

· With respect to each fund, as applicable, the Board concluded that the fees paid to the Adviser and the Sub-Advisers continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

· The Board determined that the fees charged by the Adviser under the Management Agreement with respect BNY Mellon Asset Allocation Fund were for services in addition to, and not duplicative of, services provided under the advisory contracts of the Acquired Funds in which the fund invested.

· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the respective Agreement with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Advisers, of the Adviser (and, for the Sub-Advised Funds, the Sub-Adviser(s)) and the services provided to the fund pursuant to the respective Agreement. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the funds and the investment management and other services provided under the respective Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreements, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s

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INFORMATION ABOUT THE RENEWAL AND APPROVAL OF THE FUND’S INVESTMENT ADVISORY, ADMINISTRATION AND EACH RELEVANT FUND’S SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

conclusions may be based, in part, on its consideration of the respective fund’s arrangements, or substantially similar arrangements for the funds in the Trust, in prior years. The Board determined to renew the Agreement(s) for each fund.

*******

At the meeting of the Trust’s Board of Trustees held on March 20-21, 2023, the Board also considered the approval of (i) a delegation arrangement between NIMNA and its affiliate, NIM, which permits NIMNA, as the sub-investment adviser with respect to BNY Mellon Income Stock Fund, BNY Mellon International Equity Income Fund, BNY Mellon International Fund, BNY Mellon Mid Cap Multi-Strategy Fund (Opportunistic Mid Cap Value Strategy and Mid Cap Growth Strategy) and BNY Mellon Small Cap Multi-Strategy Fund (Opportunistic Small Cap Strategy, Small Cap Value Strategy and Small Cap Growth Strategy), to use the investment advisory personnel, resources and capabilities (“Investment Advisory Services”) available at its sister company, NIM, in providing the day-to-day management of such funds’ investments; and (ii) a delegation arrangement between NIM and its affiliate, NIMNA, which permits NIM, as the sub-investment adviser with respect to BNY Mellon Emerging Markets Fund, to use the Investment Advisory Services available at its sister company, NIMNA, in providing the day-to-day management of such fund’s investments. In connection therewith, the Board considered the approval of separate sub-sub-investment advisory agreements (each, the “SSIA Agreement”) with respect to each such fund (the “Newton Sub-Advised Funds”). In considering the approval of the SSIA Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

At the meeting, the Adviser and NIMNA and NIM (together, the “Newton Sub-Advisers”) recommended the approval of the SSIA Agreement to enable NIM and NIMNA to each provide Investment Advisory Services for the benefit of the Newton Sub-Advised Funds, as applicable, including, but not limited to, portfolio management services, subject to the supervision of the respective Newton Sub-Adviser and the Adviser. The recommendation for the approval of the SSIA Agreement was based on the following considerations, among others: (i) approval of the SSIA Agreement would permit each Newton Sub-Adviser to use investment personnel employed primarily by its sister company as primary portfolio managers of the Newton Sub-Advised Fund it sub-advises and to use the investment research services of its sister company in the day-to-day management of such Newton Sub-Advised Fund’s investments; and (ii) there would be no material changes to the Newton Sub-Advised Funds’ investment objectives, strategies or policies, no reduction in the nature or level of services provided to the funds, and no increases in the management fee payable by the Newton Sub-Advised Funds or the sub-advisory fee payable by the Adviser to the Newton Sub-Advisers as a result of the delegation arrangements. The Board also considered the fact that the Adviser stated that it believed there were no material changes to the information the Board had previously considered at the meeting in connection with the Board’s re-approval of the Agreements for the ensuing year, other than the information about the delegation arrangements.

In determining whether to approve the SSIA Agreement, the Board considered the materials prepared by the Adviser and each Newton Sub-Adviser received in advance of the meeting and other information presented at the meeting, which included: (i) a form of the SSIA Agreement; (ii) information regarding the delegation arrangements and how it is expected to enhance investment capabilities for the benefit of each Newton Sub-Advised Fund; (iii) information regarding the Newton Sub-Advisers; and (iv) an opinion of counsel that the proposed delegation arrangements would not result in an “assignment” of the respective Sub-Investment Advisory Agreement under the 1940 Act and the Investment Advisers Act of 1940, as amended, and, therefore, did not require the approval of fund shareholders. The Board also considered the substance of discussions with representatives of the Adviser and each Newton Sub-Adviser at the meeting in connection with the Board’s re-approval of the Agreements.

Nature, Extent and Quality of Services to be Provided. In examining the nature, extent and quality of the services that were expected to be provided by the Newton Sub-Advisers under the SSIA Agreement with respect to each Newton Sub-Advised Fund, the Board considered: (i) each Newton Sub-Adviser’s organization, qualification and background, as well as the qualifications of its personnel; (ii) the expertise of the personnel providing portfolio management services; (iii) information regarding each Newton Sub-Adviser’s compliance program; and (iv) the investment strategy for the Newton Sub-Advised Fund, which would remain the same. The Board also considered that enabling each Newton Sub-Adviser to use the proposed Investment Advisory Services provided by its sister company, the Newton Sub-Advisers would provide investment and portfolio management services of at least the same nature, extent and quality that it currently provides to the respective Newton Sub-Advised Fund without the ability to use the Investment Advisory Services of its sister company. Based on the considerations and review of the foregoing information, the Board concluded that the nature, extent and quality of the sub-investment advisory

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services to be provided by each Newton Sub-Adviser having the ability to use the Investment Advisory Services supported a decision to approve the SSIA Agreement.

Investment Performance. The Board considered each Newton Sub-Advised Fund’s investment performance and that of the investment team managing such fund’s portfolio (including comparative data provided by Broadridge) at the meeting in connection with the Board’s re-approval of the Agreements. The Board considered that the same investment professionals would continue to manage each Newton Sub-Advised Fund’s assets and that enabling the Sub-Advisers to use the Investment Advisory Services pursuant to the SSIA Agreement for the benefit of the respective Newton Sub-Advised Fund supported a decision to approve the SSIA Agreement.

Costs of Services to be Provided and Profitability. The Board considered the contractual management fees payable by each Newton Sub-Advised Fund pursuant to the Investment Advisory Agreement and Administration Agreement and the contractual sub-investment advisory fee payable by the Adviser to each Newton Sub-Adviser pursuant to the respective Sub-Investment Advisory Agreement at the meeting in connection with the Board’s re-approval of the Agreements. The Board noted that the contractual management fees payable by each Newton Sub-Advised Fund to the Adviser and the sub-investment advisory fees payable by the Adviser to each Newton Sub-Adviser, would not change in connection with the proposed delegation arrangements. The Board recognized that, because the fees payable would not change, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Agreements, and that the Board had received and considered a profitability analysis of the Adviser and its affiliates, including NIMNA and NIM, at the meeting in connection with the Board’s re-approval of the Agreements. The Board concluded that the Adviser’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to each Newton Sub-Advised Fund by the Adviser and each Newton Sub-Adviser, as applicable, under the Agreements.

Economies of Scale to be Realized. The Board recognized that, because the fees payable by each Newton Sub-Advised Fund pursuant to the Investment Advisory Agreement and Administration Agreement and the contractual sub-investment advisory fee payable by the Adviser to each Newton Sub-Adviser pursuant to the respective Sub-Investment Advisory Agreement would not change in connection with the proposed delegation arrangement, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Agreements, which had been done at the meeting in connection with the Board’s re-approval of the Agreements. At the meeting, the Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of each Newton Sub-Advised Fund had been adequately considered by the Adviser in connection with the fee rate charged to the Newton Sub-Advised Fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with such fund, the Board would seek to have those economies of scale shared with the Newton Sub-Advised Fund.

The Board also considered whether there were any ancillary benefits that would accrue to the Newton Sub-Advisers as a result of its relationship with each respective Newton Sub-Advised Fund after the delegation arrangements, and such ancillary benefits, if any, were determined to be reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the assistance of independent legal counsel, approved the delegation arrangements and the SSIA Agreement for each Newton Sub-Advised Fund.

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LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Each fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires each fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. The fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.

The rule also requires each fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days each fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those funds do not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. Each fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.

Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.

Assessment of Program

In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for each fund and the Program has been implemented effectively. The Program Administrator has monitored the funds’ liquidity risk and the liquidity classification of the securities held by each fund and has determined that the Program is operating effectively.

During the period from January 1, 2022 to December 31, 2022, there were no material changes to the Program and no material liquidity events that impacted each fund. During the period, each fund held sufficient highly liquid assets to meet fund redemptions.

Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that each fund maintains sufficient highly liquid assets to meet expected fund redemptions.

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BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Independent Board Members

Patrick J. O’Connor (80)

Board Member, Chairman of the Board (2000)

Principal Occupation During Past 5 Years:

Attorney, Cozen O’Connor, P.C. (1973-Present), Vice Chairman (1980-2002); and President and Chief Executive Officer (2002-2007)

No. of Portfolios for which Board Member Serves: 19

———————

John R. Alchin (75)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Retired

· The Barnes Foundation, an art museum, Trustee (2017 - Present)

· Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present)

· Philadelphia Art Museum, Board Member (2008 - Present)

· Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 –2020)

Other Public Company Board Memberships During Past 5 Years:

· Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-Present), and Chair of Audit Committee (2018-Present)

No. of Portfolios for which Board Member Serves: 19

———————

Ronald R. Davenport (87)

Board Member (2000)

Principal Occupation During Past 5 Years:

· Sheridan Broadcasting Corporation, Chairman (1972-Present)

No. of Portfolios for which Board Member Serves: 19

———————

Kim D. Kelly (67)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Consultant (2005-Present)

Other Public Company Board Memberships During Past 5 Years:

· MCG Capital Corporation, a business development company, Director (2004-2015)

· HITV, broadcasting, President (2015 – 2019)

No. of Portfolios for which Board Member Serves: 19

———————

Kevin C. Phelan (79)

Board Member (2000)

Principal Occupation During Past 5 Years:

· Colliers International Mortgage Banker, (1978-Present) and Co-Chairman (2010-Present)

· A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019-Present)

Other Public Company Board Memberships During Past 5 Years:

· Industrial Logistics Properties Trust, a real estate company, Trustee (2020 - Present)

No. of Portfolios for which Board Member Serves: 19

———————

Patrick J. Purcell (75)

Board Member (2000)

Principal Occupation During Past 5 Years:

· jobfind.com, an employment search site on the world wide web, President and Founder (1996 -– Present)

· The Boston Herald, President and Publisher (1994-2018)

· Herald Media, President and Chief Executive Officer, (2001 – 2018)

No. of Portfolios for which Board Member Serves: 19

———————

Thomas F. Ryan, Jr. (81)

Board Member (2000)

Principal Occupation During Past 5 Years:

· Retired

· Boston College. Trustee Associate (2013 – Present)

· NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid, Director (1998-2021)

Other Public Company Board Memberships During Past 5 Years:

· RepliGen Corporation, a biopharmaceutical company, Director (2002-May 2022)

No. of Portfolios for which Board Member Serves: 19

———————

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BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Maureen M. Young (78)

Board Member (2000)

Principal Occupation During Past 5 Years:

· Retired

No. of Portfolios for which Board Member Serves: 19

———————

Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about each Board Member is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.

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OFFICERS OF THE TRUST (Unaudited)

PATRICK T. CROWE, President since July 2015.

National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014. He is 59 years old and has served in various capacities with BNY Mellon since 1993.

JAMES WINDELS, Treasurer since November 2001.

Director of the Adviser since February 2023; Vice President of the Adviser since September 2020, and Director- BNY Mellon Fund Administration. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 64 years old and has been an employee of the Adviser since April 1985.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of BNY Mellon since April 2004.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the Adviser. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since December 1996.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.

Managing Counsel of BNY Mellon since December 2021; and Counsel of BNY Mellon from August 2018 to December 2021. She is an officer of 54 investment companies (comprised of 122 portfolios) managed by BNYM Investment Adviser or an affiliate of BNYM Investment Adviser. She is 33 years old and has been an employee of BNY Mellon since August 2013.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Vice President of BNY Mellon ETF Investment Adviser, LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; and Managing Counsel of BNY Mellon from December 2017 to September 2021. She is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 47 years old and has been an employee of BNY Mellon since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.

Senior Managing Counsel of BNY Mellon. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 58 years old and has been an employee of the Adviser since October 1990.

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 38 years old and has been an employee of BNY Mellon since April 2015.

JOANNE SKERRETT, Vice President and Assistant Secretary since March 2023.

Managing Counsel of BNY Mellon since June 2022; and Senior Counsel with the Mutual Fund Directors Forum, a leading funds industry organization, from 2016 to June 2022. She is an officer of 54 investment companies (comprised of 122 portfolios) managed by BNYM Investment Adviser or an affiliate of BNYM Investment Adviser. She is 51 years old and has been an employee of BNYM Investment Adviser since June 2022.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 38 years old and has been an employee of BNY Mellon since May 2016.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager - BNY Mellon Fund Administration. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since April 1991.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – BNY Mellon Fund Administration. He is an officer of 54 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of BNYM Investment Adviser from 2004 until June 2021. He is the Chief Compliance Officer of 53 investment companies (comprised of 105 portfolios) managed by BNYM Investment Adviser. He is 66 years old.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 47 investment companies (comprised of 115 portfolios) managed by BNYM Investment Adviser or an affiliate of BNYM Investment Adviser. She is 55 years old and has been an employee of the Distributor since 1997.

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For More Information

BNY Mellon Funds Trust

240 Greenwich Street

New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Sub-Adviser

Newton Investment Management
North America, LLC

BNY Mellon Center

201 Washington Street

Boston, MA 02108

Newton Investment
Management Limited
160 Queen Victoria Street
London, EC4V, 4LA. UK

Geneva Capital Management LLC

411 East Wisconsin Avenue

Suite 2320,

Milwaukee, WI 53202

Boston Partners Global Investors, Inc.

One Grand Central Place

60 East 42^nd Street – Suite 1550

New York, NY 10165

Administrator

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Sub-Administrator

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.

240 Greenwich Street

New York, NY 10286

Distributor

BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286


Ticker Symbols:
BNY Mellon Income Stock Fund	Class M: MPISX	Investor: MIISX	Class A: BMIAX	Class C: BMISX	Class I: BMIIX	Class Y: BMIYX
BNY Mellon Mid Cap Multi-Strategy Fund	Class M: MPMCX	Investor: MIMSX
BNY Mellon Small Cap Multi-Strategy Fund	Class M: MPSSX	Investor: MISCX
BNY Mellon International Fund	Class M: MPITX	Investor: MIINX
BNY Mellon Emerging Markets Fund	Class M: MEMKX	Investor: MIEGX
BNY Mellon International Equity Income Fund	Class M: MLIMX	Investor: MLIIX
BNY Mellon Asset Allocation Fund	Class M: MPBLX	Investor: MIBLX

Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.

Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258

BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012

Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 534434, Pittsburgh, Pennslylvania 15253-4434

Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http:// www.im.bnymellon.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-373-9387.


© 2023 BNY Mellon Securities Corporation	MFTAR0823-EQ

BNY Mellon Funds Trust

BNY Mellon Bond Fund

BNY Mellon Intermediate Bond Fund

BNY Mellon Corporate Bond Fund

BNY Mellon Short-Term U.S. Government Securities Fund


ANNUAL REPORT August 31, 2023

Contents

THE FUNDS


Discussion of Funds’ Performance	2
Fund Performance	6
Understanding Your Fund’s Expenses	10
Comparing Your Fund’s Expenses With Those of Other Funds	11
Statements of Investments	12
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	54
Important Tax Information	55
Information About the Renewal of Each Fund’s Investment Advisory and Administration Agreements	56
Liquidity Risk Management Program	60
Board Members Information	61
Officers of the Trust	63

FOR MORE INFORMATION

Back Cover

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The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from September 1, 2022, through August 31, 2023, as provided by John F. Flahive, CFA, portfolio manager with BNY Mellon Investment Adviser, Inc.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Bond Fund’s (the “fund”) Class M shares produced a total return of −1.05%, and Investor shares produced a total return of −1.38%.¹ In comparison, the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Index”), produced a total return of −1.19% for the same period.²

The Index declined due to pressure on bond prices driven by rate hikes implemented by the U.S. Federal Reserve (the “Fed”) in an effort to constrain inflation. The fund produced mixed performance relative to the Index, with positive credit and duration exposure balanced by underperformance in a small number of asset classes.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. BNY Mellon Investment Adviser, Inc. (BNY Mellon Investment Adviser) actively manages the fund’s bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risks. The fund’s investments in bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.³ Investments in bonds may include government securities, corporate bonds, mortgage-related securities and municipal securities. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.

Rising Interest Rates Pressure Bond Prices and Increase Yields

Bond yields generally rose during the reporting period as the Fed sharply increased the federal funds rate in an effort to curb high levels of inflation. At the same time, bond prices, which generally move in the opposite direction of yields, declined. Although inflation appeared to peak before the period began, topping at over 9% in June, it remained over 8% at the start of the period, well above the Fed’s 2% target rate. The Fed responded with its third consecutive 0.75% increase to the federal funds rate in September, while indicating that additional increases were likely, increasing concerns of a possible recession.

The economic backdrop began improving in mid-October as inflationary pressures eased, and economic data reassured investors that a recession was not imminent. U.S. inflation levels dropped steadily, dipping below 3% in June 2023 and remaining under 4% through the end of the period. While the Fed continued to hike rates, the scale of increases eased, with a fourth 0.75% increase in November 2022, followed by a 0.50% increase in December and four subsequent 0.25% increases in 2023. At the same time, the U.S. economy continued to grow, bolstered by strong consumer spending, rising wages and robust levels of employment. Different asset classes within the Index responded to these developments in different ways. Treasury securities, particularly long-term Treasury bonds, underperformed. The Treasury yield curve remained inverted throughout the period, with the two-year Treasury rate exceeding the 10-year Treasury rate. Securitized instruments, most notably mortgage-backed securities, underperformed as well. On the other hand, government-related bonds and investment-grade corporates registered modest gains, while high yield corporates produced still stronger returns. In general, bonds characterized by lower credit quality and shorter duration tended to outperform their higher-credit-quality, longer-duration counterparts. Yields grew increasingly attractive across the bond spectrum.

Seeking Yield Advantage While Adjusting Credit Exposure

Prior to the beginning of the period, we took several steps to position the fund defensively in consideration of the prevailing environment of high inflation, rising rates and potentially slowing economic growth. Specifically, we trimmed the fund’s corporate exposure, while maintaining a mildly overweight position relative to the Index, with an emphasis on higher-yielding, lower-quality corporate bonds. At the same time, in recognition of increased inflationary pressures and the likelihood of further interest-rate increases, the fund maintained relatively short average duration to reduce interest-rate sensitivity. These moves made positive contributions to performance relative to the Index. Within the corporate sector, returns benefited from the fund’s overweight exposure to lower-credit-quality, BBB rated bonds and corresponding underweight exposure to higher-quality, AAA and A rated bonds. As credit outperformed, and relative valuations began to look less attractive, we trimmed the fund’s credit exposure. Within the Treasury sector, relatively short duration proved additive. Conversely, issue selection detracted from returns in the mortgage-backed area, despite the positive impact of the fund’s underweight exposure. Out-of-Index exposure to TIPS (Treasury Inflation-Protected Securities) also had a negative impact on relative returns.

Well Positioned for the Prevailing Environment

While the economy has remained resilient in the face of the Fed’s aggressive efforts to combat inflation, cracks have begun to appear in some areas, including increasing consumer delinquencies and tightening bank credit, with impacts on commercial real estate and commercial and industrial loans. We expect to see further effects if, as expected, the Fed maintains rates at or near current levels for an extended period of time. On the other hand, the level of inflation has declined substantially, and the labor market remains healthy, with the overall economy continuing to benefit from several recent federal programs designed to stimulate growth, including the CHIPS and Science Act, the $1 trillion bipartisan infrastructure bill and the Inflation Reduction Act of 2022. Accordingly, while we expect economic growth to slow modestly in the near term, we do not anticipate a steep recession.

In light of these countervailing forces, we continue to maintain the fund’s yield advantage, while remaining cautious regarding the valuations of positions we add to the portfolio. The fund currently holds a well-diversified portfolio of corporate securities. Average duration stands slightly short but near-neutral relative to the Index, with overweight exposure to the long- and short-end of the yield curve where we find the greatest yield advantage, and underweight exposure to the middle of the curve. From a credit perspective, the fund holds overweight exposure to lower-rated BBB credits, and underweight exposure to higher-rated AA and AAA credits. Treasury exposure is slightly underweight, while securitized exposure remains neutral. The fund also maintains a small, out-of-Index position in TIPS.

September 15, 2023

² Source: Lipper Inc. — The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.

³ The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.

Bond funds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

For the period from September 1, 2022, through August 31, 2023, as provided by John F. Flahive, CFA, Portfolio Manager with BNY Mellon Investment Adviser, Inc.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Intermediate Bond Fund’s (the “fund”) Class M shares produced a total return of 1.26%, and Investor shares produced a total return of 1.03%.¹ In comparison, the fund’s benchmark, the Bloomberg U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of 0.55% for the same period.²

Intermediate-term bonds gained modest ground amid aggressive rate hikes implemented by the U.S. Federal Reserve (the “Fed”) in an effort to constrain inflation. The fund outperformed the Index due primarily to favorable asset-class allocation and credit and duration positioning.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in bonds. The BNY Mellon Investment Adviser, Inc. (BNY Mellon Investment Adviser) actively manages bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk.

Investments in bonds may include government securities, corporate bonds and municipal bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.³ Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years. When managing the fund, we use a disciplined process to select bonds and manage risk. We generally choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. Our management process also includes computer modeling and scenario testing of possible changes in market conditions.

Rising Interest Rates Pressure Bond Prices and Increase Yields

The economic backdrop began improving in mid-October as inflationary pressures eased, and economic data reassured investors that a recession was not imminent. U.S. inflation levels dropped steadily, dipping below 3% in June 2023 and remaining under 4% through the end of the period. While the Fed continued to hike rates, the scale of increases eased, with a fourth 0.75% increase in November 2022, followed by a 0.50% increase in December and four subsequent 0.25% increases in 2023. At the same time, the U.S. economy continued to grow, bolstered by strong consumer spending, rising wages and robust levels of employment. Different intermediate bond asset classes responded to these developments in different ways. Treasury securities, particularly long-term Treasury bonds, underperformed. The Treasury yield curve remained inverted throughout the period, with the two-year Treasury rate exceeding the 10-year Treasury rate. Securitized instruments, most notably mortgage-backed securities, underperformed as well. On the other hand, government-related bonds, investment-grade corporates and municipal bonds registered modest gains, while high yield corporates produced still stronger returns. In general, bonds characterized by lower credit quality and shorter duration tended to outperform their higher-credit-quality, longer-duration counterparts. Yields grew increasingly attractive across the bond spectrum.

Duration, Allocation and Credit Positioning Bolster Relative Performance

During the reporting period, the fund maintained shorter average duration than the Index at a time when shorter-duration instruments outperformed longer-duration instruments. Much of the fund’s short position was concentrated among Treasury holdings, where performance was further enhanced by the fund’s underweight allocation. Conversely, the fund held overweight exposure to local authority municipal bonds, which added value. The fund also held overweight exposure to corporates, particularly lower-credit-quality BBB bonds, which further bolstered relative returns, as did the short average duration of corporate holdings. Among corporate industry sectors, only real estate detracted slightly from performance due to issue selection. During the period, as municipals and corporates outperformed, and spreads tightened, making them less attractive on a relative basis, we trimmed the fund’s overweight positions in both areas. We also increased the fund’s average duration, moving closer to neutral relative to the Index.

Well Positioned for the Prevailing Environment

In light of these countervailing forces, we continue to maintain the fund’s yield advantage, while remaining cautious regarding the valuations of positions we add to the portfolio. The fund currently holds a well-diversified portfolio of securities, with underweight exposure to Treasury securities, and overweight exposure to corporates, municipals and, to a slight degree, agencies. Average duration stands slightly short, but near-neutral relative to the Index. From a credit perspective, the fund continues to hold overweight exposure to lower-rated BBB credits, and underweight exposure to higher-rated credits.

September 15, 2023

² Source: Lipper Inc. — The Bloomberg U.S. Intermediate Government/Credit Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg U.S. Aggregate Bond Index. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.

³ The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2022, through August 31, 2023, as provided by John F. Flahive, CFA, portfolio manager with BNY Mellon Investment Adviser, Inc.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Corporate Bond Fund’s (the “fund”) Class M shares produced a total return of 3.06%, and Investor shares produced a total return of 2.82%.¹ In comparison, the fund’s benchmark, the Bloomberg U.S. Intermediate Credit Index (the “Index”), produced a total return of 1.81%, and the Bloomberg U.S. Credit Index, the fund’s secondary benchmark, produced a total return of 0.85% for the same period.^2,3

Corporate bonds gained modest ground amid aggressive rate hikes implemented by the U.S. Federal Reserve (the “Fed”) in an effort to constrain inflation. The fund outperformed the Index due primarily to favorable credit positioning.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in corporate bonds, which include U.S. dollar-denominated bonds issued by U.S. and foreign corporations. The remainder of the fund’s assets may be invested in U.S. government and agency bonds, mortgage-related securities, including commercial mortgage-backed securities, asset-backed securities, foreign corporate bonds denominated in foreign currencies, foreign government bonds, municipal bonds and commercial paper, and other money market instruments. For additional yield, the fund may invest up to 20% of its assets in fixed-income securities rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the investment adviser, but no lower than Ba/BB (or the unrated equivalent as determined by the investment adviser) in the case of mortgage-related and asset-backed securities.

BNY Mellon Investment Adviser, Inc. uses a disciplined process to select bonds and manage risk. The investment adviser chooses bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and its outlook for the securities markets. In selecting corporate bonds for investment, the fund’s portfolio managers analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.

Rising Interest Rates Pressure Bond Prices and Increase Yields

Seeking Yield Advantage While Adjusting Credit Exposure

Unlike the Index, which includes a significant allocation to government-related issues, including agencies, local authorities, sovereigns and supranationals, the fund held relatively little exposure outside of corporate bonds. Among corporates, the fund benefited most significantly from heavily overweight exposure to lower-rated BBB credits and underweight exposure to higher-rated AA and A credits. While the fund’s average duration was slightly longer than that of the Index, the timing of the fund’s duration exposure proved additive, with longer duration early in the period and shorter duration later. From a sector perspective, positioning in industrials and finance enhanced returns, while only real estate positioning detracted slightly.

Well Positioned for the Prevailing Environment

In light of these countervailing forces, we continue to maintain the fund’s yield advantage, while remaining cautious regarding the valuations of positions we add to the portfolio. The fund currently holds a well-diversified portfolio of corporate securities. Average duration stands slightly long but near-neutral relative to the Index, with overweight exposure to the long- and short-end of the yield curve where we find the greatest yield advantage, and underweight exposure to the middle of the curve. From a credit perspective, the fund continues to hold overweight exposure to lower-rated BBB credits, and underweight exposure to higher-rated credits. Among sectors, the fund holds overweight exposure to finance, industrials and energy. The fund also holds overweight exposure to REITs (real estate investment trusts), with an emphasis on specialty REITs rather than bonds in the more troubled office real estate area. Conversely, the fund holds relatively underweight exposure to the utilities sector, which tends to include higher-quality credits.

September 15, 2023

² Source: Lipper Inc. – The Bloomberg U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index, which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. Investors cannot invest directly in any index.

³ Source: Lipper Inc. – The Bloomberg U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.

For the period from September 1, 2022, through August 31, 2023, as provided by Lawrence R. Dunn, CFA, portfolio manager with BNY Mellon Investment Adviser, Inc.

Market and Fund Performance Overview

For the 12-month period ended August 31, 2023, BNY Mellon Short-Term U.S. Government Securities Fund’s (the “fund”) Class M shares produced a total return of 1.33%, and Investor shares produced a total return of 1.09%.¹ In comparison, the Bloomberg U.S. Government 1-3 Year Bond Index (the “Index”), the fund’s benchmark, produced a total return of 1.29% for the same period.²

Short-term U.S. government bonds gained modest ground amid aggressive rate hikes implemented by the U.S. Federal Reserve (the “Fed”) in an effort to constrain inflation. The fund generated mixed performance compared to the Index, with relatively strong returns in some areas balanced by relatively weak returns in others.

The Fund’s Investment Approach

The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue this goal, the fund normally invests at least 80% of its net assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and in repurchase agreements. The fund may invest in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations (“CMOs”), including stripped mortgage-backed securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.

When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, generally we then seek to identify what we believe are potentially profitable sectors before they are widely perceived as such by the market. We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.

Yields Rise as Interest Rates Increase

Bond yields generally rose during the reporting period as the Fed sharply increased the federal funds rate in an effort to curb high levels of inflation. At the same time, bond prices, which tend to move in the opposite direction of yields, declined. Although inflation appeared to peak before the period began, topping at over 9% in June, it remained over 8% at the start of the period, well above the Fed’s 2% target rate. The Fed responded with its third consecutive 0.75% increase to the federal funds rate in September, while indicating that additional increases were likely, increasing concerns of a possible recession.

Mixed Returns from Allocations

Compared to the Index, the fund’s performance benefited from relatively short duration at a time of rising interest rates. In addition, overweight exposure to non-Treasury bonds bolstered returns by adding yield. Specifically, the fund sought to increase yield relative to the Index by investing a substantial proportion of assets in a variety of short-term agency mortgage instruments, most of them and backed by government-sponsored enterprises, and taxable municipal bonds. The main headwinds to performance arose in March and April 2023, when a few regional bank failures caused mortgage-backed securities (“MBS”) to cheapen sharply amid fears that bank weakness would spread. Contributing to the trend were worries of sudden forced liquidations of MBS securities in connection with resolving those bank failures. MBS spreads later retightened as monetary authorities contained the situation.

Continuing to Seek Yield Advantage While Controlling Risk

As of August 31, 2023, the fund’s duration position is nearly neutral relative the Index, reflecting our belief that, while short-term rates are not likely to rise significantly from current levels, the Fed does not appear poised to lower rates any time soon. The fund maintains modest exposure to securities with average maturities longer than three years but holds overweight exposure to 0-to-one-year maturities. We have reduced the fund’s exposure to MBS and taxable municipals.

September 15, 2023

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 30, 2023, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.

² Source: Lipper Inc. – The Bloomberg U.S. Government 1-3 Year Bond Index comprises the U.S. Treasury and U.S. Agency Indices. The Index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Investors cannot invest directly in any index.

FUND PERFORMANCE (Unaudited)

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Aggregate Bond Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	-1.05%	.43%	1.36%
Investor shares	-1.38%	.18%	1.11%
Bloomberg U.S. Aggregate Bond Index	-1.19%	.49%	1.48%

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Bond Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Intermediate Government/Credit Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	1.26%	1.15%	1.30%
Investor shares	1.03%	.92%	1.06%
Bloomberg U.S. Intermediate Government/Credit Index	.55%	1.16%	1.46%

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg U.S. Aggregate Bond Index. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

FUND PERFORMANCE (Unaudited) (continued)

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Corporate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Intermediate Credit Index and the Bloomberg U.S. Credit Index.


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	3.06%	2.25%	2.92%
Investor shares	2.82%	1.99%	2.67%
Bloomberg U.S. Intermediate Credit Index	1.81%	1.71%	2.20%
Bloomberg U.S. Credit Index	.85%	1.32%	2.47%

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Corporate Bond Fund on 8/31/13 to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Intermediate Credit Index and the Bloomberg U.S. Credit Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Bloomberg U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. The Bloomberg U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Government 1-3 Year Bond Index (the “Index”).


Average Annual Total Returns as of 8/31/2023
	1 Year	5 Years	10 Years
Class M shares	1.33%	.76%	.52%
Investor shares	1.09%	.52%	.28%
Bloomberg U.S. Government 1-3 Year Bond Index	1.29%	1.02%	.83%

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund on 8/31/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses


Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended August 31, 2023

		Class M	Investor Shares
BNY Mellon Bond Fund
Expenses paid per $1,000^†		$2.88	$4.14
Ending value (after expenses)		$1,007.00	$1,005.40
Annualized expense ratio (%)		.57	.82
BNY Mellon Intermediate Bond Fund
Expenses paid per $1,000^†		$2.95	$4.22
Ending value (after expenses)		$1,017.50	$1,017.60
Annualized expense ratio (%)		.58	.83
BNY Mellon Corporate Bond Fund
Expenses paid per $1,000^†		$3.01	$4.28
Ending value (after expenses)		$1,024.20	$1,022.60
Annualized expense ratio (%)		.59	.84
BNY Mellon Short-Term U.S. Government Securities Fund
Expenses paid per $1,000^†		$2.54	$3.81
Ending value (after expenses)		$1,016.90	$1,015.20
Annualized expense ratio (%)		.50	.75
^†	Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2023

		Class M	Investor Shares
BNY Mellon Bond Fund
Expenses paid per $1,000^†		$2.91	$4.18
Ending value (after expenses)		$1,022.33	$1,021.07
Annualized expense ratio (%)		.57	.82
BNY Mellon Intermediate Bond Fund
Expenses paid per $1,000^†		$2.96	$4.23
Ending value (after expenses)		$1,022.28	$1,021.02
Annualized expense ratio (%)		.58	.83
BNY Mellon Corporate Bond Fund
Expenses paid per $1,000^†		$3.01	$4.28
Ending value (after expenses)		$1,022.23	$1,020.97
Annualized expense ratio (%)		.59	.84
BNY Mellon Short-Term U.S. Government Securities Fund
Expenses paid per $1,000^†		$2.55	$3.82
Ending value (after expenses)		$1,022.68	$1,021.42
Annualized expense ratio (%)		.50	.75
^†	Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

August 31, 2023



BNY Mellon Bond Fund
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.7%
Aerospace & Defense - .5%
The Boeing Company, Sr. Unscd. Notes		3.63	2/1/2031	6,000,000		5,361,067
Airlines - .6%
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A		3.38	5/1/2027	3,690,044		3,292,198
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA		3.20	4/25/2024	4,225,000		4,148,509
					7,440,707
Automobiles & Components - .2%
General Motors Financial Co., Inc., Sr. Unscd. Notes		3.10	1/12/2032	3,100,000		2,486,236
Banks - 7.4%
Bank of America Corp., Jr. Sub. Notes, Ser. TT		6.13	4/27/2027	8,650,000	^a,b	8,412,125
Barclays PLC, Sr. Unscd. Notes		7.33	11/2/2026	7,000,000		7,161,747
Citigroup, Inc., Sub. Notes		4.45	9/29/2027	5,100,000		4,877,844
Citigroup, Inc., Sub. Notes		6.17	5/25/2034	2,400,000		2,392,962
Citizens Bank NA/Providence RI, Sr. Unscd. Notes		2.25	4/28/2025	4,575,000		4,248,406
Deutsche Bank AG, Sr. Unscd. Notes		2.55	1/7/2028	8,490,000		7,510,232
HSBC Holdings PLC, Sr. Unscd. Notes		4.76	6/9/2028	6,000,000		5,758,653
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II		4.00	4/1/2025	5,475,000	^a,b	5,038,643
Morgan Stanley, Sr. Unscd. Notes		1.59	5/4/2027	8,000,000		7,180,536
NatWest Group PLC, Sr. Unscd. Notes		5.08	1/27/2030	5,500,000		5,241,865
Nordea Bank Abp, Jr. Sub. Notes		6.63	3/26/2026	4,280,000	^b,c	4,065,971
Societe Generale SA, Sub. Notes		6.22	6/15/2033	8,000,000	^c	7,523,594
The Goldman Sachs Group, Inc., Sub. Notes		6.75	10/1/2037	8,000,000		8,487,610
UBS Group AG, Sr. Unscd. Notes		1.31	2/2/2027	6,500,000	^c	5,795,167
UBS Group AG, Sr. Unscd. Notes		2.59	9/11/2025	4,825,000	^c	4,654,527
					88,349,882
Beverage Products - .5%
Anheuser-Busch Companies LLC/Anheuser-Busch Inbev Worldwide, Inc., Gtd. Notes		4.90	2/1/2046	6,250,000		5,818,951
Consumer Discretionary - 1.0%
Warnermedia Holdings, Inc., Gtd. Notes		3.76	3/15/2027	7,185,000	^a	6,741,339
Warnermedia Holdings, Inc., Gtd. Notes		4.28	3/15/2032	6,225,000	^a	5,495,773
					12,237,112
Diversified Financials - 2.9%
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes		2.45	10/29/2026	6,500,000		5,852,055
Aircastle Ltd., Sr. Unscd. Notes		2.85	1/26/2028	9,500,000	^c	8,187,558
Ares Capital Corp., Sr. Unscd. Notes		2.88	6/15/2028	6,000,000	^a	5,066,561
BlackRock TCP Capital Corp., Sr. Unscd. Notes		2.85	2/9/2026	3,800,000	^a	3,437,027
Blackstone Secured Lending Fund, Sr. Unscd. Notes		2.85	9/30/2028	6,890,000		5,698,405
Blue Owl Capital Corp., Sr. Unscd. Notes		2.63	1/15/2027	2,500,000		2,169,144
Blue Owl Finance LLC, Gtd. Notes		4.13	10/7/2051	7,650,000	^c	4,593,494
					35,004,244
Electronic Components - .4%
Jabil, Inc., Sr. Unscd. Notes		3.60	1/15/2030	5,500,000		4,923,718
Energy - 2.4%
Boardwalk Pipelines LP, Gtd. Notes		3.60	9/1/2032	3,825,000		3,218,316
Diamondback Energy, Inc., Gtd. Notes		3.13	3/24/2031	4,800,000		4,130,383
Enterprise Products Operating LLC, Gtd. Notes		5.35	1/31/2033	3,375,000	^a	3,395,757
Marathon Petroleum Corp., Sr. Unscd. Notes		3.80	4/1/2028	4,825,000		4,511,107
Sabine Pass Liquefaction LLC, Sr. Scd. Notes		4.50	5/15/2030	4,000,000		3,766,346
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes		5.00	1/15/2028	5,750,000		5,538,251
TransCanada PipeLines Ltd., Sr. Unscd. Notes		2.50	10/12/2031	4,825,000		3,847,659
					28,407,819
Food Products - .4%
The Kroger Company, Sr. Unscd. Notes		1.70	1/15/2031	6,500,000	^a	5,056,086



BNY Mellon Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.7% (continued)
Foreign Governmental - .3%
Province of Quebec, Unscd. Bonds		0.60	7/23/2025	4,000,000	^a	3,684,855
Health Care - 2.0%
AbbVie, Inc., Sr. Unscd. Notes		3.20	11/21/2029	6,000,000		5,411,721
Amgen, Inc., Sr. Unscd. Notes		5.60	3/2/2043	3,350,000		3,289,992
Amgen, Inc., Sr. Unscd. Notes		5.65	6/15/2042	1,605,000		1,581,027
CVS Health Corp., Sr. Unscd. Notes		4.78	3/25/2038	7,250,000		6,496,599
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes		4.65	5/19/2030	6,520,000		6,420,471
					23,199,810
Industrial - .3%
LBJ Infrastructure Group, Sr. Scd. Bonds		3.80	12/31/2057	5,000,000	^c	3,206,764
Information Technology - .3%
Oracle Corp., Sr. Unscd. Notes		3.90	5/15/2035	4,790,000		4,092,090
Insurance - .6%
MetLife, Inc., Jr. Sub. Bonds, Ser. G		3.85	9/15/2025	1,900,000	^a,b	1,756,741
Prudential Financial, Inc., Sr. Unscd. Notes		4.35	2/25/2050	6,375,000		5,311,017
					7,067,758
Internet Software & Services - 1.5%
Amazon.com, Inc., Sr. Unscd. Notes		1.65	5/12/2028	7,000,000	^a	6,122,003
eBay, Inc., Sr. Unscd. Notes		1.90	3/11/2025	5,500,000		5,212,811
Meta Platforms, Inc., Sr. Unscd. Notes		4.45	8/15/2052	7,700,000		6,539,744
					17,874,558
Media - .4%
Comcast Corp., Gtd. Notes		5.35	11/15/2027	5,120,000		5,194,165
Metals & Mining - .6%
Glencore Funding LLC, Gtd. Notes		2.63	9/23/2031	4,775,000	^c	3,805,306
Nucor Corp., Sr. Unscd. Notes		4.30	5/23/2027	2,875,000		2,789,940
					6,595,246
Municipal Securities - .6%
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		3.49	6/1/2036	3,000,000		2,370,485
New York City, GO, Refunding, Ser. D		1.92	8/1/2031	3,825,000		3,058,165
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B		3.41	1/1/2043	2,000,000		1,518,638
					6,947,288
Real Estate - .9%
Alexandria Real Estate Equities, Inc., Gtd. Notes		2.95	3/15/2034	4,775,000		3,783,465
Prologis LP, Sr. Unscd. Notes		2.25	1/15/2032	2,825,000		2,269,893
Prologis LP, Sr. Unscd. Notes		4.75	6/15/2033	1,900,000		1,822,968
Simon Property Group LP, Sr. Unscd. Notes		2.65	2/1/2032	4,000,000		3,215,792
					11,092,118
Retailing - .8%
McDonald's Corp., Sr. Unscd. Notes		4.60	9/9/2032	4,800,000	^a	4,698,826
The Home Depot, Inc., Sr. Unscd. Notes		1.38	3/15/2031	5,595,000		4,383,927
					9,082,753
Semiconductors & Semiconductor Equipment - 1.9%
Broadcom, Inc., Gtd. Notes		2.45	2/15/2031	4,000,000	^c	3,226,779
Broadcom, Inc., Sr. Unscd. Notes		3.19	11/15/2036	6,000,000	^c	4,512,511
Foundry JV Holdco LLC, Sr. Scd. Notes		5.88	1/25/2034	5,275,000	^c	5,208,142
Microchip Technology, Inc., Sr. Unscd. Notes		0.97	2/15/2024	3,000,000		2,931,487
Microchip Technology, Inc., Sr. Unscd. Notes		0.98	9/1/2024	2,000,000		1,905,380
NXP BV/NXP Funding LLC, Gtd. Notes		5.35	3/1/2026	4,500,000		4,473,643
					22,257,942
Technology Hardware & Equipment - .3%
Dell International LLC/EMC Corp., Gtd. Notes		3.38	12/15/2041	4,800,000	^c	3,384,283
Telecommunication Services - 1.3%
AT&T, Inc., Sr. Unscd. Notes		4.55	3/9/2049	7,000,000		5,608,075

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.7% (continued)
Telecommunication Services - 1.3% (continued)
T-Mobile USA, Inc., Gtd. Notes		3.00	2/15/2041	6,675,000		4,719,176
Verizon Communications, Inc., Sr. Unscd. Notes		2.99	10/30/2056	8,498,000		5,083,388
					15,410,639
Transportation - .4%
J.B. Hunt Transport Services, Inc., Gtd. Notes		3.88	3/1/2026	5,000,000		4,846,906
U.S. Government Agencies Collateralized Municipal-Backed Securities - .4%
Government National Mortgage Association, Ser. 2012-135, Cl. AE		1.83	12/16/2052	5,708,786		4,686,670
U.S. Government Agencies Mortgage-Backed - 26.5%
Federal Home Loan Mortgage Corp.:
1.50%, 10/1/2050				5,494,104	^d	4,043,804
2.00%, 8/1/2041-2/1/2052				39,036,792	^d	30,886,885
2.50%, 12/1/2035-12/1/2051				49,377,501	^d	42,369,687
3.00%, 11/1/2051-1/1/2052				14,237,760	^d	12,311,153
3.50%, 1/1/2052				7,011,730	^d	6,272,724
4.00%, 1/1/2052				9,418,264	^d	8,707,704
5.00%, 11/1/2052-6/1/2053				14,721,596	^d	14,336,580
5.50%, 1/1/2053-4/1/2053				20,162,138	^d	19,944,614
Federal National Mortgage Association:
1.50%, 1/1/2042				5,544,885	^d	4,452,755
2.00%, 10/1/2050-1/1/2052				45,895,275	^d	36,747,309
2.50%, 6/1/2051-11/1/2051				35,762,838	^d	29,625,274
3.00%, 1/1/2035-1/1/2052				17,862,636	^d	16,019,884
3.50%, 3/1/2052				12,399,915	^d	11,105,767
4.00%, 4/1/2052-6/1/2052				15,004,827	^d	13,864,834
4.50%, 3/1/2050-10/1/2052				15,018,793	^d	14,294,467
Government National Mortgage Association II:
2.00%, 8/20/2051-9/20/2051				8,762,681		6,955,263
2.50%, 5/20/2051				11,403,299		9,374,937
3.00%, 6/20/2050-11/20/2051				14,636,923		12,886,436
3.50%, 1/20/2052				5,577,764		5,068,030
4.00%, 2/20/2051-6/20/2051				8,630,303		7,918,381
4.50%, 7/20/2052				8,615,060		8,220,058
					315,406,546
U.S. Treasury Securities - 43.3%
U.S. Treasury Bonds		2.25	2/15/2052	7,745,000		5,227,270
U.S. Treasury Bonds		2.88	5/15/2052	2,750,000		2,135,439
U.S. Treasury Bonds		3.00	8/15/2052	18,500,000		14,748,691
U.S. Treasury Bonds		3.63	2/15/2053	12,500,000		11,264,649
U.S. Treasury Bonds		3.63	5/15/2053	12,390,000		11,177,135
U.S. Treasury Bonds		3.88	2/15/2043	19,900,000		18,519,438
U.S. Treasury Bonds		4.00	11/15/2052	22,940,000		22,141,580
U.S. Treasury Bonds		4.13	8/15/2053	4,000,000		3,947,188
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted		0.38	1/15/2027	6,315,400	^e	5,914,444
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted		0.50	1/15/2028	9,895,440	^e	9,224,488
U.S. Treasury Notes		0.25	6/15/2024	13,250,000	^a	12,728,769
U.S. Treasury Notes		0.75	4/30/2026	11,315,000		10,234,771
U.S. Treasury Notes		1.63	8/15/2029	16,810,000		14,561,663
U.S. Treasury Notes		1.75	12/31/2026	7,000,000		6,418,125
U.S. Treasury Notes		2.38	5/15/2027	18,300,000		17,033,297
U.S. Treasury Notes		2.50	3/31/2027	19,500,000		18,275,156
U.S. Treasury Notes		2.50	2/28/2026	15,000,000	^a	14,244,727
U.S. Treasury Notes		2.63	7/31/2029	12,790,000		11,716,339



BNY Mellon Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.7% (continued)
U.S. Treasury Securities - 43.3% (continued)
U.S. Treasury Notes		2.63	1/31/2026	14,500,000	^a	13,819,746
U.S. Treasury Notes		2.75	8/15/2032	11,840,000		10,629,638
U.S. Treasury Notes		2.88	5/15/2032	9,700,000		8,816,770
U.S. Treasury Notes		2.88	4/30/2029	15,965,000		14,861,794
U.S. Treasury Notes		3.00	7/31/2024	10,490,000		10,264,263
U.S. Treasury Notes		3.13	11/15/2028	1,685,000		1,595,682
U.S. Treasury Notes		3.25	6/30/2029	25,750,000		24,424,277
U.S. Treasury Notes		3.25	6/30/2027	12,615,000		12,112,371
U.S. Treasury Notes		3.38	5/15/2033	14,500,000	^a	13,661,719
U.S. Treasury Notes		3.50	1/31/2030	9,295,000		8,917,754
U.S. Treasury Notes		3.50	1/31/2028	5,265,000		5,092,037
U.S. Treasury Notes		3.50	2/15/2033	23,500,000		22,383,750
U.S. Treasury Notes		3.50	4/30/2030	10,000,000		9,589,063
U.S. Treasury Notes		3.63	3/31/2030	21,545,000	^a	20,814,490
U.S. Treasury Notes		3.75	5/31/2030	15,000,000		14,597,461
U.S. Treasury Notes		4.00	2/29/2028	4,200,000		4,148,648
U.S. Treasury Notes		4.00	2/28/2030	13,000,000		12,836,484
U.S. Treasury Notes		4.13	11/15/2032	9,435,000		9,432,420
U.S. Treasury Notes		4.13	8/31/2030	15,500,000		15,435,820
U.S. Treasury Notes		4.25	12/31/2024	10,000,000		9,878,711
U.S. Treasury Notes		4.50	11/30/2024	10,000,000		9,911,523
U.S. Treasury Notes		4.50	11/15/2025	3,950,000		3,926,547
U.S. Treasury Notes		4.63	2/28/2025	10,345,000		10,274,282
U.S. Treasury Notes		4.63	6/30/2025	4,755,000		4,728,996
U.S. Treasury Notes		4.75	7/31/2025	10,750,000	^a	10,721,865
U.S. Treasury Notes		5.00	8/31/2025	23,000,000		23,066,484
					515,455,764
Total Bonds and Notes (cost $1,279,247,367)				1,174,571,977
	Preferred Dividend Yield (%)			Shares
Preferred Stocks - .4%
Telecommunication Services - .4%
AT&T, Inc., Ser. A (cost $6,500,000)		5.00		260,000		5,285,800
	1-Day Yield (%)
Investment Companies - .4%
Registered Investment Companies - .4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $4,489,986)		5.41		4,489,986	^f	4,489,986

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Bond Fund (continued)
Description	1-Day Yield (%)		Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - 2.8%
Registered Investment Companies - 2.8%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $33,666,019)		5.41	33,666,019	^f	33,666,019
Total Investments (cost $1,323,903,372)			102.3%	1,218,013,782
Liabilities, Less Cash and Receivables			(2.3%)	(27,946,893)
Net Assets			100.0%	1,190,066,889

GO—General Obligation

^a Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $87,745,727 and the value of the collateral was $90,403,355, consisting of cash collateral of $33,666,019 and U.S. Government & Agency securities valued at $56,737,336. In addition, the value of collateral may include pending sales that are also on loan.

^b Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

^e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

^f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Government	44.2
Mortgage Securities	26.9
Financial	11.9
Communications	3.7
Investment Companies	3.2
Consumer, Non-cyclical	2.9
Consumer, Cyclical	2.6
Technology	2.5
Energy	2.4
Industrial	1.5
Basic Materials	.5
	102.3

^† Based on net assets.

See notes to financial statements.


BNY Mellon Bond Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - .4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .4%	9,985,554	230,459,006	(235,954,574)	4,489,986	332,350
Investment of Cash Collateral for Securities Loaned - 2.8%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 2.8%	-	146,138,605	(112,472,586)	33,666,019	14,117	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	40,564,922	446,505,681	(487,070,603)	-	99,703	^†††
Total - 3.2%	50,550,476	823,103,292	(835,497,763)	38,156,005	446,170

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Intermediate Bond Fund
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.4%
Aerospace & Defense - .4%
The Boeing Company, Sr. Unscd. Notes		5.15	5/1/2030	2,275,000		2,239,300
Airlines - 1.2%
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A		3.38	5/1/2027	3,299,722		2,943,959
Delta Air Lines Pass Through Trust, Ser. 2020-1, Cl. AA		2.00	6/10/2028	3,282,473		2,893,429
					5,837,388
Automobiles & Components - 2.1%
American Honda Finance Corp., Sr. Unscd. Notes		1.30	9/9/2026	3,250,000		2,902,845
General Motors Financial Co., Inc., Sr. Unscd. Notes		6.05	10/10/2025	4,500,000		4,507,363
Toyota Motor Credit Corp., Sr. Unscd. Notes		2.00	10/7/2024	3,650,000		3,516,386
					10,926,594
Banks - 9.2%
Bank of America Corp., Sub. Notes, Ser. L		3.95	4/21/2025	4,680,000		4,533,039
Bank of Montreal, Sr. Unscd. Notes, Ser. E		3.30	2/5/2024	3,050,000		3,017,037
Barclays PLC, Sr. Unscd. Notes		2.28	11/24/2027	4,000,000		3,554,370
Citigroup, Inc., Sub. Bonds		4.40	6/10/2025	5,000,000		4,879,213
Cooperatieve Rabobank UA, Gtd. Notes		3.75	7/21/2026	4,835,000		4,540,418
HSBC Holdings PLC, Sr. Unscd. Notes		2.25	11/22/2027	3,135,000		2,797,342
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II		4.00	4/1/2025	4,235,000	^a,b	3,897,470
Royal Bank of Canada, Sub. Notes		4.65	1/27/2026	3,710,000	^a	3,641,395
Societe Generale SA, Sub. Notes		4.75	11/24/2025	3,500,000	^c	3,370,079
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes		0.95	1/12/2026	3,475,000		3,124,643
The Goldman Sachs Group, Inc., Sr. Unscd. Notes		1.95	10/21/2027	5,185,000		4,616,066
UBS Group AG, Sr. Unscd. Notes		2.59	9/11/2025	5,500,000	^c	5,305,678
					47,276,750
Beverage Products - .8%
Anheuser-Busch Inbev Worldwide, Inc., Gtd. Notes		4.75	1/23/2029	4,195,000		4,158,309
Consumer Discretionary - .7%
Warnermedia Holdings, Inc., Gtd. Notes		3.76	3/15/2027	3,665,000		3,438,693
Diversified Financials - 3.3%
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes		2.45	10/29/2026	3,750,000		3,376,185
Air Lease Corp., Sr. Unscd. Notes		2.30	2/1/2025	4,500,000		4,262,025
American Express Co., Sr. Unscd. Notes		3.38	5/3/2024	3,350,000		3,296,647
Ares Capital Corp., Sr. Unscd. Notes		2.88	6/15/2028	1,725,000		1,456,636
Ares Capital Corp., Sr. Unscd. Notes		2.88	6/15/2027	1,250,000	^a	1,100,999
Ares Capital Corp., Sr. Unscd. Notes		3.88	1/15/2026	1,500,000		1,404,341
The Andrew W. Mellon Foundation, Unscd. Bonds, Ser. 2020		0.95	8/1/2027	2,350,000		2,032,701
					16,929,534
Energy - 2.1%
Cimarex Energy Co., Sr. Unscd. Notes		4.38	3/15/2029	3,000,000		2,419,103
ONEOK, Inc., Gtd. Notes		4.00	7/13/2027	3,400,000		3,219,331
Sabine Pass Liquefaction LLC, Sr. Scd. Notes		5.88	6/30/2026	2,500,000		2,512,117
Spectra Energy Partners LP, Gtd. Notes		3.50	3/15/2025	2,760,000		2,664,502
					10,815,053
Food Products - .7%
McCormick & Co., Inc., Sr. Unscd. Notes		0.90	2/15/2026	3,840,000		3,458,755
Health Care - 5.1%
AbbVie, Inc., Sr. Unscd. Notes		3.20	11/21/2029	4,185,000		3,774,676
Amgen, Inc., Sr. Unscd. Notes		2.20	2/21/2027	3,960,000		3,600,753
Astrazeneca Finance LLC, Gtd. Notes		1.20	5/28/2026	3,540,000		3,196,636
CVS Health Corp., Sr. Unscd. Notes		4.30	3/25/2028	4,000,000		3,843,930
Elevance Health, Inc., Sr. Unscd. Notes		2.38	1/15/2025	3,000,000		2,869,943
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes		4.75	5/19/2033	2,820,000		2,776,469
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.20	9/23/2026	3,770,000		3,542,085



BNY Mellon Intermediate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.4% (continued)
Health Care - 5.1% (continued)
UnitedHealth Group, Inc., Sr. Unscd. Notes		1.15	5/15/2026	2,915,000		2,638,155
					26,242,647
Industrial - 2.5%
Caterpillar Financial Services Corp., Sr. Unscd. Notes		0.90	3/2/2026	2,830,000		2,561,906
John Deere Capital Corp., Sr. Unscd. Notes		1.05	6/17/2026	4,250,000		3,823,378
Parker-Hannifin Corp., Sr. Unscd. Notes		2.70	6/14/2024	3,325,000		3,246,644
Snap-On, Inc., Sr. Unscd. Notes		3.25	3/1/2027	3,300,000		3,119,765
					12,751,693
Information Technology - 2.1%
Fiserv, Inc., Sr. Unscd. Notes		3.50	7/1/2029	4,000,000		3,653,850
Microsoft Corp., Sr. Unscd. Notes		3.13	11/3/2025	3,200,000		3,089,174
Oracle Corp., Sr. Unscd. Notes		2.50	4/1/2025	4,215,000		4,015,489
					10,758,513
Internet Software & Services - 1.4%
Amazon.com, Inc., Sr. Unscd. Notes		0.80	6/3/2025	3,670,000		3,409,979
eBay, Inc., Sr. Unscd. Notes		1.90	3/11/2025	4,000,000		3,791,135
					7,201,114
Media - .6%
Discovery Communications LLC, Gtd. Notes		4.90	3/11/2026	3,150,000		3,096,818
Metals & Mining - .6%
Glencore Funding LLC, Gtd. Notes		1.63	9/1/2025	3,500,000	^c	3,239,708
Municipal Securities - 2.5%
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B		1.28	11/15/2028	2,500,000		2,104,805
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B		1.05	1/1/2026	2,500,000		2,274,522
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C		1.75	3/15/2028	4,155,000		3,657,175
State Board of Administration Finance Corp., Revenue Bonds, Ser. A		1.71	7/1/2027	5,315,000		4,696,538
					12,733,040
Real Estate - .8%
Healthcare Realty Holdings LP, Gtd. Notes		3.63	1/15/2028	2,375,000		2,146,072
UDR, Inc., Gtd. Notes		2.95	9/1/2026	2,205,000		2,034,438
					4,180,510
Retailing - 1.5%
Target Corp., Sr. Unscd. Notes		2.25	4/15/2025	3,300,000		3,152,044
The TJX Companies, Inc., Sr. Unscd. Notes		1.15	5/15/2028	5,500,000		4,676,485
					7,828,529
Semiconductors & Semiconductor Equipment - 2.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.88	1/15/2027	3,600,000		3,421,563
Broadcom, Inc., Sr. Unscd. Notes		4.00	4/15/2029	4,000,000	^c	3,691,612
Foundry JV Holdco LLC, Sr. Scd. Notes		5.88	1/25/2034	2,000,000	^c	1,974,651
Microchip Technology, Inc., Sr. Unscd. Notes		0.97	2/15/2024	4,000,000		3,908,649
					12,996,475
Technology Hardware & Equipment - .5%
Apple, Inc., Sr. Unscd. Notes		2.05	9/11/2026	2,830,000		2,615,805
Telecommunication Services - 3.2%
AT&T, Inc., Sr. Unscd. Notes		1.65	2/1/2028	6,000,000		5,133,321
Motorola Solutions, Inc., Sr. Unscd. Notes		4.60	5/23/2029	2,420,000		2,333,422
T-Mobile USA, Inc., Gtd. Notes		3.88	4/15/2030	4,700,000		4,291,581
Verizon Communications, Inc., Sr. Unscd. Notes		2.63	8/15/2026	5,000,000		4,657,308
					16,415,632
U.S. Government Agencies Collateralized Municipal-Backed Securities - .5%
Government National Mortgage Association, Ser. 2012-135, Cl. AE		1.83	12/16/2052	3,007,152		2,468,744

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Intermediate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.4% (continued)
U.S. Government Agencies Mortgage-Backed - 1.4%
Federal Home Loan Mortgage Corp.:
3.50%, 6/1/2035				5,286,748	^d	5,056,167
4.50%, 2/1/2034				230,739	^d	227,497
Federal National Mortgage Association:
2.91%, 4/1/2026				2,000,000	^d	1,876,142
					7,159,806
U.S. Government Agencies Obligations - 5.5%
Federal Farm Credit Bank Funding Corp., Bonds		3.33	4/12/2027	6,845,000		6,496,928
Federal Home Loan Bank, Bonds		2.20	3/28/2025	2,400,000		2,288,093
Federal Home Loan Bank, Bonds		3.00	3/25/2027	6,800,000		6,386,799
Federal Home Loan Mortgage Corp., Notes		4.05	8/28/2025	4,900,000	^d	4,783,086
Federal National Mortgage Association, Notes		0.55	8/19/2025	9,250,000	^a,d	8,465,312
					28,420,218
U.S. Treasury Securities - 46.6%
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted		0.38	1/15/2027	13,893,880	^e	13,011,776
U.S. Treasury Notes		0.25	10/31/2025	4,720,000		4,285,797
U.S. Treasury Notes		0.25	9/30/2025	5,440,000		4,957,200
U.S. Treasury Notes		0.63	5/15/2030	5,950,000		4,721,650
U.S. Treasury Notes		0.75	1/31/2028	3,000,000		2,573,555
U.S. Treasury Notes		1.13	2/28/2025	32,705,000		30,853,846
U.S. Treasury Notes		1.38	11/15/2031	1,300,000		1,053,762
U.S. Treasury Notes		1.63	5/15/2026	12,740,000		11,784,500
U.S. Treasury Notes		1.63	8/15/2029	5,245,000		4,543,481
U.S. Treasury Notes		2.00	4/30/2024	7,750,000		7,579,200
U.S. Treasury Notes		2.38	2/29/2024	7,750,000	^a	7,634,238
U.S. Treasury Notes		2.50	3/31/2027	8,575,000		8,036,383
U.S. Treasury Notes		2.63	4/15/2025	10,760,000		10,359,022
U.S. Treasury Notes		2.75	7/31/2027	6,250,000		5,884,521
U.S. Treasury Notes		2.88	4/30/2029	5,345,000		4,975,652
U.S. Treasury Notes		3.00	7/15/2025	11,000,000		10,626,172
U.S. Treasury Notes		3.00	7/31/2024	15,000,000		14,677,211
U.S. Treasury Notes		3.13	8/15/2025	3,635,000		3,517,288
U.S. Treasury Notes		3.13	11/15/2028	8,890,000		8,418,761
U.S. Treasury Notes		3.38	5/15/2033	7,000,000	^a	6,595,312
U.S. Treasury Notes		3.50	4/30/2028	7,750,000	^a	7,493,433
U.S. Treasury Notes		3.50	9/15/2025	16,000,000		15,585,625
U.S. Treasury Notes		3.63	5/15/2026	1,000,000		975,391
U.S. Treasury Notes		3.75	5/31/2030	2,075,000		2,019,315
U.S. Treasury Notes		3.88	12/31/2029	9,765,000		9,570,081
U.S. Treasury Notes		4.00	2/15/2026	2,250,000		2,214,756
U.S. Treasury Notes		4.13	1/31/2025	19,500,000		19,229,590
U.S. Treasury Notes		4.38	10/31/2024	14,875,000		14,723,345
U.S. Treasury Notes		4.50	11/15/2025	1,735,000		1,724,698
					239,625,561
Utilities - .6%
Black Hills Corp., Sr. Unscd. Notes		3.05	10/15/2029	3,500,000		3,020,040
Total Bonds and Notes (cost $533,767,174)				505,835,229
	Preferred Dividend Yield (%)			Shares
Preferred Stocks - .6%
Telecommunication Services - .6%
AT&T, Inc., Ser. A (cost $3,750,000)		5.00		150,000		3,049,500



BNY Mellon Intermediate Bond Fund (continued)
Description	1-Day Yield (%)		Shares		Value ($)
Investment Companies - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $1,657,876)		5.41	1,657,876	^f	1,657,876

Investment of Cash Collateral for Securities Loaned - 1.0%
Registered Investment Companies - 1.0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $4,751,395)		5.41	4,751,395	^f	4,751,395
Total Investments (cost $543,926,445)			100.3%	515,294,000
Liabilities, Less Cash and Receivables			(0.3%)	(1,292,781)
Net Assets			100.0%	514,001,219

^a Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $30,236,329 and the value of the collateral was $32,291,411, consisting of cash collateral of $4,751,395 and U.S. Government & Agency securities valued at $27,540,016. In addition, the value of collateral may include pending sales that are also on loan.

^b Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

^e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

^f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Government	54.6
Financial	13.3
Consumer, Non-cyclical	6.6
Communications	5.8
Consumer, Cyclical	5.5
Technology	5.1
Industrial	2.9
Energy	2.1
Mortgage Securities	1.9
Investment Companies	1.3
Basic Materials	.6
Utilities	.6
	100.3

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Intermediate Bond Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .3%	4,007,071	91,029,398	(93,378,593)	1,657,876	109,504
Investment of Cash Collateral for Securities Loaned - .9%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .9%	-	12,926,439	(8,175,044)	4,751,395	6,658	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	39,424,308	344,789,402	(384,213,710)	-	77,282	^†††
Total - 1.2%	43,431,379	448,745,239	(485,767,347)	6,409,271	193,444

^† Includes reinvested dividends/distributions.

See notes to financial statements.



BNY Mellon Corporate Bond Fund
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 95.7%
Aerospace & Defense - 1.2%
Rtx Corp., Sr. Unscd. Notes		2.25	7/1/2030	2,500,000		2,079,586
The Boeing Company, Sr. Unscd. Notes		2.20	2/4/2026	3,250,000		2,999,820
					5,079,406
Airlines - 3.3%
Air Canada Pass Through Trust, Ser. 2015-1, Cl. A		3.60	3/15/2027	1,939,874	^a	1,810,877
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A		3.38	5/1/2027	3,242,675		2,893,063
JetBlue Pass Through Trust, Ser. 2019-1, CI. A		2.95	5/15/2028	4,207,464		3,647,254
United Airlines Pass Through Trust, Ser. 2016-2, Cl. A		3.10	10/7/2028	6,217,367		5,405,311
					13,756,505
Automobiles & Components - 1.5%
Ford Motor Credit Co., LLC, Sr. Unscd. Notes		5.58	3/18/2024	3,000,000		2,987,329
General Motors Financial Co., Inc., Sr. Unscd. Notes		2.70	8/20/2027	1,750,000		1,558,084
General Motors Financial Co., Inc., Sr. Unscd. Notes		3.10	1/12/2032	2,000,000		1,604,023
					6,149,436
Banks - 21.9%
BAC Capital Trust XIV, Ltd. Gtd. Notes, Ser. G, (3 Month LIBOR +0.40%)		5.95	10/6/2023	3,000,000	^b,c	2,374,731
Banco Santander SA, Sr. Unscd. Notes		1.72	9/14/2027	2,500,000		2,199,124
Bank of America Corp., Jr. Sub. Bonds, Ser. FF		5.88	3/15/2028	3,000,000	^c	2,772,450
Bank of America Corp., Jr. Sub. Notes, Ser. TT		6.13	4/27/2027	1,500,000	^c	1,458,750
Bank of Ireland Group PLC, Sr. Unscd. Notes		2.03	9/30/2027	3,500,000	^a	3,085,251
Barclays PLC, Jr. Sub. Notes		8.00	3/15/2029	2,000,000	^c	1,792,720
Barclays PLC, Sr. Unscd. Notes		5.30	8/9/2026	1,500,000		1,478,571
BNP Paribas SA, Sr. Unscd. Notes		1.32	1/13/2027	2,500,000	^a	2,249,402
BPCE SA, Sub. Notes		3.12	10/19/2032	4,000,000	^a	3,095,461
Citigroup, Inc., Sub. Notes		6.17	5/25/2034	2,500,000		2,492,669
Citizens Financial Group, Inc., Sub. Notes		3.75	2/11/2031	5,000,000		4,136,776
Cooperatieve Rabobank UA, Gtd. Notes		4.38	8/4/2025	2,750,000		2,667,619
Credit Agricole SA, Sub. Notes		4.00	1/10/2033	3,500,000	^a	3,140,638
Danske Bank A/S, Sr. Unscd. Notes		0.98	9/10/2025	3,000,000	^a	2,839,282
Deutsche Bank AG, Sr. Unscd. Notes		3.96	11/26/2025	2,500,000		2,414,625
Deutsche Bank AG, Sub. Notes		4.88	12/1/2032	5,000,000		4,387,331
HSBC Holdings PLC, Sr. Unscd. Notes		3.80	3/11/2025	2,750,000		2,716,263
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. FF		5.00	8/1/2024	4,000,000	^c	3,920,040
Lloyds Banking Group PLC, Sub. Notes		4.58	12/10/2025	2,500,000		2,408,686
M&T Bank Corp., Jr. Sub. Notes, Ser. G		5.00	8/1/2024	5,000,000	^c	4,290,100
Morgan Stanley, Sr. Unscd. Notes		6.30	10/18/2028	3,000,000		3,078,844
NatWest Group PLC, Sr. Unscd. Notes		4.80	4/5/2026	2,000,000		1,948,079
Nordea Bank Abp, Jr. Sub. Notes		6.63	3/26/2026	3,465,000	^a,c	3,291,727
Santander UK Group Holdings PLC, Sr. Unscd. Notes		1.09	3/15/2025	3,000,000		2,908,978
Societe Generale SA, Sub. Notes		6.22	6/15/2033	2,500,000	^a	2,351,123
Standard Chartered PLC, Sr. Unscd. Notes		3.97	3/30/2026	3,500,000	^a	3,378,960
The Bank of Nova Scotia, Jr. Sub. Notes, (3 Month TSFR +2.91%)		8.21	1/12/2024	4,000,000	^b,c,d	3,563,822
The Goldman Sachs Group, Inc., Sub. Notes		4.25	10/21/2025	2,250,000		2,184,302
The Toronto-Dominion Bank, Sub. Notes		3.63	9/15/2031	3,000,000		2,802,340
UBS Group AG, Sr. Unscd. Notes		2.59	9/11/2025	5,250,000	^a	5,064,511
Westpac Banking Corp., Sub. Notes		4.32	11/23/2031	3,000,000		2,803,138
Zions Bancorp NA, Sub. Notes		3.25	10/29/2029	3,550,000		2,791,456
					92,087,769
Beverage Products - 1.3%
Constellation Brands, Inc., Gtd. Notes		3.15	8/1/2029	3,000,000		2,682,770
Suntory Holdings Ltd., Sr. Unscd. Notes		2.25	10/16/2024	3,000,000	^a	2,878,155
					5,560,925

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Corporate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 95.7% (continued)
Building Materials - 1.2%
CRH America Finance, Inc., Gtd. Notes		3.40	5/9/2027	2,000,000	^a	1,872,292
Masco Corp., Sr. Unscd. Notes		1.50	2/15/2028	3,500,000	^d	2,982,447
					4,854,739
Chemicals - 1.4%
Huntsman International LLC, Sr. Unscd. Notes		4.50	5/1/2029	3,500,000		3,244,033
Yara International ASA, Sr. Unscd. Notes		4.75	6/1/2028	3,000,000	^a	2,849,739
					6,093,772
Commercial & Professional Services - 1.0%
Global Payments, Inc., Sr. Unscd. Notes		3.20	8/15/2029	3,000,000		2,614,443
Grand Canyon University, Scd. Bonds		3.25	10/1/2023	1,750,000		1,730,313
					4,344,756
Consumer Discretionary - 3.8%
Hasbro, Inc., Sr. Unscd. Notes		3.90	11/19/2029	3,000,000		2,722,509
Leggett & Platt, Inc., Sr. Unscd. Notes		4.40	3/15/2029	2,000,000		1,891,214
Marriott International, Inc., Sr. Unscd. Notes, Ser. II		2.75	10/15/2033	3,000,000		2,348,755
Warnermedia Holdings, Inc., Gtd. Notes		3.76	3/15/2027	3,000,000		2,814,755
Warnermedia Holdings, Inc., Gtd. Notes		4.28	3/15/2032	3,500,000	^d	3,089,993
Whirlpool Corp., Sr. Unscd. Notes		4.75	2/26/2029	3,000,000	^d	2,921,280
					15,788,506
Consumer Durables & Apparel - .7%
Michael Kors USA, Inc., Gtd. Notes		4.25	11/1/2024	3,000,000	^a	2,949,840
Diversified Financials - 6.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes		5.75	6/6/2028	4,000,000		3,968,570
Aircastle Ltd., Sr. Unscd. Notes		2.85	1/26/2028	1,000,000	^a	861,848
Aircastle Ltd., Sr. Unscd. Notes		4.25	6/15/2026	3,000,000		2,849,255
Ares Capital Corp., Sr. Unscd. Notes		2.88	6/15/2028	5,000,000		4,222,134
BlackRock TCP Capital Corp., Sr. Unscd. Notes		2.85	2/9/2026	3,000,000		2,713,442
Blackstone Secured Lending Fund, Sr. Unscd. Notes		2.85	9/30/2028	5,000,000		4,135,272
Blue Owl Capital Corp., Sr. Unscd. Notes		2.63	1/15/2027	4,000,000		3,470,630
Blue Owl Finance LLC, Gtd. Notes		4.38	2/15/2032	1,000,000	^a	802,235
Goldman Sachs BDC, Inc., Sr. Unscd. Notes		3.75	2/10/2025	3,000,000	^d	2,905,508
Stifel Financial Corp., Sr. Unscd. Bonds		4.25	7/18/2024	2,000,000		1,966,874
					27,895,768
Electronic Components - 1.3%
Arrow Electronics, Inc., Sr. Unscd. Notes		2.95	2/15/2032	1,500,000		1,204,966
Arrow Electronics, Inc., Sr. Unscd. Notes		4.00	4/1/2025	1,500,000		1,457,510
Jabil, Inc., Sr. Unscd. Notes		3.60	1/15/2030	3,000,000		2,685,665
					5,348,141
Energy - 11.2%
Cenovus Energy, Inc., Sr. Unscd. Notes		2.65	1/15/2032	3,000,000		2,418,909
Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes		2.74	12/31/2039	2,000,000	^a	1,550,812
Cheniere Energy, Inc., Sr. Scd. Notes		4.63	10/15/2028	2,000,000		1,884,625
Diamondback Energy, Inc., Gtd. Notes		3.50	12/1/2029	3,250,000		2,942,394
El Paso Natural Gas Co., LLC, Gtd. Notes		3.50	2/15/2032	3,000,000	^a	2,519,761
Enbridge, Inc., Gtd. Notes		4.25	12/1/2026	2,000,000		1,931,532
Energy Transfer LP, Sr. Unscd. Bonds		5.50	6/1/2027	1,500,000		1,492,116
Energy Transfer LP, Sr. Unscd. Notes		4.15	9/15/2029	1,500,000		1,380,920
Enterprise Products Operating LLC, Gtd. Notes		5.35	1/31/2033	1,500,000		1,509,225
EQM Midstream Partners LP, Sr. Unscd. Notes		4.00	8/1/2024	936,000		914,071
EQT Corp., Sr. Unscd. Notes		3.90	10/1/2027	3,000,000		2,804,078
Helmerich & Payne, Inc., Sr. Unscd. Notes		2.90	9/29/2031	3,000,000		2,440,109
MPLX LP, Sr. Unscd. Notes		4.25	12/1/2027	1,500,000		1,428,536
MPLX LP, Sr. Unscd. Notes		4.95	9/1/2032	2,000,000		1,890,430
Ovintiv, Inc., Gtd. Notes		5.65	5/15/2025	2,000,000		1,995,551



BNY Mellon Corporate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 95.7% (continued)
Energy - 11.2% (continued)
Petroleos Mexicanos, Gtd. Notes		6.49	1/23/2027	3,500,000		3,068,487
Sabal Trail Transmission LLC, Sr. Unscd. Notes		4.25	5/1/2028	3,000,000	^a	2,853,421
Targa Resources Corp., Gtd. Notes		5.20	7/1/2027	3,000,000		2,971,533
The Williams Companies, Inc., Sr. Unscd. Notes		3.75	6/15/2027	3,000,000		2,825,503
Transcontinental Gas Pipe Line Co., LLC, Sr. Unscd. Notes		3.25	5/15/2030	2,000,000		1,764,735
Valero Energy Corp., Sr. Unscd. Notes		2.80	12/1/2031	2,500,000		2,053,972
Var Energi ASA, Sr. Unscd. Notes		7.50	1/15/2028	2,310,000	^a	2,402,723
					47,043,443
Environmental Control - .5%
Waste Connections, Inc., Sr. Unscd. Notes		3.50	5/1/2029	2,500,000		2,306,008
Financials - .8%
Apollo Management Holdings LP, Gtd. Notes		4.00	5/30/2024	1,750,000	^a	1,722,541
Apollo Management Holdings LP, Gtd. Notes		4.95	1/14/2050	2,000,000	^a	1,841,253
					3,563,794
Food Products - 1.6%
Flowers Foods, Inc., Sr. Unscd. Notes		3.50	10/1/2026	2,000,000		1,879,229
Grupo Bimbo SAB de CV, Gtd. Notes		3.88	6/27/2024	3,000,000	^a	2,960,040
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes		3.00	2/2/2029	2,000,000		1,717,515
					6,556,784
Foreign Governmental - .6%
The Morongo Band of Mission Indians, Unscd. Bonds		7.00	10/1/2039	2,500,000	^a	2,603,088
Health Care - 5.7%
AbbVie, Inc., Sr. Unscd. Notes		3.20	11/21/2029	2,750,000		2,480,372
Amgen, Inc., Sr. Unscd. Notes		5.25	3/2/2033	3,000,000		2,985,659
Centene Corp., Sr. Unscd. Notes		2.50	3/1/2031	3,500,000		2,790,387
CVS Health Corp., Sr. Unscd. Notes		4.78	3/25/2038	2,000,000		1,792,165
HCA, Inc., Gtd. Notes		3.63	3/15/2032	2,000,000		1,720,828
HCA, Inc., Gtd. Notes		5.88	2/1/2029	1,500,000		1,510,061
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes		4.65	5/19/2030	3,000,000		2,954,205
Royalty Pharma PLC, Gtd. Notes		2.20	9/2/2030	3,000,000	^a,d	2,392,637
Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes		5.00	11/26/2028	3,000,000		2,977,232
The Cigna Group, Gtd. Notes		4.38	10/15/2028	2,500,000		2,408,964
					24,012,510
Industrial - 3.0%
Carlisle Companies, Inc., Sr. Unscd. Notes		3.75	12/1/2027	2,500,000		2,359,405
Flowserve Corp., Sr. Unscd. Notes		2.80	1/15/2032	2,500,000		1,987,934
Hillenbrand, Inc., Gtd. Notes		5.00	9/15/2026	2,500,000		2,434,425
Huntington Ingalls Industries, Inc., Gtd. Notes		3.48	12/1/2027	3,000,000		2,765,089
Oshkosh Corp., Sr. Unscd. Notes		4.60	5/15/2028	3,000,000		2,934,184
					12,481,037
Information Technology - 1.5%
Fidelity National Information Services, Inc., Gtd. Notes		4.50	7/15/2025	2,000,000		1,961,576
Fiserv, Inc., Sr. Unscd. Notes		3.50	7/1/2029	2,000,000		1,826,925
Oracle Corp., Sr. Unscd. Notes		1.65	3/25/2026	3,000,000		2,734,734
					6,523,235
Insurance - 2.8%
Assured Guaranty US Holdings, Inc., Gtd. Notes		3.15	6/15/2031	3,000,000		2,555,334
MetLife, Inc., Jr. Sub. Bonds, Ser. D		5.88	3/15/2028	3,500,000	^c	3,285,450
Prudential Financial, Inc., Jr. Sub. Notes		5.70	9/15/2048	3,000,000		2,844,496
Reinsurance Group of America, Inc., Sr. Unscd. Notes		3.90	5/15/2029	3,500,000		3,202,105
					11,887,385
Internet Software & Services - .5%
eBay, Inc., Sr. Unscd. Notes		5.95	11/22/2027	2,000,000	^d	2,051,749

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Corporate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 95.7% (continued)
Materials - .4%
WRKCo, Inc., Gtd. Notes		4.00	3/15/2028	2,000,000		1,871,046
Media - .5%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Notes		4.40	4/1/2033	2,500,000	^d	2,202,869
Metals & Mining - 1.8%
Anglo American Capital PLC, Gtd. Notes		4.50	3/15/2028	3,000,000	^a,d	2,858,631
Glencore Funding LLC, Gtd. Notes		1.63	9/1/2025	1,500,000	^a	1,388,446
Glencore Funding LLC, Gtd. Notes		5.40	5/8/2028	1,500,000	^a	1,486,258
Nucor Corp., Sr. Unscd. Notes		3.13	4/1/2032	2,000,000		1,707,973
					7,441,308
Municipal Securities - 2.9%
Detroit, GO, Ser. B1		4.00	4/1/2044	5,000,000		3,741,816
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		3.49	6/1/2036	4,000,000		3,160,646
New York State Dormitory Authority, Revenue Bonds (Montefiore Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.95	8/1/2048	2,500,000		2,223,836
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. C		5.45	8/15/2028	3,750,000		3,261,203
					12,387,501
Real Estate - 6.0%
Alexandria Real Estate Equities, Inc., Gtd. Notes		3.95	1/15/2027	3,000,000		2,840,875
Brandywine Operating Partnership LP, Gtd. Notes		4.55	10/1/2029	2,000,000		1,565,683
EPR Properties, Gtd. Notes		4.95	4/15/2028	4,000,000		3,587,454
Extra Space Storage LP, Gtd. Notes		2.35	3/15/2032	2,500,000		1,946,595
Extra Space Storage LP, Gtd. Notes		4.00	6/15/2029	3,000,000		2,750,154
Healthcare Realty Holdings LP, Gtd. Notes		3.10	2/15/2030	3,000,000		2,559,904
Healthpeak Op LLC, Gtd. Notes		2.13	12/1/2028	3,000,000		2,566,550
Highwoods Realty LP, Sr. Unscd. Notes		4.20	4/15/2029	3,000,000		2,556,271
Phillips Edison Grocery Center Operating Partnership I LP, Gtd. Notes		2.63	11/15/2031	3,000,000		2,250,551
Spirit Realty LP, Gtd. Notes		4.00	7/15/2029	3,000,000		2,701,254
					25,325,291
Retailing - 3.8%
7-Eleven, Inc., Sr. Unscd. Notes		1.80	2/10/2031	3,750,000	^a	2,943,854
Alimentation Couche-Tard, Inc., Gtd. Notes		3.55	7/26/2027	3,000,000	^a,d	2,804,304
AutoNation, Inc., Sr. Unscd. Notes		3.85	3/1/2032	2,000,000	^d	1,694,339
Dick's Sporting Goods, Inc., Sr. Unscd. Notes		3.15	1/15/2032	3,000,000	^d	2,393,795
Dollar Tree, Inc., Sr. Unscd. Notes		2.65	12/1/2031	3,500,000	^d	2,829,170
Kohl's Corp., Sr. Unscd. Notes		4.63	5/1/2031	1,000,000		737,150
O'Reilly Automotive, Inc., Sr. Unscd. Notes		4.70	6/15/2032	2,500,000		2,391,714
					15,794,326
Semiconductors & Semiconductor Equipment - 4.0%
Broadcom, Inc., Sr. Unscd. Notes		3.14	11/15/2035	2,000,000	^a	1,527,480
Broadcom, Inc., Sr. Unscd. Notes		3.47	4/15/2034	3,000,000	^a	2,452,649
Foundry JV Holdco LLC, Sr. Scd. Notes		5.88	1/25/2034	2,500,000	^a	2,468,314
Microchip Technology, Inc., Gtd. Notes		4.25	9/1/2025	3,000,000		2,920,700
NXP BV/NXP Funding LLC, Gtd. Notes		4.88	3/1/2024	2,000,000		1,988,302
NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes		4.40	6/1/2027	2,000,000		1,926,200
Renesas Electronics Corp., Sr. Unscd. Notes		2.17	11/25/2026	4,000,000	^a	3,553,993
					16,837,638
Technology Hardware & Equipment - .8%
Dell International LLC/EMC Corp., Sr. Unscd. Notes		8.10	7/15/2036	3,000,000		3,449,527
Telecommunication Services - 2.1%
Motorola Solutions, Inc., Sr. Unscd. Notes		4.60	5/23/2029	3,000,000		2,892,672
T-Mobile USA, Inc., Gtd. Notes		3.88	4/15/2030	3,500,000		3,195,858



BNY Mellon Corporate Bond Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 95.7% (continued)
Telecommunication Services - 2.1% (continued)
Verizon Communications, Inc., Sr. Unscd. Notes		2.10	3/22/2028	3,000,000		2,623,490
					8,712,020
Total Bonds and Notes (cost $442,733,428)				402,960,122
	Preferred Dividend Yield (%)			Shares
Preferred Stocks - 1.3%
Diversified Financials - .7%
Air Lease Corp., Ser. A		6.15		120,000		2,868,000
Telecommunication Services - .6%
AT&T, Inc., Ser. A		5.00		140,000		2,846,200
Total Preferred Stocks (cost $6,500,000)				5,714,200
	1-Day Yield (%)
Investment Companies - 2.1%
Registered Investment Companies - 2.1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $8,760,654)		5.41		8,760,654	^e	8,760,654

Investment of Cash Collateral for Securities Loaned - 2.5%
Registered Investment Companies - 2.5%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $10,423,207)		5.41		10,423,207	^e	10,423,207
Total Investments (cost $468,417,289)				101.6%	427,858,183
Liabilities, Less Cash and Receivables				(1.6%)	(6,902,478)
Net Assets				100.0%	420,955,705

GO—General Obligation

LIBOR—London Interbank Offered Rate

TSFR—Term Secured Overnight Financing Rate Reference Rates

^a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, these securities were valued at $84,851,546 or 20.16% of net assets.

^b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

^c Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

^d Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $16,574,454 and the value of the collateral was $17,135,478, consisting of cash collateral of $10,423,207 and U.S. Government & Agency securities valued at $6,712,271. In addition, the value of collateral may include pending sales that are also on loan.

^e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Financial	38.9
Consumer, Cyclical	12.9
Energy	11.2
Consumer, Non-cyclical	9.6
Industrial	7.6
Technology	6.4
Investment Companies	4.6
Communications	3.7
Government	3.5
Basic Materials	3.2
	101.6

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Corporate Bond Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 2.1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 2.1%	8,814,007	105,826,941	(105,880,294)	8,760,654	258,285
Investment of Cash Collateral for Securities Loaned - 2.5%^††
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 2.5%	-	19,603,417	(9,180,210)	10,423,207	27,162	^†††
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	10,057,024	78,318,220	(88,375,244)	-	88,092	^†††
Total - 4.6%	18,871,031	203,748,578	(203,435,748)	19,183,861	373,539

^† Includes reinvested dividends/distributions.

See notes to financial statements.



BNY Mellon Short-Term U.S. Government Securities Fund
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.8%
Municipal Securities - 6.3%
California Earthquake Authority, Revenue Bonds, Ser. A		5.49	7/1/2024	2,000,000		1,990,909
Chicago II, GO, Refunding, Ser. B		7.75	1/1/2025	2,008,000	^a	2,055,795
Connecticut, GO, Ser. A		0.92	6/1/2025	250,000		232,772
Kentucky Property & Building Commission, Revenue Bonds, Refunding, Ser. D		2.08	11/1/2023	500,000		496,980
New York State Dormitory Authority, Revenue Bonds, Refunding (State of New York Personal Income Tax) Ser. C		0.49	3/15/2024	1,750,000		1,705,296
Tennessee School Bond Authority, Revenue Bonds, Refunding, Ser.A		0.22	11/1/2023	1,500,000		1,487,180
					7,968,932
U.S. Government Agencies Collateralized Mortgage Obligations - 16.3%
Federal Home Loan Mortgage Corp., REMIC, Ser. 3563, Cl. BD		4.00	8/15/2024	34,804	^b	34,505
Federal Home Loan Mortgage Corp., REMIC, Ser. 3627, Cl. QH		4.00	1/15/2025	161,176	^b	158,811
Federal Home Loan Mortgage Corp., REMIC, Ser. 3640, Cl. GM		4.00	3/15/2025	104,669	^b	103,197
Federal Home Loan Mortgage Corp., REMIC, Ser. 3780, Cl. AV		4.00	4/15/2031	300,926	^b	292,654
Federal Home Loan Mortgage Corp., REMIC, Ser. 3810, Cl. QB		3.50	2/15/2026	211,055	^b	206,036
Federal Home Loan Mortgage Corp., REMIC, Ser. 3816, Cl. HA		3.50	11/15/2025	496,219	^b	483,985
Federal Home Loan Mortgage Corp., REMIC, Ser. 3820, Cl. TB		3.50	3/15/2026	310,903	^b	303,204
Federal Home Loan Mortgage Corp., REMIC, Ser. 3830, Cl. NB		4.50	2/15/2039	58,747	^b	58,553
Federal Home Loan Mortgage Corp., REMIC, Ser. 3909, Cl. NG		4.00	8/15/2026	435,841	^b	425,377
Federal Home Loan Mortgage Corp., REMIC, Ser. 3964, Cl. QA		3.00	11/15/2026	217,222	^b	210,348
Federal Home Loan Mortgage Corp., REMIC, Ser. 3987, Cl. A		2.00	9/15/2026	15,647	^b	15,438
Federal Home Loan Mortgage Corp., REMIC, Ser. 3998, Cl. KG		2.00	11/15/2026	366,583	^b	360,948
Federal Home Loan Mortgage Corp., REMIC, Ser. 4020, Cl. PC		1.75	3/15/2027	87,527	^b	83,422
Federal Home Loan Mortgage Corp., REMIC, Ser. 4029, Cl. LA		2.00	1/15/2027	385,672	^b	375,494
Federal Home Loan Mortgage Corp., REMIC, Ser. 4216, Cl. KC		1.75	6/15/2028	458,763	^b	435,736
Federal Home Loan Mortgage Corp., REMIC, Ser. 4287, Cl. AB		2.00	12/15/2026	122,899	^b	115,251
Federal Home Loan Mortgage Corp., REMIC, Ser. 4304, Cl. DA		2.50	1/15/2027	37,139	^b	36,782
Federal Home Loan Mortgage Corp., REMIC, Ser. 4313, Cl. ME		3.00	4/15/2039	614,369	^b	581,065
Federal Home Loan Mortgage Corp., REMIC, Ser. 4340, Cl. VD		3.00	7/15/2037	455,155	^b	445,347
Federal Home Loan Mortgage Corp., REMIC, Ser. 4386, Cl. AB		3.00	9/15/2029	178,693	^b	173,684
Federal Home Loan Mortgage Corp., REMIC, Ser. 4425, Cl. VM		4.00	1/15/2035	1,228,724	^b	1,220,520
Federal Home Loan Mortgage Corp., REMIC, Ser. 4465, Cl. BA		2.50	12/15/2039	182,232	^b	179,039
Federal Home Loan Mortgage Corp., REMIC, Ser. 4569, Cl. DV		3.00	8/15/2027	790,687	^b	751,198
Federal Home Loan Mortgage Corp., REMIC, Ser. 5058, Cl. CD		1.00	6/15/2027	492,401	^b	468,477
Federal National Mortgage Association, REMIC, Ser. 2005-63, Cl. HB		5.00	7/25/2025	8,781	^b	8,704
Federal National Mortgage Association, REMIC, Ser. 2010-112, Cl. CY		4.00	10/25/2025	225,329	^b	222,221
Federal National Mortgage Association, REMIC, Ser. 2011-88, Cl. M		3.50	9/25/2026	173,949	^b	169,737
Federal National Mortgage Association, REMIC, Ser. 2012-127, Cl. DH		4.00	11/25/2027	200	^b	199
Federal National Mortgage Association, REMIC, Ser. 2012-148, Cl. DC		1.50	1/25/2028	648,500	^b	610,068
Federal National Mortgage Association, REMIC, Ser. 2012-152, CI. PC		1.75	8/25/2042	984,929	^b	951,744
Federal National Mortgage Association, REMIC, Ser. 2012-78, Cl. KB		1.75	7/25/2027	162,284	^b	153,601
Federal National Mortgage Association, REMIC, Ser. 2012-98, Cl. YM		1.50	9/25/2027	535,502	^b	504,136
Federal National Mortgage Association, REMIC, Ser. 2013-137, Cl. V		3.50	10/25/2028	89,191	^b	85,195
Federal National Mortgage Association, REMIC, Ser. 2013-30, Cl. DA		1.75	4/25/2028	188,144	^b	176,865

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Short-Term U.S. Government Securities Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.8% (continued)
U.S. Government Agencies Collateralized Mortgage Obligations - 16.3% (continued)
Federal National Mortgage Association, REMIC, Ser. 2013-39, Cl. MP		1.75	5/25/2028	605,480	^b	569,928
Federal National Mortgage Association, REMIC, Ser. 2014-34, Cl. LC		2.50	6/25/2029	220,477	^b	211,004
Federal National Mortgage Association, REMIC, Ser. 2015-33, Cl. P		2.50	6/25/2045	804,450	^b	750,370
Federal National Mortgage Association, REMIC, Ser. 2017-9, Cl. HA		3.00	12/25/2042	341,342	^b	333,789
Federal National Mortgage Association, REMIC, Ser. 2017-99, Cl. VM		3.50	3/25/2029	1,419,225	^b	1,351,439
Federal National Mortgage Association, REMIC, Ser. 2020-28, Cl. V		3.50	2/25/2048	689,221	^b	670,792
Government National Mortgage Association, Ser. 2010-6, Cl. AB		3.00	11/20/2039	315,690		304,792
Government National Mortgage Association, Ser. 2012-101, Cl. MA		2.50	5/20/2040	350,385		333,307
Government National Mortgage Association, Ser. 2012-51, Cl. VQ		3.50	4/20/2025	313,392		305,781
Government National Mortgage Association, Ser. 2016-23, CI. KA		4.17	1/20/2031	94,431		92,494
Government National Mortgage Association, Ser. 2022-152, Cl. BC		3.00	10/20/2035	1,724,490		1,655,985
Government National Mortgage Association, Ser. 2022-87, Cl. A		3.50	1/20/2040	1,529,028		1,470,049
Government National Mortgage Association, Ser. 2022-90, CI. KB		3.00	9/20/2044	1,395,862		1,316,986
Government National Mortgage Association, Ser. 2022-94, Cl. A		3.50	8/20/2031	893,916		881,303
					20,649,560
U.S. Government Agencies Collateralized Municipal-Backed Securities - 28.7%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K044, Cl. A2		2.81	1/25/2025	1,429,540	^b	1,379,207
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K045, Cl. A2		3.02	1/25/2025	1,349,619	^b	1,304,966
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K724, Cl. A2		3.06	11/25/2023	1,519,530	^b	1,510,224
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K725, Cl. A2		3.00	1/25/2024	704,239	^b	696,622
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KC03, Cl. A2		3.50	1/25/2026	1,480,742	^b	1,426,599
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KL1P, Cl. A1P		2.54	10/25/2025	1,292,925	^b	1,246,206
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KLU1, Cl. A1		2.38	1/25/2025	469,150	^b	451,758
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KW02, Cl. A1		2.90	4/25/2026	1,781,866	^b	1,746,496
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. X2FX, Cl. A2		2.41	9/25/2025	697,699	^b	662,637
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. X3FX, Cl. A1FX		3.00	3/25/2025	1,505,063	^b	1,466,470
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB22, Cl. A7F		1.98	9/25/2023	93,696	^b	93,292
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB25, Cl. A7F		2.58	10/25/2023	47,699	^b	47,500
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2017-SB41, Cl. A10F		2.94	9/25/2027	1,598,014	^b	1,473,365
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2018-SB51, CI. A5H, (1 Month SOFR +0.81%)		5.92	4/25/2038	574,829	^b,c	570,554
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB61, Cl. A5F		2.86	1/25/2024	1,257,355	^b	1,246,022
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB67, CI. A5H		2.24	8/25/2039	681,171	^b	656,847



BNY Mellon Short-Term U.S. Government Securities Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.8% (continued)
U.S. Government Agencies Collateralized Municipal-Backed Securities - 28.7% (continued)
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB68, CI. A5H		2.39	8/25/2039	359,709	^b	350,388
Federal National Mortgage Association, ACES, Ser. 2014-M13, Cl. A2		3.02	8/25/2024	222,101	^b	216,575
Federal National Mortgage Association, ACES, Ser. 2014-M3, Cl. A2		3.50	1/25/2024	428,794	^b	424,119
Federal National Mortgage Association, ACES, Ser. 2017-M10, CI. AV2		2.62	7/25/2024	1,800,391	^b	1,758,740
Government National Mortgage Association, Ser. 2011-103, Cl. B		3.70	7/16/2051	770,979		721,994
Government National Mortgage Association, Ser. 2012-142, CI. BC		2.46	3/16/2049	1,200,057		1,097,112
Government National Mortgage Association, Ser. 2012-150, CI. A		1.90	11/16/2052	609,803		517,640
Government National Mortgage Association, Ser. 2013-105, Cl. A		1.71	2/16/2037	338,636		331,124
Government National Mortgage Association, Ser. 2013-142, Cl. V		3.10	2/16/2025	487,542		472,501
Government National Mortgage Association, Ser. 2013-158, Cl. AB		3.01	8/16/2053	1,290,685		1,196,823
Government National Mortgage Association, Ser. 2013-29, CI. AB		1.77	10/16/2045	155,943		141,583
Government National Mortgage Association, Ser. 2013-29, CI. AD		1.51	8/16/2041	291,109		283,207
Government National Mortgage Association, Ser. 2014-82, Cl. VG		2.87	12/16/2046	892,357		854,042
Government National Mortgage Association, Ser. 2015-188, CI. VD		2.50	3/16/2032	436,933		405,195
Government National Mortgage Association, Ser. 2017-70, CI. A		2.50	10/16/2057	81,320		80,327
Government National Mortgage Association, Ser. 2017-94, CI. AK		2.40	5/16/2051	1,199,377		1,095,182
Government National Mortgage Association, Ser. 2018-123, Cl. D		3.10	1/16/2059	1,254,478		1,187,695
Government National Mortgage Association, Ser. 2018-149, CI. A		3.00	7/16/2048	261,294		247,111
Government National Mortgage Association, Ser. 2019-34, Cl. AL		3.15	5/16/2059	1,250,346		1,200,020
Government National Mortgage Association, Ser. 2019-55, Cl. AE		3.00	12/16/2059	1,035,392		952,463
Government National Mortgage Association, Ser. 2022-147, CI. A		2.20	10/16/2062	1,965,741		1,795,178
Government National Mortgage Association, Ser. 2022-3, CI. AM		1.60	9/16/2051	963,739		807,083
Government National Mortgage Association, Ser. 2022-53, Cl. AE		1.50	4/16/2046	2,809,911		2,488,783
Government National Mortgage Association, Ser. 2022-82, Cl. AC		2.00	5/16/2048	1,919,482		1,718,199
					36,321,849
U.S. Government Agencies Mortgage-Backed - 23.6%
Federal Home Loan Mortgage Corp.:
2.50%, 3/1/2027-12/1/2027				1,948,357	^b	1,865,417
3.50%, 10/1/2026-5/1/2027				279,252	^b	267,058
4.50%, 11/1/2024-2/1/2034				316,773	^b	312,090
Federal National Mortgage Association:
1.91%, 9/1/2051, (1 Month SOFR +2.35%)				2,493,401	^b,c	2,298,081
2.25%, 1/1/2024				240,483	^b	238,134
2.39%, 6/1/2025				522,066	^b	505,381
2.45%, 4/1/2025				2,682,828	^b	2,559,356
2.50%, 11/1/2026-3/1/2028				2,374,890	^b	2,241,589

STATEMENT OF INVESTMENTS (continued)



BNY Mellon Short-Term U.S. Government Securities Fund (continued)
Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 98.8% (continued)
U.S. Government Agencies Mortgage-Backed - 23.6% (continued)
2.72%, 3/1/2024				2,000,000	^b	1,960,649
2.75%, 1/1/2050, (1 Month LIBOR +1.59%)				1,204,280	^b,c	1,188,617
2.88%, 6/1/2024				899,022	^b	874,410
2.89%, 4/1/2024-1/1/2025				3,000,000	^b	2,921,692
2.94%, 9/1/2047, (1 Month LIBOR +1.62%)				1,666,496	^b,c	1,643,851
2.95%, 11/1/2025				1,000,000	^b	954,517
2.96%, 11/1/2049, (1 Month LIBOR +1.61%)				1,744,513	^b,c	1,720,424
3.00%, 1/1/2028				290,918	^b	279,701
3.11%, 12/1/2024				1,869,478	^b	1,810,032
3.17%, 11/1/2049, (1 Month LIBOR +1.62%)				1,454,374	^b,c	1,411,654
3.45%, 7/1/2025				1,642,571	^b	1,583,914
3.50%, 2/1/2031				1,505,576	^b	1,442,629
4.00%, 7/1/2029-3/1/2034				696,614	^b	683,241
5.00%, 3/1/2027				23,553	^b	23,300
5.10%, 10/1/2024				667,733	^b	660,051
Government National Mortgage Association I:
4.00%, 8/15/2024-7/15/2027				167,511		165,037
Government National Mortgage Association II:
3.50%, 3/20/2026				86,915		85,117
4.50%, 7/20/2024-5/20/2025				196,195		190,816
					29,886,758
U.S. Government Agencies Obligations - 1.2%
Federal Home Loan Bank, Bonds		3.13	4/28/2025	1,500,000		1,448,823
U.S. Treasury Securities - 22.7%
U.S. Treasury Notes		1.50	8/15/2026	6,000,000		5,500,547
U.S. Treasury Notes		2.75	5/15/2025	4,000,000		3,854,844
U.S. Treasury Notes		3.13	8/15/2025	4,000,000		3,870,469
U.S. Treasury Notes		3.63	5/15/2026	1,250,000		1,219,238
U.S. Treasury Notes		3.75	4/15/2026	3,000,000		2,935,547
U.S. Treasury Notes		3.88	1/15/2026	4,000,000		3,924,844
U.S. Treasury Notes		4.00	2/15/2026	4,250,000		4,183,428
U.S. Treasury Notes		4.50	7/15/2026	3,250,000		3,244,414
					28,733,331
Total Bonds and Notes (cost $130,400,406)				125,009,253
	1-Day Yield (%)			Shares
Investment Companies - 1.2%
Registered Investment Companies - 1.2%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $1,457,842)		5.41		1,457,842	^d	1,457,842
Total Investments (cost $131,858,248)				100.0%	126,467,095
Cash and Receivables (Net)				0.0%	32,998
Net Assets				100.0%	126,500,093

GO—General Obligation

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

SOFR—Secured Overnight Financing Rate

^a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

^b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

^c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

^d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited) ^†	Value (%)
Mortgage Securities	68.6
Government	30.2
Investment Companies	1.2
	100.0

^† Based on net assets.

See notes to financial statements.


BNY Mellon Short-Term U.S. Government Securities Fund
Affiliated Issuers
Description	Value ($) 8/31/2022	Purchases ($)^†	Sales ($)	Value ($) 8/31/2023	Dividends/ Distributions ($)
Registered Investment Companies - 1.2%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.2%	3,369,717	74,057,555	(75,969,430)	1,457,842	71,118
Investment of Cash Collateral for Securities Loaned - .0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	2,975,863	29,369,518	(32,345,381)	-	10,869	^††
Total - 1.2%	6,345,580	103,427,073	(108,314,811)	1,457,842	81,987

^† Includes reinvested dividends/distributions.

^†† Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

See notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2023



	BNY Mellon Bond Fund	BNY Mellon Intermediate Bond Fund	BNY Mellon Corporate Bond Fund	BNY Mellon Short-Term U.S. Government Securities Fund
Assets ($):
Investments in securities—See Statements of Investments† (including securities on loan)††—Note 1(b)
Unaffiliated issuers	1,179,857,777	508,884,729	408,674,322	125,009,253
Affiliated issuers	38,156,005	6,409,271	19,183,861	1,457,842
Dividends, interest and securities lending income receivable	7,822,841	3,704,791	5,002,328	438,316
Receivable for shares of Beneficial Interest subscribed	2,593,690	885,814	1,519,800	25,000
Receivable for investment securities sold	-	1,231,624	-	-
Prepaid expenses	34,439	30,825	20,793	26,306
	1,228,464,752	521,147,054	434,401,104	126,956,717
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)	547,295	244,825	200,441	50,191
Cash overdraft due to Custodian	2,673,450	949,224	983,015	201,088
Liability for securities on loan—Note 1(b)	33,666,019	4,751,395	10,423,207	-
Payable for shares of Beneficial Interest redeemed	1,431,130	1,152,408	1,795,189	162,549
Trustees’ fees and expenses payable	36,153	14,558	12,909	4,445
Other accrued expenses	43,816	33,425	30,638	38,351
	38,397,863	7,145,835	13,445,399	456,624
Net Assets ($)	1,190,066,889	514,001,219	420,955,705	126,500,093
Composition of Net Assets ($):
Paid-in capital	1,393,821,089	558,522,838	479,782,024	151,575,561
Total distributable earnings (loss)	(203,754,200)	(44,521,619)	(58,826,319)	(25,075,468)
Net Assets ($)	1,190,066,889	514,001,219	420,955,705	126,500,093
^† Investments at cost ($)
Unaffiliated issuers	1,285,747,367	537,517,174	449,233,428	130,400,406
Affiliated issuers	38,156,005	6,409,271	19,183,861	1,457,842
^††Value of securities on loan ($)	87,745,727	30,236,329	16,574,454	-
Net Asset Value Per Share
Class M
Net Assets ($)	1,181,266,963	506,244,879	416,864,477	124,885,301
Shares Outstanding	109,663,521	43,592,149	35,805,199	11,550,543
Net Asset Value Per Share ($)	10.77	11.61	11.64	10.81
Investor Shares
Net Assets ($)	8,799,926	7,756,340	4,091,228	1,614,792
Shares Outstanding	817,651	666,038	350,770	149,093
Net Asset Value Per Share ($)	10.76	11.65	11.66	10.83

See notes to financial statements.

STATEMENTS OF OPERATIONS

Year Ended August 31, 2023



	BNY Mellon Bond Fund	BNY Mellon Intermediate Bond Fund	BNY Mellon Corporate Bond Fund	BNY Mellon Short-Term U.S. Government Securities Fund
Investment Income ($):
Income:
Interest	39,401,614	16,698,793	19,464,304	4,093,761
Dividends:
Unaffiliated issuers	325,000	239,062	454,823	-
Affiliated issuers	332,350	109,504	258,285	71,118
Income from securities lending—Note 1(b)	113,820	83,940	115,254	10,869
Total Income	40,172,784	17,131,299	20,292,666	4,175,748
Expenses:
Management fee—Note 3(a)	4,620,890	2,271,296	1,869,636	584,091
Administration fee—Note 3(a)	1,563,011	767,836	631,728	225,597
Trustees’ fees and expenses—Note 3(c)	140,194	68,226	55,196	18,878
Professional fees	81,367	58,871	49,089	39,123
Registration fees	48,791	34,628	35,722	32,838
Loan commitment fees—Note 2	29,784	10,877	9,053	3,687
Shareholder servicing costs—Note 3(b)	21,898	18,625	11,896	4,433
Custodian fees—Note 3(b)	21,093	10,138	9,461	13,016
Chief Compliance Officer fees—Note 3(b)	19,196	19,196	19,196	19,196
Prospectus and shareholders’ reports	13,618	13,336	14,611	11,181
Miscellaneous	33,447	26,243	35,211	30,807
Total Expenses	6,593,289	3,299,272	2,740,799	982,847
Less—reduction in expenses due to undertakings—Note 3(a)	-	-	-	(141,213)
Less—reduction in fees due to earnings credits—Note 3(b)	(2,239)	(1,693)	(759)	(531)
Net Expenses	6,591,050	3,297,579	2,740,040	841,103
Net Investment Income	33,581,734	13,833,720	17,552,626	3,334,645
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	(47,956,363)	(9,432,627)	(14,407,534)	(2,055,376)
Net change in unrealized appreciation (depreciation) on investments	368,189	1,803,607	8,694,512	788,161
Net Realized and Unrealized Gain (Loss) on Investments	(47,588,174)	(7,629,020)	(5,713,022)	(1,267,215)
Net Increase (Decrease) in Net Assets Resulting from Operations	(14,006,440)	6,204,700	11,839,604	2,067,430

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		BNY Mellon Bond Fund		BNY Mellon Intermediate Bond Fund
		Year Ended August 31,		Year Ended August 31,
		2023	2022	2023	2022
Operations ($):
Net investment income		33,581,734	26,308,931	13,833,720	13,631,805
Net realized gain (loss) on investments		(47,956,363)	(33,559,114)	(9,432,627)	(1,834,562)
Net change in unrealized appreciation (depreciation) on investments		368,189	(158,390,689)	1,803,607	(60,548,888)
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,006,440)	(165,640,872)	6,204,700	(48,751,645)
Distributions ($):
Distributions to shareholders:
Class M		(34,897,052)	(31,131,402)	(14,538,574)	(14,937,727)
Investor Shares		(232,299)	(258,946)	(170,450)	(183,563)
Total Distributions		(35,129,351)	(31,390,348)	(14,709,024)	(15,121,290)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M		291,478,797	333,337,287	84,021,568	108,679,466
Investor Shares		11,898,300	26,277,220	9,219,708	11,904,817
Distributions reinvested:
Class M		4,663,377	4,723,355	2,835,812	2,746,258
Investor Shares		212,724	213,651	158,217	159,629
Cost of shares redeemed:
Class M		(238,452,930)	(309,635,386)	(191,680,079)	(208,148,635)
Investor Shares		(13,711,107)	(25,060,677)	(9,364,779)	(12,401,272)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions		56,089,161	29,855,450	(104,809,553)	(97,059,737)
Total Increase (Decrease) in Net Assets		6,953,370	(167,175,770)	(113,313,877)	(160,932,672)
Net Assets ($):
Beginning of Period		1,183,113,519	1,350,289,289	627,315,096	788,247,768
End of Period		1,190,066,889	1,183,113,519	514,001,219	627,315,096
Capital Share Transactions (Shares):
Class M^a
Shares sold		26,675,235	27,208,027	7,211,295	8,832,056
Shares issued for distributions reinvested		426,937	388,791	243,788	223,630
Shares redeemed		(21,882,809)	(25,328,155)	(16,475,737)	(16,716,541)
Net Increase (Decrease) in Shares Outstanding		5,219,363	2,268,663	(9,020,654)	(7,660,855)
Investor Shares^a
Shares sold		1,086,373	2,120,229	788,157	954,596
Shares issued for distributions reinvested		19,498	17,670	13,558	12,965
Shares redeemed		(1,254,004)	(2,035,089)	(800,546)	(1,007,444)
Net Increase (Decrease) in Shares Outstanding		(148,133)	102,810	1,169	(39,883)

^a	During the period ended August 31, 2023, 1,082,559 Class M Shares representing $11,872,237 were exchanged for 1,084,011 Investor Shares for BNY Mellon Bond Fund and 789,125 Class M Shares representing $9,208,810 were exchanged for 787,230 Investor Shares for BNY Mellon Intermediate Bond Fund. During the period ended August 31, 2022, 2,048,875 Class M Shares representing $25,474,778 were exchanged for 2,053,071 Investor Shares for BNY Mellon Bond Fund and 944,952 Class M Shares representing $11,762,042 were exchanged for 943,238 Investor Shares for BNY Mellon Intermediate Bond Fund.
See notes to financial statements.


		BNY Mellon Corporate Bond Fund		BNY Mellon Short-Term U.S. Government Securities Fund
		Year Ended August 31,		Year Ended August 31,
		2023	2022	2023	2022
Operations ($):
Net investment income		17,552,626	21,829,429	3,334,645	1,306,023
Net realized gain (loss) on investments		(14,407,534)	1,466,603	(2,055,376)	(575,281)
Net change in unrealized appreciation (depreciation) on investments		8,694,512	(109,031,132)	788,161	(6,677,551)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,839,604	(85,735,100)	2,067,430	(5,946,809)
Distributions ($):
Distributions to shareholders:
Class M		(17,881,046)	(26,586,001)	(4,252,621)	(2,978,102)
Investor Shares		(170,429)	(235,509)	(36,011)	(57,884)
Total Distributions		(18,051,475)	(26,821,510)	(4,288,632)	(3,035,986)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M		83,138,892	127,212,542	52,230,516	78,219,789
Investor Shares		7,435,178	7,793,456	3,205,934	3,339,486
Distributions reinvested:
Class M		4,530,497	6,552,719	1,335,099	604,805
Investor Shares		140,455	161,297	31,635	54,388
Cost of shares redeemed:
Class M		(229,512,790)	(214,957,748)	(102,015,925)	(68,839,960)
Investor Shares		(8,785,368)	(7,827,067)	(3,258,383)	(6,224,947)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions		(143,053,136)	(81,064,801)	(48,471,124)	7,153,561
Total Increase (Decrease) in Net Assets		(149,265,007)	(193,621,411)	(50,692,326)	(1,829,234)
Net Assets ($):
Beginning of Period		570,220,712	763,842,123	177,192,419	179,021,653
End of Period		420,955,705	570,220,712	126,500,093	177,192,419
Capital Share Transactions (Shares):
Class M^a
Shares sold		7,172,574	9,931,460	4,812,237	7,047,458
Shares issued for distributions reinvested		391,659	510,095	123,335	53,785
Shares redeemed		(19,881,528)	(17,228,465)	(9,413,860)	(6,095,882)
Net Increase (Decrease) in Shares Outstanding		(12,317,295)	(6,786,910)	(4,478,288)	1,005,361
Investor Shares^a
Shares sold		646,334	597,375	295,504	295,516
Shares issued for distributions reinvested		12,144	12,616	2,917	4,811
Shares redeemed		(758,321)	(610,242)	(299,992)	(554,957)
Net Increase (Decrease) in Shares Outstanding		(99,843)	(251)	(1,571)	(254,630)

^a	During the period ended August 31, 2023, 637,707 Class M Shares representing $7,323,820 were exchanged for 636,952 Investor Shares for BNY Mellon Corporate Bond Fund and 292,365 Class M Shares representing $3,167,818 were exchanged for 291,983 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. During the period ended August 31, 2022, 528,874 Class M Shares representing $6,850,398 were exchanged for 528,459 Investor Shares for BNY Mellon Corporate Bond Fund and 252,548 Class M Shares representing $2,857,242 were exchanged for 252,487 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund.
See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.


	Class M Shares
	Year Ended August 31,
BNY Mellon Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.22	13.10	13.63	13.14	12.32
Investment Operations:
Net investment income ^a	.32	.25	.23	.30	.35
Net realized and unrealized gain (loss) on investments	(.44)	(1.83)	(.17)	.54	.84
Total from Investment Operations	(.12)	(1.58)	.06	.84	1.19
Distributions:
Dividends from net investment income	(.33)	(.30)	(.31)	(.35)	(.37)
Dividends from net realized gain on investments	-	-	(.28)	-	-
Total Distributions	(.33)	(.30)	(.59)	(.35)	(.37)
Net asset value, end of period	10.77	11.22	13.10	13.63	13.14
Total Return (%)	(1.05)	(12.19)	.50	6.49	9.89
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.57	.55	.55	.55	.55
Ratio of net expenses to average net assets	.57	.55	.55	.55	.55
Ratio of net investment income to average net assets	2.91	2.07	1.71	2.30	2.77
Portfolio Turnover Rate	45.46	88.66	72.04	93.11	79.56
Net Assets, end of period ($ x 1,000)	1,181,267	1,172,292	1,339,003	1,268,576	1,220,362

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.21	13.08	13.60	13.11	12.29
Investment Operations:
Net investment income ^a	.29	.23	.20	.28	.32
Net realized and unrealized gain (loss) on investments	(.44)	(1.83)	(.16)	.52	.84
Total from Investment Operations	(.15)	(1.60)	.04	.80	1.16
Distributions:
Dividends from net investment income	(.30)	(.27)	(.28)	(.31)	(.34)
Dividends from net realized gain on investments	-	-	(.28)	-	-
Total Distributions	(.30)	(.27)	(.56)	(.31)	(.34)
Net asset value, end of period	10.76	11.21	13.08	13.60	13.11
Total Return (%)	(1.38)	(12.39)	.30	6.22	9.60
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.82	.80	.80	.80	.80
Ratio of net expenses to average net assets	.82	.80	.80	.80	.80
Ratio of net investment income to average net assets	2.66	1.82	1.46	2.08	2.47
Portfolio Turnover Rate	45.46	88.66	72.04	93.11	79.56
Net Assets, end of period ($ x 1,000)	8,800	10,822	11,286	9,204	8,697

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M Shares
	Year Ended August 31,
BNY Mellon Intermediate Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.77	12.93	13.11	12.72	12.26
Investment Operations:
Net investment income ^a	.28	.24	.24	.25	.27
Net realized and unrealized gain (loss) on investments	(.13)	(1.13)	(.16)	.41	.47
Total from Investment Operations	.15	(.89)	.08	.66	.74
Distributions:
Dividends from net investment income	(.31)	(.27)	(.26)	(.27)	(.28)
Net asset value, end of period	11.61	11.77	12.93	13.11	12.72
Total Return (%)	1.26	(6.93)	.62	5.23	6.09
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.58	.56	.56	.55	.55
Ratio of net expenses to average net assets	.58	.56	.56	.55	.55
Ratio of net investment income to average net assets	2.44	1.98	1.85	1.97	2.15
Portfolio Turnover Rate	26.10	31.46	19.07	41.86	33.30
Net Assets, end of period ($ x 1,000)	506,245	619,470	779,123	891,782	985,280

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Intermediate Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.80	12.95	13.12	12.73	12.26
Investment Operations:
Net investment income ^a	.25	.22	.21	.22	.23
Net realized and unrealized gain (loss) on investments	(.13)	(1.13)	(.16)	.40	.48
Total from Investment Operations	.12	(.91)	.05	.62	.71
Distributions:
Dividends from net investment income	(.27)	(.24)	(.22)	(.23)	(.24)
Net asset value, end of period	11.65	11.80	12.95	13.12	12.73
Total Return (%)	1.03	(7.11)	.42	4.93	5.88
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.83	.81	.81	.80	.80
Ratio of net expenses to average net assets	.83	.81	.81	.80	.80
Ratio of net investment income to average net assets	2.19	1.73	1.59	1.68	1.88
Portfolio Turnover Rate	26.10	31.46	19.07	41.86	33.30
Net Assets, end of period ($ x 1,000)	7,756	7,845	9,125	8,293	6,225

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M Shares
	Year Ended August 31,
BNY Mellon Corporate Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.74	13.80	13.69	13.36	12.52
Investment Operations:
Net investment income ^a	.43	.40	.43	.45	.46
Net realized and unrealized gain (loss) on investments	(.08)	(1.96)	.15	.35	.86
Total from Investment Operations	.35	(1.56)	.58	.80	1.32
Distributions:
Dividends from net investment income	(.45)	(.43)	(.47)	(.47)	(.48)
Dividends from net realized gain on investments	-	(.07)	-	-	-
Total Distributions	(.45)	(.50)	(.47)	(.47)	(.48)
Net asset value, end of period	11.64	11.74	13.80	13.69	13.36
Total Return (%)	3.06	(11.58)	4.29	6.16	10.81
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.58	.56	.56	.56	.56
Ratio of net expenses to average net assets	.58	.56	.56	.56	.56
Ratio of net investment income to average net assets	3.76	3.15	3.10	3.39	3.65
Portfolio Turnover Rate	11.99	25.87	18.34	25.67	30.95
Net Assets, end of period ($ x 1,000)	416,864	564,925	757,617	849,166	907,433

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
	Year Ended August 31,
BNY Mellon Corporate Bond Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	11.75	13.81	13.70	13.37	12.53
Investment Operations:
Net investment income ^a	.40	.37	.40	.43	.43
Net realized and unrealized gain (loss) on investments	(.08)	(1.97)	.14	.34	.85
Total from Investment Operations	.32	(1.60)	.54	.77	1.28
Distributions:
Dividends from net investment income	(.41)	(.39)	(.43)	(.44)	(.44)
Dividends from net realized gain on investments	-	(.07)	-	-	-
Total Distributions	(.41)	(.46)	(.43)	(.44)	(.44)
Net asset value, end of period	11.66	11.75	13.81	13.70	13.37
Total Return (%)	2.82	(11.82)	4.02	5.87	10.50
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.83	.81	.81	.81	.81
Ratio of net expenses to average net assets	.83	.81	.81	.81	.81
Ratio of net investment income to average net assets	3.51	2.90	2.85	3.12	3.41
Portfolio Turnover Rate	11.99	25.87	18.34	25.67	30.95
Net Assets, end of period ($ x 1,000)	4,091	5,296	6,225	5,448	2,693

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Class M Shares
BNY Mellon Short-Term	Year Ended August 31,
U.S. Government Securities Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	10.95	11.60	11.81	11.70	11.52
Investment Operations:
Net investment income ^a	.22	.09	.11	.19	.21
Net realized and unrealized gain (loss) on investments	(.08)	(.52)	(.13)	.15	.20
Total from Investment Operations	.14	(.43)	(.02)	.34	.41
Distributions:
Dividends from net investment income	(.28)	(.22)	(.19)	(.23)	(.23)
Net asset value, end of period	10.81	10.95	11.60	11.81	11.70
Total Return (%)	1.33	(3.77)	(.15)	2.95	3.61
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.59	.59	.55	.55	.55
Ratio of net expenses to average net assets	.50	.50	.54	.55	.55
Ratio of net investment income to average net assets	2.00	.84	.89	1.65	1.84
Portfolio Turnover Rate	51.74	65.86	114.85	65.00	119.53
Net Assets, end of period ($ x 1,000)	124,885	175,541	174,319	234,920	255,767

^a Based on average shares outstanding.

See notes to financial statements.


	Investor Shares
BNY Mellon Short-Term	Year Ended August 31,
U.S. Government Securities Fund	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	10.96	11.60	11.80	11.68	11.50
Investment Operations:
Net investment income ^a	.19	.07	.08	.11	.18
Net realized and unrealized gain (loss) on investments	(.07)	(.53)	(.12)	.21	.20
Total from Investment Operations	.12	(.46)	(.04)	.32	.38
Distributions:
Dividends from net investment income	(.25)	(.18)	(.16)	(.20)	(.20)
Net asset value, end of period	10.83	10.96	11.60	11.80	11.68
Total Return (%)	1.09	(3.99)	(.37)	2.73	3.31
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.84	.84	.80	.80	.80
Ratio of net expenses to average net assets	.75	.75	.79	.80	.80
Ratio of net investment income to average net assets	1.75	.59	.64	.98	1.54
Portfolio Turnover Rate	51.74	65.86	114.85	65.00	119.53
Net Assets, end of period ($ x 1,000)	1,615	1,652	4,703	5,308	1,727

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge. Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:

The Trust’s Board of Trustees (the “Board”) has designated the Adviser as each fund’s valuation designee, effective September 8, 2022, to make all fair value determinations with

respect to each fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.

Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.

Each relevant fund: Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a Service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following below summarizes the inputs used as of August 31, 2023 in valuing each fund’s investments:


BNY Mellon Bond Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Corporate Bonds	-	328,390,854	-	328,390,854
Equity Securities - Preferred Stocks	5,285,800	-	-	5,285,800
Foreign Governmental	-	3,684,855	-	3,684,855
Investment Companies	38,156,005	-	-	38,156,005
Municipal Securities	-	6,947,288	-	6,947,288
U.S. Government Agencies Collateralized Municipal-Backed Securities	-	4,686,670	-	4,686,670
U.S. Government Agencies Mortgage-Backed	-	315,406,546	-	315,406,546
U.S. Treasury Securities	-	515,455,764	-	515,455,764

^† See Statement of Investments for additional detailed categorizations, if any.

NOTES TO FINANCIAL STATEMENTS (continued)


BNY Mellon Intermediate Bond Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Corporate Bonds	-	215,427,860	-	215,427,860
Equity Securities - Preferred Stocks	3,049,500	-	-	3,049,500
Investment Companies	6,409,271	-	-	6,409,271
Municipal Securities	-	12,733,040	-	12,733,040
U.S. Government Agencies Collateralized Municipal-Backed Securities	-	2,468,744	-	2,468,744
U.S. Government Agencies Mortgage-Backed	-	7,159,806	-	7,159,806
U.S. Government Agencies Obligations	-	28,420,218	-	28,420,218
U.S. Treasury Securities	-	239,625,561	-	239,625,561

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon Corporate Bond Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Corporate Bonds	-	387,969,533	-	387,969,533
Equity Securities - Preferred Stocks	5,714,200	-	-	5,714,200
Foreign Governmental	-	2,603,088	-	2,603,088
Investment Companies	19,183,861	-	-	19,183,861
Municipal Securities	-	12,387,501	-	12,387,501

^† See Statement of Investments for additional detailed categorizations, if any.


BNY Mellon Short-Term U.S. Government Securities Fund
	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Investment Companies	1,457,842	-	-	1,457,842
Municipal Securities	-	7,968,932	-	7,968,932
U.S. Government Agencies Collateralized Mortgage Obligations	-	20,649,560	-	20,649,560
U.S. Government Agencies Collateralized Municipal-Backed Securities	-	36,321,849	-	36,321,849
U.S. Government Agencies Mortgage-Backed	-	29,886,758	-	29,886,758
U.S. Government Agencies Obligations	-	1,448,823	-	1,448,823
U.S. Treasury Securities	-	28,733,331	-	28,733,331

^† See Statement of Investments for additional detailed categorizations, if any.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.


Table 1—Securities Lending Agreement

BNY Mellon Bond Fund	$ 15,517
BNY Mellon Intermediate Bond Fund	11,444
BNY Mellon Corporate Bond Fund	15,714
BNY Mellon Short-Term U.S. Government Securities Fund	1,482

(c) Affiliated issuers: Investments in other investment companies advised by the Adviser are defined as “affiliated” under the Act.

(d) Market Risk: The value of the securities in which each fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect each fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

Government Securities Risk: Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the fund does not apply to the market value of such security or to shares of the fund itself.

Mortgage-Related Securities Risk: Mortgage-related securities are complex derivative instruments, subject to credit, prepayment and extension risk, and may be more volatile, less liquid and more difficult to price accurately than more traditional debt securities. The fund is subject to the credit risk associated with these securities, including the market’s perception of the creditworthiness of the issuing federal agency, as well as the credit quality of the underlying assets. Although certain mortgage-related securities are guaranteed as to the timely payment of interest and principal by a third party (such as a U.S. government agency or instrumentality with respect to government-related mortgage securities) the market prices for such securities are not guaranteed and will fluctuate. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the security are more likely to be prepaid causing the fund to purchase new securities at current market rates, which usually will be lower. The loss of higher yielding underlying mortgages and the reinvestment of proceeds at lower interest rates, known as prepayment risk, can reduce the fund’s potential price gain in response to falling interest rates, reduce the fund’s yield and/or cause the fund’s share

NOTES TO FINANCIAL STATEMENTS (continued)

price to fall. When interest rates rise, the effective duration of the fund’s mortgage-related and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets. This is known as extension risk and would increase the fund’s sensitivity to rising interest rates and its potential for price declines.

Short-Term Trading Risk: At times, the fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions and lower the fund’s after-tax performance.

Debt Risk: The funds invest primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(e) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. The funds normally declare and pay dividends from net investment income monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(f) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.

Each tax year in the four-year period ended August 31, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Table 2 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2023.

Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2023 and August 31, 2022.


Table 2—Components of Accumulated Earnings
	Undistributed Ordinary Income ($)	Accumulated Capital (Losses) ($)	Unrealized (Depreciation) ($)
BNY Mellon Bond Fund	920,170	(96,516,813)	(108,157,557)
BNY Mellon Intermediate Bond Fund	773,734	(15,332,781)	(29,962,572)
BNY Mellon Corporate Bond Fund	594,304	(17,414,729)	(42,005,894)
BNY Mellon Short-Term U.S. Government Securities Fund	106,253	(19,466,338)	(5,715,383)


Table 3—Capital Loss Carryover
	Short-Term Losses ($)	^†	Long-Term Losses ($)
				^†	Total ($)
BNY Mellon Bond Fund	47,138,366	49,378,447		96,516,813
BNY Mellon Intermediate Bond Fund	3,049,194	12,283,587		15,332,781
BNY Mellon Corporate Bond Fund	2,384,809	15,029,920		17,414,729
BNY Mellon Short-Term U.S. Government Securities Fund	8,397,908	11,068,430		19,466,338

^† These capital losses can be carried forward for an unlimited period.


Table 4—Tax Character of Distributions Paid
	2023		2022
	Ordinary Income ($)	Long-Term Capital Gains ($)	Ordinary Income ($)	Long-Term Capital Gains ($)
BNY Mellon Bond Fund	35,129,351	-	31,390,348	-
BNY Mellon Intermediate Bond Fund	14,709,024	-	15,121,290	-
BNY Mellon Corporate Bond Fund	18,051,475	-	23,075,813	3,745,697
BNY Mellon Short-Term U.S. Government Securities Fund	4,288,632	-	3,035,986	-

(g) New accounting pronouncements: In 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024 (“FASB Sunset Date”), after which entities will no longer be permitted to apply the relief in Topic 848.

Management had evaluated the impact of Topic 848 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the Reference Rate Reform. Management has no concerns in adopting Topic 848 by FASB Sunset Date. Management will continue to work with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Bank Lines of Credit:

NOTE 3—Management Fee, Administration Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment advisory agreement with the Adviser, the management fee is payable monthly and

NOTES TO FINANCIAL STATEMENTS (continued)

computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.

For BNY Mellon Short-Term U.S. Government Securities Fund, the Adviser has contractually agreed, from September 1, 2022 through December 30, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of neither class of fund shares (excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .50% of the value of the fund’s average daily net assets. On or after December 30, 2023, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $141,213 during the period ended August 31, 2023.

0 up to $6 billion .15%

$6 billion up to $12 billion .12%

In excess of $12 billion .10%

(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 5 summarizes the amounts Investor shares were charged during the period ended August 31, 2023, pursuant to the Shareholder Services Plan, which is included in Shareholder servicing costs in the Statements of Operations.


Table 5—Shareholder Services Plan Fees

BNY Mellon Bond Fund	$ 21,762
BNY Mellon Intermediate Bond Fund	18,467
BNY Mellon Corporate Bond Fund	11,829
BNY Mellon Short-Term U.S. Government Securities Fund	3,982

Each fund compensates the Transfer Agent, under a transfer agency agreement, for providing cash management services for the funds. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to fund subscriptions and redemptions. BNY Mellon pays each fund’s Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust. These fees, if any, are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits for each fund, also summarized in Table 6.


Table 6—Transfer Agent Fees
Transfer Agenet Earnings Credits ($)
BNY Mellon Bond Fund	(2,239)
BNY Mellon Intermediate Bond Fund	(1,693)
BNY Mellon Corporate Bond Fund	(759)
BNY Mellon Short-Term U.S. Government Securities Fund	(531)

Each fund compensates the Custodian, under a custody agreement, for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended August 31, 2023 pursuant to the custody agreement.


Table 7—Custodian Fees

BNY Mellon Bond Fund	$ 21,093
BNY Mellon Intermediate Bond Fund	10,138
BNY Mellon Corporate Bond Fund	9,461
BNY Mellon Short-Term U.S. Government Securities Fund	13,016

period ended August 31, 2023 pursuant to the agreement, which is included in Shareholder servicing costs in the Statements of Operations.


Table 8—BNY Mellon Cash Management Fees

BNY Mellon Bond Fund	$ 111
BNY Mellon Intermediate Bond Fund	158
BNY Mellon Corporate Bond Fund	67
BNY Mellon Short-Term U.S. Government Securities Fund	26

During the period ended August 31, 2023, each fund was charged $19,196 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.

Table 9 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.

(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

Table 10 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended August 31, 2023.

Table 11 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2023.


Table 9—Due to BNY Mellon Investment Adviser, Inc. and Affiliates
	Management Fee ($)	Administration Fee ($)	Shareholder Services Plan Fees ($)	Custodian Fees ($)	Chief Compliance Officer Fees ($)	Less Expense Reimbursement ($)
BNY Mellon Bond Fund	399,664	135,483	1,923	7,200	3,025	-
BNY Mellon Intermediate Bond Fund	176,540	59,592	1,668	4,000	3,025	-
BNY Mellon Corporate Bond Fund	143,410	48,658	848	4,500	3,025	-
BNY Mellon Short-Term U.S. Government Securities Fund	38,559	14,839	343	4,400	3,025	(10,975)


Table 10—Purchases and Sales
	Purchases ($)	Sales ($)
BNY Mellon Bond Fund	578,426,030	520,517,918
BNY Mellon Intermediate Bond Fund	143,791,074	248,257,321
BNY Mellon Corporate Bond Fund	54,956,111	197,929,191
BNY Mellon Short-Term U.S. Government Securities Fund	84,714,415	130,796,565


Table 11—Accumulated Net Unrealized Appreciation (Depreciation)
	Cost ($)	Gross Appreciation ($)	Gross Depreciation ($)	Net ($)
BNY Mellon Bond Fund	1,326,171,339	1,736,206	109,893,763	(108,157,557)
BNY Mellon Intermediate Bond Fund	545,256,572	11,544	29,974,116	(29,962,572)
BNY Mellon Corporate Bond Fund	469,864,077	702,859	42,708,753	(42,005,894)
BNY Mellon Short-Term U.S. Government Securities Fund	132,182,478	7,311	5,722,694	(5,715,383)

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.

New York, New York
October 23, 2023

IMPORTANT TAX INFORMATION (Unaudited)

BNY Mellon Bond Fund

For federal tax purposes, the fund designates the maximum amount allowable but not less than 90.18% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

BNY Mellon Intermediate Bond Fund

For federal tax purposes, the fund designates the maximum amount allowable but not less than 89.45% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

BNY Mellon Corporate Bond Fund

For federal tax purposes, the fund reports the maximum amount allowable but not less than 69.44% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

BNY Mellon Short-Term U.S. Government Securities Fund

For federal tax purposes, the fund reports the maximum amount allowable but not less than 99.84% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS (Unaudited)

At a meeting of the Trust’s Board of Trustees held on March 20-21, 2023, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon is responsible for the provision of administrative services to the funds (together, the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of institutional funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional funds in the particular Lipper classification (the “Performance Universe”), all for various periods ended December 31, 2022, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all institutional funds in the particular Lipper classification, excluding outliers (the “Expense Universe”). The information for each comparison was derived, in part, from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Management Fee and Expense Ratio Comparisons. For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

For BNY Mellon Bond Fund, representatives of the Adviser reviewed with the Board the management or advisory fees paid by any funds advised by the Adviser in the same Lipper category as the fund (the “Similar Fund(s)”) and explained the nature of the Similar Fund(s). They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. For such fund, the Board considered the relevance of the fee information provided for the Similar Fund(s) to evaluate the appropriateness of the fund’s management fee. As to each other fund, representatives of the Adviser noted that there were no Similar Fund(s).

As to each fund, representatives of the Adviser noted that there were no separate accounts and/or other types of client

portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.

BNY Mellon Bond Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as core bond funds by Lipper.

The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except for the one- and two-year periods when the fund’s total return performance was above or at, respectively, the Performance Group median, and was below the Performance Universe median for all periods, except for the one- and two-year periods when the fund’s total return performance was above the Performance Universe median. The Board also considered that the fund’s yield performance was at or above the Performance Group median for six of the ten one-year periods ended December 31st and above the Performance Universe median for all ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance and yield performance to the Performance Group and Performance Universe medians during the periods under review. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expense were higher than the Expense Group median and Expense Universe median total expenses.

BNY Mellon Intermediate Bond Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as short-intermediate investment grade debt funds by Lipper.

The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and was below the Performance Universe median for all periods, except for the four-year period when the fund’s total return performance was at the Performance Universe median. The Board also considered that the fund’s yield performance was at or above the Performance Group median for six of the nine one-year periods ended December 31st and above the Performance Universe median for seven of the nine one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance and yield performance to the Performance Group and Performance Universe medians during the periods under review. The Adviser also provided a comparison of the fund’s calendar year total returns of the fund’s benchmark index.

Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were higher than the Expense Group median and Expense Universe median total expenses.

BNY Mellon Corporate Bond Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe consisted of funds classified as BBB-rated corporate debt funds by Lipper.

The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group median and Performance Universe median for all periods. The Board also considered that the fund’s yield performance was at or above the Performance Group medians for eight out of the nine one-year periods ended December 31st and above the Performance Universe medians for eight of the nine one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index. The Board also noted that the fund had a five-star rating for each of the five- and ten-year periods, a four-star rating for the 3-year period, and a five-star overall rating from Morningstar based on Morningstar’s risk-adjusted return measures.

BNY Mellon Short-Term U.S. Government Securities Fund

The information comparing the fund’s performance to that of its Performance Group and Performance Universe

INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS (Unaudited) (continued)

consisted of funds classified as short U.S. government funds by Lipper.

The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group and above the Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was above the Performance Group median for five of the nine one-year periods ended December 31st and above the Performance Universe median for eight of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index. The Board also noted that the fund had a four-star rating for the three-year period from Morningstar based on Morningstar’s risk-adjusted return measures.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and Expense Universe median actual management fee, and the fund’s total expenses were equal to the Expense Group median total expenses and higher than the Expense Universe total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until December 30, 2023 to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of neither class of fund shares (excluding shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .50% of the fund’s average daily net assets.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates to each fund. The Board also considered the expense limitation arrangement for BNY Mellon Short-Term U.S. Government Securities Fund and the effect such arrangement had on profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

As to each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund are adequate and appropriate.

· With respect to BNY Mellon Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Intermediate Bond Fund, the Board determined each fund’s overall relative performance was satisfactory in light of the totality of the information presented.

· With respect to and BNY Mellon Short-Term U.S. Government Securities Fund, the Board was satisfied with the fund’s relative performance.

· With respect to each fund, the Board concluded that the fees paid pursuant to the Agreement continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreement with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund pursuant to the Agreement. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the funds and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the respective fund’s arrangements, or the arrangements for the other funds in the Trust, in prior years. The Board determined to renew the Agreement for each fund.

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

The rule requires each fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. Each fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.