BNY Mellon Funds Trust N-CSRSCertified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

FORM N-CSR

The BNY Mellon Funds

Contents

T H E F U N D S

F O R M O R E I N F O R M AT I O N

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from September 1, 2021 through February 28, 2022, as provided by Alicia Levine, Primary Portfolio Manager responsible for investment allocation decisions

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of -2.49%, and Investor shares produced a total return of -2.59%.¹ In comparison, the S&P 500^® Index (the “Index”), the fund’s benchmark, produced a total return of -2.62% for the same period.²

Large-cap stocks lost ground over the reporting period as investors took note of rising inflation and increasing geopolitical risk. The fund outperformed the Index primarily due to favorable contributions from two underlying strategies.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies. The fund currently considers large-cap companies to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies employed by BNY Mellon Investment Adviser, Inc. or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on the fund’s after-tax returns.

The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy—all of which are more fully described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds as advised by the fund’s investment adviser or its affiliates, referred to as underlying funds.

BNY Mellon Investment Adviser, Inc. has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, as well as the target allocations and ranges when the investment adviser deems it appropriate.

Inflation and Geopolitical Concerns Weigh on Markets

Stocks gained ground during the period but were hindered by concerns about inflation and geopolitical events. Value stocks, as measured by the Russell 1000^® Value Index, outperformed growth stocks, as measured by the Russell 1000^® Growth Index.

While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply-chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs in the U.S.

The Federal Reserve initially called pricing pressures “transitory” but acknowledged late in the period that pricing pressures were more permanent. Officials signaled that in addition to tapering bond purchases late in 2021, they were likely to hike interest rates in 2022.

While growth stocks dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on returns, and rising Treasury yields led to depressed stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Fund Performance Aided by Underlying Strategies

The fund’s relative return benefited primarily from the performance of two of the six underlying strategies. The Dynamic Large Cap Value Strategy significantly outperformed its benchmark, the Russell 1000^® Value Index. In addition, the Income Stock Strategy outperformed its benchmark, the Dow Jones U.S. Select Dividend Index. The Large Cap Tax-Sensitive Strategy also added to relative performance.

On a less positive note, the fund’s performance was hindered primarily by the performance of the growth-oriented category, which lagged its benchmark, the Russell 1000^® Growth Index, by a substantial amount. Other categories that underperformed included the U.S. Large Cap Equity Strategy and the Focused Equity Strategy.

An Uncertain Outlook

Our base case remains constructive, but downside risk has increased. We expect positive but lower growth and moderating but still-elevated inflation. However, the outlook has become increasingly uncertain, and higher volatility will likely persist throughout 2022. Supply-chain bottlenecks, tight labor markets, elevated food and energy prices, and the impact of geopolitical tensions between Ukraine and Russia—including how long the conflict will last—have increased the potential range of outcomes for growth, inflation, monetary policy and earnings. Diversification across asset classes may position the fund

2

for a wide range of possible outcomes and help mitigate risk against increased volatility.

March 15, 2022

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.

² Source: Lipper Inc. — The S&P 500^® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.

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.

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

3

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2021 through February 28, 2022 as provided by portfolio managers John C. Bailer, Brian C. Ferguson, David S. Intoppa and Keith Howell of Newton Investment Management North America, LLC, Sub-Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Income Stock Fund’s (the “fund”) Class M shares produced a total return of 8.18%, Investor shares produced a total return of 8.00%, Class A shares produced a total return of 8.09%, Class C shares produced a total return of 7.62%, Class I shares produced a total return of 8.24% and Class Y shares produced a total return of 8.18%.¹ In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 6.02% for the same period.²

Stocks gained ground as government-mandated lockdowns were lifted, and the global economy continued to recover. The fund outperformed the Index due to favorable asset allocation and 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 net 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.

Inflation and Geopolitical Concerns Weigh on Markets

Stocks gained ground during the period but were hindered by concerns about inflation and geopolitical events. Value stocks, as measured by the Russell 1000^® Value Index, outperformed growth stocks, as measured by the Russell 1000^® Growth Index.

While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply-chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs in the U.S.

The Federal Reserve (the “Fed”) initially called pricing pressures “transitory” but acknowledged late in the period that pricing pressures were more persistent. Officials signaled that they were likely to hike interest rates multiple times in 2022, in addition to tapering bond purchases.

While growth stocks dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on market sentiment, and rising Treasury yields led to declining stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Performance Helped by the Energy and Materials Sectors

The fund’s outperformance versus the Index was driven primarily by stock selections in the energy and materials sectors. In the energy sector, shares of two exploration and production companies, Devon Energy and Hess, drove returns. Devon Energy has implemented a base dividend, supplemented by a variable dividend, which will depend on free cash flows and is likely to remain attractive against a favorable fundamental business backdrop for the group. Earnings at Hess are benefiting from a recently developed oil field in Guyana, where production is coming online this year. Stock selection in the materials sector also was a leading contributor, with a position in CF Industries Holdings, a fertilizer manufacturer, rising 80%. Shares of Freeport-McMoRan, a copper mining company, also contributed positively, rising nearly 30% on strong demand and higher copper prices.

On a less positive note, the performance of the fund relative to the Index was hindered primarily by positions in the financials and industrials sectors. In the financials sector, the fund’s selections were detrimental, especially in the banking industry. Shares of JPMorgan Chase & Co. detracted from returns as recent financial performance was disappointing due largely to higher salaries and investments in technology. In addition, the fund’s decision to avoid First Horizon, a regional bank based in Tennessee, detracted from returns. Shares rose 46% when the bank received a buyout offer from Toronto-Dominion Bank, a large Canadian financial institution. In the industrials sector, shares of Hubbell, a maker of electrical components, declined 13%, primarily due to geopolitical events that hurt its financial outlook.

A Cloudy Outlook

A number of factors are combining to present investors with an uncertain outlook. With the war in Ukraine, geopolitical risk has increased. This conflict could be prolonged and is likely to impact global economic growth, primarily in Europe. Prices for energy and other commodities have risen, and inflation is also at decades-long highs in the U.S. Higher input prices are likely to weigh on economic growth, though the lag effect of fiscal stimulus and high levels of savings could offset that somewhat. The Fed is likely to continue with its stated intention of raising the Fed Funds rate, though it may proceed at a more measured pace to avoid hindering economic growth. We are more optimistic in the near term about the U.S. economy, where

4

wages are rising and the labor market is strong, than we are about the rest of the global economy.

March 15, 2022

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 31, 2022, for class A shares, Class C shares, Class I shares and Class Y shares, 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.

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.

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.

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. The securities discussed should not be considered recommendations to buy or sell a particular security.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

5

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2021 through February 28, 2022, as provided by Alicia Levine, Primary Portfolio Manager responsible for investment allocation decisions

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Mid Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of -7.56%, and Investor shares produced a total return of -7.68%.¹ In comparison, the fund’s benchmark, the Russell Midcap^® Index (the “Index”), produced a total return of -6.15% for the reporting period.² The Russell Midcap^® Value Index and Russell Midcap^® Growth Index, the fund’s secondary benchmarks, produced total returns of -0.39% and -15.80%, respectively, for the same period.^3,4

Mid-cap stocks lost ground over the reporting period as investors took note of rising inflation and growing geopolitical risk. The fund lagged the Index due to underperformance by the growth-oriented category.

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 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 BNY Mellon Investment Adviser, Inc. and affiliated and unaffiliated sub-advisers that invest primarily in equity securities issued by mid-cap companies. BNY Mellon Investment Adviser, Inc. 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.

Inflation and Geopolitical Concerns Weigh on Markets

Stocks gained ground during the period but were hindered by concerns about inflation and geopolitical events. Value stocks, as measured by the Russell 1000^® Value Index, outperformed growth stocks, as measured by the Russell 1000^® Growth Index.

While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply-chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs in the U.S.

The Federal Reserve initially called pricing pressures “transitory” but acknowledged late in the period that pricing pressures were more permanent. Officials signaled that in addition to tapering bond purchases late in 2021, they were likely to hike interest rates in 2022.

While growth stocks dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on returns, and rising Treasury yields led to depressed stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Growth-Oriented Strategies Underperformed

The fund’s relative performance was hindered primarily by underperformance in two underlying funds. In the mid-cap, growth-oriented category, the Geneva Mid Cap Growth Strategy outperformed the Russell Mid Cap Growth Index, a secondary benchmark, but this category lagged the Index, declining 15.80%. The Mid Cap Growth Strategy underperformed to a greater extent, lagging the Russell Mid Cap Growth Index, which lagged the Index.

On a more positive note, three underlying funds made positive contributions. In the value-oriented category, the Opportunistic Mid Cap Value Strategy exceeded its benchmark. The Mid Cap Tax-Sensitive Core Strategy also contributed positively to performance.

An Uncertain Outlook

Our base case remains constructive, but downside risk has increased. We expect positive but lower growth and moderating but still-elevated inflation. However, the outlook has become increasingly uncertain, and higher volatility will likely persist throughout 2022. Supply-chain bottlenecks, tight labor markets, elevated food and energy prices, and the impact of geopolitical tensions between Ukraine and Russia—including how long the conflict will last—have increased the potential range of outcomes for growth, inflation, monetary policy and earnings. Diversification across asset classes may position the fund

6

for a wide range of possible outcomes and help mitigate risk against increased volatility.

March 15, 2022

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.

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.

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.

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

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

7

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2021 through February 28, 2022, as provided by Alicia Levine, Primary Portfolio Manager responsible for investment allocation decisions

Fund and Market Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Small Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of -6.33%, and Investor shares produced a total return of -6.44%.¹ In comparison, the fund’s primary benchmark, the Russell 2000^® Index (the “Index”), produced a total return of -9.46% for the same period.² The Russell 2000^® Growth Index and Russell 2000^® Value Index, the fund’s secondary benchmarks, produced total returns of -16.35% and -2.10%, respectively, for the same period.^3,4

Small-cap stocks lost ground over the reporting period as investors took note of rising inflation and increasing geopolitical risk. The fund outperformed the Index due to positive contributions from 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 BNY Mellon Investment Adviser, Inc. that invest primarily in equity securities issued by small-cap companies. BNY Mellon Investment Adviser, Inc. 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.

Inflation and Geopolitical Concerns Weigh on Markets

Stocks gained ground during the period but were hindered by concerns about inflation and geopolitical events. Value stocks, as measured by the Russell 1000^® Value Index, outperformed growth stocks, as measured by the Russell 1000^® Growth Index.

While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply-chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs in the U.S.

The Federal Reserve initially called pricing pressures “transitory” but acknowledged late in the period that pricing pressures were more permanent. Officials signaled that in addition to tapering bond purchases late in 2021, they were likely to hike interest rates in 2022.

While growth stocks dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on returns, and rising Treasury yields led to depressed stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Value-Oriented Strategy Aided Performance

The primary positive contributor to the fund’s returns versus the Index was the value-oriented category. The category outperformed the overall Index (the Russell 2000^® Index), and the underlying strategy in this category outperformed the Russell 2000^® Value Index (a secondary benchmark). In addition, a large overweight to this underlying strategy also added to performance. A relatively strong performance by the underlying Opportunistic Small Cap Strategy benefited relative performance as well.

The fund’s returns relative to the Index were hindered primarily by the underperformance in the growth-oriented category. The growth-oriented category lagged the overall Index, and the fund’s growth-oriented strategy lagged the Russell 2000^® Growth Index (a secondary benchmark) slightly. An underweight to the underlying growth strategy helped offset the decline somewhat.

An Uncertain Outlook

Our base case remains constructive, but downside risk has increased. We expect positive but lower growth and moderating but still-elevated inflation. However, the outlook has become increasingly uncertain, and higher volatility will likely persist throughout 2022. Supply-chain bottlenecks, tight labor markets, elevated food and energy prices, and the impact of geopolitical tensions between Ukraine and Russia—including how long the conflict will last—have increased the potential range of outcomes for growth, inflation, monetary policy and earnings. Diversification across asset classes may position the fund

8

for a wide range of possible outcomes and help mitigate risk against increased volatility.

March 15, 2022

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.

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.

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.

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

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

9

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2021 through February 28, 2022, as provided by Donald Sauber and Thomas Lee, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Focused Equity Opportunities Fund’s (the “fund”) Class M shares produced a total return of −3.58%, and Investor shares produced a total return of −3.69%.¹ In comparison, the S&P 500^® Index (the “Index”), the fund’s benchmark, produced a total return of −2.62% for the same period.²

Large-cap stocks generally lost ground during the period under pressure from increasing inflationary pressures, rising interest rates and heightened geopolitical tensions. The fund underperformed the Index for the period, largely due to disappointing issue selection in the communication services, consumer discretionary and information technology sectors.

The Fund’s Investment Approach

The fund seeks capital appreciation. 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 invests, under normal circumstances, in approximately 25-30 companies that are considered by BNY Mellon Investment Adviser, Inc. to be positioned for long-term earnings growth. The fund may hold growth or value stocks or a blend of both. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund invests primarily in equity securities of U.S. issuers but may invest up to 25% of its assets in the equity securities of foreign issuers, including those in emerging market countries.

The portfolio managers monitor sector and security weightings and regularly evaluates the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio managers adjust exposure limits, as necessary.

Risk Assets Retreat on Inflationary Pressures

The reporting period began amid increasing inflationary pressures due to rising energy and commodity prices and global supply-chain disruptions. The U.S. Federal Reserve (the “Fed”), which expressed increasingly hawkish sentiments prior to the start of the period, indicated in September 2021 a willingness to consider reducing accommodative policies sooner rather than later due to the unexpected level and persistence of inflationary forces affecting the economy. As inflationary pressures continued to mount, Fed rhetoric grew increasingly emphatic. In November 2021, the Fed dropped the word “transitory” when describing inflation. At the same time, the Fed forecast a possible end to their asset purchase program as early as June 2022, thereby increasing the likelihood of one or more rate hikes later that year. In December 2021, the Fed again revised their estimate of an end to quantitative easing to March 2022, leading the market to widely anticipate multiple hikes in 2022. Increasing tensions between Russia and Ukraine in early 2022 and the eventual invasion of Ukraine by its larger neighbor further undermined investor sentiment and pressured international credit markets.

Stock prices declined under pressure from increasingly risk-off sentiment, with small-cap issues significantly underperforming their large-cap counterparts, and growth-oriented stocks underperforming value-oriented shares. From a global perspective, U.S.-based issues tended to maintain their value better than international equities, while emerging markets trailed developed markets. Regarding sectors, energy stocks significantly outperformed on rising petroleum and natural gas prices. The traditionally defensive investment area of consumer staples produced modestly positive returns, while utilities and financials outperformed market averages as well. Notably weak sectors included communication services, followed by industrials, consumer discretionary and health care.

Stock Selections Detract from Relative Returns

Although the fund added value during the six-month period through allocation decisions, individual stock selection undermined relative returns to an even greater degree. Specifically, in communication services, social media giant Meta Platforms, the parent company of Facebook, lost ground due to the negative impact on revenues of changes to Apple’s privacy policies in mid-2021. In the consumer discretionary sector, shares in vehicle maker General Motors slumped as investor sentiment shifted away from early cyclical areas, such as housing and automotive, causing GM’s valuation multiple to compress despite the company’s positive earnings. In the information technology sector, payment processors, including Block, PayPal Holdings and Visa, were negatively affected by slowing economic growth and decelerating growth in international and online commerce.

On the positive side, relative performance benefited from the fund’s exposure to Costco Wholesale in the consumer staples space, at a time when investors favor companies positioned to benefit from stable consumer demand over discretionary spending. In energy, overweight sector exposure enhanced returns, led by holdings in integrated oil and gas company Chevron and independent oil and gas exploration and production company Pioneer Natural Resources. Among financials, top holdings included bank Truist Financial, which rose with other banking institutions on rising interest rates; insurer American International Group, which also benefited from rising rates along with strong insurance pricing; and futures and options exchange CME Group, which saw increased trading volume as the Fed moved closer to tightening rates. In health care, shares in drug maker AbbVie climbed as the company launched new products in the cosmetic and dermatology areas.

Positioned Cautiously in a Challenging Environment

Clearly, risks and uncertainties remain embedded in prevailing inflationary trends, the likelihood of central bank tightening and rising geopolitical tensions. We believe these forces are likely to restrain economic growth in the near term, despite strong underlying U.S economic fundamentals, which include better-than-expected corporate earnings, robust consumer demand and positive employment numbers. Accordingly, we have positioned the fund for slower growth and a range-bound market as the economy shifts to the later part of the economic cycle.

As of February 28, 2022, the fund holds overweight exposure to industrials, largely driven by attractive, company-specific investment opportunities such as agricultural equipment maker Deere & Co. The fund also holds overweight exposure to

10

energy, where a supply/demand imbalance appears likely to persist for some time, and health care, a defensive sector that appears well positioned given prevailing economic conditions. Conversely, the fund holds no exposure to utilities, which we judge to be unattractively valued. The fund maintains significantly underweighted exposure to the consumer discretionary sector, where both margins and demand may prove vulnerable to inflationary pressures.

March 15, 2022

¹ Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

² Source: Lipper Inc. — The S&P 500^® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.

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

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.

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 or legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

11

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2021 through February 28, 2022, as provided by portfolio manager James A. Lydotes of Newton Investment Management North America, LLC, Sub-Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon International Fund’s (the “fund”) Class M shares produced a total return of -6.15%, and Investor shares produced a total return of -6.25%.¹ In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of
-6.78% for the same period.²

International equity markets largely lost ground as investors took note of rising inflation and increased geopolitical risk. The fund outperformed the Index primarily due to favorable stock selections in the health care and communication services sectors.

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 manager employs 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 and Geopolitical Concerns Weigh on Markets

This reporting period was a continuation of a pattern that began early in 2021: value stocks performed well, and growth stocks generally lagged. This led to a stronger market performance in the financials and energy sectors. While the market was generally down, the energy sector was the only one to show a positive return, gaining more than 20% over the period.

While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply-chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs.

The Federal Reserve initially called pricing pressures “transitory.” But it acknowledged late in the period that pricing pressures were more permanent and signaled that in addition to tapering its bond purchases late in 2021, it was likely to hike interest rates in 2022.

While growth stocks had dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on returns, and rising Treasury yields led to depressed stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Stock Selections Contributed Positively

The fund’s sector allocations hindered relative performance, but stock selections made a positive contribution, leading to outperformance over the period. The fund’s best-performing sector was health care. A large position in GlaxoSmithKline, a British pharmaceutical company, was advantageous as shares benefited from the market’s enthusiasm for an announced spin-off of its consumer health business, scheduled for later in 2022. Selections in the communication services sector also contributed positively, with a position in Nippon Telegraph & Telephone, a Japanese telecom, holding up well in a down market. Telstra, an Australian telecommunications company, also was advantageous. The company has posted strong results as they have continued to monetize their tower network. An announced share buyback program also boosted the shares’ performance. In the consumer discretionary sector, luxury goods held up well in a choppy market, and our large position in LVMH, a France-based multinational conglomerate, contributed positively to returns. At the country level, Japan was the strongest performer for the fund over the period, largely related to our overweight position in the financials sector.

On a less positive note, sector allocation decisions detracted from relative performance, with underweight positions in the materials and energy sectors being the leading detractors. In addition, in the materials sector, our position in HeidelbergCement weighed on performance, as concerns around raw input costs led to investor concerns for the world’s largest aggregates producer (and world’s second-largest cement producer). In the energy sector, while the holdings in the fund gained more than 10% over the period, they lagged the sector’s 20%-plus gain in the benchmark. The weakest selection was a position in OMV, an Austrian petrochemical company, which lowered their free cash flow guidance for 2022, an unusual occurrence among European integrated chemicals companies, given the strong commodities backdrop. At the country level, Switzerland was the worst performer, due to the fund’s large position in Logitech International, an information technology accessories manufacturer. This business benefited dramatically from the pandemic during the first year of the lockdown, but it has had difficulty matching that performance more recently.

Maintaining a Favorable Outlook

We remain fairly balanced in the fund and are not looking to make a large bet on the macroeconomic backdrop. In light of the increased tensions on the European continent over the last

12

few weeks, we have adjusted the fund’s allocations at the margin, but generally the changes have been minor.

March 15, 2022

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.

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.

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.

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

13

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2021 through February 28, 2022, as provided by portfolio manager Julianne McHugh of Newton Investment Management North America, LLC, Sub-Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Emerging Markets Fund’s (the “fund”) Class M shares produced a total return of -8.38%, and Investor shares produced a total return of -8.50%.¹ In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of -9.81% for the same period.²

Stocks in emerging markets lost ground as concerns about inflation, higher interest rates, and geopolitical risk weighed on returns. The fund outperformed the Index, mainly due to positions in the energy and health care 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 net assets, plus any borrowings for investment purposes, in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. Emerging market 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 market countries. The stocks purchased may have value and/or growth characteristics. The portfolio manager employs 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 and Geopolitical Concerns Weigh on Markets

Stocks lost ground during the period due to concerns about inflation and geopolitical events. While the waning of the pandemic and reopening of global economies supported markets early in the reporting period, supply chain problems hindered sales in some industries. These bottlenecks, combined with loose monetary policy and massive government spending, caused inflation to rise to multi-decade highs.

The Federal Reserve initially called pricing pressures “transitory.” But it acknowledged late in the period that pricing pressures were more permanent and signaled that in addition to tapering its bond purchases late in 2021, it was likely to hike interest rate hikes in 2022.

While growth stocks had dominated the market earlier in 2021, value stocks gained favor at times during the period. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and more cyclically oriented stocks benefited.

Late in the reporting period, markets experienced increased volatility. While the economy continued to show strength, especially in the labor market, higher-than-expected inflation weighed on returns, and rising Treasury yields led to depressed stock valuations, especially among high-growth companies. In addition, geopolitical risks also came to the fore as the conflict in Ukraine intensified.

Selections in the Energy and Health Care Sectors Aided Performance

The strategy’s strong relative performance during the period was driven by positive stock selection, especially in the energy and health care sectors. In the energy sector, Brazilian integrated oil company Petroleo Brasileiro, ADR rallied over 46% with the surge in fuel prices and increased production, which should result in improved cash flow generation and higher dividend payouts. Relative performance was further supported by our holding in China Resources Sanjiu Medical & Pharmaceutical, the largest manufacturer of non-prescription drugs in China. The company’s strong, underlying, over-the-counter demand was augmented by policy announcements during the period that support traditional Chinese medicine development.

This strength was partially offset by holdings in Russia. The country’s war in Ukraine and resulting sanctions by the U.S. and Europe resulted in massive selling pressure. The value of our holding in majority state-owned banking and financial services company, Sberbank, ADR, was eradicated following the rollout of sanctions and banning of its access to the SWIFT international payments system. Similarly, shares of consumer staples discount retail operator, X5 Retail Group, also came under pressure amid the frantic sell-off in Russia as operating risks rose.

Valuations Still Attractive Versus Developed Markets

We expect the conflict in Russia and Ukraine to have implications beyond those two countries, particularly with regard to higher gas prices and further inflationary pressures. If Ukraine becomes highly destabilized, Poland, Hungary, Czech Republic and Slovakia may face some direct challenges, especially if refugee flows become an issue. The highest level of sanctions that the U.S. and European Union will apply on Moscow means that Russia will become a virtual pariah to western countries. Commodities may be the one area where decoupling with the West will not fully materialize, but in most other areas of trade, investment, capital and human capital flows, Russia will move closer to China.

We remain focused on stock fundamentals. We focus on high-quality companies that are displaying strong relative momentum trends as evidenced in earnings revisions that are attractively valued. On the margin, we have been finding opportunities to

14

cut our underweight position in China and add incrementally to our weight in South Africa.

March 15, 2022

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.

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.

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.

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

15

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period from September 1, 2021 through February 28, 2022, as provided by portfolio managers Peter D. Goslin, CFA and Tao Wang of Newton Investment Management North America, LLC, Sub-Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon International Equity Income Fund Fund’s (the “fund”) Class M shares produced a total return of −1.22%, and Investor shares produced a total return of −1.33%.¹ In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of −6.95% for the same period.²

Large-cap stocks generally lost ground during the period under pressure from increasing inflationary pressures, rising interest rates and heightened geopolitical tensions. The fund outperformed the Index for 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 focuses on dividend-paying stocks of foreign companies, including those of emerging market countries. 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 market 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 those stocks 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.

Risk Assets Retreat on Inflationary Pressures

The reporting period began amid increasing inflationary pressures due to rising energy and commodity prices and global supply-chain disruptions. The U.S. Federal Reserve (the “Fed”), which expressed increasingly hawkish sentiments prior to the start of the period, indicated in September 2021 a willingness to consider reducing accommodative policies sooner rather than later due to the unexpected level and persistence of inflationary forces affecting the economy. As inflationary pressures continued to mount, Fed rhetoric grew increasingly emphatic. In November 2021, the Fed dropped the word “transitory” when describing inflation. At the same time, the Fed forecast a possible end to their asset purchase program as early as June 2022, thereby increasing the likelihood of one or more rate hikes later that year. In December 2021, the Fed again revised their estimate of an end to quantitative easing to March 2022, leading the market to widely anticipate multiple hikes in 2022. Increasing tensions between Russia and Ukraine in early 2022 and the eventual invasion of Ukraine by its larger neighbor further undermined investor sentiment and pressured international credit markets.

Stock prices declined under pressure from increasingly risk-off sentiment, with small-cap issues significantly underperforming their large-cap counterparts, and growth-oriented stocks underperforming value-oriented shares. Within the Index, high-dividend-paying stocks sharply outperformed low-dividend-paying issues. From a global perspective, emerging markets trailed developed markets. Regarding sectors, energy stocks significantly outperformed on rising petroleum and natural gas prices, while financial stocks benefited from the rising interest-rate environment. The traditional growth-oriented sectors of consumer discretionary and technology underperformed.

Benefiting from the Investor Preference for Dividend Yield

The fund’s focus on dividend yield positioned it to perform relatively well amid the risk-off sentiment that prevailed during the six-month period. Returns relative to the Index further benefited from good stock selection in energy, the best-performing benchmark sector, where stocks were bolstered by rising oil and gas prices. Two of the fund’s top three performers were energy companies: Canadian National Resources and Italy-based Eni. Among financials, another leading benchmark sector, returns were bolstered by holdings in The Toronto-Dominion Bank, which was rewarded by the market for beating earnings expectations and announcing its acquisition of First Horizon to expand the company’s footprint in the southeast United States. Good stock selection in the relatively weak technology sector further enhanced the fund’s performance compared to the Index, while disappointing selection in materials and real estate detracted. Notably underperforming holdings included Finnish utility company Fortum, which lists Russia as its largest area of service, and diversified Australian firm Wesfarmers, which faced headwinds from pandemic-related lockdowns and store closures, rising labor costs, and supply-chain disruptions.

From a country perspective, the fund saw strong returns from positions in the United Arab Emirates and Qatar, while shares in Russia and Poland lagged. Stock selection proved particularly favorable in Japan and Canada, while selection underperformed in Finland and Saudi Arabia. As the period progressed, the fund added to its exposure in the United Kingdom and Japan, while trimming exposure in Finland and Singapore. Sector changes included increased exposure to energy and communications services, and reduced exposure to materials.

Maintaining a Diversified, Dividend-Focused Portfolio

The risks and uncertainties that weighed on equities during the past six months are likely to persist as central banks come to grips with inflationary forces, and as geopolitical conflicts remain untamed. 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 February 28, 2022, sector overweights included energy, financials and utilities, while underweights

16

included materials and consumer discretionary. Country overweights included the United Kingdom, Taiwan and Finland, with underweights in China and Germany, and zero exposure to Russia.

March 15, 2022

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.

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.

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

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.

17

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

For the period of September 1, 2021 through February 28, 2022, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Asset Allocation Fund’s (the “fund”) Class M shares produced a total return of −4.00%, and Investor shares produced a total return of −4.14%.¹ In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of −4.60% for the same period.²

Stocks and bonds generally lost ground during the period under pressure from increasing inflationary pressures, rising interest rates and heightened geopolitical tensions. The fund outperformed the Index, driven largely by exposure to large-cap, value-oriented equities.

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 series of BNY Mellon Funds Trust, funds in the BNY Mellon 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 Market 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 (directly and/or through investment in the underlying funds) 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 their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors, including the correlation and covariance among the underlying funds.

Risk Assets Retreat on Inflationary Pressures

The reporting period began amid increasing inflationary pressures due to rising energy and commodity prices and global supply-chain disruptions. The U.S. Federal Reserve (the “Fed”), which expressed increasingly hawkish sentiments prior to the start of the period, indicated in September 2021 a willingness to consider reducing accommodative policies sooner rather than later due to the unexpected level and persistence of inflationary forces affecting the economy. As inflationary pressures continued to mount, Fed rhetoric grew increasingly emphatic. In November 2021, the Fed dropped the word “transitory” when describing inflation. At the same time, the Fed forecast a possible end to their asset purchase program as early as June 2022, thereby increasing the likelihood of one or more rate hikes later that year. In December 2021, the Fed again revised their estimate of an end to quantitative easing to March 2022, leading the market to widely anticipate multiple hikes in 2022. Increasing tensions between Russia and Ukraine in early 2022 and the eventual invasion of Ukraine by its larger neighbor further undermined investor sentiment and pressured international credit markets.

Stock prices declined under pressure from increasingly risk-off sentiment, with small-cap issues significantly underperforming their large-cap counterparts, and growth-oriented stocks underperforming value-oriented shares. From a global perspective, U.S.-based issues tended to maintain their value better than international equities, while emerging markets trailed developed markets. Bond prices trended lower as well as spreads widened and yields crept higher, with short-term rates rising faster than long-term rates. Corporate bonds underperformed government-issued securities and securitized instruments in a flight to safety, particularly during the final two months of the period. Floating-rate bonds and Treasury Inflation-Protected Securities (TIPS) performed relatively well, as both asset classes offer a degree of protection from rising interest rates. Short-duration instruments tended to outperform their longer-duration counterparts, while higher-rated, higher-quality issues tended to outperform lower-rated bonds.

Equity Exposure Drives Outperformance

The fund benefited from overweight exposure to some of the better-performing asset classes during the period, including U.S. large-cap stocks, value-oriented stocks and floating-rate loans. Some of that exposure came through investments in underlying funds, and some through direct investments in a selection of stocks designed to track the performance of the S&P 500^® Index, a widely recognized benchmark of large-cap U.S. equities. Performance also benefited from the fund’s sale of its holdings in BNY Mellon International Small Cap Fund in November 2021, signaling a modest shift toward a more defensive posture and a reduction in international small-cap exposure. However, the fund continued to hold significant international exposure through other holdings, which detracted from relative performance.

From a manager selection standpoint, performance was mixed, with some funds outperforming their respective benchmarks while others lagged. Leading contributors to relative performance included BNY Mellon Income Stock Fund, BNY Mellon High Yield Fund and BNY Mellon Select Managers Small Cap Value Fund. Detractors included BNY Mellon International Equity Fund and BNY Mellon Research Growth Fund.

Positioned Cautiously in a Challenging Environment

Despite the risk-off sentiment that has predominated in recent months, economic fundamentals remain strong, particularly in U.S. markets where we see strong corporate earnings, robust consumer demand and positive employment numbers. Clearly, risks and uncertainties remain embedded in inflationary trends, the likelihood of central bank tightening and rising geopolitical tensions. Nevertheless, in our opinion, the chance of an imminent recession remains low. We have taken steps to rebalance the fund to reduce its exposure to risk, moving closer to benchmark equity and fixed-income allocations in recognition

18

of current market challenges. As of February 28, 2022, we believe the fund is well positioned given prevailing conditions.

March 15, 2022

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 31, 2022, 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.

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.

Bonds 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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

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.

19

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 September 1, 2021 to February 28, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

20

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.

21

STATEMENT OF INVESTMENTS

February 28, 2022 (Unaudited)

22

23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

24

^a Non-income producing security.

^b Security, or portion thereof, on loan. At February 28, 2022, the value of the fund’s securities on loan was $794,086 and the value of the collateral was $820,559, consisting of cash collateral of $90,082 and U.S. Government & Agency securities valued at $730,477. 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.

^† Based on net assets.

See notes to financial statements.

25

STATEMENT OF INVESTMENTS (Unaudited) (continued)

^† 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.

26

27

STATEMENT OF INVESTMENTS (Unaudited) (continued)

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At February 28, 2022, the value of the fund’s securities on loan was $30,510,178 and the value of the collateral was $31,197,578, consisting of cash collateral of $17,068,296 and U.S. Government & Agency securities valued at $14,129,282. 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.

^† Based on net assets.

See notes to financial statements.

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