UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

FORM N-CSR

BNY Mellon Funds Trust

Contents

THE FUNDS

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period of September 1, 2023, through February 29, 2024, 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 six-month period ended February 29, 2024, BNY Mellon Income Stock Fund’s (the “fund”) Class M shares produced a total return of 7.57%, Investor shares produced a total return of 7.39%, Class A shares produced a total return of 7.41%, Class C shares produced a total return of 6.93%, Class I shares produced a total return of 7.42% and Class Y shares produced a total return of 7.45%.¹ In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 5.40% for the same period.²

Income-oriented stocks performed well as investors began to anticipate interest-rate reductions by the Federal Reserve (the “Fed”). 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 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.

Equities Post Solid Gains

Equities markets benefited from a stronger-than-expected economy, easing inflation and investor anticipation that the Fed would begin cutting interest rates sometime in 2024. Strong interest in artificial intelligence also provided support. The primary beneficiaries of this support were large-cap companies, especially the “Magnificent Seven,” including Microsoft, Google, Apple and other mega-cap, growth-oriented companies.

The fourth quarter of 2023 started with a continuation of concerns about stronger-than-expected employment and growth data, coupled with inflation that remained slightly higher than anticipated, suggesting that the economy was running too hot. This pushed yields on Treasury bonds markedly higher. However, equities rebounded at the end of October on the back of sharply falling government bond yields, which were driven in part by lower inflation data for October and November. But a marked change in tone from the Fed also contributed, steering investors away from expectations of interest rates staying “higher for longer” and toward anticipating rate cuts in the first half of 2024.

The Fed’s change in tone became the chief catalyst for the equity market’s rally in the final few weeks of 2023 and heralded the prospect of achieving the “soft landing.” In aggregate, these gains far outweighed the losses experienced in October, and thus resulted in robust returns from equity markets over the quarter.

The market’s sector skew was undoubtedly beneficial, given the renewed vigor of technology, its largest exposure, in an environment of falling discount rates. However, the final two months of the year witnessed a broadening out of the performance contribution, both in terms of sectors and market capitalization.

Stocks continued to rise early in 2024, supported by strong economic data and the increasing likelihood that the Fed would achieve a “soft landing.” But the yield curve remained inverted, suggesting that the much-anticipated recession was still on the table.

While growth stocks performed well during the period, income-oriented stocks were hampered somewhat by a concern that interest-rate cuts by the Fed would be postponed until the second half of 2024. The November presidential election also figured into considerations, as investors believed the Fed would want to avoid appearing to be influenced by political considerations, potentially resulting in a delay in rate cuts.

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 financials sector was the leading performer. Shares of JP Morgan Chase & Co. were the leading contributor as the bank has continued to gain market share and has seen its net interest margins expand as a result of higher interest rates. Shares of insurance companies, which also benefit from higher interest rates, were also advantageous. The Allstate Corp., in particular, performed well, gaining from higher auto insurance premiums, which produced stronger profit margins. The utilities sector also contributed, where a position in Constellation Energy Corp., the largest owner and operator of nuclear power plants, was advantageous. The company is benefiting from incentives passed in the 2022 Inflation Reduction Act and from the growth of artificial intelligence, which requires energy-hungry data centers. The materials sector contributed positively as well. A position in CRH PLC., a construction materials company, continues to capitalize on the onshoring trend, which is resulting in large construction projects.

On a less positive note, positions in the consumer discretionary and energy sectors detracted from performance. In the consumer discretionary sector the fund’s position in International Game Technology PLC., a maker of slot machines and provider of lottery services declined. The company is attempting to sell its slot machine business and is facing some uncertainty regarding the renewal of its contract for the lottery in Italy. In the energy sector, shares of EQT Corp., a leading producer of natural gas, were hurt by lower natural gas prices stemming from a winter that has been milder than anticipated.

An Uncertain Outlook

We view the economic environment as highly uncertain. While the economy has been stronger than expected, signs of weakness have begun to appear. In addition, the yield curve remains inverted, and this typically signals future economic weakness.

3

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

Accordingly, we are positioned to benefit from companies that will hold up in a weaker economic environment.

In this environment, we remain focused on high-quality companies with strong balance sheets and less need to refinance existing debt. On the other hand, we are also positioned to capitalize on a higher-rate environment. We particularly see opportunities among insurance companies, which typically benefit from higher interest rates.

In addition, some companies are likely to benefit from secular trends such as continued spending on infrastructure. Regardless of election results in November 2024, infrastructure spending is likely to continue, and we are positioned to capitalize on this trend.

March 15, 2024

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 29, 2024, 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.

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.

4

For the period from September 1, 2023, through February 29, 2024, as provided by Alicia Levine of BNY Mellon Investment Adviser, Primary Portfolio Manager responsible for investment allocation decisions.

Market and Fund Performance Overview

For the six-month period ended February 29, 2024, BNY Mellon Mid Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of 11.32%, and Investor shares produced a total return of 11.21%.¹ In comparison, the fund’s benchmark, the Russell Midcap^® Index (the “Index”), produced a total return of 11.53% for the reporting period.² The Russell Midcap^® Growth Index and Russell Midcap^® Value Index, the fund’s secondary benchmarks, produced total returns of 16.53% and 9.49%, respectively, for the same period.^3,4

Mid-cap stocks gained ground over the reporting period as inflation eased and investors began to anticipate the end of the Federal Reserve’s (the “Fed”) monetary tightening program. The fund lagged the Index due to underperformance 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.

Equities Post Solid Gains

Equities markets benefited from a stronger-than-expected economy, easing inflation and investor anticipation that the Fed would begin cutting interest rates sometime in 2024. Strong interest in artificial intelligence (“AI”) also provided support. The primary beneficiaries of this support were large-cap companies, especially the “Magnificent Seven,” including Microsoft, Google, Apple and other mega-cap, growth-oriented companies.

The fourth quarter of 2023 started with a continuation of concerns about stronger-than-expected employment and growth data, coupled with inflation that remained slightly higher than anticipated, suggesting that the economy was running too hot. This pushed yields on Treasury bonds markedly higher. However, equities rebounded at the end of October on the back of sharply falling government bond yields, which were driven in part by lower inflation data for October and November. But a marked change in tone from the Fed also contributed, steering investors away from expectations of interest rates staying “higher for longer” and toward anticipating rate cuts in the first half of 2024.

This change in tone from the Fed became the chief catalyst for the equity market’s rally in the final few weeks of 2023 and heralded the prospect of achieving the “soft landing.” In aggregate, these gains far outweighed the losses experienced in October and thus resulted in robust returns from equity markets over the quarter.

The market’s sector skew was undoubtedly beneficial, given the renewed vigor of technology, its largest exposure, in an environment of falling discount rates. However, the final two months of the year witnessed a broadening out of the performance contribution, both in terms of sectors and market capitalization.

Stocks continued to rise early in 2024, supported by strong economic data and the increasing likelihood that the Fed would achieve a “soft landing.” But the yield curve remained inverted, suggesting that the much-anticipated recession was still on the table.

Performance Drivers Mixed

The fund’s overweight to the growth category, which outperformed the benchmark by ~5%, was hindered by manager underperformance during the period. The value strategies outperformed their respective benchmark and the overall mid-cap index but contribution to the portfolio’s active return was limited by the underweight. The fund’s overweight to the tax-sensitive strategy outperformed the benchmark and was a positive contributor to outperformance.

A Positive Outlook

We remain constructive on the outlook and think recession odds have decreased since the beginning of the year. A number of factors support this view. Corporate America appears to be in good financial health as the economy has outperformed expectations even as interest rates have increased. The stronger-than-expected economic growth suggests that the economy is less sensitive to higher interest rates than in the past.

In addition, we expect U.S. economic leadership to persist, particularly regarding AI, and, in fact, AI may already be having a positive effect on productivity. As a result, the odds of a “no landing” scenario, that is, continued expansion that avoids both the “hard landing” of a recession and the “soft landing” of a slowdown, appear to be increasing. Moreover, because an incumbent president is running for re-election, historical data suggest that the market will perform well in this election year. When an incumbent runs for re-election, returns average around 14%, easily beating the roughly flat performance that occurs when an incumbent does not run.

Some risks to this scenario exist, however. These include a softening in the job market and an inflationary environment that remains stickier than expected. Inflation could persist, particularly if housing prices continue to rise. Alternatively, the high level of debt service at the federal level could drive spending lower, potentially hindering economic growth. In addition, the precarious status of the commercial real estate market could affect regional banks. Finally, markets could be

5

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

derailed by geopolitical risks, including Ukraine, the Middle East and other hotspots.

Nevertheless, on balance, we think markets will finish the year higher, though there could be some interim consolidation, given the run-up over the last year and expectations for higher interest rates.

Given this environment, we are maintaining a bias in favor of domestic, large-cap stocks as U.S. outperformance is expected to continue. In fact, while cash remains relatively attractive, we believe that given the likelihood of the Fed easing in 2024-2025, cash is likely to underperform. In fact, history shows that staying in cash doesn’t work over the long run, while staying invested and diversified does.

March 15, 2024

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.

6

For the period of September 1, 2023, through February 29, 2024, as provided by Alicia Levine of BNY Mellon Investment Adviser, Inc., Primary Portfolio Manager responsible for investment allocation decisions.

Fund and Market Performance Overview

For the six-month period ended February 29, 2024, BNY Mellon Small Cap Multi-Strategy Fund’s (the “fund”) Class M shares produced a total return of 1.63%, and Investor shares produced a total return of 1.47%.¹ In comparison, the fund’s primary benchmark, the Russell 2000^® Index (the “Index”), produced a total return of 8.97% for the same period.² The Russell 2000^® Growth Index and Russell 2000^® Value Index, the fund’s secondary benchmarks, produced total returns of 10.21% and 7.70%, respectively, for the same period.^3,4

Small-cap stocks gained ground over the reporting period as inflation eased and 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 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.

Equities Post Solid Gains

Equities markets benefited from a stronger-than-expected economy, easing inflation and investor anticipation that the Fed would begin cutting interest rates sometime in 2024. Strong interest in artificial intelligence (“AI”) also provided support. The primary beneficiaries of this support were large-cap companies, especially the “Magnificent Seven,” including Microsoft, Google, Apple and other mega-cap, growth-oriented companies.

The fourth quarter of 2023 started with a continuation of concerns about stronger-than-expected employment and growth data, coupled with inflation that remained slightly higher than anticipated, suggesting that the economy was running too hot. This pushed yields on Treasury bonds markedly higher. However, equities rebounded at the end of October on the back of sharply falling government bond yields, which were driven in part by lower inflation data for October and November. But a marked change in tone from the Fed also contributed, steering investors away from expectations of interest rates staying “higher for longer” and toward anticipating rate cuts in the first half of 2024.

This change of tone from the Fed became the chief catalyst for the equity market’s rally in the final few weeks of 2023 and heralded the prospect of achieving the “soft landing.” In aggregate, these gains far outweighed the losses experienced in October and thus resulted in robust returns from equity markets over the quarter.

The market’s sector skew was undoubtedly beneficial, given the renewed vigor of technology, its largest exposure, in an environment of falling discount rates. However, the final two months of the year witnessed a broadening out of the performance contribution, both in terms of sectors and market capitalization.

Stocks continued to rise early in 2024, supported by strong economic data and the increasing likelihood that the Fed would achieve a “soft landing.” But the yield curve remained inverted, suggesting that the much-anticipated recession was still on the table.

While growth stocks performed well during the period, income-oriented stocks were hampered somewhat by a concern that interest-rate cuts by the Fed would be postponed until the second half of 2024. The November presidential election also figured into considerations, as investors believed the Fed would want to avoid appearing to be influenced by political considerations, potentially resulting in a delay in rate cuts.

Underlying Funds Hindered Performance

All three underlying funds detracted from relative performance. The primary detractor in the fund’s relative performance was the Small Cap Value Strategy, which subtracted 186 basis points (bps) from performance. An overweight to this category, however, helped to offset this effect somewhat. The Small Cap Opportunistic Strategy hampered returns as well, subtracting 180 bps from returns. The overweight to this category had a neutral effect. The Small Cap Growth Strategy also hampered relative returns, making a negative contribution of 73 bps. The decision to underweight this strategy also detracted from performance.

A Positive Outlook

We remain constructive on the outlook and think recession odds have decreased since the beginning of the year. A number of factors support this view. Corporate America appears to be in good financial health as the economy has outperformed expectations even as interest rates have increased. The stronger-than-expected economic growth suggests that the economy is less sensitive to higher interest rates than in the past.

In addition, we expect U.S. economic leadership to persist, particularly regarding AI, and, in fact, AI may already be having a positive effect on productivity. As a result, the odds of a “no landing” scenario, that is, continued expansion that avoids both the “hard landing” of a recession and the “soft landing” of a slowdown, appear to be increasing. Moreover, because an incumbent president is running for re-election, historical data suggest that the market will perform well in this election year. When an incumbent runs for re-election, returns average around 14%, easily beating the roughly flat performance that occurs when an incumbent does not run.

7

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

Some risks to this scenario exist, however. These include a softening in the job market and an inflationary environment that remains stickier than expected. Inflation could persist, particularly if housing prices continue to rise. Alternatively, the high level of debt service at the federal level could drive spending lower, potentially hindering economic growth. In addition, the precarious status of the commercial real estate market could affect regional banks. Finally, markets could be derailed by geopolitical risks, including Ukraine, the Middle East and other hotspots.

Nevertheless, on balance, we think markets will finish the year higher, though there could be some interim consolidation, given the run-up over the last year and expectations for higher interest rates.

Given this environment, we are maintaining a bias in favor of domestic, large-cap stocks as U.S. outperformance is expected to continue. In fact, while cash remains relatively attractive, we believe that given the likelihood of the Fed easing in 2024-2025, cash is likely to underperform. In fact, history shows that staying in cash doesn’t work over the long run, while staying invested and diversified does.

March 15, 2024

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.

8

For the period of September 1, 2023, through February 29, 2024, 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 29, 2024, BNY Mellon International Fund’s (the “fund”) Class M shares produced a total return of 6.21%, and Investor shares produced a total return of 6.06%.¹ In comparison, the fund’s benchmark, the MSCI EAFE^® Index (the “Index”), produced a total return of 9.23% 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 lagged the Index primarily due to unfavorable 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.

Equities Post Solid Gains

Equities markets benefited from a stronger-than-expected economy, easing inflation and investor anticipation that the Federal Reserve (the “Fed”) would begin cutting interest rates sometime in 2024. Strong interest in artificial intelligence (“AI”) also provided support. The primary beneficiaries of this support were large-cap companies, especially the “Magnificent Seven,” including Microsoft, Google, Apple and other mega-cap, growth-oriented companies.

The fourth quarter of 2023 started with a continuation of concerns about stronger-than-expected employment and growth data, coupled with inflation that remained slightly higher than anticipated, suggesting that the economy was running too hot. This pushed yields on Treasury bonds markedly higher. However, equities rebounded at the end of October on the back of sharply falling government bond yields, which were driven in part by lower inflation data for October and November. But a marked change in tone from the Fed also contributed, steering investors away from expectations of interest rates staying “higher for longer” and toward anticipating rate cuts in the first half of 2024.

This change of tone from the Fed became the chief catalyst for the equity market’s rally in the final few weeks of 2023 and heralded the prospect of achieving the “soft landing.” In aggregate, these gains far outweighed the losses experienced in October, and thus resulted in robust returns from equity markets over the quarter.

The market’s sector skew was undoubtedly beneficial, given the renewed vigor of technology, its largest exposure, in an environment of falling discount rates. However, the final two months of the year witnessed a broadening out of the performance contribution, both in terms of sectors and market capitalization.

Stocks continued to rise early in 2024, supported by strong economic data and the increasing likelihood that the Fed would achieve a “soft landing.” But the yield curve remained inverted, suggesting that the much-anticipated recession was still on the table.

While growth stocks performed well during the period, income-oriented stocks were hampered somewhat by a concern that interest-rate cuts by the Fed would be postponed until the second half of 2024. The November presidential election also figured into considerations, as investors believed the Fed would want to avoid appearing to be influenced by political considerations, potentially resulting in a delay in rate cuts.

Stock Selection Drove Results

The fund lagged the Index due primarily to unfavorable stock selection. Selections in the health care and consumer discretionary sectors were a key to the relative underperformance. In health care, Bayer AG experienced a large failure in its drug pipeline, which left investors more skeptical about the company’s ability to manage through their planned restructuring. In addition, the company cut its dividend to focus on deleveraging the balance sheet. Given the continued enthusiasm around Ozempic and other GLP1 drugs for Type-2 diabetes, our lack of exposure there also negatively affected performance. Our performance in the consumer discretionary sector was hurt by a position in UK fashion retailer Burberry Group PLC. The company is managing through a restructuring, and that has taken longer than expected, which further pressured the shares over the last six months. Geographically, the worst-performing markets were Germany and the UK.

Positive contributors included stock selections in the materials and information technology sectors. In materials, a large and new position in CRH contributed. CRH, an Ireland-based building materials company, changed its primary exchange listing to the U.S. in an attempt to raise the profile of the business and to reflect its large exposure to that market. This resulted in a sizable rerating of the stock, which helped performance over the period. In information technology, strong performance by Japanese semiconductor equipment manufacturer Tokyo Electron Ltd. drove the outperformance in this sector over the period. The AI narrative continues to attract capital into the sector, and Tokyo Electron Ltd. should be very well positioned given their product lineup. Geographically, the best-performing markets were Ireland and Japan.

9

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

An Optimistic Outlook for International Stocks

The outlook for international equities continues to be very strong. We are nearly through the winter season, and like last year, the mild winter has been a benefit by helping to ease inflationary pressures on both the consumer and the industrial complex. In addition, with valuation levels remaining supportive in the region, we think this should be one of the biggest drivers of a value-driven market as the year progresses.

March 15, 2024

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 29, 2024, at which time it may be extended, terminated or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.

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.

10

For the period from September 1, 2023, through February 29, 2024, as provided by Liliana Castillo Dearth and Alex Khosla, portfolio managers, of Newton Investment Management Limited, sub-adviser.

Market and Fund Performance Overview

For the six-month period ended February 29, 2024, BNY Mellon Emerging Markets Fund’s (the “fund”) Class M shares produced a total return of 4.26%, and Investor shares produced a total return of 4.02%.¹ In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 4.93% for the same period.²

Emerging markets (EM) were quite volatile over the reporting period as investor sentiment rotated between expecting interest rates to stay “higher for longer” to anticipating rate cuts in the first half of 2024 and the prospect of achieving the preferred “soft landing.” In aggregate, the gains outweighed the losses, resulting in solid returns from global and emerging equity markets over the period. Many of the greatest gains among emerging markets came from Latin America and Indian stocks. China experienced a loss during the period, owing to continued market skepticism on the country’s economic recovery. The fund underperformed the Index. While the fund benefited mostly from stock selections in the information technology and communication services sectors, selection in financials detracted.

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, 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-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 and China Influence Markets

EM stocks experienced volatility during the six-month reporting period, largely in response to inflation, U.S. Federal Reserve (the “Fed”) policy and Treasury bond yields. China also exerted some influence. But the Index finished higher for the period.

The early part of the period played out in two distinct phases. The first phase, comprising September and the majority of October 2023, witnessed equity market weakness, as stronger-than-expected U.S. employment and growth data, coupled with persistent inflation, suggested the U.S. economy was running too hot. This pushed yields on U.S. Treasury bonds markedly higher. In contrast, the second phase witnessed a dramatic rebound in equities on the back of sharply falling government bond yields. Lower inflation prints for October and November 2023 undoubtedly played a role in pushing yields down, as did the U.S. Treasury’s decision to focus issuance on short-dated maturities. However, a marked change in tone from the Fed steered investors away from expectations that interest rates would stay “higher for longer” and toward anticipating rate cuts in the first half of 2024. This became the chief catalyst for the equity market’s rally in the final few weeks of 2023, and heralded the prospect of achieving the much-favored “soft landing.” In aggregate, these gains far outweighed the losses experienced in October, resulting in robust returns from global and emerging equity markets over the quarter. Many of the greatest EM gains came from Latin America, following the Fed’s dovish pivot, and India, where investors were encouraged by favorable state election results. China experienced a loss during the quarter, owing to continued market skepticism on the economic recovery, as well as further regulatory uncertainty on gaming companies.

The new year started weakly, as negative sentiment pervaded, but losses in January 2024 were reversed in February, as emerging markets joined developed markets in registering a strong return over the month. Despite diminished expectations of an interest-rate cut in March, robust economic data and corporate earnings growth — particularly in the U.S. — boosted investor sentiment. EM-specific help came from China, with some positive consumer data around the lunar New Year and expectations of stimulus announcements from the National People’s Congress in March to address weakness in equity and property markets. The South Korean market was lifted by the government’s “Corporate Value-up Program,” which focuses on improving corporate governance and shareholder returns.

Performance Hindered by Stock Selection

The fund’s performance was hindered primarily by stock selections in the financials sector. While the fund enjoyed positive contributions from Grupo Financiero Banorte SAB de CV and Bank Mandiri Persero Tbk PT, this was outweighed by other selections. India’s HDFC Bank Ltd. struggled over the period as a tighter liquidity environment contributed to sluggish deposit growth. Hong Kong insurer AIA Group Ltd. underperformed as higher U.S. interest rates, China’s weak economic recovery and turmoil for the Hong Kong’s property sector affected sentiment for the stock. The fund’s lack of exposure to Hong Kong Exchanges & Clearing was a further detractor.

On a more positive note, contributions from the information technology and communication services sectors were led by Taiwanese fabless semiconductor design company, MediaTek, Inc. The company announced progress in potential opportunities on edge artificial intelligence (AI) and revealed a double-digit, quarter-over-quarter increase in revenues and profits due to the bottoming and recovery of demand from the smart phone market. The position in ASML Holdings NV outperformed as well. Given its leadership position in extreme ultraviolet lithography and dominant position in the semiconductor supply chain, it was viewed as a business that is well-positioned as a beneficiary of AI demand. India’s Info Edge India Ltd. also performed well on confidence that an improvement in the global macroeconomic outlook would lead to a recovery in IT hiring, while strength in non-IT recruitment should offset near-term weakness. Weighing against this was the

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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

holding in battery maker Samsung SDI Co. Ltd., which underperformed on concerns about weakening sales of electric vehicles. Chinese technology company, Kingdee International Software Group Co. Ltd. also underperformed on concerns about decreasing demand.

In the consumer discretionary sector, performance was mixed, with gains edging out losses. Food services platform Zomato Ltd. performed well, with its quarterly numbers revealing that its operating margin had reached breakeven point on a consolidated basis. An underweight in Alibaba Group Holding Ltd. was also a contributor, as its share price fell with the announcement that plans to spin off its cloud computing unit had been cancelled. Offsetting some of the gains was Chinese food-delivery platform Meituan, which warned of a slowdown in demand for its services. Shares of fast-food restaurant company Yum China Holdings, Inc. fell sharply after reporting softening consumer demand, but losses were pared in the last month of the review period, with Yum’s latest quarterly sales and earnings coming in ahead of estimates.

Attractive Opportunities in the Consumer Staples and Industrial Sectors

As long-term investors, we are excited about the prospects for emerging markets. In our opinion, the challenges of the last decade have also brought significant innovation in products and services across the region. The fund has exposure to companies with potential for strong, sustainable returns and long growth runways, either addressing evolving domestic needs or taking a share of global industries. Current valuations look compelling versus developed markets or, in some cases, versus their own history.

On a sector basis, the fund is most overweight in the consumer staples and industrials sectors. We are positive about the strong economic backdrop, which should benefit from nearshoring and a young and growing population. In addition, minimum wages are up strongly, and remittances income remains robust.

March 15, 2024

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 29, 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.

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.

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For the period from September 1, 2023, through February 29, 2024, 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 six-month period ended February 29, 2024, BNY Mellon Asset Allocation Fund (the “fund”) produced a total return of 8.61% for Class M shares, and 8.42% for Investor shares.¹ In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 7.36% for the same period.²

Global equities and bonds gained ground during the reporting period as inflationary pressures eased, the U.S. Federal Reserve (the “Fed”) paused its program of interest-rate hikes, and economic growth remained positive. The fund outperformed the Index with positive attribution led by fixed income and then equity.

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.

Stocks and Bonds Gain Ground Amid Easing Inflation and Economic Growth

Stocks and bonds came under pressure in October 2023, due to uncertainty regarding the Fed’s interest-rate stance in the wake of its aggressive rate hikes in 2022 and the first half of 2023. Sentiment turned positive in November 2023 as inflation fell to near 3%, still above the Fed’s 2% target rate, but generally moving in the desired direction. While the Fed kept the federal funds rate steady throughout the reporting period at 5.25%–5.50%, in December, Fed Chair Powell indicated a likelihood of rate cuts later in 2024. At the same time, the U.S. economy continued to display surprising resilience, bolstered by strong consumer spending, rising wages and healthy levels of employment. Most other major global economies lagged, with higher rates of inflation and more modest levels of economic growth.

For the balance of the reporting period, risk-on sentiment prevailed within the equities market, with hopes for continued economic growth outweighing concerns regarding high interest rates and persistent inflation. Stocks trended higher on balance, largely driven by strong corporate earnings and optimism regarding developments in artificial intelligence (“AI”). Technology-related growth-oriented shares, particularly those leveraged to AI, tended to outperform their value-oriented counterparts. Bonds generally gained ground as well, with attractive yields driven by high interest rates. Corporate bonds generally outperformed government issues, with longer-duration instruments outperforming their shorter-duration counterparts, and lower-credit-quality issues, led by high yield, outperforming higher-credit-quality securities.

Fixed-Income Drives Relative Returns Followed by Equities

While most of the fund’s total gains were driven by equity positions, particularly in the large-cap and mid-cap blend categories, the contribution to relative returns was more balanced but led by fixed income. By style, positive active returns were driven by asset allocation led by domestic large blend equity followed by fixed income. From a manager selection perspective, the contribution from equity was negative and flat for fixed income.

Maintaining a Positive Outlook

As of February 29, 2024, our view of the markets is broadly positive. Corporate America appears financially healthy and resilient, and the economy seems less rate-sensitive due to the prior decade of zero rates. Developments in AI are likely to remain a significant force driving equity market gains. While inflation continues to slowly approach the Fed’s target, we see diminishing chances of recession and less risk of Fed actions surprising the market. We also note that markets have historically tended to outperform in election years when an incumbent is running for re-election. On the other hand, inflation remains sticky, particularly in the housing market. High levels of government debt servicing may drive spending lower, and the potential for contagion in the commercial real estate and banking industries remains present, along with unpredictable geopolitical risks.

Given this environment, our investment strategy team favors continuing to allocate the majority of the fund’s assets to equities, with a mild emphasis on large-cap blend and slightly underweight exposure to international developed and emerging markets. On the fixed-income side, the fund expects to maintain roughly market-weight exposure in most sectors, except for an

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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

underweight position in emerging-markets debt. The fund also continues to find value in a modest diversifying allocation to alternatives.

March 15, 2024

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 29, 2024, 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.

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.

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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, 2023 to February 29, 2024. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

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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.

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STATEMENT OF INVESTMENTS

February 29, 2024 (Unaudited)

ADR—American Depositary Receipt

^a Non-income producing security.

^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.

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

^† Based on net assets.

See notes to financial statements.

^† 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.

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

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STATEMENT OF INVESTMENTS (Unaudited) (continued)

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