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BNY Mellon Investment Funds III
2026-06-30
BNY Mellon High Yield Fund
Class A
DPLTX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="white-space: nowrap;"><span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 7.5pt; word-break: break-all; white-space: nowrap; font-weight: 400; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span>.</span> You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
bny.com/investments/literaturecenter
1-800-373-9387
info@bny.com
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 2pt;"><b>What were the Fund’s costs for the last </b> <b>six months</b> <b>?</b></div>
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">(based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: left; width: 25%; padding: 1pt 3pt 10pt 3pt;">Share Class</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 30%; padding: 1pt 3pt 10pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 40%; padding: 1pt 3pt 10pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; background-color: rgb(227, 235, 237); height: 19pt;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: left; text-indent: -6pt; padding: 1pt 3pt 3pt 6pt;">Class <span style="white-space: nowrap;">A<sup style="vertical-align: super; font-size: 5pt;">*</sup></span></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;">0.95<span>%</span><sup style="vertical-align: super; font-size: 5pt;">**</sup></td>
</tr>
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<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">*</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.</div>
</td>
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<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">**</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Annualized.</div>
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47
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<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;"><b>KEY FUND STATISTICS (AS OF </b> <b>6/30/26</b> <b>)</b></div>
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<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Fund Size (Millions)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Number of Holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Portfolio Turnover</td>
</tr>
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<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;"><span style="float: none;">$</span>427</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">307</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">45.18<span>%</span></td>
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427000000
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<div style="margin-top: 0px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px;"><b>Portfolio Holdings (as of </b> <b>6/30/26</b> <b>)</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Sector Allocation (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 12pt; margin-left: 18pt;"><img alt="Graphical Representation - Top N Holdings Chart" src="chartimages_12168674.jpg" style="margin-left: 50pt; width: 437pt;"/> </div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Allocation of Holdings (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 6pt; margin-left: 18pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12168612.jpg" style="margin-left: 29pt; width: 437pt;"/> </div>
<div style="font-weight: 400; margin-top: 0px; margin-bottom: 10pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: normal; margin-left: 18pt;">* Amount represents less than .1%.</div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 4pt; margin-top: 0px;"><b>Changes in or Disagreements with Accountants</b></div>
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<li style="font-weight: 400; padding-left: 3pt; margin-left: 7pt; list-style-type: disc; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;">Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent interim period through February 20, 2026.</div>
</li>
</ul>
</div>
Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds.
2026-01-01
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 10pt;"><b>This is a summary of certain changes to the Fund since </b> <b>January 1, 2026</b> <b>. For more complete information, you may review the Fund’s </b> <b>current prospectus dated </b> <b>May 1, 2026</b> <b> at </b> <span style="white-space: nowrap;"> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 8.5pt; word-break: break-all; white-space: nowrap; font-weight: bold; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span> </span> <b> or upon request at 1-800-373-9387.</b></div>
bny.com/investments/literaturecenter
1-800-373-9387
BNY Mellon High Yield Fund
Class C
PTHIX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="white-space: nowrap;"><span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 7.5pt; word-break: break-all; white-space: nowrap; font-weight: 400; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span>.</span> You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
bny.com/investments/literaturecenter
1-800-373-9387
info@bny.com
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 2pt;"><b>What were the Fund’s costs for the last </b> <b>six months</b> <b>?</b></div>
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">(based on a hypothetical $10,000 investment)</div>
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<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: left; width: 25%; padding: 1pt 3pt 10pt 3pt;">Share Class</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 30%; padding: 1pt 3pt 10pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 40%; padding: 1pt 3pt 10pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; background-color: rgb(227, 235, 237); height: 19pt;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: left; text-indent: -6pt; padding: 1pt 3pt 3pt 6pt;">Class <span style="white-space: nowrap;">C<sup style="vertical-align: super; font-size: 5pt;">*</sup></span></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;">1.70<span>%</span><sup style="vertical-align: super; font-size: 5pt;">**</sup></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-bottom: 22pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">*</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.</div>
</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">**</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
85
0.0170
<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;"><b>KEY FUND STATISTICS (AS OF </b> <b>6/30/26</b> <b>)</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Fund Size (Millions)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Number of Holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Portfolio Turnover</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; background-color: rgb(227, 235, 237); height: 19pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;"><span style="float: none;">$</span>427</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">307</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">45.18<span>%</span></td>
</tr>
</table>
427000000
307
0.4518
<div style="margin-top: 0px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px;"><b>Portfolio Holdings (as of </b> <b>6/30/26</b> <b>)</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Sector Allocation (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 12pt; margin-left: 18pt;"><img alt="Graphical Representation - Top N Holdings Chart" src="chartimages_12168675.jpg" style="margin-left: 50pt; width: 437pt;"/> </div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Allocation of Holdings (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 6pt; margin-left: 18pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12168610.jpg" style="margin-left: 29pt; width: 437pt;"/> </div>
<div style="font-weight: 400; margin-top: 0px; margin-bottom: 10pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: normal; margin-left: 18pt;">* Amount represents less than .1%.</div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 4pt; margin-top: 0px;"><b>Changes in or Disagreements with Accountants</b></div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="font-weight: 400; padding-left: 3pt; margin-left: 7pt; list-style-type: disc; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;">Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent interim period through February 20, 2026.</div>
</li>
</ul>
</div>
Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds.
2026-01-01
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 10pt;"><b>This is a summary of certain changes to the Fund since </b> <b>January 1, 2026</b> <b>. For more complete information, you may review the Fund’s </b> <b>current prospectus dated </b> <b>May 1, 2026</b> <b> at </b> <span style="white-space: nowrap;"> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 8.5pt; word-break: break-all; white-space: nowrap; font-weight: bold; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span> </span> <b> or upon request at 1-800-373-9387.</b></div>
bny.com/investments/literaturecenter
1-800-373-9387
BNY Mellon High Yield Fund
Class I
DLHRX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="white-space: nowrap;"><span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 7.5pt; word-break: break-all; white-space: nowrap; font-weight: 400; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span>.</span> You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
bny.com/investments/literaturecenter
1-800-373-9387
info@bny.com
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 2pt;"><b>What were the Fund’s costs for the last </b> <b>six months</b> <b>?</b></div>
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">(based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: left; width: 25%; padding: 1pt 3pt 10pt 3pt;">Share Class</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 30%; padding: 1pt 3pt 10pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); vertical-align: top; text-align: center; width: 40%; padding: 1pt 3pt 10pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; background-color: rgb(227, 235, 237); height: 19pt;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: left; text-indent: -6pt; padding: 1pt 3pt 3pt 6pt;">Class <span style="white-space: nowrap;">I<sup style="vertical-align: super; font-size: 5pt;">*</sup></span></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 9pt; text-align: center; vertical-align: top; padding: 1pt 3pt 3pt 3pt;">0.70<span>%</span><sup style="vertical-align: super; font-size: 5pt;">**</sup></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-bottom: 22pt;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">*</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.</div>
</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-style: normal; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 5pt; line-height: normal; width: 10pt; text-align: left; vertical-align: super; padding: 0;">**</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; margin-bottom: 0; font-family: 'Times New Roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; line-height: normal; font-style: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
35
0.0070
<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;"><b>KEY FUND STATISTICS (AS OF </b> <b>6/30/26</b> <b>)</b></div>
<table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(0, 72, 94); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Fund Size (Millions)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Number of Holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; line-height: 9pt; font-weight: bold; color: rgb(255, 255, 255); width: 170pt; vertical-align: top; text-align: center; padding: 1pt 3pt 10pt 3pt;"><br/>Portfolio Turnover</td>
</tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; background-color: rgb(227, 235, 237); height: 19pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;"><span style="float: none;">$</span>427</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">307</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; white-space: nowrap; width: 170pt; font-family: 'Times New Roman'; font-weight: normal; font-size: 9pt; line-height: 9pt; vertical-align: top; text-align: center; color: rgb(0, 0, 0); border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 1pt 3pt 1pt 3pt;">45.18<span>%</span></td>
</tr>
</table>
427000000
307
0.4518
<div style="margin-top: 0px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px;"><b>Portfolio Holdings (as of </b> <b>6/30/26</b> <b>)</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Sector Allocation (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 12pt; margin-left: 18pt;"><img alt="Graphical Representation - Top N Holdings Chart" src="chartimages_12168676.jpg" style="margin-left: 50pt; width: 437pt;"/> </div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0px; text-transform: none; margin-bottom: 0px; page-break-after: avoid;"><b>Allocation of Holdings (Based on Net Assets)</b></div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); width: 540pt; margin-bottom: 6pt; margin-left: 18pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12168611.jpg" style="margin-left: 29pt; width: 437pt;"/> </div>
<div style="font-weight: 400; margin-top: 0px; margin-bottom: 10pt; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: normal; margin-left: 18pt;">* Amount represents less than .1%.</div>
<div style="font-family: 'times new roman'; font-size: 9pt; font-weight: 400; color: rgb(0, 0, 0); break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; font-weight: bold; margin-bottom: 4pt; margin-top: 0px;"><b>Changes in or Disagreements with Accountants</b></div>
<ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;">
<li style="font-weight: 400; padding-left: 3pt; margin-left: 7pt; list-style-type: disc; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 3pt;">
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 8pt;">Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent interim period through February 20, 2026.</div>
</li>
</ul>
</div>
Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund. On that date, KPMG LLP was discharged as the Fund’s accounting firm subject to completion of the December 31, 2025 fiscal year audit, which occurred on February 20, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds.
2026-01-01
<div style="font-weight: 400; margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 11pt; margin-bottom: 10pt;"><b>This is a summary of certain changes to the Fund since </b> <b>January 1, 2026</b> <b>. For more complete information, you may review the Fund’s </b> <b>current prospectus dated </b> <b>May 1, 2026</b> <b> at </b> <span style="white-space: nowrap;"> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); line-height: 8.5pt; word-break: break-all; white-space: nowrap; font-weight: bold; font-family: 'times new roman'; font-size: 10pt;">bny.com/investments/literaturecenter</span> </span> <b> or upon request at 1-800-373-9387.</b></div>
bny.com/investments/literaturecenter
1-800-373-9387
Amount represents less than .1%.
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
Annualized.
Annualized.
Amount represents less than .1%.
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
Annualized.
Amount represents less than .1%.