Shareholder Report
Jul. 31, 2026
USD ($)
Holding
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Y* | $41 | 0.40% |
| * |
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. If this agreement is not extended in the future, expenses could be higher.
|
How did the Fund perform last year ?
-
For the 12-month period ended July 31, 2026, the Fund’s Class Y shares returned 3.54%.
-
In comparison, the ICE BofA 1-5 Year U.S. Corporate & Government Index returned 3.05% for the same period.
What affected the Fund’s performance?
-
The short-term bond market generated positive returns over the reporting period, as short-term interest rates declined amid U.S. Federal Reserve easing, and corporate bond spreads remained favorable.
-
The Fund’s strongest relative returns were driven by overweight exposures to high yield and investment-grade corporates and asset-backed securities.
-
Within high yield, overweight positions in the energy, capital goods and consumer cyclical sectors were strong drivers, as were positions in CLOs, non-agency mortgage-backed securities and non-traditional asset-backed securities.
-
Security selection within emerging markets was the most significant detractor from the Fund’s relative performance, followed by high yield holdings in communications and technology.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from August 1 , 2016 through July 31, 2026
Initial Investment of $1,000,000
Initial Investment of $1,000,000
The above graph compares a hypothetical $1,000,000 investment in the Fund’s Class Y shares to a hypothetical investment of $1,000,000 made in each of the Bloomberg U.S. Aggregate Bond Index (a broad-based index) and ICE BofA 1-5 Year U.S. Corporate & Government Index on 7/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 7/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class Y | 3.54% | 2.38% | 2.19% | |||
| Bloomberg U.S. Aggregate Bond Index (broad-based index) | 2.71% | -0.40% | 1.35% | |||
| ICE BofA 1-5 Year U.S. Corporate & Government Index | 3.05% | 1.68% | 1.97% |
KEY FUND STATISTICS (AS OF 7/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $79 | 364 | $0 | 56.77% |
Portfolio Holdings (as of 7/31/26 )
Sector Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I* | $41 | 0.40% |
| * |
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. If this agreement is not extended in the future, expenses could be higher.
|
How did the Fund perform last year ?
-
For the 12-month period ended July 31, 2026, the Fund’s Class I shares returned 3.65%.
-
In comparison, the ICE BofA 1-5 Year U.S. Corporate & Government Index returned 3.05% for the same period.
What affected the Fund’s performance?
-
The short-term bond market generated positive returns over the reporting period, as short-term interest rates declined amid U.S. Federal Reserve easing, and corporate bond spreads remained favorable.
-
The Fund’s strongest relative returns were driven by overweight exposures to high yield and investment-grade corporates and asset-backed securities.
-
Within high yield, overweight positions in the energy, capital goods and consumer cyclical sectors were strong drivers, as were positions in CLOs, non-agency mortgage-backed securities and non-traditional asset-backed securities.
-
Security selection within emerging markets was the most significant detractor from the Fund’s relative performance, followed by high yield holdings in communications and technology.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from August 1 , 2016 through July 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class I shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Aggregate Bond Index (a broad-based index) and ICE BofA 1-5 Year U.S. Corporate & Government Index on 7/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 7/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class I | 3.65% | 2.40% | 2.20% | |||
| Bloomberg U.S. Aggregate Bond Index (broad-based index) | 2.71% | -0.40% | 1.35% | |||
| ICE BofA 1-5 Year U.S. Corporate & Government Index | 3.05% | 1.68% | 1.97% |
KEY FUND STATISTICS (AS OF 7/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $79 | 364 | $0 | 56.77% |
Portfolio Holdings (as of 7/31/26 )
Sector Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class D* | $61 | 0.60% |
| * |
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. If this agreement is not extended in the future, expenses could be higher.
|
How did the Fund perform last year ?
-
For the 12-month period ended July 31, 2026, the Fund’s Class D shares returned 3.44%.
-
In comparison, the ICE BofA 1-5 Year U.S. Corporate & Government Index returned 3.05% for the same period.
What affected the Fund’s performance?
-
The short-term bond market generated positive returns over the reporting period, as short-term interest rates declined amid U.S. Federal Reserve easing, and corporate bond spreads remained favorable.
-
The Fund’s strongest relative returns were driven by overweight exposures to high yield and investment-grade corporates and asset-backed securities.
-
Within high yield, overweight positions in the energy, capital goods and consumer cyclical sectors were strong drivers, as were positions in CLOs, non-agency mortgage-backed securities and non-traditional asset-backed securities.
-
Security selection within emerging markets was the most significant detractor from the Fund’s relative performance, followed by high yield holdings in communications and technology.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from August 1 , 2016 through July 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class D shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Aggregate Bond Index (a broad-based index) and ICE BofA 1-5 Year U.S. Corporate & Government Index on 7/31/2016. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 7/31/26 )
| Share Class | 1YR | 5YR | 10YR | |||
| Class D | 3.44% | 2.21% | 2.10% | |||
| Bloomberg U.S. Aggregate Bond Index (broad-based index) | 2.71% | -0.40% | 1.35% | |||
| ICE BofA 1-5 Year U.S. Corporate & Government Index | 3.05% | 1.68% | 1.97% |
KEY FUND STATISTICS (AS OF 7/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $79 | 364 | $0 | 56.77% |
Portfolio Holdings (as of 7/31/26 )
Sector Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
What were the Fund’s costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A* | $66 | 0.65% |
| * |
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. If this agreement is not extended in the future, expenses could be higher.
|
How did the Fund perform last year ?
-
For the 12-month period ended July 31, 2026, the Fund’s Class A shares returned 3.27%.
-
In comparison, the ICE BofA 1-5 Year U.S. Corporate & Government Index returned 3.05% for the same period.
What affected the Fund’s performance?
-
The short-term bond market generated positive returns over the reporting period, as short-term interest rates declined amid U.S. Federal Reserve easing, and corporate bond spreads remained favorable.
-
The Fund’s strongest relative returns were driven by overweight exposures to high yield and investment-grade corporates and asset-backed securities.
-
Within high yield, overweight positions in the energy, capital goods and consumer cyclical sectors were strong drivers, as were positions in CLOs, non-agency mortgage-backed securities and non-traditional asset-backed securities.
-
Security selection within emerging markets was the most significant detractor from the Fund’s relative performance, followed by high yield holdings in communications and technology.
How did the Fund perform over the past 10 years?
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Cumulative Performance from August 1 , 2016 through July 31, 2026
Initial Investment of $10,000
Initial Investment of $10,000
The above graph compares a hypothetical $10,000 investment in the Fund’s Class A shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Aggregate Bond Index (a broad-based index) and ICE BofA 1-5 Year U.S. Corporate & Government Index on 7/31/2016. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees and other expenses. The Fund’s performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.
AVERAGE ANNUAL TOTAL RETURNS (AS OF 7/31/26 )
| Class A Shares | 1YR | 5YR | 10YR | |||
| with Maximum Sales Charge - 2.50% | 0.69% | 1.55% | 1.78% | |||
| without Sales Charge | 3.27% | 2.08% | 2.04% | |||
| Bloomberg U.S. Aggregate Bond Index (broad-based index) | 2.71% | -0.40% | 1.35% | |||
| ICE BofA 1-5 Year U.S. Corporate & Government Index | 3.05% | 1.68% | 1.97% |
KEY FUND STATISTICS (AS OF 7/31/26 )
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
Annual Portfolio Turnover |
| $79 | 364 | $0 | 56.77% |
Portfolio Holdings (as of 7/31/26 )
Sector Allocation (Based on Net Assets)
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
| [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. If this agreement is not extended in the future, expenses could be higher. |
| [2] | 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. If this agreement is not extended in the future, expenses could be higher. |
| [3] | 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. If this agreement is not extended in the future, expenses could be higher. |
| [4] | 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. If this agreement is not extended in the future, expenses could be higher. |