Summary

• For the quarter ended March 31, 2026, BNY Mellon International Bond Fund’s Class I shares returned -2.46%, excluding sales charges.
• The first quarter began with the belief that the global economy might be about to see some acceleration in growth coincide with a continued, albeit slow moderation in inflation, allowing further rate cuts in the US and UK.
• Credit markets were also weaker, with spread levels widening, moving above the recent historically low levels, although not substantially so.

Market Review

The first quarter began with the belief that the global economy might be about to see some acceleration in growth coincide with a continued, albeit slow moderation in inflation, allowing further rate cuts in

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