Summary

• BNY Mellon Global Emerging Markets Fund (Class A at NAV) outperformed its benchmark index, the MSCI Emerging Markets Index, during the first quarter of 2026.
• Stock selection in the consumer staples sector supported the Fund's returns and outweighed the negative effect of an overweight allocation to the same sector.
• Automated testing equipment provider Chroma ATE's shares posted strong gains as the company reported solid results for 2025.
• HDFC Bank hurt performance as markets were surprised by the unexpected resignation of its chairman.
• The Fund continues to invest in companies with strong fundamentals and the potential to generate healthy returns to navigate economic uncertainties ahead.

Market Review

Global emerging market equities rose modestly during the first quarter in local currency terms but were slightly down in U. S. dollar terms. Despite technology and commodity stocks performing well in January and February, escalating conflict in

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