BNY MELLON ABSOLUTE INSIGHT MULTISTRATEGY FUND CLASS I (MAJIX) Exchange: NMFQS

DELISTED - To pursue its goal, the fund normally allocates its assets across multiple "absolute return" investment strategies. Through exposure to these investment strategies, the fund seeks to generate positive returns on a rolling 12-month basis with less volatility than major equity markets. The fund is designed to complement traditional equity and fixed-income portfolios. The fund is not managed to a benchmark index, but, instead, seeks to provide returns that are largely independent of market moves and not correlated to traditional equity and fixed-income markets. The fund's sub-adviser, Insight Investment International Limited, an affiliate of The Dreyfus Corporation (Dreyfus), through its Absolute Return Investment Committee (ARIC), determines the fund's use of absolute return investment strategies and sets the investment ranges, subject to Dreyfus' supervision and approval. The ARIC strategically allocates the fund's assets to internal specialist investment teams responsible for the absolute return investment strategies with the aim of achieving low volatility while targeting positive returns. Each investment team manages an investment strategy and specializes in research and investment of a specific asset class or combination of asset classes with an active use of derivatives. The ARIC seeks to implement the overall strategy for the fund by allocating the fund's assets among absolute return strategies believed to complement each other in terms of correlation and exposure to specific asset classes, while being able to opportunistically take advantage of strategies that are particularly attractive at the time of implementation to meet the fund's investment objective. The investment strategies employed by the fund's sub-adviser, as of the date of this prospectus, are as follows: Equity Market Neutral Strategy: This strategy seeks to provide long and short investment exposure to equity securities that is not correlated with the general market direction, in particular on a market neutral basis. This market neutral approach aims to achieve market neutrality by investing in a series of "pair trades" of equity securities and equity derivatives, principally with respect to European equity securities. Each pair trade position consists of two units (a long and a short), with the lead unit, whether long or short, identified through bottom-up, fundamental and technical analysis based on characteristics such as the outlook for earnings growth, valuation and/or the presence of a near-term catalyst relative to other similar securities in their sector or the broader market. The portfolio managers then "pair" the lead position with a hedging position (short or long) seeking to minimize unwanted risks, such as movements in the broader securities markets, industry sectors or currency valuations. All pair trade positions have a strict stop-loss mechanism which seeks to contain downside risk. The goal is to create a market neutral position to produce positive absolute returns with low volatility. Absolute Return Equity Strategy: This strategy seeks to provide long and short investment exposure to equity securities. The portfolio managers for this strategy use a combination of fully hedged "pair trades" (as described above), partially hedged "pair trades" and unhedged securities. They have the flexibility to take positions based on their expectation of the direction in which the overall market is going to move. In these instances, in comparison to the equity market neutral strategy, which typically implements fully hedged "paired" positions (long or short), positions in this strategy may be partially "paired" or not "paired" at all with a hedging position (short or long). All pair trade positions and partial pair trade positions (or lead positions if unhedged) have a strict stop-loss mechanism in place which seeks to contain downside risk. The position sizes of pair trades in this strategy are normally larger than those in the equity market neutral strategy. In addition, the stop-loss levels are typically higher than those for the equity market neutral strategy. However, the equity market neutral strategy and the absolute return equity strategy may be highly correlated at times. Absolute Return Emerging Market Strategy: This strategy seeks to provide investment exposure principally to debt instruments and currencies of emerging market issuers. Debt instruments include those issued by foreign corporations, foreign governments, their agencies and instrumentalities, foreign central banks or supranational organizations, and may be denominated in the local currency of issue or external currencies, such as U.S. dollars, European euros, British pounds sterling or Japanese yen. In addition, the portfolio managers for this strategy may express their investment views on emerging market currencies through the use of forward contracts and options and use derivatives such as interest rate swaps to express their views on interest rates. The portfolio managers for this strategy have the flexibility, to a limited extent, to take advantage of investment opportunities outside of emerging market countries and take positions with respect to issuers that have characteristics similar to those associated with emerging market issuers in terms of yield, risk profile or other investment characteristics which the portfolio managers deem appropriate. The portfolio managers for this strategy combine top-down country analysis with bottom-up security selection and active use of derivatives to construct a portfolio of "best ideas," taking both long and short positions. Absolute Return Credit Strategy: This strategy seeks to provide investment exposure principally to debt instruments of primarily developed market issuers. The portfolio managers for this strategy combine top-down market and credit sector analysis with bottom-up security selection and active use of derivatives, taking long or short positions based on their expectation of the direction in which the overall market is going to move. The portfolio managers for this strategy seek to construct a portfolio of "best ideas" among various debt instruments of different credit quality. Absolute Return Dynamic Opportunities Strategy: This strategy seeks to provide investment exposure to equity, fixed-income, currency, real estate, listed infrastructure and commodity markets and sectors in developed and emerging markets. The portfolio managers for this strategy follow a global macro approach, actively taking long and short positions, based on references to macroeconomic themes (taking views on a whole market) rather than individual securities selection. Currency Strategy: This strategy seeks to provide investment exposure to currencies. This strategy may select from a wide range of global currencies and, at times, may take positions in a limited number of these currencies. The portfolio managers for this strategy combine top-down long-term currency valuations, cyclical economic and volatility analysis with proprietary pricing models designed to identify opportune investment entry and exit points. This strategy takes both long and short positions in developed and emerging market currencies, using predominantly currency forward contracts and currency options. The fund's sub-adviser has considerable latitude in allocating the fund's investments to any of the strategies and may vary the amount of the fund's assets allocated to a strategy depending on market conditions, including maintaining zero exposure to a strategy, without notice to shareholders. The fund's sub-adviser also has the discretion, subject to the approval of the fund's board, to add additional strategies or asset classes when the ARIC deems it necessary. The strategic allocations are set and reviewed regularly by the ARIC, which also is responsible, subject to Dreyfus' supervision, for investment risk oversight of the fund's portfolio and of the individual absolute return strategies in which the fund's assets are allocated. The composition of the fund's investment portfolio will vary over time, based on its allocation to the various absolute return investment strategies and its exposure to the asset classes, including global equity and fixed-income securities, currencies, commodities, real estate-related assets, infrastructure-related assets, and cash and cash equivalents, in which the strategies invest. The fund may invest in the securities of U.S. and foreign issuers, including securities of issuers in developed and emerging market countries and securities denominated in a currency other than the U.S. dollar, securities of issuers of any market capitalization, and securities of any credit quality (including "investment grade," "high yield" or "junk" bonds), maturity or duration. The fund may hold a significant portion of its assets in U.S. government securities, high quality debt securities, money market instruments, cash and other cash equivalents to collateralize its derivatives positions, pending investment or allocation to a strategy, to manage purchase and redemption activity, or for defensive purposes. The fund considers emerging market countries to be those countries defined as having an emerging or developing economy by the World Bank or its related organizations, or the United Nations or its authorities. The fund considers securities issued by companies organized or with their principal place of business, or majority of assets or business, in emerging market countries to be emerging market issuers. There is no minimum or maximum investment amount in any particular country or region. The fund expects to maintain significant short positions, principally through investments in derivative instruments such as contracts for difference, swap agreements and futures and forward contracts on individual securities, currencies, sectors and market indices. A short sale involves the sale of a security that the fund does not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and generally at a lower price. Similarly, when taking short positions with respect to securities through investments in derivative instruments, the sub-adviser generally is expecting the value of such securities to fall during the period of the fund's investment exposure. However, the fund will incur a loss on a short position in respect of a security if the price of the security increases between the date the fund establishes the short position and the date the fund closes out the short position. When taking a short position, the fund's potential loss is the maximum attainable price of the security less the price at which the fund's position in the security was established. The fund will use a significant degree of derivative instruments, as a substitute for investing directly in an underlying asset, as an alternative to selling a security short, to increase returns, to manage foreign currency, credit or interest rate risk, to manage effective maturity or duration, as part of a hedging strategy, or for other purposes related to the management of the fund. These instruments may include principally options, futures and options on futures (including those relating to securities, foreign currencies, indices and interest rates), forward contracts (including foreign currency forward contracts), swaps (including total return, equity, currency, interest rate and credit default swaps), options on swaps, contracts for difference, and other derivative instruments (including commodity-linked instruments, such as structured notes). Each investment strategy may actively use derivatives to the extent permitted under the Investment Company Act of 1940, as amended. When the fund enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions, in accordance with applicable regulations. The fund does not have any limitations regarding portfolio turnover. The fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates in excess of 100%. A portfolio turnover of 100% is equivalent to the fund buying and selling all of the securities in its portfolio once during the course of a year.