# EDGAR Filing Document

**Accession Number:** 0000881773
**File Stem:** 0000881773-23-000008
**Filing Date:** 2023-2
**Character Count:** 26990
**Document Hash:** 9256e721464ef9c751af69c9292834a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000881773-23-000008.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000881773-23-000008

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds V, Inc.
- **CENTRAL INDEX KEY:** 0000881773
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-44254
- **FILM NUMBER:** 23680676

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER INVESTMENT FUNDS, INC.
- **DATE OF NAME CHANGE:** 20170522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 20080401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020517

## Series and Classes Contracts Data

### BNY Mellon Diversified International Fund (Series ID: S000019874)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000055763 | Class A      | DFPAX           |
| C000055764 | Class C      | DFPCX           |
| C000055765 | Class I      | DFPIX           |
| C000163519 | Class Y      | DDIFX           |

![](img_c549c7f3ead04.jpg)<br>

<br> BNY Mellon Diversified International Fund

Summary Prospectus \| March 1, 2023

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DFPAX |
| C | DFPCX |
| I | DFPIX |
| Y | DDIFX |

---

*Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund, including the statement of additional information and most recent reports to shareholders, online at <u>http://im.bnymellon.com/literaturecenter</u>. You can also get this information at no cost by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bnymellon.com<u>.</u> The fund's prospectus and statement of additional information, dated March 1, 2023, are incorporated by reference into this summary prospectus.*

**Investment Objective**

The fund seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge. More information about sales charges, including these and other discounts and waivers, is available from your financial professional and in the Shareholder Guide section beginning on page 19 of the prospectus, in the Appendix on page A-1 of the prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) | &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) |
|  | **Class A** | **Class C** | **Class I** | **Class Y** |
| Maximum sales charge (load) imposed on purchases<br>*(as a percentage of offering price)* | 5.75 |  |  |  |
| Maximum deferred sales charge (load)<br>*(as a percentage of lower of purchase or sale price)* | *none*<sup>\*</sup>* | 1.00 |  |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
|  | **Class A** | **Class C** | **Class I** | **Class Y** |
| Management fees |  |  |  |  |
| Distribution (12b-1) fees |  | .75 |  |  |
| Other expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Shareholder services fees* | *.25* | *.25* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Miscellaneous other expenses* | *.17* | *.96* | *.11* | *.05* |
| Total other expenses | <u>.42</u> | 1.21 | <u>.11</u> | <u>.05</u> |
| Acquired fund fees and expenses<sup>\*\*</sup> | .88 | .88 | .88 | .88 |
| Total annual fund operating expenses | 1.30 | 2.84 | .99 | .93 |
| *Fee waiver and/or expense reimbursement*<sup>\*\*\*</sup>* | - | (.79) | - | - |
| Total annual fund operating expenses <br>*(after fee waiver and/or expense reimbursement)*  | 1.30 | 2.05 | .99 | .93 |

---

*<sup>\*</sup> Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.*

*<sup>\*\*</sup> Acquired fund fees and expenses are incurred indirectly by the fund as a result of its investments in other investment companies (underlying funds). These fees and expenses are not included in the Financial Highlights tables; accordingly, total annual fund operating expenses do not correlate to the ratio of total expenses to average net assets in the Financial Highlights tables.*

*<sup>\*\*\*</sup> The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until March 1, 2024, to assume the direct expenses of the fund so that the total annual fund operating expenses (including acquired fund (underlying funds) fees and expenses) of none of the fund's classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest* 

<br>6209SP0323

*expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.05%. On or after March 1, 2024, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.*

#### Example
The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The one-year example and the first year of the three-, five- and ten-years examples are based on net operating expenses, which reflect the expense limitation agreement by BNY Mellon Investment Adviser, Inc. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A (with or without redemption at end of period) | $700 | $963 | $1247 | $2053 |
| Class C (with redemption at end of period) | $308 | $805 | $1429 | $3110 |
| Class C (without redemption at end of period) | $208 | $805 | $1429 | $3110 |
| Class I (with or without redemption at end of period) | $101 | $315 | $547 | $1213 |
| Class Y (with or without redemption at end of period) | $95 | $296 | $515 | $1143 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 12.58% of the average value of its portfolio.

**Principal Investment Strategy**

To pursue its goal, the fund normally allocates its assets among other mutual funds advised by BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser) or its affiliates, referred to as underlying funds, that invest primarily in stocks issued by foreign companies. Foreign companies are those companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside the United States. The fund is designed to provide diversification within the international asset class by investing the majority of its assets in the underlying funds. The BNYM Investment Adviser selects the underlying funds based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors, including the correlation and covariance among the underlying funds. BNYM Investment Adviser seeks to diversify the fund's investments in terms of market capitalization (by including underlying funds that focus on investing in large, mid or small cap companies), by investment style (by including underlying funds that focus on growth or value stocks) and by geographic region (by including underlying funds that may invest in developed or emerging markets). Certain underlying funds also may use derivatives.

The fund's portfolio manager determines the underlying funds. The underlying funds and the fund's ranges (expressed as a percentage of the fund's investable assets) for allocating its assets among the underlying funds as of the date of this prospectus were as follows:

---

| | |
|:---|:---|
| **Underlying Funds** | **Ranges** |
| BNY Mellon International Core Equity Fund | 0% to 40% |
| BNY Mellon International Stock Fund | 0% to 40% |
| BNY Mellon International Equity Fund | 0% to 40% |

---

**Principal Risks**

An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.

An investment in the fund is subject to the following principal risks:

· *Market risk.* The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition,

<br> BNY Mellon Diversified International Fund Summary 2

turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

· *Allocation risk.* The ability of the fund to achieve its investment goal depends, in part, on the ability of BNYM Investment Adviser to allocate effectively the fund's assets among the underlying funds. There can be no assurance that the actual allocations will be effective in achieving the fund's investment goal.

· *Conflicts of interest risk*. BNYM Investment Adviser or its affiliates may serve as investment adviser to one or more of the underlying funds, each of which pays advisory fees at different rates to BNYM Investment Adviser or its affiliates. The interests of the fund on one hand, and those of an underlying fund on the other, will not always be the same.

· *ETF and other investment company risk*. To the extent the fund invests in pooled investment vehicles, such as ETFs and other investment companies, the fund will be affected by the investment policies, practices and performance of such entities in direct proportion to the amount of assets the fund has invested therein. The risks of investing in other investment companies, including ETFs, typically reflect the risks associated with the types of instruments in which the investment companies invest. When the fund invests in an ETF or other investment company, shareholders of the fund will bear indirectly their proportionate share of the expenses of the ETF or other investment company (including management fees) in addition to the expenses of the fund.

The fund is subject to the same principal risks as the underlying funds in which it invests, which are summarized below. For more information regarding these and other risks of the underlying funds, see the prospectus for the specific underlying fund. References to the fund below include the underlying funds.

· *Risks of stock investing.* Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general market conditions or because of factors that affect the particular company or the company's industry.

· *Foreign investment risk.* To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.

· *Emerging market risk.* The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. Special risks associated with investments in emerging market issuers may include a lack of publicly available information, a lack of uniform disclosure, accounting and financial reporting and recordkeeping standards and limited investor protections applicable in developed economies. The risks also may include unpredictable political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions or restrictions on certain investments by other countries, such as the United States.

· *Growth and value stock risk.* By investing in a mix of growth and value companies, the fund assumes the risks of both. Investors often expect growth companies to increase their earnings at a certain rate. If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase. Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth or the expected value was misgauged.

· *Foreign currency risk.* Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Foreign currencies, particularly the currencies of emerging market countries, are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.

· *Market capitalization risk (small-, mid- and large-cap stock risk)*. To the extent the fund emphasizes small-, mid- or large-cap stocks, it will assume the associated risks. At any given time, any of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities affecting their business. To the extent the fund invests in small- and mid-cap companies, it will be subject to additional risks

<br> BNY Mellon Diversified International Fund Summary 3

because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. Smaller companies may have limited product lines, markets or financial resources, or may depend on a limited management group.

· *Liquidity risk*. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. Investments that are illiquid or that trade in lower volumes may be more difficult to value. Investments in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.

· *Derivatives risk.* A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the fund's use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets or the fund's other investments in the manner intended.

· *Management risk.* The investment process used by the fund's investment adviser could fail to achieve the fund's investment goal and cause your fund investment to lose value.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class A shares from year to year. Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. More recent performance information may be available at www.im.bnymellon.com.

---

| | |
|:---|:---|
| **Year-by-Year Total Returns** as of 12/31 each year (%)<br>**Class A** | **Year-by-Year Total Returns** as of 12/31 each year (%)<br>**Class A** |
| ![](img_0a38d1b009444.jpg) | **Best Quarter**<br>Q4, 2022: 17.11%<br>**Worst Quarter**<br>Q1, 2020: -21.12% |

---

After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period.

For the fund's Class Y shares, periods prior to the inception date reflect the performance of the fund's Class I shares. Such performance figures have not been adjusted to reflect applicable class expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes have different expenses.

<br> BNY Mellon Diversified International Fund Summary 4

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** (as of 12/31/22) | &nbsp;&nbsp;**Average Annual Total Returns** (as of 12/31/22) | &nbsp;&nbsp;**Average Annual Total Returns** (as of 12/31/22) | &nbsp;&nbsp;**Average Annual Total Returns** (as of 12/31/22) |
| &nbsp;&nbsp;**Class** (Inception Date) | **1 Year** | **5 Years** | **10 Years**  |
| **Class A** returns before taxes | -23.76% | -0.72% | 3.03% |
| **Class A** returns after taxes on distributions | -26.55% | -1.88% | 2.36% |
| **Class A** returns after taxes on distributions and sale of fund shares | -11.52% | -0.16% | 2.64% |
| **Class C** returns before taxes | -20.30% | -0.28% | 2.88% |
| **Class I** returns before taxes | -18.80% | 0.80% | 3.98% |
| **Class Y** (10/1/15) returns before taxes | -18.76% | 0.85% | 4.00% |
| **MSCI EAFE<sup><sup>®</sup></sup> Index** reflects no deductions for fees, expenses or taxes | -14.45% | 1.54% | 4.67% |

---

**Portfolio Management** 

The fund's investment adviser is BNY Mellon Investment Adviser, Inc.

Lisa M. Sampson, CFA is the fund's primary portfolio manager responsible for investment allocation decisions, a position she has held since January 2023. Ms. Sampson is an Investment Solutions Manager for BNY Mellon Wealth Management. Ms. Sampson also is an employee of BNYM Investment Adviser.

**Purchase and Sale of Fund Shares**

In general, for each share class, other than Class Y, the fund's minimum initial investment is $1,000 and the minimum subsequent investment is $100. For Class Y shares, the minimum initial investment generally is $1,000,000, with no minimum subsequent investment. You may sell (redeem) your shares on any business day by calling 1-800-373-9387 (inside the U.S. only) or by visiting www.im.bnymellon.com. If you invested in the fund through a third party, such as a bank, broker-dealer or financial adviser, or through a Retirement Plan (as defined below), you may mail your request to sell shares to BNY Mellon Institutional Department, P.O. Box 534442, Pittsburgh, Pennsylvania 15253-4442. If you invested directly through the fund, you may mail your request to sell shares to BNY Mellon Shareholder Services, P.O. Box 534434, Pittsburgh, Pennsylvania 15253-4434. If you are an Institutional Direct accountholder, please contact your BNY Mellon relationship manager for instructions.

Retirement Plans include qualified or non-qualified employee benefit plans, such as 401(k), 403(b)(7), Keogh, pension, profit-sharing and other deferred compensation plans, whether established by corporations, partnerships, sole proprietorships, non-profit entities, trade or labor unions, or state and local governments, but do not include IRAs (including, without limitation, traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, IRA "Rollover Accounts" or IRAs set up under Simplified Employee Pension Plans (SEP-IRAs), Salary Reduction Simplified Employee Pension Plans (SARSEPs) or Savings Incentive Match Plans for Employees (SIMPLE IRAs)).

**Tax Information**

The fund's distributions are taxable as ordinary income or capital gains, except when your investment is through an IRA, Retirement Plan or other U.S. tax-advantaged investment plan (in which case you may be taxed upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the fund's distributor and its related companies may pay the intermediary for the sale of fund shares and related services. To the extent that the intermediary may receive lesser or no payments in connection with the sale of other investments, the payments from the fund's distributor and its related companies may create a potential conflict of interest by influencing the broker-dealer or other intermediary and your financial representative to recommend the fund over the other investments. This potential conflict of interest may be addressed by policies, procedures or practices adopted by the financial intermediary. As there may be many different policies, procedures or practices adopted by different intermediaries to address the manner in which compensation is earned through the sale of investments or the provision of related services, the compensation rates and other payment arrangements that may apply to a financial intermediary and its representatives may vary by intermediary. Ask your financial representative or visit your financial intermediary's website for more information.

<br> BNY Mellon Diversified International Fund Summary 5

*This prospectus does not constitute an offer or solicitation in any state or jurisdiction in which, or to any person to whom, such offering or solicitation may not lawfully be made.*

<br> BNY Mellon Diversified International Fund Summary 6