# EDGAR Filing Document

**Accession Number:** 0000053808
**File Stem:** 0000053808-25-000023
**Filing Date:** 2025-7
**Character Count:** 150084
**Document Hash:** 119cb996db02fe8d9395cf32137da763
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000053808-25-000023.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0000053808-25-000023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds III
- **CENTRAL INDEX KEY:** 0000053808

**ORGANIZATION NAME:**
- **EIN:** 042694144
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00524
- **FILM NUMBER:** 251153753

**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/LAUREL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS LAUREL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19941122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAUREL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19940202

## Series and Classes Contracts Data

### BNY Mellon Equity Income Fund (Series ID: S000012565)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034167 | Class A      | DQIAX           |
| C000034168 | Class C      | DQICX           |
| C000034169 | Class I      | DQIRX           |
| C000130467 | Class Y      | DQIYX           |

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iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dbmif3:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-00524

#### BNY Mellon Investment Funds III
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 5/31

#### Date of reporting period:

#### 5/31/25
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Equity Income Fund

ITEM 1 - Reports to Stockholders

BNY Mellon Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### May 31, 2025

#### Class A – DQIAX
This annual shareholder report contains important information about BNY Mellon Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### 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 | $108 | 1.02% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended May 31, 2025, the Fund's Class A shares returned 12.66%.

* In comparison, the S&P 500<sup>®</sup> Index (the "Index") returned 13.52% for the same period.

**What affected the Fund's performance?**

* U.S. equities were driven by large-cap technology gains, tariff-induced volatility, weak economic data and anticipation of possible U.S. Federal Reserve rate cuts.

* Stock selection in the staples, health care and technology sectors contributed to the Fund's performance relative to the Index.

* The Fund's emphasis on dividend-paying issues detracted from relative performance, particularly in the consumer discretionary sector.

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

#### 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 June 1 , 2015 through May 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10134215.jpg)

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 the S&P 500<sup>®</sup> Index on 5/31/2015. 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 Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Sales Charge - 5.75% | 6.20% | 15.44% | 10.43% |
| without Sales Charge | 12.66% | 16.82% | 11.09% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter **.** 

**KEY FUND STATISTICS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1658 | 102 | $10244777 | 28.38% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 5/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10134244.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10134220.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6144AR0525

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### May 31, 2025

#### Class C – DQICX
This annual shareholder report contains important information about BNY Mellon Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### 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 C<sup>\*</sup> | $188 | 1.78% |

---

\* 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 May 31, 2025, the Fund's Class C shares returned 11.79%.

* In comparison, the S&P 500<sup>®</sup> Index (the "Index") returned 13.52% for the same period.

**What affected the Fund's performance?**

* U.S. equities were driven by large-cap technology gains, tariff-induced volatility, weak economic data and anticipation of possible U.S. Federal Reserve rate cuts.

* Stock selection in the staples, health care and technology sectors contributed to the Fund's performance relative to the Index.

* The Fund's emphasis on dividend-paying issues detracted from relative performance, particularly in the consumer discretionary sector.

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

#### 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 June 1 , 2015 through May 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10134265.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class C shares to a hypothetical investment of $10,000 made in the S&P 500<sup>®</sup> Index on 5/31/2015. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class C Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Deferred Sales Charge - 1.00% | 10.79% <sup>\*</sup> | 15.93% | 10.25% |
| without Deferred Sales Charge | 11.79% | 15.93% | 10.25% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

<sup>\*</sup> The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter **.** 

**KEY FUND STATISTICS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1658 | 102 | $10244777 | 28.38% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 5/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10134294.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10134270.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6145AR0525

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### May 31, 2025

#### Class I – DQIRX
This annual shareholder report contains important information about BNY Mellon Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### 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<sup>\*</sup> | $83 | 0.78% |

---

\* 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 May 31, 2025, the Fund's Class I shares returned 12.91%.

* In comparison, the S&P 500<sup>®</sup> Index (the "Index") returned 13.52% for the same period.

**What affected the Fund's performance?**

* U.S. equities were driven by large-cap technology gains, tariff-induced volatility, weak economic data and anticipation of possible U.S. Federal Reserve rate cuts.

* Stock selection in the staples, health care and technology sectors contributed to the Fund's performance relative to the Index.

* The Fund's emphasis on dividend-paying issues detracted from relative performance, particularly in the consumer discretionary sector.

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

#### 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 June 1 , 2015 through May 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10134315.jpg)

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 the S&P 500<sup>®</sup> Index on 5/31/2015. 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 Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | 12.91% | 17.10% | 11.36% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1658 | 102 | $10244777 | 28.38% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 5/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10134344.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10134320.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6146AR0525

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### May 31, 2025

#### Class Y – DQIYX
This annual shareholder report contains important information about BNY Mellon Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### 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 | $80 | 0.75% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended May 31, 2025, the Fund's Class Y shares returned 12.97%.

* In comparison, the S&P 500<sup>®</sup> Index (the "Index") returned 13.52% for the same period.

**What affected the Fund's performance?**

* U.S. equities were driven by large-cap technology gains, tariff-induced volatility, weak economic data and anticipation of possible U.S. Federal Reserve rate cuts.

* Stock selection in the staples, health care and technology sectors contributed to the Fund's performance relative to the Index.

* The Fund's emphasis on dividend-paying issues detracted from relative performance, particularly in the consumer discretionary sector.

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

#### 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 June 1 , 2015 through May 31, 2025** 

**Initial Investment of $1,000,000**

![Fund Performance - Growth of 10K Chart](chartimages_10134365.jpg)

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 the S&P 500<sup>®</sup> Index on 5/31/2015. 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 Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class Y | 12.97% | 17.14% | 11.46% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 5/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1658 | 102 | $10244777 | 28.38% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 5/31/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10134394.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10134370.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0391AR0525

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

------

**Item 2.** **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

**Item 3.** **Audit Committee Financial Expert.**

The Registrant's Board has determined that Bradley J. Skapyak, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Skapyak is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4.** **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $35,700 in 2024 and $36,500 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $5,000 in 2024 and $5,100 in 2025. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $0 in 2024 and $0 in 2025. These services consisted of U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-

by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $4,074,591 in 2024 and $5,102,266 in 2025.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

Not applicable.

BNY Mellon Equity Income Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

May 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DQIAX |
| C | DQICX |
| I | DQIRX |
| Y | DQIYX |

---

![](img843b95cf1.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **and sign up for eCommunications. It's simple and only takes a few minutes.**

------

The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon

Family of Funds.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_SOI-Commoncontent-4770_1)**<br> **[Investment Companies](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_SOI-Commoncontent-4770_1)**<br>| 3 |
| [Statement of Investments](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_SOI-Commoncontent-4770_1) | 3 |
| [Statement of Assets and Liabilities](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_FS-Commoncontent-4770_1) | 7 |
| [Statement of Operations](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_FS-Commoncontent-4770_2) | 8 |
| [Statement of Changes in Net Assets](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_FS-Commoncontent-4770_3) | 9 |
| [Financial Highlights](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_FIHI-Commoncontent-4770_1) | 11 |
| [Notes to Financial Statements](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_NTF-Commoncontent-4770_1) | 15 |
| [Report of Independent Registered Public Accounting Firm](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_AUD-Commoncontent-4770_1) | 20 |
| [Important Tax Information](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_ITI-Commoncontent-4770_1) | 21 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_CDA-Commoncontent-4770_1)**<br> **[Investment Companies](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_CDA-Commoncontent-4770_1)**<br>| 22 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_PRXD-Commoncontent-4770_1)** | 23 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_RMNP-Commoncontent-4770_1)**<br> **[Management Investment Companies](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_RMNP-Commoncontent-4770_1)**<br>| 24 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_16f19c3d-5418-4368-9053-f8cca2d9104a_AAA-Commoncontent-4770_1)** | 25 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Equity Income Fund

STATEMENT OF INVESTMENTS

May 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** |
| Tesla, Inc. <sup>(a)</sup> <br>| 94120 | **32608815** |
| **Banks — 7.6%** | **Banks — 7.6%** | **Banks — 7.6%** |
| Bank of America Corp. | 651001 | 28728674 |
| Citigroup, Inc. | 99872 | 7522359 |
| First Horizon Corp. | 736798 | 14647544 |
| Huntington Bancshares, Inc. | 234788 | 3669737 |
| JPMorgan Chase & Co. | 210285 | 55515240 |
| The PNC Financial Services Group, Inc. | 50848 | 8837891 |
| U.S. Bancorp | 159438 | 6949902 |
|  |  | **125871347** |
| **Capital Goods — 5.2%** | **Capital Goods — 5.2%** | **Capital Goods — 5.2%** |
| Cummins, Inc. | 43582 | 14010741 |
| Emerson Electric Co. | 125696 | 15005588 |
| Hubbell, Inc. | 9233 | 3596992 |
| Illinois Tool Works, Inc. | 15972 | 3914418 |
| Johnson Controls International PLC | 67461 | 6838522 |
| Lockheed Martin Corp. | 35266 | 17011613 |
| TransDigm Group, Inc. | 17309 | 25417055 |
|  |  | **85794929** |
| **Commercial & Professional Services — 1.0%** | **Commercial & Professional Services — 1.0%** | **Commercial & Professional Services — 1.0%** |
| Paychex, Inc. | 106025 | **16742408** |
| **Consumer Discretionary Distribution & Retail — 4.6%** | **Consumer Discretionary Distribution & Retail — 4.6%** | **Consumer Discretionary Distribution & Retail — 4.6%** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 293548 | 60180276 |
| Best Buy Co., Inc. | 65611 | 4348697 |
| The Home Depot, Inc. | 31580 | 11630598 |
|  |  | **76159571** |
| **Consumer Durables & Apparel — .2%** | **Consumer Durables & Apparel — .2%** | **Consumer Durables & Apparel — .2%** |
| Ralph Lauren Corp. | 10496 | **2905398** |
| **Consumer Services — 1.6%** | **Consumer Services — 1.6%** | **Consumer Services — 1.6%** |
| Darden Restaurants, Inc. | 111313 | 23844358 |
| The Wendy's Company <sup>(b)</sup> <br>| 270448 | 3083107 |
|  |  | **26927465** |
| **Consumer Staples Distribution & Retail — .4%** | **Consumer Staples Distribution & Retail — .4%** | **Consumer Staples Distribution & Retail — .4%** |
| Sysco Corp. | 55793 | 4072889 |
| Target Corp. | 21663 | 2036539 |
|  |  | **6109428** |
| **Energy — 4.6%** | **Energy — 4.6%** | **Energy — 4.6%** |
| Coterra Energy, Inc. | 145440 | 3535646 |
| Diamondback Energy, Inc. | 53448 | 7191429 |
| Exxon Mobil Corp. | 101564 | 10389997 |
| Kinder Morgan, Inc. | 272405 | 7638236 |
| ONEOK, Inc. | 144423 | 11675155 |
| Phillips 66 | 142736 | 16197681 |
| The Williams Companies, Inc. | 158393 | 9584361 |
| Valero Energy Corp. | 81171 | 10468624 |
|  |  | **76681129** |
| **Equity Real Estate Investment Trusts — 1.5%** | **Equity Real Estate Investment Trusts — 1.5%** | **Equity Real Estate Investment Trusts — 1.5%** |
| AvalonBay Communities, Inc. <sup>(c)</sup> <br>| 18366 | 3797538 |

---

**3**

------

STATEMENT OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.0% (continued)** | **Common Stocks — 99.0% (continued)** | **Common Stocks — 99.0% (continued)** |
| **Equity Real Estate Investment Trusts — 1.5% (continued)** | **Equity Real Estate Investment Trusts — 1.5% (continued)** | **Equity Real Estate Investment Trusts — 1.5% (continued)** |
| BXP, Inc. <sup>(c)</sup> <br>| 76513 | 5151620 |
| Equity Residential <sup>(c)</sup> <br>| 46461 | 3258775 |
| Essex Property Trust, Inc. <sup>(c)</sup> <br>| 14296 | 4058634 |
| Simon Property Group, Inc. <sup>(c)</sup> <br>| 52499 | 8561012 |
|  |  | **24827579** |
| **Financial Services — 5.4%** | **Financial Services — 5.4%** | **Financial Services — 5.4%** |
| Blackrock, Inc. | 14395 | 14105517 |
| CME Group, Inc. | 6195 | 1790355 |
| Morgan Stanley | 98400 | 12598152 |
| Northern Trust Corp. | 43100 | 4600494 |
| State Street Corp. | 161820 | 15580030 |
| T. Rowe Price Group, Inc. | 112172 | 10498177 |
| The Goldman Sachs Group, Inc. | 33225 | 19949951 |
| The Western Union Company | 130150 | 1207792 |
| Visa, Inc., Cl. A | 25607 | 9351420 |
|  |  | **89681888** |
| **Food, Beverage & Tobacco — 7.9%** | **Food, Beverage & Tobacco — 7.9%** | **Food, Beverage & Tobacco — 7.9%** |
| Altria Group, Inc. | 779663 | 47255374 |
| Conagra Brands, Inc. | 197858 | 4528970 |
| Molson Coors Beverage Co., Cl. B | 145073 | 7774462 |
| Philip Morris International, Inc. | 321422 | 58045599 |
| The J.M. Smucker Company | 116546 | 13124245 |
|  |  | **130728650** |
| **Health Care Equipment & Services — 2.3%** | **Health Care Equipment & Services — 2.3%** | **Health Care Equipment & Services — 2.3%** |
| Medtronic PLC | 455692 | **37813322** |
| **Household & Personal Products — .7%** | **Household & Personal Products — .7%** | **Household & Personal Products — .7%** |
| Kimberly-Clark Corp. | 71628 | 10297241 |
| The Procter & Gamble Company | 8880 | 1508623 |
|  |  | **11805864** |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Prudential Financial, Inc. | 20428 | 2122265 |
| The Allstate Corp. | 112168 | 23540698 |
|  |  | **25662963** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| Amcor PLC | 394518 | 3594059 |
| CF Industries Holdings, Inc. | 20700 | 1877697 |
| Dow, Inc. | 106487 | 2953949 |
| Freeport-McMoRan, Inc. | 196216 | 7550392 |
| International Paper Co. | 144687 | 6917485 |
| LyondellBasell Industries NV, Cl. A <sup>(b)</sup> <br>| 279400 | 15783306 |
| Packaging Corp. of America | 69810 | 13485198 |
|  |  | **52162086** |
| **Media & Entertainment — 6.7%** | **Media & Entertainment — 6.7%** | **Media & Entertainment — 6.7%** |
| Alphabet, Inc., Cl. A | 183788 | 31563751 |
| Alphabet, Inc., Cl. C | 156724 | 27089743 |
| Comcast Corp., Cl. A | 87413 | 3021868 |
| Meta Platforms, Inc., Cl. A | 56457 | 36555343 |
| Netflix, Inc. <sup>(a)</sup> <br>| 10873 | 13126212 |
|  |  | **111356917** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2%** |
| Amgen, Inc. | 29244 | 8427536 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.0% (continued)** | **Common Stocks — 99.0% (continued)** | **Common Stocks — 99.0% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.2% (continued)** |
| Bristol-Myers Squibb Co. | 651163 | 31438150 |
| Gilead Sciences, Inc. | 163964 | 18049157 |
| Johnson & Johnson | 198071 | 30742600 |
| Merck & Co., Inc. | 138238 | 10622208 |
| Pfizer, Inc. | 183150 | 4302193 |
|  |  | **103581844** |
| **Semiconductors & Semiconductor Equipment — 11.9%** | **Semiconductors & Semiconductor Equipment — 11.9%** | **Semiconductors & Semiconductor Equipment — 11.9%** |
| Broadcom, Inc. | 302010 | 73107561 |
| NVIDIA Corp. | 732860 | 99031372 |
| QUALCOMM, Inc. | 148966 | 21629863 |
| Skyworks Solutions, Inc. | 56930 | 3929878 |
|  |  | **197698674** |
| **Software & Services — 7.0%** | **Software & Services — 7.0%** | **Software & Services — 7.0%** |
| Dolby Laboratories, Inc., Cl. A | 67011 | 4976237 |
| Microsoft Corp. | 240876 | 110889675 |
|  |  | **115865912** |
| **Technology Hardware & Equipment — 8.9%** | **Technology Hardware & Equipment — 8.9%** | **Technology Hardware & Equipment — 8.9%** |
| Apple, Inc. | 452731 | 90931021 |
| Cisco Systems, Inc. | 458753 | 28919789 |
| Corning, Inc. | 77833 | 3859738 |
| Hewlett Packard Enterprise Co. | 295460 | 5105549 |
| HP, Inc. | 87489 | 2178476 |
| NetApp, Inc. | 39110 | 3878148 |
| Seagate Technology Holdings PLC | 104706 | 12349026 |
|  |  | **147221747** |
| **Telecommunication Services — 5.3%** | **Telecommunication Services — 5.3%** | **Telecommunication Services — 5.3%** |
| AT&T, Inc. | 1285771 | 35744434 |
| Verizon Communications, Inc. | 1171767 | 51510877 |
|  |  | **87255311** |
| **Utilities — 3.3%** | **Utilities — 3.3%** | **Utilities — 3.3%** |
| American Electric Power Co., Inc. | 38817 | 4017171 |
| Consolidated Edison, Inc. | 34449 | 3599576 |
| Constellation Energy Corp. | 53254 | 16303712 |
| Dominion Energy, Inc. <sup>(b)</sup> <br>| 29196 | 1654537 |
| Edison International | 27900 | 1552635 |
| Entergy Corp. | 146445 | 12195940 |
| Exelon Corp. | 42559 | 1864935 |
| FirstEnergy Corp. | 81208 | 3405864 |
| NRG Energy, Inc. | 16600 | 2587940 |
| OGE Energy Corp. | 95336 | 4239592 |
| PPL Corp. | 109998 | 3822431 |
|  |  | **55244333** |
| **Total Common Stocks** <br>(cost $1,125,185,840)<br>|  | **1640707580** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |
| **Investment Companies — .9%** | **Investment Companies — .9%** | **Investment Companies — .9%** |
| **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $14,562,624)<br>| 4.42 | 14562624 |

---

**5**

------

STATEMENT OF INVESTMENTS (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br> Yield (%)<br>| Shares | Value ($) |
| **Investment of Cash Collateral for Securities Loaned — .0%** |  |  |  |
| **Registered Investment Companies — .0%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $365,470)<br>| 4.42 | 365470 | **365470** |
| **Total Investments** (cost $1,140,113,934) | **Total Investments** (cost $1,140,113,934) | **99.9%** | **1655635674** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.1%** | **2239126** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **1657874800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security, or portion thereof, on loan. At May 31, 2025, the value of the fund's securities on loan was $20,315,733 and the value of the collateral was $21,450,990, consisting of cash collateral of $365,470 and U.S. Government & Agency securities valued at $21,085,520. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</sup> Investment in real estate investment trust within the United States.

<sup>(d)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>5/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>5/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .9%<br>| 13164475 | 472649755 | (471251606) | 14562624 | 751812 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| - | 103697629 | (103332159) | 365470 | 12984<sup>††</sup> <br>|
| **Total - .9%** | **13164475** | **576347384** | **(574583765)** | **14928094** | **764796** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

See notes to financial statements.

**6**

------

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $20,315,733)—Note 1(b):<br>|  |  |
| Unaffiliated issuers | 1125185840 | &nbsp;&nbsp;&nbsp;&nbsp; 1640707580 |
| Affiliated issuers | 14928094 | &nbsp;&nbsp;&nbsp;&nbsp; 14928094 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 4397678 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 1808922 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 95259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1661937533** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1065998 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 2395467 |
| Liability for securities on loan—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 365470 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 28459 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 207339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4062733** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1657874800** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1141496840 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 516377960 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1657874800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 367480568 | &nbsp;&nbsp;&nbsp;&nbsp; 44703452 | &nbsp;&nbsp;&nbsp;&nbsp; 1220299465 | &nbsp;&nbsp;&nbsp;&nbsp; 25391315 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 11834813 | &nbsp;&nbsp;&nbsp;&nbsp; 1465969 | &nbsp;&nbsp;&nbsp;&nbsp; 39194100 | &nbsp;&nbsp;&nbsp;&nbsp; 809991 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**31.05** | &nbsp;&nbsp;&nbsp;&nbsp;**30.49** | &nbsp;&nbsp;&nbsp;&nbsp;**31.13** | &nbsp;&nbsp;&nbsp;&nbsp;**31.35** |

---

See notes to financial statements.

**7**

------

STATEMENT OF OPERATIONS

Year Ended May 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends: |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 35526452 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 751812 |
| Affiliated income net of rebates from securities lending—Note 1(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 12984 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **36291819** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 10244777 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1695228 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 376892 |
| Trustees' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 178586 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 133033 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 116947 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 33065 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 31516 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 25089 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 22520 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 28888 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **12886802** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (100912)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (5465)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **12780425** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **23511394** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 44210923 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 97518467 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **141729390** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **165240784** |

---

See notes to financial statements.

**8**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 23511394 | &nbsp;&nbsp;&nbsp;&nbsp; 19108053 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 44210923 | &nbsp;&nbsp;&nbsp;&nbsp; 62591270 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 97518467 | &nbsp;&nbsp;&nbsp;&nbsp; 183661819 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **165240784** | &nbsp;&nbsp;&nbsp;&nbsp; **265361142** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (25451477) | &nbsp;&nbsp;&nbsp;&nbsp; (12352164) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (3291956) | &nbsp;&nbsp;&nbsp;&nbsp; (1798583) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (76179821) | &nbsp;&nbsp;&nbsp;&nbsp; (27695844) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1298761) | &nbsp;&nbsp;&nbsp;&nbsp; (350467) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(106222015)** | &nbsp;&nbsp;&nbsp;&nbsp; **(42197058)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 62767478 | &nbsp;&nbsp;&nbsp;&nbsp; 32055428 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 5514402 | &nbsp;&nbsp;&nbsp;&nbsp; 4886242 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 668913534 | &nbsp;&nbsp;&nbsp;&nbsp; 191725355 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 15880749 | &nbsp;&nbsp;&nbsp;&nbsp; 5007788 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 22791996 | &nbsp;&nbsp;&nbsp;&nbsp; 11124352 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 2772837 | &nbsp;&nbsp;&nbsp;&nbsp; 1399645 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 66972967 | &nbsp;&nbsp;&nbsp;&nbsp; 23399442 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 1297586 | &nbsp;&nbsp;&nbsp;&nbsp; 349855 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (60352921) | &nbsp;&nbsp;&nbsp;&nbsp; (46172018) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (16469725) | &nbsp;&nbsp;&nbsp;&nbsp; (17017096) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (280318830) | &nbsp;&nbsp;&nbsp;&nbsp; (164121360) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (4107871) | &nbsp;&nbsp;&nbsp;&nbsp; (2567675) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **485662202** | &nbsp;&nbsp;&nbsp;&nbsp; **40069958** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **544680971** | &nbsp;&nbsp;&nbsp;&nbsp; **263234042** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1113193829 | &nbsp;&nbsp;&nbsp;&nbsp; 849959787 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1657874800** | &nbsp;&nbsp;&nbsp;&nbsp; **1113193829** |

---

**9**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, |
|  | 2025 | 2024 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(a),(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2019968 | &nbsp;&nbsp;&nbsp;&nbsp; 1225408 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 729123 | &nbsp;&nbsp;&nbsp;&nbsp; 436381 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1963765) | &nbsp;&nbsp;&nbsp;&nbsp; (1768841) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **785326** | &nbsp;&nbsp;&nbsp;&nbsp; **(107052)** |
| **Class C**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 179214 | &nbsp;&nbsp;&nbsp;&nbsp; 189858 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 90099 | &nbsp;&nbsp;&nbsp;&nbsp; 55921 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (546558) | &nbsp;&nbsp;&nbsp;&nbsp; (661816) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(277245)** | &nbsp;&nbsp;&nbsp;&nbsp; **(416037)** |
| **Class I**<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 21701010 | &nbsp;&nbsp;&nbsp;&nbsp; 7302276 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2138683 | &nbsp;&nbsp;&nbsp;&nbsp; 914711 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9098494) | &nbsp;&nbsp;&nbsp;&nbsp; (6263341) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **14741199** | &nbsp;&nbsp;&nbsp;&nbsp; **1953646** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 516558 | &nbsp;&nbsp;&nbsp;&nbsp; 179425 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 41174 | &nbsp;&nbsp;&nbsp;&nbsp; 13569 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (133695) | &nbsp;&nbsp;&nbsp;&nbsp; (94566) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **424037** | &nbsp;&nbsp;&nbsp;&nbsp; **98428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> During the period ended May 31, 2025, 1,213 Class C shares representing $37,249 were automatically converted to 1,193 Class A shares and during the period ended May 31, 2024, 529 Class C shares representing $12,578 were automatically converted to 521 Class A shares. 

<sup>(b)</sup> During the period ended May 31, 2025, 14,192 Class A shares representing $434,704 were exchanged for 14,156 Class I shares.

See notes to financial statements.

**10**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, |
| **Class A Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;29.55 | &nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;17.82 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .46 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.26 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;31.05 | &nbsp;&nbsp;&nbsp;&nbsp;29.55 | &nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;24.63 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;31.19 | &nbsp;&nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;41.26 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(d)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.46 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.14 | &nbsp;&nbsp;&nbsp;&nbsp;49.94 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 367481 | &nbsp;&nbsp;&nbsp;&nbsp; 326531 | &nbsp;&nbsp;&nbsp;&nbsp; 262479 | &nbsp;&nbsp;&nbsp;&nbsp; 285782 | &nbsp;&nbsp;&nbsp;&nbsp; 268897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Exclusive of sales charge.

<sup>(c)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(d)</sup> Amount inclusive of reduction in expenses due to undertaking.

See notes to financial statements.

**11**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, |
| **Class C Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;29.06 | &nbsp;&nbsp;&nbsp;&nbsp;23.15 | &nbsp;&nbsp;&nbsp;&nbsp;25.24 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;17.57 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.99 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;30.49 | &nbsp;&nbsp;&nbsp;&nbsp;29.06 | &nbsp;&nbsp;&nbsp;&nbsp;23.15 | &nbsp;&nbsp;&nbsp;&nbsp;25.24 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;30.23 | &nbsp;&nbsp;&nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;40.17 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Ratio of net expenses to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Ratio of net investment income to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.14 | &nbsp;&nbsp;&nbsp;&nbsp;49.94 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 44703 | &nbsp;&nbsp;&nbsp;&nbsp; 50658 | &nbsp;&nbsp;&nbsp;&nbsp; 49987 | &nbsp;&nbsp;&nbsp;&nbsp; 60485 | &nbsp;&nbsp;&nbsp;&nbsp; 64982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Exclusive of sales charge.

<sup>(c)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(d)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**12**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;29.63 | &nbsp;&nbsp;&nbsp;&nbsp;23.59 | &nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;17.86 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.50)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.50)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;31.13 | &nbsp;&nbsp;&nbsp;&nbsp;29.63 | &nbsp;&nbsp;&nbsp;&nbsp;23.59 | &nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;24.69 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp;&nbsp;&nbsp;31.51 | &nbsp;&nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;41.63 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .81 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.14 | &nbsp;&nbsp;&nbsp;&nbsp;49.94 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1220299 | &nbsp;&nbsp;&nbsp;&nbsp; 724496 | &nbsp;&nbsp;&nbsp;&nbsp; 530671 | &nbsp;&nbsp;&nbsp;&nbsp; 670154 | &nbsp;&nbsp;&nbsp;&nbsp; 630801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(c)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**13**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, | Year Ended May 31, |
| **Class Y Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;29.82 | &nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;24.83 | &nbsp;&nbsp;&nbsp;&nbsp;17.96 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.50)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.50)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;29.82 | &nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;24.83 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;31.58 | &nbsp;&nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;41.66 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .76 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .76 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .76 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;&nbsp;&nbsp;28.06 | &nbsp;&nbsp;&nbsp;&nbsp;33.14 | &nbsp;&nbsp;&nbsp;&nbsp;49.94 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 25391 | &nbsp;&nbsp;&nbsp;&nbsp; 11508 | &nbsp;&nbsp;&nbsp;&nbsp; 6823 | &nbsp;&nbsp;&nbsp;&nbsp; 7567 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**14**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Equity Income Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds III (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund's investment objective is to seek total return (consisting of capital appreciation and income). BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), which enables NIM to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and the Adviser. NIM is also an affiliate of the Adviser. NIM, located at 160 Queen Victoria Street, London, EC4V, 4LA, England, was formed in 1978. NIM is an indirect subsidiary of BNY.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class C, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

**(a) Portfolio valuation:** The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

**15**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Various inputs are used in determining the value of the fund's investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

**Level 1**—unadjusted quoted prices in active markets for identical investments.

**Level 2**—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depositary Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of May 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 1640707580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1640707580** |
| Investment Companies | &nbsp;&nbsp; 14928094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **14928094** |
|  | &nbsp;&nbsp; **1655635674** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1655635674** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Statement of Investments for additional detailed categorizations, if any.

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and

**16**

------

NOTES TO FINANCIAL STATEMENTS (continued)

interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended May 31, 2025, BNY earned $1,781 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of May 31, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20315733 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20315733 )<sup>†</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, <br> the value of collateral may include pending sales that are also on loan. See Statement of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**(c) Affiliated issuers:** Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.

**(d) 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, 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.

**(e) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

**17**

------

NOTES TO FINANCIAL STATEMENTS (continued)

As of and during the period ended May 31, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended May 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended May 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At May 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed capital gains $3,830,092 and unrealized appreciation $512,547,868.

The tax character of distributions paid to shareholders during the fiscal years ended May 31, 2025 and May 31, 2024 were as follows: ordinary income $25,305,910 and $21,952,649, and long-term capital gains $80,916,105 and $20,244,409, respectively.

**(g) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the Adviser, comprising Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Statement of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

During the period ended May 31, 2025, the fund was charged $261 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended May 31, 2025 was approximately $4,384 with a related weighted average annualized interest rate of 5.95%. As of May 31, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

**Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .70% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from June 1, 2024 through September 30, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .78% of the value of the fund's average daily net assets. On or after September 30, 2025, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $100,912 during the period ended May 31, 2025.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .336% of the value of the fund's average daily net assets.

**18**

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NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended May 31, 2025, the Distributor retained $43,494 from commissions earned on sales of the fund's Class A shares and $1,372 from CDSC fees on redemptions of the fund's Class C shares.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended May 31, 2025, Class C shares were charged $376,892 pursuant to the Distribution Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended May 31, 2025, Class A and Class C shares were charged $892,346 and $125,631, respectively, pursuant to the Shareholder Services Plan.

Under its terms, the Distribution Plan and Shareholder Services Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Trustees who are not "interested persons" of the Trust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan or Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2025, the fund was charged $34,295 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $5,465.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended May 31, 2025, the fund was charged $22,520 pursuant to the custody agreement.

During the period ended May 31, 2025, the fund was charged $25,089 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $959,406, Distribution Plan fees of $28,281, Shareholder Services Plan fees of $85,530, Custodian fees of $7,500, Chief Compliance Officer fees of $2,963 and Transfer Agent fees of $5,777, which are offset against an expense reimbursement currently in effect in the amount of $23,459.

**(d)** Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2025, amounted to $814,079,573 and $410,680,681, respectively.

At May 31, 2025, the cost of investments for federal income tax purposes was $1,143,087,806; accordingly, accumulated net unrealized appreciation on investments was $512,547,868, consisting of $550,184,896 gross unrealized appreciation and $37,637,028 gross unrealized depreciation.

**19**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BNY Mellon Equity Income Fund and Board of Trustees of BNY Mellon Investment Funds III:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Equity Income Fund (the Fund), a series of BNY Mellon Investment Funds III, including the statement of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion. ![](img0c3e49f82.gif)

We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.

New York, New York

July 23, 2025

**20**

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IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $25,305,910 as ordinary income dividends paid during the year ended May 31, 2025 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the year ended May 31, 2025 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2026 of the percentage applicable to the preparation of their 2025 income tax returns. The fund also hereby reports $1.7122 per share as a long-term capital gain distribution and $.0885 per share as a short-term capital gain distribution paid December 11, 2024.

**21**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**22**

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Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**23**

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $203,675.

**24**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting of the fund's Board of Trustees (the "Board") held on February 26-27, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, the Sub-Investment Advisory Agreement, pursuant to which Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA") provides day-to-day management of the fund's investments, and the Sub-Sub-Investment Advisory Agreement (collectively with the Management Agreement and Sub-Investment Advisory Agreement, the "Agreements"), between NIMNA and Newton Investment Management Limited ("NIM"), pursuant to which NIMNA may use the investment advisory personnel, resources and capabilities available at its sister company, NIM, in providing the day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered portfolio management's brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Class I shares with the performance of a group of institutional equity income funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional equity income funds (the "Performance Universe"), all for various periods ended December 31, 2024, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all institutional equity income funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was above the Performance Group and Performance Universe medians for all periods. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices. The Board noted that the fund had a five star rating for each of the three-, five- and ten-year periods and a five star overall rating from Morningstar based on Morningstar's risk-adjusted return measures.

**25**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year, which included reductions for an expense limitation arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was higher than the Expense Group median contractual management fee, the fund's actual management fee was approximately equivalent to the Expense Group median and higher than the Expense Universe median actual management fee and the fund's total expenses were approximately equivalent to the Expense Group median and were approximately equivalent to the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until September 30, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .78%.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid and total expenses of the one fund advised by the Adviser that is in the same Lipper category as the fund (the "Similar Fund"), and explained the nature of the Similar Fund. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Fund to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund's investments.

**26**

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At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactory and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was satisfied with the fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**27**

------© 2025 BNY Mellon Securities Corporation

Code-6144NCSRAR0525

![](img843b95cf1.gif)

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers for Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.** 

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures applicable to Item 15.

**Item 16.** **Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their
evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the
Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required
to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's
management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required
disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred
during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exhibit302-6144.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exhibit906-6144.htm) .

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Investment Funds III

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: July 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: July 24, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: July 22, 2025

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b)
under the Investment Company Act of 1940. (EX-99.906CERT)

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

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**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

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**Exhibit A**

**Persons Covered by the Code of Ethics**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Lisa M. Sampson | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: July 24, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: July 22, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: July 24, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: July 22, 2025

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*