Form N-CSRS BNY Mellon Investment For: Apr 30

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment
in BNY Mellon Global Equity Income Fund from November 1, 2021 to April 30, 2022. It also shows how much
a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Using
the SEC’s method to compare expenses

The Securities and Exchange Commission
(“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines,
the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5%
annualized return. You can use this information to compare the ongoing expenses (but not transaction
expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder
reports will provide this information to help you make this comparison. Please note that you cannot use
this information to estimate your actual ending account balance and expenses paid during the period.

5

STATEMENT OF INVESTMENTS
April
30, 2022 (Unaudited)

6

7

STATEMENT
OF INVESTMENTS (Unaudited) (continued)

ADR—American
Depository Receipt

REIT—Real Estate
Investment Trust

^a Non-income producing
security.

^b Investment in affiliated
issuer. The investment objective of this investment company is publicly available and can be found within
the investment company’s prospectus.

8

^† Based on net assets.

See
notes to financial statements.

9

STATEMENT
OF INVESTMENTS (Unaudited) (continued)

^† Includes reinvested dividends/distributions.

^†† Represents
securities lending income earned from the reinvestment of cash collateral from loaned securities, net
of fees and collateral investment expenses, and other payments to and from borrowers of securities.

See notes to financial statements.

10

STATEMENT OF ASSETS AND LIABILITIES
April
30, 2022 (Unaudited)

11

STATEMENT OF OPERATIONS
Six
Months Ended April 30, 2022 (Unaudited)

12

STATEMENT
OF CHANGES IN NET ASSETS

13

STATEMENT
OF CHANGES IN NET ASSETS (continued)

14

FINANCIAL
HIGHLIGHTS

^a Based
on average shares outstanding.

^b Exclusive of sales charge.

^c Not annualized.

^d Annualized.

See
notes to financial statements.

15

FINANCIAL
HIGHLIGHTS (continued)

^a Based
on average shares outstanding.

^b Exclusive of sales charge.

^c Not annualized.

^d Annualized.

See
notes to financial statements.

16

^a Based
on average shares outstanding.

^b Not annualized.

^c Annualized.

See
notes to financial statements.

17

FINANCIAL
HIGHLIGHTS (continued)

^a Based
on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial
statements.

18

NOTES
TO FINANCIAL STATEMENTS (Unaudited)

NOTE
1—Significant Accounting Policies:

BNY Mellon Global 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 Mellon”), serves as the fund’s investment adviser. Newton Investment
Management Limited (the “Sub-Adviser”), a wholly-owned subsidiary of BNY Mellon and an affiliate
of the Adviser, serves as the fund’s Sub-Adviser.

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 Mellon 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.

19

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

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.

20

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:

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 ADRs 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 (for example, a foreign
exchange or market), 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 Trust’s Board of Trustees
(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

21

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

Investments
denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The
following is a summary of the inputs used as of April 30, 2022 in valuing the fund’s
investments:

^† See
Statement of Investments for additional detailed categorizations, if any.

^†† Securities classified within Level 2 at period end as the
values were determined pursuant to the fund’s fair valuation procedures.

(b) Foreign currency transactions:
The fund does not isolate that portion of the results of operations resulting from changes in foreign
exchange rates on investments from the fluctuations arising from changes in the market prices of securities
held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies,
currency gains or losses realized on securities transactions between trade and settlement date, and the
difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s
books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and liabilities other than investments
resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions
are also included with net realized and unrealized gain or loss on investments.

22

Foreign
taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable)
on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency
transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and
rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any,
are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable
or deferred or those subject to reclaims as of April 30, 2022, if any, are disclosed in the fund’s
Statement of Assets and Liabilities.

(c) 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 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 Mellon, 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. 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 Mellon 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 April 30, 2022, BNY Mellon earned $72 from the lending of the fund’s
portfolio securities, pursuant to the securities lending agreement.

(d) Affiliated issuers: Investments in other
investment companies advised by the Adviser are considered “affiliated” under the Act.

(e)
Risk: Investing in foreign markets may involve special risks and considerations not
typically associated with investing in the U.S. These risks include revaluation of currencies, high rates
of inflation, repatriation restrictions on income and capital, and adverse political, economic developments
and public health conditions. Moreover, securities issued in

23

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (continued)

these markets may be less liquid, subject to government ownership controls and
delayed settlements, and their prices may be more volatile than those of comparable securities in the
U.S. 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. Recent examples
include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments,
including closing borders, restricting international and domestic travel, and the imposition of prolonged
quarantines of large populations, and by businesses, including changes to operations and reducing staff.
The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect
certain countries, companies, industries and market sectors more dramatically than others. The COVID-19
pandemic has had, and any other outbreak of an infectious disease or other serious public health concern
could have, a significant negative impact on economic and market conditions and could trigger a prolonged
period of global economic slowdown. To the extent the fund may overweight its investments in certain
countries, companies, industries or market sectors, such positions will increase the fund’s exposure
to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(f)
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 quarterly.
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.

(g) 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

24

net realized capital gain sufficient to relieve it from substantially all federal
income and excise taxes.

As of and during the period ended April 30, 2022, 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 April 30, 2022, the fund did not incur any interest or penalties.

Each
tax year in the three-year period ended October 31, 2021 remains subject to examination by the Internal
Revenue Service and state taxing authorities.

The tax character of distributions paid
to shareholders during the fiscal year ended October 31, 2021 was as follows: ordinary income $5,899,876.
The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE
2—Bank Lines of Credit:

The fund participates with other long-term open-end funds
managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank
Credit Facility”) and a $300 million unsecured credit facility provided by BNY Mellon (the “BNYM
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 $688.5 million and is available to all long-term open-ended funds,
including the fund, and (ii) Tranche B is an amount equal to $135 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 BNYM 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 April 30, 2022,
the fund did not borrow under the Facilities.

NOTE 3—Management Fee, Sub-Investment Advisory Fee and Other
Transactions with Affiliates:

(a) Pursuant to a management agreement with the Adviser and the
Trust, the Trust had agreed to pay the Adviser a management fee computed at the annual rate of .75% of
the value of the fund’s average daily net assets and is payable monthly.

25

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 .36% of the value of the fund’s
average daily net assets.

During the period ended April 30, 2022, the Distributor retained
$1,770 from commissions earned on sales of the fund’s Class A 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 April 30, 2022, Class C shares were charged $64,483 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 April 30, 2022, Class A and Class C
shares were charged $68,525 and $21,494, 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 Mellon 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 agency fees. For financial reporting purposes, the fund includes net
earnings credits, if any, as shareholder servicing costs in the Statement of Operations.

The
fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY Mellon
and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft
fees

26

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 inclusive of earnings credits, if any, 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 April
30, 2022, the fund was charged $5,565 for transfer agency services, inclusive of earnings credit, if
any. These fees are included in Shareholder servicing costs in the Statement of Operations.

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 April 30, 2022, the fund was charged $17,523 pursuant to the custody agreement.

During
the period ended April 30, 2022, the fund was charged $10,209 for services performed by the 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 fees of $193,370, Distribution Plan
fees of $10,289, Shareholder Services Plan fees of $14,638, Custodian fees of $11,200, Chief Compliance
Officer fees of $7,335 and Transfer Agent fees of $1,781.

(d) Each Board member 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 and forward foreign currency exchange contracts (“forward contracts”), during
the period ended April 30, 2022, amounted to $109,575,075 and $106,471,197, respectively.

Derivatives:
A derivative is a financial instrument whose performance is derived from the performance of another asset.
The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar
agreements (collectively, “Master Agreements”) with its over-the-counter (“OTC”) derivative contract
counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements

27

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (continued)

include provisions for general obligations, representations, collateral and events
of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain
derivative financial instruments’ payables and/or receivables with collateral held and/or posted and
create one single net payment in the event of default or termination.

Each
type of derivative instrument that was held by the fund during the period ended April 30, 2022 is discussed
below.

Forward
Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge
its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle
foreign currency transactions or as a part of its investment strategy. When executing forward contracts,
the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the
future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract
increases between the date the forward contract is opened and the date the forward contract is closed.
The fund realizes a gain if the value of the contract decreases between those dates. With respect to
purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between
the date the forward contract is opened and the date the forward contract is closed. The fund realizes
a gain if the value of the contract increases between those dates. Any realized or unrealized gains or
losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed
to foreign currency risk as a result of changes in value of underlying financial instruments. The fund
is also exposed to credit risk associated with counterparty nonperformance on these forward contracts,
which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by
Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any,
by the counterparty to the fund to cover the fund’s exposure to the counterparty. At April 30, 2022
there were no forward contracts outstanding.

The following
summarizes the average market value of derivatives outstanding during the
period ended April 30, 2022:

At April 30, 2022, accumulated net unrealized appreciation
on investments was $41,595,564, consisting of $58,214,083 gross unrealized appreciation and $16,618,519
gross unrealized depreciation.

28

At April 30, 2022, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

29

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND
SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Trustees held on March 2-3, 2022, 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, and the Sub-Investment Advisory Agreement
(together with the Management Agreement, the “Agreements”), pursuant to which Newton Investment Management
Limited (the “Sub-Adviser”) provides day-to-day management of the fund’s investments. The Board
members, a majority of whom are not “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.

Analysis of Nature,
Extent, and Quality of Services Provided to the Fund. 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 Mellon 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 Mellon
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 that there are no soft dollar arrangements in place for the fund) and the standards applied
in seeking best execution.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense
Ratio. 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, which included information comparing (1) the performance of the fund’s Class I shares with
the performance of a

30

group of institutional global 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 global equity income funds (the “Performance Universe”), all for various periods
ended December 31, 2021, 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 all institutional global 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 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 median for all periods, except the one- and two-year periods when it was below the median, and
above the Performance Universe median for all periods, except the one-year period when it was below the
median. 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 four star rating for all periods
and a four star overall rating from Morningstar based on Morningstar’s risk-adjusted return measures.

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. 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 higher than the Expense Group median and higher than the
Expense Universe median actual management fee and the fund’s total expenses were slightly higher than
the Expense Group median and slightly higher than the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment
advisory fees paid to the Adviser or the Sub-Adviser or its affiliates for advising any separate accounts
and/or other types of client portfolios that are considered to have similar investment strategies and
policies as the fund (the “Similar Client”), and explained the nature of the Similar Client. They
discussed differences in fees paid and

31

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND
SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

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 Client to evaluate the appropriateness of the fund’s management fee. Representatives
of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper
category 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.

Analysis of Profitability and Economies of Scale.
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 Mellon 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 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 Mellon 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. Since the Adviser, and not the fund, pays the
Sub-Adviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Sub-Adviser’s
profitability to be relevant to its deliberations. Representatives of the Adviser stated that a discussion
of economies of scale is predicated on a fund having achieved a substantial size with increasing assets
and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have
realized any economies of scale would be less. Representatives of the Adviser also stated that, as a
result of shared and allocated costs among funds in the BNY Mellon 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 that there were no soft dollar arrangements in effect
for trading the fund’s investments.

32

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.

· The
Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser
are adequate and appropriate.

· The
Board was satisfied with the fund’s performance.

· 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.

· 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 Mellon 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 Mellon funds that the Board oversees, in prior years. The Board determined
to renew the Agreements.

33

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Effective June 1, 2019, the fund adopted a liquidity risk management program (the
“Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment
Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds
and exchange-traded funds but not money market funds, to establish liquidity risk management programs
in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate
the risk that a fund could not meet redemption requests without significantly diluting the interests
of remaining investors.

The rule requires the fund to assess, manage and review their
liquidity risk at least annually considering applicable factors such as investment strategy and liquidity
during normal and foreseeable stressed conditions, including whether the strategy is appropriate for
an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular
issuers. The fund must also assess its use of borrowings and derivatives, short-term and long-term cash
flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing
arrangements and other funding sources.

The rule also requires the fund to classify
its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days
the fund expects it would take to liquidate the investment, and to review these classifications at least
monthly or more often under certain conditions. The periods range from three or fewer business days for
a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment.
Illiquid investments are those a fund does not expect to be able to sell or dispose of within seven calendar
days without significantly changing the market value. The fund is prohibited from acquiring an investment
if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition,
if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies
and procedures governing how and when it will engage in such redemptions.

Pursuant
to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by
the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator
that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any
material changes made to the Program.

Assessment of Program

In
the opinion of the Program Administrator, the Program approved by the Board continues to be adequate
for the fund and the Program has been implemented effectively. The Program Administrator has monitored
the fund’s liquidity risk and the liquidity classification of the securities held by the fund and has
determined that the Program is operating effectively.

During the period from
January 1, 2021 to December 31, 2021, there were no material changes to the Program and no material liquidity
events that impacted the fund. During the period, the fund held sufficient highly liquid assets to meet
fund redemptions.

Under normal expected foreseeable fund redemption forecasts
and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund
maintains sufficient highly liquid assets to meet expected fund redemptions.

34

This page intentionally left blank.

35

This page intentionally left blank.

36

This page intentionally left blank.

37

BNY
Mellon Global Equity Income Fund

240 Greenwich Street
New York, NY 10286

Adviser

BNY Mellon
Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Sub-Adviser

Newton Investment
Management Limited
160 Queen Victoria Street
London, EC4V, 4LA, UK

Custodian

The Bank of
New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer
Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor

BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

Telephone
Call your financial representative or 1-800-373-9387

Mail The BNY Mellon Family
of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment
in BNY Mellon International Bond Fund from November 1, 2021 to April 30, 2022. It also shows how much
a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Using
the SEC’s method to compare expenses

The Securities and Exchange Commission
(“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines,
the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5%
annualized return. You can use this information to compare the ongoing expenses (but not transaction
expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder
reports will provide this information to help you make this comparison. Please note that you cannot use
this information to estimate your actual ending account balance and expenses paid during the period.

5

STATEMENT
OF INVESTMENTS

April 30, 2022 (Unaudited)

6

7

STATEMENT
OF INVESTMENTS (Unaudited) (continued)