Report of Independent Registered Public 
Accounting Firm

The Board of Trustees of
BNY Mellon Investment Funds III:

We have examined management's assertion, included in the 
accompanying Management Statement Regarding 
Compliance With Certain Provisions of the Investment 
Company Act of 1940, that BNY Mellon Equity Income 
Fund (the "May 31st Fund"), BNY Mellon Global Equity 
Income Fund and BNY Mellon International Bond Fund 
(collectively, the "October 31st Funds")  and BNY Mellon 
High Yield Fund (the "December 31st Fund") (collectively 
with the May 31st Fund and October 31st Funds, the 
"Funds"), each a series of BNY Mellon Investment Funds 
III complied with the requirements of subsections (b) and 
(c) of Rule 17f-2 under the Investment Company Act of 
1940 (the Act) as of May 31, 2022. Management is 
responsible for its assertion about compliance with those 
requirements of subsections (b) and (c) of Rule 17f-2 of the 
Act (the specified requirements). Our responsibility is to 
express an opinion on management's assertion about the 
Funds' compliance with the specified requirements based 
on our examination.

Our examination was conducted in accordance with 
attestation standards established by the American Institute 
of Certified Public Accountants. Those standards require 
that we plan and perform the examination to obtain 
reasonable assurance about whether management's 
assertion about compliance with the specified requirements 
is fairly stated, in all material respects. An examination 
involves performing procedures to obtain evidence about 
whether management's assertion is fairly stated in all 
material respects. The nature, timing, and extent of the 
procedures selected depend on our judgement, including an 
assessment of the risks of material misstatement of 
management's assertion, whether due to fraud or error. We 
believe that the evidence we obtained is sufficient and 
appropriate to provide a reasonable basis for our opinion.  
Included among our procedures were the following tests 
performed as of May 31, 2022, and with respect to 
agreement of security purchases and sales, for the period 
from October 31, 2021 (the date of the October 31st Funds' 
last examination), and for the period from December 31, 
2021 (the date of the December 31st Fund's last 
examination), and for the period from September 30, 2021 
(the date of the May 31st Fund's last examination) through 
May 31, 2022:
1.	Count and inspection of all securities located in the vault of 
The Bank of New York Mellon Corporation in 570 
Washington Blvd, Jersey City, NJ 07310 or where 
inspection could not be performed, application of 
alternative procedures;
2.	Confirmation with the Custodian of all securities held, 
hypothecated, pledged or placed in escrow or out for 
transfer with brokers or pledgees, if any;
3.	Obtained the Custodian reconciliation of security positions 
held by institutions in book entry form (e.g., the Federal 
Reserve Bank, The Depository Trust Company and various 
sub-custodians) to Custodian records and verified that 
reconciling items were cleared in a timely manner;

4.	Reconciliation of the Funds' securities per the books and 
records of the Funds to those of the Custodian;
5.	Agreement of pending purchase and sale activity for the 
Funds as of May 31, 2022, if any, to documentation of 
corresponding subsequent bank statements;


6.	Agreement of five security purchases and five security 
sales or maturities since the date of the last examination, 
from the books and records of each fund to corresponding 
bank statements;

7.	Confirmation of all repurchase agreements with 
broker(s)/bank(s) and/or agreement of corresponding 
subsequent cash receipts to bank statements and agreement 
of underlying collateral with the Custodian records, if any;


8.	Review of the BNY Mellon Asset Servicing Custody and 
Securities Lending Services Service Organization Control 
Report ("SOC 1 Report") for the period April 1, 2021 -
March 31, 2022 and noted no relevant findings were 
reported in the areas of Asset Custody and Trade 
Settlement.

We believe that our examination provides a reasonable 
basis for our opinion. Our examination does not provide a 
legal determination on the Funds' compliance with 
specified requirements.
In our opinion, management's assertion that the Funds 
complied with the requirements of subsections (b) and (c) 
of Rule 17f-2 of the Investment Company Act of 1940 as of 
May 31, 2022, with respect to securities reflected in the 
investment accounts of the Funds is fairly stated, in all 
material respects.
This report is intended solely for the information and use of 
management and The Board of Trustees of BNY Mellon 
Investment Funds III, and the Securities and Exchange 
Commission and is not intended to be and should not be 
used by anyone other than these specified parties.
      /s/ KPMG LLP
New York, New York
December 7, 2022








December 7, 2022
Management Statement Regarding Compliance With 
Certain Provisions of the Investment Company Act of 
1940

We, as members of management of BNY Mellon Equity 
Income Fund (the "May 31st Fund"), BNY Mellon Global 
Equity Income Fund and BNY Mellon International Bond 
Fund (collectively, the "October 31st Funds")  and BNY 
Mellon High Yield Fund (the "December 31st Fund") 
(collectively with the May 31st Fund and October 31st 
Funds, the "Funds"), each a series of BNY Mellon 
Investment Funds III are responsible for complying with 
the requirements of subsections (b) and (c) of Rule 17f-2, 
"Custody of Investments by Registered Management 
Investment Companies" of the Investment Company Act of 
1940.  We are also responsible for establishing and 
maintaining effective internal controls over compliance 
with those requirements. We have performed an evaluation 
of the Funds' compliance with the requirements of 
subsections (b) and (c) of Rule 17f-2 as of May 31, 2022, 
for the period from October 31, 2021 (the date of the 
October 31st Funds' last examination) and for the period 
from December 31, 2021 (the date of the December 31st 
Fund's last examination) and for the period from 
September 30, 2021 (the date of the May 31st Fund's last 
examination) through May 31, 2022.

Based on the evaluation, we assert that the Funds were in 
compliance with the requirements of subsections (b) and (c) 
of Rule 17f-2 of the Investment Company Act of as of May 
31, 2022 and for the period from October 31, 2021 (the 
date of the October 31st Funds' last examination), for the 
period from December 31, 2021 (the date of the December 
31st Fund's last examination) and for the period from 
September 30, 2021 (the date of the May 31st Fund's last 
examination) through May 31, 2022, with respect to 
securities reflected in the investment accounts of the Funds.

BNY Mellon Investment Funds III 


Jim Windels
Treasurer
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