NPORT-P false 0000053808 XXXXXXXX S000018029 C000049945 C000049946 C000049947 C000130468 BNY Mellon Investment Funds III 811-00524 0000053808 549300DOYFL5R4I71F16 240 Greenwich Street New York 10286 212 495 1784 BNY Mellon Global Equity Income Fund S000018029 549300YDM1PXRAWO0B11 2021-10-31 2021-07-31 N 309104741.22 399575.08 308705166.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 78299.40 N BRITISH AMERICAN TOBACCO PLC 213800FKA5MF17RJKT63 BRITISH AMERICAN TOBACCO PLC 110448107 59404.00 NS USD 2224679.80 0.7206487108126 Long EC CORP GB N 1 N N N EMERSON ELECTRIC CO FGLT0EWZSUIRRITFOA30 EMERSON ELECTRIC CO 291011104 80248.00 NS USD 8096220.72 2.6226385587367 Long EC CORP US N 1 N N N TOTALENERGIES SE 529900S21EQ1BO4ESM68 TOTALENERGIES SE N/A 79556.00 NS 3469076.53 1.1237507209149 Long EC CORP FR N 2 N N N EVERSOURCE ENERGY SJ7XXD41SQU3ZNWUJ746 EVERSOURCE ENERGY 30040W108 79499.00 NS USD 6858378.73 2.2216598496734 Long EC CORP US N 1 N N N MERCK & CO INC 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PLC N/A 916759.00 NS 7337465.70 2.3768522541253 Long EC CORP GB N 2 N N N ZURICH INSURANCE GROUP AG 529900QVNRBND50TXP03 ZURICH INSURANCE GROUP AG N/A 14822.00 NS 5974868.06 1.9354609884598 Long EC CORP CH N 2 N N N PRINCIPAL FINANCIAL GROUP INC CUMYEZJOAF02RYZ1JJ85 PRINCIPAL FINANCIAL GROUP INC 74251V102 76197.00 NS USD 4734119.61 1.5335407791177 Long EC CORP US N 1 N N N UNILEVER PLC 549300MKFYEKVRWML317 UNILEVER PLC N/A 159198.00 NS 9167334.54 2.9696083984038 Long EC CORP GB N 2 N N N ROYAL DUTCH SHELL PLC 21380068P1DRHMJ8KU70 ROYAL DUTCH SHELL PLC N/A 157906.00 NS 3207764.83 1.0391030607324 Long EC CORP GB N 2 N N N INFOSYS LTD 335800TYLGG93MM7PR89 INFOSYS LTD 456788108 526465.00 NS USD 11645405.80 3.7723391369222 Long EC CORP IN N 1 N N N BRITISH AMERICAN TOBACCO PLC 213800FKA5MF17RJKT63 BRITISH AMERICAN TOBACCO PLC N/A 169571.00 NS 6320703.62 2.0474887735223 Long EC CORP GB N 2 N N N PEPSICO INC FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 67578.00 NS USD 10606367.10 3.4357595088609 Long EC CORP US N 1 N N N CISCO SYSTEMS INC 8E6NF1YAL0WT6CWXXV93 CISCO SYSTEMS INC 17275R102 267895.00 NS USD 14833346.15 4.8050203809264 Long EC CORP US N 1 N N N MACQUARIE KOREA INFRASTRUCTURE FUND N/A MACQUARIE KOREA INFRASTRUCTURE FUND N/A 135699.00 NS 1451294.42 0.4701231398705 Long EC CORP KR N 2 N N N CIE FINANCIERE RICHEMONT SA 549300YIPGJ6UX2QPS51 CIE FINANCIERE RICHEMONT SA N/A 64265.00 NS 8230959.61 2.6662850229941 Long EC CORP CH N 2 N N N CIE FINANCIERE RICHEMONT SA 549300YIPGJ6UX2QPS51 CIE FINANCIERE RICHEMONT SA N/A 188850.00 NC 137595.63 0.0445718585537 Long DE CH N 1 N/A N/A Call Purchased CIE FINANCIERE RICHEMONT SA CIE FINANCIERE RICHEMONT SA 1.00 0.00 CHF 2023-11-22 XXXX 137595.63 N N N HOME DEPOT INC/THE QEKMOTMBBKA8I816DO57 HOME DEPOT INC/THE 437076102 12765.00 NS USD 4189345.35 1.3570700491938 Long EC CORP US N 1 N N N INSURANCE AUSTRALIA GROUP LTD 549300PFEWKNHRG25N08 INSURANCE AUSTRALIA GROUP LTD N/A 929404.00 NS 3318282.76 1.0749035403233 Long 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QUALCOMM INC H1J8DDZKZP6H7RWC0H53 QUALCOMM INC 747525103 42827.00 NS USD 6415484.60 2.0781915250133 Long EC CORP US N 1 N N N TAYLOR WIMPEY PLC 21380089BTRXTD8S3R66 TAYLOR WIMPEY PLC N/A 1679225.00 NS 3839057.68 1.2436000757625 Long EC CORP GB N 2 N N N DREYFUS INSTITUTIONAL PREFERRE 549300RBWL04JG8SIX57 Dreyfus Institutional Preferred Government Plus Money Market Fund N/A 3410117.97 OU Other Units USD 3410117.97 1.1046520577026 Long STIV RF US N 1 2099-12-01 Variable 0.05358 N N N N N N 99VVB9HH4 N/A DREYFUS INST PREF GOVT PLUS MMF - SL #4134 99VVB9HH4 0.60 OU Other Units USD 0.60 0.0000001943602 Long RF US N 1 N N 2021-09-27 BNY Mellon Advantage Funds, Inc. James Windels James Windels Fund Treasurer XXXX
BNY Mellon Global Equity Income Fund
July 31, 2021 (Unaudited)
Common Stocks - 93.5%
Australia - 1.1%
Insurance Australia Group
China - 1.5%
Ping An Insurance Group Company of China, Cl. H
France - 3.4%
Germany - 5.7%
Hong Kong - 1.3%
India - 3.8%
Japan - 1.7%
Netherlands - 1.0%
Royal Dutch Shell, Cl. A
South Korea - .5%
Macquarie Korea Infrastructure Fund
Spain - 1.9%
Industria de Diseno Textil
Sweden - 2.0%
Svenska Handelsbanken, Cl. A
Switzerland - 12.7%
Cie Financiere Richemont, CI. A
Zurich Insurance Group
United Kingdom - 19.0%
British American Tobacco
British American Tobacco, ADR
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 93.5% (continued)
United Kingdom - 19.0% (continued)
The Sage Group
United States - 37.9%
JPMorgan Chase & Co.
Merck & Co.
Organon & Co.
Philip Morris International
Principal Financial Group
The Home Depot
The Procter & Gamble Company
Total Common Stocks (cost $203,921,050)
Preferred Stocks - 4.5%
Germany - 1.4%
South Korea - 3.1%
Total Preferred Stocks (cost $9,499,547)
Number of Warrants
Warrants - .1%
Switzerland - .1%
Cie Financiere Richemont
Investment Companies - 1.1%
Registered Investment Companies - 1.1%
Dreyfus Institutional Preferred Government
Plus Money Market Fund, Institutional Shares
Total Investments (cost $216,830,715)
Cash and Receivables (Net)
ADR—American Depository Receipt
REIT—Real Estate Investment Trust
a Non-income producing security.
b Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
BNY Mellon Global Equity Income Fund
July 31, 2021 (Unaudited)
The following is a summary of the inputs used as of July 31, 2021 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices
Level 2 - Other Significant Observable Inputs
Level 3 -Significant Unobservable Inputs
Investments in Securities: †
Equity Securities - Common Stocks
Equity Securities - Preferred Stocks
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts†††
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.
††† Amount shown represents unrealized appreciation (depreciation) at period end.
OF FORWRAD FOREIGN CURRENCY EXCHANGE CONTRACTS
BNY Mellon Global Equity Income Fund
July 31, 2021 (Unaudited)
Unrealized (Depreciation) ($)
United States Dollar
Gross Unrealized Depreciation
See notes to financial statements.
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 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.
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. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.
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 Depository 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 (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 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.
Financial futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on
interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at July 31, 2021 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 July 31, 2021, accumulated net unrealized appreciation on investments was $89,326,301, consisting of $96,055,414 gross unrealized appreciation and $6,729,113 gross unrealized depreciation.
At July 31, 2021, 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).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.