AS AT 31 MARCH 2025.

QUARTERLY INVESTMENT REPORT

This is a marketing communication. For Professional Clients only and, in Switzerland, for Qualified Investors only. BNY Mellon Investments Switzerland GmbH is a financial
services provider in Switzerland and is required to categorise clients, excluding financial intermediaries, in accordance with the Financial Services Act (FinSA). For the
purposes of this communication, we have categorized you as a professional client. Professional clients are entitled to provide notification in writing if they wish to be
recategorised.

BNY Mellon Global Equity Income Fund

INVESTMENT MANAGER INVESTMENT OBJECTIVE

To generate annual distributions and to achieve long-term capital growth by investing
predominantly in equity and equity-related global securities.
PERFORMANCE BENCHMARK
The Fund will measure its performance against the FTSE World TR Index (the "Benchmark").
The Fund is actively managed, which means the Investment Manager has absolute discretion to
invest outside the Benchmark subject to the investment objective and policies disclosed in the
Prospectus. While the Fund's holdings may include constituents of the Benchmark, the selection of
investments and their weightings in the portfolio are not influenced by the Benchmark. The
investment strategy does not restrict the extent to which the Investment Manager may deviate from
the Benchmark.
Newton Investment Management: Newton seeks PERFORMANCE NOTE
to deliver strong outcomes to its clients by taking
Past performance is not a guide to future performance. The value of investments can fall.
an active, multidimensional and engaged
Investors may not get back the amount invested. Income from investments may vary and
investment approach, applied across its active
equity, income, absolute return (including fixed is not guaranteed. The return of your investment may increase or decrease as a result of
income), multi-asset, thematic and sustainable currency fluctuations if your investment is made in a currency other than that used in the
strategies. past performance calculation.
SUSTAINABILITY RATINGS QUARTERLY HIGHLIGHTS
Performance: The Fund generated a positive return, net of fees, during the
quarter. It was ahead of its benchmark.
Activity: We sold ING Group and purchased Mizuho Financial Group.
Out of 8319 Global Equity Large Cap global
category funds as of 31/01/2025. Based on Outlook & Strategy: While headline inflation has been slowing, core inflation
97.91 % of AUM. Data is based on long is still sticky and we believe it will remain so as a result of long-term trends
positions only. The Morningstar such as deglobalisation and decarbonisation.
Sustainability Rating™ measures how well
5 YEAR CUMULATIVE PERFORMANCE (%)
the issuing companies or countries of the
investments within the Fund’s portfolio are
managing their financially material
environmental, social and governance
(ESG) risks relative to other funds within the
same Morningstar Category. Ratings range
from 1 globe (low) to 5 globes (high). Higher
ratings indicate the Fund investments have
lower ESG risk relative to peer funds. For full
details of the rating methodology please
refer to www.morningstar.com. © 2024
Morningstar. All rights reserved. The
information contained herein: (1) is PERFORMANCE SUMMARY (%)
proprietary to Morningstar and/or its Annualised
content providers; (2) may not be copied or 1M 3M YTD 1YR 2YR 3YR 5YR
distributed; and (3) is not warranted to be USD W (Acc.) -0.61 6.28 6.28 10.56 10.59 6.72 13.14
accurate, complete, or timely. Neither
Performance Benchmark -4.19 -1.47 -1.47 7.05 15.72 7.70 16.35
Morningstar nor its content providers are
responsible for any damages or losses 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
arising from any use of this information. Fund 4.00 7.18 17.70 -6.25 25.53 4.95 14.55 -3.54 10.96 7.53
FUND RATINGS Performance Benchmark -1.37 8.65 24.09 -8.77 27.74 16.33 20.95 -17.54 24.18 17.96
Source: Lipper. Fund performance of this share class is calculated as total return, based on net asset
value, including charges, but excluding initial charge, income reinvested gross of tax, expressed in
share class currency.
Source & Copyright: Morningstar ratings ©
2025 Morningstar. All Rights Reserved.
Ratings are collected on the first business
day of the month.

BNY MELLON INVESTMENT MANAGEMENT

EMEA LIMITED - CLIENT SERVICES
Tel: +44 20 7163 2367
Fax: +44 20 7163 2039
Email:[email protected]
Web: www.bnymellonim.com
 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

PERFORMANCE COMMENTARY

Global equities fell in the first quarter as a global trade war

intensified and investors became concerned about the potential
economic impact. US technology stocks, led by the so-called
‘magnificent seven’, slumped amid fears about high valuations after
Chinese firm DeepSeek released a rival, low-cost artificial
intelligence (AI) model.

STOCK SELECTION IN HEALTHCARE AND INDUSTRIALS

CONTRIBUTED POSITIVELY TO RELATIVE RETURNS

Earlier in the quarter, positive sentiment helped markets around the world hit record
highs, including the US. However, overall, US stocks performed weakly as souring global
trade relations unnerved investors. UK and continental European markets delivered
positive returns, helped by expectations of increased defence spending. Asian and
emerging markets also performed positively in local currency terms.

Stock selection within the healthcare and industrials sectors contributed positively to the
Fund’s relative returns, as did the material underweight allocation to the technology
sector. Relative performance was aided by low-yielding US stocks, part of the so-called
‘magnificent seven’ that the Fund cannot own, namely Apple, Alphabet, Tesla and Nvidia.

At the stock level, Fund holdings that contributed positively to the quarterly return
included Deutsche Post, B3 and Sanofi. Deutsche Post performed well over the quarter on
the back of better-than-expected reported results. Brazilian stock exchange B3 posted
positive share price returns as the stock recovered from recent weakness. French
pharmaceutical company Sanofi benefited as investors became less concerned about the
risk to the vaccine business as the new US administration appeared more balanced than
some investors had feared.

Taiwanese electrical equipment manufacture Chroma detracted from the Fund’s

performance. Its share price fell due to the unwinding of the recent positive run for AI-
related businesses. NARI Technology saw its share price fall as there was continued muted
sentiment due to the lack of implementation of the pledged Chinese stimulus measures.
Estée Lauder also detracted. The global beauty business has been undergoing a
significant restructuring in recent months, and its results disappointed investors.

Publicis was a notable detractor. Although the company’s results were solid, competitor
WPP later issued a profit warning for its creative advertising business due to the increased
use of AI. This negatively affected sentiment across the whole creative advertising space.

ACTIVITY REVIEW

We initiated a new position in Johnson & Johnson in January and

built the holding through the quarter.

WE INITIATED A NEW POSITION IN NIKE, AMONG OTHER

TRANSACTIONS

Also within the healthcare sector, to fund Johnson & Johnson we trimmed the positions in
Gilead and Novartis following recent strong performance.

We initiated a holding in Fresenius in February. Fresenius provides pharmaceutical and

operational services for hospitals globally and has leading products and services in a
number of specialist areas, including dialysis. The company looks well-placed to benefit

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 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

from a number of long-term trends, including ageing populations, increased demand for
products and services from emerging markets, and the digitisation of processes to
improve the efficiency and quality of healthcare outcomes for patients.

Fresenius was funded from the proceeds of exiting International Restaurant Brands and
Smiths Group. Smiths Group has benefited from the involvement of an activist investor
calling for a break-up of the business. The shares moved sharply higher, which gave us the
opportunity to exit.

A notable switch during the quarter was the sale of the position in ING Group and the
purchase of a new holding in Mizuho Financial Group. Interest rates in Europe are no longer
rising, removing a tailwind for ING, whereas they have begun to rise in Japan, to Mizuho’s
potential benefit.

We initiated a position in Finnish nuclear and hydroelectric power generator Fortum.

Nordic power prices are currently suppressed and too low to incentivise the new capacity
that will be required to meet demand projections, which have growth potential from more
data centre investment in Europe.

We started a new position in Nike. The company is transitioning through new leadership,
issues in China and US inventory. However, there is substantial confidence in the new CEO
and we believe the issues to be cyclical rather than structural.

Tokyo Electron was another new purchase. This stock presented a long-term opportunity
to buy into high-quality cyclical growth. There had been a material derating over the last
year as the cyclical outlook was unclear; however, the margin of safety looks much
improved.

We sold out of the holding in Diageo, which is facing structural headwinds from tariffs
imposed by the US, as well as generally negative sentiment towards alcohol consumption
from younger generations. Shell was another exit during the quarter, aseconomic
uncertainty for the sector meant we preferred to allocate the proceeds to fund
Diamondback Energy, where we see greater opportunity.

The holding in Credicorp was exited. The upcoming general election in Peru increases the
risks of unhelpful noise.

INVESTMENT STRATEGY AND OUTLOOK

While headline inflation has been slowing, core inflation is still

sticky and we believe it will remain so as a result of long-term
trends such as deglobalisation and decarbonisation.

INTEREST RATES MAY HAVE TO REMAIN HIGHER FOR LONGER

The world continues to transition from the ultra-low inflationary environment that has
characterised the post-global financial crisis era. Wages are rising with tighter
immigration policies, defence spending is increasing significantly and greater
protectionism is exploiting regional natural resource prices, manufacturing and trade. To
combat this inflation, interest rates may have to remain higher for longer.

In our view, income stock valuations remain compelling. Stocks offering income at above-
average rates continue to trade at a discount to low-income stocks.

The ‘magnificent seven’ technology stocks (Apple, Alphabet, Meta Platforms, Amazon,
Microsoft, Nvidia and Tesla) make up a significant proportion of the FTSE World Index.
Given its strict yield discipline, the Fund has zero weightings in these stocks. These stocks
had been growing much faster than the rest of the market, but we have started to see a

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 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

change in relative growth rates and therefore a change in market leadership. As we move
through 2025, we expect this trend to continue.

As an income strategy, the Fund is positioned differently to the global equity market, and
as such we believe is well-placed to exploit this derating of the growth factor. The Fund has
key overweight sector positions in consumer staples, healthcare and utilities. These are
balanced with an overweight in defensive financials, which we expect to benefit from
strong pricing power in a world of higher interest rates.

4
 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

INDUSTRIAL ALLOCATION (%) TOP 10 HOLDINGS (%) GEOGRAPHICAL ALLOCATION (%)

Fund Perf. B'mark Fund Fund Perf. B'mark
Technology 3.6 27.1 CME Group Inc. Class A 3.6 North America 48.56 70.13
Health Care 18.4 10.3 Sanofi 2.8 Developed Europe 33.53 16.01
Utilities 8.9 3.0 Medtronic Plc 2.5 Emerging 7.95 3.67
Financials 19.3 15.6 Cisco Systems, Inc. 2.4 Asia Pacific ex Jap. 5.20 3.79
Industrials 11.2 13.4 Molson Coors Beverage Company Class B 2.4 Japan 2.96 6.20
Consumer Discretionary 13.6 13.3 AstraZeneca PLC 2.3 Cash 1.80 0.00
Energy 5.4 4.2 Johnson & Johnson 2.2 Middle East 0.00 0.19
Telecommunications 4.0 2.8 AIA Group Limited 2.2
Real Estate 0.0 2.3 Universal Music Group N.V. 2.1
Consumer Staples 9.6 5.3 GSK plc 2.1
Basic Materials 4.2 2.8
Cash 1.8 0.0

QUARTERLY ATTRIBUTION BY INDUSTRY

Total Fund Total Index Stock Asset
Net Effect
Return Return Selection Allocation
Technology -9.62 -11.75 0.02 2.87 2.89
Health Care 15.08 4.60 1.74 0.45 2.20
Utilities 16.56 7.85 0.61 0.51 1.12
Financials 9.51 7.29 0.40 0.49 0.89
Industrials 6.82 1.29 0.67 -0.01 0.66
Consumer Discretionary -3.75 -7.33 0.58 0.03 0.61
Energy 13.88 9.78 0.20 0.12 0.32
Telecommunications 6.20 7.23 -0.03 0.13 0.11
Real Estate 0.00 3.34 0.00 -0.11 -0.11
Consumer Staples 3.02 9.18 -0.59 0.42 -0.17
Basic Materials -0.56 6.71 -0.31 0.13 -0.17
Cash -0.61 0.00 0.00 0.10 0.10
Source: BNY Mellon Investment Management EMEA Limited

5
 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

KEY RISKS ASSOCIATED WITH THIS FUND

The value of investments can fall. Investors may not get back the amount invested. Income from investments may vary and is
not guaranteed.

Currency Risk: This Fund invests in international markets which means it is exposed to changes in currency rates which could
affect the value of the Fund.

Geographic Concentration Risk: Where the Fund invests significantly in a single market, this may have a material impact on the
value of the Fund.

Derivatives Risk: Derivatives are highly sensitive to changes in the value of the asset from which their value is derived. A small
movement in the value of the underlying asset can cause a large movement in the value of the derivative. This can increase the
sizes of losses and gains, causing the value of your investment to fluctuate. When using derivatives, the Fund can lose
significantly more than the amount it has invested in derivatives.

Emerging Markets Risk: Emerging Markets have additional risks due to less-developed market practices.

Market Capitalisation Risk: Investments in the securities of small to medium-sized companies (by market capitalisation) may
be riskier and less liquid (i.e. harder to sell) than large companies. This means that their share prices may have greater
fluctuations.

Charges to Capital: The Fund takes its charges from the capital of the Fund. Investors should be aware that this has the effect
of lowering the capital value of your investment and limiting the potential for future capital growth. On redemption, you may not
receive back the full amount you initially invested.

Counterparty Risk: The insolvency of any institutions providing services such as custody of assets or acting as a counterparty
to derivatives or other contractual arrangements, may expose the Fund to financial loss.

Environmental, Social and Governance (ESG) Investment Approach Risk: The Fund follows an ESG investment approach. This
means factors other than financial performance are considered as part of the investment process. This carries the risk that the
Fund's performance may be negatively impacted due to restrictions placed on its exposure to certain sectors or types of
investments. The approach taken may not reflect the opinions of any particular investor. In addition, in following an ESG
investment approach, the Fund is dependent upon information and data from third parties (which may include providers for
research reports, screenings, ratings and/or analysis such as index providers and consultants). Such information or data may
be incomplete, inaccurate or inconsistent.

A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
 BNY MELLON GLOBAL EQUITY INCOME FUND // AS AT 31 MARCH 2025

GENERAL INFORMATION USD W (ACC.) SHARE CLASS DETAILS

Total net assets (million) $ 508.31 Inception date 05 Dec 2012
Active Share (%) 95.5 Min. initial investment $ 15,000,000
Performance Benchmark FTSE World TR Max. initial charge 5.00%
Lipper sector Lipper Global - Equity Global Income Annual mgmt charge 0.75%
Fund type ICVC ISIN IE00B90MJZ61
Fund domicile Ireland Registered for sale in: AT, BE, CH, CL, CO, DE, DK, ES, FI, FR, GB, GG, IE,
Fund manager James Lydotes IT, JE, KR, LU, NL, NO, PE, PT, SE, SG, UY
Alternate Jon Bell / Robert Hay
DEALING
Base currency USD
Currencies available EUR, USD, GBP, CHF, SGD 09:00 to 17:00 each business day
Valuation point: 12:00 Dublin time
Fund launch 29 Jul 2010
Investors should refer to the KIID/PRIIPs document for a summary of
Investment vehicle name BNY Mellon Global Fund charges. The charges cover the costs of running the sub-fund, including
the costs of marketing and selling. These charges reduce the potential
growth of your investment.

SUMMARY RISK INDICATOR (SRI) - USD W (ACC.)

Lower risk Higher risk The Summary Risk Indicator is a number between 1 and 7 shown on all PRIIPs Key Information Documents
(PRIIPs KID) to allow investors to compare funds’ risk and reward profiles. 1 is the lowest and 7 is the
highest.
The risk category was calculated using historical performance data (or indicative fund performance during
periods of suspension) and may not be reliable indication of the fund’s future risk profile. The fund’s risk
Potentially lower reward Potentially higher reward category is not guaranteed to remain fixed. Please see the PRIIPs KID for more information.

1 2 3 4 5 6 7

Source: BNY Mellon Investment Management EMEA Limited

Any views and opinions are those of the investment manager, unless otherwise noted.

IMPORTANT INFORMATION
For Professional Clients and, in Switzerland, for Qualified Investors only. Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM
EMEA), BNY Mellon Fund Managers Limited (BNYMFM), BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML) or affiliated fund operating companies to undertake
portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA, BNY MFML or the BNY Mellon funds. Portfolio
holdings are subject to change, for information only and are not investment recommendations. Calls may be recorded. For more information visit our Privacy Policy
www.bnymellonim.com. BNY, BNY Mellon and Bank of New York Mellon are the corporate brands of The Bank of New York Mellon Corporation and may be used to reference the
corporation as a whole and/or its various subsidiaries generally.
The fund is a sub-fund of BNY Mellon Global Funds, plc, an open-ended investment company with variable capital (ICVC), with segregated liability between sub-funds.
Incorporated with limited liability under the laws of Ireland and authorised by the Central Bank of Ireland as a UCITS Fund. The Management Company is BNY Mellon Fund
Management (Luxembourg) S.A. (BNY MFML), regulated by the Commission de Surveillance du Secteur Financier (CSSF). Registered address: 2-4 Rue Eugène Ruppert L-2453
Luxembourg. Information on investor rights including the complaints handling policy and investor redress mechanisms is available at www.bnymellonim.com. The Manager may
terminate the arrangements made for the marketing of one or more sub-funds of BNYMGF in one or more EU Member States and shareholders will receive prior notification in
this event. In Austria, the current Prospectus and the Key Investor Information Document are available free of charge from Raiffeisen Zentralbank Österreich Aktiengesellschaft,
Am Stadtpark 9, A-1030 Vienna. In Belgium, the KIID, Prospectus, articles of association and latest annual report are freely available upon request to from the paying agent : JP
Morgan Chase Bank, 1 Boulevard du Roi Albert II, B-1210 Bruxelles, Belgium. The Prospectus, KIIDs, articles of association, annual and half-yearly financial reports are available
in French. In France, the KIID, Prospectus, articles and latest annual report are freely available upon request to the centralising agent: BNP Paribas Securities Services, 3 rue
d'Antin, 75002 Paris, tél: 00 33 1 42 98 10 00. In Germany, the prospectus is available from BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML), German branch,
MesseTurm Friedrich-Ebert-Anlage 49, 60308 Frankfurt am Main, Germany. In Spain, BNY Mellon Global Funds is registered with the CNMV, Registration No. 267. In Switzerland,
the Company is established as an open-ended umbrella type investment company under Irish law and the Sub-funds are authorised by FINMA for distribution to non-qualified
investors in or from Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva. The Swiss paying agent is Banque Cantonale
de Genève, 17, quai de l’Ile, 1204 Geneva. Investors in Switzerland can obtain the documents of the Company, such as the Prospectus, the KIIDs, the Memorandum and Articles
of Association, the semi-annual and annual reports, each in their latest version as approved by FINMA, in German, and further information free of charge from the Swiss
representative.Issued in the UK by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England
No. 1118580. Authorised and regulated by the Financial Conduct Authority. Issued in Europe (ex-Switzerland) by BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML),
a public limited company (société anonyme) incorporated and existing under Luxembourg law under registration number B28166 and having its registered address at 2-4 Rue
Eugène Ruppert L-2453 Luxembourg. BNY MFML is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Issued in Switzerland by BNY Mellon Investments
Switzerland GmbH, Bärengasse 29, CH-8001 Zürich, Switzerland. BNYMIM EMEA is a wholly owned subsidiary of The Bank of New York Mellon Corporation.
MIS0066-300625
678932040005fcd69faa3311c473066d
Issued on 22/04/2025