bny mellon compass fund

BNY Mellon Compass Fund Société d’Investissement à Capital Variable Luxembourg - RCS B67580

Unaudited Semi-Annual Report for the Period ended 30 April 2015

Please note that for the following sub-funds no notification for public distribution in Germany in accordance with § 310 KAGB has been made. Shares of these sub-funds must not be publicly distributed in Germany. - BNY Mellon Compass Fund - Global Opportunistic Fixed Income - BNY Mellon Compass Fund - U.S. Investment Grade Corporate Bond Fund 1-5 Years No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

BNY Mellon Compass Fund Société d’Investissement à Capital Variable

Registered Office

European Bank & Business Center 6c, route de Trèves

L-2633 Senningerberg

BOARD OF DIRECTORS David Turnbull (Chairman) Director of Fund Operations & Governance BNY Mellon Investment Management EMEA Ltd. London, United Kingdom

DISTRIBUTORS Meriten Investment Management GmbH Herzogstrasse 15 D-40217 Düsseldorf, Germany

Greg Brisk BNY Mellon Investment Management EMEA Ltd. Global Head of Risk & Compliance Madrid Branch Investment Management, BNY Mellon C/José Abascal, 45-4a Planta London, United Kingdom ES-28003 Madrid, Spain Peter Raab BNY Mellon Investment Management EMEA Ltd. Managing Director Milan Branch Meriten Investment Management GmbH Via Agnello 8 Düsseldorf, Germany I-20121 Milano, Italy Udo Goebel BNY Mellon Investment Management EMEA Ltd. Managing Director Paris Branch BNY Mellon Fund Management (Luxembourg) S.A 7, rue Scribe Grand Duchy of Luxembourg F-75009 Paris, France Anne de Nonancourt BNY Mellon Investment Management EMEA Ltd. Associate Director The Bank of New York Mellon Centre BNY Mellon Fund Management (Luxembourg) S.A. 160 Queen Victoria Street Grand Duchy of Luxembourg UK-London EC4V 4LA United Kingdom MANAGEMENT COMPANY BNY Mellon Fund Management (Luxembourg) S.A. DekaBank Deutsche Girozentrale 1, rue Jean-Pierre Brasseur Mainzer Landstraße 16 L-1258 Luxembourg, Grand Duchy of Luxembourg D-60325 Frankfurt, Germany CUSTODIAN, PAYING AGENT BNY Mellon Asset Management Latin America S.A. CENTRAL ADMINISTRATION AGENT Isidora Govenechea 3365 of 1701 J.P. Morgan Bank Luxembourg S.A. Las Condes, Santiago European Bank & Business Center Chile PC 7550120 6c, route de Trèves L-2633 Senningerberg, Grand Duchy of Luxembourg

BNY Mellon Compass Fund – unaudited Semi-Annual Report as at April 30 2015

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BNY Mellon Compass Fund Société d’Investissement à Capital Variable

Registered Office

European Bank & Business Center 6c, route de Trèves

L-2633 Senningerberg

AUDITOR SUB-MANAGERS KPMG Luxembourg, Société Coopérative Blackfriars Asset Management Ltd. 39, Avenue John F. Kennedy 6th floor, 9 Cloak Lane L-1855 Luxembourg, Grand Duchy of Luxembourg London EC4R 2RU United Kingdom INFORMATION AGENT IN GERMANY Meriten Investment Management GmbH Meriten Investment Management GmbH Herzogstrasse 15 Herzogstrasse 15 D-40217 Düsseldorf, Germany D-40217 Düsseldorf, Germany REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND

Standish Mellon Asset Management Company LLC The Bank of New York Mellon Center

BNP Paribas Securities Services 201 Washington Street Suite 2900, Paris, succursale de Zurich Selnaustrasse 16

One Boston Place Massachusetts 02108-4408, USA

CH-8002 Zurich, Switzerland PAYING AND INFORMATION AGENT IN AUSTRIA Raiffeisen Bank International AG Am Stadtpark 9 A-1030 Vienna, Austria BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY David Turnbull (Chairman) Director of Fund Operations & Governance BNY Mellon Investment Management EMEA Ltd. London, United Kingdom

Peter Raab Managing Director Meriten Investment Management GmbH Düsseldorf, Germany Udo Goebel Managing Director BNY Mellon Fund Management (Luxembourg) S.A Grand Duchy of Luxembourg


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TABLE OF CONTENTS

Directors’ Report to Shareholders 4

Notes to the financial statements as at 30 April 2015 9

Statement of Net Assets as at 30 April 2015 19

Statement of Operations and Changes in Net Assets for the period ended 30 April 2015 23

Statement of Changes in the Number of Shares for the period ended 30 April 2015 27

Statistics as at 30 April 2015 31

Schedule of Investments as at 30 April 2015

BNY Mellon Compass Fund - Euro Small Cap Equity Fund 34 BNY Mellon Compass Fund - Eastern Europe Diversified Fund 37 BNY Mellon Compass Fund - Global Emerging Markets Fund 39 BNY Mellon Compass Fund - Euro Corporate Bond Fund 43 BNY Mellon Compass Fund - Euro High Yield Bond Fund 49 BNY Mellon Compass Fund - Global Emerging Markets Bond Fund 54 BNY Mellon Compass Fund - Global High Yield Bond Fund 59BNY Mellon Compass Fund - Euro Credit Short Duration Fund 68 BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2017 72 BNY Mellon Compass Fund - Global Opportunistic Fixed Income 74 BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2018 78 BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years 81 BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2019 86

Appendix 1 89 Appendix 2 91 Appendix 3 92


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Directors’ Report to Shareholders Market Review Equities Global Although the U.S. economy continues to lead many other developed markets, Europe and Japan are regaining their footing in part due to stimulative policy actions. Recently, the European Central Bank (ECB) launched its massive bond-buying program, which will pump EUR 60 billion a month ($66.3 billion) into the Eurozone economy in an effort to help stimulate growth in the region, drive down interest rates, and restore the inflation rate back to targeted levels. Likewise, Japan’s economy is rebounding and has recently expanded its quantitative easing program aimed at achieving a 2% inflation target. These policy actions have also weakened both the Yen and Euro versus the US Dollar, which will decrease the cost of exports, making local companies more competitive. Europe Although Europe’s economic recovery is still fragile, corporate earnings are on the upswing as are European equities. The MSCI Europe Index rose 12% in local currency and 3% in USD D terms during Q1 2015. Small cap stocks don’t have the direct exporting tailwinds of their large cap counterparts, but they do tend to perform better early in a recovery as smaller companies have leaner operations and can more quickly respond to changing market dynamics. Emerging Markets Equities The six months under review saw a positive return of 3.9% for the MSCI Emerging Markets Index (in USD). The year 2014 ended in a negative mood, with an annual decline of 2.2%. However 2015 started on a brighter note and an especially strong month in April helped to generate the overall gain. The best market was China, surging 29.6%. In spite of concerns regarding slower economic growth, the stock market has been booming. The MSCI China Index, whilst not displaying all the euphoria of local mainland indices, has nevertheless managed to advance significantly. The suggestion is that investments are being diverted from property, which is facing price declines. The worst market was Greece, down 35%, as debt negotiations with the Troika drag on. China’s strength helped Asia to be the best region, with a 10.6% accretion. The other regions registered losses of 13.6% and 7.5%, respectively, for Latin America and EMEA: oil price weakness and currency depreciations being the principal causes. Information Technology was the leading sector, increasing 9.7%, with strong performances from internet and hardware stocks. Energy was the laggard, losing 5.1%, hit by crude oil’s 30% tumble at the end of 2014, and a bribery scandal at Petrobras in Brasil. Bonds Europe Against a mixed global backdrop, the Euro area is showing signs of improvement despite the Greek crisis and the conflict in Ukraine. Since the ECB’s launch of quantitative easing (QE) in March, bond yields have dropped considerably (even after the latest rise back towards 1% in German 10-year yields), access to credit is improving – as well in most countries hit by the crisis -, and the Euro exchange rate is some 17% weaker against the US Dollar year-to-year. The activity also profited from declining oil prices and the increased consumption.


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Directors’ Report to Shareholders (Continued) Emerging Market Bonds The EMBI Global Diversified Index returned 1.37% (in USD) in the 6 months to end-April 2015. Spreads widened 44 basis points to 340 basis points over US Treasuries, with considerable volatility during the review period. The period was marked by the end of quantitative easing in the US, which was absorbed by the markets with relative calm as US Treasury yields continued to fall. The sharp fall in oil prices at the beginning of the period led to considerable market volatility, however, and the performance of Emerging Markets countries increasingly diverged from each other. Most oil exporters underperformed during the period. The combination of lower oil prices and sanctions led to a steep fall in Russian bond prices early in the period, which then recovered as oil stabilized while the government took measures to adjust to the less supportive environment. Flows to the asset class were positive throughout much of the period, with developed market investors searching for better yields than those obtainable in the US or the EU. The macroeconomic fundamentals of emerging market countries continue to be stronger than their developed market counterparts. Smaller fiscal deficits and lower government debt to GDP ratios than in many developed have allowed most emerging market countries to exhibit resilience, and while growth has slowed, it retains a decent cushion above that in the developed markets. The best performers were largely high yielding oil importing countries. Argentina (+12.0%) rallied in anticipation of improved macroeconomic policy and an eventual agreement with creditors after the elections later this year. Hungary (+7.9%) and investment grade-rated Philippines (+6.3%) were supported by ongoing fundamental improvements in their economies. Highly speculative Jamaica (+8.1%) and Pakistan (+6.7%) also did well. Most of the underperformers were oil exporters. Ukraine (-40.2%), although an oil importer, saw its economy continue to spiral downward while the conflict continued in its eastern regions. Venezuela (-13.0%) saw the sustainability of its unorthodox economic model called increasingly into question. Belarus (-9.9%) suffered from proximity to Ukraine while oil-dependent Gabon (-2.2%) and Kazakhstan (-1.4%) also did badly.

Market Outlook Equities Global All in all, global growth forecasts for 2015 deteriorated slightly in the reporting period. They remain more upbeat for the years ahead, not least as the US-economy is expected to re-accelerate and to continue to provide positive impulses for other regions. Elsewhere, however, there is little prospect of significant growth acceleration, particularly not if the only positive developments rely critically on aggressive monetary stimulus and currency devaluation rather than productivity growth and growth-supportive supply-side policies. The monetary easing trend is now back as central banks around the globe demonstrate heightened sensitivity to potential growth weakness. Specifically in Asia, they are increasingly pushed towards policy easing and potentially currency devaluation to contain inflation trends that are threatening to turn into deflationary pressures in several countries. Europe The combination of improved economic signals in Europe, positive company results and an expansionary monetary policy are the three main drivers of European stock markets. After seeing modestly rising profits in 2014 among European companies, we expect companies to have continued growth in earnings. The weak Euro should stimulate exports, pushing up sales and income for export-oriented companies. What is more, profit margins should also improve, as companies will benefit from falling costs due to lower energy prices and favourable funding terms. The low interest rate environment and the ECB’s expansionary monetary policy are lending additional support to the asset class “equities”.


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Directors’ Report to Shareholders (Continued) Emerging Markets GEM equities endured two negative years in 2013 and 2014, and an enormous 50% underperformance compared to developed markets. It was therefore a welcome start to 2015 to see these trends abating. The stabilisation is all the work of Asia, and China in particular. The country now accounts for 20% of the MSCI Emerging Markets Index, with 6/10 largest stocks being Hong Kong listed. The divergence between a slowing economy and a rampant local stock market is intriguing. It needs to be remembered that the MSCI China Index is not the same as the Shanghai/Shenzhen composites (which have more than doubled). The former is less volatile, and its constituents are traditional banking, telecommunications and energy companies. It trades on a price/earnings ratio of 12x, which is below the GEM average. The recent drivers to sentiment remain unchanged, namely: the timing of US interest rate increases, a denouement in Greece, and Chinese growth. A recent extra ingredient has been GEM local currency weakness, in the face of a strong US Dollar. This appreciation has steadied in recent months, possibly removing a total return headwind. GEM equities are trading close to historical valuations, with reasonable outlooks across most sectors. Countries hit by lower commodity prices are adjusting budgets accordingly; whilst Asia is generally a beneficiary of energy deflation. Markets remain volatile but do not seem overly stretched, trading below historic highs. Bonds Europe The economic status quo of the Euro area is by no means favourable. But the tide has turned insofar as the vicious circle of recession and deflation fears that had developed late last year has been broken and the economic outlook has turned moderately positive for the period ahead. It is still subject to considerable uncertainty, as much depends on politics and policies which are hard to forecast. However, we are cautiously optimistic that the gradual underlying stabilisation of economic conditions in countries that have undertaken reforms (e.g. Ireland and Spain), mostly under the command of the kind of EU bail-out program that Greece is still refusing to accept, will prove sustainable. To this end, we believe that Euro area growth will continue its moderate upward trend and reach closer to a level that was formerly considered trend growth, e.g. 1.5%. Owing to persistently wide output gaps and ongoing adjustments especially in EMU member states’ labour markets, we foresee no major pick-up in inflation, even if and when growth crosses its trend line. We believe that yields will stay low in the Euro area, for as long as output gaps are large in most countries, and as long as inflation for the area as a whole is lower than the ECB’s “just-under-2%” target. This assessment does not suggest a return to historical lows in German bund yields. Given that Germany’s output gap is about to close and that its inflation rate is among the highest in the Euro area already, low bund yields are probably not an objective for the ECB. However, for countries with large output gaps and inflation rates around or even below zero, lower yields are desirable – and achievable through further compression of sovereign spreads versus Germany. Consequently, we expect further contraction in EMU sovereign spreads, but no significant decline of German bund yields from here. The decline in bond yields after the ECB’s QE announcement was accompanied by significant Euro depreciation which, in our view, reflects the divergence of interest rate expectations in the Euro area versus the US. Looking ahead, we believe that the ECB will continue to buy assets at the current pace, and that its policy rates will remain unchanged for the time being. Consequently, exchange rate fluctuations between the Euro and the US Dollar are likely to be determined by changes in Fed policy expectations rather than by ECB policy expectations. The first hike in the Fed funds rate which is likely to be enacted before the end of this year could thus strengthen the US Dollar a bit more. However, some tightening of Fed policy relative to ECB policy is already priced in by the market and thus we do not expect major Euro depreciation from here.


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Directors’ Report to Shareholders (Continued) Finally, since we expect gradual recovery of the Euro area real economy and confirmation of a slight upward trend in inflation as illustrated above, we believe that credit spreads, especially in the high-yield space, could narrow as part of a general cyclical outperformance of Euro area risk assets versus duration and versus dollar-based assets. However, we also expect elevated volatility levels to persist due to the uncertain political framework in the monetary union, and due to the heightened uncertainty regarding the sustainability of the cyclical recovery. Emerging Market Bonds The European Central Bank’s quantitative easing program and the outlook for US monetary policy continue to be key market drivers. Both factors have been supportive of Emerging Markets USD-denominated bonds but more specific factors such as oil and metals prices and individual country events and headlines have led to increased country differentiation and lower correlations within Emerging Markets. Uncertainty over the global outlook persists with severe winter weather in the US potentially behind recent disappointing numbers for Q1 2015, while growth in Europe has been showing signs of recovery. We continue to favor those countries that have followed prudent policies and thus have greater fiscal and monetary flexibility. We continue to find the yield on Emerging Markets USD-bonds to be attractive compared to its history and – especially – compared to the yields offered in developed markets, but we acknowledge that both country risk and US Treasury risk will remain key market drivers over the coming year. We remain modestly underweight US Treasury duration and continue to tilt our credit exposure towards quasi-sovereigns and some of the strongest corporates. Fund Review and Important Information to Shareholders The BNY Mellon Compass Fund comprises 13 active Sub-Funds as at 30 April 2015, covering a range of equity and bond products as well as certain appealing niche investments. Both the Fund and the Management Company, BNY Mellon Fund Management (Luxembourg) S.A., are UCITS IV compliant. New sub-funds and liquidations During the reporting period one new sub-fund was launched:

- The BNY Mellon Compass Fund: Euro Credit Laufzeitfonds 2019 with effective date 03 December 2014. The Board of Directors resolved to terminate the sub-fund BNY Mellon Compass Fund: ABS Fund with effective date 08 December 2014. Registrations for distribution The Fund is totally or partly registered for distribution in Austria, Chile, Denmark, Finland, France, Germany, Italy, Luxembourg, Norway, Peru, Portugal, Singapore, Spain, Sweden, Switzerland and in the UK. Fund performance review During the first 6 months of the financial year the total net assets of the BNY Mellon Compass Fund increased by 16% to EUR 2,856.07m mainly due to an increase of the assets of the Euro High Yield Bond Fund, Euro Corporate Bond Fund, U.S. Investment Grade Corporate Bond Fund 1-5 Years and to the launch of the Euro Credit Laufzeitfonds 2019. The best performers within the range over the period were the Euro Small Cap Equity Fund (+24.9%), the Global High Yield Bond Fund (+9.7%) and the Euro High Yield Bond Fund (+4.4%).*


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Directors’ Report to Shareholders (Continued) BNY Mellon Fund Management regards the BNY Mellon Compass Fund as a flagship product and will continue to launch Sub-Funds and strengthen the Fund’s distribution arrangements in the interest of its shareholders. BNY Mellon Compass Fund will bring in the second half of 2015 new perspectives and opportunities for both Fund Managers and Investors. The Board of Directors takes pride in continuously developing the Fund in line with market developments and investor demand. Finally, it remains only to thank investors for the confidence they have placed in BNY Mellon and the BNY Mellon Compass Fund, and to assure them that we look forward to repaying this confidence again in the coming year. The Board of Directors of the BNY Mellon Compass Fund Luxembourg, June 26, 2015

* The figures stated in this report are historical, not indicative of future performance and presented net of fees for the Euro Small Cap Equity Fund rf-B, the Global High Yield Bond Fund A and the Euro High Yield Bond Fund A.


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Notes to the financial statements as at 30 April 2015

1. ORGANISATION BNY Mellon Compass Fund (the “Company”) is an open-ended investment company with variable capital (Société d’Investissement à Capital Variable, “SICAV”) with multiple sub-funds organised as a Société Anonyme under the laws of the Grand Duchy of Luxembourg. The Company was incorporated in Luxembourg on 18 December 1998 for an unlimited period. On 28 September 2001 the Company changed its name from WestLB Compass Fund to WestAM Compass Fund. On 29 May 2006 the Company changed its name from WestAM Compass Fund to WestLB Mellon Compass Fund. On 20 February 2013 the Company changed its name from WestLB Mellon Compass Fund to BNY Mellon Compass Fund. The Company is registered as an undertaking for collective investment pursuant to Part I of the law of 17 December 2010, as amended and to the law of 10 August 1915, as amended. Its initial Articles of Incorporation were published in the “Mémorial, Recueil des Sociétés et Associations” on 1 February 1999. The last amendment of the Articles has been endorsed by an extraordinary general meeting of shareholders as of 20 February 2013 and was published in the Mémorial on 29 April 2013. The Fund is registered with the Registre de Commerce et des Sociétés of Luxembourg under number B 67 580. The Company has shares in issue in the following fourteen sub-funds during the period from 1 November 2014 to 30 April 2015:

Sub-Fund

Sub-Fund base currency Available Share Classes

Euro Small Cap Equity Fund EUR C EUR, rf-B EUR

Eastern Europe Diversified Fund EUR A EUR, B EUR, C EUR

Global Emerging Markets Fund USD A USD, C USD, C EUR, D EUR, rf-B USD

Euro Corporate Bond Fund EUR A EUR, B EUR, C EUR, C USD, D GBP Hedged, rf-B EUR

Euro High Yield Bond Fund EUR A EUR, B EUR, C EUR, D EUR, rf-A EUR, rf-B EUR, rf-15B EUR

Global Emerging Markets Bond Fund USD B USD, C USD, rf-B USD

Global High Yield Bond Fund EUR A EUR, C EUR, rf-B EUR, rf-B EUR Hedged

ABS Fund(1) EUR A EUR, B EUR, C EUR, C USD, C GBP, C JPY, D EUR

Euro Credit Short Duration Fund EUR A EUR, B GBP Hedged, D EUR, rf-A EUR, rf-B EUR

Euro Credit Laufzeitfonds 2017 EUR rf-B EUR

Global Opportunistic Fixed Income USD A GBP(3), A GBP Hedged

Euro Credit Laufzeitfonds 2018 EUR rf-B EUR U.S. Investment Grade Corporate Bond Fund 1-5 Years USD rf-A USD

Euro Credit Laufzeitfonds 2019(2) EUR B EUR, rf-B EUR (1) The sub-fund ABS Fund was liquidated on 8 December 2014 (2) The sub-fund was launched on 3 December 2014 (3) The share class was closed on 24 March 2015 As described in the current prospectus of BNY Mellon Compass Fund, the Net Asset Value per Share of each class in respect of each sub-fund is calculated in the reference currency of the share class.


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2. SIGNIFICANT ACCOUNTING POLICIES

A) GENERAL These financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg applicable to investment funds. B) INVESTMENT VALUATION In determining the value of the assets of the Company, each security which is quoted or dealt in on a stock exchange is valued at its latest available price on the stock exchange which is normally the principal market for such securities, and each security dealt in on an over-the-counter market is valued in a manner as near as possible to that for quoted securities. The value of securities not quoted or dealt in on a stock exchange or an over-the-counter market, and of securities which are so quoted or dealt in but in respect of which no price quotation is available or the price quoted is not representative of the security’s fair market value, is valued at fair value as determined in good faith pursuant to procedures established by the Board of Directors. This fair value policy makes it possible to value certain assets/debt securities on a daily basis by taking into account different items of information/price sources such as the performance of indices and prices received from brokers or databases or internal valuation models. Short-term investments purchased and maturing within 90 days from the date of purchase are valued at amortised cost, which approximates market value. C) CONVERSION OF FOREIGN CURRENCIES The books and records of each sub-fund are denominated in the base currency of the corresponding sub-fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency on exchange rates prevailing on each business day; (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. Net realised gains and losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies; (ii) gains and losses between trade date and settlement date on securities or derivatives transactions; (iii) gains and losses arising from the difference between amounts of dividends and interest or other income, respectively expenses recorded and the amounts actually received, respectively paid. The resulting profits and losses on transactions are included in the Statement of Operations and Changes in Net Assets. The reference currency of the combined statements is EUR. The exchange rates applied as at 30 April 2015 are as follows:

1EUR = 0.72917 GBP 1EUR = 1.12055 USD 1EUR = 134.09622 JPY

D) SECURITIES TRANSACTIONS AND INVESTMENT INCOME Securities transactions are recorded on a trade date basis. Dividend income is accrued on the ex-dividend date. Interest income is recorded on an accrual basis. Realised gains or losses are determined on the basis of the average cost of securities sold. E) FORWARD CURRENCY EXCHANGE CONTRACTS, FINANCIAL FUTURES CONTRACTS, OPTION CONTRACTS AND SWAP CONTRACTS The Company enters into forward currency exchange contracts, financial futures contracts, option contracts and swap contracts which, to varying degrees, represent a market risk in excess of the amount reflected on the Statement of Net Assets. The amount of the contracts represents the extent of the Fund’s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, interest rates and security values underlying these instruments.


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2. SIGNIFICANT ACCOUNTING POLICIES (Continued) E) FORWARD CURRENCY EXCHANGE CONTRACTS, FINANCIAL FUTURES CONTRACTS, OPTION CONTRACTS AND SWAP CONTRACTS (Continued) Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not directly correlate with changes in the value of underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract. Forward Currency Exchange Contracts A forward foreign exchange contract is an agreement to buy or sell a specific amount of foreign currency at a certain date, on or before a certain date. Outstanding forward currency exchange contracts are valued on 30 April 2015, by reference to the forward rate of exchange applicable to the maturity of the contracts. The unrealised gain or loss is shown in the Statement of Net Assets under “Net Unrealised Gain on Forward Currency Exchange Contracts” or “Net Unrealised Loss on Forward Currency Exchange Contracts”. Financial Future Contracts A future contract is an agreement to buy or sell a standard amount of Financial Instrument at a final price and a fixed future date. Future contracts are valued on 30 April 2015, which reflects the latest available price at close of business. The unrealised gain or loss is shown in the Statement of Net Assets under “Net Unrealised Gain on Financial Futures Contracts” or “Net Unrealised Loss on Financial Futures Contracts”. Options Contracts Options contracts are valued on 30 April 2015 and the market value is shown in the Statement of Net Assets under “Options Purchased Contracts” under Assets. Written option contracts are valued on 30 April 2015, and the market value is shown in the Statement of Net Assets under “Options Written Contracts” under Liabilities. Swaptions The company may use Options on Swaps (“Swaptions”). There is no outstanding Swaptions as at 30 April 2015. Interest Rate Swaps Interest Rate Swaps are valued on 30 April 2015, at their market value. The valuation method involved a current value of each interest rate and capital series converted into the currency of the Fund on the closing date. The result of these revaluations together with any interest receivable/payable in relation to interest swaps on 30 April 2015, is shown in the Statement of Net Assets, under “Net Unrealised Gain on Interest Rate Swap Contracts” or “Net Unrealised Loss on Interest Rate Swap Contracts”. Credit Default Swaps A Credit Default Swap is a credit derivate transaction in which two parties enter into an agreement, whereby one party pays the other a periodic payment for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. Credit Default Swaps are valued at their market value. The valuation method involves the current value of the interest rate series and the current value of the credit spread traded on the market converted into the currency of the Fund on the closing date. The result of these revaluations, together with any interest receivable/payable related to the Credit Default Swaps on 30 April 2015, is shown in the Statement of Net Assets under “Net Unrealised Gain on Credit Default Swap Contracts” or “Net Unrealised Loss on Credit Default Swap Contracts”. F) REVERSE REPURCHASE AGREEMENTS Reverse repurchase agreements are similar in effect to a loan collateralized by the underlying securities. A reverse repurchase agreement is an agreement under which an assigner sells securities to another person (the assignee) whereby the assigner agrees to repurchase them at a specified time and at a specified price. The assignee agrees to retrocede these securities at a specified time and at a specified price. The Company is the assignee. Reverse repurchase agreements are valued at cost expressed in the original currency, whatever the market value of the underlying securities is. Accrued interest since the purchase date is included in “Interest Receivable, Net” in the Statement of Net Assets. On 30 April 2015, the Company was not committed into any Reverse Repurchase Agreement.


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2. SIGNIFICANT ACCOUNTING POLICIES (Continued) G) SECURITIES LENDING The Company may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Such transactions may not be entered into for longer than 30 days. If the loan of securities exceeds 50% of the securities portfolio of the sub-fund concerned, it may only be effected on condition that is possible to terminate the loan contract with immediate effect. The Directors will ensure that revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the Fund retains an appropriate share thereof. A significant proportion of the income generated from the securities lending program is credited to participating sub-funds, with a portion of the income being paid to JPMorgan Chase Bank for its role as securities lending agent for the Fund. Income received from securities lending has been recognised in the Statement of Operations under “Other Income”. On 30 April 2015, the valuation of the securities on loan at sub-fund level was as detailed below:

Market Value 30 April 2015

(expressed in USD)

CashCollateral

30 April 2015 (expressed in

USD)

Non CashCollateral

30 April 2015 (expressed in

USD)

Lending Income (gross)

(expressed in USD)

Lending agent fee (expressed in

USD)

Operational expenses

(expressed inUSD)

Lending Income (net)

(expressed inUSD)

Euro Small Cap Equity Fund EUR 18,492,515 4,798,976 14,644,614 75,157 15,031 11,274 48,852

Eastern Europe Diversified Fund EUR 259,637 29,994 243,958 3,436 687 515 2,233

Global Emerging Markets Fund USD 690,662 361,344 384,035 3,523 705 528 2,290

Euro Corporate Bond Fund EUR 59,308,307 45,662,771 15,231,893 93,055 18,611 13,958 60,486

Euro High Yield Bond Fund EUR 99,164,089 62,409,886 38,945,462 220,036 44,007 33,005 143,024

Global Emerging Markets Bond Fund USD 12,142,043 11,568,223 853,237 21,906 4,381 3,286 14,239

Global High Yield Bond Fund EUR 11,835,897 8,699,117 3,408,530 9,081 1,816 1,362 5,902

Euro Credit Short Duration Fund EUR 122,302,353 85,885,416 39,630,772 456,180 91,236 68,427 296,517

Euro Credit Laufzeitfonds 2017 EUR 6,072,200 1,307,341 4,930,204 14,661 2,932 2,199 9,530

Global Opportunistic Fixed Income USD 4,439,286 3,951,515 606,253 10,684 2,137 1,603 6,945

Euro Credit Laufzeitfonds EUR 4,965,892 1,580,741 3,527,591 13,861 2,772 2,079 9,010

U.S. Investment Grade Corporate Bond Fund 1-5 Years USD - - - 17,847 3,569 2,677 11,600

Euro Credit Laufzeitfonds 2019 EUR 21,148,564 8,299,201 13,458,344 14,982 2,996 2,247 9,738


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2. SIGNIFICANT ACCOUNTING POLICIES (Continued) G) SECURITIES LENDING (Continued)

Sub-fund name Market Value

(expressed in USD) Counterparty Euro Small Cap Equity Fund 584,011 Barclays

2,812,157 Citigroup

907,619 Credit Suisse Group

346,462 Deutsche Bank

3,287,244 Goldman

2,494,628 J.P.Morgan

9,122 Merrill Lynch

4,085,193 Morgan Stanley

68,422 Nomura

413,109 Skandinaviska Enskilda Banken AB

3,484,547 UBS

Eastern Europe Diversified Fund 50,446 Merrill Lynch

209,191 Morgan Stanley

Global Emerging Markets Fund 24,241 Goldman

69,028 Jefferies

102,339 Merrill Lynch


255,783 UBS

Global Emerging Markets Bond Fund 718,523 Barclays

3,336,578 Citigroup


1,589,304 Deutsche Bank

574,916 Goldman

2,081,007 ING Bank

796,226 J.P.Morgan

65,972 Mizuho Securities


1,050,705 Nomura

673,645 Wells Fargo

Euro Corporate Bond Fund 10,653,715 Barclays

8,690,883 Citigroup

1,464,662 Credit Suisse Group


2,299,376 Goldman

13,190,158 J.P.Morgan

1,500,870 Merrill Lynch


5,024,545 Societe Generale

1,319,062 RBC

4,021,607 UBS

1,873,504 Wells Fargo

Euro High Yield Bond Fund 17,166,956 Barclays

6,416,190 Citigroup



10,484,608 Goldman

3,146,248 HSBC Bank


13



(expressed in USD) Counterparty Euro High Yield Bond Fund (Continued)

10,827,523 J.P.Morgan




5,830,996 UBS

Global High Yield Bond Fund 2,364,977 Barclays

1,415,061 Citigroup



1,659,208 Goldman

63,609 HSBC Bank





658,575 Societe Generale

451,250 UBS

51,141 RBC

Euro Credit Short Duration Fund 29,190,426 Barclays

5,009,087 Citigroup

2,344,414 Commerzbank



1,985,009 ING Bank

10,633,283 J.P.Morgan



981,054 Nomura


573,845 RBC

3,677,989 UBS

Euro Credit Laufzeitfonds 2017 1,054,245 Citigroup



Global Opportunistic Fixed Income 211,411 Barclays

897,291 Citigroup


480,149 Goldman

582,385 J.P.Morgan

487,686 Merrill Lynch



397,252 RBC


14



(expressed in USD) Counterparty Euro Credit Laufzeitfonds 2018 527,123 Citigroup





Euro Credit Laufzeitfonds 2019 2,535,667 Citigroup





If the guarantee was given in the form of cash, such cash may be reinvested by the Company. As at 30 April 2015, valuation of reinvestments was as detailed below:

Sub-fund name

Currency of the

sub-fund

Cash Collateral reinvested

(expressed in USD)

Cash Collateral reinvested (expressed in

the sub-fund currency) Euro Small Cap Equity Fund EUR 4,798,976 4,282,702 Eastern Europe Diversified Fund EUR 29,994 26,767

Global Emerging Markets Fund USD 361,344 361,344 Euro Corporate Bond Fund EUR 45,662,771 40,750,370

Euro High Yield Bond Fund EUR 62,409,886 55,695,831 Global Emerging Markets Bond Fund USD 11,568,223 11,568,223

Global High Yield Bond Fund EUR 8,699,117 7,763,266 Euro Credit Short Duration Fund EUR 85,885,416 76,645,863

Euro Credit Laufzeitfonds 2017 EUR 1,307,341 1,166,697 Global Opportunistic Fixed Income USD 3,951,515 3,951,515

Euro Credit Laufzeitfonds 2018 EUR 1,580,741 1,410,685 Euro Credit Laufzeitfonds 2019 EUR 8,299,201 7,406,373

H) FORMATION EXPENSES Formation expenses are deferred and amortised on a straight-line basis over a period of five years. As at 30 April 2015, formation expenses are fully amortised.


15

3. MANAGEMENT FEE The Management Company is paid, out of the assets of each of the sub-funds, an Investment Management Fee, equal to a percentage per annum of the daily Net Asset Value of each class of Shares within each sub-fund and payable quarterly in arrears. The Management Company is responsible for paying the remuneration due to any Sub-Manager out of its fees. The Management Fees amount to the following percentage figures:

Class A Class B

Class C Class D

Class rf-A Class rf-B

Class rf15-A Class rf15-B

Euro Small Cap Equity Fund 1.20% 2.00% 0.80% 1.00% Eastern Europe Diversified Fund 1.00% 2.00% 0.65% 0.85% Global Emerging Markets Fund 1.00% 2.00% 0.65% 0.85% Euro Corporate Bond Fund 0.45% 1.10% 0.30% 0.40% Euro High Yield Bond Fund 0.70% 1.40% 0.45% 0.60% Global Emerging Markets Bond Fund 1.00% 1.45% 0.65% 0.85% Global High Yield Bond Fund 0.70% 1.40% 0.45% 0.60% ABS Fund 1 0.40% 0.55% 0.25% 0.35% Euro Credit Short Duration Fund 0.65% 1.30% 0.40% 0.55% Euro Credit Laufzeitfonds 2017 0.55% 0.70% 0.35% 0.45% Global Opportunistic Fixed Income 1.00% 1.50% 0.75% 0.85% Euro Credit Laufzeitfonds 2018 0.55% 0.70% 0.35% 0.45% U.S. Investment Grade Corporate Bond Fund 1-5 Years 0.60% 1.10% 0.40% 0.50% Euro Credit Laufzeitfonds 2019 2 0.55% 0.70% 0.35% 0.45%

1 The sub-fund was liquidated on 8 December 2014 2 The sub-fund was launched on 3 December 2014

4. DIVIDENDS The Board of Directors resolved to distribute for the year ended 31 October 2014 dividends for Class B, D, rf-B, D GBP Hedged, rf-B EUR Hedged and rf15-B of the following sub-funds:

Share Class Dividend Ex-date Pay-date

per Share

Euro Small Cap Equity Fund rf-B EUR 0.1571 November 13, 2014 November 18, 2014

Eastern Europe Diversified Fund B EUR 0.2381 November 13, 2014 November 18, 2014

Global Emerging Markets Fund D EUR 0.0175 November 13, 2014 November 18, 2014

Global Emerging Markets Fund rf-B USD 0.2281 November 13, 2014 November 18, 2014

Euro Corporate Bond Fund B EUR 0.3679 November 13, 2014 November 18, 2014

Euro Corporate Bond Fund rf-B EUR 0.3569 November 13, 2014 November 18, 2014

Euro Corporate Bond Fund D GBP Hedged GBP 0.2768 November 13, 2014 November 18, 2014

Euro High Yield Bond Fund B EUR 0.6531 November 13, 2014 November 18, 2014

Euro High Yield Bond Fund D EUR 0.4987 November 13, 2014 November 18, 2014

Euro High Yield Bond Fund rf-B EUR 0.6974 November 13, 2014 November 18, 2014

Euro High Yield Bond Fund rf15-B EUR 0.6789 November 13, 2014 November 18, 2014

Global Emerging Markets Bond Fund B USD 0.6335 November 13, 2014 November 18, 2014

Global Emerging Markets Bond Fund rf-B USD 0.7719 November 13, 2014 November 18, 2014

Global High Yield Bond Fund rf-B EUR 0.6625 November 13, 2014 November 18, 2014


16

4. DIVIDENDS (Continued)

Share Class Dividend Ex-date Pay-date

per Share

Global High Yield Bond Fund rf-B EUR Hedged EUR 0.6120 November 13, 2014 November 18, 2014

ABS Fund B EUR 1.0321 November 13, 2014 November 18, 2014

ABS Fund D EUR 0.9371 November 13, 2014 November 18, 2014

Euro Credit Short Duration Fund D EUR 0.4542 November 13, 2014 November 18, 2014

Euro Credit Short Duration Fund rf-B EUR 0.5374 November 13, 2014 November 18, 2014

Euro Credit Short Duration Fund B GBP Hedged GBP 0.4976 November 13, 2014 November 18, 2014

Euro Credit Laufzeitfonds 2017 rf-B EUR 0.29 November 13, 2014 November 18, 2014

Euro Credit Laufzeitfonds 2018 rf-B EUR 0.27 November 13, 2014 November 18, 2014 5. TAXATION A) TAXE D’ABONNEMENT The Company, in regards to Class C and Class D Shares are currently liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the relevant class of each sub-fund at the end of the relevant calendar quarter. With regard to Class A, rf-A, rf15-A, B, rf-B, rf15-B, X-A and X-B Shares of all the sub-funds, the Company is liable to a tax of 0.01% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the aggregate net assets of the relevant classes of each sub-fund at the end of the relevant calendar quarter. B) PROVISION FOR FOREIGN TAXES Capital gains, dividends and interest on securities received from other countries may be subject to withholding or capital gains taxes imposed by such countries. It is the Fund’s policy to provide for any potential liability to foreign capital gains and income taxes. 6. TRAILER FEES AND REBATES As part of marketing the Company in Switzerland, reimbursements may be made from the management fee received – included in accordance with the SFA definition – to the following institutional Investors owning fund shares for economic third parties: - Life insurance companies, - Pension funds and other similar institutions, - Investment foundations, - Swiss fund management companies, - Foreign fund management companies and providers, - Investment companies. As part of marketing the Company in Switzerland, trailers fees may also be paid from the management fee received – included in accordance with the SFA definition – to the following distributors and partners: - authorised distributors and distributors exempted from the authorisation requirement, - sales partners placing the Company’s shares exclusively with institutional investors with professional treasury facilities, - sales partners placing the Company’s shares exclusively with their clients on the basis of a written and

remunerated discretionary asset management mandate.


17

7. TRANSACTION COSTS The transaction costs are costs incurred by the funds in connection with transactions on securities and on futures. They consist of commissions and taxes relating to these transactions. For the period ended 30 April 2015, the Company incurred transaction costs as follows:

Euro Small Cap Equity Fund EUR 145,900 Eastern Europe Diversified Fund EUR 41,074 Global Emerging Markets Fund USD 66,010 Euro Corporate Bond Fund EUR - Euro High Yield Bond Fund EUR - Global Emerging Markets Bond Fund USD - Global High Yield Bond Fund EUR -

ABS Fund* EUR - Euro Credit Short Duration Fund EUR - Euro Credit Laufzeitfonds 2017 EUR - Global Opportunistic Fixed Income Fund USD - Euro Credit Laufzeitfonds 2018 EUR - U.S. Investment Grade Corporate Bond Fund 1-5 Years USD -

Euro Credit Laufzeitfonds 2019** EUR -

* The sub-fund was liquidated on 8 December 2014. ** The sub-fund was launched on 3 December 2014.

There are no brokerage fees charged separately for transactions on fixed income instruments and derivatives (except for futures and options). The transaction costs are included in the transaction price, which is known as “marked up”. For this reason there is currently no data available to disclose for these sub-funds. 8. STATEMENT OF CHANGES IN PORTFOLIO A statement giving the changes in the portfolio of investments for the period ended 30 April 2015 can be obtained free of charge from the registered office of the Fund as well as the Company’s Paying and Information Agents. 9. GENERAL INFORMATION The annual general meeting takes place at the registered office of the Company or at such other place in the Grand-Duchy of Luxembourg as may be specified in the notice of meeting on the first Friday in the month of March at 10.00 a.m. If such day is a legal or a bank holiday in Luxembourg, the annual general meeting shall be held on the next following business day. All shares in the Fund are in registered form. Notices of all general meetings are sent to the Shareholders at their addresses in the register of Shareholders at least eight days prior to the meeting. Such notices include the agenda, specify the time and place of the meeting and the conditions of admission and refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities required for the meeting. The accounting year of the Company commences on the 1st November of each year and terminates on the 31st October of the following year.


18

BNY Mellon Compass FundsStatement of Net Assets as at 30 April 2015

CombinedEuro Small Cap

Equity FundEastern Europe

Diversified FundGlobal Emerging

Markets Fund EUR EUR EUR USD

Assets

Investments in Securities at Market Value 2,767,126,528 116,806,611 9,750,557 26,966,107 Acquisition Cost: 2,705,153,024 92,301,216 8,516,994 23,364,289 Cash at Bank 93,890,956 2,131,367 91,954 7,492 Margin Deposits 1,265,743 - - - Amounts Receivable on Subscriptions 2,370,522 - - 69 Amounts Receivable on Sale of Investments 20,859,820 53,299 367,131 1,509,359 Interest and Dividends Receivable, Net 39,787,924 86,088 7,566 57,995 Net Unrealised Gain on Forward Currency Exchange Contracts (note 2e)

1,230,507 - - -

Options Purchased Contracts (note 2e) 21,530 - - - Net Unrealised Gain on Credit Default Swap Contracts (note 2e) 39,819 - - - Sundry Receivables and Prepayments 448,811 284,790 50,666 979 Total Assets 2,927,042,160 119,362,155 10,267,874 28,542,001

Liabilities

Amounts Payable on Redemptions 7,511,839 - - 1,422,320 Amounts Payable on Purchase of Investments 53,721,858 - 118,481 - Management and Administration Fees Payable 4,939,728 327,278 108,518 127,423 Net Unrealised Loss on Forward Currency Exchange Contracts (note 2e)

423,797 - - 2,761

Net Unrealised Loss on Financial Futures Contracts (note 2e) 1,182,160 - - - Option Written Contracts (note 2e) 33,800 - - - Net Unrealised Loss on Interest Rate Swap Contracts (note 2e) 795,537 - - - Net Unrealised Loss on Credit Default Swap Contracts (note 2e) 769,349 - - - Other Fees Payable 1,591,827 88,085 38,093 89,280 Total Liabilities 70,969,895 415,363 265,092 1,641,784

Total Net Assets 2,856,072,265 118,946,792 10,002,782 26,900,217

Number of Shares A Outstanding - 10,283.11 19,107.77 Net Asset Value Per Share A - 32.94 48.41

Number of Shares B Outstanding - 1,067.24 - Net Asset Value Per Share B - 27.17 -

Number of Shares B GBP Hedged Outstanding - - - Net Asset Value Per Share B GBP Hedged - - -

Number of Shares C Outstanding 183,271.87 552,564.64 123,460.81 Net Asset Value Per Share C 13.99 17.44 23.05

Number of Shares D Outstanding - - 79,221.88 Net Asset Value Per Share D - - 13.62

Number of Shares D GBP Hedged Outstanding - - - Net Asset Value Per Share D GBP Hedged - - -

Number of Shares rf-A Outstanding - - - Net Asset Value Per Share rf-A - - -

Number of Shares rf-B Outstanding 6,757,539.51 - 1,443,650.00 Net Asset Value Per Share rf-B 17.22 - 15.27

Number of Shares rf15-B Outstanding - - - Net Asset Value Per Share rf15-B - - -

Number of Shares rf-B Hedged Outstanding - - - Net Asset Value Per Share rf-B Hedged - - -

Number of Shares A GBP Hedged Outstanding - - - Net Asset Value Per Share A GBP Hedged - - -

Number of Shares rf-B EUR Outstanding - - - Net Asset Value Per Share rf-B EUR - - -

The accompanying notes form an integral part of these financial statements.


19


Euro Corporate Bond Fund

Euro High Yield Bond Fund

Global Emerging Markets Bond

FundGlobal High Yield

Bond FundEUR EUR USD EUR

Assets

Investments in Securities at Market Value 554,183,863 465,484,218 80,058,423 83,668,370 Acquisition Cost: 535,986,248 456,290,021 78,030,098 75,755,706 Cash at Bank 8,178,965 20,815,455 2,702,884 2,165,050 Margin Deposits 322,500 - 9,594 - Amounts Receivable on Subscriptions 361,994 1,539,252 - - Amounts Receivable on Sale of Investments 13,412,762 3,974,712 - 492,884 Interest and Dividends Receivable, Net 6,413,171 8,696,989 940,344 1,386,266 Net Unrealised Gain on Forward Currency Exchange Contracts (note 2e)

- - - 1,230,507

Options Purchased Contracts (note 2e) - - - - Net Unrealised Gain on Credit Default Swap Contracts (note 2e) - - - - Sundry Receivables and Prepayments 42,046 64,289 2,030 404 Total Assets 582,915,301 500,574,915 83,713,275 88,943,481

Liabilities

Amounts Payable on Redemptions 5,792,523 22,897 - 68,640 Amounts Payable on Purchase of Investments 5,649,774 7,708,250 - 925,021 Management and Administration Fees Payable 874,870 867,461 211,578 207,578 Net Unrealised Loss on Forward Currency Exchange Contracts (note 2e)

10,000 - - -

Net Unrealised Loss on Financial Futures Contracts (note 2e) 373,500 - 8,328 - Option Written Contracts (note 2e) - - - - Net Unrealised Loss on Interest Rate Swap Contracts (note 2e) - - - - Net Unrealised Loss on Credit Default Swap Contracts (note 2e) 744,814 24,535 - - Other Fees Payable 262,230 325,406 93,923 56,863 Total Liabilities 13,707,711 8,948,549 313,829 1,258,102

Total Net Assets 569,207,590 491,626,366 83,399,446 87,685,379

Number of Shares A Outstanding 8,569,130 1,933,490.43 - 3,534.00Net Asset Value Per Share A 19.14 26.67 - 25.41

Number of Shares B Outstanding 534,648.11 4,169,975.00 617,000.00 - Net Asset Value Per Share B 12.03 11.39 14.45 -

Number of Shares B GBP Hedged Outstanding - - - - Net Asset Value Per Share B GBP Hedged - - - -

Number of Shares C Outstanding 5,009,678.26 546,608.88 26,848.40 157,793.64Net Asset Value Per Share C 17.56 24.14 28.35 20.76

Number of Shares D Outstanding - 202,993.55 - - Net Asset Value Per Share D - 10.01 - -

Number of Shares D GBP Hedged Outstanding 30,777.43 - - - Net Asset Value Per Share D GBP Hedged 12.02 GBP - - -

Number of Shares rf-A Outstanding - 8,829,289.13 - - Net Asset Value Per Share rf-A - 11.41 - -

Number of Shares rf-B Outstanding 27,832,701.56 22,589,545.99 4,527,328.00 800.00Net Asset Value Per Share rf-B 11.15 11.65 16.28 13.18

Number of Shares rf15-B Outstanding - 1,148,424.00 - - Net Asset Value Per Share rf15-B - 11.64 - -

Number of Shares rf-B Hedged Outstanding - - - 7,772,935.49Net Asset Value Per Share rf-B Hedged - - - 10.85

Number of Shares A GBP Hedged Outstanding - - - - Net Asset Value Per Share A GBP Hedged - - - -

Number of Shares rf-B EUR Outstanding - - - - Net Asset Value Per Share rf-B EUR - - - -



20


Euro Credit Short Duration

Fund

Euro Credit Laufzeitfonds

2017

Global Opportunistic Fixed Income


2018 EUR EUR USD EUR

Assets

Investments in Securities at Market Value 625,211,581 40,653,303 96,990,897 28,711,085 Acquisition Cost: 633,283,760 40,741,658 97,963,330 28,720,614 Cash at Bank 21,850,087 4,418,207 10,866,642 1,451,892 Margin Deposits - - 500,459 - Amounts Receivable on Subscriptions 469,214 - - - Amounts Receivable on Sale of Investments - - 1,358,164 - Interest and Dividends Receivable, Net 14,312,754 602,812 898,977 475,760

Net Unrealised Gain on Forward Currency Exchange Contracts (note 2e) - - - -

Options Purchased Contracts (note 2e) - - 24,125 - Net Unrealised Gain on Credit Default Swap contracts (note 2e) 39,819 - - - Sundry Receivables and Prepayments 119 - 1,939 - Total Assets 661,883,574 45,674,322 110,641,203 30,638,737

Liabilities

Amounts Payable on Redemptions 358,474 - - - Amounts Payable on Purchase of Investments 17,583,070 1,382,411 5,121,849 - Management and Administration Fees Payable 1,174,573 60,402 352,013 43,230

Net Unrealised Loss on Forward Currency Exchange Contracts (note 2e) 182,761 - 256,126 -

Net Unrealised Loss on Financial Futures Contracts (note 2e) - - 438,805 - Option Written Contracts (note 2e) - - 37,875 - Net Unrealised Loss on Interest Rate Swap Contracts (note 2e) - - 891,439 - Net Unrealised Loss on Credit Default Swap Contracts (note 2e) - - - - Other Fees Payable 311,161 33,994 155,244 33,318 Total Liabilities 19,610,039 1,476,807 7,253,351 76,548

Total Net Assets 642,273,535 44,197,515 103,387,852 30,562,189

Number of Shares A Outstanding 4,975,927.08 - - - Net Asset Value Per Share A 11.71 - - -

Number of Shares B Outstanding - - - - Net Asset Value Per Share B - - - -

Number of Shares B GBP Hedged Outstanding 816,060.16 - - - Net Asset Value Per Share B GBP Hedged 9.78 GBP - - -

Number of Shares C Outstanding - - - - Net Asset Value Per Share C - - - -

Number of Shares D Outstanding 4,563,783.11 - - - Net Asset Value Per Share D 9.94 - - -

Number of Shares D GBP Hedged Outstanding - - - - Net Asset Value Per Share D GBP Hedged - - - -

Number of Shares rf-A Outstanding 4,468,660.57 - - - Net Asset Value Per Share rf-A 10.47 - - -

Number of Shares rf-B Outstanding 49,604,450.13 - - - Net Asset Value Per Share rf-B 9.69 - - -

Number of Shares rf15-B Outstanding - - - - Net Asset Value Per Share rf15-B - - - -

Number of Shares rf-B Hedged Outstanding - - - - Net Asset Value Per Share rf-B Hedged - - - -

Number of Shares A GBP Hedged Outstanding - - 6,657,372.68 - Net Asset Value Per Share A GBP Hedged - - 10.11 GBP -

Number of Shares rf-B EUR Outstanding - 4,250,000.00 - 2,949,340.00Net Asset Value Per Share rf-B EUR - 10.40 - 10.36



21


U.S. Investment Grade Corporate

Bond Fund 1-5 Years


2019*USD EUR

Assets

Investments in Securities at Market Value 603,906,879 121,651,796 Acquisition Cost: 598,276,654 121,732,811 Cash at Bank 21,524,715 1,462,529 Margin Deposits 546,898 - Amounts Receivable on Subscriptions - - Amounts Receivable on Sale of Investments - - Interest and Dividends Receivable, Net 4,640,575 1,971,980

Net Unrealised Gain on Forward Currency Exchange Contracts (note 2e) - -

Options Purchased Contracts (note 2e) - - Net Unrealised Gain on Credit Default Swap contracts (note 2e) - - Sundry Receivables and Prepayments - 2,081 Total Assets 630,619,067 125,088,386

Liabilities

Amounts Payable on Redemptions - - Amounts Payable on Purchase of Investments 16,863,927 734,329 Management and Administration Fees Payable 517,104 197,671

Net Unrealised Loss on Forward Currency Exchange Contracts (note 2e) - -

Net Unrealised Loss on Financial Futures Contracts (note 2e) 459,011 - Option Written Contracts (note 2e) - - Net Unrealised Loss on Interest Rate Swap Contracts (note 2e) - - Net Unrealised Loss on Credit Default Swap Contracts (note 2e) - - Other Fees Payable 146,661 9,757 Total Liabilities 17,986,703 941,757

Total Net Assets 612,632,364 124,146,629

Number of Shares A Outstanding - - Net Asset Value Per Share A - -

Number of Shares B Outstanding - 8,270,000.00Net Asset Value Per Share B - 10.14

Number of Shares B GBP Hedged Outstanding - - Net Asset Value Per Share B GBP Hedged - -

Number of Shares C Outstanding - - Net Asset Value Per Share C - -

Number of Shares D Outstanding - - Net Asset Value Per Share D - -

Number of Shares D GBP Hedged Outstanding - - Net Asset Value Per Share D GBP Hedged - -

Number of Shares rf-A Outstanding 59,434,160.00 - Net Asset Value Per Share rf-A 10.31 -

Number of Shares rf-B Outstanding - 3,975,000.00Net Asset Value Per Share rf-B - 10.14

Number of Shares rf15-B Outstanding - - Net Asset Value Per Share rf15-B - -

Number of Shares rf-B Hedged Outstanding - - Net Asset Value Per Share rf-B Hedged - -

Number of Shares A GBP Hedged Outstanding - - Net Asset Value Per Share A GBP Hedged - -

Number of Shares rf-B EUR Outstanding - - Net Asset Value Per Share rf-B EUR - -

*The sub-fund was launched on 3 December 2014



22

BNY Mellon Compass FundStatement of Operations and Changes in Net Assetsfor the Period ended 30 April 2015

Combined* Euro Small Cap

Equity Fund Eastern Europe Diversified Fund

Global Emerging Markets Fund

EUR EUR EUR USD Net Assets at the Beginning of the Period 2,456,217,708 93,086,899 11,681,351 33,115,053

IncomeDividend Income, Net 999,362 720,881 51,232 254,644 Interest Income, Net 55,330,791 - 15 - Other Income 567,394 42,105 1,890 2,290 Total Income 56,897,547 762,986 53,137 256,934

ExpensesManagement Fee (note 3) 6,372,818 429,010 98,103 127,538 Domiciliary, Administrative and Transfer Agency Fees 438,656 23,200 15,001 20,336 Custodian Fees and Expenses 294,099 26,358 6,963 30,627 Professional Fees 143,850 12,263 10,551 34,513 Taxe d'abonnement (note 5a) 160,442 5,483 2,419 2,313 Bank Charges 26,180 25 261 456 Sundry Expenses 504,079 19,288 13,024 38,476 Total Expenses 7,940,124 515,627 146,322 254,259

Net Investment Income/(Loss) 48,957,423 247,359 (93,185) 2,675 Net Realised Gain/(Loss) on Sale of Investments 14,328,783 4,731,725 (270,510) 979,935 Net Realised Gain/(Loss) on Forward Currency Exchange Contracts (6,397,449) (2) (1,146) (23,982) Net Realised Gain/(Loss) on Financial Futures Contracts (2,083,515) - - - Net Realised Gain/(Loss) on Option Contracts 51,170 - - - Net Realised Gain/(Loss) on Credit Default Swap Contracts 1,605,340 - - - Net Realised Gain/(Loss) on Foreign Exchange 2,348,317 (263) (3,886) (4,573) Net Realised Gain/(Loss) for the Period 9,852,646 4,731,460 (275,542) 951,380

Net Change in Unrealised Appreciation/(Depreciation) on Investments 20,879,853 18,348,844 409,083 (555,284) Net Change in Unrealised Appreciation/(Depreciation) on Forward Currency Exchange Contracts 1,119,212 - - (2,761) Net Change in Unrealised Appreciation/(Depreciation) on Financial Futures Contracts (891,662) - - - Net Change in Unrealised Appreciation/(Depreciation) on Option Contracts 48,567 - - - Net Change in Unrealised Appreciation/(Depreciation) on Interest Rate Swaps Contracts (184,297) - - - Net Change in Unrealised Appreciation/(Depreciation) on Credit Default Swap contracts (2,204,898) - - - Net Change in Unrealised Appreciation/(Depreciation) on Foreign Exchange (25,339) - (3,330) 2,588 Net Change in Unrealised Appreciation/(Depreciation) for the Period 18,741,436 18,348,844 405,753 (555,457)

Increase/(Decrease) in Net Assets as a Result of Operations 77,551,505 23,327,663 37,026 398,598

Movements in Share CapitalSubscriptions 906,954,061 39,910,735 375,825 626,653 Redemptions (517,564,918) (36,331,232) (2,091,114) (6,827,568) Dividend Distribution (69,760,123) (1,047,273) (302) (412,438) Income Equalisation 2,674,032 - (4) (81) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 322,303,052 2,532,230 (1,715,595) (6,613,434)

Net Assets at the End of the Period 2,856,072,265 118,946,792 10,002,782 26,900,217

* The opening balance of the Combined Net Assets of the sub-funds expressed in EUR wasdetermined using the foreign exchange rates as at 30 April 2015.The same Net Assets when combined using the foreign exchange rates ruling as at 31 October 2014reflected a figure of EUR 2,390,639,605.



23


Euro Corporate Bond Fund

Euro High Yield Bond Fund

Global Emerging Markets Bond

Fund Global High

Yield Bond Fund EUR EUR USD EUR

Net Assets at the Beginning of the Period 467,930,258 350,454,542 76,888,941 88,858,802

IncomeDividend Income, Net - - - - Interest Income, Net 7,734,093 11,643,025 1,957,290 2,684,039 Other Income 52,624 126,420 14,239 17,740 Total Income 7,786,717 11,769,445 1,971,529 2,701,779

ExpensesManagement Fee (note 3) 1,176,380 1,062,326 288,618 214,958 Domiciliary, Administrative and Transfer Agency Fees 60,679 68,562 20,469 20,371 Custodian Fees and Expenses 39,206 38,460 9,531 11,031 Professional Fees 15,599 3,436 6,606 10,181 Taxe d'abonnement (note 5a) 38,797 21,966 4,300 5,088 Bank Charges 1,149 520 - 314 Sundry Expenses 50,929 117,656 42,746 22,021 Total Expenses 1,382,739 1,312,926 372,270 283,964

Net Investment Income/(Loss) 6,403,978 10,456,519 1,599,259 2,417,815 Net Realised Gain/(Loss) on Sale of Investments 10,290,763 3,226,190 (2,414,990) 2,179,468 Net Realised Gain/(Loss) on Forward Currency Exchange Contracts 35,648 (2) - (7,923,185) Net Realised Gain/(Loss) on Financial Futures Contracts 329,369 - 7,037 - Net Realised Gain/(Loss) on Option Contracts - - - - Net Realised Gain/(Loss) on credit default swap contracts 714,842 931,327 (6,183) - Net Realised Gain/(Loss) on Foreign Exchange 4,507 (3) (626) 725,331 Net Realised Gain/(Loss) for the Period 11,375,129 4,157,512 (2,414,762) (5,018,386)

Net Change in Unrealised Appreciation/(Depreciation) on Investments (4,184,165) 2,900,367 777,521 3,568,897 Net Change in Unrealised Appreciation/(Depreciation) on Forward Currency Exchange Contracts (24,221) - - 2,086,037 Net Change in Unrealised Appreciation/(Depreciation) on Financial Futures Contracts (476,955) - (8,328) - Net Change in Unrealised Appreciation/(Depreciation) on Option Contracts - - - - Net Change in Unrealised Appreciation/(Depreciation) on Interest Rate Swaps Contracts - - - - Net Change in Unrealised Appreciation/(Depreciation) on Credit Default Swap contracts (802,987) (1,251,280) - - Net Change in Unrealised Appreciation/(Depreciation) on Foreign Exchange - - 25 (33,547) Net Change in Unrealised Appreciation/(Depreciation) for the Period (5,488,328) 1,649,087 769,218 5,621,387

Increase/(Decrease) in Net Assets as a Result of Operations 12,290,779 16,263,119 (46,285) 3,020,816

Movements in Share CapitalSubscriptions 189,944,052 219,000,115 20,032,441 7,593,783 Redemptions (91,383,254) (78,459,919) (9,570,374) (7,087,389) Dividend Distribution (9,775,278) (17,684,908) (3,915,146) (4,680,973) Income Equalisation 201,033 2,053,417 9,869 (19,660) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 88,986,553 124,908,705 6,556,790 (4,194,239)

Net Assets at the End of the Period 569,207,590 491,626,366 83,399,446 87,685,379



24


ABS Fund

Euro Credit Short Duration

Fund


2017

Global Opportunistic Fixed Income

EUR* EUR EUR USD Net Assets at the Beginning of the Period 36,850,907 677,691,572 44,612,486 102,061,968

IncomeDividend Income, Net - - - - Interest Income, Net 14,245 19,138,522 1,079,071 2,088,070 Other Income 2,946 263,892 8,290 6,947 Total Income 17,191 19,402,414 1,087,361 2,095,017

ExpensesManagement Fee (note 3) 15,277 1,590,589 76,046 501,423 Domiciliary, Administrative and Transfer Agency Fees 2,928 110,716 12,810 23,722 Custodian Fees and Expenses 632 66,127 4,185 28,170 Professional Fees 537 3,616 10,724 6,472 Taxe d'abonnement (note 5a) - 41,893 2,173 5,015 Bank Charges 343 13,522 315 9,659 Sundry Expenses 8,617 62,733 14,972 31,461 Total Expenses 28,334 1,889,196 121,225 605,922

Net Investment Income/(Loss) (11,143) 17,513,218 966,136 1,489,095 Net Realised Gain/(Loss) on Sale of Investments 2,975,569 (6,236,355) (141,804) (1,261,038) Net Realised Gain/(Loss) on Forward Currency Exchange Contracts (2) 595,766 (2) 1,027,410 Net Realised Gain/(Loss) on Financial Futures Contracts - - - 53,333 Net Realised Gain/(Loss) on Option Contracts - - - 57,339 Net Realised Gain/(Loss) on credit default swap contracts - (35,311) - - Net Realised Gain/(Loss) on Foreign Exchange - 169,943 - 1,633,008 Net Realised Gain/(Loss) for the Period 2,975,567 (5,505,957) (141,806) 1,510,052

Net Change in Unrealised Appreciation/(Depreciation) on Investments (2,997,161) 1,020,350 (6,801) (611,251) Net Change in Unrealised Appreciation/(Depreciation) on Forward Currency Exchange Contracts - (231,295) - (794,296) Net Change in Unrealised Appreciation/(Depreciation) on Financial Futures Contracts - - - (493,627) Net Change in Unrealised Appreciation/(Depreciation) on Option Contracts - - - 54,422 Net Change in Unrealised Appreciation/(Depreciation) on Interest Rate Swaps Contracts - - - (206,514) Net Change in Unrealised Appreciation/(Depreciation) on Credit Default Swap contracts - (150,631) - - Net Change in Unrealised Appreciation/(Depreciation) on Foreign Exchange - (1,701) - 12,222 Net Change in Unrealised Appreciation/(Depreciation) for the Period (2,997,161) 636,723 (6,801) (2,039,044)

Increase/(Decrease) in Net Assets as a Result of Operations (32,737) 12,643,984 817,529 960,103

Movements in Share CapitalSubscriptions - 110,145,366 - 82,102,978 Redemptions (36,488,420) (128,013,423) - (81,751,952) Dividend Distribution (329,750) (30,350,354) (1,232,500) - Income Equalisation - 156,390 - 14,755 Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (36,818,170) (48,062,021) (1,232,500) 365,781

Net Assets at the End of the Period - 642,273,535 44,197,515 103,387,852

*The sub-fund was liquidated on 8 December 2014



25



2018

U.S. Investment Grade Corporate

Bond Fund 1-5 Years


2019* EUR USD EUR

Net Assets at the Beginning of the Period 30,682,856 521,186,133 -

IncomeDividend Income, Net - - - Interest Income, Net 769,596 7,148,901 2,278,215 Other Income 7,846 15,338 9,003 Total Income 777,442 7,164,239 2,287,218

ExpensesManagement Fee (note 3) 52,601 668,290 242,269 Domiciliary, Administrative and Transfer Agency Fees 10,635 62,174 684 Custodian Fees and Expenses 3,041 41,537 50 Professional Fees 10,768 20,820 5,124 Taxe d'abonnement (note 5a) 1,503 28,852 4,995 Bank Charges 331 - 373 Sundry Expenses 20,259 74,654 7,402 Total Expenses 99,138 896,327 260,897

Net Investment Income/(Loss) 678,304 6,267,912 2,026,321 Net Realised Gain/(Loss) on Sale of Investments (70,750) 335,278 (248,677) Net Realised Gain/(Loss) on Forward Currency Exchange Contracts (2) - - Net Realised Gain/(Loss) on Financial Futures Contracts - (2,764,127) - Net Realised Gain/(Loss) on Option Contracts - - - Net Realised Gain/(Loss) on credit default swap contracts - - - Net Realised Gain/(Loss) on Foreign Exchange - - - Net Realised Gain/(Loss) for the Period (70,752) (2,428,849) (248,677)

Net Change in Unrealised Appreciation/(Depreciation) on Investments 85,380 2,424,016 (81,015) Net Change in Unrealised Appreciation/(Depreciation) on Forward Currency Exchange Contracts - - - Net Change in Unrealised Appreciation/(Depreciation) on Financial Futures Contracts - 37,255 - Net Change in Unrealised Appreciation/(Depreciation) on Option Contracts - - - Net Change in Unrealised Appreciation/(Depreciation) on Interest Rate Swaps Contracts - - - Net Change in Unrealised Appreciation/(Depreciation) on Credit Default Swap contracts - - - Net Change in Unrealised Appreciation/(Depreciation) on Foreign Exchange - - - Net Change in Unrealised Appreciation/(Depreciation) for the Period 85,380 2,461,271 (81,015)

Increase/(Decrease) in Net Assets as a Result of Operations 692,932 6,300,334 1,696,629

Movements in Share CapitalSubscriptions - 140,995,857 122,450,000 Redemptions (16,832) (56,142,371) - Dividend Distribution (796,767) - - Income Equalisation - 292,411 - Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (813,599) 85,145,897 122,450,000

Net Assets at the End of the Period 30,562,189 612,632,364 124,146,629




26

BNY Mellon Compass FundStatement of Changes in the Number of Sharesfor the Period ended 30 April 2015

Euro Eastern Global EuroSmall Cap Europe Emerging Corporate

Equity Diversified Markets Bond

Fund Fund Fund Fund

Number of Shares A in Issue at the Beginning of the Period - 23,283.11 21,530.36 7,047,276.29Number of Shares A Subscribed - - - 4,452,035.29Number of Shares A Redeemed - (13,000.00) (2,422.59) (2,930,181.44)Number of Shares A in Issue at the End of the Period - 10,283.11 19,107.77 8,569,130.14

Number of Shares B in Issue at the Beginning of the Period - 1,267.24 - 1,501,148.11Number of Shares B Subscribed - - - 159,000.00Number of Shares B Redeemed - (200.00) - (1,125,500.00)Number of Shares B in Issue at the End of the Period - 1,067.24 - 534,648.11

Number of Shares B GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares B GBP Hedged Subscribed - - - -Number of Shares B GBP Hedged Redeemed - - - -Number of Shares B GBP Hedged in Issue at the End of the Period - - - -

Number of Shares C in Issue at the Beginning of the Period 11,832.82 634,535.53 150,025.54 2,933,821.27Number of Shares C Subscribed 190,329.54 23,358.63 6,031.37 2,196,191.72Number of Shares C Redeemed (18,890.49) (105,329.52) (32,596.10) (120,334.73)Number of Shares C in Issue at the End of the Period 183,271.87 552,564.64 123,460.81 5,009,678.26

Number of Shares D in Issue at the Beginning of the Period - - 83,500.87 -Number of Shares D Subscribed - - 1,654.01 -Number of Shares D Redeemed - - (5,933.00) -Number of Shares D in Issue at the End of the Period - - 79,221.88 -

Number of Shares D GBP Hedged in Issue at the Beginning of the Period - - - 101,759.19Number of Shares D GBP Hedged Subscribed - - - 704.25Number of Shares D GBP Hedged Redeemed - - - (71,686.01)Number of Shares D GBP Hedged in Issue at the End of the Period - - - 30,777.43

Number of Shares rf-A in Issue at the Beginning of the Period - - - -Number of Shares rf-A Subscribed - - - -Number of Shares rf-A Redeemed - - - -Number of Shares rf-A in Issue at the End of the Period - - - -

Number of Shares rf-B in Issue at the Beginning of the Period 6,666,281.60 - 1,800,150.00 23,704,962.00Number of Shares rf-B Subscribed 2,222,640.91 - 32,500.00 5,771,839.56Number of Shares rf-B Redeemed (2,131,383.00) - (389,000.00) (1,644,100.00)Number of Shares rf-B in Issue at the End of the Period 6,757,539.51 - 1,443,650.00 27,832,701.56

Number of Shares rf15-B in Issue at the Beginning of the Period - - - -Number of Shares rf15-B Subscribed - - - -Number of Shares rf15-B Redeemed - - - -Number of Shares rf15-B in Issue at the End of the Period - - - -

Number of Shares rf-B Hedged in Issue at the Beginning of the Period - - - -Number of Shares rf-B Hedged Subscribed - - - -Number of Shares rf-B Hedged Redeemed - - - -Number of Shares rf-B Hedged in Issue at the End of the Period - - - -

Number of Shares A USD Issue at the Beginning of the Period - - - -Number of Shares A USD Subscribed - - - -Number of Shares A USD Redeemed - - - -Number of Shares A USD in Issue at the End of the Period - - - -

Number of Shares A EUR in Issue at the Beginning of the Period - - - -Number of Shares A EUR Subscribed - - - -Number of Shares A EUR Redeemed - - - -Number of Shares A EUR in Issue at the End of the Period - - - -

Number of Shares A GBP in Issue at the Beginning of the Period - - - -Number of Shares A GBP Subscribed - - - -Number of Shares A GBP Redeemed - - - -Number of Shares A GBP in Issue at the End of the Period - - - -

Number of Shares A GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares A GBP Hedged Subscribed - - - -Number of Shares A GBP Hedged Redeemed - - - -Number of Shares A GBP Hedged in Issue at the End of the Period - - - -

Number of Shares rf-B EUR in Issue at the Beginning of the Period - - - -Number of Shares rf-B EUR Subscribed - - - -Number of Shares rf-B EUR Hedged Redeemed - - - -Number of Shares rf-B EUR in Issue at the End of the Period - - - -

Total Number of Shares in Issue at the End of the Period 6,940,811.38 563,914.99 1,665,440.46 41,976,935.50



27


GlobalEuro High Emerging Global High

Yield Bond Markets Yield Bond ABS

Fund Bond Fund Fund Fund*

Number of Shares A in Issue at the Beginning of the Period 1,243,716.93 - 25,298.00 51,325.00Number of Shares A Subscribed 788,061.35 - 4,571.32 -Number of Shares A Redeemed (98,287.85) - (26,335.32) (51,325.00)Number of Shares A in Issue at the End of the Period 1,933,490.43 - 3,534.00 -

Number of Shares B in Issue at the Beginning of the Period 4,780,904.00 617,000.00 - 319,485.00Number of Shares B Subscribed 7,709.00 - - -Number of Shares B Redeemed (618,638.00) - - (319,485.00)Number of Shares B in Issue at the End of the Period 4,169,975.00 617,000.00 - -

Number of Shares B GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares B GBP Hedged Subscribed - - - -Number of Shares B GBP Hedged Redeemed - - - -Number of Shares B GBP Hedged in Issue at the End of the Period - - - -

Number of Shares C in Issue at the Beginning of the Period 331,274.08 21,579.98 134,237.03 958.55Number of Shares C Subscribed 305,744.85 5,713.42 58,672.49 -Number of Shares C Redeemed (90,410.05) (445.00) (35,115.88) (958.55)Number of Shares C in Issue at the End of the Period 546,608.88 26,848.40 157,793.64 -

Number of Shares D in Issue at the Beginning of the Period 220,580.26 - - 10.50Number of Shares D Subscribed 7,978.29 - - -Number of Shares D Redeemed (25,565.00) - - (10.50)Number of Shares D in Issue at the End of the Period 202,993.55 - - -

Number of Shares D GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares D GBP Hedged Subscribed - - - -Number of Shares D GBP Hedged Redeemed - - - -Number of Shares D GBP Hedged in Issue at the End of the Period - - - -

Number of Shares rf-A in Issue at the Beginning of the Period 1,538,391.13 - - -Number of Shares rf-A Subscribed 7,474,081.00 - - -Number of Shares rf-A Redeemed (183,183.00) - - -Number of Shares rf-A in Issue at the End of the Period 8,829,289.13 - - -

Number of Shares rf-B in Issue at the Beginning of the Period 18,822,257.91 3,931,717.00 444,121.71 -Number of Shares rf-B Subscribed 9,062,573.21 1,199,844.00 - -Number of Shares rf-B Redeemed (5,295,285.13) (604,233.00) (443,321.71) -Number of Shares rf-B in Issue at the End of the Period 22,589,545.99 4,527,328.00 800.00 -

Number of Shares rf15-B in Issue at the Beginning of the Period 1,158,424.00 - - -Number of Shares rf15-B Subscribed 111,000.00 - - -Number of Shares rf15-B Redeemed (121,000.00) - - -Number of Shares rf15-B in Issue at the End of the Period 1,148,424.00 - - -

Number of Shares rf-B Hedged in Issue at the Beginning of the Period - - 7,167,879.49 -Number of Shares rf-B Hedged Subscribed - - 605,100.00 -Number of Shares rf-B Hedged Redeemed - - (44.00) -Number of Shares rf-B Hedged in Issue at the End of the Period - - 7,772,935.49 -



Number of Shares A GBP in Issue at the Beginning of the Period - - - -Number of Shares A GBP Subscribed - - - -Number of Shares A GBP Redeemed - - - -Number of Shares A GBP in Issue at the End of the Period - - - -

Number of Shares A GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares A GBP Hedged Subscribed - - - -Number of Shares A GBP Hedged Redeemed - - - -Number of Shares A GBP Hedged in Issue at the End of the Period - - - -

Number of Shares rf-B EUR in Issue at the Beginning of the Period - - - -Number of Shares rf-B EUR Subscribed - - - -Number of Shares rf-B EUR Hedged Redeemed - - - -Number of Shares rf-B EUR in Issue at the End of the Period - - - -

Total Number of Shares in Issue at the End of the Period 39,420,326.98 5,171,176.40 7,935,063.13 -

*The sub-fund was liquidated on 8 December 2014



28


Euro Credit Global Euro Credit Short Duration Euro Credit Opportunistic Laufzeitfonds 2018

Fund Laufzeitfonds 2017 Fixed Income

Number of Shares A in Issue at the Beginning of the Period 3,691,848.20 - - -Number of Shares A Subscribed 4,462,346.04 - - -Number of Shares A Redeemed (3,178,267.16) - - -Number of Shares A in Issue at the End of the Period 4,975,927.08 - - -

Number of Shares B in Issue at the Beginning of the Period - - - -Number of Shares B Subscribed - - - -Number of Shares B Redeemed - - - -Number of Shares B in Issue at the End of the Period - - - -

Number of Shares B GBP Hedged in Issue at the Beginning of the Period 752,853.56 - - -Number of Shares B GBP Hedged Subscribed 75,244.69 - - -Number of Shares B GBP Hedged Redeemed (12,038.09) - - -Number of Shares B GBP Hedged in Issue at the End of the Period 816,060.16 - - -

Number of Shares C in Issue at the Beginning of the Period - - - -Number of Shares C Subscribed - - - -Number of Shares C Redeemed - - - -Number of Shares C in Issue at the End of the Period - - - -

Number of Shares D in Issue at the Beginning of the Period 4,874,071.01 - - -Number of Shares D Subscribed 556,767.41 - - -Number of Shares D Redeemed (867,055.31) - - -Number of Shares D in Issue at the End of the Period 4,563,783.11 - - -

Number of Shares D GBP Hedged in Issue at the Beginning of the Period - - - -Number of Shares D GBP Hedged Subscribed - - - -Number of Shares D GBP Hedged Redeemed - - - -Number of Shares D GBP Hedged in Issue at the End of the Period - - - -

Number of Shares rf-A in Issue at the Beginning of the Period 3,636,836.62 - - -Number of Shares rf-A Subscribed 996,651.95 - - -Number of Shares rf-A Redeemed (164,828.00) - - -Number of Shares rf-A in Issue at the End of the Period 4,468,660.57 - - -

Number of Shares rf-B in Issue at the Beginning of the Period 53,521,403.84 - - -Number of Shares rf-B Subscribed 4,317,446.38 - - -Number of Shares rf-B Redeemed (8,234,400.09) - - -Number of Shares rf-B in Issue at the End of the Period 49,604,450.13 - - -

Number of Shares rf15-B in Issue at the Beginning of the Period - - - -Number of Shares rf15-B Subscribed - - - -Number of Shares rf15-B Redeemed - - - -Number of Shares rf15-B in Issue at the End of the Period - - - -

-Number of Shares rf-B Hedged in Issue at the Beginning of the Period - - -Number of Shares rf-B Hedged Subscribed - - - -Number of Shares rf-B Hedged Redeemed - - - -Number of Shares rf-B Hedged in Issue at the End of the Period - - - -



Number of Shares A GBP in Issue at the Beginning of the Period - - 4,991,534.38 -Number of Shares A GBP Subscribed - - 18,427.60 -Number of Shares A GBP Redeemed - - (5,009,961.98) -Number of Shares A GBP in Issue at the End of the Period - - - -

Number of Shares A GBP Hedged in Issue at the Beginning of the Period - - 1,281,576.46 -Number of Shares A GBP Hedged Subscribed - - 5,375,796.22 -Number of Shares A GBP Hedged Redeemed - - - -Number of Shares A GBP Hedged in Issue at the End of the Period - - 6,657,372.68 -

Number of Shares rf-B EUR in Issue at the Beginning of the Period - 4,250,000.00 - -Number of Shares rf-B EUR Subscribed - - - 2,950,990.00Number of Shares rf-B EUR Redeemed - - - -Number of Shares rf-B EUR in Issue at the End of the Period - 4,250,000.00 - 2,950,990.00

Total Number of Shares in Issue at the End of the Period 64,428,881.05 4,250,000.00 6,657,372.68 2,950,990.00



29


U.S. Investment Euro Credit Grade Corporate Bond Laufzeitfonds 2019*

Fund 1-5 Years

Number of Shares A in Issue at the Beginning of the Period - -Number of Shares A Subscribed - -Number of Shares A Redeemed - -Number of Shares A in Issue at the End of the Period - -

Number of Shares B in Issue at the Beginning of the Period - -Number of Shares B Subscribed - 8,270,000.00Number of Shares B Redeemed - -Number of Shares B in Issue at the End of the Period - 8,270,000.00

Number of Shares B GBP Hedged in Issue at the Beginning of the Period - -Number of Shares B GBP Hedged Subscribed - -Number of Shares B GBP Hedged Redeemed - -Number of Shares B GBP Hedged in Issue at the End of the Period - -

Number of Shares C in Issue at the Beginning of the Period - -Number of Shares C Subscribed - -Number of Shares C Redeemed - -Number of Shares C in Issue at the End of the Period - -

Number of Shares D in Issue at the Beginning of the Period - -Number of Shares D Subscribed - -Number of Shares D Redeemed - -Number of Shares D in Issue at the End of the Period - -

Number of Shares D GBP Hedged in Issue at the Beginning of the Period - -Number of Shares D GBP Hedged Subscribed - -Number of Shares D GBP Hedged Redeemed - -Number of Shares D GBP Hedged in Issue at the End of the Period - -

Number of Shares rf-A in Issue at the Beginning of the Period 51,046,160.00 -Number of Shares rf-A Subscribed 13,801,800.00 -Number of Shares rf-A Redeemed (5,413,800.00) -Number of Shares rf-A in Issue at the End of the Period 59,434,160.00 -

Number of Shares rf-B in Issue at the Beginning of the Period - -Number of Shares rf-B Subscribed - 3,975,000.00Number of Shares rf-B Redeemed - -Number of Shares rf-B in Issue at the End of the Period - 3,975,000.00

Number of Shares rf15-B in Issue at the Beginning of the Period - -Number of Shares rf15-B Subscribed - -Number of Shares rf15-B Redeemed - -Number of Shares rf15-B in Issue at the End of the Period - -

- -Number of Shares rf-B Hedged in Issue at the Beginning of the PeriodNumber of Shares rf-B Hedged Subscribed - -Number of Shares rf-B Hedged Redeemed - -Number of Shares rf-B Hedged in Issue at the End of the Period - -

Number of Shares A USD Issue at the Beginning of the Period - -Number of Shares A USD Subscribed - -Number of Shares A USD Redeemed - -Number of Shares A USD in Issue at the End of the Period - -

Number of Shares A EUR in Issue at the Beginning of the Period - -Number of Shares A EUR Subscribed - -Number of Shares A EUR Redeemed - -Number of Shares A EUR in Issue at the End of the Period - -

Number of Shares A GBP in Issue at the Beginning of the Period - -Number of Shares A GBP Subscribed - -Number of Shares A GBP Redeemed - -Number of Shares A GBP in Issue at the End of the Period - -

Number of Shares A GBP Hedged in Issue at the Beginning of the Period - -Number of Shares A GBP Hedged Subscribed - -Number of Shares A GBP Hedged Redeemed - -Number of Shares A GBP Hedged in Issue at the End of the Period - -

Number of Shares rf-B EUR in Issue at the Beginning of the Period - -Number of Shares rf-B EUR Subscribed - -Number of Shares rf-B EUR Redeemed - -Number of Shares rf-B EUR in Issue at the End of the Period - -

Total Number of Shares in Issue at the End of the Period 59,434,160.00 12,245,000.00




30

BNY Mellon Compass FundStatistics as at 30 April 2015

Euro Eastern Global EuroSmall Cap Europe Emerging Corporate Euro High

Equity Diversified Markets Euro Bond Bond Yield BondFund Fund Fund Fund* Fund Fund

(EUR) (EUR) (USD) (EUR) (EUR) (EUR)

Total Net Assets30 April 2015 118,946,792 10,002,782 26,900,217 - 569,207,590 491,626,36631 October 2014 93,086,889 11,681,351 33,115,053 3,546,028 467,930,258 350,454,54231 October 2013 79,058,264 15,982,602 35,975,703 3,688,587 453,667,561 473,206,147

Net Asset Value per Share A 30 April 2015 - 32.94 48.41 - 19.14 26.6731 October 2014 - 32.28 47.81 14.71 18.68 25.5631 October 2013 - 34.60 47.49 15.11 17.31 24.34

Net Asset Value per Share B30 April 2015 - 27.17 - - 12.03 11.3931 October 2014 - 26.86 - - 12.11 11.5731 October 2013 - 29.28 - - 11.62 11.73

Net Asset Value per Share B GBP Hedged30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share C30 April 2015 13.99 17.44 23.05 - 17.56 24.1431 October 2014 11.27 17.17 22.87 14.00 17.19 23.2231 October 2013 11.43 18.60 22.96 14.48 16.05 22.28 Net Asset Value per Share D30 April 2015 - - 13.62 - - 10.0131 October 2014 - - 13.54 8.93 - 10.1231 October 2013 - - 13.61 9.26 - 10.26

Net Asset Value per Share D GBP Hedged30 April 2015 - - - - 12.02 GBP -31 October 2014 - - - - 12.04 GBP -31 October 2012 - - - - 11.51 GBP -

Net Asset Value per Share rf-A30 April 2015 - - - - - 11.4131 October 2014 - - - - - 10.9231 October 2013 - - - - - 10.38

Net Asset Value per Share rf-B30 April 2015 17.22 - 15.27 - 11.15 11.6531 October 2014 13.94 - 15.29 9.55 11.23 11.8531 October 2013 14.17 - 15.37 9.90 10.78 12.01

Net Asset Value per Share rf15-B30 April 2015 - - - - - 11.6431 October 2014 - - - - - 11.8231 October 2013 - - - - - 11.99

Net Asset Value per Share rf-B Hedged30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share A USD30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share A EUR30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share A GBP30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share A GBP Hedged30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

Net Asset Value per Share rf-B EUR30 April 2015 - - - - - -31 October 2014 - - - - - -31 October 2013 - - - - - -

* The sub-fund was liquidated on 31 October 2014



31


Global Euro Emerging Markets Emerging Global High Credit Debt Global

Markets Yield Bond ABS Short Duration Local Currency Euro Credit OpportunisticBond Fund Fund Fund* Fund Fund** Laufzeitfonds 2017 Fixed Income

(USD) (EUR) (EUR) (EUR) (USD) (EUR) (USD)

Total Net Assets30 April 2015 83,399,446 87,685,379 - 642,273,535 - 44,197,515 103,387,85231 October 2014 76,888,941 88,858,802 36,850,907 677,691,572 - 44,612,486 102,061,96831 October 2013 113,508,653 102,016,520 83,447,912 763,264,487 125,609,741 43,881,690 97,490,723

Net Asset Value per Share A 30 April 2015 - 25.41 - 11.71 - - -31 October 2014 - 23.17 128.40 11.51 - - -31 October 2013 - 21.09 110.07 11.29 - - -

Net Asset Value per Share B30 April 2015 14.45 - - - - - -31 October 2014 15.08 - 94.34 - - - -31 October 2013 15.11 - 81.95 - - - -

Net Asset Value per Share B GBP Hedged30 April 2015 - - - 9.78 GBP - - -31 October 2014 - - - 10.09 GBP - - -31 October 2013 - - - 10.29 GBP - - -

Net Asset Value per Share C30 April 2015 28.35 20.76 - - - - -31 October 2014 28.42 19.00 126.28 - - - -31 October 2013 27.26 17.42 107.83 - - - - Net Asset Value per Share D30 April 2015 - - - 9.94 - - -31 October 2014 - - 96.71 10.26 - - -31 October 2013 - - 83.94 10.58 - - -

Net Asset Value per Share D GBP Hedged30 April 2015 - - - - - - -31 October 2014 - - - - - - -31 October 2012 - - - - - - -

Net Asset Value per Share rf-A30 April 2015 - - - 10.47 - - -31 October 2014 - - - 10.28 - - -31 October 2013 - - - 10.05 - - -

Net Asset Value per Share rf-B30 April 2015 16.28 13.18 - 9.69 - - -31 October 2014 17.03 12.66 - 10.05 - - -31 October 2013 17.07 12.20 - 10.36 - - -

Net Asset Value per Share rf15-B30 April 2015 - - - - - - -31 October 2014 - - - - - - -31 October 2013 - - - - - - -

Net Asset Value per Share rf-B Hedged30 April 2015 - 10.85 - - - - -31 October 2014 - 11.17 - - - - -31 October 2013 - 11.32 - - - - -

Net Asset Value per Share A USD30 April 2015 - - - - - - -31 October 2014 - - - - - - -31 October 2013 - - - - 9.73 - -

Net Asset Value per Share A EUR30 April 2015 - - - - - - -31 October 2014 - - - - - - -31 October 2013 - - - - 9.27 EUR - -

Net Asset Value per Share A GBP30 April 2015 - - - - - - -31 October 2014 - - - - - - 10.23 GBP31 October 2013 - - - - - - 9.79 GBP

Net Asset Value per Share A GBP Hedged30 April 2015 - - - - - - 10.11 GBP31 October 2014 - - - - - - 9.95 GBP31 October 2013 - - - - - - -

Net Asset Value per Share rf-B EUR30 April 2015 - - - - - 10.40 -31 October 2014 - - - - - 10.50 -31 October 2013 - - - - 9.28 EUR 10.33 -

* The sub-fund was liquidated on 8 December 2014** The sub-fund was liquidated on 25 February 2014



32


U.S. Investment Euro Credit Grade Corporate Bond Euro Credit

Laufzeitfonds 2018 Fund 1-5 Years Laufzeitfonds 2019*(EUR) (USD) (EUR)

Total Net Assets30 April 2015 30,562,189 612,632,364 124,146,62931 October 2014 30,682,856 521,186,133 - 31 October 2013 - - -

Net Asset Value per Share A 30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share B30 April 2015 - - 10.1431 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share B GBP Hedged30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share C30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - - Net Asset Value per Share D30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share D GBP Hedged30 April 2015 - - - 31 October 2014 - - - 31 October 2012 - - -

Net Asset Value per Share rf-A30 April 2015 - 10.31 - 31 October 2014 - 10.21 - 31 October 2013 - - -

Net Asset Value per Share rf-B30 April 2015 - - 10.1431 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share rf15-B30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share rf-B Hedged30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share A USD30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share A EUR30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share A GBP30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share A GBP Hedged30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share rf-B EUR30 April 2015 10.36 - - 31 October 2014 10.40 - - 31 October 2013 - - -




33

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets

Equities

EUR 35,365 1,846,053 1.55EUR 59,764 1,081,181 0.91EUR 36,267 589,339 0.49EUR 158,682 424,950 0.36EUR 26,225 1,136,722 0.96

5,078,245 4.27

EUR 6,859 747,631 0.63EUR 8,100 487,620 0.41EUR 27,652 707,200 0.59EUR 12,129 1,171,055 0.98EUR 7,890 776,139 0.65EUR 63,428 781,433 0.66EUR 19,600 771,946 0.65EUR 32,221 1,081,498 0.91EUR 14,782 814,340 0.68EUR 244,200 854,700 0.72EUR 13,600 399,160 0.34EUR 10,202 722,098 0.61

9,314,820 7.83

EUR 71,904 1,609,212 1.35EUR 26,174 944,620 0.79EUR 71,375 627,386 0.53EUR 54,822 912,786 0.77EUR 13,933 380,232 0.32EUR 87,327 2,494,932 2.10EUR 62,612 655,548 0.55EUR 20,460 594,158 0.50EUR 7,957 202,346 0.17EUR 121,927 659,625 0.56EUR 27,654 540,359 0.45EUR 49,156 194,658 0.16EUR 14,706 315,297 0.27EUR 34,751 478,521 0.40EUR 63,536 656,962 0.55

11,266,642 9.47

EUR 108,255 834,646 0.70EUR 77,054 748,425 0.63EUR 82,000 518,896 0.44EUR 36,641 1,552,846 1.31EUR 8,300 442,390 0.37EUR 28,700 754,810 0.64EUR 62,150 1,155,990 0.97EUR 5,800 364,878 0.31EUR 4,900 171,476 0.14EUR 38,884 1,523,086 1.28EUR 14,855 369,964 0.31EUR 25,000 890,000 0.75EUR 260,260 1,575,354 1.32EUR 39,772 2,662,735 2.24EUR 51,400 844,759 0.71

14,410,255 12.12

Plastic Omnium SA Saft Groupe SA Technicolor SA Teleperformance UBISOFT Entertainment

Gaztransport Et Technigaz SA IPSOS Metropole Television SA Montupet Nexans SA Nexity SA

FranceAir France-KLM Altran Technologies SA CGG SA Faurecia

Outokumpu OYJ PKC Group OYJ Raisio OYJ Tieto OYJ Uponor OYJ Valmet OYJ

Cramo OYJ Elisa OYJ 01/01/2099Huhtamaki OYJ Kemira OYJ Konecranes OYJ Metso OYJ 01/01/2099

Warehouses De Pauw SCA, REIT

FinlandAmer Sports OYJ Cargotec OYJ Class B Caverion Corp.

Euronav NV Fagron KBC Ancora Melexis NV Nyrstar NV Tessenderlo Chemie NV

BelgiumAckermans & van Haaren NV Barco NV bpost SA Cie d'Entreprises CFE Cofinimmo SA, REIT

ANDRITZ AG BUWOG AG CA Immobilien Anlagen AG IMMOFINANZ AG Oesterreichische Post AG

BNY Mellon Compass Fund – Euro Small Cap Equity FundSchedule of InvestmentsAs at 30 April 2015

InvestmentsTransferable securities and money market instruments admitted to an official exchange listing

Austria


34

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments

Equities (continued)

EUR 37,917 1,463,596 1.23EUR 99,016 586,868 0.49EUR 22,760 1,291,175 1.09EUR 8,449 556,029 0.47EUR 19,685 880,707 0.74EUR 5,123 529,462 0.44EUR 60,877 1,769,390 1.49EUR 22,050 1,399,514 1.18EUR 118,061 1,016,977 0.85EUR 26,050 1,806,307 1.52EUR 13,232 761,766 0.64EUR 11,014 709,632 0.60EUR 18,195 1,602,434 1.35EUR 11,500 958,755 0.81EUR 16,500 505,725 0.42EUR 8,700 347,391 0.29EUR 29,642 1,271,642 1.07EUR 30,029 442,327 0.37EUR 26,470 869,142 0.73EUR 50,476 577,445 0.49EUR 8,500 478,975 0.40EUR 22,387 460,053 0.39EUR 13,000 441,415 0.37EUR 31,804 1,253,396 1.05

21,980,123 18.48

EUR 13,675 367,858 0.31EUR 45,761 265,414 0.22EUR 194,105 1,572,250 1.32EUR 19,850 182,421 0.16

2,387,943 2.01

EUR 77,325 279,337 0.23GBP 61,428 522,733 0.44EUR 90,533 1,502,848 1.26EUR 121,078 2,161,242 1.82EUR 14,295 1,140,026 0.96

5,606,186 4.71

EUR 92,037 716,508 0.60EUR 150,000 1,287,000 1.08EUR 136,082 3,578,957 3.01EUR 355,000 2,625,225 2.21EUR 3,122,240 2,891,194 2.43EUR 46,607 1,663,870 1.40EUR 95,341 714,104 0.60EUR 26,357 573,528 0.48EUR 42,380 702,661 0.59EUR 265,779 462,190 0.39EUR 100,734 1,292,417 1.09EUR 58,865 505,945 0.43EUR 300,000 243,750 0.20EUR 204,496 1,538,832 1.29EUR 77,000 1,409,100 1.18EUR 114,826 1,183,856 1.00

21,389,137 17.98

EUR 28,621 976,549 0.82EUR 3,408 857,794 0.72EUR 33,000 557,700 0.47EUR 35,320 479,292 0.40

2,871,335 2.41

Eurofins Scientific SE Grand City Properties SA SAF-Holland SA

Mediolanum SpA Prysmian SpA Societa Iniziative Autostradali e Servizi SpA

LuxembourgAPERAM SA

Danieli & C Officine Meccaniche SpA (Debt Refinance 1) Danieli & C Officine Meccaniche SpA (Debt Refinance 2) Enel Green Power SpA ERG SpA Esprinet SpA Fincantieri SpA

Autogrill SpA Azimut Holding SpA Banca Popolare dell'Emilia Romagna SC Banca Popolare di Milano Scarl Brembo SpA Credito Emiliano SpA

Glanbia PLC Kingspan Group PLC Paddy Power PLC

ItalyAstaldi SpA

Hellenic Telecommunications Organization SA JUMBO SA

IrelandC&C Group PLC Dragon Oil PLC

Wincor Nixdorf AG Wirecard AG

GreeceFF Group Hellenic Exchanges - Athens Stock Exchange SA Holding

Sixt SE Solarworld AG STADA Arzneimittel AG TAG Immobilien AG Vossloh AG VTG AG

Leoni AG MorphoSys AG MTU Aero Engines AG Pfeiffer Vacuum Technology AG Salzgitter AG SHW AG

Bilfinger SE Draegerwerk AG & Co. KGaA PreferenceFreenet AG Jungheinrich AG PreferenceKloeckner & Co. SE LEG Immobilien AG

Transferable securities and money market instruments admitted to an official exchange listing (continued)

GermanyAareal Bank AG AIXTRON SE Aurubis AG Bechtle AG


35

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments


EUR 53,465 1,479,644 1.24EUR 22,451 974,486 0.82EUR 37,818 964,359 0.81EUR 48,000 429,984 0.36EUR 25,900 665,500 0.56EUR 224,000 1,000,608 0.84EUR 37,116 1,230,024 1.04EUR 69,324 528,041 0.44

7,272,646 6.11

EUR 78,073 786,586 0.66EUR 201,400 1,309,100 1.10EUR 472,984 587,446 0.50

2,683,132 2.26

EUR 247,992 718,929 0.60EUR 43,647 570,030 0.48EUR 73,061 1,056,462 0.89EUR 1,554 482,828 0.41EUR 216,026 1,550,203 1.30EUR 143,088 894,729 0.75EUR 45,753 811,429 0.68EUR 1,094,982 845,326 0.71EUR 275,717 915,932 0.77EUR 87,687 977,272 0.82EUR 105,099 1,279,580 1.08

10,102,720 8.49

EUR 34,676 1,406,458 1.19EUR 80,510 1,036,969 0.87

2,443,427 2.06116,806,611 98.20116,806,611 98.20

116,806,611 98.202,131,367 1.79

8,814 0.01118,946,792 100.00

% of Net AssetsGermany 18.48Italy 17.98France 12.12Finland 9.47Spain 8.49Belgium 7.83Netherlands 6.11Ireland 4.71Austria 4.27Luxembourg 2.41Portugal 2.26United Kingdom 2.06Greece 2.01Total Investments 98.20

1.80Total 100.00


Cash and Other Assets/(Liabilities)

Total Net Assets

Geographic Allocation of Portfolio

Total EquitiesTotal Transferable securities and money market instruments admitted to an official exchange listing

Total InvestmentsCashOther Assets/(Liabilities)

Melia Hotels International SA Merlin Properties Socimi SA, REIT

United KingdomDialog Semiconductor PLC Jazztel PLC

Construcciones y Auxiliar de Ferrocarriles SA Distribuidora Internacional de Alimentacion SA EDP Renovaveis SA Endesa SA Liberbank SA Mapfre SA

Sonae SGPS SA

SpainAbengoa SA Acerinox SA Atresmedia Corp. de Medios de Comunicacion SA

TKH Group NV CVA Wessanen

PortugalCTT-Correios de Portugal SA NOS SGPS SA

Aalberts Industries NV ASM International NV BE Semiconductor Industries NV BinckBank NV Fugro NV CVA PostNL NV


Netherlands


36

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets

TRY 2,893 190,606 1.91190,606 1.91

CZK 524 104,135 1.04104,135 1.04

EUR 13,500 363,150 3.63EUR 5,500 123,750 1.24

486,900 4.87

PLN 3,187 89,837 0.90PLN 4,696 217,721 2.18PLN 2,813 258,612 2.58PLN 8,825 384,058 3.84PLN 1,298 61,142 0.61PLN 5,479 111,093 1.11PLN 3,012 105,758 1.06PLN 6,327 197,828 1.98PLN 9,301 352,337 3.52PLN 14,923 252,691 2.53PLN 49,780 444,357 4.44PLN 3,000 348,612 3.48PLN 57,704 112,007 1.12

2,936,053 29.35

USD 154,520 182,803 1.83USD 1,272 47,242 0.47USD 13,556 104,351 1.04USD 7,983 97,958 0.98USD 136,458 721,411 7.21USD 13,765 628,948 6.29USD 1,194 58,765 0.59USD 1,190 232,200 2.32USD 2,149 32,603 0.33USD 13,045 218,629 2.19USD 9,583 103,309 1.03USD 3,908 338,992 3.39USD 25,526 112,533 1.12USD 114,052 607,741 6.08USD 10,000 98,880 0.99USD 18,318 118,518 1.18USD 3,933 120,529 1.20USD 16,298 58,615 0.59USD 6,000 79,300 0.79

3,963,327 39.62

TRY 51,869 134,793 1.35TRY 12,960 214,008 2.14TRY 132,706 136,795 1.37TRY 10,649 83,483 0.83TRY 68,009 201,465 2.01TRY 113,568 279,976 2.80TRY 109,460 310,746 3.11TRY 185,711 125,144 1.25TRY 46,370 316,338 3.16

1,802,748 18.02

BIM Birlesik Magazalar AS Emlak Konut Gayrimenkul Yatirim Ortakligi AS, REIT TAV Havalimanlari Holding AS Turk Hava Yollari AO Turk Telekomunikasyon AS Turkiye Garanti Bankasi AS Turkiye Sinai Kalkinma Bankasi AS Ulker Biskuvi Sanayi AS

Akbank TAS

Mobile TeleSystems OJSC ADR NOVATEK OAO GDR Rosneft OAO GDR Sberbank of Russia ADR Severstal PAO GDR Surgutneftegas OAO ADR Tatneft OAO ADR TMK OAO GDR Uralkali PJSC GDR

Turkey

MMC Norilsk Nickel OJSC ADR

RussiaAlrosa AO Bashneft OAO DIXY Group OJSC Gazprom Neft OAO ADR Gazprom OAO ADR Lukoil OAO ADR Magnit PJSC GDR Magnit PJSC MegaFon OAO GDR

Quercus TFI SA

Bank Pekao SA Bank Zachodni WBK SA Budimex SA CCC SA Grupa Azoty SA ING Bank Slaski SA KGHM Polska Miedz SA KRUK SA Polski Koncern Naftowy Orlen SA Powszechna Kasa Oszczednosci Bank Polski SA Powszechny Zaklad Ubezpieczen SA

Bank Handlowy w Warszawie SA

AustriaDO & CO AG

Czech RepublicKomercni banka as

GreeceFF Group Titan Cement Co. SA

Poland

Equities

BNY Mellon Compass Fund – Eastern Europe Diversified FundSchedule of InvestmentsAs at 30 April 2015



37

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets

BNY Mellon Compass Fund – Eastern Europe Diversified FundSchedule of InvestmentsAs at 30 April 2015

Investments


USD 2,088 120,579 1.21120,579 1.21

USD 3,161 146,209 1.46146,209 1.46

9,750,557 97.489,750,557 97.48

9,750,557 97.4891,954 0.92

160,271 1.6010,002,782 100.00

% of Net AssetsRussia 39.62Poland 29.35Turkey 18.02Greece 4.87Austria 1.91Virgin Islands, British 1.46United States of America 1.21Czech Republic 1.04Total Investments 97.48

2.52Total 100.00




Total Transferable securities and money market instruments admitted to an official exchange listing

Total InvestmentsCashOther Assets/(Liabilities)Total Net Assets

Virgin Islands, BritishLuxoft Holding, Inc.

Total Equities

EPAM Systems, Inc.


United States of America


38

CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

TRY 2,254 166,408 0.62166,408 0.62

USD 40,854 436,729 1.62BRL 17,400 204,515 0.76BRL 22,400 122,492 0.46BRL 24,800 137,270 0.51BRL 20,200 128,984 0.48BRL 45,288 166,109 0.62BRL 11,090 129,868 0.48USD 25,887 224,699 0.84BRL 10,400 132,920 0.49USD 8,445 138,667 0.52USD 7,165 163,649 0.61USD 38,868 235,151 0.87

2,221,053 8.26

HKD 42,000 303,439 1.13HKD 795,000 241,029 0.90

KRW 6,452 120,975 0.45HKD 428,000 308,666 1.15HKD 251,000 283,345 1.05HKD 42,300 878,072 3.26

2,135,526 7.94

USD 18,720 332,654 1.24332,654 1.24

HKD 762,000 523,982 1.95HKD 571,000 556,182 2.07HKD 446,000 332,005 1.23HKD 210,000 300,729 1.12HKD 636,000 553,033 2.05HKD 260,000 265,664 0.99

2,531,595 9.41

USD 3,954 178,998 0.67178,998 0.67

CZK 469 104,441 0.39104,441 0.39

USD 10,878 75,058 0.2875,058 0.28

HKD 60,600 404,982 1.50HKD 58,000 828,342 3.08HKD 211,000 357,694 1.33HKD 194,000 335,383 1.25

1,926,401 7.16

HUF 6,923 153,639 0.57153,639 0.57

China Mobile Ltd. CNOOC Ltd. Lenovo Group Ltd.

HungaryOTP Bank PLC

EgyptCommercial International Bank Egypt SAE GDR

Hong KongAIA Group Ltd.

ColombiaBancolombia SA ADR

Czech RepublicKomercni banka as

China Construction Bank Corp. Class H China Telecom Corp. Ltd. Class H Huaneng Power International, Inc. Class H Industrial & Commercial Bank of China Ltd. Class H Shanghai Electric Group Co. Ltd. Class H

ChileEnersis SA ADR

ChinaBank of China Ltd. Class H

ENN Energy Holdings Ltd. GCL-Poly Energy Holdings Ltd. Kolao Holdings NagaCorp Ltd. Nexteer Automotive Group Ltd. Tencent Holdings Ltd.

Sao Martinho SA Telefonica Brasil SA ADR PreferenceUltrapar Participacoes SA ADR Vale SA ADR

Cayman Islands

Kroton Educacional SA Localiza Rent a Car SA Petroleo Brasileiro SA

AustriaDO & CO AG

BrazilBanco Bradesco SA ADR Class A BB Seguridade Participacoes SA

BNY Mellon Compass Fund – Global Emerging Markets FundSchedule of InvestmentsAs at 30 April 2015

InvestmentsTransferable securities and money market instruments admitted to an official exchange listingEquities

BR Malls Participacoes SA CCR SA Ez Tec Empreendimentos e Participacoes SA


39

CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets


Investments


INR 155,375 230,928 0.86INR 43,366 220,090 0.82INR 9,971 256,092 0.95INR 8,049 224,628 0.84INR 53,601 202,243 0.75INR 7,443 288,709 1.07INR 41,557 204,170 0.76

1,626,860 6.05

IDR 226,200 235,143 0.87IDR 533,300 162,922 0.61IDR 1,230,700 248,276 0.92

646,341 2.40

HKD 87,800 321,130 1.19321,130 1.19

MYR 118,700 174,309 0.65MYR 88,600 229,119 0.85MYR 289,900 216,519 0.80MYR 514,100 262,716 0.98

882,663 3.28

USD 13,558 283,227 1.05USD 9,596 349,390 1.30MXN 87,626 250,655 0.93MXN 168,400 254,997 0.95

1,138,269 4.23

USD 8,979 172,756 0.64172,756 0.64

PHP 7,450 150,656 0.56PHP 31,280 152,993 0.57

303,649 1.13

PLN 3,087 131,038 0.49PLN 28,340 283,470 1.05

414,508 1.54

QAR 4,177 227,207 0.84227,207 0.84

USD 38,143 225,959 0.84USD 1,833 178,168 0.66USD 80,070 478,098 1.78USD 142,512 107,320 0.40

989,545 3.68

ZAR 13,260 401,477 1.49ZAR 64,209 305,198 1.14ZAR 30,456 608,807 2.26ZAR 4,499 704,053 2.62

2,019,535 7.51

MTN Group Ltd. Naspers Ltd. Class N

PolandKRUK SA Powszechna Kasa Oszczednosci Bank Polski SA

NetherlandsYandex NV Class A

PhilippinesSM Investments Corp. Universal Robina Corp.

Sberbank of Russia ADR Surgutneftegas OAO Preference

South AfricaAspen Pharmacare Holdings Ltd. FirstRand Ltd.

QatarQatar National Bank SAQ

RussiaGazprom OAO ADR NOVATEK OAO GDR

MexicoAmerica Movil SAB de CV ADR Class L Grupo Televisa SAB ADR Mexichem SAB de CV Mexico Real Estate Management SA de CV, REIT

MalaysiaGamuda Bhd. Malayan Banking Bhd. SapuraKencana Petroleum Bhd. Tune Ins Holdings Bhd.

Matahari Putra Prima Tbk. PT Telekomunikasi Indonesia Persero Tbk. PT

LuxembourgSamsonite International SA

Prestige Estates Projects Ltd. Tata Consultancy Services Ltd. Zee Entertainment Enterprises Ltd.

IndonesiaBank Central Asia Tbk. PT

IndiaCity Union Bank Ltd. ITC Ltd. Larsen & Toubro Ltd. Lupin Ltd.



40

CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets


Investments


KRW 3,316 143,838 0.54KRW 6,553 193,778 0.72KRW 1,103 243,339 0.90KRW 2,229 351,400 1.31KRW 12,653 105,520 0.39USD 5,105 194,653 0.72

KRW 4,097 189,563 0.71KRW 5,317 232,371 0.86KRW 250 183,769 0.68USD 813 408,939 1.52

KRW 637 837,845 3.11KRW 5,282 217,784 0.81KRW 6,944 298,942 1.11KRW 749 200,525 0.75

3,802,266 14.13

TWD 188,952 268,997 1.00TWD 19,000 201,936 0.75TWD 196,321 208,334 0.77TWD 237,462 162,826 0.61TWD 122,000 263,312 0.98TWD 3,600 255,078 0.95TWD 124,672 374,513 1.39TWD 10,000 128,975 0.48TWD 33,000 244,596 0.91TWD 197,400 947,489 3.52TWD 22,000 274,048 1.02

3,330,104 12.38

THB 1,086,800 304,957 1.13THB 48,000 305,779 1.14

610,736 2.27

TRY 235,227 177,620 0.66TRY 21,213 162,161 0.60

339,781 1.26

AED 85,000 190,691 0.71190,691 0.71

USD 3,815 124,293 0.46124,293 0.46

26,966,107 100.2426,966,107 100.24

THB 1 – –– –– –– –

26,966,107 100.247,492 0.03

(73,382) (0.27)26,900,217 100.00

Total WarrantsTotal Other transferable securities and money market instruments



Other transferable securities and money market instrumentsWarrantsThailand

BTS Group Holdings PCL 01/11/2018

Emaar Properties PJSC

United States of AmericaSouthern Copper Corp.

Total Equities

TurkeyTurkiye Sinai Kalkinma Bankasi AS Ulker Biskuvi Sanayi AS

United Arab Emirates

Taiwan Semiconductor Manufacturing Co. Ltd. Voltronic Power Technology Corp.

ThailandBTS Group Holdings PCL NVDR Kasikornbank PCL NVDR

E.Sun Financial Holding Co. Ltd. Fubon Financial Holding Co. Ltd. Hermes Microvision, Inc. Hon Hai Precision Industry Co. Ltd. MediaTek, Inc. President Chain Store Corp.

TaiwanAdvanced Semiconductor Engineering, Inc. Asustek Computer, Inc. China Life Insurance Co. Ltd.

LG Household & Health Care Ltd. Samsung Electronics Co. Ltd. GDR PreferenceSamsung Electronics Co. Ltd. Shinhan Financial Group Co. Ltd. SK Hynix, Inc. SK Telecom Co. Ltd.

Hyundai Mobis Co. Ltd. Hyundai Motor Co. Interpark Holdings Corp. KB Financial Group, Inc. ADR Class A Kia Motors Corp. Korea Electric Power Corp.

South KoreaDaesang Corp. Hana Financial Group, Inc.



41

% of Net AssetsSouth Korea 14.13Taiwan 12.38China 9.41Brazil 8.26Cayman Islands 7.94South Africa 7.51Hong Kong 7.16India 6.05Mexico 4.23Russia 3.68Malaysia 3.28Indonesia 2.40Thailand 2.27Poland 1.54Turkey 1.26Chile 1.24Luxembourg 1.19Philippines 1.13Qatar 0.84United Arab Emirates 0.71Colombia 0.67Netherlands 0.64Austria 0.62Hungary 0.57United States of America 0.46Czech Republic 0.39Egypt 0.28Total Investments 100.24

(0.24)Total 100.00

Currency Purchased Amount Purchased Currency SoldAmount

Sold Maturity Date

Unrealised Gain/(Loss)

USD% of Net

AssetsUSD 104,603 ZAR 1,274,289 04/05/2015 (1,977) (0.01)USD 41,130 ZAR 501,133 05/05/2015 (784) –

(2,761) (0.01)


(2,761)

Counterparty Unrealised Gain/(Loss)JPMorgan Chase Bank NA (2,761)

Net Unrealised Loss on Forward Currency Exchange Contracts

BNY Mellon Compass Fund – Global Emerging Markets FundSchedule of InvestmentsAs at 30 April 2015Geographic Allocation of Portfolio


Forward Currency Exchange Contracts


42

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets

EUR 2,390,000 2,524,599 0.44EUR 1,300,000 1,416,621 0.25EUR 1,800,000 1,877,637 0.33

5,818,857 1.02

EUR 1,230,000 1,393,420 0.241,393,420 0.24

EUR 2,520,000 2,490,485 0.442,490,485 0.44

EUR 2,000,000 2,145,000 0.382,145,000 0.38

EUR 2,600,000 2,676,050 0.47EUR 3,680,000 3,733,859 0.66

6,409,909 1.13

EUR 4,000,000 4,271,404 0.754,271,404 0.75

EUR 2,350,000 2,622,385 0.46EUR 1,600,000 1,593,328 0.28EUR 603,000 714,989 0.13EUR 3,010,000 2,982,228 0.52

7,912,930 1.39

EUR 2,240,000 2,442,539 0.43EUR 2,000,000 2,369,984 0.42EUR 800,000 871,903 0.15

5,684,426 1.00

EUR 2,300,000 2,677,929 0.47EUR 1,600,000 1,814,048 0.32EUR 1,721,000 1,888,336 0.33EUR 1,600,000 1,754,045 0.31EUR 2,500,000 2,757,961 0.48EUR 2,900,000 2,904,859 0.51EUR 3,710,000 4,201,709 0.74EUR 2,500,000 2,552,674 0.45EUR 1,350,000 1,523,189 0.27EUR 1,750,000 2,063,654 0.36EUR 4,000,000 4,126,298 0.73EUR 1,500,000 1,502,552 0.26EUR 2,000,000 2,144,541 0.38EUR 2,550,000 2,675,725 0.47EUR 1,720,000 1,707,645 0.30EUR 1,900,000 2,287,988 0.40EUR 800,000 900,688 0.16EUR 1,000,000 1,043,687 0.18EUR 1,200,000 1,304,584 0.23EUR 3,000,000 3,286,082 0.58EUR 2,700,000 3,046,388 0.54EUR 2,300,000 2,970,903 0.52EUR 2,700,000 2,932,744 0.52EUR 1,300,000 1,331,062 0.23EUR 1,800,000 1,775,732 0.31EUR 800,000 956,178 0.17EUR 1,200,000 1,422,982 0.25EUR 1,300,000 1,488,320 0.26EUR 500,000 530,103 0.09EUR 600,000 641,248 0.11EUR 1,800,000 1,896,676 0.33EUR 3,200,000 4,052,000 0.71EUR 1,500,000 1,745,013 0.31EUR 2,400,000 2,515,037 0.44EUR 1,900,000 1,891,558 0.33EUR 4,030,000 4,052,115 0.71EUR 2,550,000 2,571,277 0.45EUR 1,400,000 1,393,182 0.25EUR 1,500,000 1,546,215 0.27Vinci SA, FRN 6.25% Perpetual

Solvay Finance SA, Reg. S, FRN 5.425% PerpetualSolvay Finance SA, FRN 6.375% 02/06/2104Suez Environnement Co., Reg. S, FRN 2.5% PerpetualTOTAL SA, Reg. S, FRN 2.25% PerpetualTOTAL SA, Reg. S, FRN 2.625% PerpetualVeolia Environnement SA, Reg. S 1.59% 10/01/2028

Lafarge SA, Reg. S 4.75% 30/09/2020Orange SA, Reg. S 3% 15/06/2022Pernod Ricard SA, Reg. S 2.125% 27/09/2024Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 2.25% 16/01/2020Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 1.875% 15/01/2025Societe Generale SA, Reg. S, FRN 9.375% Perpetual

Electricite de France SA, Reg. S 2.75% 10/03/2023Electricite de France SA, Reg. S 4.125% 25/03/2027Kering, Reg. S 2.5% 15/07/2020Kering, Reg. S 1.375% 01/10/2021Kering, Reg. S 0.875% 28/03/2022Lafarge SA, Reg. S 5.875% 09/07/2019

Carrefour SA, Reg. S 1.25% 03/06/2025Casino Guichard Perrachon SA 4.726% 26/05/2021Casino Guichard Perrachon SA, Reg. S 3.248% 07/03/2024Casino Guichard Perrachon SA, Reg. S 2.33% 07/02/2025Credit Agricole SA, Reg. S 2.375% 27/11/2020Credit Agricole SA, Reg. S 2.375% 20/05/2024

Fortum OYJ, Reg. S 2.25% 06/09/2022

FranceAutoroutes du Sud de la France SA, Reg. S 4.125% 13/04/2020Autoroutes du Sud de la France SA 2.875% 18/01/2023

DONG Energy A/S, Reg. S, FRN 6.25% PerpetualTDC A/S, Reg. S 1.75% 27/02/2027

FinlandCRH Finland Services OYJ, Reg. S 2.75% 15/10/2020Fortum OYJ, Reg. S 4% 24/05/2021

Bouygues SA, Reg. S 3.641% 29/10/2019Bouygues SA, Reg. S 4.25% 22/07/2020BPCE SA, Reg. S 1.375% 22/05/2019BPCE SA, Reg. S 0.75% 22/01/2020BPCE SA, Reg. S 2.125% 17/03/2021Carrefour SA, Reg. S 1.75% 15/07/2022

AXA SA, Reg. S, FRN 3.875% PerpetualAXA SA, Reg. S, FRN 3.941% PerpetualBanque Federative du Credit Mutuel SA, Reg. S 2.625% 24/02/2021Banque Federative du Credit Mutuel SA, Reg. S 1.25% 14/01/2025BNP Paribas SA, Reg. S 2.875% 24/10/2022BNP Paribas SA, Reg. S, FRN 2.625% 14/10/2027

Czech RepublicEP Energy AS, Reg. S 4.375% 01/05/2018

DenmarkDONG Energy A/S, Reg. S 2.625% 19/09/2022DONG Energy A/S, Reg. S, FRN 0% Perpetual

Vale SA 3.75% 10/01/2023

Cayman IslandsHutchison Whampoa Europe Finance 13 Ltd., Reg. S, FRN 3.75% PerpetualHutchison Whampoa Finance 14 Ltd., Reg. S 1.375% 31/10/2021

Anheuser-Busch InBev NV, Reg. S 0.8% 20/04/2023

Brazil

AustraliaOrigin Energy Finance Ltd., Reg. S 2.5% 23/10/2020Santos Finance Ltd., FRN 8.25% 22/09/2070Transurban Finance Co. Pty. Ltd. 1.875% 16/09/2024

Austria

BNY Mellon Compass Fund – Euro Corporate Bond FundSchedule of InvestmentsAs at 30 April 2015

InvestmentsTransferable securities and money market instruments admitted to an official exchange listingBonds

Telekom Finanzmanagement GmbH, Reg. S 3.125% 03/12/2021

Belgium


43

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments

Bonds (continued)

EUR 1,500,000 1,629,281 0.29EUR 2,400,000 2,736,000 0.48EUR 1,900,000 1,989,367 0.35

90,231,575 15.85

EUR 1,400,000 1,375,374 0.24EUR 3,500,000 4,062,244 0.71EUR 2,900,000 2,878,709 0.51EUR 2,800,000 3,114,293 0.55EUR 2,400,000 2,399,724 0.42EUR 1,400,000 1,771,972 0.31EUR 2,150,000 2,404,831 0.42EUR 1,630,000 1,695,039 0.30EUR 3,500,000 3,557,607 0.62EUR 2,000,000 1,937,116 0.34EUR 2,000,000 2,209,618 0.39EUR 2,770,000 2,734,034 0.48EUR 3,680,000 4,340,014 0.76EUR 3,300,000 3,537,636 0.62EUR 1,600,000 1,709,494 0.30EUR 4,500,000 4,925,774 0.87EUR 3,500,000 3,544,411 0.62EUR 4,340,000 4,260,773 0.75EUR 1,980,000 1,967,155 0.35EUR 1,800,000 1,941,750 0.34EUR 970,000 942,659 0.17

57,310,227 10.07

EUR 5,420,000 5,354,553 0.945,354,553 0.94

EUR 2,300,000 2,490,900 0.442,490,900 0.44

EUR 1,360,000 1,548,430 0.27EUR 2,000,000 2,195,666 0.38EUR 2,220,000 2,217,022 0.39EUR 2,830,000 2,833,962 0.50EUR 2,000,000 2,140,200 0.38EUR 1,100,000 1,280,183 0.22

12,215,463 2.14

EUR 780,000 916,338 0.16EUR 780,000 852,582 0.15EUR 840,000 1,097,867 0.19EUR 1,500,000 1,696,771 0.30EUR 3,000,000 3,523,374 0.62EUR 1,510,000 1,684,075 0.30EUR 2,000,000 2,244,948 0.40EUR 2,000,000 2,267,736 0.40EUR 3,700,000 3,884,793 0.68EUR 2,300,000 2,414,027 0.42EUR 6,200,000 6,693,114 1.18EUR 2,800,000 2,922,424 0.51EUR 1,740,000 1,718,360 0.30EUR 2,280,000 2,636,160 0.46EUR 890,000 907,206 0.16EUR 2,200,000 2,335,469 0.41EUR 3,000,000 2,954,201 0.52EUR 3,500,000 3,596,717 0.63EUR 6,850,000 7,379,224 1.30EUR 3,500,000 3,879,851 0.68

55,605,237 9.77

EUR 1,000,000 1,105,200 0.191,105,200 0.19

EUR 2,510,000 2,657,036 0.47EUR 2,400,000 2,482,646 0.43

5,139,682 0.90

JapanSoftBank Corp., Reg. S 4.625% 15/04/2020

JerseyHeathrow Funding Ltd., Reg. S 1.875% 23/05/2024HSBC Capital Funding LP, FRN 5.13% Perpetual

Telecom Italia SpA, Reg. S 3.25% 16/01/2023Terna Rete Elettrica Nazionale SpA, Reg. S 0.875% 02/02/2022UniCredit SpA, Reg. S 2.25% 16/12/2016UniCredit SpA, Reg. S 4.875% 07/03/2017UniCredit SpA, Reg. S 3.25% 14/01/2021

ItalyA2A SpA, Reg. S 4.375% 10/01/2021Assicurazioni Generali SpA, Reg. S 2.875% 14/01/2020Assicurazioni Generali SpA, Reg. S 5.125% 16/09/2024

CRH Finance Ltd., Reg. S 3.125% 03/04/2023FCA Capital Ireland PLC, Reg. S 4% 17/10/2018FCA Capital Ireland PLC, Reg. S 1.375% 17/04/2020GE Capital European Funding, Reg. S 0.8% 21/01/2022Smurfit Kappa Acquisitions, Reg. S 3.25% 01/06/2021Zurich Insurance Co. Ltd., Reg. S, FRN 4.25% 02/10/2043

Intesa Sanpaolo SpA, Reg. S 3.75% 23/11/2016Intesa Sanpaolo SpA, Reg. S 5% 28/02/2017Intesa Sanpaolo SpA, Reg. S 2% 18/06/2021Intesa Sanpaolo SpA, Reg. S 1.125% 04/03/2022Snam SpA, Reg. S 5% 18/01/2019Snam SpA, Reg. S 1.5% 21/04/2023

Assicurazioni Generali SpA, Reg. S 4.125% 04/05/2026Atlantia SpA, Reg. S 4.375% 16/03/2020Atlantia SpA, Reg. S 2.875% 26/02/2021Finmeccanica SpA 4.5% 19/01/2021Hera SpA, Reg. S 3.25% 04/10/2021Intesa Sanpaolo SpA, Reg. S 4.125% 19/09/2016

Credit Suisse Group Funding Guernsey Ltd., Reg. S 1.25% 14/04/2022

HungaryMOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017

Ireland

RWE AG, Reg. S, FRN 2.75% 21/04/2075SAP SE, Reg. S 1% 01/04/2025Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022WPP Finance Deutschland GmbH, Reg. S 1.625% 23/03/2030

Guernsey

Evonik Industries AG, Reg. S 1% 23/01/2023EWE AG 4.125% 04/11/2020Hannover Rueck SE, Reg. S, FRN 3.375% PerpetualMerck KGaA, Reg. S, FRN 3.375% 12/12/2074Muenchener Rueckversicherungs-Gesellschaft AG, Reg. S, FRN 5.767% PerpetualRWE AG, Reg. S, FRN 4.625% Perpetual

Commerzbank AG 7.75% 16/03/2021Continental AG, Reg. S 3.125% 09/09/2020CRH Finance Germany GmbH, Reg. S 1.75% 16/07/2021Deutsche Bank AG, Reg. S 1.25% 08/09/2021Deutsche Bank AG, Reg. S 1.125% 17/03/2025EnBW Energie Baden-Wuerttemberg AG, Reg. S, FRN 7.375% 02/04/2072

GermanyAllianz SE, Reg. S, FRN 2.241% 07/07/2045Allianz SE, Reg. S, FRN 4.75% PerpetualBayer AG, Reg. S, FRN 2.375% 02/04/2075Bertelsmann SE & Co. KGaA 2.625% 02/08/2022Bertelsmann SE & Co. KGaA, Reg. S, FRN 3% 23/04/2075

Wendel SA 4.375% 09/08/2017Wendel SA, Reg. S 3.75% 21/01/2021Wendel SA, Reg. S 2.5% 09/02/2027

France (continued)



44

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments

Bonds (continued)

EUR 4,000,000 4,347,346 0.76EUR 1,000,000 1,108,747 0.20EUR 2,580,000 2,563,035 0.45EUR 6,650,000 6,681,920 1.17EUR 2,000,000 2,205,032 0.39

16,906,080 2.97


15,472,513 2.72

EUR 4,000,000 4,089,984 0.72EUR 1,410,000 1,475,108 0.26EUR 3,300,000 3,495,558 0.61EUR 3,340,000 3,528,777 0.62EUR 1,300,000 1,432,720 0.25EUR 1,300,000 1,444,522 0.25EUR 2,770,000 2,857,098 0.50EUR 2,620,000 2,749,690 0.48EUR 2,090,000 2,087,638 0.37EUR 1,200,000 1,265,109 0.22EUR 2,400,000 2,357,664 0.42EUR 1,500,000 1,563,315 0.28EUR 1,700,000 1,901,280 0.33EUR 2,000,000 2,115,613 0.37EUR 2,000,000 2,179,544 0.38EUR 2,500,000 2,978,030 0.52EUR 1,500,000 1,562,201 0.28EUR 600,000 688,798 0.12EUR 700,000 793,136 0.14EUR 2,310,000 2,436,653 0.43EUR 800,000 858,335 0.15EUR 3,200,000 3,424,114 0.60EUR 1,500,000 1,645,978 0.29EUR 2,520,000 2,840,526 0.50EUR 1,700,000 1,874,250 0.33EUR 1,570,000 1,581,775 0.28EUR 1,500,000 1,830,937 0.32EUR 2,000,000 2,018,625 0.36EUR 1,000,000 1,078,977 0.19EUR 1,000,000 1,068,679 0.19

61,224,634 10.76

EUR 2,400,000 2,403,630 0.422,403,630 0.42

EUR 2,000,000 2,353,388 0.41EUR 1,800,000 2,027,538 0.36

4,380,926 0.77

EUR 3,600,000 4,232,084 0.74EUR 800,000 953,191 0.17EUR 1,500,000 1,631,243 0.29EUR 2,500,000 2,660,474 0.47EUR 3,600,000 3,598,745 0.63EUR 2,000,000 2,009,339 0.35EUR 1,000,000 1,074,971 0.19EUR 2,400,000 2,682,579 0.47

18,842,626 3.31


9,327,206 1.64TeliaSonera AB, Reg. S 3.625% 14/02/2024

Brisa Concessao Rodoviaria SA, Reg. S 3.875% 01/04/2021

SpainAbertis Infraestructuras SA, Reg. S 4.75% 25/10/2019Abertis Infraestructuras SA, Reg. S 3.75% 20/06/2023

NorwaySantander Consumer Bank AS, Reg. S 0.625% 20/04/2018

PortugalBrisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018

SwedenAkzo Nobel Sweden Finance AB, Reg. S 2.625% 27/07/2022Alfa Laval Treasury International AB, Reg. S 1.375% 12/09/2022Investor AB, Reg. S 4.5% 12/05/2023Svenska Cellulosa AB SCA 2.5% 09/06/2023

Abertis Infraestructuras SA, Reg. S 2.5% 27/02/2025BBVA Senior Finance SAU, Reg. S 2.375% 22/01/2019Santander Consumer Finance SA, Reg. S 0.9% 18/02/2020Santander Issuances SAU, Reg. S 2.5% 18/03/2025Telefonica Emisiones SAU, Reg. S 3.661% 18/09/2017Telefonica Emisiones SAU, Reg. S 4.797% 21/02/2018

Koninklijke KPN NV, Reg. S, FRN 6.125% PerpetualSchaeffler Finance BV, Reg. S 2.5% 15/05/2020Telefonica Europe BV, Reg. S, FRN 7.625% PerpetualVolkswagen International Finance NV, Reg. S, FRN 3.5% PerpetualVolkswagen International Finance NV, Reg. S, FRN 3.75% PerpetualVolkswagen International Finance NV, Reg. S, FRN 3.875% Perpetual

Gas Natural Fenosa Finance BV, Reg. S 2.875% 11/03/2024Generali Finance BV, Reg. S, FRN 4.66% PerpetualHeineken NV, Reg. S 2.125% 04/08/2020Heineken NV 2% 06/04/2021Iberdrola International BV, Reg. S 2.5% 24/10/2022Koninklijke KPN NV, Reg. S 3.25% 01/02/2021

EDP Finance BV, Reg. S 5.75% 21/09/2017EDP Finance BV, Reg. S 2.625% 18/01/2022Enel Finance International NV, Reg. S 3.625% 17/04/2018Enel Finance International NV, Reg. S 4.875% 11/03/2020Enel Finance International NV 1.966% 27/01/2025Gas Natural Fenosa Finance BV, Reg. S 3.5% 15/04/2021

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S, FRN 2.5% 26/05/2026Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S, FRN 5.5% PerpetualDeutsche Annington Finance BV, Reg. S 0.875% 30/03/2020Deutsche Annington Finance BV, Reg. S 2.125% 09/07/2022Deutsche Annington Finance BV, Reg. S 1.5% 31/03/2025Deutsche Annington Finance BV, Reg. S, FRN 4% Perpetual

ABN AMRO Bank NV, FRN 4.31% PerpetualAkzo Nobel NV, Reg. S 1.75% 07/11/2024Alliander NV, Reg. S, FRN 3.25% PerpetualAllianz Finance II BV, FRN 4.375% PerpetualBAT Netherlands Finance BV, Reg. S 2.375% 19/01/2023Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 2.375% 22/05/2023

Petroleos Mexicanos, Reg. S 6.375% 05/08/2016Petroleos Mexicanos, Reg. S 5.5% 09/01/2017Petroleos Mexicanos, Reg. S 3.125% 27/11/2020

Netherlands

HeidelbergCement Finance Luxembourg SA, Reg. S 3.25% 21/10/2020

MexicoAmerica Movil SAB de CV 3% 12/07/2021America Movil SAB de CV 4.75% 28/06/2022America Movil SAB de CV, Reg. S, FRN 5.125% 06/09/2073

LuxembourgGlencore Finance Europe SA, Reg. S 5.25% 22/03/2017Glencore Finance Europe SA, Reg. S, STEP 4.625% 03/04/2018Glencore Finance Europe SA, Reg. S 1.25% 17/03/2021Hannover Finance Luxembourg SA, FRN 5% Perpetual



45

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments

Bonds (continued)

EUR 1,340,000 1,384,638 0.24EUR 4,300,000 4,978,536 0.88EUR 4,400,000 4,880,497 0.86EUR 2,800,000 2,920,820 0.51

14,164,491 2.49

EUR 2,000,000 2,117,087 0.372,117,087 0.37

EUR 1,500,000 1,512,338 0.27EUR 2,340,000 2,513,286 0.44EUR 1,000,000 1,092,377 0.19EUR 1,300,000 1,528,448 0.27EUR 1,320,000 1,250,094 0.22EUR 1,800,000 1,953,106 0.34EUR 2,000,000 2,035,407 0.36EUR 1,000,000 1,018,990 0.18EUR 950,000 981,553 0.17EUR 930,000 968,196 0.17EUR 1,240,000 1,236,446 0.22EUR 1,800,000 1,920,889 0.34EUR 3,200,000 3,347,200 0.59EUR 2,500,000 2,724,375 0.48EUR 2,920,000 2,908,503 0.51EUR 2,010,000 2,022,478 0.36EUR 2,150,000 2,149,329 0.38EUR 2,820,000 2,864,353 0.50EUR 1,500,000 1,720,361 0.30EUR 2,750,000 2,860,168 0.50EUR 1,200,000 1,326,938 0.23EUR 2,000,000 2,018,564 0.35EUR 730,000 838,878 0.15

42,792,277 7.52

EUR 3,200,000 3,499,896 0.61EUR 1,960,000 2,107,763 0.37EUR 3,160,000 3,372,704 0.59EUR 1,500,000 1,745,417 0.31EUR 2,840,000 2,882,423 0.51EUR 2,570,000 2,784,685 0.49EUR 3,090,000 3,165,538 0.56EUR 2,010,000 1,993,796 0.35EUR 7,570,000 7,327,510 1.29EUR 1,000,000 1,180,778 0.21EUR 2,140,000 2,312,178 0.41EUR 1,860,000 1,905,269 0.33EUR 5,770,000 5,690,117 1.00EUR 3,800,000 3,968,929 0.70EUR 1,200,000 1,289,226 0.23EUR 550,000 655,248 0.11EUR 1,640,000 1,781,617 0.31EUR 1,100,000 1,108,919 0.19EUR 1,900,000 1,939,320 0.34EUR 3,670,000 4,046,597 0.71EUR 4,890,000 5,032,074 0.88EUR 1,710,000 1,915,109 0.34EUR 5,000,000 4,943,300 0.87EUR 2,330,000 2,513,887 0.44EUR 3,700,000 3,986,387 0.70EUR 2,000,000 2,083,373 0.37EUR 3,200,000 3,695,526 0.65EUR 6,000,000 6,531,495 1.15EUR 4,010,000 4,119,527 0.72EUR 1,500,000 1,662,413 0.29EUR 2,400,000 2,415,000 0.42

93,656,021 16.45

EUR 3,410,000 3,400,145 0.603,400,145 0.60

550,266,904 96.67550,266,904 96.67

Sinopec Group Overseas Development 2015 Ltd., Reg. S 0.5% 27/04/2018

Total BondsTotal Transferable securities and money market instruments admitted to an official exchange listing

Verizon Communications, Inc. 2.375% 17/02/2022Verizon Communications, Inc. 1.625% 01/03/2024Verizon Communications, Inc. 2.625% 01/12/2031ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019

Virgin Islands, British

JPMorgan Chase & Co., Reg. S 2.75% 24/08/2022Mondelez International, Inc. 1.625% 08/03/2027Morgan Stanley 3.75% 21/09/2017Morgan Stanley 2.375% 31/03/2021Morgan Stanley 1.875% 30/03/2023Philip Morris International, Inc. 2.875% 03/03/2026

Goldman Sachs Group, Inc. (The), Reg. S 5.125% 23/10/2019Goldman Sachs Group, Inc. (The), Reg. S 2.625% 19/08/2020Goldman Sachs Group, Inc. (The), Reg. S 1.375% 26/07/2022International Business Machines Corp. 1.25% 26/05/2023JPMorgan Chase & Co., Reg. S 2.625% 23/04/2021JPMorgan Chase & Co., Reg. S 1.375% 16/09/2021

Citigroup, Inc., Reg. S 5% 02/08/2019Citigroup, Inc., Reg. S 2.375% 22/05/2024Citigroup, Inc. 1.75% 28/01/2025Coca-Cola Co. (The) 1.125% 09/03/2027GE Capital Trust IV, Reg. S, FRN 4.625% 15/09/2066Goldman Sachs Group, Inc. (The), Reg. S 4.375% 16/03/2017

AT&T, Inc. 3.375% 15/03/2034AT&T, Inc. 2.45% 15/03/2035Bank of America Corp., Reg. S 2.5% 27/07/2020Bank of America Corp., Reg. S 1.375% 10/09/2021Bank of America Corp., Reg. S 1.375% 26/03/2025Berkshire Hathaway, Inc. 1.125% 16/03/2027

United States of AmericaAT&T, Inc. 2.65% 17/12/2021AT&T, Inc. 2.4% 15/03/2024AT&T, Inc. 2.6% 17/12/2029

Royal Bank of Scotland Group PLC, Reg. S 1.5% 28/11/2016Royal Bank of Scotland PLC (The) 6.934% 09/04/2018Sky PLC, Reg. S 1.875% 24/11/2023Tesco PLC 5.125% 10/04/2047Vodafone Group PLC, Reg. S 1% 11/09/2020WPP Finance 2013, Reg. S 3% 20/11/2023

HSBC Holdings PLC, Reg. S, FRN 3.375% 10/01/2024HSBC Holdings PLC, Reg. S, FRN 5.25% PerpetualLBG Capital No. 2 PLC, Reg. S 6.385% 12/05/2020Lloyds Bank PLC, Reg. S 0.625% 20/04/2020Lloyds Bank PLC, Reg. S 1% 19/11/2021Lloyds Bank PLC, Reg. S 1.25% 13/01/2025

BP Capital Markets PLC, Reg. S 2.213% 25/09/2026BP Capital Markets PLC, Reg. S 1.573% 16/02/2027British Telecommunications PLC, Reg. S 1.125% 10/06/2019FCE Bank PLC, Reg. S 1.75% 21/05/2018FCE Bank PLC, Reg. S 1.875% 18/04/2019FCE Bank PLC, Reg. S 1.134% 10/02/2022

United KingdomAbbey National Treasury Services PLC, Reg. S 1.125% 14/01/2022Barclays Bank PLC, Reg. S 2.125% 24/02/2021Barclays Bank PLC, Reg. S 2.25% 10/06/2024BAT International Finance PLC, Reg. S 3.625% 09/11/2021BAT International Finance PLC, Reg. S 2% 13/03/2045

UBS Group AG, Reg. S, FRN 5.83% Perpetual

United Arab EmiratesGlencore Finance Dubai Ltd. 2.625% 19/11/2018

SwitzerlandCredit Suisse AG, Reg. S 1.375% 29/11/2019Credit Suisse AG, Reg. S, FRN 5.75% 18/09/2025UBS AG, Reg. S, FRN 4.75% 12/02/2026



46

CurrencyQuantity/

Nominal Value

Market Value EUR

% of Net Assets


Investments

EUR 2,400,000 2,591,398 0.462,591,398 0.46

EUR 1,340,000 1,325,561 0.231,325,561 0.233,916,959 0.693,916,959 0.69

554,183,863 97.368,501,465 1.496,522,262 1.15

569,207,590 100.00

% of Net AssetsUnited States of America 16.68France 16.31Netherlands 10.76Germany 10.07Italy 9.77United Kingdom 7.52Spain 3.31Luxembourg 2.97Mexico 2.72Switzerland 2.49Ireland 2.14Sweden 1.64Denmark 1.39Cayman Islands 1.13Australia 1.02Finland 1.00Guernsey 0.94Jersey 0.90Portugal 0.77Czech Republic 0.75Virgin Islands, British 0.60Hungary 0.44Belgium 0.44Norway 0.42Brazil 0.38United Arab Emirates 0.37Austria 0.24Japan 0.19Total Investments 97.36

2.64Total 100.00

FranceElectricite de France SA, Reg. S, FRN 4.125% Perpetual

United States of AmericaBristol-Myers Squibb Co. 1% 15/05/2025

Transferable securities and money market instruments dealt in on another regulated marketBonds



Total BondsTotal Transferable securities and money market instruments dealt in on another regulated market



47

Country Security Description Number of Contracts Currency

Global Exposure

EUR


EUR% of Net

Assets

Germany Euro-Bund, 08/06/2015 150 EUR 23,505,000 (373,500) (0.07) (373,500) (0.07)

Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date


EUR% of Net

AssetsGBP 372,558 EUR 520,691 29/05/2015 (10,000) –

(10,000) –

Nominal Amount Currency Counterparty Reference Entity Buy/SellMaturity

DateMarket

Value EUR


EUR% of Net

Assets35,000,000 EUR JPMorgan Securities Ltd. iTraxx Europe Series 23 V1 Sell 20/12/2011 (744,814) (744,814) (0.13)

(744,814) (744,814) (0.13)


Credit Default Swap Contracts

Net Unrealised Loss on Credit Default Swap Contracts

Counterparty Unrealised Gain/(Loss)JPMorgan Chase & Co. (10,000)

(10,000)

BNY Mellon Compass Fund – Euro Corporate Bond FundSchedule of InvestmentsAs at 30 April 2015Financial Futures Contracts

Net Unrealised Loss on Financial Futures Contracts


Net Unrealised Loss on Forward Currency Exchange Contracts


48

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets

EUR 3,630,000 3,952,163 0.803,952,163 0.80

EUR 1,110,000 1,087,134 0.221,087,134 0.22

EUR 740,000 902,985 0.18902,985 0.18

EUR 10,010,000 10,222,212 2.0810,222,212 2.08

EUR 1,720,000 1,883,400 0.38EUR 2,070,000 2,088,630 0.43

3,972,030 0.81

EUR 2,920,000 3,007,600 0.613,007,600 0.61

EUR 3,700,000 4,003,770 0.81EUR 1,580,000 1,765,397 0.36

5,769,167 1.17

EUR 4,040,000 4,130,900 0.84EUR 6,000,000 6,342,240 1.29

10,473,140 2.13

EUR 560,000 551,600 0.11EUR 1,500,000 1,551,089 0.31EUR 2,050,000 2,092,947 0.42EUR 2,950,000 3,208,125 0.65EUR 5,380,000 5,649,430 1.15EUR 2,100,000 2,207,100 0.45EUR 3,870,000 4,208,625 0.86EUR 1,610,000 1,713,330 0.35EUR 2,350,000 2,511,562 0.51EUR 3,680,000 3,946,800 0.80EUR 3,000,000 2,994,750 0.61EUR 1,010,000 1,016,212 0.21EUR 1,330,000 1,708,518 0.35EUR 5,690,000 6,031,400 1.23EUR 1,970,000 2,191,980 0.45EUR 1,670,000 1,966,154 0.40EUR 3,930,000 4,281,421 0.87EUR 7,260,000 7,655,670 1.56EUR 1,900,000 2,270,922 0.46EUR 3,610,000 4,280,803 0.87EUR 1,840,000 1,987,200 0.40EUR 1,250,000 1,360,200 0.28EUR 1,000,000 1,074,000 0.22EUR 1,200,000 1,209,889 0.25EUR 910,000 903,193 0.18EUR 1,070,000 1,062,136 0.22EUR 2,140,000 2,142,140 0.44EUR 1,930,000 2,021,675 0.41EUR 1,250,000 1,306,250 0.26EUR 2,470,000 2,605,850 0.53EUR 2,400,000 2,424,000 0.49EUR 1,320,000 1,418,934 0.29EUR 1,260,000 1,269,450 0.26EUR 3,260,000 3,439,300 0.70

86,262,655 17.55

Rexel SA, Reg. S 5.125% 15/06/2020SPCM SA, Reg. S 2.875% 15/06/2023THOM Europe SAS, Reg. S 7.375% 15/07/2019

Novafives SAS, Reg. S 4.5% 30/06/2021Novalis SAS, Reg. S 3% 30/04/2022Numericable-SFR SAS, Reg. S 5.375% 15/05/2022Paprec Holding, Reg. S 5.25% 01/04/2022Paprec Holding, Reg. S 7.375% 01/04/2023Picard Groupe SAS, Reg. S, FRN 4.302% 01/08/2019

Lafarge SA, Reg. S 4.75% 30/09/2020Loxam SAS, Reg. S 7.375% 24/01/2020Nexans SA 5.75% 02/05/2017Nexans SA 4.25% 19/03/2018Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019Novafives SAS, Reg. S, FRN 4.011% 30/06/2020

Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020Italcementi Finance SA, Reg. S 6.125% 21/02/2018Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020Labco SA, Reg. S 8.5% 15/01/2018Lafarge SA, Reg. S 5.875% 09/07/2019

Cerba European Lab SAS, Reg. S 7% 01/02/2020CMA CGM SA, Reg. S 8.75% 15/12/2018Crown European Holdings SA, Reg. S 4% 15/07/2022Crown European Holdings SA, Reg. S 3.375% 15/05/2025Faurecia, Reg. S 3.125% 15/06/2022GIE PSA Tresorerie 6% 19/09/2033

Accor SA, Reg. S, FRN 4.125% PerpetualAreva SA 3.5% 22/03/2021Areva SA 4.875% 23/09/2024Autodis SA, Reg. S 6.5% 01/02/2019Casino Guichard Perrachon SA, Reg. S, FRN 4.87% PerpetualCegedim SA, Reg. S 6.75% 01/04/2020

CE Energy AS, Reg. S 7% 01/02/2021RPG Byty Sro, Reg. S 6.75% 01/05/2020

France3AB Optique Developpement SAS, Reg. S 5.625% 15/04/2019

CroatiaAgrokor dd, Reg. S 9.875% 01/05/2019Agrokor dd, Reg. S 9.125% 01/02/2020

Czech Republic

CanadaBombardier, Inc., Reg. S 6.125% 15/05/2021Valeant Pharmaceuticals International, Inc., Reg. S 4.5% 15/05/2023

Cayman IslandsViridian Group FundCo II Ltd., Reg. S 7.5% 01/03/2020

BulgariaBulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018

AustraliaOrigin Energy Finance Ltd., Reg. S, FRN 7.875% 16/06/2071

AustriaSappi Papier Holding GmbH, Reg. S 3.375% 01/04/2022

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of InvestmentsAs at 30 April 2015


BelgiumBarry Callebaut Services NV, Reg. S 5.625% 15/06/2021


49

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets


Investments

Bonds (continued)

EUR 6,400,000 7,016,000 1.43EUR 1,840,000 1,996,400 0.41EUR 2,220,000 2,264,400 0.46EUR 2,630,000 2,605,015 0.53EUR 4,790,000 5,065,904 1.03EUR 1,310,000 1,304,105 0.27EUR 2,475,000 2,669,906 0.54EUR 2,682,000 2,869,070 0.58EUR 2,640,000 2,989,800 0.61

28,780,600 5.86

EUR 2,800,000 3,032,400 0.623,032,400 0.62

EUR 1,450,000 1,261,500 0.261,261,500 0.26

EUR 1,130,000 1,220,682 0.25EUR 3,330,000 3,138,525 0.64EUR 3,950,000 4,423,080 0.90EUR 1,200,000 1,300,398 0.26EUR 1,340,000 1,504,115 0.31EUR 2,500,000 2,930,800 0.60EUR 860,000 1,007,813 0.20EUR 3,400,000 3,162,340 0.64EUR 1,100,000 1,166,550 0.24EUR 3,720,000 3,525,072 0.72EUR 1,690,000 1,697,267 0.34EUR 6,760,000 7,267,000 1.48EUR 4,860,000 4,884,300 0.99EUR 2,600,000 2,730,000 0.56EUR 660,000 700,425 0.14EUR 1,500,000 1,708,815 0.35EUR 1,920,000 2,038,228 0.41EUR 800,000 908,234 0.18EUR 610,000 623,957 0.13

45,937,601 9.34

EUR 4,390,000 4,851,828 0.994,851,828 0.99

EUR 1,415,000 1,521,125 0.31EUR 4,180,000 4,535,718 0.92EUR 1,370,000 1,421,375 0.29EUR 1,760,000 1,942,267 0.39EUR 820,000 822,425 0.17EUR 800,000 805,775 0.16EUR 2,410,000 2,442,145 0.50EUR 4,910,000 5,048,707 1.03EUR 1,530,000 1,561,279 0.32EUR 1,306,500 1,428,984 0.29EUR 850,000 860,625 0.17EUR 5,280,000 5,887,200 1.20EUR 4,070,000 4,423,154 0.90EUR 930,000 1,016,258 0.21EUR 5,860,000 6,560,563 1.33EUR 1,160,000 1,356,156 0.28EUR 950,000 1,005,813 0.20EUR 1,280,000 1,344,000 0.27EUR 2,970,000 2,952,328 0.60EUR 1,140,000 1,201,503 0.24EUR 2,070,000 2,023,425 0.41EUR 2,140,000 2,010,958 0.41EUR 2,730,000 2,545,725 0.52

Gazprom OAO, Reg. S 3.755% 15/03/2017Gazprom OAO 6.605% 13/02/2018Gazprom OAO, Reg. S 3.7% 25/07/2018Gazprom OAO, Reg. S 3.389% 20/03/2020Gazprom OAO, Reg. S 3.6% 26/02/2021

Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019Findus Bondco SA, Reg. S 9.125% 01/07/2018gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019


Luxembourg

Snai SpA, Reg. S 7.625% 15/06/2018TeamSystem Holding SpA, Reg. S 7.375% 15/05/2020Telecom Italia SpA, Reg. S 5.375% 29/01/2019Telecom Italia SpA, Reg. S 3.25% 16/01/2023Telecom Italia SpA 5.25% 17/03/2055Zobele Holding SpA, Reg. S 7.875% 01/02/2018

BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019Empark Funding SA, Reg. S 6.75% 15/12/2019

Altice Financing SA, Reg. S 8% 15/12/2019Altice Financing SA, Reg. S 6.5% 15/01/2022Altice SA, Reg. S 7.25% 15/05/2022ArcelorMittal, Reg. S 5.875% 17/11/2017ArcelorMittal, Reg. S 3% 09/04/2021ArcelorMittal, Reg. S 3.125% 14/01/2022

Gamenet SpA, Reg. S 7.25% 01/08/2018IVS F. S.p.A, Reg. S 7.125% 01/04/2020Manutencoop Facility Management SpA, Reg. S 8.5% 01/08/2020Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019Rhino Bondco SpA, Reg. S 7.25% 15/11/2020Sisal Group SpA, Reg. S 7.25% 30/09/2017

Cooperativa Muratori & Cementisti-CMC di Ravenna SC, Reg. S 7.5% Enel SpA, Reg. S, FRN 6.5% 10/01/2074Enel SpA, Reg. S, FRN 5% 15/01/2075Finmeccanica SpA 4.5% 19/01/2021Finmeccanica SpA 5.25% 21/01/2022Finmeccanica SpA 4.875% 24/03/2025

IrelandRussian Railways, Reg. S 3.374% 20/05/2021

ItalyAstaldi SpA, Reg. S 7.125% 01/12/2020

Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022Unitymedia Hessen GmbH & Co. KG, Reg. S 5.125% 21/01/2023Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029


Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% 30/12/2020HP Pelzer Holding GmbH, Reg. S 7.5% 15/07/2021Paternoster Holding III GmbH, Reg. S 8.5% 15/02/2023Rapid Holding GmbH, Reg. S 6.625% 15/11/2020Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021ThyssenKrupp AG, Reg. S 2.5% 25/02/2025


Germany


50

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets


Investments

Bonds (continued)

EUR 2,560,000 2,691,200 0.55EUR 3,180,000 3,068,700 0.62EUR 880,000 932,800 0.19EUR 1,800,000 2,331,540 0.47EUR 1,270,000 1,666,088 0.34EUR 2,300,000 2,386,250 0.49EUR 4,280,000 4,354,900 0.89EUR 340,000 343,400 0.07EUR 3,950,000 4,292,663 0.87EUR 1,500,000 1,561,200 0.32EUR 1,859,711 2,009,045 0.41EUR 1,170,000 1,256,288 0.26EUR 2,655,000 3,899,178 0.79EUR 1,600,000 1,616,000 0.33EUR 1,230,000 1,337,625 0.27EUR 1,460,000 1,478,250 0.30EUR 460,000 464,600 0.09EUR 1,090,000 1,106,524 0.23EUR 4,490,000 4,558,068 0.93

96,071,827 19.54

EUR 2,010,000 2,010,804 0.412,010,804 0.41

EUR 10,970,000 11,628,200 2.37EUR 2,450,000 2,612,312 0.53EUR 2,500,000 2,630,000 0.54EUR 2,960,000 2,549,300 0.52EUR 3,680,000 4,057,200 0.83EUR 7,800,000 8,823,750 1.80EUR 2,460,000 2,650,650 0.54EUR 4,310,000 5,182,775 1.05EUR 1,860,000 1,769,325 0.36EUR 1,800,000 1,720,933 0.35EUR 1,280,000 1,346,838 0.27EUR 810,000 789,451 0.16EUR 900,000 952,200 0.19EUR 1,240,000 1,272,549 0.26EUR 1,010,000 1,025,134 0.21EUR 1,560,000 1,618,371 0.33EUR 990,000 989,070 0.20EUR 540,000 562,950 0.11EUR 1,570,000 1,554,300 0.32EUR 1,400,000 1,438,644 0.29EUR 1,260,000 1,277,640 0.26EUR 5,050,000 5,298,460 1.08EUR 630,000 639,450 0.13EUR 700,000 682,500 0.14EUR 10,600,000 12,938,625 2.63EUR 890,000 901,125 0.18EUR 7,930,000 8,512,855 1.73EUR 740,000 802,782 0.16EUR 3,370,000 3,716,267 0.76

89,943,656 18.30

EUR 900,000 941,625 0.19941,625 0.19

EUR 1,400,000 1,477,616 0.30EUR 3,340,000 3,242,806 0.66EUR 4,650,000 4,895,055 0.99EUR 990,000 965,250 0.20

10,580,727 2.15

Luxembourg (Luxembourg)

Abengoa SA 8.5% 31/03/2016Obrascon Huarte Lain SA, Reg. S 5.5% 15/03/2023

NorwaySilk Bidco AS, Reg. S 7.5% 01/02/2022

SpainAbengoa Finance SAU, Reg. S 8.875% 05/02/2018Abengoa Finance SAU, Reg. S 7% 15/04/2020

Telefonica Europe BV, Reg. S, FRN 7.625% PerpetualTMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018United Group BV, Reg. S 7.875% 15/11/2020UPC Holding BV, Reg. S 6.375% 15/09/2022UPC Holding BV, Reg. S 6.75% 15/03/2023

Repsol International Finance BV, Reg. S, FRN 4.5% 25/03/2075Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.125% Schaeffler Finance BV, Reg. S 3.25% 15/05/2025Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018Selecta Group BV, Reg. S 6.5% 15/06/2020Stork Technical Services Holdco BV, Reg. S 11% 15/08/2017

Phoenix PIB Dutch Finance BV, Reg. S 3.625% 30/07/2021Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016Portugal Telecom International Finance BV 4.375% 24/03/2017Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018Portugal Telecom International Finance BV, Reg. S 4.625% 08/05/2020Refresco Gerber NV, Reg. S 7.375% 15/05/2018

Nyrstar Netherlands Holdings BV, Reg. S 8.5% 15/09/2019OI European Group BV, Reg. S 6.75% 15/09/2020Petrobras Global Finance BV 2.75% 15/01/2018Petrobras Global Finance BV 3.75% 14/01/2021Petrobras Global Finance BV 5.875% 07/03/2022Petrobras Global Finance BV 4.75% 14/01/2025

Cable Communications Systems NV, Reg. S 7.5% 01/11/2020Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019Gas Natural Fenosa Finance BV, Reg. S, FRN 4.182% PerpetualGrupo Isolux Corsan Finance BV, Reg. S 6.625% 15/04/2021Koninklijke KPN NV, Reg. S, FRN 6.125% PerpetualLGE HoldCo VI BV, Reg. S 7.125% 15/05/2024

MexicoCemex SAB de CV, Reg. S 4.375% 05/03/2023

Netherlands

Telenet Finance IV Luxembourg SCA, Reg. S, FRN 3.904% 15/06/2021Telenet Finance V Luxembourg SCA, Reg. S 6.25% 15/08/2022Trinseo Materials Operating SCA, Reg. S 6.375% 01/05/2022Wind Acquisition Finance SA, Reg. S, FRN 4.146% 15/07/2020Wind Acquisition Finance SA (Debt Refinance 1), Reg. S 4% 15/07/2020Wind Acquisition Finance SA (Debt Refinance 2), Reg. S 4% 15/07/2020

PagesJaunes Finance & Co. SCA, Reg. S 8.875% 01/06/2018Picard Bondco SA, Reg. S 7.75% 01/02/2020Play Finance 2 SA, Reg. S 5.25% 01/02/2019SCHMOLZ + BICKENBACH Luxembourg SA, Reg. S 9.875% 15/05/2019SIG Combibloc Holdings SCA, Reg. S 7.75% 15/02/2023Telecom Italia Finance SA 7.75% 24/01/2033

Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020HeidelbergCement Finance Luxembourg SA, Reg. S 9.5% 15/12/2018HeidelbergCement Finance Luxembourg SA, Reg. S 8.5% 31/10/2019INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018

GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018



51

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets


Investments

Bonds (continued)

EUR 1,780,000 1,973,717 0.40EUR 2,420,000 2,737,528 0.56EUR 950,000 1,059,573 0.22EUR 2,490,000 2,666,940 0.54EUR 1,820,000 1,873,781 0.38EUR 1,270,000 1,345,209 0.27

11,656,748 2.37

EUR 1,370,000 1,431,650 0.29EUR 2,360,000 2,324,647 0.47EUR 3,540,000 3,597,525 0.73EUR 4,450,000 4,516,750 0.92EUR 2,220,000 2,296,590 0.47EUR 3,080,000 3,090,685 0.63EUR 1,370,000 1,345,852 0.27EUR 5,150,000 5,694,777 1.16EUR 1,980,000 2,140,867 0.44EUR 4,140,000 4,440,150 0.90EUR 2,090,000 2,100,450 0.43

32,979,943 6.71


10,635,623 2.16464,333,968 94.45464,333,968 94.45

EUR 1,070,000 1,150,250 0.231,150,250 0.231,150,250 0.231,150,250 0.23

465,484,218 94.6820,815,455 4.23

5,326,693 1.09491,626,366 100.00

CashOther Assets/(Liabilities)Total Net Assets

ItalySnai SpA, Reg. S 12% 15/12/2018


Total Investments

ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023



United States of AmericaCemex Finance LLC, Reg. S 5.25% 01/04/2021Kloeckner Pentaplast of America, Inc., Reg. S 7.125% 01/11/2020VWR Funding, Inc., Reg. S 4.625% 15/04/2022ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019

TA MFG. Ltd., Reg. S 3.625% 15/04/2023Tesco Corporate Treasury Services PLC, Reg. S 2.5% 01/07/2024Tesco PLC 5.125% 10/04/2047Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020Thomas Cook Finance PLC, Reg. S 6.75% 15/06/2021Thomas Cook Group PLC 6.75% 22/06/2015

United KingdomAlliance Automotive Finance PLC, Reg. S 6.25% 01/12/2021Boing Group Financing PLC, Reg. S 6.625% 15/07/2019International Game Technology PLC, Reg. S 4.125% 15/02/2020International Game Technology PLC, Reg. S 4.75% 15/02/2023Rexam PLC, Reg. S, FRN 6.75% 29/06/2067

Eileme 2 AB, Reg. S 11.75% 31/01/2020TVN Finance Corp. III AB, Reg. S 7.375% 15/12/2020Verisure Holding AB, Reg. S 8.75% 01/09/2018Volvo Treasury AB, Reg. S, FRN 4.2% 10/06/2075Volvo Treasury AB, Reg. S, FRN 4.85% 10/03/2078


SwedenCiech Group Financing AB, Reg. S 9.5% 30/11/2019


52

Geographic Allocation of Portfolio % of Net AssetsLuxembourg 19.54Netherlands 18.30France 17.55Italy 9.57United Kingdom 6.71Germany 5.86Sweden 2.37United States of America 2.16Spain 2.15Czech Republic 2.13Bulgaria 2.08Croatia 1.17Japan 0.99Canada 0.81Australia 0.80Hungary 0.62Cayman Islands 0.61Mexico 0.41Ireland 0.26Austria 0.22Norway 0.19Belgium 0.18Total Investments 94.68

5.32Total 100.00

Nominal Amount Currency Counterparty Reference Entity Buy/Sell

Maturity Date

Market Value EUR


EUR% of Net

Assets2,100,000 EUR Deutsche Bank AG Brisa Concessao Rodoviaria SA 4.500% 05/12/2016 Sell 20/12/2011 341,982 341,982 0.071,400,000 EUR Barclays Bank PLC Brisa Concessao Rodoviaria SA 4.500% 05/12/2016 Sell 20/12/2011 230,562 230,562 0.05

800,000 EUR JPMorgan Securities Ltd. Brisa Concessao Rodoviaria SA 4.500% 05/12/2016 Sell 20/12/2011 144,988 144,988 0.033,200,000 EUR Barclays Bank PLC UPC Holding BV 8.375% 15/08/2020 Sell 20/12/2011 18,204 18,204 0.01

735,736 735,736 0.163,570,000 EUR Barclays Bank PLC Abengoa SA 8.500% 31/03/2016 Sell 20/12/2011 (571,789) (571,789) (0.12)3,800,000 EUR Barclays Bank PLC ArcelorMittal 6.125% 01/06/2018 Sell 20/12/2011 (188,482) (188,482) (0.04)

(760,271) (760,271) (0.16)(24,535) (24,535) –


BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments

As at 30 April 2015

Cash and Other Assets/(L

Credit Default Swap Contracts

Total Unrealised Gain on Credit Default Swap Contracts

Total Unrealised Loss on Credit Default Swap ContractsNet Unrealised Loss on Credit Default Swap Contracts


53

CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

USD 470,000 499,955 0.60499,955 0.60

USD 365,000 375,903 0.45USD 795,000 849,060 1.02USD 410,000 346,450 0.41

1,571,413 1.88

USD 470,000 410,075 0.49410,075 0.49

USD 210,000 228,637 0.27USD 945,000 1,000,519 1.20USD 1,070,000 1,096,750 1.31USD 270,000 282,488 0.34USD 585,000 596,700 0.72

3,205,094 3.84

USD 490,000 531,038 0.64531,038 0.64

USD 440,000 471,900 0.56471,900 0.56

USD 755,000 776,234 0.93USD 2,155,000 2,456,700 2.95

3,232,934 3.88

USD 320,000 345,187 0.41USD 730,000 838,007 1.01USD 420,000 418,414 0.50USD 450,000 463,520 0.56

2,065,128 2.48

USD 1,705,000 1,704,574 2.05USD 235,000 251,861 0.30

1,956,435 2.35

USD 595,000 551,321 0.66551,321 0.66

USD 1,260,000 1,165,500 1.401,165,500 1.40

USD 405,000 372,114 0.45USD 850,000 615,187 0.74USD 590,000 552,388 0.66

1,539,689 1.85

USD 570,000 787,575 0.94787,575 0.94

USD 885,000 952,481 1.14USD 410,000 440,385 0.53USD 315,000 393,032 0.47USD 365,000 382,794 0.46

2,168,692 2.60

USD 355,000 377,631 0.45USD 345,000 378,638 0.46

756,269 0.91

USD 455,000 447,515 0.54447,515 0.54

USD 310,000 321,296 0.38321,296 0.38

USD 475,000 486,281 0.58486,281 0.58

Mexico

PanamaGlobal Bank Corp., Reg. S 5.125% 30/10/2019

PeruGas Natural de Lima y Callao SA, Reg. S 4.375% 01/04/2023

OCP SA, Reg. S 5.625% 25/04/2024OCP SA, Reg. S 6.875% 25/04/2044

NetherlandsPetrobras Global Finance BV 7.25% 17/03/2044

Development Bank of Kazakhstan JSC, Reg. S 4.125% 10/12/2022

LuxembourgGazprom Neft OAO, Reg. S 6% 27/11/2023QGOG Constellation SA, Reg. S 6.25% 09/11/2019

Pertamina Persero PT, Reg. S 6.45% 30/05/2044

IrelandVnesheconombank, Reg. S 6.8% 22/11/2025

Kazakhstan

Comision Federal de Electricidad, Reg. S 4.875% 15/01/2024Grupo Bimbo SAB de CV, Reg. S 4.5% 25/01/2022Grupo Televisa SAB 6.625% 18/03/2025Tenedora Nemak SA de CV, Reg. S 5.5% 28/02/2023

Morocco

Russian Agricultural Bank OJSC, Reg. S 5.1% 25/07/2018

MalaysiaPetroliam Nasional Bhd., Reg. S 7.625% 15/10/2026

Bank of India, Reg. S 6.25% 16/02/2021Export-Import Bank of India, Reg. S 2.75% 01/04/2020Export-Import Bank of India, Reg. S 4% 14/01/2023

IndonesiaPertamina Persero PT, Reg. S 4.3% 20/05/2023

HungaryMagyar Export-Import Bank Zrt., Reg. S 4% 30/01/2020MFB Magyar Fejlesztesi Bank Zrt., Reg. S 6.25% 21/10/2020

IndiaBank of Baroda, Reg. S 4.875% 23/07/2019

ColombiaEcopetrol SA 5.875% 18/09/2023

Costa RicaInstituto Costarricense de Electricidad, Reg. S 6.95% 10/11/2021

Empresa de Transporte de Pasajeros Metro SA, Reg. S 4.75% 04/02/2024Empresa Nacional del Petroleo, Reg. S 4.75% 06/12/2021Empresa Nacional del Petroleo, Reg. S 4.375% 30/10/2024ENTEL Chile SA, Reg. S 4.75% 01/08/2026SACI Falabella, Reg. S 3.75% 30/04/2023

Odebrecht Finance Ltd., Reg. S 5.25% 27/06/2029

Chile

BermudaChina Resources Gas Group Ltd., Reg. S 4.5% 05/04/2022

BrazilBanco Daycoval SA, Reg. S 5.75% 19/03/2019Banco Nacional de Desenvolvimento Economico e Social, Reg. S 5.75% 26/09/2023

BNY Mellon Compass Fund – Global Emerging Markets Bond FundSchedule of InvestmentsAs at 30 April 2015


Oi SA, Reg. S 5.75% 10/02/2022

Cayman Islands


54


CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

Bonds (continued)

USD 850,000 1,147,500 1.381,147,500 1.38

USD 1,590,000 1,540,312 1.851,540,312 1.85

USD 890,000 888,220 1.06888,220 1.06

USD 1,785,000 1,704,675 2.041,704,675 2.04

USD 303,125 325,480 0.39325,480 0.39

USD 405,000 427,781 0.51USD 1,475,000 1,465,781 1.76USD 400,000 399,500 0.48USD 405,000 414,113 0.50

2,707,175 3.25

USD 380,000 414,665 0.50USD 275,000 284,625 0.34USD 395,000 426,033 0.51USD 815,000 885,504 1.06USD 405,000 402,505 0.48

2,413,332 2.8932,894,804 39.4432,894,804 39.44

USD 220,000 223,300 0.27USD 330,000 328,350 0.39USD 1,245,000 1,139,175 1.37

1,690,825 2.03

USD 470,000 485,158 0.58485,158 0.58

USD 365,000 377,775 0.45USD 1,115,000 1,492,706 1.79USD 260,000 263,900 0.32

2,134,381 2.56

USD 810,000 833,288 1.00833,288 1.00

USD 520,000 578,500 0.69USD 555,000 617,438 0.74USD 420,000 445,725 0.54

1,641,663 1.97

USD 510,000 534,863 0.64534,863 0.64

USD 785,000 832,100 1.00USD 300,000 316,500 0.38

1,148,600 1.38

USD 410,000 462,019 0.56USD 300,000 320,062 0.38

782,081 0.94

USD 300,000 335,250 0.40335,250 0.40

GeorgiaGeorgia Government International Bond, Reg. S 6.875% 12/04/2021

Dominican Republic International Bond, Reg. S 5.875% 18/04/2024Dominican Republic International Bond, Reg. S 6.85% 27/01/2045

El SalvadorEl Salvador Government International Bond, Reg. S 7.75% 24/01/2023El Salvador Government International Bond, Reg. S 7.65% 15/06/2035

CuracaoSUAM Finance BV, Reg. S 4.875% 17/04/2024

Dominican Republic

CroatiaCroatia Government International Bond, Reg. S 6.75% 05/11/2019Croatia Government International Bond, Reg. S 6.625% 14/07/2020Croatia Government International Bond, Reg. S 5.5% 04/04/2023

Banco Davivienda SA, Reg. S 5.875% 09/07/2022Colombia Government International Bond 7.375% 18/09/2037Colombia Government International Bond 5% 15/06/2045

Costa RicaBanco Nacional de Costa Rica, Reg. S 6.25% 01/11/2023

Caixa Economica Federal, Reg. S 3.5% 07/11/2022

ChileTelefonica Chile SA, Reg. S 3.875% 12/10/2022

Colombia



BrazilCaixa Economica Federal, Reg. S 4.5% 03/10/2018Caixa Economica Federal, Reg. S 4.25% 13/05/2019

Dianjian Haixing Ltd., Reg. S, FRN 4.05% PerpetualKing Power Capital Ltd., Reg. S 5.625% 03/11/2024Prosperous Ray Ltd., Reg. S 4.625% 12/11/2023Sinopec Group Overseas Development 2015 Ltd., Reg. S 2.5% 28/04/2020

Total Bonds

TC Ziraat Bankasi AS, Reg. S 4.25% 03/07/2019Turk Telekomunikasyon AS, Reg. S 3.75% 19/06/2019Turkiye Vakiflar Bankasi TAO, Reg. S 5% 31/10/2018

Virgin Islands, BritishChina Cinda Finance 2014 Ltd., Reg. S 5.625% 14/05/2024

Trinidad and TobagoPetroleum Co. of Trinidad & Tobago Ltd., Reg. S 6% 08/05/2022

TurkeyExport Credit Bank of Turkey, Reg. S 5.875% 24/04/2019

Sri LankaBank of Ceylon, Reg. S 5.325% 16/04/2018

SupranationalEurasian Development Bank, Reg. S 4.767% 20/09/2022

PhilippinesPower Sector Assets & Liabilities Management Corp., Reg. S 7.39% 02/12/2024

South AfricaTransnet SOC Ltd., Reg. S 4% 26/07/2022

Transferable securities and money market instruments admitted to an official exchange listing (continued)Investments


55


CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

USD 275,000 305,250 0.37305,250 0.37

USD 174,000 200,317 0.24200,317 0.24

USD 810,000 826,706 0.99USD 1,013,000 1,463,279 1.75USD 235,000 242,050 0.29USD 420,000 441,084 0.53

2,973,119 3.56

USD 1,500,000 1,436,250 1.72USD 325,000 328,250 0.39

1,764,500 2.11

USD 1,850,000 1,722,813 2.06USD 385,000 374,422 0.45

2,097,235 2.51

USD 770,000 814,275 0.98814,275 0.98

USD 565,000 665,666 0.80USD 310,000 382,463 0.46

1,048,129 1.26

USD 730,000 743,505 0.89USD 1,265,000 1,431,980 1.72

2,175,485 2.61

USD 200,000 178,750 0.21178,750 0.21

USD 300,000 322,500 0.39322,500 0.39

USD 310,000 342,550 0.41342,550 0.41

USD 405,000 447,788 0.54USD 340,000 354,450 0.43USD 400,000 408,500 0.49USD 1,145,000 1,751,850 2.10USD 175,000 187,416 0.22

3,150,004 3.78

USD 630,000 650,475 0.78650,475 0.78

USD 1,535,000 1,647,055 1.98USD 1,180,000 1,171,150 1.40USD 630,000 702,450 0.84

3,520,655 4.22

USD 470,000 765,982 0.92USD 1,130,000 1,900,095 2.28

2,666,077 3.20

USD 1,328,000 1,516,822 1.82USD 747,000 812,362 0.97

2,329,184 2.79

USD 380,000 403,531 0.48USD 1,240,000 1,363,225 1.64USD 450,000 561,938 0.67

2,328,694 2.79Romanian Government International Bond, Reg. S 6.125% 22/01/2044

Poland Government International Bond 5% 23/03/2022Poland Government International Bond 4% 22/01/2024

RomaniaRomanian Government International Bond, Reg. S 4.375% 22/08/2023Romanian Government International Bond, Reg. S 4.875% 22/01/2024

PhilippinesPhilippine Government International Bond 10.625% 16/03/2025Philippine Government International Bond 9.5% 02/02/2030

Poland

Republic of Paraguay, Reg. S 4.625% 25/01/2023

PeruCorp. Financiera de Desarrollo SA, Reg. S 4.75% 08/02/2022Fondo MIVIVIENDA SA, Reg. S 3.5% 31/01/2023Minsur SA, Reg. S 6.25% 07/02/2024

Panama Government International Bond 4% 22/09/2024Panama Government International Bond 3.75% 16/03/2025Panama Government International Bond 9.375% 01/04/2029Panama Notas del Tesoro 4.875% 05/02/2021

Paraguay

NamibiaNamibia International Bonds, Reg. S 5.5% 03/11/2021

PanamaPanama Bonos del Tesoro 5.625% 25/07/2022

Mongolia Government International Bond, Reg. S 5.125% 05/12/2022

Transferable securities and money market instruments dealt in on another regulated market (continued)Bonds (continued)

MoroccoMorocco Government International Bond, Reg. S 5.5% 11/12/2042

Investments

MexicoMexico Government International Bond 3.6% 30/01/2025Petroleos Mexicanos 6.625% 15/06/2035

Mongolia

KenyaKenya Government International Bond, Reg. S 6.875% 24/06/2024

LithuaniaLithuania Government International Bond, Reg. S 6.125% 09/03/2021Lithuania Government International Bond, Reg. S 6.625% 01/02/2022

Ivory Coast Government International Bond, Reg. S 6.375% 03/03/2028

KazakhstanKazAgro National Management Holding JSC, Reg. S 4.625% 24/05/2023Kazakhstan Government International Bond, Reg. S 3.875% 14/10/2024

Indonesia Government International Bond, Reg. S 8.5% 12/10/2035Indonesia Government International Bond, Reg. S 5.125% 15/01/2045Perusahaan Gas Negara Persero Tbk. PT, Reg. S 5.125% 16/05/2024

Ivory CoastIvory Coast Government International Bond, Reg. S 5.375% 23/07/2024

HungaryHungary Government International Bond 5.75% 22/11/2023

IndonesiaIndonesia Government International Bond, Reg. S 4.125% 15/01/2025

GuatemalaGuatemala Government Bond, Reg. S 5.75% 06/06/2022


56


CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

USD 200,000 203,750 0.24USD 400,000 388,500 0.47USD 400,000 391,500 0.47

983,750 1.18

USD 1,090,000 1,252,138 1.501,252,138 1.50

USD 1,030,000 1,179,350 1.411,179,350 1.41

USD 450,000 466,425 0.56466,425 0.56

USD 990,000 1,002,375 1.20USD 625,000 767,187 0.92USD 887,000 1,193,015 1.43USD 260,000 250,250 0.30

3,212,827 3.85

USD 35,000 34,995 0.0434,995 0.04

USD 1,509,510 2,113,314 2.54USD 300,000 420,000 0.50

2,533,314 3.04

USD 140,000 158,200 0.19USD 850,000 889,312 1.07

1,047,512 1.2647,163,619 56.5547,163,619 56.55

80,058,423 95.992,712,478 3.25

628,545 0.7683,399,446 100.00

Total Transferable securities and money market instruments dealt in on another regulated market


VietnamVietnam Government International Bond, Reg. S 6.75% 29/01/2020Vietnam Government International Bond, Reg. S 4.8% 19/11/2024

Total Bonds

United States of AmericaUS Treasury Bill 0% 13/08/2015

UruguayUruguay Government International Bond 7.875% 15/01/2033Uruguay Government International Bond 7.625% 21/03/2036

TurkeyExport Credit Bank of Turkey, Reg. S 5% 23/09/2021Turkey Government International Bond 7.375% 05/02/2025Turkey Government International Bond 8% 14/02/2034Turkey Government International Bond 4.875% 16/04/2043

Sri LankaSri Lanka Government International Bond, Reg. S 6.25% 27/07/2021

SerbiaRepublic of Serbia, Reg. S 7.25% 28/09/2021

South AfricaSouth Africa Government International Bond 5.875% 16/09/2025

InvestmentsTransferable securities and money market instruments dealt in on another regulated market (continued)Bonds (continued)

RussiaRussian Foreign Bond - Eurobond, Reg. S 5% 29/04/2020Russian Foreign Bond - Eurobond, Reg. S 4.5% 04/04/2022Russian Foreign Bond - Eurobond, Reg. S 4.875% 16/09/2023


57


% of Net AssetsTurkey 7.10Indonesia 5.91Mexico 5.21Peru 4.80Philippines 4.58Chile 4.42Panama 4.16Hungary 4.12Kazakhstan 3.91Brazil 3.91South Africa 3.26Colombia 3.20Uruguay 3.04Virgin Islands, British 2.89Poland 2.79Romania 2.79India 2.48Ivory Coast 2.11Supranational 2.04Croatia 1.97Luxembourg 1.85Sri Lanka 1.62Costa Rica 1.56Serbia 1.50Dominican Republic 1.38Morocco 1.30Lithuania 1.26Vietnam 1.26Russia 1.18Kenya 0.98Malaysia 0.94El Salvador 0.94Paraguay 0.78Ireland 0.66Curacao 0.64Bermuda 0.60Netherlands 0.54Cayman Islands 0.49Namibia 0.41Georgia 0.40Trinidad and Tobago 0.39Guatemala 0.37Mongolia 0.21United States of America 0.04Total Investments 95.99

4.01Total 100.00

Country Security Description Number of Contracts CurrencyGlobal Exposure

USD


USD% of Net

Assets

United States of AmericaUS 10 Year Note, 19/06/2015 (9) USD (1,155,375) (8,328) (0.01)

(8,328) (0.01)


Financial Futures Contracts





58

CurrencyQuantity/

Nominal ValueMarket Value

EUR% of Net

Assets

EUR 200,000 217,750 0.25217,750 0.25

EUR 100,000 97,940 0.1197,940 0.11

EUR 100,000 122,025 0.14122,025 0.14

USD 75,000 71,617 0.0871,617 0.08

EUR 690,000 704,628 0.80704,628 0.80

EUR 100,000 109,500 0.12EUR 100,000 100,900 0.12

210,400 0.24

EUR 200,000 206,000 0.24206,000 0.24

EUR 400,000 432,840 0.49EUR 100,000 111,734 0.13

544,574 0.62

EUR 230,000 235,175 0.27EUR 500,000 528,520 0.60

763,695 0.87

EUR 100,000 103,406 0.12EUR 150,000 153,142 0.17EUR 200,000 217,500 0.25EUR 320,000 336,026 0.38EUR 330,000 358,875 0.41EUR 200,000 212,836 0.24EUR 300,000 321,750 0.37EUR 220,000 219,615 0.25EUR 100,000 100,615 0.12EUR 95,000 122,037 0.14EUR 430,000 455,800 0.52EUR 110,000 122,395 0.14EUR 130,000 153,054 0.17EUR 330,000 359,509 0.41EUR 410,000 432,345 0.49EUR 200,000 239,044 0.27EUR 210,000 249,022 0.28EUR 200,000 216,000 0.25EUR 200,000 217,632 0.25EUR 100,000 107,400 0.12EUR 100,000 100,824 0.12EUR 100,000 99,265 0.11EUR 140,000 140,140 0.16USD 200,000 183,057 0.21EUR 140,000 146,650 0.17USD 355,000 325,920 0.37EUR 100,000 104,500 0.12EUR 140,000 147,700 0.17EUR 370,000 373,700 0.43EUR 100,000 107,495 0.12EUR 100,000 100,750 0.12EUR 220,000 232,100 0.26

6,760,104 7.71

Rexel SA, Reg. S 5.125% 15/06/2020SPCM SA, Reg. S 2.875% 15/06/2023THOM Europe SAS, Reg. S 7.375% 15/07/2019

Numericable-SFR SAS 144A 6% 15/05/2022Numericable-SFR SAS, Reg. S 5.375% 15/05/2022Numericable-SFR SAS 144A 6.25% 15/05/2024Paprec Holding, Reg. S 5.25% 01/04/2022Paprec Holding, Reg. S 7.375% 01/04/2023Picard Groupe SAS, Reg. S, FRN 4.302% 01/08/2019

Loxam SAS, Reg. S 7.375% 24/01/2020Nexans SA 5.75% 02/05/2017Nexans SA 4.25% 19/03/2018Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019Novafives SAS, Reg. S 4.5% 30/06/2021Novalis SAS, Reg. S 3% 30/04/2022

Italcementi Finance SA, Reg. S 6.125% 21/02/2018Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020Labco SA, Reg. S 8.5% 15/01/2018Lafarge SA, Reg. S 5.875% 09/07/2019Lafarge SA, Reg. S 4.75% 30/09/2020

Cerba European Lab SAS, Reg. S 7% 01/02/2020Crown European Holdings SA, Reg. S 4% 15/07/2022Crown European Holdings SA, Reg. S 3.375% 15/05/2025Faurecia, Reg. S 3.125% 15/06/2022GIE PSA Tresorerie 6% 19/09/2033Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020

FranceAccor SA, Reg. S, FRN 4.125% PerpetualAreva SA 3.5% 22/03/2021Areva SA 4.875% 23/09/2024Autodis SA, Reg. S 6.5% 01/02/2019Cegedim SA, Reg. S 6.75% 01/04/2020

Agrokor dd, Reg. S 9.125% 01/02/2020

Czech RepublicCE Energy AS, Reg. S 7% 01/02/2021RPG Byty Sro, Reg. S 6.75% 01/05/2020

Cayman IslandsViridian Group FundCo II Ltd., Reg. S 7.5% 01/03/2020

CroatiaAgrokor dd, Reg. S 9.875% 01/05/2019


CanadaBombardier, Inc., Reg. S 6.125% 15/05/2021Valeant Pharmaceuticals International, Inc., Reg. S 4.5% 15/05/2023

BelgiumBarry Callebaut Services NV, Reg. S 5.625% 15/06/2021

BermudaAircastle Ltd. 5.5% 15/02/2022

AustraliaOrigin Energy Finance Ltd., Reg. S, FRN 7.875% 16/06/2071

AustriaSappi Papier Holding GmbH, Reg. S 3.375% 01/04/2022

BNY Mellon Compass Fund – Global High Yield Bond Fund Schedule of InvestmentsAs at 30 April 2015



59


CurrencyQuantity/


EUR% of Net

Assets

Bonds (continued)

EUR 410,000 449,463 0.51EUR 100,000 108,500 0.12EUR 200,000 198,100 0.23EUR 250,000 264,400 0.30EUR 130,000 129,415 0.15EUR 135,000 145,631 0.17EUR 207,000 221,438 0.25EUR 200,000 226,500 0.26

1,743,447 1.99

EUR 350,000 379,050 0.43379,050 0.43

EUR 100,000 87,000 0.1087,000 0.10

EUR 100,000 108,025 0.12EUR 200,000 188,500 0.21EUR 280,000 313,535 0.36EUR 100,000 112,247 0.13EUR 200,000 234,464 0.27EUR 80,000 93,750 0.11EUR 230,000 213,923 0.24EUR 120,000 127,260 0.15EUR 300,000 284,280 0.32EUR 100,000 100,430 0.11EUR 500,000 537,500 0.61EUR 330,000 331,650 0.38EUR 210,000 220,500 0.25EUR 100,000 113,921 0.13EUR 120,000 127,389 0.15EUR 100,000 102,288 0.12

3,209,662 3.66

EUR 300,000 331,560 0.38331,560 0.38

USD 600,000 580,965 0.66EUR 100,000 107,500 0.12EUR 330,000 358,083 0.41USD 240,000 221,677 0.25EUR 130,000 134,875 0.15USD 70,000 65,149 0.07EUR 120,000 132,427 0.15USD 280,000 301,727 0.34EUR 100,000 100,296 0.11EUR 120,000 120,866 0.14EUR 210,000 212,801 0.24EUR 350,000 359,887 0.41EUR 100,000 102,044 0.12EUR 97,500 106,641 0.12EUR 100,000 101,250 0.12EUR 430,000 479,450 0.55EUR 100,000 108,677 0.12EUR 100,000 109,275 0.13EUR 450,000 503,798 0.58EUR 100,000 116,910 0.13

BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019Empark Funding SA, Reg. S 6.75% 15/12/2019

Altice SA, Reg. S 7.25% 15/05/2022ArcelorMittal 5.25% 25/02/2017ArcelorMittal, Reg. S 5.875% 17/11/2017ArcelorMittal 10.35% 01/06/2019ArcelorMittal, Reg. S 3% 09/04/2021ArcelorMittal, Reg. S 3.125% 14/01/2022

LuxembourgAlbea Beauty Holdings SA 144A 8.375% 01/11/2019Altice Financing SA, Reg. S 8% 15/12/2019Altice Financing SA, Reg. S 6.5% 15/01/2022Altice Financing SA 144A 6.625% 15/02/2023

Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019

Telecom Italia SpA, Reg. S 3.25% 16/01/2023Zobele Holding SpA, Reg. S 7.875% 01/02/2018


Manutencoop Facility Management SpA, Reg. S 8.5% 01/08/2020Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019Rhino Bondco SpA, Reg. S 7.25% 15/11/2020Sisal Group SpA, Reg. S 7.25% 30/09/2017Snai SpA, Reg. S 7.625% 15/06/2018Telecom Italia SpA, Reg. S 5.375% 29/01/2019

Enel SpA, Reg. S, FRN 6.5% 10/01/2074Finmeccanica SpA 4.5% 19/01/2021Finmeccanica SpA 5.25% 21/01/2022Finmeccanica SpA 4.875% 24/03/2025Gamenet SpA, Reg. S 7.25% 01/08/2018IVS F. S.p.A, Reg. S 7.125% 01/04/2020

IrelandRussian Railways, Reg. S 3.374% 20/05/2021

ItalyAstaldi SpA, Reg. S 7.125% 01/12/2020Cooperativa Muratori & Cementisti-CMC di Ravenna SC, Reg. S 7.5% 01/08/2021

Unitymedia Hessen GmbH & Co. KG, Reg. S 5.125% 21/01/2023Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029


Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% 30/12/2020HP Pelzer Holding GmbH, Reg. S 7.5% 15/07/2021Rapid Holding GmbH, Reg. S 6.625% 15/11/2020Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021ThyssenKrupp AG, Reg. S 2.5% 25/02/2025Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022


Germany

Investments


60


CurrencyQuantity/


EUR% of Net

Assets

Bonds (continued)

EUR 100,000 105,875 0.12EUR 110,000 115,500 0.13EUR 170,000 168,988 0.19EUR 100,000 105,395 0.12EUR 140,000 136,850 0.16EUR 150,000 140,955 0.16EUR 210,000 195,825 0.22EUR 230,000 241,788 0.28EUR 220,000 212,300 0.24USD 200,000 185,623 0.21EUR 100,000 106,000 0.12EUR 100,000 131,188 0.15EUR 200,000 207,500 0.24EUR 300,000 305,250 0.35EUR 200,000 217,350 0.25EUR 130,506 140,986 0.16USD 115,000 107,760 0.12EUR 195,000 286,380 0.33EUR 100,000 101,000 0.12EUR 100,000 108,750 0.12USD 200,000 181,049 0.21EUR 100,000 101,250 0.12EUR 100,000 101,516 0.12EUR 260,000 263,942 0.30

8,293,318 9.46

EUR 200,000 200,080 0.23200,080 0.23

EUR 770,000 816,200 0.93EUR 200,000 213,250 0.24EUR 100,000 105,200 0.12EUR 230,000 198,088 0.23EUR 280,000 308,700 0.35EUR 540,000 610,875 0.70EUR 200,000 215,500 0.25EUR 320,000 384,800 0.44EUR 190,000 181,654 0.21EUR 190,000 185,180 0.21EUR 100,000 105,800 0.12EUR 100,000 102,625 0.12EUR 120,000 121,798 0.14EUR 160,000 165,987 0.19EUR 100,000 99,000 0.11EUR 100,000 102,760 0.12USD 200,000 183,392 0.21EUR 100,000 101,400 0.12EUR 300,000 314,760 0.36USD 200,000 196,332 0.22EUR 800,000 976,500 1.11EUR 100,000 101,250 0.11EUR 560,000 601,160 0.68EUR 100,000 108,484 0.12EUR 230,000 253,632 0.29

6,754,327 7.70

EUR 100,000 104,625 0.12104,625 0.12

NorwaySilk Bidco AS, Reg. S 7.5% 01/02/2022

Telefonica Europe BV, Reg. S, FRN 7.625% PerpetualTMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018United Group BV, Reg. S 7.875% 15/11/2020UPC Holding BV, Reg. S 6.375% 15/09/2022UPC Holding BV, Reg. S 6.75% 15/03/2023

Gas Natural Fenosa Finance BV, Reg. S, FRN 4.182% PerpetualGrupo Isolux Corsan Finance BV, Reg. S 6.625% 15/04/2021Koninklijke KPN NV, Reg. S, FRN 6.125% PerpetualLGE HoldCo VI BV, Reg. S 7.125% 15/05/2024Nyrstar Netherlands Holdings BV, Reg. S 8.5% 15/09/2019OI European Group BV, Reg. S 6.75% 15/09/2020

Cemex SAB de CV, Reg. S 4.375% 05/03/2023

NetherlandsCable Communications Systems NV, Reg. S 7.5% 01/11/2020Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019

Repsol International Finance BV, Reg. S, FRN 4.5% 25/03/2075Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.125% 15/07/2021Schaeffler Finance BV 144A 4.75% 15/05/2023Schaeffler Finance BV, Reg. S 3.25% 15/05/2025Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018Schaeffler Holding Finance BV 144A 6.75% 15/11/2022

Petrobras Global Finance BV 3.75% 14/01/2021Petrobras Global Finance BV 4.75% 14/01/2025Phoenix PIB Dutch Finance BV, Reg. S 3.625% 30/07/2021Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016Portugal Telecom International Finance BV 4.375% 24/03/2017Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018

Trinseo Materials Operating SCA 144A 6.75% 01/05/2022Trinseo Materials Operating SCA, Reg. S 6.375% 01/05/2022Wind Acquisition Finance SA (Debt Refinance 1), Reg. S 4% 15/07/2020Wind Acquisition Finance SA (Debt Refinance 2), Reg. S 4% 15/07/2020

Mexico

Picard Bondco SA, Reg. S 7.75% 01/02/2020SCHMOLZ + BICKENBACH Luxembourg SA, Reg. S 9.875% 15/05/2019Telecom Italia Capital SA 6% 30/09/2034Telecom Italia Finance SA 7.75% 24/01/2033Telenet Finance IV Luxembourg SCA, Reg. S, FRN 3.904% 15/06/2021Telenet Finance V Luxembourg SCA, Reg. S 6.25% 15/08/2022

Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018Gestamp Funding Luxembourg SA 144A 5.625% 31/05/2020Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020HeidelbergCement Finance Luxembourg SA, Reg. S 8.5% 31/10/2019INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018

Gazprom OAO, Reg. S 3.755% 15/03/2017Gazprom OAO 6.605% 13/02/2018Gazprom OAO, Reg. S 3.7% 25/07/2018Gazprom OAO, Reg. S 3.389% 20/03/2020Gazprom OAO, Reg. S 3.6% 26/02/2021GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018

Findus Bondco SA, Reg. S 9.125% 01/07/2018gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019

Luxembourg (continued)

InvestmentsTransferable securities and money market instruments admitted to an official exchange listing (continued)


61


CurrencyQuantity/


EUR% of Net

Assets

Bonds (continued)

USD 225,000 210,332 0.24EUR 280,000 295,523 0.34EUR 240,000 233,016 0.27EUR 350,000 368,445 0.42EUR 100,000 97,500 0.11

1,204,816 1.38

EUR 100,000 110,883 0.13EUR 200,000 226,242 0.26EUR 130,000 144,994 0.16EUR 290,000 310,608 0.35EUR 100,000 102,955 0.12EUR 100,000 105,922 0.12

1,001,604 1.14

EUR 100,000 104,500 0.12EUR 100,000 98,502 0.11EUR 260,000 264,225 0.30USD 385,000 341,004 0.39EUR 350,000 355,250 0.40USD 492,000 469,805 0.54USD 205,000 191,179 0.22EUR 220,000 227,590 0.26USD 95,000 94,200 0.11USD 220,000 215,397 0.25USD 135,000 135,488 0.15EUR 220,000 220,763 0.25EUR 130,000 127,709 0.14EUR 370,000 409,139 0.47EUR 150,000 162,187 0.18EUR 300,000 321,750 0.37

3,738,688 4.26

USD 30,000 31,324 0.04USD 515,000 486,023 0.55USD 315,000 292,708 0.33USD 100,000 87,680 0.10USD 130,000 146,033 0.17USD 300,000 279,773 0.32USD 335,000 305,687 0.35USD 100,000 100,843 0.12EUR 100,000 105,250 0.12USD 305,000 287,768 0.33USD 285,000 263,241 0.30USD 110,000 99,148 0.11USD 260,000 227,968 0.26USD 270,000 256,916 0.29USD 140,000 133,372 0.15USD 200,000 184,285 0.21USD 315,000 259,326 0.30USD 325,000 301,638 0.34USD 390,000 371,101 0.42USD 185,000 165,201 0.19USD 60,000 54,081 0.06USD 140,000 132,888 0.15USD 110,000 95,221 0.11USD 195,000 190,467 0.22USD 515,000 538,876 0.61USD 105,000 98,623 0.11USD 175,000 166,356 0.19USD 100,000 94,150 0.11USD 80,000 75,677 0.09USD 565,000 618,926 0.71USD 105,000 120,058 0.14USD 455,000 410,619 0.47

HCA, Inc. 5.375% 01/02/2025HealthSouth Corp. 7.75% 15/09/2022International Lease Finance Corp. 8.25% 15/12/2020International Lease Finance Corp. 8.625% 15/01/2022Laredo Petroleum, Inc. 5.625% 15/01/2022

General Motors Financial Co., Inc. 4.375% 25/09/2021Genesis Energy LP 5.625% 15/06/2024HCA Holdings, Inc. 6.25% 15/02/2021HCA, Inc. 7.5% 15/02/2022HCA, Inc. 4.75% 01/05/2023HCA, Inc. 5% 15/03/2024

CIT Group, Inc. 5% 15/08/2022CONSOL Energy, Inc. 5.875% 15/04/2022Covanta Holding Corp. 5.875% 01/03/2024DaVita HealthCare Partners, Inc. 5.75% 15/08/2022DaVita HealthCare Partners, Inc. 5% 01/05/2025Frontier Communications Corp. 7.125% 15/01/2023

United States of AmericaAES Corp. 8% 01/06/2020Allegion US Holding Co., Inc. 5.75% 01/10/2021Ally Financial, Inc. 4.75% 10/09/2018

Royal Bank of Scotland PLC (The), Reg. S, FRN 9.5% 16/03/2022TA MFG. Ltd., Reg. S 3.625% 15/04/2023Tesco Corporate Treasury Services PLC, Reg. S 2.5% 01/07/2024Tesco PLC 5.125% 10/04/2047Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020Thomas Cook Finance PLC, Reg. S 6.75% 15/06/2021

CenturyLink, Inc. 5.625% 01/04/2020Chesapeake Energy Corp. 6.625% 15/08/2020Chesapeake Energy Corp. 6.125% 15/02/2021Chesapeake Energy Corp. 5.75% 15/03/2023CHS 6.875% 01/02/2022Cincinnati Bell, Inc. 8.375% 15/10/2020

Ally Financial, Inc. 4.125% 13/02/2022Ally Financial, Inc. 8% 01/11/2031Aramark Services, Inc. 5.75% 15/03/2020Bonanza Creek Energy, Inc. 6.75% 15/04/2021Cablevision Systems Corp. 8.625% 15/09/2017Cemex Finance LLC, Reg. S 5.25% 01/04/2021

International Game Technology PLC, Reg. S 4.75% 15/02/2023Lloyds Banking Group PLC, FRN 7.5% PerpetualNew Look Bondco I PLC 144A 8.375% 14/05/2018Rexam PLC, Reg. S, FRN 6.75% 29/06/2067Royal Bank of Scotland Group PLC 6.125% 15/12/2022Royal Bank of Scotland Group PLC 6% 19/12/2023

United KingdomAlliance Automotive Finance PLC, Reg. S 6.25% 01/12/2021Boing Group Financing PLC, Reg. S 6.625% 15/07/2019International Game Technology PLC, Reg. S 4.125% 15/02/2020International Game Technology PLC 144A 6.25% 15/02/2022

Eileme 2 AB, Reg. S 11.75% 31/01/2020TVN Finance Corp. III AB, Reg. S 7.375% 15/12/2020Verisure Holding AB, Reg. S 8.75% 01/09/2018Volvo Treasury AB, Reg. S, FRN 4.2% 10/06/2075Volvo Treasury AB, Reg. S, FRN 4.85% 10/03/2078

Abengoa Finance SAU, Reg. S 7% 15/04/2020Abengoa SA 8.5% 31/03/2016Obrascon Huarte Lain SA, Reg. S 5.5% 15/03/2023


SpainAbengoa Finance SAU 144A 8.875% 01/11/2017Abengoa Finance SAU, Reg. S 8.875% 05/02/2018



62


CurrencyQuantity/


EUR% of Net

Assets

Bonds (continued)

USD 270,000 271,675 0.31USD 90,000 83,581 0.10USD 315,000 293,059 0.33USD 225,000 212,972 0.24USD 250,000 224,220 0.26USD 260,000 239,530 0.27USD 155,000 140,746 0.16USD 145,000 157,545 0.18USD 70,000 62,860 0.07USD 190,000 170,619 0.19USD 490,000 462,976 0.53USD 185,000 174,591 0.20USD 275,000 256,766 0.29USD 500,000 430,592 0.49USD 230,000 209,361 0.24EUR 100,000 99,150 0.11EUR 200,000 201,250 0.23EUR 200,000 198,500 0.23

10,871,220 12.4047,618,130 54.3147,618,130 54.31

USD 135,000 126,801 0.15USD 285,000 264,513 0.30USD 280,000 262,996 0.30USD 80,000 75,766 0.09USD 10,000 9,170 0.01USD 60,000 54,348 0.06USD 135,000 125,296 0.14

918,890 1.05

USD 225,000 219,117 0.25219,117 0.25

USD 400,000 372,139 0.42USD 200,000 188,300 0.22

560,439 0.64

USD 200,000 186,739 0.21186,739 0.21

USD 540,000 477,087 0.55USD 300,000 274,419 0.31

751,506 0.86

USD 200,000 180,947 0.21USD 400,000 369,240 0.42USD 285,000 258,155 0.30USD 725,000 668,759 0.76

1,477,101 1.69

USD 215,000 177,480 0.20177,480 0.20

USD 205,000 195,295 0.22USD 120,000 114,720 0.13USD 150,000 138,548 0.16

448,563 0.51

USD 220,000 196,528 0.22196,528 0.22

Abengoa Finance SAU 144A 7.75% 01/02/2020

NetherlandsAerCap Aviation Solutions BV 6.375% 30/05/2017Sensata Technologies BV 144A 5.625% 01/11/2024Sensata Technologies BV 144A 5% 01/10/2025

Spain

INEOS Group Holdings SA 144A 5.875% 15/02/2019Intelsat Jackson Holdings SA 7.25% 15/10/2020

Marshall IslandsNavios Maritime Holdings, Inc. 144A 7.375% 15/01/2022

Ardagh Packaging Finance PLC, FRN 144A 3.271% 15/12/2019Grifols Worldwide Operations Ltd. 144A 5.25% 01/04/2022

LuxembourgAltice SA 144A 7.625% 15/02/2025Calcipar SA 144A 6.875% 01/05/2018

SPCM SA 144A 6% 15/01/2022

GermanyUnitymedia KabelBW GmbH 144A 6.125% 15/01/2025

Ireland

Cayman IslandsUPCB Finance V Ltd. 144A 7.25% 15/11/2021

FranceRexel SA 144A 6.125% 15/12/2019

Open Text Corp. 144A 5.625% 15/01/2023Reliance Intermediate Holdings LP 144A 6.5% 01/04/2023Valeant Pharmaceuticals International, Inc. 144A 6.75% 15/08/2018Valeant Pharmaceuticals International, Inc. 144A 5.625% 01/12/2021Valeant Pharmaceuticals International, Inc. 144A 5.5% 01/03/2023Valeant Pharmaceuticals International, Inc. 144A 6.125% 15/04/2025



CanadaBrookfield Residential Properties, Inc. 144A 6.5% 15/12/2020

Unit Corp. 6.625% 15/05/2021Vulcan Materials Co. 4.5% 01/04/2025VWR Funding, Inc., Reg. S 4.625% 15/04/2022ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023

Sprint Communications, Inc. 11.5% 15/11/2021Sprint Corp. 7.25% 15/09/2021Sprint Corp. 7.875% 15/09/2023T-Mobile USA, Inc. 6.633% 28/04/2021T-Mobile USA, Inc. 6.731% 28/04/2022T-Mobile USA, Inc. 6.5% 15/01/2024

MGM Resorts International 6% 15/03/2023NRG Energy, Inc. 6.25% 15/07/2022Rite Aid Corp. 8% 15/08/2020Rose Rock Midstream LP 5.625% 15/07/2022Sprint Capital Corp. 6.9% 01/05/2019Sprint Communications, Inc. 7% 15/08/2020

MGM Resorts International 7.75% 15/03/2022



63


CurrencyQuantity/


EUR% of Net

Assets

USD 380,000 348,445 0.40348,445 0.40

USD 600,000 520,726 0.59USD 155,000 146,355 0.17USD 375,000 353,900 0.40

1,020,981 1.16

USD 140,000 128,374 0.15USD 340,000 314,801 0.36USD 525,000 523,716 0.60USD 200,000 178,484 0.20USD 50,000 45,681 0.05USD 140,000 129,312 0.15USD 300,000 279,472 0.32USD 340,000 311,008 0.35USD 320,000 293,784 0.34USD 385,000 343,581 0.39USD 50,000 45,792 0.05USD 250,000 234,818 0.27USD 200,000 191,983 0.22USD 315,000 291,389 0.33USD 95,000 88,701 0.10USD 310,000 292,557 0.33USD 355,000 301,760 0.34USD 775,000 734,851 0.84USD 71,000 70,015 0.08USD 410,000 386,857 0.44USD 330,000 314,745 0.36USD 190,000 170,068 0.19USD 80,000 72,375 0.08USD 350,000 337,725 0.39USD 300,000 290,619 0.33USD 265,000 250,385 0.29USD 325,000 311,789 0.36USD 545,000 510,079 0.58USD 360,000 332,515 0.38USD 15,000 14,022 0.02USD 525,000 497,802 0.57USD 35,000 31,438 0.04USD 25,000 22,952 0.03USD 335,000 310,171 0.35USD 55,000 51,537 0.06USD 145,000 146,708 0.17USD 300,000 286,801 0.33USD 370,000 359,087 0.41USD 70,000 64,734 0.07USD 460,000 435,689 0.50USD 145,000 127,783 0.15USD 240,000 209,362 0.24USD 85,000 79,648 0.09USD 165,000 157,557 0.18USD 40,000 38,553 0.04USD 115,000 107,760 0.12USD 70,000 65,749 0.07USD 205,000 193,008 0.22USD 335,000 308,677 0.35USD 320,000 297,354 0.34USD 195,000 185,768 0.21USD 440,000 373,031 0.43USD 290,000 284,682 0.32USD 175,000 151,643 0.17USD 165,000 155,687 0.18USD 230,000 204,743 0.23USD 135,000 122,886 0.14

Frontier Communications Corp. 8.75% 15/04/2022Frontier Communications Corp. 6.875% 15/01/2025FTI Consulting, Inc. 6.75% 01/10/2020Genesis Energy LP 5.75% 15/02/2021Gibraltar Industries, Inc. 6.25% 01/02/2021

Ferrellgas LP 6.75% 15/01/2022First Data Corp. 144A 7.375% 15/06/2019First Data Corp. 144A 6.75% 01/11/2020Forum Energy Technologies, Inc. 6.25% 01/10/2021

DISH DBS Corp. 5.875% 15/11/2024DriveTime Automotive Group, Inc. 144A 8% 01/06/2021Dynegy, Inc. 144A 6.75% 01/11/2019Dynegy, Inc. 144A 7.375% 01/11/2022Dynegy, Inc. 144A 7.625% 01/11/2024EnPro Industries, Inc. 144A 5.875% 15/09/2022

CCO Holdings LLC 5.75% 01/09/2023CDW LLC 6% 15/08/2022CenturyLink, Inc. 6.75% 01/12/2023Cequel Communications Holdings I LLC 144A 6.375% 15/09/2020Cinemark USA, Inc. 7.375% 15/06/2021CIT Group, Inc. 144A 5.5% 15/02/2019

Carrizo Oil & Gas, Inc. 7.5% 15/09/2020CCO Holdings LLC 6.625% 31/01/2022CCO Holdings LLC 5.25% 30/09/2022

Crestwood Midstream Partners LP 144A 6.25% 01/04/2023CSC Holdings LLC 6.75% 15/11/2021Denali Borrower LLC 144A 5.625% 15/10/2020Diamondback Energy, Inc. 7.625% 01/10/2021DISH DBS Corp. 7.125% 01/02/2016DISH DBS Corp. 6.75% 01/06/2021

Clean Harbors, Inc. 5.25% 01/08/2020Clear Channel Worldwide Holdings, Inc. 7.625% 15/03/2020Clear Channel Worldwide Holdings, Inc. 6.5% 15/11/2022Communications Sales & Leasing, Inc., REIT 144A 6% 15/04/2023Communications Sales & Leasing, Inc., REIT 144A 8.25% 15/10/2023Crestwood Midstream Partners LP 6.125% 01/03/2022

Family Tree Escrow LLC 144A 5.25% 01/03/2020Family Tree Escrow LLC 144A 5.75% 01/03/2023

Audatex North America, Inc. 144A 6% 15/06/2021Audatex North America, Inc. 144A 6.125% 01/11/2023Boise Cascade Co. 6.375% 01/11/2020California Resources Corp. 144A 5.5% 15/09/2021Calpine Corp. 144A 6% 15/01/2022Calpine Corp. 144A 7.875% 15/01/2023

Amsted Industries, Inc. 144A 5.375% 15/09/2024Amsurg Corp. 5.625% 30/11/2020Antero Resources Corp. 5.125% 01/12/2022Antero Resources Corp. 144A 5.625% 01/06/2023Argos Merger Sub, Inc. 144A 7.125% 15/03/2023Ashtead Capital, Inc. 144A 6.5% 15/07/2022

AECOM 144A 5.75% 15/10/2022AES Corp. 7.375% 01/07/2021Ahern Rentals, Inc. 144A 7.375% 15/05/2023AMC Networks, Inc. 4.75% 15/12/2022American Builders & Contractors Supply Co., Inc. 144A 5.625% 15/04/2021American Capital Ltd. 144A 6.5% 15/09/2018

Algeco Scotsman Global Finance PLC 144A 8.5% 15/10/2018Ineos Finance PLC 144A 7.5% 01/05/2020Virgin Media Finance PLC 144A 6.375% 15/04/2023

United States of AmericaAcadia Healthcare Co., Inc. 144A 5.625% 15/02/2023

SupranationalNavios Maritime Acquisition Corp. 144A 8.125% 15/11/2021

United Kingdom


Investments


64


CurrencyQuantity/


EUR% of Net

Assets

USD 75,000 73,123 0.08USD 400,000 364,999 0.42USD 200,000 189,728 0.22USD 360,000 325,688 0.37USD 275,000 258,300 0.29USD 260,000 245,951 0.28USD 260,000 253,956 0.29USD 310,000 309,502 0.35USD 270,000 254,254 0.29USD 120,000 111,095 0.13USD 265,000 237,673 0.27USD 370,000 340,101 0.39USD 195,000 177,067 0.20USD 405,000 359,623 0.41USD 175,000 149,926 0.17USD 220,000 203,204 0.23USD 255,000 254,306 0.29USD 460,000 428,986 0.49USD 280,000 262,096 0.30USD 290,000 258,802 0.30USD 200,000 188,051 0.21USD 35,000 32,211 0.04USD 200,000 191,424 0.22USD 220,000 207,130 0.24USD 140,000 124,626 0.14USD 180,000 169,470 0.19USD 285,000 272,143 0.31USD 255,000 232,118 0.26USD 225,000 224,528 0.26USD 240,000 239,077 0.27USD 80,000 74,606 0.09USD 375,000 348,043 0.40USD 130,000 124,530 0.14USD 160,000 150,997 0.17USD 265,000 243,586 0.28USD 275,000 246,029 0.28USD 405,000 371,369 0.42USD 234,000 223,966 0.26USD 335,000 311,292 0.35USD 180,000 153,808 0.18USD 110,000 99,884 0.11USD 210,000 188,579 0.22USD 165,000 147,617 0.17USD 80,000 71,215 0.08USD 220,000 205,658 0.23USD 170,000 158,235 0.18USD 255,000 233,256 0.27USD 230,000 215,006 0.25USD 45,000 39,556 0.05USD 505,000 472,078 0.54USD 104,000 95,819 0.11USD 75,000 68,939 0.08USD 225,000 204,107 0.23USD 110,000 104,301 0.12USD 125,000 118,246 0.13USD 180,000 183,174 0.21USD 180,000 173,085 0.20USD 25,000 22,924 0.03USD 105,000 96,984 0.11USD 95,000 88,467 0.10USD 248,000 234,046 0.27USD 375,000 353,063 0.40USD 64,000 60,435 0.07USD 30,000 26,973 0.03USD 385,000 352,171 0.40Taylor Morrison Communities, Inc. 144A 5.875% 15/04/2023

Steel Dynamics, Inc. 144A 5.5% 01/10/2024STHI Holding Corp. 144A 8% 15/03/2018StoneMor Partners LP 7.875% 01/06/2021Targa Resources Partners LP 6.875% 01/02/2021Taylor Morrison Communities, Inc. 144A 7.75% 15/04/2020Taylor Morrison Communities, Inc. 144A 5.25% 15/04/2021

Sinclair Television Group, Inc. 5.375% 01/04/2021Sinclair Television Group, Inc. 6.375% 01/11/2021Sinclair Television Group, Inc. 6.125% 01/10/2022Sprint Communications, Inc. 144A 9% 15/11/2018Steel Dynamics, Inc. 6.375% 15/08/2022Steel Dynamics, Inc. 5.25% 15/04/2023

Sabre GLBL, Inc. 144A 5.375% 15/04/2023Sanchez Energy Corp. 7.75% 15/06/2021Sanchez Energy Corp. 6.125% 15/01/2023Scientific Games International, Inc. 144A 7% 01/01/2022Shea Homes LP 144A 5.875% 01/04/2023Shea Homes LP 144A 6.125% 01/04/2025

RHP Hotel Properties LP, REIT 144A 5% 15/04/2023Rosetta Resources, Inc. 5.625% 01/05/2021Rosetta Resources, Inc. 5.875% 01/06/2022Rosetta Resources, Inc. 5.875% 01/06/2024RSI Home Products, Inc. 144A 6.5% 15/03/2023RSP Permian, Inc. 144A 6.625% 01/10/2022

Mobile Mini, Inc. 7.875% 01/12/2020MPG Holdco I, Inc. 144A 7.375% 15/10/2022Murray Energy Corp. 144A 11.25% 15/04/2021

Level 3 Financing, Inc. 144A 5.375% 01/05/2025LifePoint Hospitals, Inc. 5.5% 01/12/2021Matador Resources Co. 144A 6.875% 15/04/2023Mercer International, Inc. 7.75% 01/12/2022Micron Technology, Inc. 5.875% 15/02/2022Micron Technology, Inc. 144A 5.5% 01/02/2025

Owens-Brockway Glass Container, Inc. 144A 5% 15/01/2022Penn National Gaming, Inc. 5.875% 01/11/2021PH Glatfelter Co. 5.375% 15/10/2020Physio-Control International, Inc. 144A 9.875% 15/01/2019Post Holdings, Inc. 7.375% 15/02/2022Provident Funding Associates LP 144A 6.75% 15/06/2021

Navient Corp. 8.45% 15/06/2018Navient Corp. 8% 25/03/2020Newfield Exploration Co. 5.375% 01/01/2026Nexstar Broadcasting, Inc. 144A 6.125% 15/02/2022NRG Energy, Inc. 7.875% 15/05/2021NRG Energy, Inc. 6.625% 15/03/2023

Jones Energy Holdings LLC 6.75% 01/04/2022KCG Holdings, Inc. 144A 6.875% 15/03/2020Kindred Healthcare, Inc. 6.375% 15/04/2022Kindred Healthcare, Inc. 144A 8.75% 15/01/2023Ladder Capital Finance Holdings LLLP 7.375% 01/10/2017Lamar Media Corp. 5.375% 15/01/2024

Hughes Satellite Systems Corp. 7.625% 15/06/2021Icahn Enterprises LP 6% 01/08/2020Icahn Enterprises LP 5.875% 01/02/2022IHS, Inc. 144A 5% 01/11/2022Infor US, Inc. 144A 6.5% 15/05/2022Interval Acquisition Corp. 144A 5.625% 15/04/2023

GLP Capital LP 4.875% 01/11/2020Goodyear Tire & Rubber Co. (The) 6.5% 01/03/2021Griffon Corp. 5.25% 01/03/2022H&E Equipment Services, Inc. 7% 01/09/2022HealthSouth Corp. 5.75% 01/11/2024HJ Heinz Co. 144A 4.875% 15/02/2025

Global Brass & Copper, Inc. 9.5% 01/06/2019

Bonds (continued)Transferable securities and money market instruments dealt in on another regulated market (continued)Investments

United States of America (continued)


65


CurrencyQuantity/


EUR% of Net

Assets

USD 65,000 57,717 0.07USD 665,000 635,001 0.72USD 30,000 25,702 0.03USD 420,000 371,068 0.42USD 340,000 328,695 0.37USD 145,000 131,575 0.15USD 100,000 90,134 0.10USD 390,000 368,056 0.42USD 45,000 42,217 0.05USD 235,000 202,378 0.23USD 110,000 100,620 0.11USD 490,000 422,527 0.48USD 240,000 233,457 0.27USD 175,000 161,249 0.18USD 350,000 310,785 0.35

29,744,451 33.9236,050,240 41.1136,050,240 41.11

83,668,370 95.422,165,050 2.471,851,959 2.11

87,685,379 100.00

% of Net AssetsUnited States of America 46.32Luxembourg 11.15France 8.35Netherlands 8.21United Kingdom 5.42Italy 3.66Germany 2.20Spain 1.60Canada 1.29Sweden 1.14Ireland 0.96Czech Republic 0.87Bulgaria 0.80Croatia 0.62Cayman Islands 0.49Hungary 0.43Supranational 0.40Japan 0.38Australia 0.25Mexico 0.23Marshall Islands 0.20Belgium 0.14Norway 0.12Austria 0.11Bermuda 0.08Total Investments 95.42

4.58Total 100.00

Total Transferable securities and money market instruments dealt in on another regulated market


West Corp. 144A 5.375% 15/07/2022William Lyon Homes, Inc. 8.5% 15/11/2020Windstream Corp. 7.75% 15/10/2020Zachry Holdings, Inc. 144A 7.5% 01/02/2020

Total Bonds



Valeant Pharmaceuticals International 144A 6.375% 15/10/2020Valeant Pharmaceuticals International 144A 6.75% 15/08/2021Weekley Homes LLC 6% 01/02/2023WESCO Distribution, Inc. 5.375% 15/12/2021

Taylor Morrison Communities, Inc. 144A 5.625% 01/03/2024Tenet Healthcare Corp. 6% 01/10/2020TPC Group, Inc. 144A 8.75% 15/12/2020TRI Pointe Holdings, Inc. 144A 5.875% 15/06/2024United Rentals North America, Inc. 7.375% 15/05/2020

Investments

United Rentals North America, Inc. 5.5% 15/07/2025Univision Communications, Inc. 144A 5.125% 15/02/2025




66


Currency PurchasedAmount

Purchased Currency SoldAmount

Sold Maturity Date


EUR% of Net

AssetsEUR 51,112,393 USD 55,912,051 29/05/2015 1,230,507 1.40

1,230,507 1.40


1,230,507


Net Unrealised Gain on Forward Currency Exchange Contracts

Counterparty Unrealised Gain/(Loss)

JPMorgan Chase Bank NA 1,230,507


67

CurrencyQuantity/


EUR% of Net

Assets

EUR 3,700,000 4,120,875 0.644,120,875 0.64

EUR 7,350,000 7,505,820 1.177,505,820 1.17

EUR 8,600,000 9,183,519 1.439,183,519 1.43

EUR 4,500,000 4,966,875 0.774,966,875 0.77

EUR 1,000,000 985,000 0.15EUR 2,920,000 3,073,592 0.48EUR 2,760,000 2,898,221 0.45EUR 5,500,000 5,662,558 0.88EUR 1,000,000 1,070,390 0.17EUR 8,000,000 8,557,232 1.33EUR 13,275,000 15,100,312 2.35EUR 9,200,000 10,236,656 1.59EUR 14,000,000 14,763,000 2.30EUR 4,950,000 4,973,379 0.77EUR 2,450,000 2,530,343 0.39EUR 3,850,000 4,325,159 0.67EUR 15,350,000 16,703,256 2.60EUR 4,900,000 5,262,600 0.82EUR 7,050,000 7,735,697 1.21EUR 1,600,000 1,650,714 0.26EUR 6,750,000 6,805,890 1.06EUR 4,500,000 4,921,612 0.77EUR 4,900,000 5,137,001 0.80EUR 3,000,000 3,258,561 0.51

125,651,173 19.56

EUR 5,300,000 5,799,859 0.90EUR 4,800,000 5,092,800 0.79EUR 3,000,000 3,242,220 0.51

14,134,879 2.20

EUR 12,880,000 13,141,464 2.05EUR 10,350,000 11,209,050 1.74

24,350,514 3.79

EUR 6,200,000 6,387,438 0.99EUR 3,700,000 3,768,720 0.59

10,156,158 1.58

EUR 1,500,000 1,530,225 0.24EUR 11,400,000 12,119,602 1.89EUR 1,500,000 1,540,087 0.24EUR 9,200,000 9,967,703 1.55EUR 3,930,000 3,655,293 0.57EUR 4,100,000 4,139,893 0.64EUR 1,500,000 1,574,366 0.24EUR 2,000,000 2,268,644 0.35EUR 5,100,000 5,125,500 0.80EUR 5,600,000 5,880,000 0.92EUR 2,900,000 2,913,494 0.45EUR 7,200,000 7,680,024 1.20EUR 7,600,000 8,421,826 1.31EUR 2,500,000 2,757,708 0.43EUR 1,700,000 1,936,657 0.30

Telecom Italia SpA 8.25% 21/03/2016Telecom Italia SpA, Reg. S 7% 20/01/2017Telecom Italia SpA, Reg. S 4.75% 25/05/2018Telecom Italia SpA, Reg. S 5.375% 29/01/2019

IrelandAllied Irish Banks PLC, Reg. S 2.875% 28/11/2016Bank of Ireland, Reg. S 2% 08/05/2017

ThyssenKrupp AG 4.375% 28/02/2017ThyssenKrupp AG 4% 27/08/2018

HungaryMOL Hungarian Oil & Gas PLC 3.875% 05/10/2015MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017

Intesa Sanpaolo SpA, Reg. S 4.875% 10/07/2015Intesa Sanpaolo SpA, Reg. S 3.75% 23/11/2016Intesa Sanpaolo SpA, Reg. S 6.625% 08/05/2018Sisal Group SpA, Reg. S 7.25% 30/09/2017Snai SpA, Reg. S 7.625% 15/06/2018Telecom Italia SpA 4.625% 15/06/2015

ItalyBanco Popolare SC, Reg. S 3.75% 28/01/2016Buzzi Unicem SpA, Reg. S 5.125% 09/12/2016Enel SpA 3.5% 26/02/2016Finmeccanica SpA 4.375% 05/12/2017Gamenet SpA, Reg. S 7.25% 01/08/2018

Renault SA, Reg. S 4.625% 18/09/2017Wendel SA 4.875% 26/05/2016Wendel SA 4.375% 09/08/2017

GermanyRheinmetall AG 5.25% 22/09/2017

Lafarge SA, Reg. S 8.875% 24/11/2016Nexans SA 5.75% 02/05/2017Nexans SA 4.25% 19/03/2018Peugeot SA 5.625% 11/07/2017RCI Banque SA, Reg. S 4% 16/03/2016Renault SA 5.625% 30/06/2015

Ciments Francais SA, Reg. S 4.75% 04/04/2017Faurecia, Reg. S 9.375% 15/12/2016Italcementi Finance SA, Reg. S 6.125% 21/02/2018Labco SA, Reg. S 8.5% 15/01/2018Lafarge SA 6.125% 28/05/2015Lafarge SA 4.25% 23/03/2016

France3AB Optique Developpement SAS, Reg. S 5.625% 15/04/2019Alcatel-Lucent, Reg. S 8.5% 15/01/2016Autodis SA, Reg. S 6.5% 01/02/2019Banque PSA Finance SA, Reg. S 4.25% 25/02/2016Casino Guichard Perrachon SA 4.379% 08/02/2017

FinlandStora Enso OYJ, Reg. S 5% 19/03/2018

BelgiumBarry Callebaut Services NV 6% 13/07/2017


BNY Mellon Compass Fund – Euro Credit Short Duration FundSchedule of InvestmentsAs at 30 April 2015




68

CurrencyQuantity/


EUR% of Net

Assets


Investments

Bonds (continued)

EUR 5,100,000 5,174,878 0.81EUR 1,300,000 1,400,437 0.22EUR 2,890,000 2,956,123 0.46

81,042,460 12.62

EUR 5,800,000 6,418,326 1.00EUR 11,250,000 12,415,061 1.93EUR 3,980,000 4,046,243 0.63EUR 13,750,000 14,138,437 2.20EUR 15,600,000 17,414,124 2.71EUR 4,200,000 4,373,250 0.68EUR 19,250,000 20,920,323 3.26EUR 5,500,000 6,010,125 0.94EUR 3,950,000 4,182,063 0.65EUR 2,500,000 2,941,250 0.46EUR 1,820,000 1,911,000 0.30EUR 6,300,000 6,312,600 0.98EUR 3,000,000 2,982,150 0.46EUR 5,540,000 5,823,925 0.91EUR 4,250,000 4,101,250 0.64EUR 15,100,000 15,330,275 2.39EUR 4,500,000 4,672,278 0.73EUR 3,800,000 4,272,568 0.66EUR 7,550,000 7,833,125 1.22EUR 1,800,000 1,850,400 0.29EUR 6,650,000 6,766,375 1.05EUR 1,240,000 1,252,400 0.19EUR 5,670,000 5,901,336 0.92

161,868,884 25.20

EUR 1,550,000 1,662,020 0.261,662,020 0.26

EUR 600,000 685,488 0.11EUR 9,070,000 9,447,529 1.47EUR 3,600,000 4,026,240 0.63EUR 3,000,000 3,019,020 0.47EUR 1,500,000 1,426,875 0.22EUR 15,300,000 15,701,610 2.45EUR 5,700,000 5,785,409 0.90EUR 8,670,000 9,038,475 1.41EUR 500,000 538,385 0.08EUR 10,100,000 10,596,920 1.65EUR 6,300,000 6,695,325 1.04

66,961,276 10.43

EUR 7,850,000 8,372,457 1.30EUR 6,200,000 7,295,503 1.14EUR 900,000 927,360 0.14

16,595,320 2.58

EUR 3,550,000 3,746,812 0.59EUR 18,600,000 19,580,220 3.05EUR 2,000,000 2,130,538 0.33EUR 1,000,000 1,047,519 0.16

26,505,089 4.13

EUR 5,450,000 5,837,277 0.915,837,277 0.91

SwedenVerisure Holding AB, Reg. S 8.75% 01/09/2018

Petrobras Global Finance BV 2.75% 15/01/2018Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016Portugal Telecom International Finance BV 4.375% 24/03/2017Refresco Gerber NV, Reg. S 7.375% 15/05/2018Repsol International Finance BV 4.75% 16/02/2017Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018

NetherlandsBrenntag Finance BV, Reg. S 5.5% 19/07/2018EDP Finance BV, Reg. S 5.875% 01/02/2016EDP Finance BV, Reg. S 5.75% 21/09/2017Enel Finance International NV, Reg. S 4.625% 24/06/2015

SpainAbengoa Finance SAU, Reg. S 8.875% 05/02/2018Abengoa SA 8.5% 31/03/2016Bankia SA 4.375% 14/02/2017Telefonica Emisiones SAU, Reg. S 5.496% 01/04/2016

ThyssenKrupp Finance Nederland BV 8.5% 25/02/2016

PortugalBrisa Concessao Rodoviaria SA 4.5% 05/12/2016Brisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018Caixa Geral de Depositos SA, Reg. S 5.625% 04/12/2015

PagesJaunes Finance & Co. SCA, Reg. S 8.875% 01/06/2018Play Finance 2 SA, Reg. S 5.25% 01/02/2019

MexicoPetroleos Mexicanos, Reg. S 6.375% 05/08/2016

HeidelbergCement Finance Luxembourg SA, Reg. S 6.5% 03/08/2015HeidelbergCement Finance Luxembourg SA, Reg. S 6.75% 15/12/2015HeidelbergCement Finance Luxembourg SA, Reg. S 8% 31/01/2017INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018INEOS Group Holdings SA, Reg. S 5.75% 15/02/2019Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018

FMC Finance VIII SA, Reg. S 6.5% 15/09/2018gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019Gazprom OAO, Reg. S 5.875% 01/06/2015Gazprom OAO, Reg. S 3.755% 15/03/2017GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018

Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018ConvaTec Healthcare E SA, Reg. S 7.375% 15/12/2017Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017Findus Bondco SA, Reg. S 9.125% 01/07/2018

Zobele Holding SpA, Reg. S 7.875% 01/02/2018

LuxembourgArcelorMittal 10.625% 03/06/2016ArcelorMittal, Reg. S 5.875% 17/11/2017ArcelorMittal, Reg. S, FRN 2.046% 09/04/2018

UniCredit SpA, Reg. S 4.375% 11/09/2015UniCredit SpA, Reg. S 4.875% 07/03/2017

Italy (continued)



69

CurrencyQuantity/


EUR% of Net

Assets


Investments

Bonds (continued)

EUR 10,700,000 11,943,875 1.86EUR 1,800,000 1,900,096 0.30EUR 8,970,000 9,458,219 1.47EUR 24,260,000 24,381,300 3.80GBP 2,000,000 2,964,335 0.46

50,647,825 7.89

EUR 13,300,000 13,518,492 2.10EUR 500,000 503,125 0.08

14,021,617 2.18625,211,581 97.34625,211,581 97.34

625,211,581 97.3421,850,087 3.40(4,788,133) (0.74)

642,273,535 100.00

% of Net AssetsLuxembourg 25.20France 19.56Italy 12.62Netherlands 10.43United Kingdom 7.89Spain 4.13Hungary 3.79Portugal 2.58Germany 2.20United States of America 2.18Ireland 1.58Czech Republic 1.43Bulgaria 1.17Sweden 0.91Finland 0.77Belgium 0.64Mexico 0.26Total Investments 97.34

2.66Total 100.00

Currency Purchased Amount Purchased Currency SoldAmount

Sold Maturity Date


EUR% of Net

AssetsEUR 3,188,456 GBP 2,304,000 18/06/2015 31,513 –

31,513 –GBP 7,983,419 EUR 11,157,701 29/05/2015 (214,274) (0.03)

(214,274) (0.03)(182,761) (0.03)

JPMorgan Chase Bank NA (214,274)JPMorgan Securities Ltd. 31,513

(182,761)

Total Unrealised Gain on Forward Currency Exchange Contracts

Total Unrealised Loss on Forward Currency Exchange ContractsNet Unrealised Loss on Forward Currency Exchange Contracts

Counterparty Unrealised Gain/(Loss)


CashOther Assets/(Liabilities)Total Net Assets

Fresenius US Finance II, Inc., Reg. S 8.75% 15/07/2015ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019


Total Investments



Royal Bank of Scotland PLC (The) 4.35% 23/01/2017Tesco PLC, Reg. S 3.375% 02/11/2018Thomas Cook Group PLC 6.75% 22/06/2015Thomas Cook Group PLC 7.75% 22/06/2017


United KingdomInternational Game Technology PLC, Reg. S 6.625% 02/02/2018



70

Nominal Amount Currency Counterparty Reference Entity Buy/Sell Maturity DateMarket

Value EUR


EUR% of Net

Assets6,700,000 EUR Barclays Bank PLC Techem GmbH 6.125% 01/10/2019 Sell 20/12/2011 14,972 14,972 –6,000,000 EUR Barclays Bank PLC UPC Holding BV 8.375% 15/08/2020 Sell 20/12/2011 24,847 24,847 0.01

39,819 39,819 0.01


BNY Mellon Compass Fund – Euro Credit Short Duration FundSchedule of InvestmentsAs at 30 April 2015Credit Default Swap Contracts

Net Unrealised Gain on Credit Default Swap Contracts


71

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets

EUR 1,150,000 1,174,380 2.661,174,380 2.66

EUR 1,150,000 1,228,029 2.781,228,029 2.78

EUR 300,000 331,883 0.75331,883 0.75

EUR 800,000 883,000 2.00883,000 2.00

EUR 500,000 531,722 1.20EUR 500,000 533,250 1.21EUR 600,000 657,741 1.49EUR 300,000 325,414 0.74EUR 1,000,000 1,112,680 2.52EUR 400,000 421,800 0.95EUR 1,050,000 1,184,565 2.68EUR 1,000,000 1,074,000 2.43EUR 600,000 651,534 1.47EUR 800,000 877,810 1.99EUR 200,000 218,738 0.49EUR 1,000,000 1,178,435 2.67

8,767,689 19.84

EUR 450,000 492,441 1.11EUR 850,000 901,850 2.04

1,394,291 3.15

EUR 900,000 974,700 2.21974,700 2.21

EUR 700,000 750,673 1.70EUR 600,000 692,904 1.57EUR 500,000 465,050 1.05EUR 900,000 904,500 2.05EUR 700,000 765,520 1.73EUR 700,000 757,533 1.71EUR 300,000 349,570 0.79EUR 700,000 745,444 1.69EUR 200,000 204,576 0.46

5,635,770 12.75

EUR 1,050,000 1,158,739 2.62EUR 700,000 719,775 1.63EUR 300,000 325,784 0.74EUR 1,100,000 1,227,919 2.78EUR 600,000 624,750 1.41EUR 500,000 559,775 1.27EUR 300,000 317,625 0.72EUR 950,000 972,325 2.20EUR 1,100,000 1,195,520 2.70EUR 800,000 896,520 2.03

7,998,732 18.10

EUR 400,000 429,539 0.97EUR 850,000 917,171 2.08

1,346,710 3.05

HeidelbergCement Finance Luxembourg SA 5.625% 04/01/2018

MexicoAmerica Movil SAB de CV 3.75% 28/06/2017Petroleos Mexicanos, Reg. S 5.5% 09/01/2017

CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018ConvaTec Healthcare E SA, Reg. S 7.375% 15/12/2017Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018Findus Bondco SA, Reg. S 9.125% 01/07/2018Gazprom OAO, Reg. S 5.44% 02/11/2017Glencore Finance Europe SA, Reg. S 5.25% 22/03/2017

Zobele Holding SpA, Reg. S 7.875% 01/02/2018

LuxembourgArcelorMittal, Reg. S 5.875% 17/11/2017Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018Clariant Finance Luxembourg SA 5.625% 24/01/2017

Gamenet SpA, Reg. S 7.25% 01/08/2018Sisal Group SpA, Reg. S 7.25% 30/09/2017Snam SpA, Reg. S 3.875% 19/03/2018Telecom Italia SpA, Reg. S 4.5% 20/09/2017Telecom Italia SpA 6.125% 14/12/2018Terna Rete Elettrica Nazionale SpA, Reg. S 2.875% 16/02/2018


ItalyAtlantia SpA, Reg. S 3.375% 18/09/2017Finmeccanica SpA, Reg. S 5.75% 12/12/2018

Wendel SA 6.75% 20/04/2018

GermanyRheinmetall AG 5.25% 22/09/2017ThyssenKrupp AG 4.375% 28/02/2017

Labco SA, Reg. S 8.5% 15/01/2018Lafarge SA, Reg. S 6.25% 13/04/2018Nexans SA 4.25% 19/03/2018Pernod Ricard SA, Reg. S 5% 15/03/2017Peugeot SA 5.625% 11/07/2017Renault SA, Reg. S 4.625% 18/09/2017

FranceAlstom SA, Reg. S 4.125% 01/02/2017Areva SA 4.625% 05/10/2017Bouygues SA, Reg. S 4% 12/02/2018Cie de Saint-Gobain 4.75% 11/04/2017Italcementi Finance SA, Reg. S 6.125% 21/02/2018




BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2017 Schedule of InvestmentsAs at 30 April 2015


DenmarkTDC A/S, Reg. S 4.375% 23/02/2018


72

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2017 Schedule of InvestmentsAs at 30 April 2015

Investments

Bonds (continued)

EUR 850,000 950,640 2.15EUR 900,000 980,795 2.22EUR 700,000 735,431 1.66EUR 900,000 906,750 2.05EUR 750,000 761,238 1.72EUR 600,000 625,500 1.42

4,960,354 11.22

EUR 1,000,000 1,176,694 2.661,176,694 2.66

EUR 1,000,000 1,055,440 2.39EUR 700,000 768,796 1.74EUR 800,000 859,977 1.94

2,684,213 6.07

EUR 300,000 332,533 0.75332,533 0.75

EUR 1,100,000 1,227,875 2.781,227,875 2.78

EUR 500,000 536,450 1.21536,450 1.21

40,653,303 91.9840,653,303 91.98

40,653,303 91.984,418,207 10.00(873,995) (1.98)

44,197,515 100.00

% of Net AssetsFrance 19.84Luxembourg 18.10Italy 12.75Netherlands 11.22Spain 6.07Germany 3.15Mexico 3.05Czech Republic 2.78United Kingdom 2.78Portugal 2.66Bulgaria 2.66Hungary 2.21Finland 2.00United States of America 1.21Sweden 0.75Denmark 0.75Total Investments 91.98

8.02Total 100.00




Other Assets/(Liabilities)Total Net Assets

Fiat Finance North America, Inc. 5.625% 12/06/2017


Total InvestmentsCash

Telefonaktiebolaget LM Ericsson 5.375% 27/06/2017

United KingdomInternational Game Technology PLC, Reg. S 6.625% 02/02/2018


SpainAbengoa Finance SAU, Reg. S 8.875% 05/02/2018Gas Natural Capital Markets SA, Reg. S 4.125% 26/01/2018Telefonica Emisiones SAU, Reg. S 3.661% 18/09/2017

Sweden

Portugal Telecom International Finance BV 4.375% 24/03/2017Refresco Gerber NV, Reg. S 7.375% 15/05/2018


NetherlandsEDP Finance BV, Reg. S 5.75% 21/09/2017Enel Finance International NV, Reg. S 3.625% 17/04/2018Metro Finance BV, Reg. S 2.25% 11/05/2018Petrobras Global Finance BV 4.875% 07/03/2018



73

CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

Assets

USD 500,000 483,750 0.47483,750 0.47

AXA SA, FRN 5.777% Perpetual EUR 771,000 909,636 0.88909,636 0.88

LuxembourgAltice SA, Reg. S 7.75% 15/05/2022 USD 225,000 227,815 0.22Wind Acquisition Finance SA, Reg. S 7.375% 23/04/2021 USD 375,000 384,844 0.37

612,659 0.59Mexico

Grupo Bimbo SAB de CV, Reg. S 3.875% 27/06/2024 USD 200,000 205,200 0.20205,200 0.20

NetherlandsAllianz Finance II BV, FRN 5.75% 08/07/2041 EUR 300,000 409,281 0.39ING Groep NV, FRN 6.5% Perpetual USD 400,000 399,750 0.39

809,031 0.78Singapore

ABJA Investment Co. Pte. Ltd., Reg. S 5.95% 31/07/2024 USD 1,000,000 1,037,683 1.001,037,683 1.00

SpainSantander Issuances SAU, Reg. S 2.5% 18/03/2025 EUR 500,000 562,891 0.55

562,891 0.55Switzerland

Credit Suisse AG, Reg. S 6.5% 08/08/2023 USD 300,000 343,292 0.33343,292 0.33

United KingdomBarclays PLC 4.375% 11/09/2024 USD 410,000 410,073 0.40HSBC Holdings PLC, FRN 5.625% Perpetual USD 455,000 465,806 0.45International Game Technology PLC, Reg. S 6.25% 15/02/2022 USD 200,000 198,500 0.19Lloyds Banking Group PLC 4.5% 04/11/2024 USD 525,000 539,266 0.52Lloyds Banking Group PLC, FRN 7.5% Perpetual USD 245,000 262,150 0.26Royal Bank of Scotland Group PLC 6% 19/12/2023 USD 405,000 444,328 0.43Vedanta Resources PLC, Reg. S 6.75% 07/06/2016 USD 200,000 205,740 0.20Virgin Media Finance PLC, Reg. S 7% 15/04/2023 GBP 150,000 250,106 0.24

2,775,969 2.69United States of America

Alcatel-Lucent USA, Inc. 6.45% 15/03/2029 USD 685,000 768,913 0.74Ally Financial, Inc. 8% 01/11/2031 USD 260,000 327,275 0.32American International Group, Inc., FRN Class A3 4.875% 15/03/2067 EUR 900,000 1,054,079 1.02Anadarko Petroleum Corp. 6.45% 15/09/2036 USD 270,000 334,684 0.32AT&T, Inc. 4.5% 15/05/2035 USD 250,000 245,600 0.24AT&T, Inc. 4.75% 15/05/2046 USD 625,000 613,470 0.59Bank of America Corp. 4.25% 22/10/2026 USD 500,000 502,210 0.49Bank of America Corp. 6.11% 29/01/2037 USD 500,000 591,075 0.57Bank of America Corp. 4.75% 21/04/2045 USD 125,000 123,800 0.12Cimarex Energy Co. 5.875% 01/05/2022 USD 285,000 304,237 0.30Continental Resources, Inc. 5% 15/09/2022 USD 110,000 111,787 0.11Freeport-McMoran Oil & Gas LLC 6.875% 15/02/2023 USD 1,336,000 1,439,540 1.39General Electric Capital Corp., FRN 6.375% 15/11/2067 USD 1,070,000 1,171,650 1.13General Motors Co. 5.2% 01/04/2045 USD 235,000 249,611 0.24iHeartCommunications, Inc. 9% 01/03/2021 USD 225,000 216,562 0.21International Lease Finance Corp. 8.25% 15/12/2020 USD 135,000 165,713 0.16Kinder Morgan, Inc. 7.8% 01/08/2031 USD 400,000 480,970 0.47Kinder Morgan, Inc. 5.3% 01/12/2034 USD 220,000 219,043 0.21Kinder Morgan, Inc. 5.55% 01/06/2045 USD 250,000 250,509 0.24Newfield Exploration Co. 5.75% 30/01/2022 USD 350,000 372,750 0.36Noble Energy, Inc. 5.25% 15/11/2043 USD 90,000 96,611 0.09Noble Energy, Inc. 5.05% 15/11/2044 USD 135,000 140,827 0.14NRG Energy, Inc. 6.25% 15/07/2022 USD 250,000 260,625 0.25Time Warner Cable, Inc. 5.5% 01/09/2041 USD 200,000 185,198 0.18Time Warner, Inc. 4.65% 01/06/2044 USD 375,000 389,174 0.38T-Mobile USA, Inc. 6.5% 15/01/2024 USD 145,000 151,706 0.15T-Mobile USA, Inc. 6.375% 01/03/2025 USD 175,000 180,161 0.17Unit Corp. 6.625% 15/05/2021 USD 353,000 340,645 0.33Wells Fargo & Co. 4.65% 04/11/2044 USD 525,000 537,296 0.52

11,825,721 11.44Virgin Islands, British

China Cinda Finance 2015 I Ltd., Reg. S 3.125% 23/04/2020 USD 495,000 489,892 0.47489,892 0.47

Total Bonds 20,055,724 19.40Total Transferable securities and money market instruments admitted to an official exchange listing 20,055,724 19.40


ArgentinaProvincia de Buenos Aires, Reg. S 11.75% 05/10/2015 USD 750,000 757,500 0.73

757,500 0.73Australia

Australia Government Bond 2.75% 21/04/2024 AUD 6,448,000 5,152,891 4.98Australia Government Bond, Reg. S 3.25% 21/04/2025 AUD 5,000,000 4,156,614 4.02

9,309,505 9.00Bermuda

Digicel Group Ltd., Reg. S 8.25% 30/09/2020 USD 495,000 513,018 0.50513,018 0.50

BrazilBrazil Notas do Tesouro Nacional 10% 01/01/2017 BRL 470,000 1,542,735 1.49Brazil Notas do Tesouro Nacional 10% 01/01/2025 BRL 1,100,000 3,254,722 3.15

4,797,457 4.64Canada

Open Text Corp., Reg. S 5.625% 15/01/2023 USD 325,000 344,662 0.33344,662 0.33

Cayman IslandsBrazil Minas SPE, Reg. S 5.333% 15/02/2028 USD 525,000 517,125 0.50

517,125 0.50Colombia

Colombian TES Class B 10% 24/07/2024 COP 6,460,000,000 3,292,378 3.183,292,378 3.18

Cayman IslandsTransocean, Inc. 3% 15/10/2017

France

Bonds

BNY Mellon Compass Fund – Global Opportunistic Fixed Income FundSchedule of InvestmentsAs at 30 April 2015



74


CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

AssetsTransferable securities and money market instruments dealt in on another regulated market (continued)Bonds (continued)

IrelandAerCap Ireland Capital Ltd., Reg. S 5% 01/10/2021 USD 275,000 295,130 0.29Ardagh Packaging Finance PLC, Reg. S, FRN 3.271% 15/12/2019 USD 325,000 321,750 0.31Perrigo Finance PLC 4.9% 15/12/2044 USD 450,000 465,940 0.45

1,082,820 1.05Italy

Intesa Sanpaolo SpA 5.25% 12/01/2024 USD 500,000 557,063 0.54Italy Buoni Poliennali Del Tesoro, Reg. S 144A 4.75% 01/09/2044 EUR 1,640,000 2,717,919 2.63

3,274,982 3.17Luxembourg

Intelsat Jackson Holdings SA 7.5% 01/04/2021 USD 255,000 265,838 0.26Intelsat Luxembourg SA 7.75% 01/06/2021 USD 365,000 336,712 0.32

602,550 0.58Mexico

Mexican Bonos 10% 05/12/2024 MXN 17,000,000 1,436,087 1.391,436,087 1.39

MoroccoMorocco Government International Bond, Reg. S 3.5% 19/06/2024 EUR 475,000 567,524 0.55

567,524 0.55New Zealand

New Zealand Government Bond, Reg. S 3% 15/04/2020 NZD 8,200,000 6,203,151 6.006,203,151 6.00

SpainAbengoa Finance SAU, Reg. S 7.75% 01/02/2020 USD 260,000 260,260 0.25

260,260 0.25United Kingdom

Algeco Scotsman Global Finance PLC, Reg. S 8.5% 15/10/2018 USD 200,000 194,500 0.19Algeco Scotsman Global Finance PLC, Reg. S 10.75% 15/10/2019 USD 225,000 180,984 0.18HSBC Holdings PLC, FRN 6.375% Perpetual USD 425,000 439,875 0.43Sky PLC, Reg. S 3.75% 16/09/2024 USD 600,000 612,791 0.59UK Treasury, Reg. S 3.25% 22/01/2044 GBP 2,825,000 4,966,035 4.80

6,394,185 6.19United States of America

A10 Term Asset Financing 2013-2 LLC, Reg. S, Series 2013-2X Class A 2.62% 15/11/2027 USD 442,236 446,777 0.43ACE Securities Corp. Home Equity Loan Trust Series, FRN, Series 2004-HE4 Class M2 1.156% 25/12/2034 USD 213,931 209,960 0.20ACE Securities Corp. Home Equity Loan Trust Series, FRN, Series 2006-HE2 Class A2C 0.341% 25/05/2036 USD 448,006 400,909 0.39ACE Securities Corp. Home Equity Loan Trust Series 2005-ASAP1, FRN, Series 2005-ASP1 Class M1 0.861% 25/09/2035 USD 603,828 500,127 0.48ACE Securities Corp. Home Equity Loan Trust Series 2006-ASAP3, FRN, Series 2006-ASP3 Class A1 0.321% 25/06/2036 USD 635,572 526,924 0.51ACE Securities Corp. Home Equity Loan Trust Series 2006-ASAP3, FRN, Series 2006-ASP3 Class A2C 0.331% 25/06/2036 USD 104,217 97,895 0.10Alternative Loan Trust, Series 2004-18CB Class 4A1 5.5% 25/09/2034 USD 243,036 246,181 0.24Antero Resources Corp. 6% 01/12/2020 USD 500,000 513,125 0.50Antero Resources Corp., Reg. S 5.625% 01/06/2023 USD 225,000 231,188 0.22ARC Properties Operating Partnership LP, REIT 2% 06/02/2017 USD 1,790,000 1,745,250 1.69Argent Securities Trust, FRN, Series 2006-M1 Class A2B 0.271% 25/07/2036 USD 442,094 201,146 0.19Banc of America Commercial Mortgage Trust, FRN, Series 2007-2 Class AJ 5.597% 10/04/2049 USD 1,470,000 1,487,261 1.44Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10, FRN, Series 2005-PW10 Class AJ 5.446% 11/12/2040 USD 125,000 125,023 0.12Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, Series 2006-PW14 Class AJ 5.273% 11/12/2038 USD 450,000 458,844 0.44Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, FRN, Series 2007-PW16 Class AJ 5.708% 11/06/2040 USD 925,000 952,462 0.92Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, FRN, Series 2007-PW18 Class AJ 6.157% 11/06/2050 USD 500,000 508,786 0.49Capital Auto Receivables Asset Trust, Series 2013-1 Class D 2.19% 20/09/2021 USD 400,000 400,942 0.39Carrizo Oil & Gas, Inc. 6.25% 15/04/2023 USD 510,000 518,925 0.50Citigroup Commercial Mortgage Trust, FRN, Series 2007-C6 Class AJ 5.703% 10/12/2049 USD 595,000 590,544 0.57Clear Channel Worldwide Holdings, Inc. Class B 7.625% 15/03/2020 USD 165,000 174,075 0.17COMM Mortgage Trust, Series 2006-C8 Class AJ 5.377% 10/12/2046 USD 1,580,000 1,616,510 1.56Continental Resources, Inc. 3.8% 01/06/2024 USD 175,000 168,469 0.16Credit Suisse First Boston Mortgage Securities Corp., Series 2005-8 Class 9A4 5.5% 25/09/2035 USD 230,095 213,017 0.21CSMC Trust 2014-USA, Series 2014 -0-% 17/09/2037 USD 580,000 556,929 0.54DIRECTV Holdings LLC 3.95% 15/01/2025 USD 400,000 407,548 0.39Dynegy, Inc., Reg. S 7.375% 01/11/2022 USD 145,000 155,150 0.15FBR Securitization Trust, FRN, Series 2005-3 Class AV24 0.851% 25/10/2035 USD 1,222,534 1,049,784 1.02FHLMC Structured Agency Credit Risk Debt Notes, FRN, Series 2015-DN1 Class M3 4.331% 25/01/2025 USD 250,000 260,632 0.25First Data Corp. 11.75% 15/08/2021 USD 345,000 397,612 0.38First Franklin Mortgage Loan Trust, FRN, Series 2006-FF7 Class 2A3 0.324% 25/05/2036 USD 124,544 101,796 0.10GE Capital Trust I, FRN 6.375% 15/11/2067 USD 80,000 87,600 0.09Glencore Funding LLC, Reg. S 4% 16/04/2025 USD 200,000 196,270 0.19Halcon Resources Corp., Reg. S 8.625% 01/02/2020 USD 50,000 52,156 0.05Halcon Resources Corp. 9.75% 15/07/2020 USD 165,000 136,125 0.13Halcon Resources Corp. 8.875% 15/05/2021 USD 260,000 204,360 0.20HJ Heinz Co., Reg. S 4.875% 15/02/2025 USD 285,000 311,932 0.30HSI Asset Securitization Corp. Trust, FRN, Series 2007-WF1 Class 2A3 0.351% 25/05/2037 USD 655,222 638,360 0.62Hub Holdings LLC, Reg. S 8.125% 15/07/2019 USD 400,000 401,500 0.39HUB International Ltd., Reg. S 7.875% 01/10/2021 USD 345,000 356,212 0.34JC Penney Corp, Inc. 8.125% 01/10/2019 USD 170,000 170,850 0.17JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC17, Series 2006-CB17 Class AM 5.464% 12/12/2043 USD 265,000 273,494 0.26JPMorgan Chase Commercial Mortgage Securities Trust 2014-INN, Reg. S, FRN, Series 2014-INNX Class E 3.782% 15/06/2029 USD 515,000 515,056 0.50JPMorgan Mortgage Acquisition Trust, STEP, Series 2007-CH1 Class AF6 4.512% 25/11/2036 USD 441,835 446,022 0.43Kinder Morgan Energy Partners LP 5.4% 01/09/2044 USD 540,000 533,245 0.52Kraft Foods Group, Inc. 6.875% 26/01/2039 USD 195,000 254,721 0.25Liberty Mutual Group, Inc., Reg. S 6.5% 01/05/2042 USD 425,000 526,145 0.51Mastr Asset-Backed Securities Trust, FRN, Series 2006-HE2 Class A3 0.331% 25/06/2036 USD 202,484 114,074 0.11Mastr Asset-Backed Securities Trust, FRN, Series 2006-AM2 Class A3 0.351% 25/06/2036 USD 222,594 178,148 0.17Merrill Lynch Mortgage Investors Trust Series MLMI, FRN, Series 2005-A1 Class M1 2.584% 25/12/2034 USD 339,545 315,637 0.31Merrill Lynch Mortgage Trust, FRN, Series 2006-C1 Class AJ 5.659% 12/05/2039 USD 420,000 426,018 0.41ML-CFC Commercial Mortgage Trust, FRN, Series 2007-9 Class AJ 6.193% 12/09/2049 USD 310,000 308,663 0.30ML-CFC Commercial Mortgage Trust, Series 2006-4 Class AJ 5.239% 12/12/2049 USD 725,000 736,851 0.71Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2006-NC4 Class A2C 0.331% 25/06/2036 USD 79,598 73,242 0.07Morgan Stanley Capital I Trust, FRN, Series 2007-IQ14 Class AM 5.649% 15/04/2049 USD 275,000 288,935 0.28Morgan Stanley Home Equity Loan Trust, FRN, Series 2006-3 Class A3 0.341% 25/04/2036 USD 76,700 58,024 0.06Neiman Marcus Group Ltd. LLC, Reg. S 8% 15/10/2021 USD 210,000 226,275 0.22New Century Home Equity Loan Trust, FRN, Series 2006-1 Class A2B 0.361% 25/05/2036 USD 218,768 155,800 0.15Newfield Exploration Co. 5.375% 01/01/2026 USD 225,000 235,125 0.23NovaStar Mortgage Funding Trust Series, FRN, Series 2006-4 Class A2D 0.431% 25/09/2036 USD 148,943 89,849 0.09Prestige Auto Receivables Trust 2013-1, Series 2013-1I Class D 3.04% 15/07/2020 USD 430,000 436,799 0.42Puerto Rico Aqueduct and Sewer Authority 5.25% 01/07/2042 USD 765,000 498,688 0.48Sanchez Energy Corp. 7.75% 15/06/2021 USD 150,000 157,125 0.15Sanchez Energy Corp. 6.125% 15/01/2023 USD 325,000 320,125 0.31Securitized Asset-Backed Receivables LLC Trust, FRN, Series 2005-FR3 Class M1 0.886% 25/04/2035 USD 194,880 193,371 0.19Springleaf Funding Trust, Reg. S, Series 2013-AX Class A 2.58% 15/09/2021 USD 761,712 763,643 0.74Springleaf Funding Trust, Reg. S, Series 2015-AX Class B 3.62% 15/11/2024 USD 300,000 303,678 0.29

Investments


75


CurrencyQuantity/

Nominal Value

Market Value

USD% of Net

AssetsTransferable securities and money market instruments dealt in on another regulated market (continued)Bonds (continued)

United States of America (continued)Structured Adjustable Rate Mortgage Loan Trust, FRN, Series 2005-17 Class 4A3 4.704% 25/08/2035 USD 173,683 169,987 0.16Tenet Healthcare Corp. 8.125% 01/04/2022 USD 225,000 246,094 0.24US Treasury 1.5% 31/01/2022 USD 4,795,000 4,707,343 4.55US Treasury - WI Reopening 2.5% 15/02/2045 USD 425,000 403,816 0.39US Treasury Bill 0% 13/08/2015 USD 2,689,000 2,688,613 2.60Wachovia Bank Commercial Mortgage Trust Series, FRN, Series 2006-C24 Class AJ 5.658% 15/03/2045 USD 850,000 865,689 0.84Wachovia Bank Commercial Mortgage Trust Series, FRN, Series 2006-C29 Class AJ 5.368% 15/11/2048 USD 900,000 917,172 0.89WaMu Mortgage Pass-Through Certificates Series Trust, FRN, Series 2006-AR16 Class 2A1 2.014% 25/12/2036 USD 665,912 566,181 0.55Zimmer Holdings, Inc. 4.45% 15/08/2045 USD 775,000 769,165 0.74

37,581,969 36.3576,935,173 74.4176,935,173 74.41

96,990,897 93.8111,367,101 10.99(4,970,146) (4.80)

103,387,852 100.00

% of Net AssetsUnited States of America 47.79Australia 9.00United Kingdom 8.88New Zealand 6.00Brazil 4.64Colombia 3.18Italy 3.17Mexico 1.59Luxembourg 1.17Ireland 1.05Singapore 1.00Cayman Islands 0.97France 0.88Spain 0.80Netherlands 0.78Argentina 0.73Morocco 0.55Bermuda 0.50Virgin Islands, British 0.47Canada 0.33Switzerland 0.33Total Investments 93.81

6.19Total 100.00

Currency PurchasedAmount

Purchased Currency Sold Amount Sold Maturity Date


USD% of Net

AssetsBRL 3,270,000 USD 1,022,514 02/06/2015 56,925 0.06GBP 67,559,607 USD 103,291,546 29/05/2015 512,452 0.50NOK 8,250,000 USD 1,047,316 29/05/2015 46,719 0.05NZD 1,335,000 USD 1,005,989 29/05/2015 7,972 0.01USD 4,248,908 AUD 5,310,000 29/05/2015 66,301 0.06USD 1,452,726 MXN 22,070,000 29/05/2015 18,502 0.01USD 7,355,493 NZD 9,620,000 29/05/2015 48,894 0.04USD 1,996,779 PEN 6,200,000 11/06/2015 24,327 0.02USD 874,130 ZAR 10,390,000 29/05/2015 8,635 0.01

790,727 0.76AUD 460,000 USD 369,180 29/05/2015 (6,845) (0.01)BRL 300,000 USD 101,095 02/06/2015 (2,064) –INR 160,815,000 USD 2,553,065 29/05/2015 (43,103) (0.04)USD 8,445,136 AUD 10,900,000 29/05/2015 (140,631) (0.13)USD 5,860,280 BRL 18,225,000 02/06/2015 (155,860) (0.15)USD 720,724 CAD 880,000 29/05/2015 (5,556) (0.01)USD 997,973 CHF 950,000 29/05/2015 (16,861) (0.02)USD 2,773,765 COP 7,065,140,000 29/05/2015 (163,044) (0.16)USD 1,323,265 COP 3,299,760,000 16/07/2015 (41,568) (0.04)USD 8,351,290 EUR 7,710,000 29/05/2015 (290,763) (0.28)USD 5,349,247 GBP 3,580,000 29/05/2015 (151,352) (0.15)USD 443,653 HUF 120,820,000 29/05/2015 (2,603) –USD 463,064 MYR 1,705,000 29/05/2015 (13,469) (0.01)USD 497,512 SGD 670,000 29/05/2015 (8,062) (0.01)USD 504,729 ZAR 6,120,000 29/05/2015 (5,072) –

(1,046,853) (1.01)(256,126) (0.25)



UBS AG 26,343(256,126)

JPMorgan Securities Ltd. (62,511)Morgan Stanley & Co. LLC (63,488)Standard Chartered Bank (17,838)

Goldman Sachs International (146,889)HSBC Bank USA (5,463)JPMorgan Chase Bank NA 430,524

Credit Suisse First Boston (23,436)Credit Suisse First Boston International (177,756)Deutsche Bank AG (153,071)

Counterparty Unrealised Barclays PLC (2,770)Citigroup Global Markets Ltd. (59,771)


Total Unrealised Gain on Forward Currency Exchange Contracts

Total Unrealised Loss on Forward Currency Exchange ContractsNet Unrealised Loss on Forward Currency Exchange Contracts



Investments


76


CountrySecurity Description Number of Contracts Currency

Global Exposure USD


USD% of Net

AssetsGermany Euro-Buxl 30 Year Bond, 08/06/2015 (15) EUR (2,834,879) 21,514 0.02India Long Gilt, 26/06/2015 (64) GBP (11,617,338) 111,891 0.11Total Unrealised Gain on Financial Futures Contracts 133,405 0.13Australia Australia 10 Year Bond, 15/06/2015 114 AUD 11,622,713 (151,297) (0.14)Australia Australia 3 Year Bond, 15/06/2015 96 AUD 8,466,101 (18,829) (0.02)United States of America 90 Day Eurodollar, 18/09/2017 (311) USD (76,327,175) (22,370) (0.02)United States of America US 2 Year Note, 30/06/2015 (246) USD (53,939,344) (120,406) (0.12)United States of America US 5 Year Note, 30/06/2015 (194) USD (23,305,766) (256,164) (0.25)United States of America US Long Bond, 19/06/2015 (19) USD (3,032,281) (3,144) –Total Unrealised Loss on Financial Futures Contracts (572,210) (0.55)Net Unrealised Loss on Financial Futures Contracts (438,805) (0.42)

QuantitySecurity Description Counterparty Currency

Global Exposure USD

Market Value

USD % of Net

Assets100 Eurodollar 1 Year Mid-curve, Put, 98.500, 11/09/2015 Bank of America Merrill Lynch USD 24,625,000 16,250 0.01420 Eurodollar 2 Year Mid-curve, Put, 97.750, 12/06/2015 Bank of America Merrill Lynch USD 102,637,500 7,875 0.01

Total Option Purchased Contracts 24,125 0.02Option Written Contracts

QuantitySecurity Description Counterparty Currency

Global Exposure USD

Market Value

USD% of Net

Assets(100) Eurodollar 1 Year Mid-curve, Call, 99.000, 11/09/2015 Bank of America Merrill Lynch USD (24,750,000) (23,125) (0.02)(100) Eurodollar 1 Year Mid-curve, Put, 98.250, 11/09/2015 Bank of America Merrill Lynch USD (24,562,500) (6,875) (0.01)(420) Eurodollar 2 Year Mid-curve, Put, 97.500, 12/06/2015 Bank of America Merrill Lynch USD (102,375,000) (2,625) –(420) Eurodollar 2 Year Mid-curve, Put, 97.625, 12/06/2015 Bank of America Merrill Lynch USD (102,506,250) (5,250) (0.01)

Total Option Written Contracts (37,875) (0.04)

Nominal Amount Currency Security Description CounterpartyMaturity

DateMarket Value

USD


USD% of Net

Assets8,800,000 USD Receive floating LIBOR 3 months Pay fixed 3.148% Barclays PLC 09/10/2020 (772,271) (772,271) (0.75)1,450,000 USD Receive floating LIBOR 3 months Pay fixed 3.074% Barclays PLC 09/06/2023 (119,168) (119,168) (0.11)

(891,439) (891,439) (0.86)


Net Unrealised Loss on Interest Rate Swap Contracts

Option Purchased Contracts

Interest Rate Swap Contracts



77

CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets

EUR 250,000 270,904 0.89270,904 0.89

EUR 800,000 816,960 2.67816,960 2.67

EUR 800,000 854,281 2.80854,281 2.80

EUR 100,000 110,375 0.36110,375 0.36

EUR 300,000 328,351 1.08EUR 750,000 787,560 2.58EUR 200,000 223,558 0.73EUR 250,000 283,767 0.93EUR 250,000 279,142 0.91EUR 400,000 458,253 1.50EUR 550,000 611,974 2.00EUR 450,000 474,525 1.55EUR 600,000 696,589 2.28EUR 600,000 644,400 2.11EUR 200,000 226,224 0.74EUR 500,000 580,561 1.90EUR 300,000 346,542 1.13EUR 400,000 471,374 1.54

6,412,820 20.98

EUR 150,000 161,862 0.53EUR 200,000 221,512 0.73EUR 450,000 486,333 1.59

869,707 2.85

EUR 500,000 558,750 1.83558,750 1.83

EUR 400,000 457,970 1.50EUR 500,000 576,987 1.89EUR 400,000 461,936 1.51EUR 300,000 279,030 0.91EUR 400,000 437,440 1.43EUR 400,000 462,484 1.51EUR 500,000 582,616 1.91EUR 400,000 425,968 1.40EUR 150,000 153,432 0.50

3,837,863 12.56

EUR 350,000 389,472 1.27EUR 350,000 359,887 1.18EUR 750,000 837,218 2.74EUR 700,000 804,650 2.63EUR 150,000 158,813 0.52EUR 400,000 470,600 1.54EUR 450,000 472,500 1.54EUR 500,000 488,750 1.60EUR 500,000 482,500 1.58EUR 600,000 665,248 2.18EUR 500,000 647,650 2.12

5,777,288 18.90

gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019Gazprom OAO, Reg. S 3.7% 25/07/2018Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018Glencore Finance Europe SA, Reg. S, STEP 4.625% 03/04/2018HeidelbergCement Finance Luxembourg SA, Reg. S 9.5% 15/12/2018

ArcelorMittal, Reg. S 5.75% 29/03/2018Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018Fiat Chrysler Finance Europe 7.375% 09/07/2018Findus Bondco SA, Reg. S 9.125% 01/07/2018FMC Finance VIII SA, Reg. S 6.5% 15/09/2018

Snam SpA, Reg. S 5% 18/01/2019Telecom Italia SpA 6.125% 14/12/2018Terna Rete Elettrica Nazionale SpA, Reg. S 2.875% 16/02/2018Zobele Holding SpA, Reg. S 7.875% 01/02/2018

Luxembourg

ItalyAtlantia SpA, Reg. S 4.5% 08/02/2019Buzzi Unicem SpA, Reg. S 6.25% 28/09/2018Finmeccanica SpA, Reg. S 5.75% 12/12/2018Gamenet SpA, Reg. S 7.25% 01/08/2018Snam SpA, Reg. S 3.875% 19/03/2018

LANXESS AG 4.125% 23/05/2018ThyssenKrupp AG 4% 27/08/2018

IrelandSmurfit Kappa Acquisitions, Reg. S 5.125% 15/09/2018

Peugeot SA, Reg. S 7.375% 06/03/2018Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 4.875% 21/01/2019Wendel SA 6.75% 20/04/2018

GermanyContinental AG, Reg. S 3% 16/07/2018

Holding d'Infrastructures de Transport SAS, Reg. S 5.75% 09/03/2018Italcementi Finance SA, Reg. S 6.125% 21/02/2018Labco SA, Reg. S 8.5% 15/01/2018Lafarge SA, Reg. S 6.625% 29/11/2018Nexans SA 4.25% 19/03/2018Orange SA, Reg. S 4.125% 23/01/2019

FranceAlstom SA 3.625% 05/10/2018Autodis SA, Reg. S 6.5% 01/02/2019Autoroutes du Sud de la France SA, Reg. S 4% 24/09/2018Casino Guichard Perrachon SA 4.481% 12/11/2018Cie de Saint-Gobain, Reg. S 4% 08/10/2018


BrazilVale SA 4.375% 24/03/2018


BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2018Schedule of InvestmentsAs at 30 April 2015




78


CurrencyQuantity/

Nominal Value

Market Value

EUR% of Net

Assets

EUR 500,000 571,240 1.87EUR 300,000 346,994 1.14EUR 650,000 685,625 2.24EUR 200,000 244,938 0.80EUR 450,000 529,113 1.73EUR 400,000 450,270 1.47EUR 200,000 249,954 0.82EUR 300,000 302,250 0.99EUR 500,000 518,709 1.70EUR 350,000 364,875 1.19EUR 400,000 461,455 1.51EUR 200,000 244,687 0.80EUR 550,000 577,060 1.89EUR 100,000 101,250 0.33

5,648,420 18.48

EUR 500,000 588,347 1.92588,347 1.92

EUR 650,000 686,036 2.25EUR 400,000 449,671 1.47EUR 400,000 447,096 1.46

1,582,803 5.18

EUR 99,000 103,562 0.34EUR 150,000 160,659 0.52

264,221 0.86

EUR 250,000 262,474 0.86EUR 200,000 206,643 0.67EUR 250,000 280,179 0.92EUR 350,000 369,050 1.21

1,118,346 3.6628,711,085 93.9428,711,085 93.94

28,711,085 93.941,451,892 4.75

399,212 1.3130,562,189 100.00

Investments



United KingdomAnglo American Capital PLC, Reg. S 2.5% 18/09/2018FCE Bank PLC, Reg. S 1.75% 21/05/2018Imperial Tobacco Finance PLC, Reg. S 4.5% 05/07/2018Tesco PLC, Reg. S 3.375% 02/11/2018

Telefonica Emisiones SAU, Reg. S 4.797% 21/02/2018

SwedenTVN Finance Corp. III AB, Reg. S 7.875% 15/11/2018Verisure Holding AB, Reg. S 8.75% 01/09/2018


SpainAbengoa Finance SAU, Reg. S 8.875% 05/02/2018Gas Natural Capital Markets SA, Reg. S 5% 13/02/2018

Refresco Gerber NV, Reg. S 7.375% 15/05/2018Repsol International Finance BV, Reg. S 4.875% 19/02/2019RWE Finance BV 6.625% 31/01/2019Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018TMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018

Enbw International Finance BV 6.875% 20/11/2018Enel Finance International NV 5.75% 24/10/2018Iberdrola International BV, Reg. S 4.25% 11/10/2018Koninklijke KPN NV, Reg. S 7.5% 04/02/2019Petrobras Global Finance BV 4.875% 07/03/2018Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018

Transferable securities and money market instruments admitted to an official exchange listing (continued)Bonds (continued)

NetherlandsBrenntag Finance BV, Reg. S 5.5% 19/07/2018CRH Finance BV, Reg. S 5% 25/01/2019EDP Finance BV, Reg. S 2.625% 15/04/2019


79


% of Net AssetsFrance 20.98Luxembourg 18.90Netherlands 18.48Italy 12.56Spain 5.18United Kingdom 3.66Germany 2.85Czech Republic 2.80Bulgaria 2.67Portugal 1.92Ireland 1.83Brazil 0.89Sweden 0.86Finland 0.36Total Investments 93.94

6.06Total 100.00





80

CurrencyQuantity/


USD% of Net

Assets

BHP Billiton Finance USA Ltd. 2.05% 30/09/2018 USD 4,325,000 4,415,358 0.72Rio Tinto Finance USA Ltd. 3.75% 20/09/2021 USD 1,800,000 1,895,110 0.31

6,310,468 1.03

Petro-Canada 6.05% 15/05/2018 USD 1,200,000 1,353,457 0.22Rogers Communications, Inc. 6.8% 15/08/2018 USD 2,250,000 2,604,983 0.43Talisman Energy, Inc. 3.75% 01/02/2021 USD 1,745,000 1,743,346 0.28Teck Resources Ltd. 2.5% 01/02/2018 USD 2,200,000 2,194,249 0.36Teck Resources Ltd. 3.75% 01/02/2023 USD 1,700,000 1,577,226 0.26

9,473,261 1.55

Transocean, Inc. 6.375% 15/12/2021 USD 875,000 773,281 0.12Transocean, Inc. 4.3% 15/10/2022 USD 620,000 476,625 0.08

1,249,906 0.20

Sanofi 1.25% 10/04/2018 USD 2,800,000 2,806,532 0.46Total Capital International SA 2.125% 10/01/2019 USD 1,500,000 1,531,937 0.25

4,338,469 0.71

ArcelorMittal 10.35% 01/06/2019 USD 2,100,000 2,535,750 0.41Covidien International Finance SA 6% 15/10/2017 USD 1,200,000 1,338,551 0.22

3,874,301 0.63

ING Groep NV, FRN 6% Perpetual USD 1,000,000 1,000,625 0.17LYB International Finance BV 4% 15/07/2023 USD 2,500,000 2,650,318 0.43Shell International Finance BV 1.125% 21/08/2017 USD 2,800,000 2,811,533 0.46

6,462,476 1.06

Telefonica Emisiones SAU 3.192% 27/04/2018 USD 2,600,000 2,704,951 0.44Telefonica Emisiones SAU 5.134% 27/04/2020 USD 1,800,000 2,019,026 0.33

4,723,977 0.77

Credit Suisse 1.375% 26/05/2017 USD 1,200,000 1,200,774 0.19Credit Suisse AG, Reg. S 6.5% 08/08/2023 USD 2,400,000 2,746,332 0.45

3,947,106 0.64

Abbey National Treasury Services PLC 1.375% 13/03/2017 USD 3,200,000 3,211,523 0.52Barclays Bank PLC, Reg. S 6.05% 04/12/2017 USD 2,300,000 2,524,075 0.41BP Capital Markets PLC 1.846% 05/05/2017 USD 3,300,000 3,350,342 0.55BP Capital Markets PLC 2.521% 15/01/2020 USD 1,480,000 1,514,855 0.25Ensco PLC 4.7% 15/03/2021 USD 1,585,000 1,630,062 0.27GlaxoSmithKline Capital PLC 1.5% 08/05/2017 USD 1,100,000 1,112,601 0.18HSBC Holdings PLC 4.25% 14/03/2024 USD 600,000 626,977 0.10HSBC Holdings PLC, FRN 5.625% Perpetual USD 2,300,000 2,354,625 0.39Lloyds Bank PLC 2.3% 27/11/2018 USD 3,300,000 3,361,380 0.55Lloyds Banking Group PLC, FRN 7.5% Perpetual USD 2,390,000 2,557,300 0.42Royal Bank of Scotland Group PLC 6.1% 10/06/2023 USD 700,000 770,237 0.13Royal Bank of Scotland Group PLC 6% 19/12/2023 USD 840,000 921,570 0.15Royal Bank of Scotland PLC (The) 5.625% 24/08/2020 USD 1,400,000 1,618,392 0.26Royal Bank of Scotland PLC (The), Reg. S, FRN 9.5% 16/03/2022 USD 2,200,000 2,474,113 0.40

28,028,052 4.58

AbbVie, Inc. 1.75% 06/11/2017 USD 1,400,000 1,408,119 0.23Aetna, Inc. 1.5% 15/11/2017 USD 3,000,000 3,016,704 0.49Ally Financial, Inc. 3.5% 27/01/2019 USD 2,300,000 2,288,500 0.37American Express Credit Corp. 2.375% 24/03/2017 USD 2,200,000 2,257,286 0.37American Express Credit Corp. 1.55% 22/09/2017 USD 6,000,000 6,033,192 0.98American Honda Finance Corp. 2.25% 15/08/2019 USD 2,600,000 2,640,654 0.43Anadarko Petroleum Corp. 6.375% 15/09/2017 USD 2,500,000 2,779,590 0.45Anheuser-Busch InBev Worldwide, Inc. 1.375% 15/07/2017 USD 1,900,000 1,915,088 0.31Anheuser-Busch InBev Worldwide, Inc. 7.75% 15/01/2019 USD 1,200,000 1,446,511 0.24Anheuser-Busch InBev Worldwide, Inc. 6.875% 15/11/2019 USD 1,600,000 1,933,898 0.32AT&T, Inc. 2.45% 30/06/2020 USD 6,100,000 6,100,500 1.00AT&T, Inc. 3.4% 15/05/2025 USD 2,200,000 2,181,351 0.36Atmos Energy Corp. 8.5% 15/03/2019 USD 1,200,000 1,476,940 0.24AutoZone, Inc. 2.5% 15/04/2021 USD 3,400,000 3,396,712 0.55Bank of America Corp. 5.75% 01/12/2017 USD 3,800,000 4,176,287 0.68Bank of America Corp. 2.6% 15/01/2019 USD 8,500,000 8,638,745 1.41Bank of America Corp. 2.65% 01/04/2019 USD 5,500,000 5,599,808 0.91Bank of America Corp. 4.1% 24/07/2023 USD 2,400,000 2,529,029 0.41Bank of America Corp. 4% 01/04/2024 USD 2,300,000 2,413,178 0.39Bank of America NA 5.3% 15/03/2017 USD 2,600,000 2,771,046 0.45


United Kingdom

Switzerland

Spain

Luxembourg

Netherlands

France

Cayman Islands

Australia

Canada

Bonds

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 YearsSchedule of InvestmentsAs at 30 April 2015



81

CurrencyQuantity/


USD% of Net

Assets


Investments

BB&T Corp. 2.45% 15/01/2020 USD 2,600,000 2,630,857 0.43Becton Dickinson and Co. 2.675% 15/12/2019 USD 2,700,000 2,756,190 0.45Berkshire Hathaway Finance Corp. 2% 15/08/2018 USD 1,500,000 1,538,263 0.25BioMed Realty LP, REIT 2.625% 01/05/2019 USD 1,500,000 1,509,634 0.25Boeing Co. (The) 0.95% 15/05/2018 USD 2,400,000 2,381,062 0.39Boston Properties LP, REIT 3.7% 15/11/2018 USD 2,255,000 2,399,063 0.39Boston Properties LP, REIT 3.85% 01/02/2023 USD 400,000 420,980 0.07Branch Banking & Trust Co. 1.35% 01/10/2017 USD 4,300,000 4,314,431 0.70Brinker International, Inc. 2.6% 15/05/2018 USD 2,900,000 2,914,401 0.48Capital One Bank USA NA 2.15% 21/11/2018 USD 2,600,000 2,629,429 0.43Caterpillar Financial Services Corp. 2.45% 06/09/2018 USD 4,000,000 4,118,712 0.67CenturyLink, Inc. 5.625% 01/04/2020 USD 2,600,000 2,748,824 0.45Cimarex Energy Co. 5.875% 01/05/2022 USD 2,300,000 2,455,250 0.40CIT Group, Inc. 3.875% 19/02/2019 USD 2,600,000 2,583,750 0.42Citigroup, Inc. 1.75% 01/05/2018 USD 3,900,000 3,893,362 0.64Citigroup, Inc. 2.5% 26/09/2018 USD 5,500,000 5,609,895 0.92Citigroup, Inc. 2.5% 29/07/2019 USD 2,600,000 2,626,832 0.43Commonwealth Edison Co. 6.15% 15/09/2017 USD 1,200,000 1,339,255 0.22Commonwealth Edison Co. 2.15% 15/01/2019 USD 2,200,000 2,241,389 0.37ConAgra Foods, Inc. 1.9% 25/01/2018 USD 1,400,000 1,400,032 0.23ConocoPhillips Co. 1.05% 15/12/2017 USD 1,500,000 1,495,648 0.24Continental Resources, Inc. 5% 15/09/2022 USD 6,600,000 6,707,250 1.09Discover Bank 2% 21/02/2018 USD 5,500,000 5,512,039 0.90Dollar General Corp. 3.25% 15/04/2023 USD 1,600,000 1,561,490 0.25Dominion Resources, Inc. 1.25% 15/03/2017 USD 1,600,000 1,602,696 0.26Dominion Resources, Inc. 3.625% 01/12/2024 USD 1,300,000 1,340,971 0.22Dow Chemical Co. (The) 5.7% 15/05/2018 USD 1,500,000 1,679,460 0.27DTE Energy Co. 2.4% 01/12/2019 USD 2,600,000 2,634,624 0.43Duke Energy Corp. 1.625% 15/08/2017 USD 2,900,000 2,931,975 0.48Duke Energy Corp. 2.1% 15/06/2018 USD 5,150,000 5,252,073 0.86Ecolab, Inc. 1.55% 12/01/2018 USD 2,600,000 2,605,187 0.43Energy Transfer Partners LP 4.65% 01/06/2021 USD 2,300,000 2,473,776 0.40Enterprise Products Operating LLC 3.2% 01/02/2016 USD 750,000 762,555 0.12EPR Properties, REIT 5.25% 15/07/2023 USD 1,500,000 1,608,489 0.26EQT Corp. 8.125% 01/06/2019 USD 600,000 714,676 0.12EQT Corp. 4.875% 15/11/2021 USD 1,000,000 1,068,316 0.17ERP Operating LP, REIT 2.375% 01/07/2019 USD 2,500,000 2,530,825 0.41Exxon Mobil Corp. 1.305% 06/03/2018 USD 3,300,000 3,320,787 0.54Ford Motor Credit Co. LLC 2.875% 01/10/2018 USD 4,000,000 4,122,804 0.67Ford Motor Credit Co. LLC 2.375% 12/03/2019 USD 1,600,000 1,618,101 0.26Ford Motor Credit Co. LLC 8.125% 15/01/2020 USD 6,000,000 7,477,500 1.22Freeport-McMoran Oil & Gas LLC 6.875% 15/02/2023 USD 16,799,000 18,100,923 2.95General Electric Capital Corp. 1.25% 15/05/2017 USD 2,280,000 2,296,931 0.38General Electric Capital Corp. 1.625% 02/04/2018 USD 9,300,000 9,406,271 1.54General Electric Capital Corp., FRN 6.375% 15/11/2067 USD 2,235,000 2,447,325 0.40Goldman Sachs Group, Inc. (The) 2.9% 19/07/2018 USD 3,600,000 3,712,662 0.61Goldman Sachs Group, Inc. (The) 2.625% 31/01/2019 USD 6,700,000 6,828,633 1.11Goldman Sachs Group, Inc. (The) 2.55% 23/10/2019 USD 2,600,000 2,632,110 0.43HCP, Inc., REIT 5.375% 01/02/2021 USD 700,000 788,170 0.13Hewlett-Packard Co. 2.65% 01/06/2016 USD 1,400,000 1,426,034 0.23Hewlett-Packard Co. 3% 15/09/2016 USD 1,400,000 1,437,114 0.23HSBC USA, Inc. 1.625% 16/01/2018 USD 4,900,000 4,921,438 0.80Ingersoll-Rand Global Holding Co. Ltd. 6.875% 15/08/2018 USD 3,000,000 3,472,128 0.57International Business Machines Corp. 1.125% 06/02/2018 USD 4,600,000 4,600,138 0.75International Lease Finance Corp. 5.875% 01/04/2019 USD 3,000,000 3,270,000 0.53John Deere Capital Corp. 5.75% 10/09/2018 USD 900,000 1,025,386 0.17John Deere Capital Corp. 1.95% 13/12/2018 USD 1,200,000 1,222,750 0.20JPMorgan Chase & Co. 6% 15/01/2018 USD 2,300,000 2,563,598 0.42JPMorgan Chase & Co. 1.7% 01/03/2018 USD 3,300,000 3,313,325 0.54JPMorgan Chase & Co. 6.3% 23/04/2019 USD 6,700,000 7,741,327 1.26KeyCorp 2.3% 13/12/2018 USD 2,900,000 2,951,701 0.48Kimberly-Clark Corp. 1.85% 01/03/2020 USD 3,300,000 3,295,773 0.54Kinder Morgan Energy Partners LP 5.3% 15/09/2020 USD 1,925,000 2,126,852 0.35Liberty Property LP, REIT 4.125% 15/06/2022 USD 1,500,000 1,562,250 0.26Lincoln National Corp. 8.75% 01/07/2019 USD 1,200,000 1,506,770 0.25Lorillard Tobacco Co. 8.125% 23/06/2019 USD 2,075,000 2,536,248 0.41MasterCard, Inc. 2% 01/04/2019 USD 2,200,000 2,238,399 0.37McKesson Corp. 2.284% 15/03/2019 USD 2,391,000 2,418,963 0.39Merck & Co., Inc. 1.85% 10/02/2020 USD 2,800,000 2,811,738 0.46MidAmerican Energy Co. 2.4% 15/03/2019 USD 2,200,000 2,258,742 0.37




82

CurrencyQuantity/


USD% of Net

Assets


Investments

Morgan Stanley 2.125% 25/04/2018 USD 11,100,000 11,197,902 1.83Morgan Stanley 4.1% 22/05/2023 USD 500,000 513,773 0.08Morgan Stanley 3.7% 23/10/2024 USD 1,000,000 1,024,846 0.17Nevada Power Co. 6.5% 01/08/2018 USD 1,500,000 1,729,817 0.28NiSource Finance Corp. 6.8% 15/01/2019 USD 670,000 782,712 0.13Norfolk Southern Corp. 5.75% 01/04/2018 USD 1,200,000 1,344,134 0.22Oracle Corp. 2.375% 15/01/2019 USD 1,500,000 1,537,845 0.25Owens Corning 4.2% 15/12/2022 USD 1,600,000 1,661,512 0.27Philip Morris International, Inc. 1.875% 15/01/2019 USD 3,700,000 3,718,071 0.61Phillips 66 4.3% 01/04/2022 USD 1,000,000 1,088,180 0.18Phillips 66 Partners LP 2.646% 15/02/2020 USD 1,050,000 1,053,609 0.17Plains All American Pipeline LP 3.6% 01/11/2024 USD 2,700,000 2,710,444 0.44PNC Bank NA 2.2% 28/01/2019 USD 1,500,000 1,516,694 0.25PNC Financial Services Group, Inc. (The) 3.9% 29/04/2024 USD 2,300,000 2,392,039 0.39PPL Capital Funding, Inc. 1.9% 01/06/2018 USD 1,880,000 1,884,971 0.31PPL Capital Funding, Inc. 3.95% 15/03/2024 USD 1,935,000 2,073,461 0.34Prudential Financial, Inc. 6.1% 15/06/2017 USD 3,600,000 3,952,202 0.65Prudential Financial, Inc. 6% 01/12/2017 USD 1,900,000 2,114,512 0.35Public Service Electric & Gas Co. 1.8% 01/06/2019 USD 1,500,000 1,507,631 0.25Public Service Electric & Gas Co. 2% 15/08/2019 USD 2,600,000 2,629,572 0.43Regency Centers LP 4.8% 15/04/2021 USD 1,500,000 1,654,769 0.27Republic Services, Inc. 3.8% 15/05/2018 USD 2,420,000 2,567,971 0.42Rohm & Haas Co. 6% 15/09/2017 USD 1,500,000 1,656,789 0.27Sempra Energy 6.15% 15/06/2018 USD 1,200,000 1,360,001 0.22Sempra Energy 2.4% 15/03/2020 USD 2,100,000 2,116,304 0.35Simon Property Group LP, REIT 2.2% 01/02/2019 USD 1,500,000 1,524,398 0.25Sunoco Logistics Partners Operations LP 4.25% 01/04/2024 USD 1,700,000 1,747,663 0.29Synchrony Financial 3.75% 15/08/2021 USD 3,200,000 3,307,267 0.54Thermo Fisher Scientific, Inc. 2.4% 01/02/2019 USD 1,500,000 1,517,825 0.25Time Warner Cable, Inc. 6.75% 01/07/2018 USD 1,300,000 1,450,290 0.24Time Warner Cable, Inc. 5% 01/02/2020 USD 1,000,000 1,057,195 0.17UnitedHealth Group, Inc. 1.4% 15/10/2017 USD 4,800,000 4,845,893 0.79Ventas Realty LP, REIT 1.25% 17/04/2017 USD 3,500,000 3,497,102 0.57Verizon Communications, Inc. 3.65% 14/09/2018 USD 8,600,000 9,115,011 1.49Verizon Communications, Inc. 3.45% 15/03/2021 USD 1,600,000 1,669,235 0.27Volkswagen Group of America Finance LLC, Reg. S 1.25% 23/05/2017 USD 2,300,000 2,307,765 0.38Wachovia Corp. 5.75% 01/02/2018 USD 4,900,000 5,466,631 0.89Wal-Mart Stores, Inc. 1.125% 11/04/2018 USD 2,800,000 2,804,533 0.46Wells Fargo Bank NA 6% 15/11/2017 USD 3,000,000 3,340,512 0.55Zimmer Holdings, Inc. 2.7% 01/04/2020 USD 3,300,000 3,334,620 0.54

384,225,391 62.72452,633,407 73.89452,633,407 73.89





83

CurrencyQuantity/


USD% of Net

Assets


Investments

Glencore Finance Canada Ltd., Reg. S 4.95% 15/11/2021 USD 1,850,000 1,997,824 0.32Husky Energy, Inc. 4% 15/04/2024 USD 1,400,000 1,419,464 0.23TransCanada PipeLines Ltd. 1.875% 12/01/2018 USD 2,600,000 2,626,328 0.43

6,043,616 0.98

Hutchison Whampoa International 14 Ltd., Reg. S 1.625% 31/10/2017 USD 2,800,000 2,791,315 0.45Noble Holding International Ltd. 4% 16/03/2018 USD 1,300,000 1,328,608 0.22Vale Overseas Ltd. 6.25% 23/01/2017 USD 1,300,000 1,385,272 0.23

5,505,195 0.90

BNP Paribas SA 1.375% 17/03/2017 USD 2,400,000 2,403,845 0.392,403,845 0.39

Perrigo Finance PLC 3.5% 15/12/2021 USD 1,600,000 1,638,739 0.271,638,739 0.27

Intesa Sanpaolo SpA 2.375% 13/01/2017 USD 1,500,000 1,515,692 0.251,515,692 0.25

Beverage Packaging Holdings Luxembourg II SA, Reg. S 6% 15/06/2017 USD 450,000 456,750 0.08Holcim US Finance Sarl & Cie SCS, Reg. S 6% 30/12/2019 USD 1,400,000 1,612,738 0.26

2,069,488 0.34

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.375% 19/01/2017 USD 700,000 728,123 0.12Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.95% 09/11/2022 USD 1,300,000 1,335,671 0.22Deutsche Annington Finance BV, Reg. S 3.2% 02/10/2017 USD 3,516,000 3,608,576 0.59Deutsche Telekom International Finance BV 6.75% 20/08/2018 USD 892,000 1,035,309 0.17Volkswagen International Finance NV, Reg. S 1.125% 18/11/2016 USD 2,000,000 2,004,424 0.32

8,712,103 1.42

Nordea Bank AB, Reg. S 1.25% 04/04/2017 USD 2,200,000 2,198,503 0.362,198,503 0.36

Credit Suisse 1.75% 29/01/2018 USD 6,100,000 6,116,391 1.006,116,391 1.00

Rio Tinto Finance USA PLC 2.25% 14/12/2018 USD 2,520,000 2,556,076 0.422,556,076 0.42

Abbott Laboratories 2% 15/03/2020 USD 3,300,000 3,318,635 0.54American Honda Finance Corp. 1.5% 13/03/2018 USD 2,200,000 2,210,512 0.36Amgen, Inc. 2.125% 01/05/2020 USD 4,600,000 4,595,087 0.75ARC Properties Operating Partnership LP, REIT 3% 06/02/2019 USD 1,700,000 1,646,850 0.27BAE Systems Holdings, Inc., Reg. S 3.8% 07/10/2024 USD 1,300,000 1,360,743 0.22Berkshire Hathaway Energy Co. 2.4% 01/02/2020 USD 2,600,000 2,633,467 0.43Brixmor Operating Partnership LP 3.85% 01/02/2025 USD 2,690,000 2,702,519 0.44Burlington Northern Santa Fe LLC 5.65% 01/05/2017 USD 927,000 1,011,039 0.16Chevron Corp. 1.365% 02/03/2018 USD 5,055,000 5,079,658 0.83CMS Energy Corp. 3.875% 01/03/2024 USD 1,500,000 1,591,459 0.26Comcast Corp. 5.7% 15/05/2018 USD 5,400,000 6,094,780 0.99Corporate Office Properties LP, REIT 3.7% 15/06/2021 USD 1,300,000 1,309,546 0.21Corporate Office Properties LP, REIT 3.6% 15/05/2023 USD 1,300,000 1,254,968 0.20Cox Communications, Inc., Reg. S 6.25% 01/06/2018 USD 2,000,000 2,270,036 0.37Daimler Finance North America LLC, Reg. S 1.125% 10/03/2017 USD 1,600,000 1,601,221 0.26Daimler Finance North America LLC, Reg. S 1.375% 01/08/2017 USD 2,600,000 2,607,254 0.42DIRECTV Holdings LLC 3.95% 15/01/2025 USD 1,000,000 1,018,869 0.17Discover Bank 7% 15/04/2020 USD 600,000 709,205 0.12Discovery Communications LLC 3.25% 01/04/2023 USD 2,200,000 2,185,412 0.36ERAC USA Finance LLC, Reg. S 2.35% 15/10/2019 USD 2,600,000 2,607,891 0.43Fidelity National Information Services, Inc. 1.45% 05/06/2017 USD 1,150,000 1,149,233 0.19Ford Motor Credit Co. LLC 1.461% 27/03/2017 USD 3,200,000 3,201,059 0.52Forest Laboratories, Inc., Reg. S 5% 15/12/2021 USD 5,400,000 5,977,746 0.98General Electric Capital Corp., FRN 7.125% Perpetual USD 2,600,000 3,032,250 0.49General Motors Financial Co., Inc. 4% 15/01/2025 USD 2,600,000 2,621,187 0.43Glencore Funding LLC, Reg. S 3.125% 29/04/2019 USD 900,000 918,720 0.15Glencore Funding LLC, Reg. S 4.625% 29/04/2024 USD 1,165,000 1,204,505 0.20Harley-Davidson Financial Services, Inc., Reg. S 2.15% 26/02/2020 USD 2,800,000 2,815,968 0.46Home Depot, Inc. (The) 2% 15/06/2019 USD 1,800,000 1,830,258 0.30HUB International Ltd. 7.875% 01/10/2021 USD 865,000 865,000 0.14Hyundai Capital America, Reg. S 2% 19/03/2018 USD 1,400,000 1,410,783 0.23Hyundai Capital America, Reg. S 2.55% 06/02/2019 USD 1,500,000 1,523,252 0.25John Deere Capital Corp. 2.3% 16/09/2019 USD 2,300,000 2,339,523 0.38


Switzerland

United Kingdom

Sweden

Netherlands

Italy

Luxembourg

France

Ireland

Cayman Islands


Canada


84

CurrencyQuantity/


USD% of Net

Assets


Investments

Kinder Morgan Energy Partners LP 4.3% 01/05/2024 USD 2,400,000 2,443,721 0.40Kinder Morgan, Inc., Reg. S 5% 15/02/2021 USD 2,400,000 2,592,360 0.42MetLife, Inc. 1.756% 15/12/2017 USD 621,000 629,090 0.10MetLife, Inc. 1.903% 15/12/2017 USD 3,950,000 3,979,210 0.65Mondelez International, Inc. 2.25% 01/02/2019 USD 1,500,000 1,516,977 0.25Mylan, Inc. 2.55% 28/03/2019 USD 1,500,000 1,506,210 0.25Navient Corp. 4.875% 17/06/2019 USD 1,600,000 1,600,000 0.26Omega Healthcare Investors, Inc., REIT, Reg. S 4.5% 01/04/2027 USD 1,800,000 1,771,830 0.29PNC Bank NA 1.5% 23/02/2018 USD 3,000,000 3,017,661 0.49Toyota Motor Credit Corp. 2.125% 18/07/2019 USD 2,600,000 2,636,387 0.43Toyota Motor Credit Corp. 2.15% 12/03/2020 USD 2,300,000 2,323,557 0.38Union Pacific Corp. 1.8% 01/02/2020 USD 2,900,000 2,904,159 0.47United Technologies Corp., STEP 0% 04/05/2018 USD 2,600,000 2,614,245 0.43US Bank NA 1.35% 26/01/2018 USD 2,600,000 2,609,516 0.43US Treasury Bill 0% 13/08/2015 USD 1,405,000 1,404,826 0.23WEA Finance LLC, Reg. S 1.75% 15/09/2017 USD 2,250,000 2,265,440 0.37

112,513,824 18.36151,273,472 24.69151,273,472 24.69

603,906,879 98.5822,071,613 3.60

(13,346,128) (2.18)612,632,364 100.00

% of Net AssetsUnited States of America 81.08United Kingdom 5.00Canada 2.53Netherlands 2.48Switzerland 1.64Cayman Islands 1.10France 1.10Australia 1.03Luxembourg 0.97Spain 0.77Sweden 0.36Ireland 0.27Italy 0.25Total Investments 98.58

1.42Total 100.00

Country Number of Contracts CurrencyGlobal Exposure

USD


USD% of Net

AssetsUnited States of America (625) USD (80,234,375) (459,011) (0.07)

(459,011) (0.07)




Security DescriptionUS 10 Year Note, 19/06/2015








85

CurrencyQuantity/


EUR% of Net

Assets

EUR 2,100,000 2,253,931 1.812,253,931 1.81

EUR 800,000 865,680 0.70EUR 1,000,000 1,117,340 0.90

1,983,020 1.60

EUR 2,100,000 2,219,784 1.792,219,784 1.79

EUR 1,400,000 1,504,428 1.211,504,428 1.21

EUR 1,600,000 1,744,671 1.40EUR 650,000 744,250 0.60

2,488,921 2.00

EUR 1,200,000 1,298,704 1.05EUR 1,500,000 1,575,120 1.27EUR 1,200,000 1,373,176 1.11EUR 670,000 728,625 0.59EUR 1,350,000 1,436,643 1.16EUR 2,000,000 2,120,000 1.71EUR 900,000 1,059,604 0.85EUR 2,000,000 2,178,840 1.75EUR 1,800,000 2,151,400 1.73EUR 700,000 705,769 0.57EUR 1,300,000 1,374,079 1.11EUR 600,000 701,113 0.56EUR 2,000,000 2,149,900 1.73EUR 970,000 1,023,350 0.82

19,876,323 16.01


12,050,009 9.71

EUR 1,800,000 1,852,200 1.491,852,200 1.49

EUR 1,700,000 1,969,009 1.58EUR 1,200,000 1,400,091 1.13EUR 800,000 864,200 0.70EUR 1,160,000 1,362,371 1.10EUR 1,150,000 1,339,800 1.08EUR 700,000 742,350 0.60EUR 1,980,000 1,988,514 1.60EUR 1,400,000 1,570,061 1.26EUR 700,000 742,875 0.60EUR 1,450,000 1,597,607 1.29

13,576,878 10.94

EUR 2,000,000 2,210,400 1.782,210,400 1.78

Telecom Italia SpA, Reg. S 4% 21/01/2020


Atlantia SpA, Reg. S 4.375% 16/03/2020Hera SpA 4.5% 03/12/2019IVS F. S.p.A, Reg. S 7.125% 01/04/2020Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019Snam SpA, Reg. S 3.5% 13/02/2020TeamSystem Holding SpA, Reg. S 7.375% 15/05/2020

FCA Capital Ireland PLC, Reg. S 2% 23/10/2019

ItalyA2A SpA 4.5% 28/11/2019ACEA SpA, Reg. S 4.5% 16/03/2020Astaldi SpA, Reg. S 7.125% 01/12/2020

Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% EWE AG 4.125% 04/11/2020Techem GmbH, Reg. S 6.125% 01/10/2019ThyssenKrupp AG, Reg. S 3.125% 25/10/2019

Ireland

Rexel SA, Reg. S 5.125% 15/06/2020THOM Europe SAS, Reg. S 7.375% 15/07/2019

GermanyBilfinger SE, Reg. S 2.375% 07/12/2019Continental AG, Reg. S 3.125% 09/09/2020

Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020Lafarge SA, Reg. S 5.875% 09/07/2019Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019Pernod Ricard SA, Reg. S 2% 22/06/2020Peugeot SA, Reg. S 6.5% 18/01/2019

Alstom SA, Reg. S 3% 08/07/2019Autodis SA, Reg. S 6.5% 01/02/2019Casino Guichard Perrachon SA 3.994% 09/03/2020Cegedim SA, Reg. S 6.75% 01/04/2020Cerba European Lab SAS, Reg. S 7% 01/02/2020Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020

FinlandCRH Finland Services OYJ, Reg. S 2.75% 15/10/2020Stora Enso OYJ, Reg. S 5.5% 07/03/2019

France

DenmarkCarlsberg Breweries A/S, Reg. S 2.625% 03/07/2019

AustraliaOrigin Energy Finance Ltd., Reg. S 2.875% 11/10/2019

CroatiaAgrokor dd, Reg. S 9.875% 01/05/2019Agrokor dd, Reg. S 9.125% 01/02/2020



Czech RepublicRPG Byty Sro, Reg. S 6.75% 01/05/2020


86

CurrencyQuantity/


EUR% of Net

Assets


Investments

EUR 2,000,000 2,150,000 1.73EUR 2,000,000 2,048,918 1.65EUR 1,450,000 1,469,340 1.18EUR 2,100,000 2,142,933 1.73EUR 2,015,000 2,203,906 1.78EUR 700,000 708,750 0.57EUR 2,000,000 2,230,000 1.80EUR 1,900,000 2,221,290 1.79EUR 700,000 742,000 0.60EUR 1,800,000 2,361,384 1.90EUR 1,320,000 1,420,716 1.14EUR 1,150,000 1,359,291 1.09

21,058,528 16.96

EUR 2,100,000 2,254,875 1.822,254,875 1.82

EUR 2,300,000 2,438,000 1.96EUR 1,350,000 1,439,437 1.16EUR 900,000 949,327 0.77EUR 1,300,000 1,460,017 1.18EUR 1,300,000 1,442,108 1.16EUR 1,200,000 1,377,262 1.11EUR 1,700,000 2,044,250 1.65EUR 1,250,000 1,193,711 0.96EUR 700,000 736,470 0.59EUR 1,100,000 1,117,876 0.90EUR 2,000,000 2,161,064 1.74EUR 700,000 713,160 0.57EUR 1,750,000 1,878,625 1.51

18,951,307 15.26


6,675,038 5.38

EUR 1,300,000 1,441,479 1.16EUR 600,000 678,726 0.55

2,120,205 1.71

EUR 2,000,000 2,126,124 1.71EUR 1,450,000 1,428,279 1.15EUR 1,300,000 1,353,392 1.09EUR 1,050,000 1,055,268 0.85EUR 1,200,000 1,419,917 1.14EUR 1,950,000 1,895,474 1.53EUR 1,200,000 1,297,495 1.05

10,575,949 8.52121,651,796 97.99121,651,796 97.99

121,651,796 97.991,462,529 1.181,032,304 0.83

124,146,629 100.00



Iglo Foods Bondco PLC, Reg. S, FRN 4.527% 15/06/2020Imperial Tobacco Finance PLC, Reg. S 5% 02/12/2019Tesco Corporate Treasury Services PLC, Reg. S 1.375% Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020

Total Bonds

Eileme 2 AB, Reg. S 11.75% 31/01/2020

United KingdomAnglo American Capital PLC, Reg. S 2.75% 07/06/2019Boing Group Financing PLC, Reg. S 6.625% 15/07/2019FCE Bank PLC, Reg. S 1.875% 18/04/2019

Gas Natural Capital Markets SA, Reg. S 6% 27/01/2020Obrascon Huarte Lain SA, Reg. S 7.625% 15/03/2020Telefonica Emisiones SAU, Reg. S 4.693% 11/11/2019


Schaeffler Finance BV, Reg. S 2.75% 15/05/2019United Group BV, Reg. S 7.875% 15/11/2020

SpainAbengoa Greenfield SA, Reg. S 5.5% 01/10/2019Abertis Infraestructuras SA 4.375% 30/03/2020

Koninklijke KPN NV, Reg. S 3.75% 21/09/2020OI European Group BV, Reg. S 6.75% 15/09/2020Petrobras Global Finance BV, Reg. S 3.25% 01/04/2019Phoenix PIB Dutch Finance BV, Reg. S 3.125% 27/05/2020Portugal Telecom International Finance BV, Reg. S 5% 04/11/2019Repsol International Finance BV, Reg. S 2.625% 28/05/2020

NetherlandsCable Communications Systems NV, Reg. S 7.5% 01/11/2020Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019EDP Finance BV, Reg. S 2.625% 15/04/2019Fresenius Finance BV, Reg. S 4.25% 15/04/2019Iberdrola International BV, Reg. S 2.875% 11/11/2020

KION Finance SA, Reg. S 6.75% 15/02/2020SES SA, Reg. S 4.625% 09/03/2020

MexicoPetroleos Mexicanos, Reg. S 3.125% 27/11/2020

Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019Empark Funding SA, Reg. S 6.75% 15/12/2019Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020HeidelbergCement Finance Luxembourg SA, Reg. S 8.5%

Bonds (continued)

LuxembourgAltice Financing SA, Reg. S 8% 15/12/2019ArcelorMittal, Reg. S 3% 25/03/2019BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019



87

CurrencyQuantity/


EUR% of Net

Assets


Investments

% of Net AssetsLuxembourg 16.96France 16.01Netherlands 15.26Italy 10.94Germany 9.71United Kingdom 8.52Spain 5.38Finland 2.00Mexico 1.82Australia 1.81Czech Republic 1.79Japan 1.78Sweden 1.71Croatia 1.60Ireland 1.49Denmark 1.21Total Investments 97.99

2.01Total 100.00





88

APPENDIX 1 TOTAL EXPENSE RATIO (UNAUDITED) This ratio expresses the total of commissions and costs which are charged to the Net Assets of the Fund (operational expenditure) on an ongoing basis, retrospectively for the last 12 months as a percentage of the Net Assets. The Total Expense Ratio (TER) was calculated according to the guidelines dated May 16, 2008 by the Swiss Fund and Asset Management Association (SFAMA). The transaction costs have not been included in the TER calculation. TER as at 30 April 2015 Sub-Funds

BNY Mellon Compass Fund - Euro Small Cap Equity Fund Class C 2.20%BNY Mellon Compass Fund - Euro Small Cap Equity Fund Class rf-B 0.96%BNY Mellon Compass Fund - Eastern Europe Diversified Fund Class A 1.92%BNY Mellon Compass Fund - Eastern Europe Diversified Fund Class B 1.92%BNY Mellon Compass Fund - Eastern Europe Diversified Fund Class C 2.96%BNY Mellon Compass Fund - Global Emerging Markets Fund Class A 1.82%BNY Mellon Compass Fund - Global Emerging Markets Fund Class C 2.86%BNY Mellon Compass Fund - Global Emerging Markets Fund Class D 2.86%BNY Mellon Compass Fund - Global Emerging Markets Fund Class rf-B 1.47%BNY Mellon Compass Fund - Euro Corporate Bond Fund Class A 0.52%BNY Mellon Compass Fund - Euro Corporate Bond Fund Class B 0.52%BNY Mellon Compass Fund - Euro Corporate Bond Fund Class C 1.21%BNY Mellon Compass Fund - Euro Corporate Bond Fund Class D GBP Hedged 1.21%BNY Mellon Compass Fund - Euro Corporate Bond Fund Class rf-B 0.37%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class A 0.83%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class B 0.83%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class C 1.57%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class D 1.57%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class rf-A 0.58%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class rf-B 0.58%BNY Mellon Compass Fund - Euro High Yield Bond Fund Class rf15-B 0.73%BNY Mellon Compass Fund - Global Emerging Markets Bond Fund Class B 1.20%BNY Mellon Compass Fund - Global Emerging Markets Bond Fund Class C 1.69%BNY Mellon Compass Fund - Global Emerging Markets Bond Fund Class rf-B 0.85%BNY Mellon Compass Fund - Global High Yield Bond Fund Class A 0.85%BNY Mellon Compass Fund - Global High Yield Bond Fund Class C 1.59%BNY Mellon Compass Fund - Global High Yield Bond Fund Class rf-B 0.60%BNY Mellon Compass Fund - Global High Yield Bond Fund Class rf-B Hedged 0.60%BNY Mellon Compass Fund - ABS Fund Class A* 0.67%BNY Mellon Compass Fund - ABS Fund Class B* 0.65%BNY Mellon Compass Fund - ABS Fund Class C* 0.83%BNY Mellon Compass Fund - ABS Fund Class D* 1.03%BNY Mellon Compass Fund - Euro Credit Short Duration Fund Class A 0.73%BNY Mellon Compass Fund - Euro Credit Short Duration Fund Class D 1.42%BNY Mellon Compass Fund - Euro Credit Short Duration Fund Class B Hedged 0.73%BNY Mellon Compass Fund - Euro Credit Short Duration Fund Class rf-A 0.48%BNY Mellon Compass Fund - Euro Credit Short Duration Fund Class rf-B 0.48%


89

TER as at 30 April 2015 (Continued) BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2017 Fund Class rf-B EUR 0.56%BNY Mellon Compass Fund - Global Opportunistic Fixed Income Class A 1.19%BNY Mellon Compass Fund - Global Opportunistic Fixed Income Class A GBP Hedged 1.19%BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2018 Fund Class rf-B EUR 0.66%BNY Mellon Compass Fund - U.S. Investment Grade Corporate Bond Fund 1-5 Years Class rf-A USD 0.31%BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2019 Class rf-B EUR** 0.39%BNY Mellon Compass Fund - Euro Credit Laufzeitfonds 2019 Class B** 0.59%

* This sub-fund was liquidated on 8 December 2014**This sub-fund was launched on 3 December 2014.


90

Appendix 2 Portfolio Turnover Rate as at 30 April 2015 (Unaudited)

Sub-Funds Name Portfolio turnover rate (%)

BNY Mellon Compass Fund – Euro Small Cap Equity Fund 8.68 BNY Mellon Compass Fund – Eastern Europe Diversified Fund 151.39 BNY Mellon Compass Fund – Global Emerging Markets Fund 40.70 BNY Mellon Compass Fund – Euro Corporate Bond Fund 47.23 BNY Mellon Compass Fund – Euro High Yield Bond Fund 33.50 BNY Mellon Compass Fund – Global Emerging Markets Bond Fund 37.92 BNY Mellon Compass Fund – Global High Yield Bond Fund 51.54 BNY Mellon Compass Fund – Euro Credit Short Duration Fund (1.44) BNY Mellon Compass Fund – WestLB Euro Credit Laufzeitfonds 2017 Fund 29.62 BNY Mellon Compass Fund – Global Opportunistic Fixed Income (9.52) BNY Mellon Compass Fund – Euro Credits Laufzeitfonds 2018 24.03 BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years 24.79 BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2019* 6.12

Total of Securities transactions (purchases and sales) - Total transactions of funds units (subscriptions and redemptions) x 100

Average net assets



91

Appendix 3 Performances (Unaudited) Performances for A-shares Net of fees unless otherwise indicated. Performance calculation: total return, including annual charges but excluding initial charges, income reinvested gross of tax. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.

Sub-fund / benchmark (in %) Currency

Apr 15 to

Apr 14

Apr 14 to

Apr 13

Apr 13 to

Apr 12

Apr 12 to

Apr 11

Apr 11 to

Apr 10

Since Inception

(annualized) Global High Yield Bond Fund EUR 17.26 2.52 12.68 9.99 4.29 6.18 60% BofA ML US HY BB-B Rated Constr. Index & 40% BofA ML Euro BB-B Non Financial Fixed Floating Rate HY Constr. Index EUR 18.92 3.63 14.37 12.42 5.15 6.51

Global Opportunistic Fixed Income * Hedged

GBP

Euro Corporate Bond Fund EUR 6.63 4.39 9.99 4.88 1.33 5.07 iBoxx € Corporates Total Return Index EUR 5.73 3.55 9.44 6.60 1.76 5.17 Euro Credit Short Duration Fund rf-B EUR 2.44 3.05 6.66 3.84 Euro High Yield Bond Fund EUR 4.33 8.23 15.48 2.35 9.77 6.83 BofA ML Euro Fixed & Floating Rate HY 3% Constrained ex-Financials Index EUR 5.73 8.49 15.76 4.31 10.06 5.50 Global Emerging Markets Fund USD 5.76 -2.35 6.02 -16.07 14.14 10.14 MSCI Emerging Markets Index USD 7.80 -1.84 3.97 -12.61 20.67 10.86 Global Emerging Markets Bond Fund B USD 3.48 -3.96 10.54 10.88 8.48 7.38 JPM EMBI Global Diversified Index USD 6.06 -1.08 11.50 11.23 9.16 9.85 Eastern Europe Diversified Fund EUR 9.98 -14.03 11.69 -14.93 3.49 8.60 Eastern Europe Diversified Custom Index EUR 11.60 -9.11 11.64 -17.77 9.41 11.51 Euro Small Cap Equity Fund rf-B EUR 13.59 28.55 18.02 -19.59 21.66 12.20 Euro Stoxx TMI Small (Net Return Index) EUR 14.43 15.84 28.41 -18.14 13.94 10.93 Euro Credit Laufzeitfonds 2017 rf-B EUR 3.20 4.36 4.06 Euro Credit Laufzeitfonds 2018 rf-B EUR 3.72 4.53 Euro Credit Laufzeitfonds 2019 rf-B** EUR U.S. Investment Grade Corporate Bond Fund 1-5 Years rf-A USD 1.63 2.18

* Launched on 06 October 2014 * Launched on 03 December 2014


92

Performances for C-shares Net of fees unless otherwise indicated. Performance calculation: total return, including annual charges but excluding initial charges, income reinvested gross of tax. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.

Sub-fund / benchmark (in %) Currency

Apr 15 to

Apr 14

Apr 14 to

Apr 13

Apr 13 to

Apr 12

Apr 12 to

Apr 11

Apr 11 to

Apr 10

Since Inception

(annualized) Global High Yield Bond Fund EUR 16.40 1.77 11.85 9.16 3.53 5.09 60% BofA ML US HY BB-B Rated Constr. Index & 40% BofA ML Euro BB-B Non Financial Fixed Floating Rate HY Constr. Index EUR 18.92 3.63 14.37 12.42 5.15 6.26 Global Opportunistic Fixed Income GBP Euro Corporate Bond Fund EUR 5.89 3.67 9.28 4.14 0.61 4.38 iBoxx € Corporates Total Return Index EUR 5.73 3.55 9.44 6.60 1.76 5.17 Euro Credit Short Duration Fund D EUR 1.48 2.08 5.64 3.66 Euro High Yield Bond Fund EUR 3.55 7.44 14.63 1.60 8.97 6.17 BofA ML Euro Fixed & Floating Rate HY 3% Constrained ex-Financials Index EUR 5.73 8.49 15.76 4.31 10.06 5.67 Global Emerging Markets Fund USD 4.67 -3.35 4.92 -16.95 12.95 6.50 MSCI Emerging Markets Index USD 7.80 -1.84 3.97 -12.61 20.67 8.94 Global Emerging Markets Bond Fund USD 2.97 -4.42 10.00 10.34 7.95 7.59 JPM EMBI Global Diversified Index USD 6.06 -1.08 11.50 11.23 9.16 9.77 Eastern Europe Diversified Fund EUR 8.86 -14.90 10.53 -15.80 2.43 3.81 Eastern Europe Diversified Custom Index EUR 11.60 -9.11 11.64 -17.77 9.41 7.87 Euro Small Cap Equity Fund EUR 12.17 26.93 16.58 -20.57 20.17 4.05 Euro Stoxx TMI Small (Net Return Index) EUR 14.43 15.84 28.41 -18.14 13.94 3.51 Euro Credit Laufzeitfonds 2017 EUR Euro Credit Laufzeitfonds 2018 EUR Euro Credit Laufzeitfonds 2018 EUR U.S. Investment Grade Corporate Bond Fund 1-5 Years USD

* Launched on 06 October 2014 * Launched on 03 December 2014


93

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bny mellon compass fund

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