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 – unaudited Semi-Annual Report as at April 30 2015

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 DISTRIBUTORS David Turnbull (Chairman) Meriten Investment Management GmbH Director of Fund Operations & Governance Herzogstrasse 15 BNY Mellon Investment Management EMEA Ltd. D-40217 Düsseldorf, Germany London, United Kingdom

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

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

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 Standish Mellon Asset Management Company LLC SWITZERLAND The Bank of New York Mellon Center BNP Paribas Securities Services 201 Washington Street Suite 2900, Paris, succursale de Zurich One Boston Place Selnaustrasse 16 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

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

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 59 BNY 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

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

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.

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

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”.

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

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.

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

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%).*

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

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.

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

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 base Sub-Fund 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

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

A EUR, B EUR, C EUR, D EUR, rf-A EUR, rf-B Euro High Yield Bond Fund EUR 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 A EUR, B EUR, C EUR, C USD, C GBP, C JPY, D ABS Fund(1) EUR 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.

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

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.

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

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.

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

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:

Cash Non Cash Market Value Collateral Collateral Lending Income Operational Lending 30 April 2015 30 April 2015 30 April 2015 (gross) Lending agent fee expenses Income (net) (expressed in (expressed in (expressed in (expressed in (expressed in (expressed in (expressed in USD) USD) USD) USD) USD) USD) USD)

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

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

G) SECURITIES LENDING (Continued)

Market Value Sub-fund name (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 239,272 Morgan Stanley 255,783 UBS Global Emerging Markets Bond Fund 718,523 Barclays 3,336,578 Citigroup 885,642 Credit Suisse Group 1,589,304 Deutsche Bank 574,916 Goldman 2,081,007 ING Bank 796,226 J.P.Morgan 65,972 Mizuho Securities 369,526 Morgan Stanley 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 3,834,414 Deutsche Bank 2,299,376 Goldman 13,190,158 J.P.Morgan 1,500,870 Merrill Lynch 5,435,510 Morgan Stanley 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 26,454,909 Credit Suisse Group 1,287,869 Deutsche Bank 10,484,608 Goldman 3,146,248 HSBC Bank

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

G) SECURITIES LENDING (Continued)

Market Value Sub-fund name (expressed in USD) Counterparty Euro High Yield Bond Fund (Continued) 10,827,523 J.P.Morgan 7,758,439 Merrill Lynch 4,379,523 Morgan Stanley 5,410,829 Societe Generale 5,830,996 UBS Global High Yield Bond Fund 2,364,977 Barclays 1,415,061 Citigroup 2,315,937 Credit Suisse Group 58,336 Deutsche Bank 1,659,208 Goldman 63,609 HSBC Bank 1,245,729 J.P.Morgan 1,457,257 Merrill Lynch 83,793 Mizuho Securities 11,027 Morgan Stanley 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 40,755,464 Credit Suisse Group 3,261,657 Deutsche Bank 1,985,009 ING Bank 10,633,283 J.P.Morgan 6,326,803 Merrill Lynch 4,434,090 Morgan Stanley 981,054 Nomura 13,129,230 Societe Generale 573,845 RBC 3,677,989 UBS Euro Credit Laufzeitfonds 2017 1,054,245 Citigroup 3,494,982 Credit Suisse Group 1,522,973 J.P.Morgan Global Opportunistic Fixed Income 211,411 Barclays 897,291 Citigroup 449,900 Credit Suisse Group 480,149 Goldman 582,385 J.P.Morgan 487,686 Merrill Lynch 247,797 Mizuho Securities 685,416 Morgan Stanley 397,252 RBC

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

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

G) SECURITIES LENDING (Continued)

Market Value Sub-fund name (expressed in USD) Counterparty Euro Credit Laufzeitfonds 2018 527,123 Citigroup 1,773,562 Credit Suisse Group 560,918 Deutsche Bank 1,994,023 J.P.Morgan 110,266 Morgan Stanley Euro Credit Laufzeitfonds 2019 2,535,667 Citigroup 5,510,061 Credit Suisse Group 360,795 Deutsche Bank 8,089,403 J.P.Morgan 4,652,638 Merrill Lynch

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:

Currency Cash Collateral Cash Collateral of the reinvested reinvested (expressed in Sub-fund name sub-fund (expressed in USD) 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 BNY Mellon Compass Fund – unaudited Semi-Annual Report as at April 30 2015

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 C Class rf-A Class rf15-A Class B Class D Class rf-B 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 BNY Mellon Compass Fund – unaudited Semi-Annual Report as at April 30 2015

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

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

BNY Mellon Compass Funds Statement of Net Assets as at 30 April 2015

Euro Small Cap Eastern Europe Global Emerging Combined Equity Fund Diversified Fund 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 1,230,507 - - - 2e) 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 423,797 - - 2,761 2e) 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 BNY Mellon Compass Fund – unaudited Semi-Annual Report as at April 30 2015

BNY Mellon Compass Funds Statement of Net Assets as at 30 April 2015

Global Emerging Euro Corporate Euro High Yield Markets Bond Global High Yield Bond Fund Bond Fund Fund Bond Fund EUR 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 - - - 1,230,507 2e) 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 10,000 - - - 2e) 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 - 3,534.00 Net 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 26,848.40 157,793.64 Net 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 4,527,328.00 800.00 Net 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 - - - 7,772,935.49 Net 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 - - - -

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

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

BNY Mellon Compass Funds Statement of Net Assets as at 30 April 2015

Euro Credit Euro Credit Global Euro Credit Short Duration Laufzeitfonds Opportunistic Laufzeitfonds Fund 2017 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 43,230 182,761 - 256,126 - Net Unrealised Loss on Forward Currency Exchange Contracts (note 2e) 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 - 2,949,340.00 Net Asset Value Per Share rf-B EUR - 10.40 - 10.36

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

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

BNY Mellon Compass Funds Statement of Net Assets as at 30 April 2015

U.S. Investment Grade Corporate Euro Credit Bond Fund 1-5 Laufzeitfonds 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 - 8,270,000.00 Net 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 - 3,975,000.00 Net 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

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

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

BNY Mellon Compass Fund Statement of Operations and Changes in Net Assets for the Period ended 30 April 2015

Euro Small Cap Eastern Europe Global Emerging Combined* Equity Fund Diversified Fund 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

Income Dividend 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

Expenses Management 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 Capital Subscriptions 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 was determined 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 2014 reflected a figure of EUR 2,390,639,605.

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

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

BNY Mellon Compass Fund Statement of Operations and Changes in Net Assets for the Period ended 30 April 2015

Global Emerging Euro Corporate Euro High Yield Markets Bond Global High Bond Fund Bond Fund Fund 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

Income Dividend 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

Expenses Management 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 Capital Subscriptions 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

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

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

BNY Mellon Compass Fund Statement of Operations and Changes in Net Assets for the Period ended 30 April 2015

Euro Credit Euro Credit Global Short Duration Laufzeitfonds Opportunistic ABS Fund Fund 2017 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

Income Dividend 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

Expenses Management 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 Capital Subscriptions - 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

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

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

BNY Mellon Compass Fund Statement of Operations and Changes in Net Assets for the Period ended 30 April 2015

U.S. Investment Euro Credit Grade Corporate Euro Credit Laufzeitfonds Bond Fund 1-5 Laufzeitfonds 2018 Years 2019* EUR USD EUR Net Assets at the Beginning of the Period 30,682,856 521,186,133 -

Income Dividend 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

Expenses Management 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 Capital Subscriptions - 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

*The sub-fund was launched on 3 December 2014

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

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

BNY Mellon Compass Fund Statement of Changes in the Number of Shares for the Period ended 30 April 2015

Euro Eastern Global Euro Small 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 7,047,276.29 Number of Shares A Subscribed - - - 4,452,035.29 Number 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 - 1,501,148.11 Number of Shares B Subscribed - - - 159,000.00 Number 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 2,933,821.27 Number of Shares C Subscribed 190,329.54 23,358.63 6,031.37 2,196,191.72 Number 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 - - - 101,759.19 Number of Shares D GBP Hedged Subscribed - - - 704.25 Number 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 23,704,962.00 Number of Shares rf-B Subscribed 2,222,640.91 - 32,500.00 5,771,839.56 Number 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

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

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

BNY Mellon Compass Fund Statement of Changes in the Number of Shares for the Period ended 30 April 2015

Global Euro 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 51,325.00 Number 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 - 319,485.00 Number 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 21,579.98 134,237.03 958.55 Number 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 - - 10.50 Number 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 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 39,420,326.98 5,171,176.40 7,935,063.13 -

*The sub-fund was liquidated on 8 December 2014

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

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

BNY Mellon Compass Fund Statement of Changes in the Number of Shares for the Period ended 30 April 2015

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 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 - - 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 - - - 2,950,990.00 Number 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

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

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

BNY Mellon Compass Fund Statement of Changes in the Number of Shares for the Period ended 30 April 2015

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 - 8,270,000.00 Number 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 - 3,975,000.00 Number 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 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 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

*The sub-fund was launched on 3 December 2014

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

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

BNY Mellon Compass Fund Statistics as at 30 April 2015

Euro Eastern Global Euro Small Cap Europe Emerging Corporate Euro High Equity Diversified Markets Euro Bond Bond Yield Bond Fund Fund Fund Fund* Fund Fund (EUR) (EUR) (USD) (EUR) (EUR) (EUR)

Total Net Assets 30 April 2015 118,946,792 10,002,782 26,900,217 - 569,207,590 491,626,366 31 October 2014 93,086,889 11,681,351 33,115,053 3,546,028 467,930,258 350,454,542 31 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 26.67 31 October 2014 - 32.28 47.81 14.71 18.68 25.56 31 October 2013 - 34.60 47.49 15.11 17.31 24.34

Net Asset Value per Share B 30 April 2015 - 27.17 - - 12.03 11.39 31 October 2014 - 26.86 - - 12.11 11.57 31 October 2013 - 29.28 - - 11.62 11.73

Net Asset Value per Share B GBP Hedged 30 April 2015 ------31 October 2014 ------31 October 2013 ------

Net Asset Value per Share C 30 April 2015 13.99 17.44 23.05 - 17.56 24.14 31 October 2014 11.27 17.17 22.87 14.00 17.19 23.22 31 October 2013 11.43 18.60 22.96 14.48 16.05 22.28

Net Asset Value per Share D 30 April 2015 - - 13.62 - - 10.01 31 October 2014 - - 13.54 8.93 - 10.12 31 October 2013 - - 13.61 9.26 - 10.26

Net Asset Value per Share D GBP Hedged 30 April 2015 - - - - 12.02 GBP - 31 October 2014 - - - - 12.04 GBP - 31 October 2012 - - - - 11.51 GBP -

Net Asset Value per Share rf-A 30 April 2015 - - - - - 11.41 31 October 2014 - - - - - 10.92 31 October 2013 - - - - - 10.38

Net Asset Value per Share rf-B 30 April 2015 17.22 - 15.27 - 11.15 11.65 31 October 2014 13.94 - 15.29 9.55 11.23 11.85 31 October 2013 14.17 - 15.37 9.90 10.78 12.01

Net Asset Value per Share rf15-B 30 April 2015 - - - - - 11.64 31 October 2014 - - - - - 11.82 31 October 2013 - - - - - 11.99

Net Asset Value per Share rf-B Hedged 30 April 2015 ------31 October 2014 ------31 October 2013 ------

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

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

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

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

Net Asset Value per Share rf-B EUR 30 April 2015 ------31 October 2014 ------31 October 2013 ------

* The sub-fund was liquidated on 31 October 2014

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

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

BNY Mellon Compass Fund Statistics as at 30 April 2015

Global Euro Emerging Markets Emerging Global High Credit Debt Global Markets Yield Bond ABS Short Duration Local Currency Euro Credit Opportunistic Bond Fund Fund Fund* Fund Fund** Laufzeitfonds 2017 Fixed Income (USD) (EUR) (EUR) (EUR) (USD) (EUR) (USD)

Total Net Assets 30 April 2015 83,399,446 87,685,379 - 642,273,535 - 44,197,515 103,387,852 31 October 2014 76,888,941 88,858,802 36,850,907 677,691,572 - 44,612,486 102,061,968 31 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 B 30 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 Hedged 30 April 2015 - - - 9.78 GBP - - - 31 October 2014 - - - 10.09 GBP - - - 31 October 2013 - - - 10.29 GBP - - -

Net Asset Value per Share C 30 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 D 30 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 Hedged 30 April 2015 ------31 October 2014 ------31 October 2012 ------

Net Asset Value per Share rf-A 30 April 2015 - - - 10.47 - - - 31 October 2014 - - - 10.28 - - - 31 October 2013 - - - 10.05 - - -

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

Net Asset Value per Share rf-B Hedged 30 April 2015 - 10.85 - - - - - 31 October 2014 - 11.17 - - - - - 31 October 2013 - 11.32 - - - - -

Net Asset Value per Share A USD 30 April 2015 ------31 October 2014 ------31 October 2013 - - - - 9.73 - -

Net Asset Value per Share A EUR 30 April 2015 ------31 October 2014 ------31 October 2013 - - - - 9.27 EUR - -

Net Asset Value per Share A GBP 30 April 2015 ------31 October 2014 ------10.23 GBP 31 October 2013 ------9.79 GBP

Net Asset Value per Share A GBP Hedged 30 April 2015 ------10.11 GBP 31 October 2014 ------9.95 GBP 31 October 2013 ------

Net Asset Value per Share rf-B EUR 30 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

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

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

BNY Mellon Compass Fund Statistics as at 30 April 2015

U.S. Investment Euro Credit Grade Corporate Bond Euro Credit Laufzeitfonds 2018 Fund 1-5 Years Laufzeitfonds 2019* (EUR) (USD) (EUR)

Total Net Assets 30 April 2015 30,562,189 612,632,364 124,146,629 31 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 B 30 April 2015 - - 10.14 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share B GBP Hedged 30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

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

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

Net Asset Value per Share D GBP Hedged 30 April 2015 - - - 31 October 2014 - - - 31 October 2012 - - -

Net Asset Value per Share rf-A 30 April 2015 - 10.31 - 31 October 2014 - 10.21 - 31 October 2013 - - -

Net Asset Value per Share rf-B 30 April 2015 - - 10.14 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share rf15-B 30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

Net Asset Value per Share rf-B Hedged 30 April 2015 - - - 31 October 2014 - - - 31 October 2013 - - -

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

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

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

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

Net Asset Value per Share rf-B EUR 30 April 2015 10.36 - - 31 October 2014 10.40 - - 31 October 2013 - - -

*The sub-fund was launched on 3 December 2014

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

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

BNY Mellon Compass Fund – Euro Small Cap Equity Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Equities

Austria ANDRITZ AG EUR 35,365 1,846,053 1.55 BUWOG AG EUR 59,764 1,081,181 0.91 CA Immobilien Anlagen AG EUR 36,267 589,339 0.49 IMMOFINANZ AG EUR 158,682 424,950 0.36 Oesterreichische Post AG EUR 26,225 1,136,722 0.96 5,078,245 4.27 Belgium Ackermans & van Haaren NV EUR 6,859 747,631 0.63 Barco NV EUR 8,100 487,620 0.41 bpost SA EUR 27,652 707,200 0.59 Cie d'Entreprises CFE EUR 12,129 1,171,055 0.98 Cofinimmo SA, REIT EUR 7,890 776,139 0.65 Euronav NV EUR 63,428 781,433 0.66 Fagron EUR 19,600 771,946 0.65 KBC Ancora EUR 32,221 1,081,498 0.91 Melexis NV EUR 14,782 814,340 0.68 Nyrstar NV EUR 244,200 854,700 0.72 Tessenderlo Chemie NV EUR 13,600 399,160 0.34 Warehouses De Pauw SCA, REIT EUR 10,202 722,098 0.61 9,314,820 7.83 Finland Amer Sports OYJ EUR 71,904 1,609,212 1.35 Cargotec OYJ Class B EUR 26,174 944,620 0.79 Caverion Corp. EUR 71,375 627,386 0.53 Cramo OYJ EUR 54,822 912,786 0.77 Elisa OYJ 01/01/2099 EUR 13,933 380,232 0.32 Huhtamaki OYJ EUR 87,327 2,494,932 2.10 Kemira OYJ EUR 62,612 655,548 0.55 Konecranes OYJ EUR 20,460 594,158 0.50 Metso OYJ 01/01/2099 EUR 7,957 202,346 0.17 Outokumpu OYJ EUR 121,927 659,625 0.56 PKC Group OYJ EUR 27,654 540,359 0.45 Raisio OYJ EUR 49,156 194,658 0.16 Tieto OYJ EUR 14,706 315,297 0.27 Uponor OYJ EUR 34,751 478,521 0.40 Valmet OYJ EUR 63,536 656,962 0.55 11,266,642 9.47 France Air France-KLM EUR 108,255 834,646 0.70 Altran Technologies SA EUR 77,054 748,425 0.63 CGG SA EUR 82,000 518,896 0.44 Faurecia EUR 36,641 1,552,846 1.31 Gaztransport Et Technigaz SA EUR 8,300 442,390 0.37 IPSOS EUR 28,700 754,810 0.64 Metropole Television SA EUR 62,150 1,155,990 0.97 Montupet EUR 5,800 364,878 0.31 Nexans SA EUR 4,900 171,476 0.14 Nexity SA EUR 38,884 1,523,086 1.28 Plastic Omnium SA EUR 14,855 369,964 0.31 Saft Groupe SA EUR 25,000 890,000 0.75 Technicolor SA EUR 260,260 1,575,354 1.32 Teleperformance EUR 39,772 2,662,735 2.24 UBISOFT Entertainment EUR 51,400 844,759 0.71 14,410,255 12.12

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

BNY Mellon Compass Fund – Euro Small Cap Equity Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Equities (continued)

Germany Aareal Bank AG EUR 37,917 1,463,596 1.23 AIXTRON SE EUR 99,016 586,868 0.49 Aurubis AG EUR 22,760 1,291,175 1.09 Bechtle AG EUR 8,449 556,029 0.47 Bilfinger SE EUR 19,685 880,707 0.74 Draegerwerk AG & Co. KGaA Preference EUR 5,123 529,462 0.44 Freenet AG EUR 60,877 1,769,390 1.49 Jungheinrich AG Preference EUR 22,050 1,399,514 1.18 Kloeckner & Co. SE EUR 118,061 1,016,977 0.85 LEG Immobilien AG EUR 26,050 1,806,307 1.52 Leoni AG EUR 13,232 761,766 0.64 MorphoSys AG EUR 11,014 709,632 0.60 MTU Aero Engines AG EUR 18,195 1,602,434 1.35 Pfeiffer Vacuum Technology AG EUR 11,500 958,755 0.81 Salzgitter AG EUR 16,500 505,725 0.42 SHW AG EUR 8,700 347,391 0.29 Sixt SE EUR 29,642 1,271,642 1.07 Solarworld AG EUR 30,029 442,327 0.37 STADA Arzneimittel AG EUR 26,470 869,142 0.73 TAG Immobilien AG EUR 50,476 577,445 0.49 Vossloh AG EUR 8,500 478,975 0.40 VTG AG EUR 22,387 460,053 0.39 Wincor Nixdorf AG EUR 13,000 441,415 0.37 Wirecard AG EUR 31,804 1,253,396 1.05 21,980,123 18.48 Greece FF Group EUR 13,675 367,858 0.31 Hellenic Exchanges - Athens Stock Exchange SA Holding EUR 45,761 265,414 0.22 Hellenic Telecommunications Organization SA EUR 194,105 1,572,250 1.32 JUMBO SA EUR 19,850 182,421 0.16 2,387,943 2.01 Ireland C&C Group PLC EUR 77,325 279,337 0.23 Dragon Oil PLC GBP 61,428 522,733 0.44 Glanbia PLC EUR 90,533 1,502,848 1.26 Kingspan Group PLC EUR 121,078 2,161,242 1.82 Paddy Power PLC EUR 14,295 1,140,026 0.96 5,606,186 4.71 Italy Astaldi SpA EUR 92,037 716,508 0.60 Autogrill SpA EUR 150,000 1,287,000 1.08 Azimut Holding SpA EUR 136,082 3,578,957 3.01 Banca Popolare dell'Emilia Romagna SC EUR 355,000 2,625,225 2.21 Banca Popolare di Milano Scarl EUR 3,122,240 2,891,194 2.43 Brembo SpA EUR 46,607 1,663,870 1.40 Credito Emiliano SpA EUR 95,341 714,104 0.60 Danieli & C Officine Meccaniche SpA (Debt Refinance 1) EUR 26,357 573,528 0.48 Danieli & C Officine Meccaniche SpA (Debt Refinance 2) EUR 42,380 702,661 0.59 Enel Green Power SpA EUR 265,779 462,190 0.39 ERG SpA EUR 100,734 1,292,417 1.09 Esprinet SpA EUR 58,865 505,945 0.43 Fincantieri SpA EUR 300,000 243,750 0.20 Mediolanum SpA EUR 204,496 1,538,832 1.29 Prysmian SpA EUR 77,000 1,409,100 1.18 Societa Iniziative Autostradali e Servizi SpA EUR 114,826 1,183,856 1.00 21,389,137 17.98 Luxembourg APERAM SA EUR 28,621 976,549 0.82 Eurofins Scientific SE EUR 3,408 857,794 0.72 Grand City Properties SA EUR 33,000 557,700 0.47 SAF-Holland SA EUR 35,320 479,292 0.40 2,871,335 2.41

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

BNY Mellon Compass Fund – Euro Small Cap Equity Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Equities (continued)

Netherlands Aalberts Industries NV EUR 53,465 1,479,644 1.24 ASM International NV EUR 22,451 974,486 0.82 BE Semiconductor Industries NV EUR 37,818 964,359 0.81 BinckBank NV EUR 48,000 429,984 0.36 Fugro NV CVA EUR 25,900 665,500 0.56 PostNL NV EUR 224,000 1,000,608 0.84 TKH Group NV CVA EUR 37,116 1,230,024 1.04 Wessanen EUR 69,324 528,041 0.44 7,272,646 6.11 Portugal CTT-Correios de Portugal SA EUR 78,073 786,586 0.66 NOS SGPS SA EUR 201,400 1,309,100 1.10 Sonae SGPS SA EUR 472,984 587,446 0.50 2,683,132 2.26 Spain Abengoa SA EUR 247,992 718,929 0.60 Acerinox SA EUR 43,647 570,030 0.48 Atresmedia Corp. de Medios de Comunicacion SA EUR 73,061 1,056,462 0.89 Construcciones y Auxiliar de Ferrocarriles SA EUR 1,554 482,828 0.41 Distribuidora Internacional de Alimentacion SA EUR 216,026 1,550,203 1.30 EDP Renovaveis SA EUR 143,088 894,729 0.75 Endesa SA EUR 45,753 811,429 0.68 Liberbank SA EUR 1,094,982 845,326 0.71 Mapfre SA EUR 275,717 915,932 0.77 Melia Hotels International SA EUR 87,687 977,272 0.82 Merlin Properties Socimi SA, REIT EUR 105,099 1,279,580 1.08 10,102,720 8.49 United Kingdom Dialog Semiconductor PLC EUR 34,676 1,406,458 1.19 Jazztel PLC EUR 80,510 1,036,969 0.87 2,443,427 2.06 Total Equities 116,806,611 98.20 Total Transferable securities and money market instruments admitted to an official exchange listing 116,806,611 98.20

Total Investments 116,806,611 98.20 Cash 2,131,367 1.79 Other Assets/(Liabilities) 8,814 0.01 Total Net Assets 118,946,792 100.00

Geographic Allocation of Portfolio % of Net Assets Germany 18.48 Italy 17.98 France 12.12 Finland 9.47 Spain 8.49 Belgium 7.83 Netherlands 6.11 Ireland 4.71 Austria 4.27 Luxembourg 2.41 Portugal 2.26 United Kingdom 2.06 Greece 2.01 Total Investments 98.20 Cash and Other Assets/(Liabilities) 1.80 Total 100.00

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

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

BNY Mellon Compass Fund – Eastern Europe Diversified Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Equities

Austria DO & CO AG TRY 2,893 190,606 1.91 190,606 1.91 Czech Republic Komercni banka as CZK 524 104,135 1.04 104,135 1.04 Greece FF Group EUR 13,500 363,150 3.63 Titan Cement Co. SA EUR 5,500 123,750 1.24 486,900 4.87 Poland Bank Handlowy w Warszawie SA PLN 3,187 89,837 0.90 Bank Pekao SA PLN 4,696 217,721 2.18 Bank Zachodni WBK SA PLN 2,813 258,612 2.58 Budimex SA PLN 8,825 384,058 3.84 CCC SA PLN 1,298 61,142 0.61 Grupa Azoty SA PLN 5,479 111,093 1.11 ING Bank Slaski SA PLN 3,012 105,758 1.06 KGHM Polska Miedz SA PLN 6,327 197,828 1.98 KRUK SA PLN 9,301 352,337 3.52 Polski Koncern Naftowy Orlen SA PLN 14,923 252,691 2.53 Powszechna Kasa Oszczednosci Bank Polski SA PLN 49,780 444,357 4.44 Powszechny Zaklad Ubezpieczen SA PLN 3,000 348,612 3.48 Quercus TFI SA PLN 57,704 112,007 1.12 2,936,053 29.35 Russia Alrosa AO USD 154,520 182,803 1.83 Bashneft OAO USD 1,272 47,242 0.47 DIXY Group OJSC USD 13,556 104,351 1.04 Gazprom Neft OAO ADR USD 7,983 97,958 0.98 Gazprom OAO ADR USD 136,458 721,411 7.21 Lukoil OAO ADR USD 13,765 628,948 6.29 Magnit PJSC GDR USD 1,194 58,765 0.59 Magnit PJSC USD 1,190 232,200 2.32 MegaFon OAO GDR USD 2,149 32,603 0.33 MMC Norilsk Nickel OJSC ADR USD 13,045 218,629 2.19 Mobile TeleSystems OJSC ADR USD 9,583 103,309 1.03 NOVATEK OAO GDR USD 3,908 338,992 3.39 Rosneft OAO GDR USD 25,526 112,533 1.12 Sberbank of Russia ADR USD 114,052 607,741 6.08 Severstal PAO GDR USD 10,000 98,880 0.99 Surgutneftegas OAO ADR USD 18,318 118,518 1.18 Tatneft OAO ADR USD 3,933 120,529 1.20 TMK OAO GDR USD 16,298 58,615 0.59 Uralkali PJSC GDR USD 6,000 79,300 0.79 3,963,327 39.62 Turkey Akbank TAS TRY 51,869 134,793 1.35 BIM Birlesik Magazalar AS TRY 12,960 214,008 2.14 Emlak Konut Gayrimenkul Yatirim Ortakligi AS, REIT TRY 132,706 136,795 1.37 TAV Havalimanlari Holding AS TRY 10,649 83,483 0.83 Turk Hava Yollari AO TRY 68,009 201,465 2.01 Turk Telekomunikasyon AS TRY 113,568 279,976 2.80 Turkiye Garanti Bankasi AS TRY 109,460 310,746 3.11 Turkiye Sinai Kalkinma Bankasi AS TRY 185,711 125,144 1.25 Ulker Biskuvi Sanayi AS TRY 46,370 316,338 3.16 1,802,748 18.02

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

BNY Mellon Compass Fund – Eastern Europe Diversified Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Equities (continued)

United States of America EPAM Systems, Inc. USD 2,088 120,579 1.21 120,579 1.21 Virgin Islands, British Luxoft Holding, Inc. USD 3,161 146,209 1.46 146,209 1.46 Total Equities 9,750,557 97.48 Total Transferable securities and money market instruments admitted to an official exchange listing 9,750,557 97.48

Total Investments 9,750,557 97.48 Cash 91,954 0.92 Other Assets/(Liabilities) 160,271 1.60 Total Net Assets 10,002,782 100.00

Geographic Allocation of Portfolio % of Net Assets Russia 39.62 Poland 29.35 Turkey 18.02 Greece 4.87 Austria 1.91 Virgin Islands, British 1.46 United States of America 1.21 Czech Republic 1.04 Total Investments 97.48 Cash and Other Assets/(Liabilities) 2.52 Total 100.00

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

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

BNY Mellon Compass Fund – Global Emerging Markets Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing Equities

Austria DO & CO AG TRY 2,254 166,408 0.62 166,408 0.62 Brazil Banco Bradesco SA ADR Class A USD 40,854 436,729 1.62 BB Seguridade Participacoes SA BRL 17,400 204,515 0.76 BR Malls Participacoes SA BRL 22,400 122,492 0.46 CCR SA BRL 24,800 137,270 0.51 Ez Tec Empreendimentos e Participacoes SA BRL 20,200 128,984 0.48 Kroton Educacional SA BRL 45,288 166,109 0.62 Localiza Rent a Car SA BRL 11,090 129,868 0.48 Petroleo Brasileiro SA USD 25,887 224,699 0.84 Sao Martinho SA BRL 10,400 132,920 0.49 Telefonica Brasil SA ADR Preference USD 8,445 138,667 0.52 Ultrapar Participacoes SA ADR USD 7,165 163,649 0.61 Vale SA ADR USD 38,868 235,151 0.87 2,221,053 8.26 Cayman Islands ENN Energy Holdings Ltd. HKD 42,000 303,439 1.13 GCL-Poly Energy Holdings Ltd. HKD 795,000 241,029 0.90 Kolao Holdings KRW 6,452 120,975 0.45 NagaCorp Ltd. HKD 428,000 308,666 1.15 Nexteer Automotive Group Ltd. HKD 251,000 283,345 1.05 Tencent Holdings Ltd. HKD 42,300 878,072 3.26 2,135,526 7.94 Chile Enersis SA ADR USD 18,720 332,654 1.24 332,654 1.24 China Bank of China Ltd. Class H HKD 762,000 523,982 1.95 China Construction Bank Corp. Class H HKD 571,000 556,182 2.07 China Telecom Corp. Ltd. Class H HKD 446,000 332,005 1.23 Huaneng Power International, Inc. Class H HKD 210,000 300,729 1.12 Industrial & Commercial Bank of China Ltd. Class H HKD 636,000 553,033 2.05 Shanghai Electric Group Co. Ltd. Class H HKD 260,000 265,664 0.99 2,531,595 9.41 Colombia Bancolombia SA ADR USD 3,954 178,998 0.67 178,998 0.67 Czech Republic Komercni banka as CZK 469 104,441 0.39 104,441 0.39 Egypt Commercial International Bank Egypt SAE GDR USD 10,878 75,058 0.28 75,058 0.28 Hong Kong AIA Group Ltd. HKD 60,600 404,982 1.50 China Mobile Ltd. HKD 58,000 828,342 3.08 CNOOC Ltd. HKD 211,000 357,694 1.33 Lenovo Group Ltd. HKD 194,000 335,383 1.25 1,926,401 7.16 Hungary OTP Bank PLC HUF 6,923 153,639 0.57 153,639 0.57

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

BNY Mellon Compass Fund – Global Emerging Markets Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Equities (continued)

India City Union Bank Ltd. INR 155,375 230,928 0.86 ITC Ltd. INR 43,366 220,090 0.82 Larsen & Toubro Ltd. INR 9,971 256,092 0.95 Lupin Ltd. INR 8,049 224,628 0.84 Prestige Estates Projects Ltd. INR 53,601 202,243 0.75 Tata Consultancy Services Ltd. INR 7,443 288,709 1.07 Zee Entertainment Enterprises Ltd. INR 41,557 204,170 0.76 1,626,860 6.05 Indonesia Bank Central Asia Tbk. PT IDR 226,200 235,143 0.87 Matahari Putra Prima Tbk. PT IDR 533,300 162,922 0.61 Telekomunikasi Indonesia Persero Tbk. PT IDR 1,230,700 248,276 0.92 646,341 2.40 Luxembourg Samsonite International SA HKD 87,800 321,130 1.19 321,130 1.19 Malaysia Gamuda Bhd. MYR 118,700 174,309 0.65 Malayan Banking Bhd. MYR 88,600 229,119 0.85 SapuraKencana Petroleum Bhd. MYR 289,900 216,519 0.80 Tune Ins Holdings Bhd. MYR 514,100 262,716 0.98 882,663 3.28 Mexico America Movil SAB de CV ADR Class L USD 13,558 283,227 1.05 Grupo Televisa SAB ADR USD 9,596 349,390 1.30 Mexichem SAB de CV MXN 87,626 250,655 0.93 Mexico Real Estate Management SA de CV, REIT MXN 168,400 254,997 0.95 1,138,269 4.23 Netherlands Yandex NV Class A USD 8,979 172,756 0.64 172,756 0.64 Philippines SM Investments Corp. PHP 7,450 150,656 0.56 Universal Robina Corp. PHP 31,280 152,993 0.57 303,649 1.13 Poland KRUK SA PLN 3,087 131,038 0.49 Powszechna Kasa Oszczednosci Bank Polski SA PLN 28,340 283,470 1.05 414,508 1.54 Qatar Qatar National Bank SAQ QAR 4,177 227,207 0.84 227,207 0.84 Russia Gazprom OAO ADR USD 38,143 225,959 0.84 NOVATEK OAO GDR USD 1,833 178,168 0.66 Sberbank of Russia ADR USD 80,070 478,098 1.78 Surgutneftegas OAO Preference USD 142,512 107,320 0.40 989,545 3.68 South Africa Aspen Pharmacare Holdings Ltd. ZAR 13,260 401,477 1.49 FirstRand Ltd. ZAR 64,209 305,198 1.14 MTN Group Ltd. ZAR 30,456 608,807 2.26 Naspers Ltd. Class N ZAR 4,499 704,053 2.62 2,019,535 7.51

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

BNY Mellon Compass Fund – Global Emerging Markets Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Equities (continued)

South Korea Daesang Corp. KRW 3,316 143,838 0.54 Hana Financial Group, Inc. KRW 6,553 193,778 0.72 Hyundai Mobis Co. Ltd. KRW 1,103 243,339 0.90 Hyundai Motor Co. KRW 2,229 351,400 1.31 Interpark Holdings Corp. KRW 12,653 105,520 0.39 KB Financial Group, Inc. ADR Class A USD 5,105 194,653 0.72 Kia Motors Corp. KRW 4,097 189,563 0.71 Korea Electric Power Corp. KRW 5,317 232,371 0.86 LG Household & Health Care Ltd. KRW 250 183,769 0.68 Samsung Electronics Co. Ltd. GDR Preference USD 813 408,939 1.52 Samsung Electronics Co. Ltd. KRW 637 837,845 3.11 Shinhan Financial Group Co. Ltd. KRW 5,282 217,784 0.81 SK Hynix, Inc. KRW 6,944 298,942 1.11 SK Telecom Co. Ltd. KRW 749 200,525 0.75 3,802,266 14.13 Taiwan Advanced Semiconductor Engineering, Inc. TWD 188,952 268,997 1.00 Asustek Computer, Inc. TWD 19,000 201,936 0.75 China Life Insurance Co. Ltd. TWD 196,321 208,334 0.77 E.Sun Financial Holding Co. Ltd. TWD 237,462 162,826 0.61 Fubon Financial Holding Co. Ltd. TWD 122,000 263,312 0.98 Hermes Microvision, Inc. TWD 3,600 255,078 0.95 Hon Hai Precision Industry Co. Ltd. TWD 124,672 374,513 1.39 MediaTek, Inc. TWD 10,000 128,975 0.48 President Chain Store Corp. TWD 33,000 244,596 0.91 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 197,400 947,489 3.52 Voltronic Power Technology Corp. TWD 22,000 274,048 1.02 3,330,104 12.38 Thailand BTS Group Holdings PCL NVDR THB 1,086,800 304,957 1.13 Kasikornbank PCL NVDR THB 48,000 305,779 1.14 610,736 2.27 Turkey Turkiye Sinai Kalkinma Bankasi AS TRY 235,227 177,620 0.66 Ulker Biskuvi Sanayi AS TRY 21,213 162,161 0.60 339,781 1.26 United Arab Emirates Emaar Properties PJSC AED 85,000 190,691 0.71 190,691 0.71 United States of America Southern Copper Corp. USD 3,815 124,293 0.46 124,293 0.46 Total Equities 26,966,107 100.24 Total Transferable securities and money market instruments admitted to an official exchange listing 26,966,107 100.24

Other transferable securities and money market instruments Warrants Thailand BTS Group Holdings PCL 01/11/2018 THB 1 – – – – Total Warrants – – Total Other transferable securities and money market instruments – –

Total Investments 26,966,107 100.24 Cash 7,492 0.03 Other Assets/(Liabilities) (73,382) (0.27) Total Net Assets 26,900,217 100.00

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

BNY Mellon Compass Fund – Global Emerging Markets Fund Schedule of Investments As at 30 April 2015 Geographic Allocation of Portfolio % of Net Assets South Korea 14.13 Taiwan 12.38 China 9.41 Brazil 8.26 Cayman Islands 7.94 South Africa 7.51 Hong Kong 7.16 India 6.05 Mexico 4.23 Russia 3.68 Malaysia 3.28 Indonesia 2.40 Thailand 2.27 Poland 1.54 Turkey 1.26 Chile 1.24 Luxembourg 1.19 Philippines 1.13 Qatar 0.84 United Arab Emirates 0.71 Colombia 0.67 Netherlands 0.64 Austria 0.62 Hungary 0.57 United States of America 0.46 Czech Republic 0.39 Egypt 0.28 Total Investments 100.24 Cash and Other Assets/(Liabilities) (0.24) Total 100.00

Forward Currency Exchange Contracts

Unrealised Amount Gain/(Loss) % of Net Currency Purchased Amount Purchased Currency Sold Sold Maturity Date USD Assets USD 104,603 ZAR 1,274,289 04/05/2015 (1,977) (0.01) USD 41,130 ZAR 501,133 05/05/2015 (784) – Net Unrealised Loss on Forward Currency Exchange Contracts (2,761) (0.01)

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

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

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Australia Origin Energy Finance Ltd., Reg. S 2.5% 23/10/2020 EUR 2,390,000 2,524,599 0.44 Santos Finance Ltd., FRN 8.25% 22/09/2070 EUR 1,300,000 1,416,621 0.25 Transurban Finance Co. Pty. Ltd. 1.875% 16/09/2024 EUR 1,800,000 1,877,637 0.33 5,818,857 1.02 Austria Telekom Finanzmanagement GmbH, Reg. S 3.125% 03/12/2021 EUR 1,230,000 1,393,420 0.24 1,393,420 0.24 Belgium Anheuser-Busch InBev NV, Reg. S 0.8% 20/04/2023 EUR 2,520,000 2,490,485 0.44 2,490,485 0.44 Brazil Vale SA 3.75% 10/01/2023 EUR 2,000,000 2,145,000 0.38 2,145,000 0.38 Cayman Islands Hutchison Whampoa Europe Finance 13 Ltd., Reg. S, FRN 3.75% Perpetual EUR 2,600,000 2,676,050 0.47 Hutchison Whampoa Finance 14 Ltd., Reg. S 1.375% 31/10/2021 EUR 3,680,000 3,733,859 0.66 6,409,909 1.13 Czech Republic EP Energy AS, Reg. S 4.375% 01/05/2018 EUR 4,000,000 4,271,404 0.75 4,271,404 0.75 Denmark DONG Energy A/S, Reg. S 2.625% 19/09/2022 EUR 2,350,000 2,622,385 0.46 DONG Energy A/S, Reg. S, FRN 0% Perpetual EUR 1,600,000 1,593,328 0.28 DONG Energy A/S, Reg. S, FRN 6.25% Perpetual EUR 603,000 714,989 0.13 TDC A/S, Reg. S 1.75% 27/02/2027 EUR 3,010,000 2,982,228 0.52 7,912,930 1.39 Finland CRH Finland Services OYJ, Reg. S 2.75% 15/10/2020 EUR 2,240,000 2,442,539 0.43 Fortum OYJ, Reg. S 4% 24/05/2021 EUR 2,000,000 2,369,984 0.42 Fortum OYJ, Reg. S 2.25% 06/09/2022 EUR 800,000 871,903 0.15 5,684,426 1.00 France Autoroutes du Sud de la France SA, Reg. S 4.125% 13/04/2020 EUR 2,300,000 2,677,929 0.47 Autoroutes du Sud de la France SA 2.875% 18/01/2023 EUR 1,600,000 1,814,048 0.32 AXA SA, Reg. S, FRN 3.875% Perpetual EUR 1,721,000 1,888,336 0.33 AXA SA, Reg. S, FRN 3.941% Perpetual EUR 1,600,000 1,754,045 0.31 Banque Federative du Credit Mutuel SA, Reg. S 2.625% 24/02/2021 EUR 2,500,000 2,757,961 0.48 Banque Federative du Credit Mutuel SA, Reg. S 1.25% 14/01/2025 EUR 2,900,000 2,904,859 0.51 BNP Paribas SA, Reg. S 2.875% 24/10/2022 EUR 3,710,000 4,201,709 0.74 BNP Paribas SA, Reg. S, FRN 2.625% 14/10/2027 EUR 2,500,000 2,552,674 0.45 Bouygues SA, Reg. S 3.641% 29/10/2019 EUR 1,350,000 1,523,189 0.27 Bouygues SA, Reg. S 4.25% 22/07/2020 EUR 1,750,000 2,063,654 0.36 BPCE SA, Reg. S 1.375% 22/05/2019 EUR 4,000,000 4,126,298 0.73 BPCE SA, Reg. S 0.75% 22/01/2020 EUR 1,500,000 1,502,552 0.26 BPCE SA, Reg. S 2.125% 17/03/2021 EUR 2,000,000 2,144,541 0.38 Carrefour SA, Reg. S 1.75% 15/07/2022 EUR 2,550,000 2,675,725 0.47 Carrefour SA, Reg. S 1.25% 03/06/2025 EUR 1,720,000 1,707,645 0.30 Casino Guichard Perrachon SA 4.726% 26/05/2021 EUR 1,900,000 2,287,988 0.40 Casino Guichard Perrachon SA, Reg. S 3.248% 07/03/2024 EUR 800,000 900,688 0.16 Casino Guichard Perrachon SA, Reg. S 2.33% 07/02/2025 EUR 1,000,000 1,043,687 0.18 Credit Agricole SA, Reg. S 2.375% 27/11/2020 EUR 1,200,000 1,304,584 0.23 Credit Agricole SA, Reg. S 2.375% 20/05/2024 EUR 3,000,000 3,286,082 0.58 Electricite de France SA, Reg. S 2.75% 10/03/2023 EUR 2,700,000 3,046,388 0.54 Electricite de France SA, Reg. S 4.125% 25/03/2027 EUR 2,300,000 2,970,903 0.52 Kering, Reg. S 2.5% 15/07/2020 EUR 2,700,000 2,932,744 0.52 Kering, Reg. S 1.375% 01/10/2021 EUR 1,300,000 1,331,062 0.23 Kering, Reg. S 0.875% 28/03/2022 EUR 1,800,000 1,775,732 0.31 Lafarge SA, Reg. S 5.875% 09/07/2019 EUR 800,000 956,178 0.17 Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 1,200,000 1,422,982 0.25 Orange SA, Reg. S 3% 15/06/2022 EUR 1,300,000 1,488,320 0.26 Pernod Ricard SA, Reg. S 2.125% 27/09/2024 EUR 500,000 530,103 0.09 Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 2.25% 16/01/2020 EUR 600,000 641,248 0.11 Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 1.875% 15/01/2025 EUR 1,800,000 1,896,676 0.33 Societe Generale SA, Reg. S, FRN 9.375% Perpetual EUR 3,200,000 4,052,000 0.71 Solvay Finance SA, Reg. S, FRN 5.425% Perpetual EUR 1,500,000 1,745,013 0.31 Solvay Finance SA, FRN 6.375% 02/06/2104 EUR 2,400,000 2,515,037 0.44 Suez Environnement Co., Reg. S, FRN 2.5% Perpetual EUR 1,900,000 1,891,558 0.33 TOTAL SA, Reg. S, FRN 2.25% Perpetual EUR 4,030,000 4,052,115 0.71 TOTAL SA, Reg. S, FRN 2.625% Perpetual EUR 2,550,000 2,571,277 0.45 Veolia Environnement SA, Reg. S 1.59% 10/01/2028 EUR 1,400,000 1,393,182 0.25 Vinci SA, FRN 6.25% Perpetual EUR 1,500,000 1,546,215 0.27

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

France (continued) Wendel SA 4.375% 09/08/2017 EUR 1,500,000 1,629,281 0.29 Wendel SA, Reg. S 3.75% 21/01/2021 EUR 2,400,000 2,736,000 0.48 Wendel SA, Reg. S 2.5% 09/02/2027 EUR 1,900,000 1,989,367 0.35 90,231,575 15.85 Germany Allianz SE, Reg. S, FRN 2.241% 07/07/2045 EUR 1,400,000 1,375,374 0.24 Allianz SE, Reg. S, FRN 4.75% Perpetual EUR 3,500,000 4,062,244 0.71 Bayer AG, Reg. S, FRN 2.375% 02/04/2075 EUR 2,900,000 2,878,709 0.51 Bertelsmann SE & Co. KGaA 2.625% 02/08/2022 EUR 2,800,000 3,114,293 0.55 Bertelsmann SE & Co. KGaA, Reg. S, FRN 3% 23/04/2075 EUR 2,400,000 2,399,724 0.42 Commerzbank AG 7.75% 16/03/2021 EUR 1,400,000 1,771,972 0.31 Continental AG, Reg. S 3.125% 09/09/2020 EUR 2,150,000 2,404,831 0.42 CRH Finance Germany GmbH, Reg. S 1.75% 16/07/2021 EUR 1,630,000 1,695,039 0.30 Deutsche Bank AG, Reg. S 1.25% 08/09/2021 EUR 3,500,000 3,557,607 0.62 Deutsche Bank AG, Reg. S 1.125% 17/03/2025 EUR 2,000,000 1,937,116 0.34 EnBW Energie Baden-Wuerttemberg AG, Reg. S, FRN 7.375% 02/04/2072 EUR 2,000,000 2,209,618 0.39 Evonik Industries AG, Reg. S 1% 23/01/2023 EUR 2,770,000 2,734,034 0.48 EWE AG 4.125% 04/11/2020 EUR 3,680,000 4,340,014 0.76 Hannover Rueck SE, Reg. S, FRN 3.375% Perpetual EUR 3,300,000 3,537,636 0.62 Merck KGaA, Reg. S, FRN 3.375% 12/12/2074 EUR 1,600,000 1,709,494 0.30 Muenchener Rueckversicherungs-Gesellschaft AG, Reg. S, FRN 5.767% Perpetual EUR 4,500,000 4,925,774 0.87 RWE AG, Reg. S, FRN 4.625% Perpetual EUR 3,500,000 3,544,411 0.62 RWE AG, Reg. S, FRN 2.75% 21/04/2075 EUR 4,340,000 4,260,773 0.75 SAP SE, Reg. S 1% 01/04/2025 EUR 1,980,000 1,967,155 0.35 Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022 EUR 1,800,000 1,941,750 0.34 WPP Finance Deutschland GmbH, Reg. S 1.625% 23/03/2030 EUR 970,000 942,659 0.17 57,310,227 10.07 Guernsey Credit Suisse Group Funding Guernsey Ltd., Reg. S 1.25% 14/04/2022 EUR 5,420,000 5,354,553 0.94 5,354,553 0.94 Hungary MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017 EUR 2,300,000 2,490,900 0.44 2,490,900 0.44 Ireland CRH Finance Ltd., Reg. S 3.125% 03/04/2023 EUR 1,360,000 1,548,430 0.27 FCA Capital Ireland PLC, Reg. S 4% 17/10/2018 EUR 2,000,000 2,195,666 0.38 FCA Capital Ireland PLC, Reg. S 1.375% 17/04/2020 EUR 2,220,000 2,217,022 0.39 GE Capital European Funding, Reg. S 0.8% 21/01/2022 EUR 2,830,000 2,833,962 0.50 Smurfit Kappa Acquisitions, Reg. S 3.25% 01/06/2021 EUR 2,000,000 2,140,200 0.38 Zurich Insurance Co. Ltd., Reg. S, FRN 4.25% 02/10/2043 EUR 1,100,000 1,280,183 0.22 12,215,463 2.14 Italy A2A SpA, Reg. S 4.375% 10/01/2021 EUR 780,000 916,338 0.16 Assicurazioni Generali SpA, Reg. S 2.875% 14/01/2020 EUR 780,000 852,582 0.15 Assicurazioni Generali SpA, Reg. S 5.125% 16/09/2024 EUR 840,000 1,097,867 0.19 Assicurazioni Generali SpA, Reg. S 4.125% 04/05/2026 EUR 1,500,000 1,696,771 0.30 Atlantia SpA, Reg. S 4.375% 16/03/2020 EUR 3,000,000 3,523,374 0.62 Atlantia SpA, Reg. S 2.875% 26/02/2021 EUR 1,510,000 1,684,075 0.30 Finmeccanica SpA 4.5% 19/01/2021 EUR 2,000,000 2,244,948 0.40 Hera SpA, Reg. S 3.25% 04/10/2021 EUR 2,000,000 2,267,736 0.40 Intesa Sanpaolo SpA, Reg. S 4.125% 19/09/2016 EUR 3,700,000 3,884,793 0.68 Intesa Sanpaolo SpA, Reg. S 3.75% 23/11/2016 EUR 2,300,000 2,414,027 0.42 Intesa Sanpaolo SpA, Reg. S 5% 28/02/2017 EUR 6,200,000 6,693,114 1.18 Intesa Sanpaolo SpA, Reg. S 2% 18/06/2021 EUR 2,800,000 2,922,424 0.51 Intesa Sanpaolo SpA, Reg. S 1.125% 04/03/2022 EUR 1,740,000 1,718,360 0.30 Snam SpA, Reg. S 5% 18/01/2019 EUR 2,280,000 2,636,160 0.46 Snam SpA, Reg. S 1.5% 21/04/2023 EUR 890,000 907,206 0.16 Telecom Italia SpA, Reg. S 3.25% 16/01/2023 EUR 2,200,000 2,335,469 0.41 Terna Rete Elettrica Nazionale SpA, Reg. S 0.875% 02/02/2022 EUR 3,000,000 2,954,201 0.52 UniCredit SpA, Reg. S 2.25% 16/12/2016 EUR 3,500,000 3,596,717 0.63 UniCredit SpA, Reg. S 4.875% 07/03/2017 EUR 6,850,000 7,379,224 1.30 UniCredit SpA, Reg. S 3.25% 14/01/2021 EUR 3,500,000 3,879,851 0.68 55,605,237 9.77 Japan SoftBank Corp., Reg. S 4.625% 15/04/2020 EUR 1,000,000 1,105,200 0.19 1,105,200 0.19 Jersey Heathrow Funding Ltd., Reg. S 1.875% 23/05/2024 EUR 2,510,000 2,657,036 0.47 HSBC Capital Funding LP, FRN 5.13% Perpetual EUR 2,400,000 2,482,646 0.43 5,139,682 0.90

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Luxembourg Glencore Finance Europe SA, Reg. S 5.25% 22/03/2017 EUR 4,000,000 4,347,346 0.76 Glencore Finance Europe SA, Reg. S, STEP 4.625% 03/04/2018 EUR 1,000,000 1,108,747 0.20 Glencore Finance Europe SA, Reg. S 1.25% 17/03/2021 EUR 2,580,000 2,563,035 0.45 Hannover Finance Luxembourg SA, FRN 5% Perpetual EUR 6,650,000 6,681,920 1.17 HeidelbergCement Finance Luxembourg SA, Reg. S 3.25% 21/10/2020 EUR 2,000,000 2,205,032 0.39 16,906,080 2.97 Mexico America Movil SAB de CV 3% 12/07/2021 EUR 1,000,000 1,122,096 0.20 America Movil SAB de CV 4.75% 28/06/2022 EUR 1,000,000 1,255,804 0.22 America Movil SAB de CV, Reg. S, FRN 5.125% 06/09/2073 EUR 1,670,000 1,811,533 0.32 Petroleos Mexicanos, Reg. S 6.375% 05/08/2016 EUR 2,190,000 2,348,273 0.41 Petroleos Mexicanos, Reg. S 5.5% 09/01/2017 EUR 4,300,000 4,639,807 0.82 Petroleos Mexicanos, Reg. S 3.125% 27/11/2020 EUR 4,000,000 4,295,000 0.75 15,472,513 2.72 Netherlands ABN AMRO Bank NV, FRN 4.31% Perpetual EUR 4,000,000 4,089,984 0.72 Akzo Nobel NV, Reg. S 1.75% 07/11/2024 EUR 1,410,000 1,475,108 0.26 Alliander NV, Reg. S, FRN 3.25% Perpetual EUR 3,300,000 3,495,558 0.61 Allianz Finance II BV, FRN 4.375% Perpetual EUR 3,340,000 3,528,777 0.62 BAT Netherlands Finance BV, Reg. S 2.375% 19/01/2023 EUR 1,300,000 1,432,720 0.25 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 2.375% 22/05/2023 EUR 1,300,000 1,444,522 0.25 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S, FRN 2.5% 26/05/2026 EUR 2,770,000 2,857,098 0.50 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S, FRN 5.5% Perpetual EUR 2,620,000 2,749,690 0.48 Deutsche Annington Finance BV, Reg. S 0.875% 30/03/2020 EUR 2,090,000 2,087,638 0.37 Deutsche Annington Finance BV, Reg. S 2.125% 09/07/2022 EUR 1,200,000 1,265,109 0.22 Deutsche Annington Finance BV, Reg. S 1.5% 31/03/2025 EUR 2,400,000 2,357,664 0.42 Deutsche Annington Finance BV, Reg. S, FRN 4% Perpetual EUR 1,500,000 1,563,315 0.28 EDP Finance BV, Reg. S 5.75% 21/09/2017 EUR 1,700,000 1,901,280 0.33 EDP Finance BV, Reg. S 2.625% 18/01/2022 EUR 2,000,000 2,115,613 0.37 Enel Finance International NV, Reg. S 3.625% 17/04/2018 EUR 2,000,000 2,179,544 0.38 Enel Finance International NV, Reg. S 4.875% 11/03/2020 EUR 2,500,000 2,978,030 0.52 Enel Finance International NV 1.966% 27/01/2025 EUR 1,500,000 1,562,201 0.28 Gas Natural Fenosa Finance BV, Reg. S 3.5% 15/04/2021 EUR 600,000 688,798 0.12 Gas Natural Fenosa Finance BV, Reg. S 2.875% 11/03/2024 EUR 700,000 793,136 0.14 Generali Finance BV, Reg. S, FRN 4.66% Perpetual EUR 2,310,000 2,436,653 0.43 Heineken NV, Reg. S 2.125% 04/08/2020 EUR 800,000 858,335 0.15 Heineken NV 2% 06/04/2021 EUR 3,200,000 3,424,114 0.60 Iberdrola International BV, Reg. S 2.5% 24/10/2022 EUR 1,500,000 1,645,978 0.29 Koninklijke KPN NV, Reg. S 3.25% 01/02/2021 EUR 2,520,000 2,840,526 0.50 Koninklijke KPN NV, Reg. S, FRN 6.125% Perpetual EUR 1,700,000 1,874,250 0.33 Schaeffler Finance BV, Reg. S 2.5% 15/05/2020 EUR 1,570,000 1,581,775 0.28 Telefonica Europe BV, Reg. S, FRN 7.625% Perpetual EUR 1,500,000 1,830,937 0.32 Volkswagen International Finance NV, Reg. S, FRN 3.5% Perpetual EUR 2,000,000 2,018,625 0.36 Volkswagen International Finance NV, Reg. S, FRN 3.75% Perpetual EUR 1,000,000 1,078,977 0.19 Volkswagen International Finance NV, Reg. S, FRN 3.875% Perpetual EUR 1,000,000 1,068,679 0.19 61,224,634 10.76 Norway Santander Consumer Bank AS, Reg. S 0.625% 20/04/2018 EUR 2,400,000 2,403,630 0.42 2,403,630 0.42 Portugal Brisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018 EUR 2,000,000 2,353,388 0.41 Brisa Concessao Rodoviaria SA, Reg. S 3.875% 01/04/2021 EUR 1,800,000 2,027,538 0.36 4,380,926 0.77 Spain Abertis Infraestructuras SA, Reg. S 4.75% 25/10/2019 EUR 3,600,000 4,232,084 0.74 Abertis Infraestructuras SA, Reg. S 3.75% 20/06/2023 EUR 800,000 953,191 0.17 Abertis Infraestructuras SA, Reg. S 2.5% 27/02/2025 EUR 1,500,000 1,631,243 0.29 BBVA Senior Finance SAU, Reg. S 2.375% 22/01/2019 EUR 2,500,000 2,660,474 0.47 Santander Consumer Finance SA, Reg. S 0.9% 18/02/2020 EUR 3,600,000 3,598,745 0.63 Santander Issuances SAU, Reg. S 2.5% 18/03/2025 EUR 2,000,000 2,009,339 0.35 Telefonica Emisiones SAU, Reg. S 3.661% 18/09/2017 EUR 1,000,000 1,074,971 0.19 Telefonica Emisiones SAU, Reg. S 4.797% 21/02/2018 EUR 2,400,000 2,682,579 0.47 18,842,626 3.31 Sweden Akzo Nobel Sweden Finance AB, Reg. S 2.625% 27/07/2022 EUR 1,400,000 1,556,586 0.27 Alfa Laval Treasury International AB, Reg. S 1.375% 12/09/2022 EUR 3,100,000 3,179,479 0.56 Investor AB, Reg. S 4.5% 12/05/2023 EUR 1,300,000 1,657,895 0.29 Svenska Cellulosa AB SCA 2.5% 09/06/2023 EUR 1,000,000 1,117,659 0.20 TeliaSonera AB, Reg. S 3.625% 14/02/2024 EUR 1,500,000 1,815,587 0.32 9,327,206 1.64

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Switzerland Credit Suisse AG, Reg. S 1.375% 29/11/2019 EUR 1,340,000 1,384,638 0.24 Credit Suisse AG, Reg. S, FRN 5.75% 18/09/2025 EUR 4,300,000 4,978,536 0.88 UBS AG, Reg. S, FRN 4.75% 12/02/2026 EUR 4,400,000 4,880,497 0.86 UBS Group AG, Reg. S, FRN 5.83% Perpetual EUR 2,800,000 2,920,820 0.51 14,164,491 2.49 United Arab Emirates Glencore Finance Dubai Ltd. 2.625% 19/11/2018 EUR 2,000,000 2,117,087 0.37 2,117,087 0.37 United Kingdom Abbey National Treasury Services PLC, Reg. S 1.125% 14/01/2022 EUR 1,500,000 1,512,338 0.27 Barclays Bank PLC, Reg. S 2.125% 24/02/2021 EUR 2,340,000 2,513,286 0.44 Barclays Bank PLC, Reg. S 2.25% 10/06/2024 EUR 1,000,000 1,092,377 0.19 BAT International Finance PLC, Reg. S 3.625% 09/11/2021 EUR 1,300,000 1,528,448 0.27 BAT International Finance PLC, Reg. S 2% 13/03/2045 EUR 1,320,000 1,250,094 0.22 BP Capital Markets PLC, Reg. S 2.213% 25/09/2026 EUR 1,800,000 1,953,106 0.34 BP Capital Markets PLC, Reg. S 1.573% 16/02/2027 EUR 2,000,000 2,035,407 0.36 British Telecommunications PLC, Reg. S 1.125% 10/06/2019 EUR 1,000,000 1,018,990 0.18 FCE Bank PLC, Reg. S 1.75% 21/05/2018 EUR 950,000 981,553 0.17 FCE Bank PLC, Reg. S 1.875% 18/04/2019 EUR 930,000 968,196 0.17 FCE Bank PLC, Reg. S 1.134% 10/02/2022 EUR 1,240,000 1,236,446 0.22 HSBC Holdings PLC, Reg. S, FRN 3.375% 10/01/2024 EUR 1,800,000 1,920,889 0.34 HSBC Holdings PLC, Reg. S, FRN 5.25% Perpetual EUR 3,200,000 3,347,200 0.59 LBG Capital No. 2 PLC, Reg. S 6.385% 12/05/2020 EUR 2,500,000 2,724,375 0.48 Lloyds Bank PLC, Reg. S 0.625% 20/04/2020 EUR 2,920,000 2,908,503 0.51 Lloyds Bank PLC, Reg. S 1% 19/11/2021 EUR 2,010,000 2,022,478 0.36 Lloyds Bank PLC, Reg. S 1.25% 13/01/2025 EUR 2,150,000 2,149,329 0.38 Royal Bank of Scotland Group PLC, Reg. S 1.5% 28/11/2016 EUR 2,820,000 2,864,353 0.50 Royal Bank of Scotland PLC (The) 6.934% 09/04/2018 EUR 1,500,000 1,720,361 0.30 Sky PLC, Reg. S 1.875% 24/11/2023 EUR 2,750,000 2,860,168 0.50 Tesco PLC 5.125% 10/04/2047 EUR 1,200,000 1,326,938 0.23 Vodafone Group PLC, Reg. S 1% 11/09/2020 EUR 2,000,000 2,018,564 0.35 WPP Finance 2013, Reg. S 3% 20/11/2023 EUR 730,000 838,878 0.15 42,792,277 7.52 United States of America AT&T, Inc. 2.65% 17/12/2021 EUR 3,200,000 3,499,896 0.61 AT&T, Inc. 2.4% 15/03/2024 EUR 1,960,000 2,107,763 0.37 AT&T, Inc. 2.6% 17/12/2029 EUR 3,160,000 3,372,704 0.59 AT&T, Inc. 3.375% 15/03/2034 EUR 1,500,000 1,745,417 0.31 AT&T, Inc. 2.45% 15/03/2035 EUR 2,840,000 2,882,423 0.51 Bank of America Corp., Reg. S 2.5% 27/07/2020 EUR 2,570,000 2,784,685 0.49 Bank of America Corp., Reg. S 1.375% 10/09/2021 EUR 3,090,000 3,165,538 0.56 Bank of America Corp., Reg. S 1.375% 26/03/2025 EUR 2,010,000 1,993,796 0.35 Berkshire Hathaway, Inc. 1.125% 16/03/2027 EUR 7,570,000 7,327,510 1.29 Citigroup, Inc., Reg. S 5% 02/08/2019 EUR 1,000,000 1,180,778 0.21 Citigroup, Inc., Reg. S 2.375% 22/05/2024 EUR 2,140,000 2,312,178 0.41 Citigroup, Inc. 1.75% 28/01/2025 EUR 1,860,000 1,905,269 0.33 Coca-Cola Co. (The) 1.125% 09/03/2027 EUR 5,770,000 5,690,117 1.00 GE Capital Trust IV, Reg. S, FRN 4.625% 15/09/2066 EUR 3,800,000 3,968,929 0.70 Goldman Sachs Group, Inc. (The), Reg. S 4.375% 16/03/2017 EUR 1,200,000 1,289,226 0.23 Goldman Sachs Group, Inc. (The), Reg. S 5.125% 23/10/2019 EUR 550,000 655,248 0.11 Goldman Sachs Group, Inc. (The), Reg. S 2.625% 19/08/2020 EUR 1,640,000 1,781,617 0.31 Goldman Sachs Group, Inc. (The), Reg. S 1.375% 26/07/2022 EUR 1,100,000 1,108,919 0.19 International Business Machines Corp. 1.25% 26/05/2023 EUR 1,900,000 1,939,320 0.34 JPMorgan Chase & Co., Reg. S 2.625% 23/04/2021 EUR 3,670,000 4,046,597 0.71 JPMorgan Chase & Co., Reg. S 1.375% 16/09/2021 EUR 4,890,000 5,032,074 0.88 JPMorgan Chase & Co., Reg. S 2.75% 24/08/2022 EUR 1,710,000 1,915,109 0.34 Mondelez International, Inc. 1.625% 08/03/2027 EUR 5,000,000 4,943,300 0.87 Morgan Stanley 3.75% 21/09/2017 EUR 2,330,000 2,513,887 0.44 Morgan Stanley 2.375% 31/03/2021 EUR 3,700,000 3,986,387 0.70 Morgan Stanley 1.875% 30/03/2023 EUR 2,000,000 2,083,373 0.37 Philip Morris International, Inc. 2.875% 03/03/2026 EUR 3,200,000 3,695,526 0.65 Verizon Communications, Inc. 2.375% 17/02/2022 EUR 6,000,000 6,531,495 1.15 Verizon Communications, Inc. 1.625% 01/03/2024 EUR 4,010,000 4,119,527 0.72 Verizon Communications, Inc. 2.625% 01/12/2031 EUR 1,500,000 1,662,413 0.29 ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019 EUR 2,400,000 2,415,000 0.42 93,656,021 16.45 Virgin Islands, British Sinopec Group Overseas Development 2015 Ltd., Reg. S 0.5% 27/04/2018 EUR 3,410,000 3,400,145 0.60 3,400,145 0.60 Total Bonds 550,266,904 96.67 Total Transferable securities and money market instruments admitted to an official exchange listing 550,266,904 96.67

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments dealt in on another regulated market Bonds

France Electricite de France SA, Reg. S, FRN 4.125% Perpetual EUR 2,400,000 2,591,398 0.46 2,591,398 0.46 United States of America Bristol-Myers Squibb Co. 1% 15/05/2025 EUR 1,340,000 1,325,561 0.23 1,325,561 0.23 Total Bonds 3,916,959 0.69 Total Transferable securities and money market instruments dealt in on another regulated market 3,916,959 0.69

Total Investments 554,183,863 97.36 Cash 8,501,465 1.49 Other Assets/(Liabilities) 6,522,262 1.15 Total Net Assets 569,207,590 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 16.68 France 16.31 Netherlands 10.76 Germany 10.07 Italy 9.77 United Kingdom 7.52 Spain 3.31 Luxembourg 2.97 Mexico 2.72 Switzerland 2.49 Ireland 2.14 Sweden 1.64 Denmark 1.39 Cayman Islands 1.13 Australia 1.02 Finland 1.00 Guernsey 0.94 Jersey 0.90 Portugal 0.77 Czech Republic 0.75 Virgin Islands, British 0.60 Hungary 0.44 Belgium 0.44 Norway 0.42 Brazil 0.38 United Arab Emirates 0.37 Austria 0.24 Japan 0.19 Total Investments 97.36 Cash and Other Assets/(Liabilities) 2.64 Total 100.00

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

BNY Mellon Compass Fund – Euro Corporate Bond Fund Schedule of Investments As at 30 April 2015 Financial Futures Contracts Global Unrealised Exposure Gain/(Loss) % of Net Country Security Description Number of Contracts Currency EUR EUR Assets

Germany Euro-Bund, 08/06/2015 150 EUR 23,505,000 (373,500) (0.07) Net Unrealised Loss on Financial Futures Contracts (373,500) (0.07)

Forward Currency Exchange Contracts Unrealised Currency Gain/(Loss) % of Net Purchased Amount Purchased Currency Sold Amount Sold Maturity Date EUR Assets GBP 372,558 EUR 520,691 29/05/2015 (10,000) – Net Unrealised Loss on Forward Currency Exchange Contracts (10,000) –

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

Credit Default Swap Contracts

Unrealised Maturity Market Gain/(Loss) % of Net Nominal Amount Currency Counterparty Reference Entity Buy/Sell Date Value EUR EUR Assets 35,000,000 EUR JPMorgan Securities Ltd. iTraxx Europe Series 23 V1 Sell 20/12/2011 (744,814) (744,814) (0.13) Net Unrealised Loss on Credit Default Swap Contracts (744,814) (744,814) (0.13)

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

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

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Australia Origin Energy Finance Ltd., Reg. S, FRN 7.875% 16/06/2071 EUR 3,630,000 3,952,163 0.80 3,952,163 0.80 Austria Sappi Papier Holding GmbH, Reg. S 3.375% 01/04/2022 EUR 1,110,000 1,087,134 0.22 1,087,134 0.22 Belgium Barry Callebaut Services NV, Reg. S 5.625% 15/06/2021 EUR 740,000 902,985 0.18 902,985 0.18 Bulgaria Bulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018 EUR 10,010,000 10,222,212 2.08 10,222,212 2.08 Canada Bombardier, Inc., Reg. S 6.125% 15/05/2021 EUR 1,720,000 1,883,400 0.38 Valeant Pharmaceuticals International, Inc., Reg. S 4.5% 15/05/2023 EUR 2,070,000 2,088,630 0.43 3,972,030 0.81 Cayman Islands Viridian Group FundCo II Ltd., Reg. S 7.5% 01/03/2020 EUR 2,920,000 3,007,600 0.61 3,007,600 0.61 Croatia Agrokor dd, Reg. S 9.875% 01/05/2019 EUR 3,700,000 4,003,770 0.81 Agrokor dd, Reg. S 9.125% 01/02/2020 EUR 1,580,000 1,765,397 0.36 5,769,167 1.17 Czech Republic CE Energy AS, Reg. S 7% 01/02/2021 EUR 4,040,000 4,130,900 0.84 RPG Byty Sro, Reg. S 6.75% 01/05/2020 EUR 6,000,000 6,342,240 1.29 10,473,140 2.13 France 3AB Optique Developpement SAS, Reg. S 5.625% 15/04/2019 EUR 560,000 551,600 0.11 Accor SA, Reg. S, FRN 4.125% Perpetual EUR 1,500,000 1,551,089 0.31 Areva SA 3.5% 22/03/2021 EUR 2,050,000 2,092,947 0.42 Areva SA 4.875% 23/09/2024 EUR 2,950,000 3,208,125 0.65 Autodis SA, Reg. S 6.5% 01/02/2019 EUR 5,380,000 5,649,430 1.15 Casino Guichard Perrachon SA, Reg. S, FRN 4.87% Perpetual EUR 2,100,000 2,207,100 0.45 Cegedim SA, Reg. S 6.75% 01/04/2020 EUR 3,870,000 4,208,625 0.86 Cerba European Lab SAS, Reg. S 7% 01/02/2020 EUR 1,610,000 1,713,330 0.35 CMA CGM SA, Reg. S 8.75% 15/12/2018 EUR 2,350,000 2,511,562 0.51 Crown European Holdings SA, Reg. S 4% 15/07/2022 EUR 3,680,000 3,946,800 0.80 Crown European Holdings SA, Reg. S 3.375% 15/05/2025 EUR 3,000,000 2,994,750 0.61 Faurecia, Reg. S 3.125% 15/06/2022 EUR 1,010,000 1,016,212 0.21 GIE PSA Tresorerie 6% 19/09/2033 EUR 1,330,000 1,708,518 0.35 Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020 EUR 5,690,000 6,031,400 1.23 Italcementi Finance SA, Reg. S 6.125% 21/02/2018 EUR 1,970,000 2,191,980 0.45 Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020 EUR 1,670,000 1,966,154 0.40 La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020 EUR 3,930,000 4,281,421 0.87 Labco SA, Reg. S 8.5% 15/01/2018 EUR 7,260,000 7,655,670 1.56 Lafarge SA, Reg. S 5.875% 09/07/2019 EUR 1,900,000 2,270,922 0.46 Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 3,610,000 4,280,803 0.87 Loxam SAS, Reg. S 7.375% 24/01/2020 EUR 1,840,000 1,987,200 0.40 Nexans SA 5.75% 02/05/2017 EUR 1,250,000 1,360,200 0.28 Nexans SA 4.25% 19/03/2018 EUR 1,000,000 1,074,000 0.22 Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019 EUR 1,200,000 1,209,889 0.25 Novafives SAS, Reg. S, FRN 4.011% 30/06/2020 EUR 910,000 903,193 0.18 Novafives SAS, Reg. S 4.5% 30/06/2021 EUR 1,070,000 1,062,136 0.22 Novalis SAS, Reg. S 3% 30/04/2022 EUR 2,140,000 2,142,140 0.44 Numericable-SFR SAS, Reg. S 5.375% 15/05/2022 EUR 1,930,000 2,021,675 0.41 Paprec Holding, Reg. S 5.25% 01/04/2022 EUR 1,250,000 1,306,250 0.26 Paprec Holding, Reg. S 7.375% 01/04/2023 EUR 2,470,000 2,605,850 0.53 Picard Groupe SAS, Reg. S, FRN 4.302% 01/08/2019 EUR 2,400,000 2,424,000 0.49 Rexel SA, Reg. S 5.125% 15/06/2020 EUR 1,320,000 1,418,934 0.29 SPCM SA, Reg. S 2.875% 15/06/2023 EUR 1,260,000 1,269,450 0.26 THOM Europe SAS, Reg. S 7.375% 15/07/2019 EUR 3,260,000 3,439,300 0.70 86,262,655 17.55

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

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Germany Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% 30/12/2020 EUR 6,400,000 7,016,000 1.43 HP Pelzer Holding GmbH, Reg. S 7.5% 15/07/2021 EUR 1,840,000 1,996,400 0.41 Paternoster Holding III GmbH, Reg. S 8.5% 15/02/2023 EUR 2,220,000 2,264,400 0.46 Rapid Holding GmbH, Reg. S 6.625% 15/11/2020 EUR 2,630,000 2,605,015 0.53 Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021 EUR 4,790,000 5,065,904 1.03 ThyssenKrupp AG, Reg. S 2.5% 25/02/2025 EUR 1,310,000 1,304,105 0.27 Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022 EUR 2,475,000 2,669,906 0.54 Unitymedia Hessen GmbH & Co. KG, Reg. S 5.125% 21/01/2023 EUR 2,682,000 2,869,070 0.58 Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029 EUR 2,640,000 2,989,800 0.61 28,780,600 5.86 Hungary MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017 EUR 2,800,000 3,032,400 0.62 3,032,400 0.62 Ireland Russian Railways, Reg. S 3.374% 20/05/2021 EUR 1,450,000 1,261,500 0.26 1,261,500 0.26 Italy Astaldi SpA, Reg. S 7.125% 01/12/2020 EUR 1,130,000 1,220,682 0.25 Cooperativa Muratori & Cementisti-CMC di Ravenna SC, Reg. S 7.5% EUR 3,330,000 3,138,525 0.64 Enel SpA, Reg. S, FRN 6.5% 10/01/2074 EUR 3,950,000 4,423,080 0.90 Enel SpA, Reg. S, FRN 5% 15/01/2075 EUR 1,200,000 1,300,398 0.26 Finmeccanica SpA 4.5% 19/01/2021 EUR 1,340,000 1,504,115 0.31 Finmeccanica SpA 5.25% 21/01/2022 EUR 2,500,000 2,930,800 0.60 Finmeccanica SpA 4.875% 24/03/2025 EUR 860,000 1,007,813 0.20 Gamenet SpA, Reg. S 7.25% 01/08/2018 EUR 3,400,000 3,162,340 0.64 IVS F. S.p.A, Reg. S 7.125% 01/04/2020 EUR 1,100,000 1,166,550 0.24 Manutencoop Facility Management SpA, Reg. S 8.5% 01/08/2020 EUR 3,720,000 3,525,072 0.72 Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019 EUR 1,690,000 1,697,267 0.34 Rhino Bondco SpA, Reg. S 7.25% 15/11/2020 EUR 6,760,000 7,267,000 1.48 Sisal Group SpA, Reg. S 7.25% 30/09/2017 EUR 4,860,000 4,884,300 0.99 Snai SpA, Reg. S 7.625% 15/06/2018 EUR 2,600,000 2,730,000 0.56 TeamSystem Holding SpA, Reg. S 7.375% 15/05/2020 EUR 660,000 700,425 0.14 Telecom Italia SpA, Reg. S 5.375% 29/01/2019 EUR 1,500,000 1,708,815 0.35 Telecom Italia SpA, Reg. S 3.25% 16/01/2023 EUR 1,920,000 2,038,228 0.41 Telecom Italia SpA 5.25% 17/03/2055 EUR 800,000 908,234 0.18 Zobele Holding SpA, Reg. S 7.875% 01/02/2018 EUR 610,000 623,957 0.13 45,937,601 9.34 Japan SoftBank Corp., Reg. S 4.625% 15/04/2020 EUR 4,390,000 4,851,828 0.99 4,851,828 0.99 Luxembourg Altice Financing SA, Reg. S 8% 15/12/2019 EUR 1,415,000 1,521,125 0.31 Altice Financing SA, Reg. S 6.5% 15/01/2022 EUR 4,180,000 4,535,718 0.92 Altice SA, Reg. S 7.25% 15/05/2022 EUR 1,370,000 1,421,375 0.29 ArcelorMittal, Reg. S 5.875% 17/11/2017 EUR 1,760,000 1,942,267 0.39 ArcelorMittal, Reg. S 3% 09/04/2021 EUR 820,000 822,425 0.17 ArcelorMittal, Reg. S 3.125% 14/01/2022 EUR 800,000 805,775 0.16 BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020 EUR 2,410,000 2,442,145 0.50 Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018 EUR 4,910,000 5,048,707 1.03 CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019 EUR 1,530,000 1,561,279 0.32 Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020 EUR 1,306,500 1,428,984 0.29 Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019 EUR 850,000 860,625 0.17 Empark Funding SA, Reg. S 6.75% 15/12/2019 EUR 5,280,000 5,887,200 1.20 Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016 EUR 4,070,000 4,423,154 0.90 Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017 EUR 930,000 1,016,258 0.21 Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018 EUR 5,860,000 6,560,563 1.33 Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019 EUR 1,160,000 1,356,156 0.28 Findus Bondco SA, Reg. S 9.125% 01/07/2018 EUR 950,000 1,005,813 0.20 gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019 EUR 1,280,000 1,344,000 0.27 Gazprom OAO, Reg. S 3.755% 15/03/2017 EUR 2,970,000 2,952,328 0.60 Gazprom OAO 6.605% 13/02/2018 EUR 1,140,000 1,201,503 0.24 Gazprom OAO, Reg. S 3.7% 25/07/2018 EUR 2,070,000 2,023,425 0.41 Gazprom OAO, Reg. S 3.389% 20/03/2020 EUR 2,140,000 2,010,958 0.41 Gazprom OAO, Reg. S 3.6% 26/02/2021 EUR 2,730,000 2,545,725 0.52

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

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Luxembourg (Luxembourg) GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018 EUR 2,560,000 2,691,200 0.55 Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018 EUR 3,180,000 3,068,700 0.62 Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020 EUR 880,000 932,800 0.19 HeidelbergCement Finance Luxembourg SA, Reg. S 9.5% 15/12/2018 EUR 1,800,000 2,331,540 0.47 HeidelbergCement Finance Luxembourg SA, Reg. S 8.5% 31/10/2019 EUR 1,270,000 1,666,088 0.34 INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018 EUR 2,300,000 2,386,250 0.49 Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018 EUR 4,280,000 4,354,900 0.89 PagesJaunes Finance & Co. SCA, Reg. S 8.875% 01/06/2018 EUR 340,000 343,400 0.07 Picard Bondco SA, Reg. S 7.75% 01/02/2020 EUR 3,950,000 4,292,663 0.87 Play Finance 2 SA, Reg. S 5.25% 01/02/2019 EUR 1,500,000 1,561,200 0.32 SCHMOLZ + BICKENBACH Luxembourg SA, Reg. S 9.875% 15/05/2019 EUR 1,859,711 2,009,045 0.41 SIG Combibloc Holdings SCA, Reg. S 7.75% 15/02/2023 EUR 1,170,000 1,256,288 0.26 Telecom Italia Finance SA 7.75% 24/01/2033 EUR 2,655,000 3,899,178 0.79 Telenet Finance IV Luxembourg SCA, Reg. S, FRN 3.904% 15/06/2021 EUR 1,600,000 1,616,000 0.33 Telenet Finance V Luxembourg SCA, Reg. S 6.25% 15/08/2022 EUR 1,230,000 1,337,625 0.27 Trinseo Materials Operating SCA, Reg. S 6.375% 01/05/2022 EUR 1,460,000 1,478,250 0.30 Wind Acquisition Finance SA, Reg. S, FRN 4.146% 15/07/2020 EUR 460,000 464,600 0.09 Wind Acquisition Finance SA (Debt Refinance 1), Reg. S 4% 15/07/2020 EUR 1,090,000 1,106,524 0.23 Wind Acquisition Finance SA (Debt Refinance 2), Reg. S 4% 15/07/2020 EUR 4,490,000 4,558,068 0.93 96,071,827 19.54 Mexico Cemex SAB de CV, Reg. S 4.375% 05/03/2023 EUR 2,010,000 2,010,804 0.41 2,010,804 0.41 Netherlands Cable Communications Systems NV, Reg. S 7.5% 01/11/2020 EUR 10,970,000 11,628,200 2.37 Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019 EUR 2,450,000 2,612,312 0.53 Gas Natural Fenosa Finance BV, Reg. S, FRN 4.182% Perpetual EUR 2,500,000 2,630,000 0.54 Grupo Isolux Corsan Finance BV, Reg. S 6.625% 15/04/2021 EUR 2,960,000 2,549,300 0.52 Koninklijke KPN NV, Reg. S, FRN 6.125% Perpetual EUR 3,680,000 4,057,200 0.83 LGE HoldCo VI BV, Reg. S 7.125% 15/05/2024 EUR 7,800,000 8,823,750 1.80 Nyrstar Netherlands Holdings BV, Reg. S 8.5% 15/09/2019 EUR 2,460,000 2,650,650 0.54 OI European Group BV, Reg. S 6.75% 15/09/2020 EUR 4,310,000 5,182,775 1.05 Petrobras Global Finance BV 2.75% 15/01/2018 EUR 1,860,000 1,769,325 0.36 Petrobras Global Finance BV 3.75% 14/01/2021 EUR 1,800,000 1,720,933 0.35 Petrobras Global Finance BV 5.875% 07/03/2022 EUR 1,280,000 1,346,838 0.27 Petrobras Global Finance BV 4.75% 14/01/2025 EUR 810,000 789,451 0.16 Phoenix PIB Dutch Finance BV, Reg. S 3.625% 30/07/2021 EUR 900,000 952,200 0.19 Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016 EUR 1,240,000 1,272,549 0.26 Portugal Telecom International Finance BV 4.375% 24/03/2017 EUR 1,010,000 1,025,134 0.21 Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018 EUR 1,560,000 1,618,371 0.33 Portugal Telecom International Finance BV, Reg. S 4.625% 08/05/2020 EUR 990,000 989,070 0.20 Refresco Gerber NV, Reg. S 7.375% 15/05/2018 EUR 540,000 562,950 0.11 Repsol International Finance BV, Reg. S, FRN 4.5% 25/03/2075 EUR 1,570,000 1,554,300 0.32 Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.125% EUR 1,400,000 1,438,644 0.29 Schaeffler Finance BV, Reg. S 3.25% 15/05/2025 EUR 1,260,000 1,277,640 0.26 Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018 EUR 5,050,000 5,298,460 1.08 Selecta Group BV, Reg. S 6.5% 15/06/2020 EUR 630,000 639,450 0.13 Stork Technical Services Holdco BV, Reg. S 11% 15/08/2017 EUR 700,000 682,500 0.14 Telefonica Europe BV, Reg. S, FRN 7.625% Perpetual EUR 10,600,000 12,938,625 2.63 TMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018 EUR 890,000 901,125 0.18 United Group BV, Reg. S 7.875% 15/11/2020 EUR 7,930,000 8,512,855 1.73 UPC Holding BV, Reg. S 6.375% 15/09/2022 EUR 740,000 802,782 0.16 UPC Holding BV, Reg. S 6.75% 15/03/2023 EUR 3,370,000 3,716,267 0.76 89,943,656 18.30 Norway Silk Bidco AS, Reg. S 7.5% 01/02/2022 EUR 900,000 941,625 0.19 941,625 0.19 Spain Abengoa Finance SAU, Reg. S 8.875% 05/02/2018 EUR 1,400,000 1,477,616 0.30 Abengoa Finance SAU, Reg. S 7% 15/04/2020 EUR 3,340,000 3,242,806 0.66 Abengoa SA 8.5% 31/03/2016 EUR 4,650,000 4,895,055 0.99 Obrascon Huarte Lain SA, Reg. S 5.5% 15/03/2023 EUR 990,000 965,250 0.20 10,580,727 2.15

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

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Sweden Ciech Group Financing AB, Reg. S 9.5% 30/11/2019 EUR 1,780,000 1,973,717 0.40 Eileme 2 AB, Reg. S 11.75% 31/01/2020 EUR 2,420,000 2,737,528 0.56 TVN Finance Corp. III AB, Reg. S 7.375% 15/12/2020 EUR 950,000 1,059,573 0.22 Verisure Holding AB, Reg. S 8.75% 01/09/2018 EUR 2,490,000 2,666,940 0.54 Volvo Treasury AB, Reg. S, FRN 4.2% 10/06/2075 EUR 1,820,000 1,873,781 0.38 Volvo Treasury AB, Reg. S, FRN 4.85% 10/03/2078 EUR 1,270,000 1,345,209 0.27 11,656,748 2.37 United Kingdom Alliance Automotive Finance PLC, Reg. S 6.25% 01/12/2021 EUR 1,370,000 1,431,650 0.29 Boing Group Financing PLC, Reg. S 6.625% 15/07/2019 EUR 2,360,000 2,324,647 0.47 International Game Technology PLC, Reg. S 4.125% 15/02/2020 EUR 3,540,000 3,597,525 0.73 International Game Technology PLC, Reg. S 4.75% 15/02/2023 EUR 4,450,000 4,516,750 0.92 Rexam PLC, Reg. S, FRN 6.75% 29/06/2067 EUR 2,220,000 2,296,590 0.47 TA MFG. Ltd., Reg. S 3.625% 15/04/2023 EUR 3,080,000 3,090,685 0.63 Tesco Corporate Treasury Services PLC, Reg. S 2.5% 01/07/2024 EUR 1,370,000 1,345,852 0.27 Tesco PLC 5.125% 10/04/2047 EUR 5,150,000 5,694,777 1.16 Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020 EUR 1,980,000 2,140,867 0.44 Thomas Cook Finance PLC, Reg. S 6.75% 15/06/2021 EUR 4,140,000 4,440,150 0.90 Thomas Cook Group PLC 6.75% 22/06/2015 EUR 2,090,000 2,100,450 0.43 32,979,943 6.71 United States of America Cemex Finance LLC, Reg. S 5.25% 01/04/2021 EUR 1,150,000 1,210,375 0.25 Kloeckner Pentaplast of America, Inc., Reg. S 7.125% 01/11/2020 EUR 1,870,000 1,895,713 0.38 VWR Funding, Inc., Reg. S 4.625% 15/04/2022 EUR 2,040,000 2,022,660 0.41 ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019 EUR 3,500,000 3,521,875 0.72 ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023 EUR 2,000,000 1,985,000 0.40 10,635,623 2.16 Total Bonds 464,333,968 94.45 Total Transferable securities and money market instruments admitted to an official exchange listing 464,333,968 94.45

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

Italy Snai SpA, Reg. S 12% 15/12/2018 EUR 1,070,000 1,150,250 0.23 1,150,250 0.23 Total Bonds 1,150,250 0.23 Total Transferable securities and money market instruments dealt in on another regulated market 1,150,250 0.23

Total Investments 465,484,218 94.68 Cash 20,815,455 4.23 Other Assets/(Liabilities) 5,326,693 1.09 Total Net Assets 491,626,366 100.00

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

BNY Mellon Compass Fund – Euro High Yield Bond Fund Schedule of Investments As at 30 April 2015 Geographic Allocation of Portfolio % of Net Assets Luxembourg 19.54 Netherlands 18.30 France 17.55 Italy 9.57 United Kingdom 6.71 Germany 5.86 Sweden 2.37 United States of America 2.16 Spain 2.15 Czech Republic 2.13 Bulgaria 2.08 Croatia 1.17 Japan 0.99 Canada 0.81 Australia 0.80 Hungary 0.62 Cayman Islands 0.61 Mexico 0.41 Ireland 0.26 Austria 0.22 Norway 0.19 Belgium 0.18 Total Investments 94.68 Cash and Other Assets/(L 5.32 Total 100.00

Credit Default Swap Contracts Unrealised Nominal Maturity Market Gain/(Loss) % of Net Amount Currency Counterparty Reference Entity Buy/Sell Date Value EUR EUR Assets 2,100,000 EUR Deutsche Bank AG Brisa Concessao Rodoviaria SA 4.500% 05/12/2016 Sell 20/12/2011 341,982 341,982 0.07 1,400,000 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 0.03 3,200,000 EUR Barclays Bank PLC UPC Holding BV 8.375% 15/08/2020 Sell 20/12/2011 18,204 18,204 0.01 Total Unrealised Gain on Credit Default Swap Contracts 735,736 735,736 0.16 3,570,000 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) Total Unrealised Loss on Credit Default Swap Contracts (760,271) (760,271) (0.16) Net Unrealised Loss on Credit Default Swap Contracts (24,535) (24,535) –

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

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

BNY Mellon Compass Fund – Global Emerging Markets Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Bermuda China Resources Gas Group Ltd., Reg. S 4.5% 05/04/2022 USD 470,000 499,955 0.60 499,955 0.60 Brazil Banco Daycoval SA, Reg. S 5.75% 19/03/2019 USD 365,000 375,903 0.45 Banco Nacional de Desenvolvimento Economico e Social, Reg. S 5.75% 26/09/2023 USD 795,000 849,060 1.02 Oi SA, Reg. S 5.75% 10/02/2022 USD 410,000 346,450 0.41 1,571,413 1.88 Cayman Islands Odebrecht Finance Ltd., Reg. S 5.25% 27/06/2029 USD 470,000 410,075 0.49 410,075 0.49 Chile Empresa de Transporte de Pasajeros Metro SA, Reg. S 4.75% 04/02/2024 USD 210,000 228,637 0.27 Empresa Nacional del Petroleo, Reg. S 4.75% 06/12/2021 USD 945,000 1,000,519 1.20 Empresa Nacional del Petroleo, Reg. S 4.375% 30/10/2024 USD 1,070,000 1,096,750 1.31 ENTEL Chile SA, Reg. S 4.75% 01/08/2026 USD 270,000 282,488 0.34 SACI Falabella, Reg. S 3.75% 30/04/2023 USD 585,000 596,700 0.72 3,205,094 3.84 Colombia Ecopetrol SA 5.875% 18/09/2023 USD 490,000 531,038 0.64 531,038 0.64 Costa Rica Instituto Costarricense de Electricidad, Reg. S 6.95% 10/11/2021 USD 440,000 471,900 0.56 471,900 0.56 Hungary Magyar Export-Import Bank Zrt., Reg. S 4% 30/01/2020 USD 755,000 776,234 0.93 MFB Magyar Fejlesztesi Bank Zrt., Reg. S 6.25% 21/10/2020 USD 2,155,000 2,456,700 2.95 3,232,934 3.88 India Bank of Baroda, Reg. S 4.875% 23/07/2019 USD 320,000 345,187 0.41 Bank of India, Reg. S 6.25% 16/02/2021 USD 730,000 838,007 1.01 Export-Import Bank of India, Reg. S 2.75% 01/04/2020 USD 420,000 418,414 0.50 Export-Import Bank of India, Reg. S 4% 14/01/2023 USD 450,000 463,520 0.56 2,065,128 2.48 Indonesia Pertamina Persero PT, Reg. S 4.3% 20/05/2023 USD 1,705,000 1,704,574 2.05 Pertamina Persero PT, Reg. S 6.45% 30/05/2044 USD 235,000 251,861 0.30 1,956,435 2.35 Ireland Vnesheconombank, Reg. S 6.8% 22/11/2025 USD 595,000 551,321 0.66 551,321 0.66 Kazakhstan Development Bank of Kazakhstan JSC, Reg. S 4.125% 10/12/2022 USD 1,260,000 1,165,500 1.40 1,165,500 1.40 Luxembourg Gazprom Neft OAO, Reg. S 6% 27/11/2023 USD 405,000 372,114 0.45 QGOG Constellation SA, Reg. S 6.25% 09/11/2019 USD 850,000 615,187 0.74 Russian Agricultural Bank OJSC, Reg. S 5.1% 25/07/2018 USD 590,000 552,388 0.66 1,539,689 1.85 Malaysia Petroliam Nasional Bhd., Reg. S 7.625% 15/10/2026 USD 570,000 787,575 0.94 787,575 0.94 Mexico Comision Federal de Electricidad, Reg. S 4.875% 15/01/2024 USD 885,000 952,481 1.14 Grupo Bimbo SAB de CV, Reg. S 4.5% 25/01/2022 USD 410,000 440,385 0.53 Grupo Televisa SAB 6.625% 18/03/2025 USD 315,000 393,032 0.47 Tenedora Nemak SA de CV, Reg. S 5.5% 28/02/2023 USD 365,000 382,794 0.46 2,168,692 2.60 Morocco OCP SA, Reg. S 5.625% 25/04/2024 USD 355,000 377,631 0.45 OCP SA, Reg. S 6.875% 25/04/2044 USD 345,000 378,638 0.46 756,269 0.91 Netherlands Petrobras Global Finance BV 7.25% 17/03/2044 USD 455,000 447,515 0.54 447,515 0.54 Panama Global Bank Corp., Reg. S 5.125% 30/10/2019 USD 310,000 321,296 0.38 321,296 0.38 Peru Gas Natural de Lima y Callao SA, Reg. S 4.375% 01/04/2023 USD 475,000 486,281 0.58 486,281 0.58

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

BNY Mellon Compass Fund – Global Emerging Markets Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Philippines Power Sector Assets & Liabilities Management Corp., Reg. S 7.39% 02/12/2024 USD 850,000 1,147,500 1.38 1,147,500 1.38 South Africa Transnet SOC Ltd., Reg. S 4% 26/07/2022 USD 1,590,000 1,540,312 1.85 1,540,312 1.85 Sri Lanka Bank of Ceylon, Reg. S 5.325% 16/04/2018 USD 890,000 888,220 1.06 888,220 1.06 Supranational Eurasian Development Bank, Reg. S 4.767% 20/09/2022 USD 1,785,000 1,704,675 2.04 1,704,675 2.04 Trinidad and Tobago Petroleum Co. of Trinidad & Tobago Ltd., Reg. S 6% 08/05/2022 USD 303,125 325,480 0.39 325,480 0.39 Turkey Export Credit Bank of Turkey, Reg. S 5.875% 24/04/2019 USD 405,000 427,781 0.51 TC Ziraat Bankasi AS, Reg. S 4.25% 03/07/2019 USD 1,475,000 1,465,781 1.76 Turk Telekomunikasyon AS, Reg. S 3.75% 19/06/2019 USD 400,000 399,500 0.48 Turkiye Vakiflar Bankasi TAO, Reg. S 5% 31/10/2018 USD 405,000 414,113 0.50 2,707,175 3.25 Virgin Islands, British China Cinda Finance 2014 Ltd., Reg. S 5.625% 14/05/2024 USD 380,000 414,665 0.50 Dianjian Haixing Ltd., Reg. S, FRN 4.05% Perpetual USD 275,000 284,625 0.34 King Power Capital Ltd., Reg. S 5.625% 03/11/2024 USD 395,000 426,033 0.51 Prosperous Ray Ltd., Reg. S 4.625% 12/11/2023 USD 815,000 885,504 1.06 Sinopec Group Overseas Development 2015 Ltd., Reg. S 2.5% 28/04/2020 USD 405,000 402,505 0.48 2,413,332 2.89 Total Bonds 32,894,804 39.44 Total Transferable securities and money market instruments admitted to an official exchange listing 32,894,804 39.44

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

Brazil Caixa Economica Federal, Reg. S 4.5% 03/10/2018 USD 220,000 223,300 0.27 Caixa Economica Federal, Reg. S 4.25% 13/05/2019 USD 330,000 328,350 0.39 Caixa Economica Federal, Reg. S 3.5% 07/11/2022 USD 1,245,000 1,139,175 1.37 1,690,825 2.03 Chile Telefonica Chile SA, Reg. S 3.875% 12/10/2022 USD 470,000 485,158 0.58 485,158 0.58 Colombia Banco Davivienda SA, Reg. S 5.875% 09/07/2022 USD 365,000 377,775 0.45 Colombia Government International Bond 7.375% 18/09/2037 USD 1,115,000 1,492,706 1.79 Colombia Government International Bond 5% 15/06/2045 USD 260,000 263,900 0.32 2,134,381 2.56 Costa Rica Banco Nacional de Costa Rica, Reg. S 6.25% 01/11/2023 USD 810,000 833,288 1.00 833,288 1.00 Croatia Croatia Government International Bond, Reg. S 6.75% 05/11/2019 USD 520,000 578,500 0.69 Croatia Government International Bond, Reg. S 6.625% 14/07/2020 USD 555,000 617,438 0.74 Croatia Government International Bond, Reg. S 5.5% 04/04/2023 USD 420,000 445,725 0.54 1,641,663 1.97 Curacao SUAM Finance BV, Reg. S 4.875% 17/04/2024 USD 510,000 534,863 0.64 534,863 0.64 Dominican Republic Dominican Republic International Bond, Reg. S 5.875% 18/04/2024 USD 785,000 832,100 1.00 Dominican Republic International Bond, Reg. S 6.85% 27/01/2045 USD 300,000 316,500 0.38 1,148,600 1.38 El Salvador El Salvador Government International Bond, Reg. S 7.75% 24/01/2023 USD 410,000 462,019 0.56 El Salvador Government International Bond, Reg. S 7.65% 15/06/2035 USD 300,000 320,062 0.38 782,081 0.94 Georgia Georgia Government International Bond, Reg. S 6.875% 12/04/2021 USD 300,000 335,250 0.40 335,250 0.40

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

BNY Mellon Compass Fund – Global Emerging Markets Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

Guatemala Guatemala Government Bond, Reg. S 5.75% 06/06/2022 USD 275,000 305,250 0.37 305,250 0.37 Hungary Hungary Government International Bond 5.75% 22/11/2023 USD 174,000 200,317 0.24 200,317 0.24 Indonesia Indonesia Government International Bond, Reg. S 4.125% 15/01/2025 USD 810,000 826,706 0.99 Indonesia Government International Bond, Reg. S 8.5% 12/10/2035 USD 1,013,000 1,463,279 1.75 Indonesia Government International Bond, Reg. S 5.125% 15/01/2045 USD 235,000 242,050 0.29 Perusahaan Gas Negara Persero Tbk. PT, Reg. S 5.125% 16/05/2024 USD 420,000 441,084 0.53 2,973,119 3.56 Ivory Coast Ivory Coast Government International Bond, Reg. S 5.375% 23/07/2024 USD 1,500,000 1,436,250 1.72 Ivory Coast Government International Bond, Reg. S 6.375% 03/03/2028 USD 325,000 328,250 0.39 1,764,500 2.11 Kazakhstan KazAgro National Management Holding JSC, Reg. S 4.625% 24/05/2023 USD 1,850,000 1,722,813 2.06 Kazakhstan Government International Bond, Reg. S 3.875% 14/10/2024 USD 385,000 374,422 0.45 2,097,235 2.51 Kenya Kenya Government International Bond, Reg. S 6.875% 24/06/2024 USD 770,000 814,275 0.98 814,275 0.98 Lithuania Lithuania Government International Bond, Reg. S 6.125% 09/03/2021 USD 565,000 665,666 0.80 Lithuania Government International Bond, Reg. S 6.625% 01/02/2022 USD 310,000 382,463 0.46 1,048,129 1.26 Mexico Mexico Government International Bond 3.6% 30/01/2025 USD 730,000 743,505 0.89 Petroleos Mexicanos 6.625% 15/06/2035 USD 1,265,000 1,431,980 1.72 2,175,485 2.61 Mongolia Mongolia Government International Bond, Reg. S 5.125% 05/12/2022 USD 200,000 178,750 0.21 178,750 0.21 Morocco Morocco Government International Bond, Reg. S 5.5% 11/12/2042 USD 300,000 322,500 0.39 322,500 0.39 Namibia Namibia International Bonds, Reg. S 5.5% 03/11/2021 USD 310,000 342,550 0.41 342,550 0.41 Panama Panama Bonos del Tesoro 5.625% 25/07/2022 USD 405,000 447,788 0.54 Panama Government International Bond 4% 22/09/2024 USD 340,000 354,450 0.43 Panama Government International Bond 3.75% 16/03/2025 USD 400,000 408,500 0.49 Panama Government International Bond 9.375% 01/04/2029 USD 1,145,000 1,751,850 2.10 Panama Notas del Tesoro 4.875% 05/02/2021 USD 175,000 187,416 0.22 3,150,004 3.78 Paraguay Republic of Paraguay, Reg. S 4.625% 25/01/2023 USD 630,000 650,475 0.78 650,475 0.78 Peru Corp. Financiera de Desarrollo SA, Reg. S 4.75% 08/02/2022 USD 1,535,000 1,647,055 1.98 Fondo MIVIVIENDA SA, Reg. S 3.5% 31/01/2023 USD 1,180,000 1,171,150 1.40 Minsur SA, Reg. S 6.25% 07/02/2024 USD 630,000 702,450 0.84 3,520,655 4.22 Philippines Philippine Government International Bond 10.625% 16/03/2025 USD 470,000 765,982 0.92 Philippine Government International Bond 9.5% 02/02/2030 USD 1,130,000 1,900,095 2.28 2,666,077 3.20 Poland Poland Government International Bond 5% 23/03/2022 USD 1,328,000 1,516,822 1.82 Poland Government International Bond 4% 22/01/2024 USD 747,000 812,362 0.97 2,329,184 2.79 Romania Romanian Government International Bond, Reg. S 4.375% 22/08/2023 USD 380,000 403,531 0.48 Romanian Government International Bond, Reg. S 4.875% 22/01/2024 USD 1,240,000 1,363,225 1.64 Romanian Government International Bond, Reg. S 6.125% 22/01/2044 USD 450,000 561,938 0.67 2,328,694 2.79

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

BNY Mellon Compass Fund – Global Emerging Markets Bond Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

Russia Russian Foreign Bond - Eurobond, Reg. S 5% 29/04/2020 USD 200,000 203,750 0.24 Russian Foreign Bond - Eurobond, Reg. S 4.5% 04/04/2022 USD 400,000 388,500 0.47 Russian Foreign Bond - Eurobond, Reg. S 4.875% 16/09/2023 USD 400,000 391,500 0.47 983,750 1.18 Serbia Republic of Serbia, Reg. S 7.25% 28/09/2021 USD 1,090,000 1,252,138 1.50 1,252,138 1.50 South Africa South Africa Government International Bond 5.875% 16/09/2025 USD 1,030,000 1,179,350 1.41 1,179,350 1.41 Sri Lanka Sri Lanka Government International Bond, Reg. S 6.25% 27/07/2021 USD 450,000 466,425 0.56 466,425 0.56 Turkey Export Credit Bank of Turkey, Reg. S 5% 23/09/2021 USD 990,000 1,002,375 1.20 Turkey Government International Bond 7.375% 05/02/2025 USD 625,000 767,187 0.92 Turkey Government International Bond 8% 14/02/2034 USD 887,000 1,193,015 1.43 Turkey Government International Bond 4.875% 16/04/2043 USD 260,000 250,250 0.30 3,212,827 3.85 United States of America US Treasury Bill 0% 13/08/2015 USD 35,000 34,995 0.04 34,995 0.04 Uruguay Uruguay Government International Bond 7.875% 15/01/2033 USD 1,509,510 2,113,314 2.54 Uruguay Government International Bond 7.625% 21/03/2036 USD 300,000 420,000 0.50 2,533,314 3.04 Vietnam Vietnam Government International Bond, Reg. S 6.75% 29/01/2020 USD 140,000 158,200 0.19 Vietnam Government International Bond, Reg. S 4.8% 19/11/2024 USD 850,000 889,312 1.07 1,047,512 1.26 Total Bonds 47,163,619 56.55 Total Transferable securities and money market instruments dealt in on another regulated market 47,163,619 56.55

Total Investments 80,058,423 95.99 Cash 2,712,478 3.25 Other Assets/(Liabilities) 628,545 0.76 Total Net Assets 83,399,446 100.00

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

BNY Mellon Compass Fund – Global Emerging Markets Bond Fund Schedule of Investments As at 30 April 2015

Geographic Allocation of Portfolio % of Net Assets Turkey 7.10 Indonesia 5.91 Mexico 5.21 Peru 4.80 Philippines 4.58 Chile 4.42 Panama 4.16 Hungary 4.12 Kazakhstan 3.91 Brazil 3.91 South Africa 3.26 Colombia 3.20 Uruguay 3.04 Virgin Islands, British 2.89 Poland 2.79 Romania 2.79 India 2.48 Ivory Coast 2.11 Supranational 2.04 Croatia 1.97 Luxembourg 1.85 Sri Lanka 1.62 Costa Rica 1.56 Serbia 1.50 Dominican Republic 1.38 Morocco 1.30 Lithuania 1.26 Vietnam 1.26 Russia 1.18 Kenya 0.98 Malaysia 0.94 El Salvador 0.94 Paraguay 0.78 Ireland 0.66 Curacao 0.64 Bermuda 0.60 Netherlands 0.54 Cayman Islands 0.49 Namibia 0.41 Georgia 0.40 Trinidad and Tobago 0.39 Guatemala 0.37 Mongolia 0.21 United States of America 0.04 Total Investments 95.99 Cash and Other Assets/(Liabilities) 4.01 Total 100.00

Financial Futures Contracts

Unrealised Global Exposure Gain/(Loss) % of Net Country Security Description Number of Contracts Currency USD USD Assets US 10 Year Note, United States of America 19/06/2015 (9) USD (1,155,375) (8,328) (0.01) Net Unrealised Loss on Financial Futures Contracts (8,328) (0.01)

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

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Australia Origin Energy Finance Ltd., Reg. S, FRN 7.875% 16/06/2071 EUR 200,000 217,750 0.25 217,750 0.25 Austria Sappi Papier Holding GmbH, Reg. S 3.375% 01/04/2022 EUR 100,000 97,940 0.11 97,940 0.11 Belgium Barry Callebaut Services NV, Reg. S 5.625% 15/06/2021 EUR 100,000 122,025 0.14 122,025 0.14 Bermuda Aircastle Ltd. 5.5% 15/02/2022 USD 75,000 71,617 0.08 71,617 0.08 Bulgaria Bulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018 EUR 690,000 704,628 0.80 704,628 0.80 Canada Bombardier, Inc., Reg. S 6.125% 15/05/2021 EUR 100,000 109,500 0.12 Valeant Pharmaceuticals International, Inc., Reg. S 4.5% 15/05/2023 EUR 100,000 100,900 0.12 210,400 0.24 Cayman Islands Viridian Group FundCo II Ltd., Reg. S 7.5% 01/03/2020 EUR 200,000 206,000 0.24 206,000 0.24 Croatia Agrokor dd, Reg. S 9.875% 01/05/2019 EUR 400,000 432,840 0.49 Agrokor dd, Reg. S 9.125% 01/02/2020 EUR 100,000 111,734 0.13 544,574 0.62 Czech Republic CE Energy AS, Reg. S 7% 01/02/2021 EUR 230,000 235,175 0.27 RPG Byty Sro, Reg. S 6.75% 01/05/2020 EUR 500,000 528,520 0.60 763,695 0.87 France Accor SA, Reg. S, FRN 4.125% Perpetual EUR 100,000 103,406 0.12 Areva SA 3.5% 22/03/2021 EUR 150,000 153,142 0.17 Areva SA 4.875% 23/09/2024 EUR 200,000 217,500 0.25 Autodis SA, Reg. S 6.5% 01/02/2019 EUR 320,000 336,026 0.38 Cegedim SA, Reg. S 6.75% 01/04/2020 EUR 330,000 358,875 0.41 Cerba European Lab SAS, Reg. S 7% 01/02/2020 EUR 200,000 212,836 0.24 Crown European Holdings SA, Reg. S 4% 15/07/2022 EUR 300,000 321,750 0.37 Crown European Holdings SA, Reg. S 3.375% 15/05/2025 EUR 220,000 219,615 0.25 Faurecia, Reg. S 3.125% 15/06/2022 EUR 100,000 100,615 0.12 GIE PSA Tresorerie 6% 19/09/2033 EUR 95,000 122,037 0.14 Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020 EUR 430,000 455,800 0.52 Italcementi Finance SA, Reg. S 6.125% 21/02/2018 EUR 110,000 122,395 0.14 Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020 EUR 130,000 153,054 0.17 La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020 EUR 330,000 359,509 0.41 Labco SA, Reg. S 8.5% 15/01/2018 EUR 410,000 432,345 0.49 Lafarge SA, Reg. S 5.875% 09/07/2019 EUR 200,000 239,044 0.27 Lafarge SA, Reg. S 4.75% 30/09/2020 EUR 210,000 249,022 0.28 Loxam SAS, Reg. S 7.375% 24/01/2020 EUR 200,000 216,000 0.25 Nexans SA 5.75% 02/05/2017 EUR 200,000 217,632 0.25 Nexans SA 4.25% 19/03/2018 EUR 100,000 107,400 0.12 Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019 EUR 100,000 100,824 0.12 Novafives SAS, Reg. S 4.5% 30/06/2021 EUR 100,000 99,265 0.11 Novalis SAS, Reg. S 3% 30/04/2022 EUR 140,000 140,140 0.16 Numericable-SFR SAS 144A 6% 15/05/2022 USD 200,000 183,057 0.21 Numericable-SFR SAS, Reg. S 5.375% 15/05/2022 EUR 140,000 146,650 0.17 Numericable-SFR SAS 144A 6.25% 15/05/2024 USD 355,000 325,920 0.37 Paprec Holding, Reg. S 5.25% 01/04/2022 EUR 100,000 104,500 0.12 Paprec Holding, Reg. S 7.375% 01/04/2023 EUR 140,000 147,700 0.17 Picard Groupe SAS, Reg. S, FRN 4.302% 01/08/2019 EUR 370,000 373,700 0.43 Rexel SA, Reg. S 5.125% 15/06/2020 EUR 100,000 107,495 0.12 SPCM SA, Reg. S 2.875% 15/06/2023 EUR 100,000 100,750 0.12 THOM Europe SAS, Reg. S 7.375% 15/07/2019 EUR 220,000 232,100 0.26 6,760,104 7.71

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Germany Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% 30/12/2020 EUR 410,000 449,463 0.51 HP Pelzer Holding GmbH, Reg. S 7.5% 15/07/2021 EUR 100,000 108,500 0.12 Rapid Holding GmbH, Reg. S 6.625% 15/11/2020 EUR 200,000 198,100 0.23 Safari Holding Verwaltungs GmbH, Reg. S 8.25% 15/02/2021 EUR 250,000 264,400 0.30 ThyssenKrupp AG, Reg. S 2.5% 25/02/2025 EUR 130,000 129,415 0.15 Unitymedia Hessen GmbH & Co. KG, Reg. S 5.5% 15/09/2022 EUR 135,000 145,631 0.17 Unitymedia Hessen GmbH & Co. KG, Reg. S 5.125% 21/01/2023 EUR 207,000 221,438 0.25 Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029 EUR 200,000 226,500 0.26 1,743,447 1.99 Hungary MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017 EUR 350,000 379,050 0.43 379,050 0.43 Ireland Russian Railways, Reg. S 3.374% 20/05/2021 EUR 100,000 87,000 0.10 87,000 0.10 Italy Astaldi SpA, Reg. S 7.125% 01/12/2020 EUR 100,000 108,025 0.12 Cooperativa Muratori & Cementisti-CMC di Ravenna SC, Reg. S 7.5% 01/08/2021 EUR 200,000 188,500 0.21 Enel SpA, Reg. S, FRN 6.5% 10/01/2074 EUR 280,000 313,535 0.36 Finmeccanica SpA 4.5% 19/01/2021 EUR 100,000 112,247 0.13 Finmeccanica SpA 5.25% 21/01/2022 EUR 200,000 234,464 0.27 Finmeccanica SpA 4.875% 24/03/2025 EUR 80,000 93,750 0.11 Gamenet SpA, Reg. S 7.25% 01/08/2018 EUR 230,000 213,923 0.24 IVS F. S.p.A, Reg. S 7.125% 01/04/2020 EUR 120,000 127,260 0.15 Manutencoop Facility Management SpA, Reg. S 8.5% 01/08/2020 EUR 300,000 284,280 0.32 Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019 EUR 100,000 100,430 0.11 Rhino Bondco SpA, Reg. S 7.25% 15/11/2020 EUR 500,000 537,500 0.61 Sisal Group SpA, Reg. S 7.25% 30/09/2017 EUR 330,000 331,650 0.38 Snai SpA, Reg. S 7.625% 15/06/2018 EUR 210,000 220,500 0.25 Telecom Italia SpA, Reg. S 5.375% 29/01/2019 EUR 100,000 113,921 0.13 Telecom Italia SpA, Reg. S 3.25% 16/01/2023 EUR 120,000 127,389 0.15 Zobele Holding SpA, Reg. S 7.875% 01/02/2018 EUR 100,000 102,288 0.12 3,209,662 3.66 Japan SoftBank Corp., Reg. S 4.625% 15/04/2020 EUR 300,000 331,560 0.38 331,560 0.38 Luxembourg Albea Beauty Holdings SA 144A 8.375% 01/11/2019 USD 600,000 580,965 0.66 Altice Financing SA, Reg. S 8% 15/12/2019 EUR 100,000 107,500 0.12 Altice Financing SA, Reg. S 6.5% 15/01/2022 EUR 330,000 358,083 0.41 Altice Financing SA 144A 6.625% 15/02/2023 USD 240,000 221,677 0.25 Altice SA, Reg. S 7.25% 15/05/2022 EUR 130,000 134,875 0.15 ArcelorMittal 5.25% 25/02/2017 USD 70,000 65,149 0.07 ArcelorMittal, Reg. S 5.875% 17/11/2017 EUR 120,000 132,427 0.15 ArcelorMittal 10.35% 01/06/2019 USD 280,000 301,727 0.34 ArcelorMittal, Reg. S 3% 09/04/2021 EUR 100,000 100,296 0.11 ArcelorMittal, Reg. S 3.125% 14/01/2022 EUR 120,000 120,866 0.14 BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020 EUR 210,000 212,801 0.24 Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018 EUR 350,000 359,887 0.41 CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019 EUR 100,000 102,044 0.12 Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020 EUR 97,500 106,641 0.12 Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019 EUR 100,000 101,250 0.12 Empark Funding SA, Reg. S 6.75% 15/12/2019 EUR 430,000 479,450 0.55 Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016 EUR 100,000 108,677 0.12 Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017 EUR 100,000 109,275 0.13 Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018 EUR 450,000 503,798 0.58 Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019 EUR 100,000 116,910 0.13

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Luxembourg (continued) Findus Bondco SA, Reg. S 9.125% 01/07/2018 EUR 100,000 105,875 0.12 gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019 EUR 110,000 115,500 0.13 Gazprom OAO, Reg. S 3.755% 15/03/2017 EUR 170,000 168,988 0.19 Gazprom OAO 6.605% 13/02/2018 EUR 100,000 105,395 0.12 Gazprom OAO, Reg. S 3.7% 25/07/2018 EUR 140,000 136,850 0.16 Gazprom OAO, Reg. S 3.389% 20/03/2020 EUR 150,000 140,955 0.16 Gazprom OAO, Reg. S 3.6% 26/02/2021 EUR 210,000 195,825 0.22 GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018 EUR 230,000 241,788 0.28 Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018 EUR 220,000 212,300 0.24 Gestamp Funding Luxembourg SA 144A 5.625% 31/05/2020 USD 200,000 185,623 0.21 Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020 EUR 100,000 106,000 0.12 HeidelbergCement Finance Luxembourg SA, Reg. S 8.5% 31/10/2019 EUR 100,000 131,188 0.15 INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018 EUR 200,000 207,500 0.24 Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018 EUR 300,000 305,250 0.35 Picard Bondco SA, Reg. S 7.75% 01/02/2020 EUR 200,000 217,350 0.25 SCHMOLZ + BICKENBACH Luxembourg SA, Reg. S 9.875% 15/05/2019 EUR 130,506 140,986 0.16 Telecom Italia Capital SA 6% 30/09/2034 USD 115,000 107,760 0.12 Telecom Italia Finance SA 7.75% 24/01/2033 EUR 195,000 286,380 0.33 Telenet Finance IV Luxembourg SCA, Reg. S, FRN 3.904% 15/06/2021 EUR 100,000 101,000 0.12 Telenet Finance V Luxembourg SCA, Reg. S 6.25% 15/08/2022 EUR 100,000 108,750 0.12 Trinseo Materials Operating SCA 144A 6.75% 01/05/2022 USD 200,000 181,049 0.21 Trinseo Materials Operating SCA, Reg. S 6.375% 01/05/2022 EUR 100,000 101,250 0.12 Wind Acquisition Finance SA (Debt Refinance 1), Reg. S 4% 15/07/2020 EUR 100,000 101,516 0.12 Wind Acquisition Finance SA (Debt Refinance 2), Reg. S 4% 15/07/2020 EUR 260,000 263,942 0.30 8,293,318 9.46 Mexico Cemex SAB de CV, Reg. S 4.375% 05/03/2023 EUR 200,000 200,080 0.23 200,080 0.23 Netherlands Cable Communications Systems NV, Reg. S 7.5% 01/11/2020 EUR 770,000 816,200 0.93 Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019 EUR 200,000 213,250 0.24 Gas Natural Fenosa Finance BV, Reg. S, FRN 4.182% Perpetual EUR 100,000 105,200 0.12 Grupo Isolux Corsan Finance BV, Reg. S 6.625% 15/04/2021 EUR 230,000 198,088 0.23 Koninklijke KPN NV, Reg. S, FRN 6.125% Perpetual EUR 280,000 308,700 0.35 LGE HoldCo VI BV, Reg. S 7.125% 15/05/2024 EUR 540,000 610,875 0.70 Nyrstar Netherlands Holdings BV, Reg. S 8.5% 15/09/2019 EUR 200,000 215,500 0.25 OI European Group BV, Reg. S 6.75% 15/09/2020 EUR 320,000 384,800 0.44 Petrobras Global Finance BV 3.75% 14/01/2021 EUR 190,000 181,654 0.21 Petrobras Global Finance BV 4.75% 14/01/2025 EUR 190,000 185,180 0.21 Phoenix PIB Dutch Finance BV, Reg. S 3.625% 30/07/2021 EUR 100,000 105,800 0.12 Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016 EUR 100,000 102,625 0.12 Portugal Telecom International Finance BV 4.375% 24/03/2017 EUR 120,000 121,798 0.14 Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018 EUR 160,000 165,987 0.19 Repsol International Finance BV, Reg. S, FRN 4.5% 25/03/2075 EUR 100,000 99,000 0.11 Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.125% 15/07/2021 EUR 100,000 102,760 0.12 Schaeffler Finance BV 144A 4.75% 15/05/2023 USD 200,000 183,392 0.21 Schaeffler Finance BV, Reg. S 3.25% 15/05/2025 EUR 100,000 101,400 0.12 Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018 EUR 300,000 314,760 0.36 Schaeffler Holding Finance BV 144A 6.75% 15/11/2022 USD 200,000 196,332 0.22 Telefonica Europe BV, Reg. S, FRN 7.625% Perpetual EUR 800,000 976,500 1.11 TMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018 EUR 100,000 101,250 0.11 United Group BV, Reg. S 7.875% 15/11/2020 EUR 560,000 601,160 0.68 UPC Holding BV, Reg. S 6.375% 15/09/2022 EUR 100,000 108,484 0.12 UPC Holding BV, Reg. S 6.75% 15/03/2023 EUR 230,000 253,632 0.29 6,754,327 7.70 Norway Silk Bidco AS, Reg. S 7.5% 01/02/2022 EUR 100,000 104,625 0.12 104,625 0.12

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Spain Abengoa Finance SAU 144A 8.875% 01/11/2017 USD 225,000 210,332 0.24 Abengoa Finance SAU, Reg. S 8.875% 05/02/2018 EUR 280,000 295,523 0.34 Abengoa Finance SAU, Reg. S 7% 15/04/2020 EUR 240,000 233,016 0.27 Abengoa SA 8.5% 31/03/2016 EUR 350,000 368,445 0.42 Obrascon Huarte Lain SA, Reg. S 5.5% 15/03/2023 EUR 100,000 97,500 0.11 1,204,816 1.38 Sweden Ciech Group Financing AB, Reg. S 9.5% 30/11/2019 EUR 100,000 110,883 0.13 Eileme 2 AB, Reg. S 11.75% 31/01/2020 EUR 200,000 226,242 0.26 TVN Finance Corp. III AB, Reg. S 7.375% 15/12/2020 EUR 130,000 144,994 0.16 Verisure Holding AB, Reg. S 8.75% 01/09/2018 EUR 290,000 310,608 0.35 Volvo Treasury AB, Reg. S, FRN 4.2% 10/06/2075 EUR 100,000 102,955 0.12 Volvo Treasury AB, Reg. S, FRN 4.85% 10/03/2078 EUR 100,000 105,922 0.12 1,001,604 1.14 United Kingdom Alliance Automotive Finance PLC, Reg. S 6.25% 01/12/2021 EUR 100,000 104,500 0.12 Boing Group Financing PLC, Reg. S 6.625% 15/07/2019 EUR 100,000 98,502 0.11 International Game Technology PLC, Reg. S 4.125% 15/02/2020 EUR 260,000 264,225 0.30 International Game Technology PLC 144A 6.25% 15/02/2022 USD 385,000 341,004 0.39 International Game Technology PLC, Reg. S 4.75% 15/02/2023 EUR 350,000 355,250 0.40 Lloyds Banking Group PLC, FRN 7.5% Perpetual USD 492,000 469,805 0.54 New Look Bondco I PLC 144A 8.375% 14/05/2018 USD 205,000 191,179 0.22 Rexam PLC, Reg. S, FRN 6.75% 29/06/2067 EUR 220,000 227,590 0.26 Royal Bank of Scotland Group PLC 6.125% 15/12/2022 USD 95,000 94,200 0.11 Royal Bank of Scotland Group PLC 6% 19/12/2023 USD 220,000 215,397 0.25 Royal Bank of Scotland PLC (The), Reg. S, FRN 9.5% 16/03/2022 USD 135,000 135,488 0.15 TA MFG. Ltd., Reg. S 3.625% 15/04/2023 EUR 220,000 220,763 0.25 Tesco Corporate Treasury Services PLC, Reg. S 2.5% 01/07/2024 EUR 130,000 127,709 0.14 Tesco PLC 5.125% 10/04/2047 EUR 370,000 409,139 0.47 Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020 EUR 150,000 162,187 0.18 Thomas Cook Finance PLC, Reg. S 6.75% 15/06/2021 EUR 300,000 321,750 0.37 3,738,688 4.26 United States of America AES Corp. 8% 01/06/2020 USD 30,000 31,324 0.04 Allegion US Holding Co., Inc. 5.75% 01/10/2021 USD 515,000 486,023 0.55 Ally Financial, Inc. 4.75% 10/09/2018 USD 315,000 292,708 0.33 Ally Financial, Inc. 4.125% 13/02/2022 USD 100,000 87,680 0.10 Ally Financial, Inc. 8% 01/11/2031 USD 130,000 146,033 0.17 Aramark Services, Inc. 5.75% 15/03/2020 USD 300,000 279,773 0.32 Bonanza Creek Energy, Inc. 6.75% 15/04/2021 USD 335,000 305,687 0.35 Cablevision Systems Corp. 8.625% 15/09/2017 USD 100,000 100,843 0.12 Cemex Finance LLC, Reg. S 5.25% 01/04/2021 EUR 100,000 105,250 0.12 CenturyLink, Inc. 5.625% 01/04/2020 USD 305,000 287,768 0.33 Chesapeake Energy Corp. 6.625% 15/08/2020 USD 285,000 263,241 0.30 Chesapeake Energy Corp. 6.125% 15/02/2021 USD 110,000 99,148 0.11 Chesapeake Energy Corp. 5.75% 15/03/2023 USD 260,000 227,968 0.26 CHS 6.875% 01/02/2022 USD 270,000 256,916 0.29 Cincinnati Bell, Inc. 8.375% 15/10/2020 USD 140,000 133,372 0.15 CIT Group, Inc. 5% 15/08/2022 USD 200,000 184,285 0.21 CONSOL Energy, Inc. 5.875% 15/04/2022 USD 315,000 259,326 0.30 Covanta Holding Corp. 5.875% 01/03/2024 USD 325,000 301,638 0.34 DaVita HealthCare Partners, Inc. 5.75% 15/08/2022 USD 390,000 371,101 0.42 DaVita HealthCare Partners, Inc. 5% 01/05/2025 USD 185,000 165,201 0.19 Frontier Communications Corp. 7.125% 15/01/2023 USD 60,000 54,081 0.06 General Motors Financial Co., Inc. 4.375% 25/09/2021 USD 140,000 132,888 0.15 Genesis Energy LP 5.625% 15/06/2024 USD 110,000 95,221 0.11 HCA Holdings, Inc. 6.25% 15/02/2021 USD 195,000 190,467 0.22 HCA, Inc. 7.5% 15/02/2022 USD 515,000 538,876 0.61 HCA, Inc. 4.75% 01/05/2023 USD 105,000 98,623 0.11 HCA, Inc. 5% 15/03/2024 USD 175,000 166,356 0.19 HCA, Inc. 5.375% 01/02/2025 USD 100,000 94,150 0.11 HealthSouth Corp. 7.75% 15/09/2022 USD 80,000 75,677 0.09 International Lease Finance Corp. 8.25% 15/12/2020 USD 565,000 618,926 0.71 International Lease Finance Corp. 8.625% 15/01/2022 USD 105,000 120,058 0.14 Laredo Petroleum, Inc. 5.625% 15/01/2022 USD 455,000 410,619 0.47

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

MGM Resorts International 7.75% 15/03/2022 USD 270,000 271,675 0.31 MGM Resorts International 6% 15/03/2023 USD 90,000 83,581 0.10 NRG Energy, Inc. 6.25% 15/07/2022 USD 315,000 293,059 0.33 Rite Aid Corp. 8% 15/08/2020 USD 225,000 212,972 0.24 Rose Rock Midstream LP 5.625% 15/07/2022 USD 250,000 224,220 0.26 Sprint Capital Corp. 6.9% 01/05/2019 USD 260,000 239,530 0.27 Sprint Communications, Inc. 7% 15/08/2020 USD 155,000 140,746 0.16 Sprint Communications, Inc. 11.5% 15/11/2021 USD 145,000 157,545 0.18 Sprint Corp. 7.25% 15/09/2021 USD 70,000 62,860 0.07 Sprint Corp. 7.875% 15/09/2023 USD 190,000 170,619 0.19 T-Mobile USA, Inc. 6.633% 28/04/2021 USD 490,000 462,976 0.53 T-Mobile USA, Inc. 6.731% 28/04/2022 USD 185,000 174,591 0.20 T-Mobile USA, Inc. 6.5% 15/01/2024 USD 275,000 256,766 0.29 Unit Corp. 6.625% 15/05/2021 USD 500,000 430,592 0.49 Vulcan Materials Co. 4.5% 01/04/2025 USD 230,000 209,361 0.24 VWR Funding, Inc., Reg. S 4.625% 15/04/2022 EUR 100,000 99,150 0.11 ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019 EUR 200,000 201,250 0.23 ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023 EUR 200,000 198,500 0.23 10,871,220 12.40 Total Bonds 47,618,130 54.31 Total Transferable securities and money market instruments admitted to an official exchange listing 47,618,130 54.31

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

Canada Brookfield Residential Properties, Inc. 144A 6.5% 15/12/2020 USD 135,000 126,801 0.15 Open Text Corp. 144A 5.625% 15/01/2023 USD 285,000 264,513 0.30 Reliance Intermediate Holdings LP 144A 6.5% 01/04/2023 USD 280,000 262,996 0.30 Valeant Pharmaceuticals International, Inc. 144A 6.75% 15/08/2018 USD 80,000 75,766 0.09 Valeant Pharmaceuticals International, Inc. 144A 5.625% 01/12/2021 USD 10,000 9,170 0.01 Valeant Pharmaceuticals International, Inc. 144A 5.5% 01/03/2023 USD 60,000 54,348 0.06 Valeant Pharmaceuticals International, Inc. 144A 6.125% 15/04/2025 USD 135,000 125,296 0.14 918,890 1.05 Cayman Islands UPCB Finance V Ltd. 144A 7.25% 15/11/2021 USD 225,000 219,117 0.25 219,117 0.25 France Rexel SA 144A 6.125% 15/12/2019 USD 400,000 372,139 0.42 SPCM SA 144A 6% 15/01/2022 USD 200,000 188,300 0.22 560,439 0.64 Germany Unitymedia KabelBW GmbH 144A 6.125% 15/01/2025 USD 200,000 186,739 0.21 186,739 0.21 Ireland Ardagh Packaging Finance PLC, FRN 144A 3.271% 15/12/2019 USD 540,000 477,087 0.55 Grifols Worldwide Operations Ltd. 144A 5.25% 01/04/2022 USD 300,000 274,419 0.31 751,506 0.86 Luxembourg Altice SA 144A 7.625% 15/02/2025 USD 200,000 180,947 0.21 Calcipar SA 144A 6.875% 01/05/2018 USD 400,000 369,240 0.42 INEOS Group Holdings SA 144A 5.875% 15/02/2019 USD 285,000 258,155 0.30 Intelsat Jackson Holdings SA 7.25% 15/10/2020 USD 725,000 668,759 0.76 1,477,101 1.69 Marshall Islands Navios Maritime Holdings, Inc. 144A 7.375% 15/01/2022 USD 215,000 177,480 0.20 177,480 0.20 Netherlands AerCap Aviation Solutions BV 6.375% 30/05/2017 USD 205,000 195,295 0.22 Sensata Technologies BV 144A 5.625% 01/11/2024 USD 120,000 114,720 0.13 Sensata Technologies BV 144A 5% 01/10/2025 USD 150,000 138,548 0.16 448,563 0.51 Spain Abengoa Finance SAU 144A 7.75% 01/02/2020 USD 220,000 196,528 0.22 196,528 0.22

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

Supranational Navios Maritime Acquisition Corp. 144A 8.125% 15/11/2021 USD 380,000 348,445 0.40 348,445 0.40 United Kingdom Algeco Scotsman Global Finance PLC 144A 8.5% 15/10/2018 USD 600,000 520,726 0.59 Ineos Finance PLC 144A 7.5% 01/05/2020 USD 155,000 146,355 0.17 Virgin Media Finance PLC 144A 6.375% 15/04/2023 USD 375,000 353,900 0.40 1,020,981 1.16 United States of America Acadia Healthcare Co., Inc. 144A 5.625% 15/02/2023 USD 140,000 128,374 0.15 AECOM 144A 5.75% 15/10/2022 USD 340,000 314,801 0.36 AES Corp. 7.375% 01/07/2021 USD 525,000 523,716 0.60 Ahern Rentals, Inc. 144A 7.375% 15/05/2023 USD 200,000 178,484 0.20 AMC Networks, Inc. 4.75% 15/12/2022 USD 50,000 45,681 0.05 American Builders & Contractors Supply Co., Inc. 144A 5.625% 15/04/2021 USD 140,000 129,312 0.15 American Capital Ltd. 144A 6.5% 15/09/2018 USD 300,000 279,472 0.32 Amsted Industries, Inc. 144A 5.375% 15/09/2024 USD 340,000 311,008 0.35 Amsurg Corp. 5.625% 30/11/2020 USD 320,000 293,784 0.34 Antero Resources Corp. 5.125% 01/12/2022 USD 385,000 343,581 0.39 Antero Resources Corp. 144A 5.625% 01/06/2023 USD 50,000 45,792 0.05 Argos Merger Sub, Inc. 144A 7.125% 15/03/2023 USD 250,000 234,818 0.27 Ashtead Capital, Inc. 144A 6.5% 15/07/2022 USD 200,000 191,983 0.22 Audatex North America, Inc. 144A 6% 15/06/2021 USD 315,000 291,389 0.33 Audatex North America, Inc. 144A 6.125% 01/11/2023 USD 95,000 88,701 0.10 Boise Cascade Co. 6.375% 01/11/2020 USD 310,000 292,557 0.33 California Resources Corp. 144A 5.5% 15/09/2021 USD 355,000 301,760 0.34 Calpine Corp. 144A 6% 15/01/2022 USD 775,000 734,851 0.84 Calpine Corp. 144A 7.875% 15/01/2023 USD 71,000 70,015 0.08 Carrizo Oil & Gas, Inc. 7.5% 15/09/2020 USD 410,000 386,857 0.44 CCO Holdings LLC 6.625% 31/01/2022 USD 330,000 314,745 0.36 CCO Holdings LLC 5.25% 30/09/2022 USD 190,000 170,068 0.19 CCO Holdings LLC 5.75% 01/09/2023 USD 80,000 72,375 0.08 CDW LLC 6% 15/08/2022 USD 350,000 337,725 0.39 CenturyLink, Inc. 6.75% 01/12/2023 USD 300,000 290,619 0.33 Cequel Communications Holdings I LLC 144A 6.375% 15/09/2020 USD 265,000 250,385 0.29 Cinemark USA, Inc. 7.375% 15/06/2021 USD 325,000 311,789 0.36 CIT Group, Inc. 144A 5.5% 15/02/2019 USD 545,000 510,079 0.58 Clean Harbors, Inc. 5.25% 01/08/2020 USD 360,000 332,515 0.38 Clear Channel Worldwide Holdings, Inc. 7.625% 15/03/2020 USD 15,000 14,022 0.02 Clear Channel Worldwide Holdings, Inc. 6.5% 15/11/2022 USD 525,000 497,802 0.57 Communications Sales & Leasing, Inc., REIT 144A 6% 15/04/2023 USD 35,000 31,438 0.04 Communications Sales & Leasing, Inc., REIT 144A 8.25% 15/10/2023 USD 25,000 22,952 0.03 Crestwood Midstream Partners LP 6.125% 01/03/2022 USD 335,000 310,171 0.35 Crestwood Midstream Partners LP 144A 6.25% 01/04/2023 USD 55,000 51,537 0.06 CSC Holdings LLC 6.75% 15/11/2021 USD 145,000 146,708 0.17 Denali Borrower LLC 144A 5.625% 15/10/2020 USD 300,000 286,801 0.33 Diamondback Energy, Inc. 7.625% 01/10/2021 USD 370,000 359,087 0.41 DISH DBS Corp. 7.125% 01/02/2016 USD 70,000 64,734 0.07 DISH DBS Corp. 6.75% 01/06/2021 USD 460,000 435,689 0.50 DISH DBS Corp. 5.875% 15/11/2024 USD 145,000 127,783 0.15 DriveTime Automotive Group, Inc. 144A 8% 01/06/2021 USD 240,000 209,362 0.24 Dynegy, Inc. 144A 6.75% 01/11/2019 USD 85,000 79,648 0.09 Dynegy, Inc. 144A 7.375% 01/11/2022 USD 165,000 157,557 0.18 Dynegy, Inc. 144A 7.625% 01/11/2024 USD 40,000 38,553 0.04 EnPro Industries, Inc. 144A 5.875% 15/09/2022 USD 115,000 107,760 0.12 Family Tree Escrow LLC 144A 5.25% 01/03/2020 USD 70,000 65,749 0.07 Family Tree Escrow LLC 144A 5.75% 01/03/2023 USD 205,000 193,008 0.22 Ferrellgas LP 6.75% 15/01/2022 USD 335,000 308,677 0.35 First Data Corp. 144A 7.375% 15/06/2019 USD 320,000 297,354 0.34 First Data Corp. 144A 6.75% 01/11/2020 USD 195,000 185,768 0.21 Forum Energy Technologies, Inc. 6.25% 01/10/2021 USD 440,000 373,031 0.43 Frontier Communications Corp. 8.75% 15/04/2022 USD 290,000 284,682 0.32 Frontier Communications Corp. 6.875% 15/01/2025 USD 175,000 151,643 0.17 FTI Consulting, Inc. 6.75% 01/10/2020 USD 165,000 155,687 0.18 Genesis Energy LP 5.75% 15/02/2021 USD 230,000 204,743 0.23 Gibraltar Industries, Inc. 6.25% 01/02/2021 USD 135,000 122,886 0.14

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

United States of America (continued) Global Brass & Copper, Inc. 9.5% 01/06/2019 USD 75,000 73,123 0.08 GLP Capital LP 4.875% 01/11/2020 USD 400,000 364,999 0.42 Goodyear Tire & Rubber Co. (The) 6.5% 01/03/2021 USD 200,000 189,728 0.22 Griffon Corp. 5.25% 01/03/2022 USD 360,000 325,688 0.37 H&E Equipment Services, Inc. 7% 01/09/2022 USD 275,000 258,300 0.29 HealthSouth Corp. 5.75% 01/11/2024 USD 260,000 245,951 0.28 HJ Heinz Co. 144A 4.875% 15/02/2025 USD 260,000 253,956 0.29 Hughes Satellite Systems Corp. 7.625% 15/06/2021 USD 310,000 309,502 0.35 Icahn Enterprises LP 6% 01/08/2020 USD 270,000 254,254 0.29 Icahn Enterprises LP 5.875% 01/02/2022 USD 120,000 111,095 0.13 IHS, Inc. 144A 5% 01/11/2022 USD 265,000 237,673 0.27 Infor US, Inc. 144A 6.5% 15/05/2022 USD 370,000 340,101 0.39 Interval Acquisition Corp. 144A 5.625% 15/04/2023 USD 195,000 177,067 0.20 Jones Energy Holdings LLC 6.75% 01/04/2022 USD 405,000 359,623 0.41 KCG Holdings, Inc. 144A 6.875% 15/03/2020 USD 175,000 149,926 0.17 Kindred Healthcare, Inc. 6.375% 15/04/2022 USD 220,000 203,204 0.23 Kindred Healthcare, Inc. 144A 8.75% 15/01/2023 USD 255,000 254,306 0.29 Ladder Capital Finance Holdings LLLP 7.375% 01/10/2017 USD 460,000 428,986 0.49 Lamar Media Corp. 5.375% 15/01/2024 USD 280,000 262,096 0.30 Level 3 Financing, Inc. 144A 5.375% 01/05/2025 USD 290,000 258,802 0.30 LifePoint Hospitals, Inc. 5.5% 01/12/2021 USD 200,000 188,051 0.21 Matador Resources Co. 144A 6.875% 15/04/2023 USD 35,000 32,211 0.04 Mercer International, Inc. 7.75% 01/12/2022 USD 200,000 191,424 0.22 Micron Technology, Inc. 5.875% 15/02/2022 USD 220,000 207,130 0.24 Micron Technology, Inc. 144A 5.5% 01/02/2025 USD 140,000 124,626 0.14 Mobile Mini, Inc. 7.875% 01/12/2020 USD 180,000 169,470 0.19 MPG Holdco I, Inc. 144A 7.375% 15/10/2022 USD 285,000 272,143 0.31 Murray Energy Corp. 144A 11.25% 15/04/2021 USD 255,000 232,118 0.26 Navient Corp. 8.45% 15/06/2018 USD 225,000 224,528 0.26 Navient Corp. 8% 25/03/2020 USD 240,000 239,077 0.27 Newfield Exploration Co. 5.375% 01/01/2026 USD 80,000 74,606 0.09 Nexstar Broadcasting, Inc. 144A 6.125% 15/02/2022 USD 375,000 348,043 0.40 NRG Energy, Inc. 7.875% 15/05/2021 USD 130,000 124,530 0.14 NRG Energy, Inc. 6.625% 15/03/2023 USD 160,000 150,997 0.17 Owens-Brockway Glass Container, Inc. 144A 5% 15/01/2022 USD 265,000 243,586 0.28 Penn National Gaming, Inc. 5.875% 01/11/2021 USD 275,000 246,029 0.28 PH Glatfelter Co. 5.375% 15/10/2020 USD 405,000 371,369 0.42 Physio-Control International, Inc. 144A 9.875% 15/01/2019 USD 234,000 223,966 0.26 Post Holdings, Inc. 7.375% 15/02/2022 USD 335,000 311,292 0.35 Provident Funding Associates LP 144A 6.75% 15/06/2021 USD 180,000 153,808 0.18 RHP Hotel Properties LP, REIT 144A 5% 15/04/2023 USD 110,000 99,884 0.11 Rosetta Resources, Inc. 5.625% 01/05/2021 USD 210,000 188,579 0.22 Rosetta Resources, Inc. 5.875% 01/06/2022 USD 165,000 147,617 0.17 Rosetta Resources, Inc. 5.875% 01/06/2024 USD 80,000 71,215 0.08 RSI Home Products, Inc. 144A 6.5% 15/03/2023 USD 220,000 205,658 0.23 RSP Permian, Inc. 144A 6.625% 01/10/2022 USD 170,000 158,235 0.18 Sabre GLBL, Inc. 144A 5.375% 15/04/2023 USD 255,000 233,256 0.27 Sanchez Energy Corp. 7.75% 15/06/2021 USD 230,000 215,006 0.25 Sanchez Energy Corp. 6.125% 15/01/2023 USD 45,000 39,556 0.05 Scientific Games International, Inc. 144A 7% 01/01/2022 USD 505,000 472,078 0.54 Shea Homes LP 144A 5.875% 01/04/2023 USD 104,000 95,819 0.11 Shea Homes LP 144A 6.125% 01/04/2025 USD 75,000 68,939 0.08 Sinclair Television Group, Inc. 5.375% 01/04/2021 USD 225,000 204,107 0.23 Sinclair Television Group, Inc. 6.375% 01/11/2021 USD 110,000 104,301 0.12 Sinclair Television Group, Inc. 6.125% 01/10/2022 USD 125,000 118,246 0.13 Sprint Communications, Inc. 144A 9% 15/11/2018 USD 180,000 183,174 0.21 Steel Dynamics, Inc. 6.375% 15/08/2022 USD 180,000 173,085 0.20 Steel Dynamics, Inc. 5.25% 15/04/2023 USD 25,000 22,924 0.03 Steel Dynamics, Inc. 144A 5.5% 01/10/2024 USD 105,000 96,984 0.11 STHI Holding Corp. 144A 8% 15/03/2018 USD 95,000 88,467 0.10 StoneMor Partners LP 7.875% 01/06/2021 USD 248,000 234,046 0.27 Targa Resources Partners LP 6.875% 01/02/2021 USD 375,000 353,063 0.40 Taylor Morrison Communities, Inc. 144A 7.75% 15/04/2020 USD 64,000 60,435 0.07 Taylor Morrison Communities, Inc. 144A 5.25% 15/04/2021 USD 30,000 26,973 0.03 Taylor Morrison Communities, Inc. 144A 5.875% 15/04/2023 USD 385,000 352,171 0.40

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

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

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

United States of America (continued) Taylor Morrison Communities, Inc. 144A 5.625% 01/03/2024 USD 65,000 57,717 0.07 Tenet Healthcare Corp. 6% 01/10/2020 USD 665,000 635,001 0.72 TPC Group, Inc. 144A 8.75% 15/12/2020 USD 30,000 25,702 0.03 TRI Pointe Holdings, Inc. 144A 5.875% 15/06/2024 USD 420,000 371,068 0.42 United Rentals North America, Inc. 7.375% 15/05/2020 USD 340,000 328,695 0.37 United Rentals North America, Inc. 5.5% 15/07/2025 USD 145,000 131,575 0.15 Univision Communications, Inc. 144A 5.125% 15/02/2025 USD 100,000 90,134 0.10 Valeant Pharmaceuticals International 144A 6.375% 15/10/2020 USD 390,000 368,056 0.42 Valeant Pharmaceuticals International 144A 6.75% 15/08/2021 USD 45,000 42,217 0.05 Weekley Homes LLC 6% 01/02/2023 USD 235,000 202,378 0.23 WESCO Distribution, Inc. 5.375% 15/12/2021 USD 110,000 100,620 0.11 West Corp. 144A 5.375% 15/07/2022 USD 490,000 422,527 0.48 William Lyon Homes, Inc. 8.5% 15/11/2020 USD 240,000 233,457 0.27 Windstream Corp. 7.75% 15/10/2020 USD 175,000 161,249 0.18 Zachry Holdings, Inc. 144A 7.5% 01/02/2020 USD 350,000 310,785 0.35 29,744,451 33.92 Total Bonds 36,050,240 41.11 Total Transferable securities and money market instruments dealt in on another regulated market 36,050,240 41.11

Total Investments 83,668,370 95.42 Cash 2,165,050 2.47 Other Assets/(Liabilities) 1,851,959 2.11 Total Net Assets 87,685,379 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 46.32 Luxembourg 11.15 France 8.35 Netherlands 8.21 United Kingdom 5.42 Italy 3.66 Germany 2.20 Spain 1.60 Canada 1.29 Sweden 1.14 Ireland 0.96 Czech Republic 0.87 Bulgaria 0.80 Croatia 0.62 Cayman Islands 0.49 Hungary 0.43 Supranational 0.40 Japan 0.38 Australia 0.25 Mexico 0.23 Marshall Islands 0.20 Belgium 0.14 Norway 0.12 Austria 0.11 Bermuda 0.08 Total Investments 95.42 Cash and Other Assets/(Liabilities) 4.58 Total 100.00

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

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

Forward Currency Exchange Contracts Unrealised Amount Amount Gain/(Loss) % of Net Currency Purchased Purchased Currency Sold Sold Maturity Date EUR Assets EUR 51,112,393 USD 55,912,051 29/05/2015 1,230,507 1.40 Net Unrealised Gain on Forward Currency Exchange Contracts 1,230,507 1.40

Counterparty Unrealised Gain/(Loss) JPMorgan Chase Bank NA 1,230,507 1,230,507

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

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

BNY Mellon Compass Fund – Euro Credit Short Duration Fund Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Belgium Barry Callebaut Services NV 6% 13/07/2017 EUR 3,700,000 4,120,875 0.64 4,120,875 0.64 Bulgaria Bulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018 EUR 7,350,000 7,505,820 1.17 7,505,820 1.17 Czech Republic EP Energy AS, Reg. S 4.375% 01/05/2018 EUR 8,600,000 9,183,519 1.43 9,183,519 1.43 Finland Stora Enso OYJ, Reg. S 5% 19/03/2018 EUR 4,500,000 4,966,875 0.77 4,966,875 0.77 France 3AB Optique Developpement SAS, Reg. S 5.625% 15/04/2019 EUR 1,000,000 985,000 0.15 Alcatel-Lucent, Reg. S 8.5% 15/01/2016 EUR 2,920,000 3,073,592 0.48 Autodis SA, Reg. S 6.5% 01/02/2019 EUR 2,760,000 2,898,221 0.45 Banque PSA Finance SA, Reg. S 4.25% 25/02/2016 EUR 5,500,000 5,662,558 0.88 Casino Guichard Perrachon SA 4.379% 08/02/2017 EUR 1,000,000 1,070,390 0.17 Ciments Francais SA, Reg. S 4.75% 04/04/2017 EUR 8,000,000 8,557,232 1.33 Faurecia, Reg. S 9.375% 15/12/2016 EUR 13,275,000 15,100,312 2.35 Italcementi Finance SA, Reg. S 6.125% 21/02/2018 EUR 9,200,000 10,236,656 1.59 Labco SA, Reg. S 8.5% 15/01/2018 EUR 14,000,000 14,763,000 2.30 Lafarge SA 6.125% 28/05/2015 EUR 4,950,000 4,973,379 0.77 Lafarge SA 4.25% 23/03/2016 EUR 2,450,000 2,530,343 0.39 Lafarge SA, Reg. S 8.875% 24/11/2016 EUR 3,850,000 4,325,159 0.67 Nexans SA 5.75% 02/05/2017 EUR 15,350,000 16,703,256 2.60 Nexans SA 4.25% 19/03/2018 EUR 4,900,000 5,262,600 0.82 Peugeot SA 5.625% 11/07/2017 EUR 7,050,000 7,735,697 1.21 RCI Banque SA, Reg. S 4% 16/03/2016 EUR 1,600,000 1,650,714 0.26 Renault SA 5.625% 30/06/2015 EUR 6,750,000 6,805,890 1.06 Renault SA, Reg. S 4.625% 18/09/2017 EUR 4,500,000 4,921,612 0.77 Wendel SA 4.875% 26/05/2016 EUR 4,900,000 5,137,001 0.80 Wendel SA 4.375% 09/08/2017 EUR 3,000,000 3,258,561 0.51 125,651,173 19.56 Germany Rheinmetall AG 5.25% 22/09/2017 EUR 5,300,000 5,799,859 0.90 ThyssenKrupp AG 4.375% 28/02/2017 EUR 4,800,000 5,092,800 0.79 ThyssenKrupp AG 4% 27/08/2018 EUR 3,000,000 3,242,220 0.51 14,134,879 2.20 Hungary MOL Hungarian Oil & Gas PLC 3.875% 05/10/2015 EUR 12,880,000 13,141,464 2.05 MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017 EUR 10,350,000 11,209,050 1.74 24,350,514 3.79 Ireland Allied Irish Banks PLC, Reg. S 2.875% 28/11/2016 EUR 6,200,000 6,387,438 0.99 Bank of Ireland, Reg. S 2% 08/05/2017 EUR 3,700,000 3,768,720 0.59 10,156,158 1.58 Italy Banco Popolare SC, Reg. S 3.75% 28/01/2016 EUR 1,500,000 1,530,225 0.24 Buzzi Unicem SpA, Reg. S 5.125% 09/12/2016 EUR 11,400,000 12,119,602 1.89 Enel SpA 3.5% 26/02/2016 EUR 1,500,000 1,540,087 0.24 Finmeccanica SpA 4.375% 05/12/2017 EUR 9,200,000 9,967,703 1.55 Gamenet SpA, Reg. S 7.25% 01/08/2018 EUR 3,930,000 3,655,293 0.57 Intesa Sanpaolo SpA, Reg. S 4.875% 10/07/2015 EUR 4,100,000 4,139,893 0.64 Intesa Sanpaolo SpA, Reg. S 3.75% 23/11/2016 EUR 1,500,000 1,574,366 0.24 Intesa Sanpaolo SpA, Reg. S 6.625% 08/05/2018 EUR 2,000,000 2,268,644 0.35 Sisal Group SpA, Reg. S 7.25% 30/09/2017 EUR 5,100,000 5,125,500 0.80 Snai SpA, Reg. S 7.625% 15/06/2018 EUR 5,600,000 5,880,000 0.92 Telecom Italia SpA 4.625% 15/06/2015 EUR 2,900,000 2,913,494 0.45 Telecom Italia SpA 8.25% 21/03/2016 EUR 7,200,000 7,680,024 1.20 Telecom Italia SpA, Reg. S 7% 20/01/2017 EUR 7,600,000 8,421,826 1.31 Telecom Italia SpA, Reg. S 4.75% 25/05/2018 EUR 2,500,000 2,757,708 0.43 Telecom Italia SpA, Reg. S 5.375% 29/01/2019 EUR 1,700,000 1,936,657 0.30

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

BNY Mellon Compass Fund – Euro Credit Short Duration Fund Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Italy (continued) UniCredit SpA, Reg. S 4.375% 11/09/2015 EUR 5,100,000 5,174,878 0.81 UniCredit SpA, Reg. S 4.875% 07/03/2017 EUR 1,300,000 1,400,437 0.22 Zobele Holding SpA, Reg. S 7.875% 01/02/2018 EUR 2,890,000 2,956,123 0.46 81,042,460 12.62 Luxembourg ArcelorMittal 10.625% 03/06/2016 EUR 5,800,000 6,418,326 1.00 ArcelorMittal, Reg. S 5.875% 17/11/2017 EUR 11,250,000 12,415,061 1.93 ArcelorMittal, Reg. S, FRN 2.046% 09/04/2018 EUR 3,980,000 4,046,243 0.63 Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018 EUR 13,750,000 14,138,437 2.20 CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018 EUR 15,600,000 17,414,124 2.71 ConvaTec Healthcare E SA, Reg. S 7.375% 15/12/2017 EUR 4,200,000 4,373,250 0.68 Fiat Chrysler Finance Europe, Reg. S 7.75% 17/10/2016 EUR 19,250,000 20,920,323 3.26 Fiat Chrysler Finance Europe, Reg. S 7% 23/03/2017 EUR 5,500,000 6,010,125 0.94 Findus Bondco SA, Reg. S 9.125% 01/07/2018 EUR 3,950,000 4,182,063 0.65 FMC Finance VIII SA, Reg. S 6.5% 15/09/2018 EUR 2,500,000 2,941,250 0.46 gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019 EUR 1,820,000 1,911,000 0.30 Gazprom OAO, Reg. S 5.875% 01/06/2015 EUR 6,300,000 6,312,600 0.98 Gazprom OAO, Reg. S 3.755% 15/03/2017 EUR 3,000,000 2,982,150 0.46 GCS Holdco Finance I SA, Reg. S 6.5% 15/11/2018 EUR 5,540,000 5,823,925 0.91 Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018 EUR 4,250,000 4,101,250 0.64 HeidelbergCement Finance Luxembourg SA, Reg. S 6.5% 03/08/2015 EUR 15,100,000 15,330,275 2.39 HeidelbergCement Finance Luxembourg SA, Reg. S 6.75% 15/12/2015 EUR 4,500,000 4,672,278 0.73 HeidelbergCement Finance Luxembourg SA, Reg. S 8% 31/01/2017 EUR 3,800,000 4,272,568 0.66 INEOS Group Holdings SA, Reg. S 6.5% 15/08/2018 EUR 7,550,000 7,833,125 1.22 INEOS Group Holdings SA, Reg. S 5.75% 15/02/2019 EUR 1,800,000 1,850,400 0.29 Intralot Finance Luxembourg SA, Reg. S 9.75% 15/08/2018 EUR 6,650,000 6,766,375 1.05 PagesJaunes Finance & Co. SCA, Reg. S 8.875% 01/06/2018 EUR 1,240,000 1,252,400 0.19 Play Finance 2 SA, Reg. S 5.25% 01/02/2019 EUR 5,670,000 5,901,336 0.92 161,868,884 25.20 Mexico Petroleos Mexicanos, Reg. S 6.375% 05/08/2016 EUR 1,550,000 1,662,020 0.26 1,662,020 0.26 Netherlands Brenntag Finance BV, Reg. S 5.5% 19/07/2018 EUR 600,000 685,488 0.11 EDP Finance BV, Reg. S 5.875% 01/02/2016 EUR 9,070,000 9,447,529 1.47 EDP Finance BV, Reg. S 5.75% 21/09/2017 EUR 3,600,000 4,026,240 0.63 Enel Finance International NV, Reg. S 4.625% 24/06/2015 EUR 3,000,000 3,019,020 0.47 Petrobras Global Finance BV 2.75% 15/01/2018 EUR 1,500,000 1,426,875 0.22 Portugal Telecom International Finance BV, Reg. S 5.625% 08/02/2016 EUR 15,300,000 15,701,610 2.45 Portugal Telecom International Finance BV 4.375% 24/03/2017 EUR 5,700,000 5,785,409 0.90 Refresco Gerber NV, Reg. S 7.375% 15/05/2018 EUR 8,670,000 9,038,475 1.41 Repsol International Finance BV 4.75% 16/02/2017 EUR 500,000 538,385 0.08 Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018 EUR 10,100,000 10,596,920 1.65 ThyssenKrupp Finance Nederland BV 8.5% 25/02/2016 EUR 6,300,000 6,695,325 1.04 66,961,276 10.43 Portugal Brisa Concessao Rodoviaria SA 4.5% 05/12/2016 EUR 7,850,000 8,372,457 1.30 Brisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018 EUR 6,200,000 7,295,503 1.14 Caixa Geral de Depositos SA, Reg. S 5.625% 04/12/2015 EUR 900,000 927,360 0.14 16,595,320 2.58 Spain Abengoa Finance SAU, Reg. S 8.875% 05/02/2018 EUR 3,550,000 3,746,812 0.59 Abengoa SA 8.5% 31/03/2016 EUR 18,600,000 19,580,220 3.05 Bankia SA 4.375% 14/02/2017 EUR 2,000,000 2,130,538 0.33 Telefonica Emisiones SAU, Reg. S 5.496% 01/04/2016 EUR 1,000,000 1,047,519 0.16 26,505,089 4.13 Sweden Verisure Holding AB, Reg. S 8.75% 01/09/2018 EUR 5,450,000 5,837,277 0.91 5,837,277 0.91

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

BNY Mellon Compass Fund – Euro Credit Short Duration Fund Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

United Kingdom International Game Technology PLC, Reg. S 6.625% 02/02/2018 EUR 10,700,000 11,943,875 1.86 Royal Bank of Scotland PLC (The) 4.35% 23/01/2017 EUR 1,800,000 1,900,096 0.30 Tesco PLC, Reg. S 3.375% 02/11/2018 EUR 8,970,000 9,458,219 1.47 Thomas Cook Group PLC 6.75% 22/06/2015 EUR 24,260,000 24,381,300 3.80 Thomas Cook Group PLC 7.75% 22/06/2017 GBP 2,000,000 2,964,335 0.46 50,647,825 7.89 United States of America Fresenius US Finance II, Inc., Reg. S 8.75% 15/07/2015 EUR 13,300,000 13,518,492 2.10 ZF North America Capital, Inc., Reg. S 2.25% 26/04/2019 EUR 500,000 503,125 0.08 14,021,617 2.18 Total Bonds 625,211,581 97.34 Total Transferable securities and money market instruments admitted to an official exchange listing 625,211,581 97.34

Total Investments 625,211,581 97.34 Cash 21,850,087 3.40 Other Assets/(Liabilities) (4,788,133) (0.74) Total Net Assets 642,273,535 100.00

Geographic Allocation of Portfolio % of Net Assets Luxembourg 25.20 France 19.56 Italy 12.62 Netherlands 10.43 United Kingdom 7.89 Spain 4.13 Hungary 3.79 Portugal 2.58 Germany 2.20 United States of America 2.18 Ireland 1.58 Czech Republic 1.43 Bulgaria 1.17 Sweden 0.91 Finland 0.77 Belgium 0.64 Mexico 0.26 Total Investments 97.34 Cash and Other Assets/(Liabilities) 2.66 Total 100.00

Forward Currency Exchange Contracts Unrealised Amount Gain/(Loss) % of Net Currency Purchased Amount Purchased Currency Sold Sold Maturity Date EUR Assets EUR 3,188,456 GBP 2,304,000 18/06/2015 31,513 – Total Unrealised Gain on Forward Currency Exchange Contracts 31,513 – GBP 7,983,419 EUR 11,157,701 29/05/2015 (214,274) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts (214,274) (0.03) Net Unrealised Loss on Forward Currency Exchange Contracts (182,761) (0.03)

Counterparty Unrealised Gain/(Loss) JPMorgan Chase Bank NA (214,274) JPMorgan Securities Ltd. 31,513 (182,761)

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

BNY Mellon Compass Fund – Euro Credit Short Duration Fund Schedule of Investments As at 30 April 2015 Credit Default Swap Contracts Unrealised Market Gain/(Loss) % of Net Nominal Amount Currency Counterparty Reference Entity Buy/Sell Maturity Date Value EUR EUR Assets 6,700,000 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 Net Unrealised Gain on Credit Default Swap Contracts 39,819 39,819 0.01

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

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2017 Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Bulgaria Bulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018 EUR 1,150,000 1,174,380 2.66 1,174,380 2.66 Czech Republic EP Energy AS, Reg. S 4.375% 01/05/2018 EUR 1,150,000 1,228,029 2.78 1,228,029 2.78 Denmark TDC A/S, Reg. S 4.375% 23/02/2018 EUR 300,000 331,883 0.75 331,883 0.75 Finland Stora Enso OYJ, Reg. S 5% 19/03/2018 EUR 800,000 883,000 2.00 883,000 2.00 France Alstom SA, Reg. S 4.125% 01/02/2017 EUR 500,000 531,722 1.20 Areva SA 4.625% 05/10/2017 EUR 500,000 533,250 1.21 Bouygues SA, Reg. S 4% 12/02/2018 EUR 600,000 657,741 1.49 Cie de Saint-Gobain 4.75% 11/04/2017 EUR 300,000 325,414 0.74 Italcementi Finance SA, Reg. S 6.125% 21/02/2018 EUR 1,000,000 1,112,680 2.52 Labco SA, Reg. S 8.5% 15/01/2018 EUR 400,000 421,800 0.95 Lafarge SA, Reg. S 6.25% 13/04/2018 EUR 1,050,000 1,184,565 2.68 Nexans SA 4.25% 19/03/2018 EUR 1,000,000 1,074,000 2.43 Pernod Ricard SA, Reg. S 5% 15/03/2017 EUR 600,000 651,534 1.47 Peugeot SA 5.625% 11/07/2017 EUR 800,000 877,810 1.99 Renault SA, Reg. S 4.625% 18/09/2017 EUR 200,000 218,738 0.49 Wendel SA 6.75% 20/04/2018 EUR 1,000,000 1,178,435 2.67 8,767,689 19.84 Germany Rheinmetall AG 5.25% 22/09/2017 EUR 450,000 492,441 1.11 ThyssenKrupp AG 4.375% 28/02/2017 EUR 850,000 901,850 2.04 1,394,291 3.15 Hungary MOL Hungarian Oil & Gas PLC, Reg. S 5.875% 20/04/2017 EUR 900,000 974,700 2.21 974,700 2.21 Italy Atlantia SpA, Reg. S 3.375% 18/09/2017 EUR 700,000 750,673 1.70 Finmeccanica SpA, Reg. S 5.75% 12/12/2018 EUR 600,000 692,904 1.57 Gamenet SpA, Reg. S 7.25% 01/08/2018 EUR 500,000 465,050 1.05 Sisal Group SpA, Reg. S 7.25% 30/09/2017 EUR 900,000 904,500 2.05 Snam SpA, Reg. S 3.875% 19/03/2018 EUR 700,000 765,520 1.73 Telecom Italia SpA, Reg. S 4.5% 20/09/2017 EUR 700,000 757,533 1.71 Telecom Italia SpA 6.125% 14/12/2018 EUR 300,000 349,570 0.79 Terna Rete Elettrica Nazionale SpA, Reg. S 2.875% 16/02/2018 EUR 700,000 745,444 1.69 Zobele Holding SpA, Reg. S 7.875% 01/02/2018 EUR 200,000 204,576 0.46 5,635,770 12.75 Luxembourg ArcelorMittal, Reg. S 5.875% 17/11/2017 EUR 1,050,000 1,158,739 2.62 Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018 EUR 700,000 719,775 1.63 Clariant Finance Luxembourg SA 5.625% 24/01/2017 EUR 300,000 325,784 0.74 CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018 EUR 1,100,000 1,227,919 2.78 ConvaTec Healthcare E SA, Reg. S 7.375% 15/12/2017 EUR 600,000 624,750 1.41 Fiat Chrysler Finance Europe, Reg. S 6.625% 15/03/2018 EUR 500,000 559,775 1.27 Findus Bondco SA, Reg. S 9.125% 01/07/2018 EUR 300,000 317,625 0.72 Gazprom OAO, Reg. S 5.44% 02/11/2017 EUR 950,000 972,325 2.20 Glencore Finance Europe SA, Reg. S 5.25% 22/03/2017 EUR 1,100,000 1,195,520 2.70 HeidelbergCement Finance Luxembourg SA 5.625% 04/01/2018 EUR 800,000 896,520 2.03 7,998,732 18.10 Mexico America Movil SAB de CV 3.75% 28/06/2017 EUR 400,000 429,539 0.97 Petroleos Mexicanos, Reg. S 5.5% 09/01/2017 EUR 850,000 917,171 2.08 1,346,710 3.05

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2017 Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Netherlands EDP Finance BV, Reg. S 5.75% 21/09/2017 EUR 850,000 950,640 2.15 Enel Finance International NV, Reg. S 3.625% 17/04/2018 EUR 900,000 980,795 2.22 Metro Finance BV, Reg. S 2.25% 11/05/2018 EUR 700,000 735,431 1.66 Petrobras Global Finance BV 4.875% 07/03/2018 EUR 900,000 906,750 2.05 Portugal Telecom International Finance BV 4.375% 24/03/2017 EUR 750,000 761,238 1.72 Refresco Gerber NV, Reg. S 7.375% 15/05/2018 EUR 600,000 625,500 1.42 4,960,354 11.22 Portugal Brisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018 EUR 1,000,000 1,176,694 2.66 1,176,694 2.66 Spain Abengoa Finance SAU, Reg. S 8.875% 05/02/2018 EUR 1,000,000 1,055,440 2.39 Gas Natural Capital Markets SA, Reg. S 4.125% 26/01/2018 EUR 700,000 768,796 1.74 Telefonica Emisiones SAU, Reg. S 3.661% 18/09/2017 EUR 800,000 859,977 1.94 2,684,213 6.07 Sweden Telefonaktiebolaget LM Ericsson 5.375% 27/06/2017 EUR 300,000 332,533 0.75 332,533 0.75 United Kingdom International Game Technology PLC, Reg. S 6.625% 02/02/2018 EUR 1,100,000 1,227,875 2.78 1,227,875 2.78 United States of America Fiat Finance North America, Inc. 5.625% 12/06/2017 EUR 500,000 536,450 1.21 536,450 1.21 Total Bonds 40,653,303 91.98 Total Transferable securities and money market instruments admitted to an official exchange listing 40,653,303 91.98

Total Investments 40,653,303 91.98 Cash 4,418,207 10.00 Other Assets/(Liabilities) (873,995) (1.98) Total Net Assets 44,197,515 100.00

Geographic Allocation of Portfolio % of Net Assets France 19.84 Luxembourg 18.10 Italy 12.75 Netherlands 11.22 Spain 6.07 Germany 3.15 Mexico 3.05 Czech Republic 2.78 United Kingdom 2.78 Portugal 2.66 Bulgaria 2.66 Hungary 2.21 Finland 2.00 United States of America 1.21 Sweden 0.75 Denmark 0.75 Total Investments 91.98 Cash and Other Assets/(Liabilities) 8.02 Total 100.00

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

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

BNY Mellon Compass Fund – Global Opportunistic Fixed Income Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Cayman Islands Transocean, Inc. 3% 15/10/2017 USD 500,000 483,750 0.47 483,750 0.47 France AXA SA, FRN 5.777% Perpetual EUR 771,000 909,636 0.88 909,636 0.88 Luxembourg Altice SA, Reg. S 7.75% 15/05/2022 USD 225,000 227,815 0.22 Wind Acquisition Finance SA, Reg. S 7.375% 23/04/2021 USD 375,000 384,844 0.37 612,659 0.59 Mexico Grupo Bimbo SAB de CV, Reg. S 3.875% 27/06/2024 USD 200,000 205,200 0.20 205,200 0.20 Netherlands Allianz Finance II BV, FRN 5.75% 08/07/2041 EUR 300,000 409,281 0.39 ING Groep NV, FRN 6.5% Perpetual USD 400,000 399,750 0.39 809,031 0.78 Singapore ABJA Investment Co. Pte. Ltd., Reg. S 5.95% 31/07/2024 USD 1,000,000 1,037,683 1.00 1,037,683 1.00 Spain Santander Issuances SAU, Reg. S 2.5% 18/03/2025 EUR 500,000 562,891 0.55 562,891 0.55 Switzerland Credit Suisse AG, Reg. S 6.5% 08/08/2023 USD 300,000 343,292 0.33 343,292 0.33 United Kingdom Barclays PLC 4.375% 11/09/2024 USD 410,000 410,073 0.40 HSBC Holdings PLC, FRN 5.625% Perpetual USD 455,000 465,806 0.45 International Game Technology PLC, Reg. S 6.25% 15/02/2022 USD 200,000 198,500 0.19 Lloyds Banking Group PLC 4.5% 04/11/2024 USD 525,000 539,266 0.52 Lloyds Banking Group PLC, FRN 7.5% Perpetual USD 245,000 262,150 0.26 Royal Bank of Scotland Group PLC 6% 19/12/2023 USD 405,000 444,328 0.43 Vedanta Resources PLC, Reg. S 6.75% 07/06/2016 USD 200,000 205,740 0.20 Virgin Media Finance PLC, Reg. S 7% 15/04/2023 GBP 150,000 250,106 0.24 2,775,969 2.69 United States of America Alcatel-Lucent USA, Inc. 6.45% 15/03/2029 USD 685,000 768,913 0.74 Ally Financial, Inc. 8% 01/11/2031 USD 260,000 327,275 0.32 American International Group, Inc., FRN Class A3 4.875% 15/03/2067 EUR 900,000 1,054,079 1.02 Anadarko Petroleum Corp. 6.45% 15/09/2036 USD 270,000 334,684 0.32 AT&T, Inc. 4.5% 15/05/2035 USD 250,000 245,600 0.24 AT&T, Inc. 4.75% 15/05/2046 USD 625,000 613,470 0.59 Bank of America Corp. 4.25% 22/10/2026 USD 500,000 502,210 0.49 Bank of America Corp. 6.11% 29/01/2037 USD 500,000 591,075 0.57 Bank of America Corp. 4.75% 21/04/2045 USD 125,000 123,800 0.12 Cimarex Energy Co. 5.875% 01/05/2022 USD 285,000 304,237 0.30 Continental Resources, Inc. 5% 15/09/2022 USD 110,000 111,787 0.11 Freeport-McMoran Oil & Gas LLC 6.875% 15/02/2023 USD 1,336,000 1,439,540 1.39 General Electric Capital Corp., FRN 6.375% 15/11/2067 USD 1,070,000 1,171,650 1.13 General Motors Co. 5.2% 01/04/2045 USD 235,000 249,611 0.24 iHeartCommunications, Inc. 9% 01/03/2021 USD 225,000 216,562 0.21 International Lease Finance Corp. 8.25% 15/12/2020 USD 135,000 165,713 0.16 Kinder Morgan, Inc. 7.8% 01/08/2031 USD 400,000 480,970 0.47 Kinder Morgan, Inc. 5.3% 01/12/2034 USD 220,000 219,043 0.21 Kinder Morgan, Inc. 5.55% 01/06/2045 USD 250,000 250,509 0.24 Newfield Exploration Co. 5.75% 30/01/2022 USD 350,000 372,750 0.36 Noble Energy, Inc. 5.25% 15/11/2043 USD 90,000 96,611 0.09 Noble Energy, Inc. 5.05% 15/11/2044 USD 135,000 140,827 0.14 NRG Energy, Inc. 6.25% 15/07/2022 USD 250,000 260,625 0.25 Time Warner Cable, Inc. 5.5% 01/09/2041 USD 200,000 185,198 0.18 Time Warner, Inc. 4.65% 01/06/2044 USD 375,000 389,174 0.38 T-Mobile USA, Inc. 6.5% 15/01/2024 USD 145,000 151,706 0.15 T-Mobile USA, Inc. 6.375% 01/03/2025 USD 175,000 180,161 0.17 Unit Corp. 6.625% 15/05/2021 USD 353,000 340,645 0.33 Wells Fargo & Co. 4.65% 04/11/2044 USD 525,000 537,296 0.52 11,825,721 11.44 Virgin Islands, British China Cinda Finance 2015 I Ltd., Reg. S 3.125% 23/04/2020 USD 495,000 489,892 0.47 489,892 0.47 Total Bonds 20,055,724 19.40 Total Transferable securities and money market instruments admitted to an official exchange listing 20,055,724 19.40

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

Argentina Provincia de Buenos Aires, Reg. S 11.75% 05/10/2015 USD 750,000 757,500 0.73 757,500 0.73 Australia Australia Government Bond 2.75% 21/04/2024 AUD 6,448,000 5,152,891 4.98 Australia Government Bond, Reg. S 3.25% 21/04/2025 AUD 5,000,000 4,156,614 4.02 9,309,505 9.00 Bermuda Digicel Group Ltd., Reg. S 8.25% 30/09/2020 USD 495,000 513,018 0.50 513,018 0.50 Brazil Brazil Notas do Tesouro Nacional 10% 01/01/2017 BRL 470,000 1,542,735 1.49 Brazil Notas do Tesouro Nacional 10% 01/01/2025 BRL 1,100,000 3,254,722 3.15 4,797,457 4.64 Canada Open Text Corp., Reg. S 5.625% 15/01/2023 USD 325,000 344,662 0.33 344,662 0.33 Cayman Islands Brazil Minas SPE, Reg. S 5.333% 15/02/2028 USD 525,000 517,125 0.50 517,125 0.50 Colombia Colombian TES Class B 10% 24/07/2024 COP 6,460,000,000 3,292,378 3.18 3,292,378 3.18

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

BNY Mellon Compass Fund – Global Opportunistic Fixed Income Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

Ireland AerCap Ireland Capital Ltd., Reg. S 5% 01/10/2021 USD 275,000 295,130 0.29 Ardagh Packaging Finance PLC, Reg. S, FRN 3.271% 15/12/2019 USD 325,000 321,750 0.31 Perrigo Finance PLC 4.9% 15/12/2044 USD 450,000 465,940 0.45 1,082,820 1.05 Italy Intesa Sanpaolo SpA 5.25% 12/01/2024 USD 500,000 557,063 0.54 Italy Buoni Poliennali Del Tesoro, Reg. S 144A 4.75% 01/09/2044 EUR 1,640,000 2,717,919 2.63 3,274,982 3.17 Luxembourg Intelsat Jackson Holdings SA 7.5% 01/04/2021 USD 255,000 265,838 0.26 Intelsat Luxembourg SA 7.75% 01/06/2021 USD 365,000 336,712 0.32 602,550 0.58 Mexico Mexican Bonos 10% 05/12/2024 MXN 17,000,000 1,436,087 1.39 1,436,087 1.39 Morocco Morocco Government International Bond, Reg. S 3.5% 19/06/2024 EUR 475,000 567,524 0.55 567,524 0.55 New Zealand New Zealand Government Bond, Reg. S 3% 15/04/2020 NZD 8,200,000 6,203,151 6.00 6,203,151 6.00 Spain Abengoa Finance SAU, Reg. S 7.75% 01/02/2020 USD 260,000 260,260 0.25 260,260 0.25 United Kingdom Algeco Scotsman Global Finance PLC, Reg. S 8.5% 15/10/2018 USD 200,000 194,500 0.19 Algeco Scotsman Global Finance PLC, Reg. S 10.75% 15/10/2019 USD 225,000 180,984 0.18 HSBC Holdings PLC, FRN 6.375% Perpetual USD 425,000 439,875 0.43 Sky PLC, Reg. S 3.75% 16/09/2024 USD 600,000 612,791 0.59 UK Treasury, Reg. S 3.25% 22/01/2044 GBP 2,825,000 4,966,035 4.80 6,394,185 6.19 United 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 0.43 ACE Securities Corp. Home Equity Loan Trust Series, FRN, Series 2004-HE4 Class M2 1.156% 25/12/2034 USD 213,931 209,960 0.20 ACE Securities Corp. Home Equity Loan Trust Series, FRN, Series 2006-HE2 Class A2C 0.341% 25/05/2036 USD 448,006 400,909 0.39 ACE 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 0.48 ACE 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 0.51 ACE 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 0.10 Alternative Loan Trust, Series 2004-18CB Class 4A1 5.5% 25/09/2034 USD 243,036 246,181 0.24 Antero Resources Corp. 6% 01/12/2020 USD 500,000 513,125 0.50 Antero Resources Corp., Reg. S 5.625% 01/06/2023 USD 225,000 231,188 0.22 ARC Properties Operating Partnership LP, REIT 2% 06/02/2017 USD 1,790,000 1,745,250 1.69 Argent Securities Trust, FRN, Series 2006-M1 Class A2B 0.271% 25/07/2036 USD 442,094 201,146 0.19 Banc of America Commercial Mortgage Trust, FRN, Series 2007-2 Class AJ 5.597% 10/04/2049 USD 1,470,000 1,487,261 1.44 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10, FRN, Series 2005-PW10 Class AJ 5.446% 11/12/2040 USD 125,000 125,023 0.12 Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, Series 2006-PW14 Class AJ 5.273% 11/12/2038 USD 450,000 458,844 0.44 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, FRN, Series 2007-PW16 Class AJ 5.708% 11/06/2040 USD 925,000 952,462 0.92 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, FRN, Series 2007-PW18 Class AJ 6.157% 11/06/2050 USD 500,000 508,786 0.49 Capital Auto Receivables Asset Trust, Series 2013-1 Class D 2.19% 20/09/2021 USD 400,000 400,942 0.39 Carrizo Oil & Gas, Inc. 6.25% 15/04/2023 USD 510,000 518,925 0.50 Citigroup Commercial Mortgage Trust, FRN, Series 2007-C6 Class AJ 5.703% 10/12/2049 USD 595,000 590,544 0.57 Clear Channel Worldwide Holdings, Inc. Class B 7.625% 15/03/2020 USD 165,000 174,075 0.17 COMM Mortgage Trust, Series 2006-C8 Class AJ 5.377% 10/12/2046 USD 1,580,000 1,616,510 1.56 Continental Resources, Inc. 3.8% 01/06/2024 USD 175,000 168,469 0.16 Credit Suisse First Boston Mortgage Securities Corp., Series 2005-8 Class 9A4 5.5% 25/09/2035 USD 230,095 213,017 0.21 CSMC Trust 2014-USA, Series 2014 -0-% 17/09/2037 USD 580,000 556,929 0.54 DIRECTV Holdings LLC 3.95% 15/01/2025 USD 400,000 407,548 0.39 Dynegy, Inc., Reg. S 7.375% 01/11/2022 USD 145,000 155,150 0.15 FBR Securitization Trust, FRN, Series 2005-3 Class AV24 0.851% 25/10/2035 USD 1,222,534 1,049,784 1.02 FHLMC Structured Agency Credit Risk Debt Notes, FRN, Series 2015-DN1 Class M3 4.331% 25/01/2025 USD 250,000 260,632 0.25 First Data Corp. 11.75% 15/08/2021 USD 345,000 397,612 0.38 First Franklin Mortgage Loan Trust, FRN, Series 2006-FF7 Class 2A3 0.324% 25/05/2036 USD 124,544 101,796 0.10 GE Capital Trust I, FRN 6.375% 15/11/2067 USD 80,000 87,600 0.09 Glencore Funding LLC, Reg. S 4% 16/04/2025 USD 200,000 196,270 0.19 Halcon Resources Corp., Reg. S 8.625% 01/02/2020 USD 50,000 52,156 0.05 Halcon Resources Corp. 9.75% 15/07/2020 USD 165,000 136,125 0.13 Halcon Resources Corp. 8.875% 15/05/2021 USD 260,000 204,360 0.20 HJ Heinz Co., Reg. S 4.875% 15/02/2025 USD 285,000 311,932 0.30 HSI Asset Securitization Corp. Trust, FRN, Series 2007-WF1 Class 2A3 0.351% 25/05/2037 USD 655,222 638,360 0.62 Hub Holdings LLC, Reg. S 8.125% 15/07/2019 USD 400,000 401,500 0.39 HUB International Ltd., Reg. S 7.875% 01/10/2021 USD 345,000 356,212 0.34 JC Penney Corp, Inc. 8.125% 01/10/2019 USD 170,000 170,850 0.17 JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC17, Series 2006-CB17 Class AM 5.464% 12/12/2043 USD 265,000 273,494 0.26 JPMorgan 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 0.50 JPMorgan Mortgage Acquisition Trust, STEP, Series 2007-CH1 Class AF6 4.512% 25/11/2036 USD 441,835 446,022 0.43 Kinder Morgan Energy Partners LP 5.4% 01/09/2044 USD 540,000 533,245 0.52 Kraft Foods Group, Inc. 6.875% 26/01/2039 USD 195,000 254,721 0.25 Liberty Mutual Group, Inc., Reg. S 6.5% 01/05/2042 USD 425,000 526,145 0.51 Mastr Asset-Backed Securities Trust, FRN, Series 2006-HE2 Class A3 0.331% 25/06/2036 USD 202,484 114,074 0.11 Mastr Asset-Backed Securities Trust, FRN, Series 2006-AM2 Class A3 0.351% 25/06/2036 USD 222,594 178,148 0.17 Merrill Lynch Mortgage Investors Trust Series MLMI, FRN, Series 2005-A1 Class M1 2.584% 25/12/2034 USD 339,545 315,637 0.31 Merrill Lynch Mortgage Trust, FRN, Series 2006-C1 Class AJ 5.659% 12/05/2039 USD 420,000 426,018 0.41 ML-CFC Commercial Mortgage Trust, FRN, Series 2007-9 Class AJ 6.193% 12/09/2049 USD 310,000 308,663 0.30 ML-CFC Commercial Mortgage Trust, Series 2006-4 Class AJ 5.239% 12/12/2049 USD 725,000 736,851 0.71 Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2006-NC4 Class A2C 0.331% 25/06/2036 USD 79,598 73,242 0.07 Morgan Stanley Capital I Trust, FRN, Series 2007-IQ14 Class AM 5.649% 15/04/2049 USD 275,000 288,935 0.28 Morgan Stanley Home Equity Loan Trust, FRN, Series 2006-3 Class A3 0.341% 25/04/2036 USD 76,700 58,024 0.06 Neiman Marcus Group Ltd. LLC, Reg. S 8% 15/10/2021 USD 210,000 226,275 0.22 New Century Home Equity Loan Trust, FRN, Series 2006-1 Class A2B 0.361% 25/05/2036 USD 218,768 155,800 0.15 Newfield Exploration Co. 5.375% 01/01/2026 USD 225,000 235,125 0.23 NovaStar Mortgage Funding Trust Series, FRN, Series 2006-4 Class A2D 0.431% 25/09/2036 USD 148,943 89,849 0.09 Prestige Auto Receivables Trust 2013-1, Series 2013-1I Class D 3.04% 15/07/2020 USD 430,000 436,799 0.42 Puerto Rico Aqueduct and Sewer Authority 5.25% 01/07/2042 USD 765,000 498,688 0.48 Sanchez Energy Corp. 7.75% 15/06/2021 USD 150,000 157,125 0.15 Sanchez Energy Corp. 6.125% 15/01/2023 USD 325,000 320,125 0.31 Securitized Asset-Backed Receivables LLC Trust, FRN, Series 2005-FR3 Class M1 0.886% 25/04/2035 USD 194,880 193,371 0.19 Springleaf Funding Trust, Reg. S, Series 2013-AX Class A 2.58% 15/09/2021 USD 761,712 763,643 0.74 Springleaf Funding Trust, Reg. S, Series 2015-AX Class B 3.62% 15/11/2024 USD 300,000 303,678 0.29

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

BNY Mellon Compass Fund – Global Opportunistic Fixed Income Fund Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value USD Assets Transferable 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 0.16 Tenet Healthcare Corp. 8.125% 01/04/2022 USD 225,000 246,094 0.24 US Treasury 1.5% 31/01/2022 USD 4,795,000 4,707,343 4.55 US Treasury - WI Reopening 2.5% 15/02/2045 USD 425,000 403,816 0.39 US Treasury Bill 0% 13/08/2015 USD 2,689,000 2,688,613 2.60 Wachovia Bank Commercial Mortgage Trust Series, FRN, Series 2006-C24 Class AJ 5.658% 15/03/2045 USD 850,000 865,689 0.84 Wachovia Bank Commercial Mortgage Trust Series, FRN, Series 2006-C29 Class AJ 5.368% 15/11/2048 USD 900,000 917,172 0.89 WaMu Mortgage Pass-Through Certificates Series Trust, FRN, Series 2006-AR16 Class 2A1 2.014% 25/12/2036 USD 665,912 566,181 0.55 Zimmer Holdings, Inc. 4.45% 15/08/2045 USD 775,000 769,165 0.74 37,581,969 36.35 Total Bonds 76,935,173 74.41 Total Transferable securities and money market instruments dealt in on another regulated market 76,935,173 74.41

Total Investments 96,990,897 93.81 Cash 11,367,101 10.99 Other Assets/(Liabilities) (4,970,146) (4.80) Total Net Assets 103,387,852 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 47.79 Australia 9.00 United Kingdom 8.88 New Zealand 6.00 Brazil 4.64 Colombia 3.18 Italy 3.17 Mexico 1.59 Luxembourg 1.17 Ireland 1.05 Singapore 1.00 Cayman Islands 0.97 France 0.88 Spain 0.80 Netherlands 0.78 Argentina 0.73 Morocco 0.55 Bermuda 0.50 Virgin Islands, British 0.47 Canada 0.33 Switzerland 0.33 Total Investments 93.81 Cash and Other Assets/(Liabilities) 6.19 Total 100.00

Forward Currency Exchange Contracts Unrealised Amount Gain/(Loss) % of Net Currency Purchased Purchased Currency Sold Amount Sold Maturity Date USD Assets BRL 3,270,000 USD 1,022,514 02/06/2015 56,925 0.06 GBP 67,559,607 USD 103,291,546 29/05/2015 512,452 0.50 NOK 8,250,000 USD 1,047,316 29/05/2015 46,719 0.05 NZD 1,335,000 USD 1,005,989 29/05/2015 7,972 0.01 USD 4,248,908 AUD 5,310,000 29/05/2015 66,301 0.06 USD 1,452,726 MXN 22,070,000 29/05/2015 18,502 0.01 USD 7,355,493 NZD 9,620,000 29/05/2015 48,894 0.04 USD 1,996,779 PEN 6,200,000 11/06/2015 24,327 0.02 USD 874,130 ZAR 10,390,000 29/05/2015 8,635 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts 790,727 0.76 AUD 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) – Total Unrealised Loss on Forward Currency Exchange Contracts (1,046,853) (1.01) Net Unrealised Loss on Forward Currency Exchange Contracts (256,126) (0.25)

Counterparty Unrealised Barclays PLC (2,770) Citigroup Global Markets Ltd. (59,771) Credit Suisse First Boston (23,436) Credit Suisse First Boston International (177,756) Deutsche Bank AG (153,071) Goldman Sachs International (146,889) HSBC Bank USA (5,463) JPMorgan Chase Bank NA 430,524 JPMorgan Securities Ltd. (62,511) Morgan Stanley & Co. LLC (63,488) Standard Chartered Bank (17,838) UBS AG 26,343 (256,126)

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

BNY Mellon Compass Fund – Global Opportunistic Fixed Income Fund Schedule of Investments As at 30 April 2015

Financial Futures Contracts Unrealised Security Global Exposure Gain/(Loss) % of Net Country Description Number of Contracts Currency USD USD Assets Germany Euro-Buxl 30 Year Bond, 08/06/2015 (15) EUR (2,834,879) 21,514 0.02 India Long Gilt, 26/06/2015 (64) GBP (11,617,338) 111,891 0.11 Total Unrealised Gain on Financial Futures Contracts 133,405 0.13 Australia 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)

Option Purchased Contracts Market Security Global Exposure Value % of Net Quantity Description Counterparty Currency USD USD Assets 100 Eurodollar 1 Year Mid-curve, Put, 98.500, 11/09/2015 Bank of America Merrill Lynch USD 24,625,000 16,250 0.01 420 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 0.02 Option Written Contracts Market Security Global Exposure Value % of Net Quantity Description Counterparty Currency USD USD 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)

Interest Rate Swap Contracts Unrealised Maturity Market Value Gain/(Loss) % of Net Nominal Amount Currency Security Description Counterparty Date USD USD Assets 8,800,000 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) Net Unrealised Loss on Interest Rate Swap Contracts (891,439) (891,439) (0.86)

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

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2018 Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Brazil Vale SA 4.375% 24/03/2018 EUR 250,000 270,904 0.89 270,904 0.89 Bulgaria Bulgarian Telecommunications Co. EAD, Reg. S 6.625% 15/11/2018 EUR 800,000 816,960 2.67 816,960 2.67 Czech Republic EP Energy AS, Reg. S 4.375% 01/05/2018 EUR 800,000 854,281 2.80 854,281 2.80 Finland Stora Enso OYJ, Reg. S 5% 19/03/2018 EUR 100,000 110,375 0.36 110,375 0.36 France Alstom SA 3.625% 05/10/2018 EUR 300,000 328,351 1.08 Autodis SA, Reg. S 6.5% 01/02/2019 EUR 750,000 787,560 2.58 Autoroutes du Sud de la France SA, Reg. S 4% 24/09/2018 EUR 200,000 223,558 0.73 Casino Guichard Perrachon SA 4.481% 12/11/2018 EUR 250,000 283,767 0.93 Cie de Saint-Gobain, Reg. S 4% 08/10/2018 EUR 250,000 279,142 0.91 Holding d'Infrastructures de Transport SAS, Reg. S 5.75% 09/03/2018 EUR 400,000 458,253 1.50 Italcementi Finance SA, Reg. S 6.125% 21/02/2018 EUR 550,000 611,974 2.00 Labco SA, Reg. S 8.5% 15/01/2018 EUR 450,000 474,525 1.55 Lafarge SA, Reg. S 6.625% 29/11/2018 EUR 600,000 696,589 2.28 Nexans SA 4.25% 19/03/2018 EUR 600,000 644,400 2.11 Orange SA, Reg. S 4.125% 23/01/2019 EUR 200,000 226,224 0.74 Peugeot SA, Reg. S 7.375% 06/03/2018 EUR 500,000 580,561 1.90 Societe Des Autoroutes Paris-Rhin-Rhone, Reg. S 4.875% 21/01/2019 EUR 300,000 346,542 1.13 Wendel SA 6.75% 20/04/2018 EUR 400,000 471,374 1.54 6,412,820 20.98 Germany Continental AG, Reg. S 3% 16/07/2018 EUR 150,000 161,862 0.53 LANXESS AG 4.125% 23/05/2018 EUR 200,000 221,512 0.73 ThyssenKrupp AG 4% 27/08/2018 EUR 450,000 486,333 1.59 869,707 2.85 Ireland Smurfit Kappa Acquisitions, Reg. S 5.125% 15/09/2018 EUR 500,000 558,750 1.83 558,750 1.83 Italy Atlantia SpA, Reg. S 4.5% 08/02/2019 EUR 400,000 457,970 1.50 Buzzi Unicem SpA, Reg. S 6.25% 28/09/2018 EUR 500,000 576,987 1.89 Finmeccanica SpA, Reg. S 5.75% 12/12/2018 EUR 400,000 461,936 1.51 Gamenet SpA, Reg. S 7.25% 01/08/2018 EUR 300,000 279,030 0.91 Snam SpA, Reg. S 3.875% 19/03/2018 EUR 400,000 437,440 1.43 Snam SpA, Reg. S 5% 18/01/2019 EUR 400,000 462,484 1.51 Telecom Italia SpA 6.125% 14/12/2018 EUR 500,000 582,616 1.91 Terna Rete Elettrica Nazionale SpA, Reg. S 2.875% 16/02/2018 EUR 400,000 425,968 1.40 Zobele Holding SpA, Reg. S 7.875% 01/02/2018 EUR 150,000 153,432 0.50 3,837,863 12.56 Luxembourg ArcelorMittal, Reg. S 5.75% 29/03/2018 EUR 350,000 389,472 1.27 Cirsa Funding Luxembourg SA, Reg. S 8.75% 15/05/2018 EUR 350,000 359,887 1.18 CNH Industrial Finance Europe SA, Reg. S 6.25% 09/03/2018 EUR 750,000 837,218 2.74 Fiat Chrysler Finance Europe 7.375% 09/07/2018 EUR 700,000 804,650 2.63 Findus Bondco SA, Reg. S 9.125% 01/07/2018 EUR 150,000 158,813 0.52 FMC Finance VIII SA, Reg. S 6.5% 15/09/2018 EUR 400,000 470,600 1.54 gategroup Finance Luxembourg SA, Reg. S 6.75% 01/03/2019 EUR 450,000 472,500 1.54 Gazprom OAO, Reg. S 3.7% 25/07/2018 EUR 500,000 488,750 1.60 Geo Debt Finance SCA, Reg. S 7.5% 01/08/2018 EUR 500,000 482,500 1.58 Glencore Finance Europe SA, Reg. S, STEP 4.625% 03/04/2018 EUR 600,000 665,248 2.18 HeidelbergCement Finance Luxembourg SA, Reg. S 9.5% 15/12/2018 EUR 500,000 647,650 2.12 5,777,288 18.90

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2018 Schedule of Investments As at 30 April 2015 Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Netherlands Brenntag Finance BV, Reg. S 5.5% 19/07/2018 EUR 500,000 571,240 1.87 CRH Finance BV, Reg. S 5% 25/01/2019 EUR 300,000 346,994 1.14 EDP Finance BV, Reg. S 2.625% 15/04/2019 EUR 650,000 685,625 2.24 Enbw International Finance BV 6.875% 20/11/2018 EUR 200,000 244,938 0.80 Enel Finance International NV 5.75% 24/10/2018 EUR 450,000 529,113 1.73 Iberdrola International BV, Reg. S 4.25% 11/10/2018 EUR 400,000 450,270 1.47 Koninklijke KPN NV, Reg. S 7.5% 04/02/2019 EUR 200,000 249,954 0.82 Petrobras Global Finance BV 4.875% 07/03/2018 EUR 300,000 302,250 0.99 Portugal Telecom International Finance BV, Reg. S 5.875% 17/04/2018 EUR 500,000 518,709 1.70 Refresco Gerber NV, Reg. S 7.375% 15/05/2018 EUR 350,000 364,875 1.19 Repsol International Finance BV, Reg. S 4.875% 19/02/2019 EUR 400,000 461,455 1.51 RWE Finance BV 6.625% 31/01/2019 EUR 200,000 244,687 0.80 Schaeffler Holding Finance BV, Reg. S 6.875% 15/08/2018 EUR 550,000 577,060 1.89 TMF Group Holding BV, Reg. S, FRN 5.415% 01/12/2018 EUR 100,000 101,250 0.33 5,648,420 18.48 Portugal Brisa Concessao Rodoviaria SA, Reg. S 6.875% 02/04/2018 EUR 500,000 588,347 1.92 588,347 1.92 Spain Abengoa Finance SAU, Reg. S 8.875% 05/02/2018 EUR 650,000 686,036 2.25 Gas Natural Capital Markets SA, Reg. S 5% 13/02/2018 EUR 400,000 449,671 1.47 Telefonica Emisiones SAU, Reg. S 4.797% 21/02/2018 EUR 400,000 447,096 1.46 1,582,803 5.18 Sweden TVN Finance Corp. III AB, Reg. S 7.875% 15/11/2018 EUR 99,000 103,562 0.34 Verisure Holding AB, Reg. S 8.75% 01/09/2018 EUR 150,000 160,659 0.52 264,221 0.86 United Kingdom Anglo American Capital PLC, Reg. S 2.5% 18/09/2018 EUR 250,000 262,474 0.86 FCE Bank PLC, Reg. S 1.75% 21/05/2018 EUR 200,000 206,643 0.67 Imperial Tobacco Finance PLC, Reg. S 4.5% 05/07/2018 EUR 250,000 280,179 0.92 Tesco PLC, Reg. S 3.375% 02/11/2018 EUR 350,000 369,050 1.21 1,118,346 3.66 Total Bonds 28,711,085 93.94 Total Transferable securities and money market instruments admitted to an official exchange listing 28,711,085 93.94

Total Investments 28,711,085 93.94 Cash 1,451,892 4.75 Other Assets/(Liabilities) 399,212 1.31 Total Net Assets 30,562,189 100.00

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2018 Schedule of Investments As at 30 April 2015

Geographic Allocation of Portfolio % of Net Assets France 20.98 Luxembourg 18.90 Netherlands 18.48 Italy 12.56 Spain 5.18 United Kingdom 3.66 Germany 2.85 Czech Republic 2.80 Bulgaria 2.67 Portugal 1.92 Ireland 1.83 Brazil 0.89 Sweden 0.86 Finland 0.36 Total Investments 93.94 Cash and Other Assets/(Liabilities) 6.06 Total 100.00

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

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

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Australia BHP Billiton Finance USA Ltd. 2.05% 30/09/2018 USD 4,325,000 4,415,358 0.72 Rio Tinto Finance USA Ltd. 3.75% 20/09/2021 USD 1,800,000 1,895,110 0.31 6,310,468 1.03 Canada Petro-Canada 6.05% 15/05/2018 USD 1,200,000 1,353,457 0.22 Rogers Communications, Inc. 6.8% 15/08/2018 USD 2,250,000 2,604,983 0.43 Talisman Energy, Inc. 3.75% 01/02/2021 USD 1,745,000 1,743,346 0.28 Teck Resources Ltd. 2.5% 01/02/2018 USD 2,200,000 2,194,249 0.36 Teck Resources Ltd. 3.75% 01/02/2023 USD 1,700,000 1,577,226 0.26 9,473,261 1.55 Cayman Islands Transocean, Inc. 6.375% 15/12/2021 USD 875,000 773,281 0.12 Transocean, Inc. 4.3% 15/10/2022 USD 620,000 476,625 0.08 1,249,906 0.20 France Sanofi 1.25% 10/04/2018 USD 2,800,000 2,806,532 0.46 Total Capital International SA 2.125% 10/01/2019 USD 1,500,000 1,531,937 0.25 4,338,469 0.71 Luxembourg ArcelorMittal 10.35% 01/06/2019 USD 2,100,000 2,535,750 0.41 Covidien International Finance SA 6% 15/10/2017 USD 1,200,000 1,338,551 0.22 3,874,301 0.63 Netherlands ING Groep NV, FRN 6% Perpetual USD 1,000,000 1,000,625 0.17 LYB International Finance BV 4% 15/07/2023 USD 2,500,000 2,650,318 0.43 Shell International Finance BV 1.125% 21/08/2017 USD 2,800,000 2,811,533 0.46 6,462,476 1.06 Spain Telefonica Emisiones SAU 3.192% 27/04/2018 USD 2,600,000 2,704,951 0.44 Telefonica Emisiones SAU 5.134% 27/04/2020 USD 1,800,000 2,019,026 0.33 4,723,977 0.77 Switzerland Credit Suisse 1.375% 26/05/2017 USD 1,200,000 1,200,774 0.19 Credit Suisse AG, Reg. S 6.5% 08/08/2023 USD 2,400,000 2,746,332 0.45 3,947,106 0.64 United Kingdom Abbey National Treasury Services PLC 1.375% 13/03/2017 USD 3,200,000 3,211,523 0.52 Barclays Bank PLC, Reg. S 6.05% 04/12/2017 USD 2,300,000 2,524,075 0.41 BP Capital Markets PLC 1.846% 05/05/2017 USD 3,300,000 3,350,342 0.55 BP Capital Markets PLC 2.521% 15/01/2020 USD 1,480,000 1,514,855 0.25 Ensco PLC 4.7% 15/03/2021 USD 1,585,000 1,630,062 0.27 GlaxoSmithKline Capital PLC 1.5% 08/05/2017 USD 1,100,000 1,112,601 0.18 HSBC Holdings PLC 4.25% 14/03/2024 USD 600,000 626,977 0.10 HSBC Holdings PLC, FRN 5.625% Perpetual USD 2,300,000 2,354,625 0.39 Lloyds Bank PLC 2.3% 27/11/2018 USD 3,300,000 3,361,380 0.55 Lloyds Banking Group PLC, FRN 7.5% Perpetual USD 2,390,000 2,557,300 0.42 Royal Bank of Scotland Group PLC 6.1% 10/06/2023 USD 700,000 770,237 0.13 Royal Bank of Scotland Group PLC 6% 19/12/2023 USD 840,000 921,570 0.15 Royal Bank of Scotland PLC (The) 5.625% 24/08/2020 USD 1,400,000 1,618,392 0.26 Royal 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 United States of America AbbVie, Inc. 1.75% 06/11/2017 USD 1,400,000 1,408,119 0.23 Aetna, Inc. 1.5% 15/11/2017 USD 3,000,000 3,016,704 0.49 Ally Financial, Inc. 3.5% 27/01/2019 USD 2,300,000 2,288,500 0.37 American Express Credit Corp. 2.375% 24/03/2017 USD 2,200,000 2,257,286 0.37 American Express Credit Corp. 1.55% 22/09/2017 USD 6,000,000 6,033,192 0.98 American Honda Finance Corp. 2.25% 15/08/2019 USD 2,600,000 2,640,654 0.43 Anadarko Petroleum Corp. 6.375% 15/09/2017 USD 2,500,000 2,779,590 0.45 Anheuser-Busch InBev Worldwide, Inc. 1.375% 15/07/2017 USD 1,900,000 1,915,088 0.31 Anheuser-Busch InBev Worldwide, Inc. 7.75% 15/01/2019 USD 1,200,000 1,446,511 0.24 Anheuser-Busch InBev Worldwide, Inc. 6.875% 15/11/2019 USD 1,600,000 1,933,898 0.32 AT&T, Inc. 2.45% 30/06/2020 USD 6,100,000 6,100,500 1.00 AT&T, Inc. 3.4% 15/05/2025 USD 2,200,000 2,181,351 0.36 Atmos Energy Corp. 8.5% 15/03/2019 USD 1,200,000 1,476,940 0.24 AutoZone, Inc. 2.5% 15/04/2021 USD 3,400,000 3,396,712 0.55 Bank of America Corp. 5.75% 01/12/2017 USD 3,800,000 4,176,287 0.68 Bank of America Corp. 2.6% 15/01/2019 USD 8,500,000 8,638,745 1.41 Bank of America Corp. 2.65% 01/04/2019 USD 5,500,000 5,599,808 0.91 Bank of America Corp. 4.1% 24/07/2023 USD 2,400,000 2,529,029 0.41 Bank of America Corp. 4% 01/04/2024 USD 2,300,000 2,413,178 0.39 Bank of America NA 5.3% 15/03/2017 USD 2,600,000 2,771,046 0.45

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

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

United States of America (continued) BB&T Corp. 2.45% 15/01/2020 USD 2,600,000 2,630,857 0.43 Becton Dickinson and Co. 2.675% 15/12/2019 USD 2,700,000 2,756,190 0.45 Berkshire Hathaway Finance Corp. 2% 15/08/2018 USD 1,500,000 1,538,263 0.25 BioMed Realty LP, REIT 2.625% 01/05/2019 USD 1,500,000 1,509,634 0.25 Boeing Co. (The) 0.95% 15/05/2018 USD 2,400,000 2,381,062 0.39 Boston Properties LP, REIT 3.7% 15/11/2018 USD 2,255,000 2,399,063 0.39 Boston Properties LP, REIT 3.85% 01/02/2023 USD 400,000 420,980 0.07 Branch Banking & Trust Co. 1.35% 01/10/2017 USD 4,300,000 4,314,431 0.70 Brinker International, Inc. 2.6% 15/05/2018 USD 2,900,000 2,914,401 0.48 Capital One Bank USA NA 2.15% 21/11/2018 USD 2,600,000 2,629,429 0.43 Caterpillar Financial Services Corp. 2.45% 06/09/2018 USD 4,000,000 4,118,712 0.67 CenturyLink, Inc. 5.625% 01/04/2020 USD 2,600,000 2,748,824 0.45 Cimarex Energy Co. 5.875% 01/05/2022 USD 2,300,000 2,455,250 0.40 CIT Group, Inc. 3.875% 19/02/2019 USD 2,600,000 2,583,750 0.42 Citigroup, Inc. 1.75% 01/05/2018 USD 3,900,000 3,893,362 0.64 Citigroup, Inc. 2.5% 26/09/2018 USD 5,500,000 5,609,895 0.92 Citigroup, Inc. 2.5% 29/07/2019 USD 2,600,000 2,626,832 0.43 Commonwealth Edison Co. 6.15% 15/09/2017 USD 1,200,000 1,339,255 0.22 Commonwealth Edison Co. 2.15% 15/01/2019 USD 2,200,000 2,241,389 0.37 ConAgra Foods, Inc. 1.9% 25/01/2018 USD 1,400,000 1,400,032 0.23 ConocoPhillips Co. 1.05% 15/12/2017 USD 1,500,000 1,495,648 0.24 Continental Resources, Inc. 5% 15/09/2022 USD 6,600,000 6,707,250 1.09 Discover Bank 2% 21/02/2018 USD 5,500,000 5,512,039 0.90 Dollar General Corp. 3.25% 15/04/2023 USD 1,600,000 1,561,490 0.25 Dominion Resources, Inc. 1.25% 15/03/2017 USD 1,600,000 1,602,696 0.26 Dominion Resources, Inc. 3.625% 01/12/2024 USD 1,300,000 1,340,971 0.22 Dow Chemical Co. (The) 5.7% 15/05/2018 USD 1,500,000 1,679,460 0.27 DTE Energy Co. 2.4% 01/12/2019 USD 2,600,000 2,634,624 0.43 Duke Energy Corp. 1.625% 15/08/2017 USD 2,900,000 2,931,975 0.48 Duke Energy Corp. 2.1% 15/06/2018 USD 5,150,000 5,252,073 0.86 Ecolab, Inc. 1.55% 12/01/2018 USD 2,600,000 2,605,187 0.43 Energy Transfer Partners LP 4.65% 01/06/2021 USD 2,300,000 2,473,776 0.40 Enterprise Products Operating LLC 3.2% 01/02/2016 USD 750,000 762,555 0.12 EPR Properties, REIT 5.25% 15/07/2023 USD 1,500,000 1,608,489 0.26 EQT Corp. 8.125% 01/06/2019 USD 600,000 714,676 0.12 EQT Corp. 4.875% 15/11/2021 USD 1,000,000 1,068,316 0.17 ERP Operating LP, REIT 2.375% 01/07/2019 USD 2,500,000 2,530,825 0.41 Exxon Mobil Corp. 1.305% 06/03/2018 USD 3,300,000 3,320,787 0.54 Ford Motor Credit Co. LLC 2.875% 01/10/2018 USD 4,000,000 4,122,804 0.67 Ford Motor Credit Co. LLC 2.375% 12/03/2019 USD 1,600,000 1,618,101 0.26 Ford Motor Credit Co. LLC 8.125% 15/01/2020 USD 6,000,000 7,477,500 1.22 Freeport-McMoran Oil & Gas LLC 6.875% 15/02/2023 USD 16,799,000 18,100,923 2.95 General Electric Capital Corp. 1.25% 15/05/2017 USD 2,280,000 2,296,931 0.38 General Electric Capital Corp. 1.625% 02/04/2018 USD 9,300,000 9,406,271 1.54 General Electric Capital Corp., FRN 6.375% 15/11/2067 USD 2,235,000 2,447,325 0.40 Goldman Sachs Group, Inc. (The) 2.9% 19/07/2018 USD 3,600,000 3,712,662 0.61 Goldman Sachs Group, Inc. (The) 2.625% 31/01/2019 USD 6,700,000 6,828,633 1.11 Goldman Sachs Group, Inc. (The) 2.55% 23/10/2019 USD 2,600,000 2,632,110 0.43 HCP, Inc., REIT 5.375% 01/02/2021 USD 700,000 788,170 0.13 Hewlett-Packard Co. 2.65% 01/06/2016 USD 1,400,000 1,426,034 0.23 Hewlett-Packard Co. 3% 15/09/2016 USD 1,400,000 1,437,114 0.23 HSBC USA, Inc. 1.625% 16/01/2018 USD 4,900,000 4,921,438 0.80 Ingersoll-Rand Global Holding Co. Ltd. 6.875% 15/08/2018 USD 3,000,000 3,472,128 0.57 International Business Machines Corp. 1.125% 06/02/2018 USD 4,600,000 4,600,138 0.75 International Lease Finance Corp. 5.875% 01/04/2019 USD 3,000,000 3,270,000 0.53 John Deere Capital Corp. 5.75% 10/09/2018 USD 900,000 1,025,386 0.17 John Deere Capital Corp. 1.95% 13/12/2018 USD 1,200,000 1,222,750 0.20 JPMorgan Chase & Co. 6% 15/01/2018 USD 2,300,000 2,563,598 0.42 JPMorgan Chase & Co. 1.7% 01/03/2018 USD 3,300,000 3,313,325 0.54 JPMorgan Chase & Co. 6.3% 23/04/2019 USD 6,700,000 7,741,327 1.26 KeyCorp 2.3% 13/12/2018 USD 2,900,000 2,951,701 0.48 Kimberly-Clark Corp. 1.85% 01/03/2020 USD 3,300,000 3,295,773 0.54 Kinder Morgan Energy Partners LP 5.3% 15/09/2020 USD 1,925,000 2,126,852 0.35 Liberty Property LP, REIT 4.125% 15/06/2022 USD 1,500,000 1,562,250 0.26 Lincoln National Corp. 8.75% 01/07/2019 USD 1,200,000 1,506,770 0.25 Lorillard Tobacco Co. 8.125% 23/06/2019 USD 2,075,000 2,536,248 0.41 MasterCard, Inc. 2% 01/04/2019 USD 2,200,000 2,238,399 0.37 McKesson Corp. 2.284% 15/03/2019 USD 2,391,000 2,418,963 0.39 Merck & Co., Inc. 1.85% 10/02/2020 USD 2,800,000 2,811,738 0.46 MidAmerican Energy Co. 2.4% 15/03/2019 USD 2,200,000 2,258,742 0.37

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

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

United States of America (continued) Morgan Stanley 2.125% 25/04/2018 USD 11,100,000 11,197,902 1.83 Morgan Stanley 4.1% 22/05/2023 USD 500,000 513,773 0.08 Morgan Stanley 3.7% 23/10/2024 USD 1,000,000 1,024,846 0.17 Nevada Power Co. 6.5% 01/08/2018 USD 1,500,000 1,729,817 0.28 NiSource Finance Corp. 6.8% 15/01/2019 USD 670,000 782,712 0.13 Norfolk Southern Corp. 5.75% 01/04/2018 USD 1,200,000 1,344,134 0.22 Oracle Corp. 2.375% 15/01/2019 USD 1,500,000 1,537,845 0.25 Owens Corning 4.2% 15/12/2022 USD 1,600,000 1,661,512 0.27 Philip Morris International, Inc. 1.875% 15/01/2019 USD 3,700,000 3,718,071 0.61 Phillips 66 4.3% 01/04/2022 USD 1,000,000 1,088,180 0.18 Phillips 66 Partners LP 2.646% 15/02/2020 USD 1,050,000 1,053,609 0.17 Plains All American Pipeline LP 3.6% 01/11/2024 USD 2,700,000 2,710,444 0.44 PNC Bank NA 2.2% 28/01/2019 USD 1,500,000 1,516,694 0.25 PNC Financial Services Group, Inc. (The) 3.9% 29/04/2024 USD 2,300,000 2,392,039 0.39 PPL Capital Funding, Inc. 1.9% 01/06/2018 USD 1,880,000 1,884,971 0.31 PPL Capital Funding, Inc. 3.95% 15/03/2024 USD 1,935,000 2,073,461 0.34 Prudential Financial, Inc. 6.1% 15/06/2017 USD 3,600,000 3,952,202 0.65 Prudential Financial, Inc. 6% 01/12/2017 USD 1,900,000 2,114,512 0.35 Public Service Electric & Gas Co. 1.8% 01/06/2019 USD 1,500,000 1,507,631 0.25 Public Service Electric & Gas Co. 2% 15/08/2019 USD 2,600,000 2,629,572 0.43 Regency Centers LP 4.8% 15/04/2021 USD 1,500,000 1,654,769 0.27 Republic Services, Inc. 3.8% 15/05/2018 USD 2,420,000 2,567,971 0.42 Rohm & Haas Co. 6% 15/09/2017 USD 1,500,000 1,656,789 0.27 Sempra Energy 6.15% 15/06/2018 USD 1,200,000 1,360,001 0.22 Sempra Energy 2.4% 15/03/2020 USD 2,100,000 2,116,304 0.35 Simon Property Group LP, REIT 2.2% 01/02/2019 USD 1,500,000 1,524,398 0.25 Sunoco Logistics Partners Operations LP 4.25% 01/04/2024 USD 1,700,000 1,747,663 0.29 Synchrony Financial 3.75% 15/08/2021 USD 3,200,000 3,307,267 0.54 Thermo Fisher Scientific, Inc. 2.4% 01/02/2019 USD 1,500,000 1,517,825 0.25 Time Warner Cable, Inc. 6.75% 01/07/2018 USD 1,300,000 1,450,290 0.24 Time Warner Cable, Inc. 5% 01/02/2020 USD 1,000,000 1,057,195 0.17 UnitedHealth Group, Inc. 1.4% 15/10/2017 USD 4,800,000 4,845,893 0.79 Ventas Realty LP, REIT 1.25% 17/04/2017 USD 3,500,000 3,497,102 0.57 Verizon Communications, Inc. 3.65% 14/09/2018 USD 8,600,000 9,115,011 1.49 Verizon Communications, Inc. 3.45% 15/03/2021 USD 1,600,000 1,669,235 0.27 Volkswagen Group of America Finance LLC, Reg. S 1.25% 23/05/2017 USD 2,300,000 2,307,765 0.38 Wachovia Corp. 5.75% 01/02/2018 USD 4,900,000 5,466,631 0.89 Wal-Mart Stores, Inc. 1.125% 11/04/2018 USD 2,800,000 2,804,533 0.46 Wells Fargo Bank NA 6% 15/11/2017 USD 3,000,000 3,340,512 0.55 Zimmer Holdings, Inc. 2.7% 01/04/2020 USD 3,300,000 3,334,620 0.54 384,225,391 62.72 Total Bonds 452,633,407 73.89 Total Transferable securities and money market instruments admitted to an official exchange listing 452,633,407 73.89

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

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments dealt in on another regulated market Bonds

Canada Glencore Finance Canada Ltd., Reg. S 4.95% 15/11/2021 USD 1,850,000 1,997,824 0.32 Husky Energy, Inc. 4% 15/04/2024 USD 1,400,000 1,419,464 0.23 TransCanada PipeLines Ltd. 1.875% 12/01/2018 USD 2,600,000 2,626,328 0.43 6,043,616 0.98 Cayman Islands Hutchison Whampoa International 14 Ltd., Reg. S 1.625% 31/10/2017 USD 2,800,000 2,791,315 0.45 Noble Holding International Ltd. 4% 16/03/2018 USD 1,300,000 1,328,608 0.22 Vale Overseas Ltd. 6.25% 23/01/2017 USD 1,300,000 1,385,272 0.23 5,505,195 0.90 France BNP Paribas SA 1.375% 17/03/2017 USD 2,400,000 2,403,845 0.39 2,403,845 0.39 Ireland Perrigo Finance PLC 3.5% 15/12/2021 USD 1,600,000 1,638,739 0.27 1,638,739 0.27 Italy Intesa Sanpaolo SpA 2.375% 13/01/2017 USD 1,500,000 1,515,692 0.25 1,515,692 0.25 Luxembourg Beverage Packaging Holdings Luxembourg II SA, Reg. S 6% 15/06/2017 USD 450,000 456,750 0.08 Holcim 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 Netherlands Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.375% 19/01/2017 USD 700,000 728,123 0.12 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.95% 09/11/2022 USD 1,300,000 1,335,671 0.22 Deutsche Annington Finance BV, Reg. S 3.2% 02/10/2017 USD 3,516,000 3,608,576 0.59 Deutsche Telekom International Finance BV 6.75% 20/08/2018 USD 892,000 1,035,309 0.17 Volkswagen International Finance NV, Reg. S 1.125% 18/11/2016 USD 2,000,000 2,004,424 0.32 8,712,103 1.42 Sweden Nordea Bank AB, Reg. S 1.25% 04/04/2017 USD 2,200,000 2,198,503 0.36 2,198,503 0.36 Switzerland Credit Suisse 1.75% 29/01/2018 USD 6,100,000 6,116,391 1.00 6,116,391 1.00 United Kingdom Rio Tinto Finance USA PLC 2.25% 14/12/2018 USD 2,520,000 2,556,076 0.42 2,556,076 0.42 United States of America Abbott Laboratories 2% 15/03/2020 USD 3,300,000 3,318,635 0.54 American Honda Finance Corp. 1.5% 13/03/2018 USD 2,200,000 2,210,512 0.36 Amgen, Inc. 2.125% 01/05/2020 USD 4,600,000 4,595,087 0.75 ARC Properties Operating Partnership LP, REIT 3% 06/02/2019 USD 1,700,000 1,646,850 0.27 BAE Systems Holdings, Inc., Reg. S 3.8% 07/10/2024 USD 1,300,000 1,360,743 0.22 Berkshire Hathaway Energy Co. 2.4% 01/02/2020 USD 2,600,000 2,633,467 0.43 Brixmor Operating Partnership LP 3.85% 01/02/2025 USD 2,690,000 2,702,519 0.44 Burlington Northern Santa Fe LLC 5.65% 01/05/2017 USD 927,000 1,011,039 0.16 Chevron Corp. 1.365% 02/03/2018 USD 5,055,000 5,079,658 0.83 CMS Energy Corp. 3.875% 01/03/2024 USD 1,500,000 1,591,459 0.26 Comcast Corp. 5.7% 15/05/2018 USD 5,400,000 6,094,780 0.99 Corporate Office Properties LP, REIT 3.7% 15/06/2021 USD 1,300,000 1,309,546 0.21 Corporate Office Properties LP, REIT 3.6% 15/05/2023 USD 1,300,000 1,254,968 0.20 Cox Communications, Inc., Reg. S 6.25% 01/06/2018 USD 2,000,000 2,270,036 0.37 Daimler Finance North America LLC, Reg. S 1.125% 10/03/2017 USD 1,600,000 1,601,221 0.26 Daimler Finance North America LLC, Reg. S 1.375% 01/08/2017 USD 2,600,000 2,607,254 0.42 DIRECTV Holdings LLC 3.95% 15/01/2025 USD 1,000,000 1,018,869 0.17 Discover Bank 7% 15/04/2020 USD 600,000 709,205 0.12 Discovery Communications LLC 3.25% 01/04/2023 USD 2,200,000 2,185,412 0.36 ERAC USA Finance LLC, Reg. S 2.35% 15/10/2019 USD 2,600,000 2,607,891 0.43 Fidelity National Information Services, Inc. 1.45% 05/06/2017 USD 1,150,000 1,149,233 0.19 Ford Motor Credit Co. LLC 1.461% 27/03/2017 USD 3,200,000 3,201,059 0.52 Forest Laboratories, Inc., Reg. S 5% 15/12/2021 USD 5,400,000 5,977,746 0.98 General Electric Capital Corp., FRN 7.125% Perpetual USD 2,600,000 3,032,250 0.49 General Motors Financial Co., Inc. 4% 15/01/2025 USD 2,600,000 2,621,187 0.43 Glencore Funding LLC, Reg. S 3.125% 29/04/2019 USD 900,000 918,720 0.15 Glencore Funding LLC, Reg. S 4.625% 29/04/2024 USD 1,165,000 1,204,505 0.20 Harley-Davidson Financial Services, Inc., Reg. S 2.15% 26/02/2020 USD 2,800,000 2,815,968 0.46 Home Depot, Inc. (The) 2% 15/06/2019 USD 1,800,000 1,830,258 0.30 HUB International Ltd. 7.875% 01/10/2021 USD 865,000 865,000 0.14 Hyundai Capital America, Reg. S 2% 19/03/2018 USD 1,400,000 1,410,783 0.23 Hyundai Capital America, Reg. S 2.55% 06/02/2019 USD 1,500,000 1,523,252 0.25 John Deere Capital Corp. 2.3% 16/09/2019 USD 2,300,000 2,339,523 0.38

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

BNY Mellon Compass Fund – U.S. Investment Grade Corporate Bond Fund 1-5 Years Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value USD Assets Transferable securities and money market instruments dealt in on another regulated market (continued) Bonds (continued)

United States of America (continued) Kinder Morgan Energy Partners LP 4.3% 01/05/2024 USD 2,400,000 2,443,721 0.40 Kinder Morgan, Inc., Reg. S 5% 15/02/2021 USD 2,400,000 2,592,360 0.42 MetLife, Inc. 1.756% 15/12/2017 USD 621,000 629,090 0.10 MetLife, Inc. 1.903% 15/12/2017 USD 3,950,000 3,979,210 0.65 Mondelez International, Inc. 2.25% 01/02/2019 USD 1,500,000 1,516,977 0.25 Mylan, Inc. 2.55% 28/03/2019 USD 1,500,000 1,506,210 0.25 Navient Corp. 4.875% 17/06/2019 USD 1,600,000 1,600,000 0.26 Omega Healthcare Investors, Inc., REIT, Reg. S 4.5% 01/04/2027 USD 1,800,000 1,771,830 0.29 PNC Bank NA 1.5% 23/02/2018 USD 3,000,000 3,017,661 0.49 Toyota Motor Credit Corp. 2.125% 18/07/2019 USD 2,600,000 2,636,387 0.43 Toyota Motor Credit Corp. 2.15% 12/03/2020 USD 2,300,000 2,323,557 0.38 Union Pacific Corp. 1.8% 01/02/2020 USD 2,900,000 2,904,159 0.47 United Technologies Corp., STEP 0% 04/05/2018 USD 2,600,000 2,614,245 0.43 US Bank NA 1.35% 26/01/2018 USD 2,600,000 2,609,516 0.43 US Treasury Bill 0% 13/08/2015 USD 1,405,000 1,404,826 0.23 WEA Finance LLC, Reg. S 1.75% 15/09/2017 USD 2,250,000 2,265,440 0.37 112,513,824 18.36 Total Bonds 151,273,472 24.69 Total Transferable securities and money market instruments dealt in on another regulated market 151,273,472 24.69

Total Investments 603,906,879 98.58 Cash 22,071,613 3.60 Other Assets/(Liabilities) (13,346,128) (2.18) Total Net Assets 612,632,364 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 81.08 United Kingdom 5.00 Canada 2.53 Netherlands 2.48 Switzerland 1.64 Cayman Islands 1.10 France 1.10 Australia 1.03 Luxembourg 0.97 Spain 0.77 Sweden 0.36 Ireland 0.27 Italy 0.25 Total Investments 98.58 Cash and Other Assets/(Liabilities) 1.42 Total 100.00

Financial Futures Contracts Unrealised Global Exposure Gain/(Loss) % of Net Country Security Description Number of Contracts Currency USD USD Assets United States of America US 10 Year Note, 19/06/2015 (625) USD (80,234,375) (459,011) (0.07) Net Unrealised Loss on Financial Futures Contracts (459,011) (0.07)

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

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2019 Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds

Australia Origin Energy Finance Ltd., Reg. S 2.875% 11/10/2019 EUR 2,100,000 2,253,931 1.81 2,253,931 1.81 Croatia Agrokor dd, Reg. S 9.875% 01/05/2019 EUR 800,000 865,680 0.70 Agrokor dd, Reg. S 9.125% 01/02/2020 EUR 1,000,000 1,117,340 0.90 1,983,020 1.60 Czech Republic RPG Byty Sro, Reg. S 6.75% 01/05/2020 EUR 2,100,000 2,219,784 1.79 2,219,784 1.79 Denmark Carlsberg Breweries A/S, Reg. S 2.625% 03/07/2019 EUR 1,400,000 1,504,428 1.21 1,504,428 1.21 Finland CRH Finland Services OYJ, Reg. S 2.75% 15/10/2020 EUR 1,600,000 1,744,671 1.40 Stora Enso OYJ, Reg. S 5.5% 07/03/2019 EUR 650,000 744,250 0.60 2,488,921 2.00 France Alstom SA, Reg. S 3% 08/07/2019 EUR 1,200,000 1,298,704 1.05 Autodis SA, Reg. S 6.5% 01/02/2019 EUR 1,500,000 1,575,120 1.27 Casino Guichard Perrachon SA 3.994% 09/03/2020 EUR 1,200,000 1,373,176 1.11 Cegedim SA, Reg. S 6.75% 01/04/2020 EUR 670,000 728,625 0.59 Cerba European Lab SAS, Reg. S 7% 01/02/2020 EUR 1,350,000 1,436,643 1.16 Holding Medi-Partenaires SAS, Reg. S 7% 15/05/2020 EUR 2,000,000 2,120,000 1.71 Italcementi Finance SA, Reg. S, STEP 6.625% 19/03/2020 EUR 900,000 1,059,604 0.85 La Financiere Atalian SAS, Reg. S 7.25% 15/01/2020 EUR 2,000,000 2,178,840 1.75 Lafarge SA, Reg. S 5.875% 09/07/2019 EUR 1,800,000 2,151,400 1.73 Novacap International SAS, Reg. S, FRN 5.052% 01/05/2019 EUR 700,000 705,769 0.57 Pernod Ricard SA, Reg. S 2% 22/06/2020 EUR 1,300,000 1,374,079 1.11 Peugeot SA, Reg. S 6.5% 18/01/2019 EUR 600,000 701,113 0.56 Rexel SA, Reg. S 5.125% 15/06/2020 EUR 2,000,000 2,149,900 1.73 THOM Europe SAS, Reg. S 7.375% 15/07/2019 EUR 970,000 1,023,350 0.82 19,876,323 16.01 Germany Bilfinger SE, Reg. S 2.375% 07/12/2019 EUR 1,500,000 1,523,532 1.23 Continental AG, Reg. S 3.125% 09/09/2020 EUR 1,250,000 1,398,158 1.13 Deutsche Raststaetten Gruppe IV GmbH, Reg. S 6.75% EUR 3,000,000 3,288,750 2.65 EWE AG 4.125% 04/11/2020 EUR 1,300,000 1,533,157 1.23 Techem GmbH, Reg. S 6.125% 01/10/2019 EUR 2,650,000 2,825,562 2.28 ThyssenKrupp AG, Reg. S 3.125% 25/10/2019 EUR 1,400,000 1,480,850 1.19 12,050,009 9.71 Ireland FCA Capital Ireland PLC, Reg. S 2% 23/10/2019 EUR 1,800,000 1,852,200 1.49 1,852,200 1.49 Italy A2A SpA 4.5% 28/11/2019 EUR 1,700,000 1,969,009 1.58 ACEA SpA, Reg. S 4.5% 16/03/2020 EUR 1,200,000 1,400,091 1.13 Astaldi SpA, Reg. S 7.125% 01/12/2020 EUR 800,000 864,200 0.70 Atlantia SpA, Reg. S 4.375% 16/03/2020 EUR 1,160,000 1,362,371 1.10 Hera SpA 4.5% 03/12/2019 EUR 1,150,000 1,339,800 1.08 IVS F. S.p.A, Reg. S 7.125% 01/04/2020 EUR 700,000 742,350 0.60 Rhino Bondco SpA, Reg. S, FRN 5.527% 15/12/2019 EUR 1,980,000 1,988,514 1.60 Snam SpA, Reg. S 3.5% 13/02/2020 EUR 1,400,000 1,570,061 1.26 TeamSystem Holding SpA, Reg. S 7.375% 15/05/2020 EUR 700,000 742,875 0.60 Telecom Italia SpA, Reg. S 4% 21/01/2020 EUR 1,450,000 1,597,607 1.29 13,576,878 10.94 Japan SoftBank Corp., Reg. S 4.625% 15/04/2020 EUR 2,000,000 2,210,400 1.78 2,210,400 1.78

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2019 Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued)

Luxembourg Altice Financing SA, Reg. S 8% 15/12/2019 EUR 2,000,000 2,150,000 1.73 ArcelorMittal, Reg. S 3% 25/03/2019 EUR 2,000,000 2,048,918 1.65 BMBG Bond Finance SCA, Reg. S, FRN 5.011% 15/10/2020 EUR 1,450,000 1,469,340 1.18 CNH Industrial Finance Europe SA, Reg. S 2.75% 18/03/2019 EUR 2,100,000 2,142,933 1.73 Elior Finance & Co. SCA, Reg. S 6.5% 01/05/2020 EUR 2,015,000 2,203,906 1.78 Empark Funding SA, Reg. S, FRN 5.527% 15/12/2019 EUR 700,000 708,750 0.57 Empark Funding SA, Reg. S 6.75% 15/12/2019 EUR 2,000,000 2,230,000 1.80 Fiat Chrysler Finance Europe, Reg. S 6.75% 14/10/2019 EUR 1,900,000 2,221,290 1.79 Gestamp Funding Luxembourg SA, Reg. S 5.875% 31/05/2020 EUR 700,000 742,000 0.60 HeidelbergCement Finance Luxembourg SA, Reg. S 8.5% EUR 1,800,000 2,361,384 1.90 KION Finance SA, Reg. S 6.75% 15/02/2020 EUR 1,320,000 1,420,716 1.14 SES SA, Reg. S 4.625% 09/03/2020 EUR 1,150,000 1,359,291 1.09 21,058,528 16.96 Mexico Petroleos Mexicanos, Reg. S 3.125% 27/11/2020 EUR 2,100,000 2,254,875 1.82 2,254,875 1.82 Netherlands Cable Communications Systems NV, Reg. S 7.5% 01/11/2020 EUR 2,300,000 2,438,000 1.96 Carlson Wagonlit BV, Reg. S 7.5% 15/06/2019 EUR 1,350,000 1,439,437 1.16 EDP Finance BV, Reg. S 2.625% 15/04/2019 EUR 900,000 949,327 0.77 Fresenius Finance BV, Reg. S 4.25% 15/04/2019 EUR 1,300,000 1,460,017 1.18 Iberdrola International BV, Reg. S 2.875% 11/11/2020 EUR 1,300,000 1,442,108 1.16 Koninklijke KPN NV, Reg. S 3.75% 21/09/2020 EUR 1,200,000 1,377,262 1.11 OI European Group BV, Reg. S 6.75% 15/09/2020 EUR 1,700,000 2,044,250 1.65 Petrobras Global Finance BV, Reg. S 3.25% 01/04/2019 EUR 1,250,000 1,193,711 0.96 Phoenix PIB Dutch Finance BV, Reg. S 3.125% 27/05/2020 EUR 700,000 736,470 0.59 Portugal Telecom International Finance BV, Reg. S 5% 04/11/2019 EUR 1,100,000 1,117,876 0.90 Repsol International Finance BV, Reg. S 2.625% 28/05/2020 EUR 2,000,000 2,161,064 1.74 Schaeffler Finance BV, Reg. S 2.75% 15/05/2019 EUR 700,000 713,160 0.57 United Group BV, Reg. S 7.875% 15/11/2020 EUR 1,750,000 1,878,625 1.51 18,951,307 15.26 Spain Abengoa Greenfield SA, Reg. S 5.5% 01/10/2019 EUR 1,150,000 1,060,875 0.86 Abertis Infraestructuras SA 4.375% 30/03/2020 EUR 1,200,000 1,402,925 1.13 Gas Natural Capital Markets SA, Reg. S 6% 27/01/2020 EUR 1,100,000 1,362,963 1.10 Obrascon Huarte Lain SA, Reg. S 7.625% 15/03/2020 EUR 1,350,000 1,441,125 1.16 Telefonica Emisiones SAU, Reg. S 4.693% 11/11/2019 EUR 1,200,000 1,407,150 1.13 6,675,038 5.38 Sweden Ciech Group Financing AB, Reg. S 9.5% 30/11/2019 EUR 1,300,000 1,441,479 1.16 Eileme 2 AB, Reg. S 11.75% 31/01/2020 EUR 600,000 678,726 0.55 2,120,205 1.71 United Kingdom Anglo American Capital PLC, Reg. S 2.75% 07/06/2019 EUR 2,000,000 2,126,124 1.71 Boing Group Financing PLC, Reg. S 6.625% 15/07/2019 EUR 1,450,000 1,428,279 1.15 FCE Bank PLC, Reg. S 1.875% 18/04/2019 EUR 1,300,000 1,353,392 1.09 Iglo Foods Bondco PLC, Reg. S, FRN 4.527% 15/06/2020 EUR 1,050,000 1,055,268 0.85 Imperial Tobacco Finance PLC, Reg. S 5% 02/12/2019 EUR 1,200,000 1,419,917 1.14 Tesco Corporate Treasury Services PLC, Reg. S 1.375% EUR 1,950,000 1,895,474 1.53 Thomas Cook Finance PLC, Reg. S 7.75% 15/06/2020 EUR 1,200,000 1,297,495 1.05 10,575,949 8.52 Total Bonds 121,651,796 97.99 Total Transferable securities and money market instruments admitted to an official exchange listing 121,651,796 97.99

Total Investments 121,651,796 97.99 Cash 1,462,529 1.18 Other Assets/(Liabilities) 1,032,304 0.83 Total Net Assets 124,146,629 100.00

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

BNY Mellon Compass Fund – Euro Credit Laufzeitfonds 2019 Schedule of Investments As at 30 April 2015

Quantity/ Market Value % of Net Investments Currency Nominal Value EUR Assets

Geographic Allocation of Portfolio % of Net Assets Luxembourg 16.96 France 16.01 Netherlands 15.26 Italy 10.94 Germany 9.71 United Kingdom 8.52 Spain 5.38 Finland 2.00 Mexico 1.82 Australia 1.81 Czech Republic 1.79 Japan 1.78 Sweden 1.71 Croatia 1.60 Ireland 1.49 Denmark 1.21 Total Investments 97.99 Cash and Other Assets/(Liabilities) 2.01 Total 100.00

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

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

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

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

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

*The sub-fund was launched on 3 December 2014

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

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.

Since Apr 15 to Apr 14 to Apr 13 to Apr 12 to Apr 11 to Inception Sub-fund / benchmark (in %) Currency Apr 14 Apr 13 Apr 12 Apr 11 Apr 10 (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 Hedged Global Opportunistic Fixed Income * 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 BNY Mellon Compass Fund – unaudited Semi-Annual Report as at April 30 2015

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.

Since Apr 15 to Apr 14 to Apr 13 to Apr 12 to Apr 11 to Inception Sub-fund / benchmark (in %) Currency Apr 14 Apr 13 Apr 12 Apr 11 Apr 10 (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 BNY Mellon Fund Management (Luxembourg) S.A. 1, rue Jean-Pierre Brasseur L-1258 Luxembourg