BNY Mellon Global Funds, plc

Annual Report and Accounts For the year ended 31 December 2012

BNY Mellon

Contents Background to the Company

4

Directors’ Report

7

Custodian’s Report

10

Independent Auditors’ Report

11

Investment Managers’ Reports

12

Portfolio of Investments

23

Profit and Loss Account

108

Statement of Net Assets

120

Statement of Changes in Net Assets

132

Notes to the Financial Statements

147

Significant Portfolio Movements

267

Manager and Other Information

287

Important Information

288

3

BNY Mellon Global Funds, plc Background to the Company The following information is derived from and should be read in conjunction with the full text and definitions section in the prospectus.

11 June 2003 – Mellon Global High Yield Bond Fund (USD) was launched.

Structure BNY Mellon Global Funds, plc (the “Company”) was incorporated in the Republic of Ireland as a public limited company on 27 November 2000 under the Companies Acts, 1963 to 2012. The Company changed its name from Mellon Global Funds, plc to BNY Mellon Global Funds, plc, effective 3 June 2008.

20 January 2004 – Mellon US Large Companies Growth Fund was closed (revoked by the Central Bank on 25 May 2005).

The Company is an open-ended umbrella-type investment company with variable capital organised under the laws of Ireland, with segregated liability between sub funds, individually referred to as the “Fund” and collectively the “Funds”. The Company qualifies and is authorised in Ireland by the Central Bank of Ireland (the “Central Bank”) as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended) (the “Regulations”). The Company currently comprises of 40 active Funds at 31 December 2012. Participating shares of the Company have been issued in 58 Funds up to 31 December 2012.

11 February 2004 – Mellon Global High Yield Bond Fund (EUR) was launched. 15 October 2004 – Mellon Global High Yield Bond Fund (USD) was closed (revoked by the Central Bank on 25 May 2005). 10 May 2005 – Mellon Emerging Markets Debt Fund was launched. 3 October 2005 – Mellon North American Equity Fund changed name to Mellon U.S. Equity Fund. 21 April 2006 – Mellon Small Cap Global ex-Euroland Fund was closed (revoked by the Central Bank on 11 June 2007). 28 April 2006 – Mellon Emerging Markets Debt Local Currency Fund was launched. 22 September 2006 – Mellon Evolution Global Alpha Fund was launched.

The history of the Funds is as follows: 30 November 2006 – Mellon Japan Equity Value Fund was launched. 23 March 2001 – Mellon EURO STOXX 50SM Index Tracker, Mellon Euro Government Bond Index Tracker, Mellon S&P 500® Index Tracker and Mellon NIKKEI 225® Index Tracker were launched. 29 March 2001 – Global Tactical Asset Allocation Fund transferred to Mellon Global Funds, plc from Universal Liquidity Funds, plc*.

18 December 2006 – Mellon EURO STOXX 50SM Index Tracker and Mellon Global Innovation Fund were closed (revoked by the Central Bank on 11 June 2007). 10 January 2007 – Mellon Evolution Currency Option Fund was launched.

10 December 2001 – saw the launch of Mellon Asian Equity Fund Mellon Continental European Equity Fund Mellon Global Bond Fund Mellon Global Equity Fund Mellon Global Innovation Fund Mellon Global Intrepid Fund Mellon Japan Equity Fund Mellon North American Equity Fund Mellon Pan European Equity Fund Mellon Sterling Bond Fund Mellon Sterling Cash Fund Mellon UK Equity Fund Mellon US Dollar Cash Fund.

2 July 2007 – Mellon Evolution Currency Alpha Fund was launched.

11 January 2002 – Mellon European Ethical Index Tracker was launched.

23 April 2008 – Mellon Global Property Securities Fund was launched.

31 May 2002 – Mellon US Large Companies Growth Fund was launched.

3 June 2008 – Mellon Global Funds, plc changed its name to BNY Mellon Global Funds, plc and all registered Funds were prefixed with BNY.

6 July 2007 – Mellon Evolution Core Alpha Fund was launched. 31 August 2007 – Mellon Brazil Equity Fund was launched. 17 December 2007 – Mellon Dynamic Europe Equity Fund was launched. 17 December 2007 – Mellon NIKKEI 225® Index Tracker was closed (revoked by the Central Bank on 13 October 2008). 31 January 2008 – Mellon Global Extended Alpha Fund was launched. 4 April 2008 – Mellon Long-Term Global Equity Fund was launched.

17 July 2002 – Mellon Global Emerging Markets Fund was launched. 18 September 2002 – Mellon US Large Companies Value Fund was launched and subsequently changed name to Mellon U.S. Dynamic Value Fund on 24 May 2005.

6 June 2008 – BNY Mellon Sterling Cash Fund merged into Universal Sterling Fund* (a sub fund of Universal Liquidity Funds, plc*) and BNY Mellon US Dollar Cash Fund merged into Universal Liquidity Plus Fund* (a sub fund of Universal Liquidity Funds, plc*) (both Funds were revoked by the Central Bank on 29 January 2010).

28 April 2003 – Mellon Euroland Bond Fund, Mellon Small Cap Euroland Fund and Mellon Small Cap Global ex-Euroland Fund were launched.

16 June 2008 – BNY Mellon Vietnam, India and China (VIC) Fund was launched.

31 May 2003 – Mellon Global Tactical Asset Allocation Fund was closed (revoked by the Central Bank on 25 June 2004).

9 December 2008 – BNY Mellon Dynamic Europe Equity Fund was closed (revoked by the Central Bank on 29 January 2010).

4

BNY Mellon

BNY Mellon Global Funds, plc Background to the Company contd. 18 March 2009 – BNY Mellon Emerging Markets Equity Fund was launched. 25 March 2009 – BNY Mellon Evolution Long/Short Emerging Currency Fund was launched.

18 August 2011 – The valuation point of BNY Mellon U.S. Dynamic Value Fund was changed from 12.00 (Dublin time) to 22.00 (Dublin time) as detailed in the prospectus. 30 November 2011 – All shares in issue of BNY Mellon Evolution U.S. Market Neutral Fund were redeemed.

8 April 2009 – BNY Mellon Evolution Core Alpha Fund, BNY Mellon Evolution Currency Alpha Fund and BNY Mellon Global Extended Alpha Fund were closed (revoked by the Central Bank on 7 October 2010).

31 January 2012 – BNY Mellon Emerging Markets Corporate Debt Fund was launched.

22 June 2009 – BNY Mellon Euro High Yield Bond Fund was approved by the Central Bank.

7 February 2012 – BNY Mellon European Credit Fund was approved by the Central Bank.

30 June 2009 – BNY Mellon Global Real Return Fund (USD) was launched.

5 March 2012 – BNY Mellon European Credit Fund was reapproved by the Central Bank with additional share classes.

22 July 2009 – BNY Mellon Euro Corporate Bond Fund was launched.

12 March 2012 – BNY Mellon Absolute Return Bond Fund was launched.

11 December 2009 – BNY Mellon European Ethical Index Tracker was closed (revoked by the Central Bank on 7 October 2010).

14 June 2012 – BNY Mellon Global Real Return Fund (GBP) was launched.

15 February 2010 – BNY Mellon Global Emerging Markets Fund changed its name to BNY Mellon Global Emerging Markets Equity Value Fund.

4 September 2012 – BNY Mellon Emerging Markets Equity Core Fund was launched.

8 March 2010 – BNY Mellon Global Real Return Fund (EUR) was launched. 14 May 2010 – BNY Mellon Global Strategic Bond Fund changed its name to BNY Mellon Evolution Global Strategic Bond Fund. 29 July 2010 – BNY Mellon Global Equity Higher Income Fund was launched. 5 August 2010 – BNY Mellon Global Dynamic Bond Fund was launched. 31 August 2010 – BNY Mellon Latin America Infrastructure Fund was launched. 29 October 2010 – BNY Mellon Evolution Global Strategic Bond Fund was launched. 26 November 2010 – The valuation point of BNY Mellon Long-Term Global Equity Fund was changed from 12.00 (Dublin time) to 22.00 (Dublin time) as detailed in the prospectus. 16 December 2010 – BNY Mellon Evolution Long/Short Emerging Currency Fund was closed (revoked by the Central Bank on 23 September 2011). 22 December 2010 – BNY Mellon Global Intrepid Fund changed its name to BNY Mellon Global Opportunities Fund. 31 January 2011 – BNY Mellon Absolute Return Equity Fund was launched. 11 March 2011 – BNY Mellon Evolution U.S. Equity Market Neutral Fund was launched. 20 June 2011 – BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund was launched. 24 June 2011 – BNY Mellon Japan Equity Fund was closed (application for revocation submitted to the Central Bank).

13 November 2012 – BNY Mellon Emerging Equity Income Fund was launched. 19 December 2012 – The valuation point of BNY Mellon Emerging Markets Debt Fund was changed from 12.00 (Dublin time) to 22.00 (Dublin time) as detailed in the prospectus. 12 February 2013 – BNY Mellon European Credit Fund was launched. 21 February 2013 – BNY Mellon Evolution Currency Option Fund was closed. A separate pool of assets (a “Portfolio”) is maintained for each Fund, each being invested in accordance with the investment objective applicable to the Fund to which the Portfolio relates. The Funds of the Company are listed on the Irish Stock Exchange. * Effective 1 March 2010, Universal Liquidity Funds, plc changed its name to BNY Mellon Liquidity Funds, plc and the “Universal” prefix was removed from the name of all registered sub funds and replaced with “BNY Mellon”.

Investment objective The assets of each Fund are invested separately in accordance with the investment objectives and policies of the relevant Fund, which are set out in the relevant supplements to the prospectus. Other relevant information Audited annual reports and financial statements and unaudited half-yearly reports are available to the public at the registered office of the Company or on www.bnymellonam.com. They can also be sent to shareholders at their registered address. As at the date of this report, the Funds within the Company are: BNY Mellon Absolute Return Bond Fund BNY Mellon Absolute Return Equity Fund BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Continental European Equity Fund 5

BNY Mellon Global Funds, plc Background to the Company contd. BNY Mellon Emerging Equity Income Fund BNY Mellon Emerging Markets Corporate Debt Fund BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund BNY Mellon Emerging Markets Equity Fund BNY Mellon Emerging Markets Equity Core Fund BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund BNY Mellon Euro Corporate Bond Fund BNY Mellon Euro Government Bond Index Tracker BNY Mellon Euro High Yield Bond Fund* BNY Mellon Euroland Bond Fund BNY Mellon European Credit Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Global Strategic Bond Fund*** BNY Mellon Evolution U.S. Equity Market Neutral Fund** BNY Mellon Global Bond Fund BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Opportunities Fund BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP) BNY Mellon Global Real Return Fund (USD) BNY Mellon Japan Equity Value Fund BNY Mellon Latin America Infrastructure Fund BNY Mellon Long-Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon S&P 500® Index Tracker BNY Mellon Small Cap Euroland Fund BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Dynamic Value Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund. * Fund approved by the Central Bank but not yet launched. ** All shares in issue were redeemed on 30 November 2011. *** Funds pending application to the Central Bank to revoke the Funds’ registration and hence removal from the prospectus.

6

BNY Mellon

Directors’ Report The Directors submit their annual report together with the audited financial statements for the year ended 31 December 2012. Directors’ responsibilities The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Financial Reporting Council & promulgated by The Institute of Chartered Accountants in Ireland. Irish Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs BNY Mellon Global Funds, plc (the “Company”) and of the profit or loss of the Company for that year. In preparing the financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; and

Details of the distributions to redeemable participating shareholders are disclosed in Note 1 to the financial statements and distributions paid to redeemable participating shareholders in the year ended 31 December 2012 are disclosed in the Profit and Loss Account. Review of business and future developments The Company is an open-ended investment company with variable capital which has been authorised by the Central Bank of Ireland (the “Central Bank”) under the UCITS Regulations. There was no change in the nature of the Company’s business during the year. There is a detailed review in the Investment Manager’ Reports of factors contributing to the Funds’ performance. The Directors do not anticipate any change in the structure or investment objectives of the Company. Risk management objectives and policies The Company’s investment activities expose it to the various types of risk, which are associated with the financial instruments and markets in which it invests.

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation.

Details of the risks inherent in investing in the Company are disclosed in Note 18 to the financial statements.

The Directors confirm that they have complied with the above requirement in preparing the financial statements.

Results The results for the year are set out in the Profit and Loss Account.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with accounting statements generally accepted in Ireland and comply with the Companies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011, (as amended) (the “UCITS Regulations”). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under the UCITS Regulations, the Directors are required to entrust the assets of the Company to the Trustee for safe-keeping. In carrying out this duty, the Trustee has delegated custody of the Company’s assets to BNY Mellon Trust Company (Ireland) Limited (the “Custodian”).

Events since the year end There have been no significant events affecting the Company since the year end other than as disclosed in Note 20 to the financial statements.

The Directors are responsible for the maintenance and integrity of the corporate and financial information of the Company included on the website of BNY Mellon Asset Management International Limited (www.bnymellonam.com). Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

(iv) The Irish Stock Exchange (“ISE”) Code of Listing Requirements and Procedures.

Book of account The measures taken by the Directors to secure compliance with the Company’s obligation to keep proper books of account are the use of appropriate systems and procedures and employment of competent persons. The books of account are kept at Guild House, Guild Street, IFSC, Dublin 1, Ireland.

On 14 December 2011, the Irish Funds Industry Association (“IFIA”) published a corporate governance code (“IFIA Code”) that may be adopted on a voluntary basis by Irish authorised collective investment schemes. The IFIA Code became effective from 1 January 2012 with a twelve month transitional period until 1 January 2013. It should be noted that the IFIA Code reflects the existing corporate governance policies imposed on Irish authorised collective investment schemes.

Dividends Dividends paid to redeemable participating shareholders are recognised in the Profit and Loss Account as finance costs when declared. Dividends are declared to the extent necessary to enable the Company to pursue a full distribution policy in accordance with the current UK tax legislation.

Corporate governance statement The Company is subject to corporate governance practices imposed by: (i) The Memorandum and Articles of Association of the Company; (ii) The Irish Companies Acts, 1963 to 2012 (the “Companies Acts”); (iii) The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended), and the associated series of UCITS Notices and Guidance Notes issued by the Central Bank of Ireland; and

Copies of all of the above documents are available for inspection at the Company’s registered office at 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

The Directors have reviewed the IFIA Code and adopted this code on 20 December 2012, following assessment of the measures included in the IFIA Code as being consistent with its existing corporate governance principles and procedures for the financial year. The IFIA Code can be viewed on the IFIA website (www.irishfunds.ie).

7

Directors’ Report contd. Financial reporting process – description of main features The Directors are responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Directors have entrusted the administration of the accounting records to the Administrator. The Directors, through delegation to the Administrator, have procedures in place to ensure all relevant books of account are properly maintained and are readily available, including production of annual and interim financial statements. The annual financial statements of the Company are required to be approved by the Directors of the Company and the annual and interim financial statements of the Company are required to be filed with the Central Bank of Ireland and the Irish Stock Exchange. The statutory financial statements are required to be audited by independent auditors who report annually to the board on their findings. The Directors have hired an independent external audit firm to audit the financial statements in accordance with the Companies Acts. The Directors evaluate and discuss significant accounting and reporting issues as the need arises. The Administrator has operating responsibility in respect of its internal controls in relation to the financial reporting process and the Administrator’s report to the Directors. The Administrator is authorised and regulated by the Central Bank and complies with the rules imposed by the Central Bank. Shareholder meetings The convening and conduct of shareholders’ meetings are governed by the Memorandum and Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter provided that an annual general meeting is held within nine months of the end of each accounting period for the Company. In accordance with Section 132 of the Companies Acts, shareholders representing not less than one-tenth of the paid up share capital of the Company may also request the Directors to convene a shareholders’ meeting. Not less than twenty one clear days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders. Two shareholders present either in person or by proxy constitute a quorum at a general meeting. Votes may be cast in person or by proxy. On a show of hands, every shareholder who is present in person or by proxy shall have one vote and every management shareholder shall have one vote in respect of all non-participating shares. On a poll, every shareholder entitled to one vote in respect of each participating share held by him and every management shareholder is entitled to one vote in respect of all non-participating shares held by him. The chairman of a general meeting of the Company or at least five shareholders present or a shareholder or shareholders representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll.

8

Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. An ordinary resolution of the Company or of the shareholders of a particular fund or class requires an absolute majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the shareholders of a particular fund or share class requires a majority of not less than 75% of the shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Memorandum and Articles of Association. Composition and operation of Board of Directors and Committees Unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two nor more than twelve. Currently the board of directors of the Company is composed of six Directors, being those listed in the directory in these financial statements. The business of the Company is managed by the Directors, who exercise all such powers of the Company as are not by the Companies Acts or by the Articles of Association of the Company required to be exercised by the Company in general meeting. A Director may, and the company secretary of the Company on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the directors may be fixed by the Directors and unless so fixed is two. The key management functions of the Manager, BNY Mellon Global Management Limited, are delegated to the designated Directors in accordance with its business plan. Directors The names of the persons who were Directors at any time during the year ended 31 December 2012 are set out below. Enrico Floridi (Italian)* Michael Meagher (Irish)* David Dillon (Irish)* Greg Brisk (British) Alan Mearns (British) (resigned 31 October 2012) * Independent non-executive Director

Directors and secretary’s interests The Directors and Secretary and their families had no interests in the shares of the Company at 31 December 2012. Greg Brisk and Alan Mearns are also Directors of BNY Mellon Asset Management International Limited, the Global Distribution Company for BNY Mellon’s asset management group. Distributor fees of USD 63,621,939 (2011: USD 57,293,779) were paid by the Manager to the Distributor during the year. Greg Brisk, David Dillon, Alan Mearns and Michael Meagher are also Directors of BNY Mellon Global Management Limited (the “Manager”). Management fees of USD 100,972,253 (2011: USD 96,952,396) were incurred during the year.

BNY Mellon

Directors’ Report contd. David Dillon is also a partner in Dillon Eustace solicitors who provide legal services to the Company. Legal fees of USD 94,083 (2011: USD 53,837) were paid during the year. Enrico Floridi is also a consultant to BNY Mellon Asset Management International Limited, the Global Distributor to the Company. Greg Brisk and Alan Mearns have waived their right to receive a fee for their services as Directors. Independent auditors The Independent Auditors, PricewaterhouseCoopers, will be reappointed in accordance with Section 160 (2) of the Companies Act, 1963.

On behalf of the board Director – David Dillon Director – Michael Meagher Date: 11 April 2013

9

Custodian’s Report Report of the Custodian to the shareholders of BNY Mellon Global Funds, plc We have enquired into the conduct of BNY Mellon Global Funds, plc (the “Company”) for the year ended 31 December 2012, in our capacity as Custodian to the Company. This report, including the opinion, has been prepared for and solely for the shareholders in the Company, in accordance with the Central Bank’s UCITS Notice 4 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Opinion In our opinion, the Company has been managed during the year, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles of Association and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011, (as amended) (“the Regulations”); and (ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the Regulations.

Responsibilities of the Custodian Our duties and responsibilities are outlined in the Central Bank’s UCITS Notice 4. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Our report shall state whether, in our opinion, the Company has been managed in that period, in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Custodian must state why this is the case and outline the steps which we have taken to rectify the situation.

BNY Mellon Trust Company (Ireland) Limited Guild House Guild Street IFSC Dublin 1 Ireland Date: 11 April 2013

Basis of Custodian Opinion The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties outlined in UCITS Notice 4 and to ensure that, in all material respects, that the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.

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BNY Mellon

Independent Auditors’ Report to the Members of BNY Mellon Global Funds, plc We have audited the financial statements of BNY Mellon Global Funds, plc for the year ended 31 December 2012 which comprise the Profit and Loss Account, the Statement of Net Assets, the Statement of Changes in Net Assets and the related notes for the company and for each of its sub funds and the Portfolio of Investments for each of the sub funds. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).

Matters on which we are required to report by the Companies Acts 1963 to 2012 • We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

Respective responsibilities of directors and auditors As explained more fully in the Directors’ Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Section 193 of the Companies Act, 1990 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

•

In our opinion proper books of account have been kept by the company.

•

The financial statements are in agreement with the books of account.

•

In our opinion the information given in the Directors' Report is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Acts 1963 to 2012 which require us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

Jonathan O’Connell For and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin Date: 24 April 2013

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report and Accounts to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: •

give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland of the state of the company’s and sub funds affairs as at 31 December 2012 and of their results for the year then ended; and

•

have been properly prepared in accordance with the requirements of the Companies Acts 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended).

11

Investment Managers’ Reports Economic & Market Overview Introduction During 2012, clear progress was made towards addressing some of the most pressing issues adversely affecting the global economy. The European Central Bank’s (ECB) commitment to doing “whatever it takes” to preserve the euro, the successful avoidance of the automatic spending cuts and tax hikes comprising the US “fiscal cliff”, as well as indications of Chinese economic recovery, all proved supportive of investor sentiment. Growing risk appetite characterised the year, with the final quarter seeing a shift away from “safe-haven” assets into higher-returning market segments. Global equities gained strongly in the early part of the period before falling back in May as market euphoria about better-than-expected economic indicators wore off. In September, monetary authorities launched potentially unlimited quantitative easing programmes (essentially, the printing of money), which led to a rally in equities. The ECB announced the Outright Monetary Transactions (OMT) programme to purchase short-term debt from ailing countries within the eurozone, the announcement itself going some way to soothing investors’ concerns about the outlook for the region. In the UK, the Bank of England extended its quantitative easing programme in July by GBP 50 billion, to GBP 375 billion. The US Federal Reserve (Fed) committed to continuing its bond-buying programme until the US labour market turned a corner. In Asia, the slowdown in Chinese economic growth remained a key concern alongside uncertainty about the once-in-a-decade leadership transition, although there was improvement on both issues by the end of the year, not least in the shape of an expanding Chinese manufacturing sector. In his first speech as leader of the Chinese Communist Party, general secretary Xi Jinping said that his administration, which is set to take the reins of power in March, would seek “progress while maintaining stability… and achieve a solid beginning of the year”. Global equities had a strong 12 months, with the FTSE All-World Index rising by 16.90%. Financials were the clear winners from a sector perspective, while utilities and oil and gas generated only a small positive return. North America A closely-fought US presidential election saw President Obama returned for a second term in November, at which point market attention switched to concerns about the potentially damaging US “fiscal cliff” of automatic tax increases and spending cuts. Towards the end of the period, sentiment was boosted by expectations of an eleventh-hour agreement to tackle the deficit and more promising data on the US economy. Subsequently, while the two major parties came to an agreement on tax rises, the decision on spending cuts was delayed. 2012 saw further improvements in the US housing market, while the unemployment rate continued its gradual decline, although it still stands at close to 8.00%. However, the Fed highlighted concerns that economic growth might not be strong enough to generate a sustained improvement in the US labour market. Indeed, the Fed announced in December that interest rates would remain on hold at between zero and 0.25% until the unemployment rate dropped below 6.50%. This was the first time that the central bank has tied a policy decision to a specific level of employment. Advanced estimates showed that the US economy shrank by 0.10% in the final quarter of 2012, having grown by 3.10% in the third quarter, according to the Bureau of Economic Analysis. The US Federal Reserve (Fed) attributed this fall to “weather-related disruption and other transitory factors”. 12

During the 12-month period, the US equity market made gains (although these fell short of the global average), with the FTSE All-World North America Index, which includes Canada, rising by 15.60%. Europe Events in Europe were arguably the single most important driver of world markets in 2012. European Central Bank President Mario Draghi’s vow in July to do “whatever it takes” to preserve the euro, coupled with the ECB’s Outright Monetary Transactions programme of unlimited bond purchases, proved to be a game changer, stemming further rises in yields on peripheral European government bonds and reinvigorating investor risk appetite. That is not to say that problems no longer exist; several European countries, such as Spain and Greece, continued to be saddled by unsustainable levels of debt. Both have received European Union bail-outs, but it is possible that they may require further assistance in due course. Towards the end of the 12-month period, improving indicators of German manufacturing activity and declining unemployment suggested that recovery in Europe’s largest economy was gathering pace. However, German economic growth fell by 0.60% during the final quarter of the year, dampening the outlook. In the UK, according to the Office for National Statistics, the economy contracted by 0.30% over the three months to the end of 2012, compared with the third quarter of 2012, raising the prospect of a triple-dip recession. In his Autumn Statement, Chancellor George Osborne had re-affirmed the UK’s commitment to debt-reduction amid continued concerns about the country’s economic growth prospects. Equity markets in the Europe ex UK region were among the strongest performing for the year, with the FTSE All-World Europe ex UK Index generating a 20.30% return, outperforming the global average. The German market performed strongly, gaining 29.40%, while France rose by 21.80%. The UK market was among Europe’s weaker performing, returning 10.60%. Asia November saw China’s once-in-a-decade leadership change, with new President Xi Jinping reaffirming his party’s desire to shift the Chinese economy away from a reliance on exports towards a greater focus on domestic growth and consumption. The Chinese economy grew by an annualised 7.90% over the final quarter of the year, an indication that the prospect of the world’s second-largest economy experiencing a “hard landing” is becoming more remote. The heavily export-oriented Taiwanese economy benefited from resurgent Chinese demand, growing by 3.40% during the final quarter of the year. Elsewhere in the region, the Bank of Japan continued to pursue aggressive monetary easing, increasing the total size of its asset purchase programme to JPY 101 trillion (GBP 78 billion) by the end of the year. Against an uncertain economic backdrop, the country’s new Prime Minister, Shinzo Abe, pledged to “implement bold monetary policy, flexible fiscal policy and a growth strategy that encourages private investment”. India continued its struggle with inflationary pressures, but the Reserve Bank of India refrained from reducing its benchmark interest rates during the 12-month period. Conversely, the Australian central bank cut interest rates four times during the year, to 3.00% from 4.25%. Asia Pacific ex Japan equities had a strong year, with the FTSE All-World Asia Pacific ex Japan generating a 20.20% return. Markets in India and China rose by 28.70% and 22.10%, respectively, while

BNY Mellon

Investment Managers’ Reports contd. Economic & Market Overview contd. Australia gained 20.10%. Japanese equities also had a good 2012, the market rising by 21.50%. Fixed income In fixed income, the early part of the period was characterised by continuing investment flows into the perceived “safe haven” markets of US Treasuries and UK Gilts as monetary authorities on both sides of the Atlantic struggled to come up with a solution to sovereign debt problems. The JPMorgan Global Government Bond (Unhedged) Index rose by a modest 1.30% over the year, in local currency terms. With government bond yields at record lows, investors turned to high-yield and inflation-linked bonds, with both markets performing strongly. Local currency and US dollar-denominated emerging market debt were also among the top performing segments of the fixed income universe. Currencies and commodities During a year which saw the Bank of Japan intermittently enhance its monetary easing programme, the Japanese yen was the weakest performing of all major currencies, benefiting the country’s exporters. The Brazilian central bank intervened in the foreign exchange markets with a view to weakening the currency and providing domestic manufacturers with a boost; as a result, the Brazilian real lost ground against most major currencies in 2012. The Mexican peso and the South Korean won were among the year’s best performing currencies. The British pound outperformed relative to the euro, while the US dollar lagged both, primarily due to uncertainty about the “fiscal cliff” and the effects of the Fed’s ongoing quantitative easing. Investors’ demand for “safe haven” assets provided a boost to gold, the price of which rose by around 7.00% to end the year at USD 1,675.35 per ounce. The price of a barrel of West Texas Intermediate crude oil fell to USD 91.82 per barrel, marking a decline of more than 10.00% in 2012. Among other commodities, orange juice and silver were the top performers, while nickel and copper generated positive returns. The price of natural gas fell by the greatest amount. All performance data is from 1 January 2012 to 31 December 2012, total return in local currency terms unless otherwise indicated, sourced from Lipper Hindsight and Bloomberg.

13

Investment Managers’ Reports contd. Absolute Return – Evolution BNY Mellon Absolute Return Bond Fund* The Fund was launched on 12 March 2012. The Fund aims to deliver a total return comprised of long-term capital growth and income by investing in bonds and similar debt instruments. Since launch, the Fund’s S share class has generated a return of +3.65%**, compared with +0.18% for 3-month EURIBOR, both in euro terms. There were a number of positive contributors to returns, but the largest was from the Fund’s holdings of asset-backed securities (ABS). The managers took profits on some ABS holdings in October, reducing the Fund’s exposure, but continued to view some prime residential and commercial mortgage-backed securities as among the most attractive areas of the credit market to invest in. Elsewhere, allocations to emerging market debt, and high yield and investment grade bonds, also contributed positively to returns. The Fund’s duration exposure (interest rate risk) was tactically managed during the year. Insight Investment Management Limited January 2013 BNY Mellon Absolute Return Equity Fund Over the 12-month period, the Fund’s R Sterling share class returned +5.90%**, compared with +0.63% for 1-month LIBOR GBP, both in sterling terms. Correlations between stocks fell to more typical level during the second half of 2012, which presented a rewarding environment for the Fund’s pair-trade stock picking approach. This enabled the managers to increase gross exposure to around 170%. The portfolio’s net exposure continues to be managed tactically; it finished the year at around the 9% level. From a stock-specific point of view, contributions to returns were widespread. The managers favoured taking long positions in companies with specific growth drivers, or companies facing a low risk of earnings disappointment. Lead ideas on the short side tend to have the opposite characteristics. They have also become increasingly attracted to investing in companies which stand to benefit from improving financial market conditions. Insight Investment Management Limited January 2013 BNY Mellon Evolution Currency Option Fund Over the 12-month period, the Fund’s C share class returned -5.03%**, in euro terms. Negative performance was largely due to the fund manager expecting volatility to increase, and positioning the Fund accordingly, during a year in which measures of foreign exchange volatility declined significantly. For example, the DB Currency Volatility Index fell by more than 40% in 2012. The Fund performed strongly in May, when an escalation in the eurozone crisis led to a sharp increase in volatility levels. The final quarter of the year was challenging, as volatility levels declined further from already depressed levels. The fluctuations in volatility levels during the year largely reflected the actions of the major central banks aimed at easing financial conditions and, in particular, measures undertaken by the European Central Bank to preserve the euro. Pareto Investment Management Limited January 2013

14

BNY Mellon Evolution Global Alpha Fund Over the 12-month period, the Fund’s C share class returned -1.57%**, compared with +0.37 for 1-month EURIBOR, both in euro terms. Improving US economic indicators and accommodative central bank action outweighed lingering concerns about European sovereign debt problems, boosting equity market returns for 2012. Global government bond markets made limited gains for the year, while levels of volatility in the currency markets were low. Our large underweight in UK bonds was disadvantageous as the Bank of England refrained from further monetary easing and fiscal concerns continued to mount. We remain tactical in our bond allocation, preferring German bonds to US bonds. The Fund’s stock/bond component contributed positively to returns, primarily due to an overweight exposure to equities. In the currency component, an underweight to the Japanese yen reduced performance. Mellon Capital Management Corporation January 2013 BNY Mellon Evolution Global Strategic Bond Fund Over the review period, the Fund’s A share class returned +10.10%** compared to the return of +0.24% for 1-month LIBOR USD, both in US dollar terms. At the beginning of 2012, the Fund was cautiously positioned. Three risks were significant in the marketplace, including continued financial contagion from Europe, fiscal policy drag in the US, and decelerating economic growth in China. The Fund avoided both credit and government debt in Europe, with the exception of very short-dated Irish government bonds. In addition, the Fund held a short euro position versus the US dollar which helped performance. The emphasis was on short-dated US high yield, asset-backed and investment grade corporate securities as valuations were attractive. The Fund also held a position in Mexico. In the middle part of the year, the Fund was positioned to benefit from a potential rise in US interest rates as the 10-year yield approached 1.45% in August. The expectation was for interest rates to remain low. The Fund also added exposure to peripheral European debt. Going forward, the Fund continues to be positioned for a rise in US interest rates. The Fund favours peripheral European debt markets in terms of its country allocation. In addition, we expect currencies such as the Japanese yen, the US dollar and euro to weaken against other currencies globally. Standish Mellon Asset Management Company LLC January 2013

BNY Mellon

Investment Managers’ Reports contd. Absolute Return – Evolution contd. BNY Mellon Global Dynamic Bond Fund Over the review period, the Fund’s C share class returned +10.39%**, compared to a return of +0.24% for 1-month LIBOR, both in US dollar terms. The Fund generated a strong positive return in 2012. The ability to alter the Fund’s weightings in different segments of the global bond market proved beneficial, as investor risk appetite fluctuated during the year. The Fund’s holdings of emerging market debt and high yield bonds added to returns, as those segments rallied in response to improved risk appetite. Exposure to “core” government bonds was scaled back, which proved advantageous as there were tentative signs that yields were set to rise (due to the falling appeal of “safe-haven” assets). Government bond yields in markets such as Japan, and to a lesser extent, the UK and the US, may have reached their low point. The manager therefore continues to seek opportunities in the high yield segment and in emerging markets, as well as focusing on some Asian currencies. Newton Investment Management Limited January 2013 BNY Mellon Global Real Return Fund (EUR) Over the review period, the Fund’s A share class returned +3.46%** compared to the return of +0.37% for the 1-month EURIBOR, both in euro terms. The Fund generated a positive return in an eventful year, dominated by the financial market volatility and fluctuating investor sentiment. By the end of the year, fears of a eurozone collapse had eased while the US avoided going over its “fiscal cliff” – a potential raft of simultaneous tax rises and spending cuts that threatened to return the country to recession. Meanwhile, Western central banks continued with accommodative policy, with quantitative easing programmes extended in the US, UK and Japan. While over the first half of the year the Fund’s equity performance benefited from positions in defensive (less economically sensitive) sectors such as tobacco and pharmaceuticals, this trend was reversed towards the end of the year as investor risk appetite rose. Elsewhere, while the Fund’s exposure to gold mining equities and exposure to physical gold through exchange-traded funds was a positive contributor at times, over the period as a whole it detracted from performance. Towards the end of the year, Newcrest Mining and Barrick Gold were particularly hard hit. However, the manager maintains the conviction that gold has and will be a natural beneficiary of the current economic environment and an important insurance policy. Newton Investment Management Limited January 2013

BNY Mellon Global Real Return Fund (GBP)* The Fund was launched on 14 June 2012. The Fund targets a total return comprised of long-term capital growth and income by investing in a broad multi-asset portfolio. Since launch, the Fund’s C share class returned +1.86%** compared to the return of +2.40% for the 1-month LIBOR, both in sterling terms. While gold mining equities (company shares) and exposure to physical gold through exchange-traded funds was a positive contributor over the third quarter of 2012, during the fourth quarter the gold price was volatile, and this had a significant impact on the Fund’s gold-related equity holdings; Newcrest Mining and Barrick Gold were particularly hard hit. However, the manager maintains the conviction that gold has and will be a natural beneficiary of the current economic environment and an important insurance policy. More broadly, the Fund’s defensive positioning meant that it was not favourably placed to deliver returns against the very strong financial equity markets of the final quarter that were driven largely by financials and cyclical sectors – those that tend to be sensitive to economic change. Newton Investment Management Limited January 2013 BNY Mellon Global Real Return Fund (USD) Over the review period, the Fund’s A share class returned +3.23%** compared to the return of +0.24% for the 1-month LIBOR, both in US dollar terms. The Fund generated a positive return in an eventful year, dominated by the financial market volatility and fluctuating investor sentiment. By the end of the year, fears of a eurozone collapse had eased while the US avoided going over its “fiscal cliff” – a potential raft of simultaneous tax rises and spending cuts that threatened to return the country to recession. Meanwhile, Western central banks continued with accommodative policy, with quantitative easing programmes extended in the US, UK and Japan. While over the first half of the year the Fund’s equity performance benefited from positions in defensive (less economically sensitive) sectors such tobacco and pharmaceuticals, this trend was reversed towards the end of the year as investor risk appetite rose. Elsewhere, while the Fund’s exposure to gold mining equities and exposure to physical gold through exchange-traded funds was a positive contributor at times, over the period as a whole it detracted from performance. Towards the end of the year, Newcrest Mining and Barrick Gold were particularly hard hit. However, the manager maintains the conviction that gold has and will be a natural beneficiary of the current economic environment and an important insurance policy. Newton Investment Management Limited January 2013

15

Investment Managers’ Reports contd. Global Equity BNY Mellon Emerging Equity Income Fund* The Fund was launched on 13 November 2012. The Fund aims to deliver income and capital growth over the long term by investing in equities (shares) and similar investments of companies listed or located in global emerging market countries. Since launch, the Fund’s C share class has returned 5.90%**, compared with a return of 7.57% for the MSCI Emerging Markets Index and 6.80% for the Lipper Global Equity Emerging Markets Global sector, all in US dollar terms. The Fund’s Mexican holdings were the greatest area of strength; most notably, Fibra Uno, Mexico’s first real estate investment trust, which has exposure to retail and industrial property in Central and Southern Mexico. Elsewhere, shares in the Mexican airport companies Grupo Aeroportuario del Sureste (ASUR) and Grupo Aeroportuario del Pacifico (GAP) made gains. Meanwhile, the holding in the Brazilian oil and gas giant Petrobras made the greatest negative contribution to returns as the Brazilian government continued to delay implementing fuel price increases. Newton Investment Management Limited January 2013 BNY Mellon Emerging Markets Equity Core Fund* The Fund was launched on 4 September 2012. The Fund aims to deliver long-term capital growth by investing in shares (i.e. equities) and similar investments of companies listed or located in emerging markets. Since launch, the S share class of the Fund has delivered +11.58%** against a return of +11.98% for the MSCI Emerging Markets Index, all in US dollar terms.

BNY Mellon Global Emerging Markets Equity Value Fund Over the 12-month period, the Fund’s A share class returned +13.00%**, compared to a return of +18.63% for the MSCI Emerging Markets Index and +17.96% for the Lipper UK Offshore Equity Global Emerging Markets sector, all in US dollar terms. The Fund underperformed its comparative index in 2012, although it made significant gains in December, as the market saw a rotation away from defensive companies (insensitive to the economic cycle) amid increased investor risk appetite. We expect there to be a narrowing in the valuation gap between defensive and cyclical names, and have positioned the portfolio accordingly. Across the world, the economic and political situation is beginning to look more stable than it has in recent years. Nevertheless, we believe that the fragile global economy remains on a low-growth path. The Boston Company Asset Management LLC January 2013 BNY Mellon Global Equity Fund Over the period, the Fund’s A share class returned +15.57%** compared to a return of +16.13% for the MSCI AC World NR Index and +14.03% for the Lipper UK Offshore Equity Global sector, all in US dollar terms. At the sector level, the Fund’s holdings in the telecoms, consumer staples and utilities sectors boosted performance, while its financials and basic materials exposure proved to be disadvantageous. The US mobile telecoms operator Sprint Nextel led performance with impressive second-quarter results, while eBay also performed strongly. Among energy companies, the Canadian oil and gas company Nexen was beneficial, following a takeover bid. Areas of negative performance included the financials sector, in which underweight exposure relative to the market was disadvantageous as the sector rallied towards the end of the period amid improved market sentiment.

Nearly all sectors were positive for performance. Relative to the market, the Fund’s positioning in industrials, energy, information technology and utilities sectors was positive. Meanwhile, stock selection in the materials sector added to returns. The investment team remains committed to its disciplined approach of investing in undervalued companies which have the potential to deliver earnings growth superior to their peers and to outperform over the long term.

Elsewhere, while the Fund’s exposure to gold mining equities was a positive contributor at times, over the period as a whole it detracted from performance. Towards the end of the year, Newcrest Mining and Barrick Gold were particularly hard hit. However, the manager maintains the conviction that gold has and will be a natural beneficiary of the current economic environment and an important insurance policy.

The Boston Company Asset Management LLC January 2013

Newton Investment Management Limited January 2013

BNY Mellon Emerging Markets Equity Fund Over the 12-month period, the Fund’s C share class returned +18.70%**, compared to a return of +18.63% for the MSCI Emerging Markets Index and +17.96% for the Lipper UK Offshore – Equity Global Emerging Markets sector, all in US dollar terms. The overweight exposure to Turkey, the best performing emerging market for the year, was advantageous. However, the Fund’s cash position, maintained for liquidity purposes, was a modest headwind in a rising market. Stock selection was positive in Brazil, especially in the education sector, which benefited from a government push to expand access to subsidised student loans. The Brazilian toll-road operator CCR performed strongly. The bank Grupo Financiero Banorte was boosted by the strong performance of the Mexican economy. In South Africa, the retailers Shoprite and Woolworths saw their shares boosted by rising consumer demand fuelled by wage growth. China was the Fund’s main area of weakness, due to limited exposure to property stocks, which rallied. Blackfriars Asset Management Limited January 2013 16

BNY Mellon

Investment Managers’ Reports contd. Global Equity contd.

Regional Equity

BNY Mellon Global Equity Higher Income Fund Over the 12-month period, the Fund’s C share class returned +14.45%**, compared to a return of +16.96% for the FTSE World Index and +14.03% for the Lipper UK Offshore Equity Global sector, all in US dollar terms.

BNY Mellon Asian Equity Fund Over the period, the Fund’s A share class returned +13.90%**, compared to a return of +22.63% for the MSCI AC Asia Pacific ex Japan Index and +21.90% for the Lipper UK Offshore Equity Far East ex Japan sector, all in US dollar terms.

The Fund generated a strong positive performance over the 12-month period, outperforming the peer group sector average but underperforming the global market. At the sector level, returns were boosted by the Fund’s positioning in utilities, industrials, oil and gas and basic materials, while areas of weakness included consumer goods and healthcare. At the stock level, notable positives included Aberdeen Asset Management and Deutsche Post, the world’s largest courier company. Meanwhile, the positions in the technology company HTC and tobacco giant, Reynolds American, were disadvantageous.

The Fund underperformed the market in 2012, which was primarily due to stock selection. HTC was the biggest detractor as it lost market share to Samsung Electronics and Apple; not holding the former therefore cost performance. The share-price performance of Newcrest Mining and Santos was weak on account of production delays and higher-than-expected capital expenditure. Although Mesoblast was successful in its adult stem cell drug trials, this did not translate into share-price gains. Top positive contributors included Sands China, the Thai bank Siam Commercial Bank, the Philippine energy company First Gen and the private Indian hospital operator Apollo Hospitals.

The manager retains a focus on companies that have sustainable cash flows and operate in stable growth areas. Furthermore, the manager believes that an active and flexible investment approach is required, and that risks and opportunities should be considered from a global perspective. Newton Investment Management Limited January 2013 BNY Mellon Global Opportunities Fund Over the period, the Fund’s A share class returned +15.44%** against a return of +17.14% for the FTSE All World Index and a return of +14.03% for the Lipper UK Offshore Equity Global sector, all in US dollar terms. The Fund delivered a strong positive return, outperforming the peer group sector average but underperforming the global equity market. At the sector level, positioning within consumer goods, utilities, telecoms and basic materials was positive, while positioning in healthcare, oil and gas, and limited exposure to financials, was disadvantageous. At the stock level, notable positives included the US telecoms provider Sprint Nextel, which was boosted by strong fourth quarter results, and the chemicals company, Bayer. On the negative front, the position in the gold miner Newcrest Mining detracted from performance, while the Brazilian oil and gas giant, Petrobras also struggled. Newton Investment Management Limited January 2013 BNY Mellon Long-Term Global Equity Fund Over the period, the Fund’s A share class returned +15.14%** against a return of +14.05% for the MSCI World NR Index and a return of +12.28% for the Lipper UK Offshore Equity Global sector, all in euro terms.

Newton Investment Management Limited January 2013 BNY Mellon Brazil Equity Fund Over the 12-month period, the Fund’s C share class returned +6.76%**, compared to a return of +2.33% for the MSCI Brazil 10/40 NR Index and +9.01% for the Lipper Global Equity Brazil sector, all in US dollar terms. The Fund outperformed its comparative index while losing some ground against the peer group sector average. At the sector level, stock selection in energy and financials added to the Fund’s returns. Exposure to companies producing non-essential goods and services was also beneficial. Conversely, asset allocation in the information technology sector was disadvantageous. At the stock level, the Fund benefited from not holding OGX Petroleo E Gas Participacoes, Brazil’s worst performing stock during the year. Shares in the oil producer suffered amid a series of disappointments in reaching output targets. Holdings in Ultrapar Participacoes and retail store operator Lojas Americanas contributed positively to the Fund’s returns. Integrated energy company Copel was the greatest detractor from returns, as was the exposure to Itausa. BNY Mellon ARX Investimentos Ltda January 2013 BNY Mellon Continental European Equity Fund Over the period, the Fund’s A share class returned +20.86%** compared to a return of +21.34% for the FTSE World Europe ex UK Index and +21.55% for the Lipper UK Offshore Equity European ex UK sector, all in euro terms.

The Fund outperformed both the comparative index and peer group sector average over the 12-month period, generating a positive return. The Fund’s positioning in the healthcare, utilities, consumer goods and telecoms sectors was beneficial, although limited exposure to the financial sector was disadvantageous as this area of the market rallied towards the end of the period. From a geographic perspective, the Fund’s Japanese holdings were notably strong performers. At the stock level, strong performances came from the Spanish fashion distributor, Inditex, and the Australian healthcare company CSL. The managers’ confidence in the capacity of high quality, financially robust companies to pursue profitable, long-term growth remains unchanged.

Over the full year 2012, the Fund slightly lagged a very strong market. The Fund benefited from its decision to remain underweight in Spain during the year, and in particular avoiding Telefonica. The stock selection within the strongly performing financial sector also helped as some of the insurance holdings (notably Aegon, Ageas, and Allianz) appreciated sharply. The Fund suffered from its exposure to Italy’s largest bank Intesa Sanpaolo. Similarly, while the Fund benefited from being underweight the utility sector, which did not perform as well as other sectors, at the stock level, the position in the German giant RWE was a drag on performance. We remain cautiously optimistic regarding the outlook for 2013, focusing on finding companies that have a strong market position and healthy balance sheets, and avoiding some of the more speculative parts of the market, which did well towards the end of the year.

Walter Scott & Partners Limited January 2013

Newton Investment Management Limited January 2013 17

Investment Managers’ Reports contd. Regional Equity contd. BNY Mellon Japan Equity Value Fund Over the review period, the Fund’s C share class returned +12.96%** compared to a return of +20.86% for the Topix and +20.00% for the Lipper UK Offshore – Equity Japan sector, all in Japanese yen terms.

BNY Mellon UK Equity Fund Over the period, the Fund’s A share class returned +8.34%** against a return of +12.30% for the FTSE All-Share Index and +12.87% for the Lipper UK Offshore – Equity UK sector, all in sterling terms.

The portfolio underperformed the comparative index during the annual period. Our value model was challenged throughout most of the year as undervalued stocks did not perform well. However, since the middle of November, the Japanese equity market has risen sharply. This movement was backed by the Japanese yen depreciation, followed by expectations for a new administration and new policy actions by the Bank of Japan. In this environment, we expect investors to consider corporate earnings carefully. As a result, our value model should show some improved performance in the future.

The Fund underperformed its comparative index in 2012, held back by its underweight position in the banking sector, and at the company level, its exposure to GlaxoSmithKline. By contrast, holding Aberdeen Asset Management and avoiding BG Group were positive contributors to performance.

Mitsubishi UFJ Asset Management (UK) Limited January 2013 BNY Mellon Latin America Infrastructure Fund Over the review period, the Fund’s C share class returned +10.96%**, compared to a return of +9.82% for the MSCI EM Latin America 10/40 Index, and +11.78% for the Lipper Global Equity Emerging Markets Latin America sector, all in US dollar terms. The Fund generated a positive return, outperforming its comparative index but losing some ground against the peer group sector average. Brazilian infrastructure operator CCR, which manages highways, made a positive contribution to the Fund’s returns. Shares in Ecopetrol, the Colombian integrated oil company, also made gains. The manager expects many of the Fund’s holdings to benefit from the measures undertaken by the government to encourage private investment in infrastructure. BNY Mellon ARX Investimentos Ltda January 2013 BNY Mellon Pan European Equity Fund Over the review period, the Fund’s A share class returned +16.95%**, compared to a return of +17.87% for the FTSEurofirst 300 Index and +18.50% for the Lipper UK Offshore – Equity European sector, all in euro terms. The Fund generated a positive return, although its performance was slightly behind a strongly rising market. Underweight exposure to consumer goods was negative for the Fund as the sector rallied. The worst performing company was Tesco, which suffered from a profit warning relating to its UK business. The Fund benefited from being underweight Spain and overweight Germany. The single best performing company was the German hospital group Rhoen Klinikum, which received a bid from Fresenius SE. Stock selection was positive in the telecoms sector, particularly the avoidance of the two worst-performing companies, Telefonica and Vodafone. Our outlook for 2013 is cautiously optimistic. We continue to focus on companies that have strong market positions and healthy balance sheets. Newton Investment Management Limited January 2013

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In terms of changes, we have concluded that the dividend yield of the BNY Mellon UK Equity Fund is unsustainably high, and this makes it difficult to generate growth in both income and capital for investors. Although we announced a reduction of the Fund’s yield in 2011, we believe we need to accompany a further reduction in the yield with some changes to the parameters of how we manage the Fund. The proposed changes will integrate the Fund more closely with Newton’s thematic investment process and its other successful equity income strategies. To implement these changes, Newton’s head of UK Equities Richard Wilmot was appointed lead manager on the BNY Mellon UK Equity Fund on 10 December 2012. Richard has over 13 years’ investment experience with Newton and has a strong track record of delivering investment performance for its clients. Newton Investment Management Limited January 2013 BNY Mellon U.S. Dynamic Value Fund Over the 12-month period, the Fund’s A share class returned +16.34%**, compared with a return of +17.51% for the Russell 1000 Value Index and a return of +12.72% for the Lipper UK Offshore – Equity North America sector, all in US dollar terms. The strong return generated by the US equity market in 2012 does not appear to reflect the negative investor sentiment that prevailed during much of the year. At the sector level, information technology and financials were areas of weakness, while energy and utilities made a positive contribution to the Fund’s returns. We expect to see another positive year for US equities, boosted by improvements in leading economic indicators and greater optimism among investors. In the short term, while the US presidential election brought with it added clarity and the fiscal cliff has been addressed, uncertainty remains about how the fiscal deficit will be tackled. The Boston Company Asset Management LLC January 2013

BNY Mellon

Investment Managers’ Reports contd. Regional Equity contd.

Specialist Equity

BNY Mellon U.S. Equity Fund Over the period, the Fund’s A share class returned +7.24%**, compared to a return of +15.33% for the MSCI USA NR Index and a return of +12.72% for the Lipper UK Offshore Equity North America sector, all in US dollar terms.

BNY Mellon Global Property Securities Fund Over the period, the Fund’s C share class returned +22.94%** against a return of +26.67% for the FTSE EPRA/NAREIT Developed Index and a return of +5.96% for the Lipper UK Offshore – Property sector, all in euro terms.

The Fund generated a positive return over the 12-month period but underperformed the comparative index and peer group sector average. At the sector level, positioning in energy, industrials and financials (a zero weighting) reduced returns. However, the Fund’s lack of utilities exposure was beneficial. At the stock level, the position in ResMed was a notable positive contributor.

After a very strong January rally, the market saw a steady increase, followed by a sharp upward movement throughout June and July. For the remainder of 2012, the market was relatively flat, with equities outperforming. The Fund’s security selection in Canada and Australia made a positive contribution to performance, as did underweight exposure to the US. By contrast, security selection within Europe and Hong Kong was disadvantageous. A drag from the small cash holding in a rising market further reduced relative performance. The portfolio remains invested in quality companies that we believe will be resilient to further economic shocks, and/or have the potential to generate above-average performance due to strong management and access to capital.

The managers continue to focus on good companies with clear strategies for exploiting growing markets, which also display strong financial discipline. Walter Scott & Partners Limited January 2013 BNY Mellon Vietnam, India and China (VIC) Fund Over the 12-month period, the Fund’s C share class returned +30.96%**, compared to a return of +21.24% for the MSCI EM Asia Index and +21.90% for the Lipper UK Offshore – Equity Far East ex Japan sector, all in US dollar terms. Asian equity markets staged a rally early in 2012, amid improving global economic indicators and upward earnings revisions. Strong performance during the third quarter was attributable to signs that China’s economic growth slowdown had bottomed, as well as the Indian government implementing reforms to boost economic growth. Consumer goods companies performed strongly. India’s United Spirits was among the top contributors to the Fund’s returns, as merger and acquisition activity steered the company towards a higher-margin product mix. Reliance Infrastructure and IFCI also added to returns, amid the prospect of interest rate cuts by the Reserve Bank of India. Shares in China State Construction made gains as the government continued to encourage urbanisation and the development of social housing as a key drivers for economic growth. Hamon Asset Management Limited January 2013

Urdang Securities Management Inc. January 2013 BNY Mellon Small Cap Euroland Fund Over the 12-month period, the Fund’s A share class returned +28.88%**, compared to a return of +22.07% for the S&P EuroZone SmallCap Index and the +25.09% of the Lipper UK Offshore – Equity European Smaller Companies sector, all in euro terms. The Fund outperformed in 2012 benefiting from improved investor sentiment due to some progress being made towards finding solutions to the myriad of problems affecting the global economy. Equities performed strongly during the first quarter of the year, but relinquished their gains in the second. In July, European Central Bank (ECB) President Mario Draghi said the ECB would “do whatever it takes” to preserve the euro, which again soothed investors’ concerns. Although it may appear similar in many ways to the investment environment prevailing in early 2012, we believe that the current market rotation into small companies is more sustainable, primarily due to the wide-reaching scaling back of risk perceptions. The Boston Company Asset Management LLC January 2013

19

Investment Managers’ Reports contd. Index Tracking

Fixed Income

BNY Mellon Euro Government Bond Index Tracker During the year, the Fund’s A share class returned +9.82%** compared to +10.65% for the Citigroup EMU Government Bond Index and +10.90% for the Lipper UK Offshore – Fixed Interest EUR Sector, all in euro terms. For further commentary, please refer to the market review at the beginning of this document.

BNY Mellon Emerging Markets Corporate Debt Fund* The Fund was launched on 31 January 2012.

The Dreyfus Corporation*** January 2013

Since launch, the Fund’s C share class has returned +11.11%**, compared with +9.57% for the JPMorgan Corporate EMBI Broad Diversified Index.

BNY Mellon S&P 500® Index Tracker During the year, the Fund’s A share class returned +13.80%** compared to +16.00% for the S&P 500 Index and +12.72% for the Lipper UK Offshore – North American Equity Sector, all in US dollar terms. For further commentary, please refer to the market review at the beginning of this document. Mellon Capital Management Corporation January 2013

The Fund aims to deliver a total return comprised of income and capital growth by investing in bonds and similar debt instruments issued by companies in emerging markets.

In a year notable for record asset flows into emerging market corporate debt and substantial new issuance in the asset class, the Fund’s credit selection directly contributed to its strong performance. By sector, the Fund’s holdings in industrials and financials were the best-performing over the period. In terms of geography, Russian holdings were the best performers, followed by holdings in Brazil, the United Arab Emirates, Turkey and Venezuela, respectively. The outlook for emerging market debt in 2013 remains positive; sustained low interest rates in developed economies are likely to provide plentiful liquidity; policymakers in the developed world are aiming to reduce tail risks; the global economy is entering a cyclical recovery with emerging market countries in the lead; and it seems that the emerging markets will remain the preferred destination for asset inflows from a diverse range of sources. Insight Investment Management Limited January 2013 BNY Mellon Emerging Markets Debt Fund Over the 12-month period, the Fund’s C share class returned +18.90%**, compared to +18.54% for the JPMorgan Emerging Markets Bond Index (Global) and +15.11% for the Lipper Global Bond Emerging Markets Global HC sector, all in US dollar terms. Despite a volatile economic backdrop, US dollar-denominated emerging market debt saw record inflows during the year, reflecting the relative strength of emerging economies compared to developed economies, and the potentially higher returns on offer. Returns for the asset class were the strongest since 2009, as spreads narrowed and US Treasury yields remained at record lows. The Fund’s outperformance reflected overweight positions in non-Middle Eastern oil exporting countries and their state-owned energy companies (Kazakhstan, Russia, Venezuela) and allocations to countries growing strongly and with good policy-making (Indonesia, Lithuania, Turkey and Uruguay). Exposure to bonds issued by supranational (international non-governmental) entities and some of the Fund’s credit holdings also added to returns. Standish Mellon Asset Management Company LLC January 2013

20

BNY Mellon

Investment Managers’ Reports contd. Fixed Income contd. BNY Mellon Emerging Markets Debt Local Currency Fund During the 12-month period, the Fund’s C share class returned +14.24%**, compared to a return of +16.76% for the JPMorgan Government Bond Index – Emerging Markets Global Diversified and +15.16% for the Lipper Global Bond Emerging Markets Global LC sector, all in US dollar terms. Most of the Fund’s underperformance was due to the lack of full investibility in the local bond markets of all countries in the comparative index. We are not investing in credit-linked notes (CLNs) due to the scope of their counterparty risk. In the absence of CLNs, the Fund held underweight exposure to Russian and Colombian local bonds. This underweight reduced returns. However, given recent regulatory change in Russia, we are now able to buy Russian local bonds directly. A cautious stance towards overvalued currencies such as the Colombian Peso, and currencies vulnerable to systemic risk such as the Hungarian forint, also detracted from returns. Standish Mellon Asset Management Company LLC January 2013 BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund During the 12-month period, the Fund’s C share class returned +12.27%**, compared to a return of +15.80% for the JPMorgan Government Bond Index – Emerging Markets Global Diversified Investment Grade 15.00% Capped and +15.16% for the Lipper Global Bond Emerging Markets Global sector. The Fund lost performance due to the lack of full investibility in the local bond markets of all countries in the comparative index. We are not investing in credit-linked notes (CLNs) due to the scope of their counterparty risk. In the absence of CLNs, the Fund held underweight exposure to Russian and Colombian local bonds. This underweight detracted from returns. However, given recent regulatory change in Russia, we are now able to buy Russian local bonds directly. A cautious stance towards the Colombian peso, which we believe is overvalued, and an underweight position in the Hungarian forint early in the year, also cost some performance. Standish Mellon Asset Management Company LLC January 2013 BNY Mellon Euro Corporate Bond Fund Over the period, the Fund’s A share class returned +12.90%**, compared to a return of +13.57% for the Markit iBoxx Euro Corporates Index and +12.27% for the Lipper Global Bond EUR Corporates sector, all in euro terms. The Fund generated a strong positive return in 2012 but lost some ground against its comparative index. At the sector level, overweight exposure to the utilities, retail and construction segments was advantageous, while banks and oil and gas were areas of weakness. At issuer level, holdings in America Movil, Bertelsmann and British Telecom added to the Fund’s returns. The manager believes that investors stand to benefit from exposure to investment grade corporate bonds in a low interest rate environment. The measures that have been undertaken to address the eurozone crisis have reduced systemic risks, and the macroeconomic outlook remains favourable for the asset class. Meriten Investment Management GmbH (formerly named WestLB Mellon Asset Management Kapitalanlagegesellschaft mbH)* January 2013

BNY Mellon Euroland Bond Fund Over the review period, the Fund’s C share class returned +13.66%** compared to a return of +11.19% for the Barclays Capital Euro Aggregate Bond Index and +10.90% for the Lipper UK Offshore – Fixed Interest sector, all in euro terms. During 2012, the portfolio outperformed the market due to strong security selection and currency positioning. Returns from interest rate risk (duration) made a positive contribution to performance for the year, offsetting losses due to asset allocation. Strategic positioning in currencies, which included a short Japanese yen position versus a long US dollar position, as well as exposure to emerging market currencies, added to performance. Elsewhere, returns were boosted by allocations to European financial issuers and exposure to local currency and US dollar-denominated emerging market debt. Standish Mellon Asset Management Company LLC January 2013 BNY Mellon Global Bond Fund Over the 12-month period, the Fund’s A share class returned +3.23%**, compared to a return of +1.30% for the JPMorgan Global Government Bond Index (Unhedged) and +7.53% for the Lipper Global Bond Global Filtered sector, all in US dollar terms. The Fund generated a positive return, outperforming its comparative index. The Fund invests mainly in government bonds and therefore would not have participated in the rally for corporate debt unlike many funds in the peer group sector average. Emerging market sovereign debt holdings, particularly Polish and Mexican government bonds, added to the Fund’s returns. With a view to taking some profits, some of these holdings were sold. Exposure to the developed economies of New Zealand and Australia, which in our view are underpinned by relative fiscal stability, was also advantageous. The Fund’s overall level of interest rate risk (duration) was reduced, ending 2012 at 5.43 years with an underweight compared to the comparative index’s 7.03 years. Duration exposure in “safe haven” markets such as the US, UK, Germany and Japan was reduced. We believe that the improving economic outlook for the US could lead to increased volatility in the currency markets, and have therefore positioned our currency exposure to Asian and emerging market currencies, which we believe tend to do better under such conditions. Newton Investment Management Limited January 2013 BNY Mellon Global High Yield Bond Fund (EUR) Over the period, the Fund’s A share class returned +15.50%** compared to a return of +18.23% for the BofA Merrill Lynch Global High Yield Constrained (hedged into euro) Index and a return of +14.82% for the Lipper Global Bond – Global High Yield sector, all in euro terms. Improving sentiment boosted investor appetite for riskier assets during the year. The global high yield bond market saw robust issuance. The portfolio lost some performance relative to the comparative index largely as a result of its underweight allocation to the European high yield debt market, specifically, peripheral European financial issuers which staged a strong rally. Sector allocation was a slight negative as underweight exposure to the debt of finance and materials companies outweighed the gains accruing from bonds issued in the services and transportation sectors. The levels of debt and default risk facing high yield issuers remain below historical averages. Although valuations are not as attractive as those seen in 2011, we believe that high yield remains an attractive asset class for investors in search of returns. Standish Mellon Asset Management Company LLC January 2013 21

Investment Managers’ Reports contd. Fixed Income contd. BNY Mellon Sterling Bond Fund Over the period, the Fund’s A share class returned +2.71%**, compared to +2.70% for the FTSE A British Govt All Stocks Index and +6.18% for the Lipper UK Offshore – Fixed Interest GBP sector, all in sterling terms. The Fund produced a return in line with the comparative index in 2012. Underweight exposure to UK government bonds reduced the Fund’s performance in the first half of 2012 as investors’ concerns about the eurozone and declining global economic growth prompted “safe-haven” government bond markets (including the UK) to rally. As investors’ risk aversion eased through the second half of the year, aided by further support from the major central banks (most particularly the European Central Bank) and improving US economic indicators, corporate debt exposure (over 20% of the portfolio) enabled the Fund to outperform. Newton Investment Management Limited January 2013 * Please refer to Note 19 of the financial statements. ** Source: Lipper as at 31 December 2012. Total Return, no initial charge, but includes annual charges, income reinvested gross of tax. The impact of the initial charge can be material on the performance of your investment. Performance figures including the initial charge are available on request. Past performance is not a guide to future performance. Performance history is given in share class currency. *** Please refer to Note 20 of the financial statements.

22

BNY Mellon

BNY Mellon Absolute Return Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia

7,037,452

5.52

2,346,347 Interstar Millennium Series 2006-1 Trust 3.522% 27-Mar-2038 FRN 200,000 National Australia Bank Ltd 0.675% 22-Oct-2013 FRN 3,000,000 National Australia Bank Ltd 0.715% 07-Apr-2014 FRN 1,000,000 Rams Mortgage Securities Pty Ltd 1.711% 11-Aug-2034 FRN 1,269,304 Sapphire Trust 6.648% 14-Apr-2039 FRN 200,000 Westpac Banking Corp 0.651% 29-Oct-2013 FRN

Bermuda 700,000 Golden Close Maritime Corp Ltd 11.000% 09-Dec-2015

Czech Republic 500,000 CET 21 spol sro 9.000% 01-Nov-2017

Denmark 200,000 Welltec A/S 144A 8.000% 01-Feb-2019

France 3,200,000 228,000 750,000 200,000 3,200,000

BNP Paribas SA 0.990% 05-Mar-2014 FRN BNP Paribas SA 0.583% 16-Sep-2013 FRN Natixis 0.590% 15-Jan-2019 FRN Societe Generale SA 1.040% 22-Jul-2013 FRN Societe Generale SA 1.105% 01-Sep-2013 FRN

260,689 250,000 3,000,000 600,000 216,049 300,000 200,000 371,910

DECO Series 0.361% 27-Oct-2020 FRN DECO Series 1.349% 27-Jul-2017 FRN Deutsche Bank AG 0.509% 17-Jan-2014 FRN Deutsche Bank AG 1.066% 07-Oct-2013 FRN Fleet Street Finance Plc 1.074% 25-Oct-2016 FRN Florentia Ltd 2.084% 06-Oct-2024 FRN Florentia Ltd 5.244% 06-Oct-2024 FRN German Residential Asset Note Distributor Plc 0.925% 20-Jan-2021 FRN German Residential Asset Note Distributor Plc 1.255% 20-Jan-2021 FRN Mondi Consumer Packaging International AG 9.750% 15-Jul-2017 Talisman Finance Plc 0.390% 22-Oct-2016 FRN Talisman Finance Plc 0.410% 22-Apr-2017 FRN Talisman Finance Plc 0.570% 22-Apr-2017 FRN Titan Europe Plc/Ireland 0.354% 23-Jan-2017 FRN Titan Europe Plc/Ireland 0.374% 23-Apr-2017 FRN Titan Europe Plc/Ireland 0.424% 23-Apr-2017 FRN Unitymedia KabelBW GmbH 9.625% 01-Dec-2019

Italy

Germany

1,294,247 500,000 2,057,841 1,018,166 1,391,134 251,466 1,640,803 1,406,481 600,000

570,724

0.45

570,724

0.45

542,500

0.43

542,500

0.43

160,789

0.13

160,789

0.13 2.53 0.18 0.39 0.16 2.52

14,657,656

11.51

255,190 231,269 3,004,110 603,444 202,560 300,531 199,156

0.20 0.18 2.36 0.47 0.16 0.24 0.16

352,408

0.28

1,209,797

0.95

577,500 1,860,417 974,232 1,208,059 236,073 1,592,186 1,178,208 672,516

0.45 1.46 0.76 0.95 0.19 1.25 0.92 0.53

175,625

0.14

105,625 70,000

0.08 0.06

108,602

0.09

108,602

0.09

18,866

0.01

18,866

0.01

17,508,682

13.74

Marshall Islands 25,000 Drill Rigs Holdings Inc 144A 6.500% 01-Oct-2017

3,000,000 200,000 2,000,000 200,000 1,500,000 520,000

0.69 0.74 0.16

5.78

Luxembourg

2,000,000

876,080 942,057 200,780

3,219,296 228,337 502,986 200,874 3,211,264

100,000 Sunrise Communications International SA 7.000% 31-Dec-2017

Netherlands

1.41 0.15 2.37

7,362,757

100,000 Fiat Industrial Finance Europe SA 5.250% 11-Mar-2015 70,000 Romulus Finance Srl 4.940% 20-Feb-2013

3,400,000 650,000 800,000 3,400,000

1,801,037 200,728 3,016,770

ABN AMRO Bank NV 1.466% 07-Oct-2013 FRN Bite Finance International BV 3.683% 15-Mar-2014 FRN Bluewater Holding BV 144A 3.330% 17-Jul-2014 FRN Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 0.910% 13-Jan-2014 FRN Holland Euro-Denominated Mortgage Backed Series 1.484% 18-Sep-2044 FRN ING Bank NV 0.646% 31-Jul-2013 FRN ING Bank NV 0.736% 28-Mar-2013 FRN Storm BV 1.440% 22-Aug-2054 FRN Storm BV 1.705% 22-Apr-2054 FRN Utrecht Funding BV 3.463% 28-Jul-2016 FRN Ziggo Bond Co BV 8.000% 15-May-2018

3,430,192 630,500 564,277

2.69 0.49 0.44

3,420,128

2.69

2,015,301 3,005,220 200,226 2,033,150 203,261 1,434,375 572,052

1.58 2.36 0.16 1.59 0.16 1.13 0.45

Fair value EUR

Total net assets %

9,727,978

7.64

593,750 3,401,258 631,250 5,101,720

0.47 2.67 0.49 4.01

2,358,545

1.85

416,642 668,458

0.33 0.52

1,137,500 135,945

0.89 0.11

992,088

0.78

403,788 588,300

0.32 0.46

3,996,885

3.14

581,415 3,415,470

0.46 2.68

26,359,498

20.70

Holdings Description

Norway 4,000,000 3,400,000 4,500,000 33,000,000

Aker Solutions ASA 10.700% 26-Jun-2014 DNB Bank ASA 0.335% 16-Jan-2014 FRN DOF Subsea AS 8.950% 14-Apr-2014 FRN Norway Government Bond 3.750% 25-May-2021

Spain 476,069 BBVA PYME FTA 0.505% 21-Apr-2028 FRN 800,000 FTA Santander Empresas 0.511% 23-Jun-2050 FRN 1,300,000 FTPYME PASTOR Fondo de Titulizacion de Activos 0.411% 15-Jul-2045 FRN 138,135 TDA Pastor Consumo 1 FTA 0.331% 28-Jan-2021 FRN

Sweden 400,000 Nordea Bank AB 1.164% 10-Jan-2014 FRN 530,000 TVN Finance Corp II AB 10.750% 15-Nov-2017

Switzerland 530,000 Sunrise Communications Holdings SA 8.500% 31-Dec-2018 3,400,000 UBS AG/London 0.691% 16-May-2014 FRN

United Kingdom

930,000 Annington Finance No 4 Plc 6.568% 10-Jan-2023 VAR 1,200,000 Aviva Plc 4.729% 29-Nov-2049 VAR 3,200,000 Barclays Bank Plc 1.759% 17-Jan-2014 FRN 289,809 Business Mortgage Finance Plc 0.713% 15-Feb-2039 FRN 1,150,000 Channel Link Enterprises Finance Plc 3.568% 30-Jun-2050 FRN 109,444 DECO Series 4.274% 22-May-2021 FRN 256,689 Eclipse Ltd 0.371% 20-Nov-2022 FRN 140,000 Eddystone Finance Plc 0.741% 19-Apr-2021 FRN 495,000 Enterprise Inns Plc 6.000% 03-Feb-2014 106,872 European Loan Conduit 1.208% 01-Nov-2029 FRN 2,170,812 Eurosail Plc 0.686% 17-Apr-2040 FRN 200,000 Fosse Master Issuer Plc 2.633% 18-Oct-2054 FRN 100,000 Friary Plc 2.329% 21-Oct-2043 FRN 194,815 Gemgarto 3.474% 14-May-2045 FRN 1,100,000 Granite Master Issuer Plc 0.390% 20-Dec-2054 FRN 3,187,285 Great Hall Mortgages Plc 0.438% 18-Jun-2039 FRN 500,000 HSBC Bank Plc 0.733% 14-Mar-2014 FRN 100,000 Lafarge Cement UK Ltd 10.750% 29-Nov-2013 1,472,188 LCP Proudreed Plc 0.784% 25-Aug-2016 FRN 1,750,000 Lloyds TSB Bank Plc 1.384% 25-Mar-2013 FRN 1,630,560 Marble Arch Residential Securitisation No 4 Ltd 0.698% 20-Mar-2040 FRN 226,226 Money Partners Securities Plc 0.383% 14-Sep-2039 FRN 178,099 Money Partners Securities Plc 0.560% 14-May-2039 FRN 1,000,000 Money Partners Securities Plc 0.869% 14-Sep-2039 FRN 420,000 MU Finance Plc 8.750% 01-Feb-2017 1,915,362 Paragon Mortgages No 9 Plc 0.552% 15-May-2041 FRN 500,000 R&R Ice Cream Plc 8.375% 15-Nov-2017 980,174 Real Estate Capital Plc 1.428% 25-Jul-2016 FRN 120,006 Titan Europe Plc/Ireland 1.797% 28-Jul-2014 FRN 225,000 Unite USAF Plc 0.715% 31-Mar-2017 FRN 400,000 Virgin Media Finance Plc 8.875% 15-Oct-2019 256,214 Windermere CMBS Plc 0.370% 22-Aug-2016 FRN

United States of America 3,000,000 3,000,000 3,000,000 590,000 500,000 3,000,000

Bank of America Corp 0.347% 05-Feb-2014 FRN Golar LNG Partners LP 7.110% 12-Oct-2017 FRN JPMorgan Chase & Co 0.434% 26-Sep-2013 FRN Levi Strauss & Co 7.750% 15-May-2018 MetroPCS Wireless Inc 7.875% 01-Sep-2018 Wachovia Corp 0.343% 13-Feb-2014 FRN

Total investments in bond securities

1,230,144 1,162,260 3,246,272

0.97 0.91 2.55

321,140

0.25

1,069,500 129,157 243,855 160,208 609,938 88,068 1,916,020 249,861 125,231 248,428 1,036,594 2,150,960 501,680 131,960 1,665,196 1,754,462

0.84 0.10 0.19 0.13 0.48 0.07 1.51 0.20 0.10 0.20 0.81 1.69 0.39 0.10 1.31 1.38

1,845,904 219,212 132,275 931,370 561,321 1,737,283 547,935 1,131,181 131,187 267,705 558,286 254,905

1.45 0.17 0.10 0.73 0.44 1.36 0.43 0.89 0.10 0.21 0.44 0.20

10,432,611

8.19

2,978,670 406,902 3,002,190 635,005 410,504 2,999,340

2.34 0.32 2.36 0.50 0.32 2.35

102,011,258

80.10

23

BNY Mellon Absolute Return Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Ireland 667,016 Insight Global II Emerging Market Debt S Acc

Total investments in fixed income funds Europe 600,000 587,585 300,000 300,000

Birds Eye 4.860% 31-Oct-2017 ISS 3.748% 30-Apr-2015 Lavena 0.000% 03-Jun-2015 Lavena 0.000% 03-Jun-2016

500,000 90,957 500,000 88,091 101,061 500,000 99,750

Alliance Boots 3.495% 05-Jul-2015 Camelot Leveraged Term Loan A 5.845% 31-Jul-2018 Harry Cre 6.034% 16-Dec-2016 Iceland Food Limited 5.609% 30-Mar-2018 FRN Insight 5.254% 31-Jan-2014 RAC Plc 0.000% 30-Sep-2018 Rhino 4.659% 16-Jul-2017

United Kingdom

Total investments in leveraged loans

Fair value EUR

Total net assets %

11,251,124

8.83

11,251,124

8.83

11,251,124

8.83

1,769,735

1.39

601,377 587,585 289,636 291,137

0.47 0.46 0.23 0.23

2,287,411

1.79

600,975 111,804 606,934 108,259 122,055 614,894 122,490

0.47 0.09 0.48 0.08 0.09 0.48 0.10

4,057,146

3.18

16,828 30,428 7,479 4,608 4,608 17,846 17,846 2,061 1,258 17,045

0.01 0.03 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01

927 23,153 150,231 154,666 24,025 4,194 6,148 22,983 84,428 11,375 2,241 13,452 98,295 3,566 6,750 87,592 5,308 5,308 24,559 4,644 31,096 34,061 1,205 22,478

0.00 0.03 0.12 0.12 0.02 0.00 0.00 0.03 0.07 0.01 0.00 0.01 0.08 0.00 0.01 0.07 0.00 0.00 0.02 0.00 0.02 0.03 0.00 0.02

942,692

0.74

51,436 15,726

0.04 0.011

67,162

0.05

9,450

0.01

9,450

0.01

Credit default swaps 1,000,000 1,500,000 (200,000) 750,000 750,000 500,000 500,000 (100,000) 200,000 1,700,000 (200,000) (200,000) (1,300,000) (1,300,000) (200,000) 200,000 200,000 (500,000) 1,300,000 200,000 (100,000) 200,000 1,300,000 500,000 (1,700,000) 1,300,000 100,000 100,000 (1,700,000) (300,000) (500,000) (500,000) (100,000) 1,000,000

CDS Allianz SE 1.000% 20-Dec-2017 CDS Anglo Amercan plc 1.000% 20-Dec-2017 CDS Barclays Bank Plc 3.000% 20-Jun-2017 CDS Cooperative Centrale Ra 1.000% 20-Dec-2017 CDS Cooperative Centrale Ra 1.000% 20-Dec-2017 CDS Deutsche Bank 3.000% 20-Mar-2018 CDS Deutsche Bank 3.000% 20-Mar-2018 CDS Dixons Retail 5.000% 20-Jun-2013 CDS Encana Corporation 1.000% 20-Sep-2017 CDS Encana Corporation 1.000% 20-Sep-2017 CDS European Aeronautic Defence and Space Company N.V. 1.000% 20-Jun-2017 CDS Fiat Industrial SpA 5.000% 20-Sep-2017 CDS Fiat Industrial SpA 5.000% 20-Sep-2017 CDS Heidelberg Cement AG 5.000% 20-Dec-2017 CDS Heidelberg Cement AG 5.000% 20-Sep-2017 CDS Holcim Ltd 1.000% 06-Jun-2017 CDS Iberdrola SA 1.000% 06-Jun-2017 CDS Jaguar Land Rover Plc 5.000% 20-Dec-2017 CDS Lafarge S.A. 1.000% 20-Dec-2017 CDS Lafarge S.A. 1.000% 20-Sep-2017 CDS Office Depot International 5.000% 20-Sep-2013 CDS Renault S.A. 1.000% 20-Dec-2017 CDS Renault S.A. 1.000% 20-Dec-2017 CDS Solvay S.A. 1.000% 20-Dec-2017 CDS Suncor Energy Inc 1.000% 20-Dec-2017 CDS Telecom Italia SpA 1.000% 20-Jun-2017 CDS Telecom Italia SpA 1.000% 20-Jun-2017 CDS Telecom Italia SpA 1.000% 20-Jun-2017 CDS Telstra Corp Ltd 1.000% 20-Dec-2017 CDS Telstra Corp Ltd 1.000% 20-Jun-2017 CDS UBS AG 3.000% 20-Mar-2018 CDS UBS AG 3.000% 20-Mar-2018 CDS United Continental Holdings 5.000% 20-Sep-2013 CDS Volvo Treasury AB 1.000% 20-Dec-2017

Total credit default swaps Interest rate swaps 7,600,000 Receive 2.977% pay LIBOR Exp 9-Jul-2042 1,500,000 Receive 2.997% pay LIBOR Exp 26-Oct-2042

Total interest rate swaps Open futures contracts (31) Euro-Bund Future Short Futures Contracts Exp Mar 2013

Total open futures contracts 24

Fair value EUR

Total net assets %

Unrealised gain on forward foreign currency contracts (see below)

679,819

0.53

Interest due on investments (Note 1)

423,893

0.33

119,442,544

93.77

Holdings Description

Total financial assets at fair value through profit or loss Credit default swaps 1,700,000 300,000 (1,000,000) (1,300,000) (200,000) 200,000 100,000 200,000 (300,000) 200,000 2,000,000 200,000 (600,000) (2,000,000) (200,000) (1,700,000) (300,000) (750,000) (750,000) 1,300,000 1,250,000 250,000 (500,000) (250,000) (250,000) 200,000 100,000 (200,000) 200,000 (200,000) (1,300,000) (100,000) (100,000) 1,300,000 200,000 800,000 400,000 400,000

CDS American Express Company 20-Dec-2017 CDS American Express Company 20-Jun-2017 CDS Aviva Plc 1.000% 20-Dec-2017 CDS BAA Funding Limited 1.000% 20-Jun-2017 CDS BAA Funding Limited 1.000% 20-Jun-2017 CDS BAE Systems Plc 1.000% 20-Jun-2017 CDS Banco Bilbao Vizcaya Argentaria 3.900% 20-Jun-2013 CDS Centrica Plc 1.000% 20-Jun-2017 CDS Citigroup Inc 1.000% 20-Jun-2017 CDS Deutsche Telecom AG 1.000% 20-Sep-2017 CDS Deutsche Telekom AG 1.000% 20-Sep-2017 CDS Devon Energy Corporation 1.000% 20-Sep-2017 CDS Dow Chemical Co/The 1.000% 20-Dec-2017 CDS France Telecom SA 1.000% 20-Jun-2017 CDS France Telecom SA 1.000% 20-Jun-2017 CDS General Electric Capital Corporation 1.000% 20-Dec-2017 CDS General Electric Capital Corporation 1.000% 20-Jun-2017 CDS ING Bank NV 1.000% 20-Dec-2017 CDS ING Bank NV 1.000% 20-Dec-2017 CDS iTraxx 5.000% 20-Dec-2017 CDS iTraxx 5.000% 20-Dec-2017 CDS iTraxx 5.000% 20-Dec-2017 CDS Koninklijke KPN NV 1.000% 20-Dec-2017 CDS Koninklijke KPN NV 1.000% 20-Dec-2017 CDS Koninklijke KPN NV 1.000% 20-Dec-2017 CDS Mediobanca Banca di Credito SpA 3.000% 20-Sep-2017 CDS M-Real Oyj 5.000% 20-Jun-2013 CDS Pioneer Natural Resources Company 1.000% 20-Sep-2017 CDS Rexam Plc 1.000% 20-Jun-2017 CDS Talisman Energy Corporation 1.000% 20-Sep-2017 CDS Telefonica SA 1.000% 20-Dec-2017 CDS Telefonica SA 1.000% 20-Jun-2017 CDS Telefonica SA 1.000% 20-Jun-2017 CDS Telenora SA 1.000% 20-Dec-2017 CDS Telenora SA 1.000% 20-Jun-2017 CDS Vodafone Group Plc 1.000% 20-Dec-2017 CDS Vodafone Group Plc 1.000% 20-Dec-2017 CDS Vodafone Group Plc 1.000% 20-Dec-2017

Total credit default swaps

(17,340) (3,415) (60,329) (19,680) (1,832) (574) (888) (4,654) (1,693) (1,463) (11,944) (1,238) (2,694) (13,416) (183)

(0.02) (0.00) (0.05) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.01) (0.00)

(9,616)

(0.01)

(797) (29,400) (29,400) (11,601) (11,154) (2,231) (17,963) (8,982) (8,982)

(0.00) (0.02) (0.02) (0.01) (0.01) (0.00) (0.02) (0.01) (0.01)

(5,242) (2,187)

(0.00) (0.00)

(1,603) (1,243) (1,099) (69,175) (4,132) (4,132) (32,883) (5,085) (13,181) (6,590) (6,590)

(0.00) (0.00) (0.00) (0.05) (0.00) (0.00) (0.03) (0.00) (0.01) (0.01) (0.01)

(424,611)

(0.33)

(22,572) (28,083) (1,423) (11,104) (19,605) (1,885)

(0.02) (0.02) (0.00) (0.01) (0.02) (0.00)

(84,672)

(0.07)

Interest rate swaps 1,500,000 7,600,000 780,000 600,000 780,000 600,000

Pay 0.712% Receive LIBOR Exp 26-Oct-2027 Pay 1.109% Receive LIBOR Exp 12-Jul-2027 Pay 1.109% Receive LIBOR Exp 12-Jul-2027 Pay 2.490% Receive 6 Month LIBOR Exp 20-Jun-2027 Pay 2.852% Receive LIBOR Exp 13-Jul-2042 Receive 2.938% Pay 6 Month LIBOR Exp 20-Jun-2042

Total interest rate swaps

BNY Mellon

BNY Mellon Absolute Return Bond Fund Portfolio of investments – as at 31 December 2012 Fair value EUR

Holdings Description Unrealised loss on forward foreign currency contracts (see below)

(356,549)

Total financial liabilities at fair value through profit or loss

(865,832)

Net current assets Total net assets

Total net assets % (0.27)

(0.67)

8,787,341

6.91

127,364,053

100.00

The counterparties for credit default swaps are Credit Suisse, HSBC, Morgan Stanley and UBS. The counterparty for futures contracts is Goldman Sachs. The counterparties for interest rate swaps are HSBC and Morgan Stanley.

Sell

Amount (B)

Buy Holdings Description Sell

Amount (B)

Amount (S)

BNY Mellon Absolute Return Bond Fund – contd. US dollar US dollar US dollar US dollar

Euro Norwegian krone Sterling Sterling

1,311,237 1,433,435 1,344,627 2,160,000

1,025,046 8,247,789 840,000 1,358,029

Sterling Amount (S)

Expiry Date

Unrealised Gain/(Loss)

3,412,000 158,000 205,000 4,593,000 57,995 55,751 720,000 699,997 728,484 59,540,880 720,000 720,000 671,000 720,000 720,000 720,000 720,000 1,440,000 2,160,000 78,606 580,000 8,000,000 727,203 709,825 346,615 345,850 693,825 63,669,760 32,674,110 31,090,460 98,017,018 59,263,920 29,745,072 50,379,000 18,423,000 393,000

10-Jan-13 16-Jan-13 16-Jan-13 16-Jan-13 16-Jan-13 16-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 14-Mar-13 14-Mar-13 14-Mar-13

44,729 1,429 1,547 121,066 397 367 1,726 10,546 4,985 35,979 12,680 3,654 1,182 4,322 8,702 10,337 12,094 11,164 23,797 960 4,301 3,865 5,491 3,966 913 1,514 1,359 15,940 584 14,521 42,263 24,384 11,197 14,946 219,385 3,430

EUR

679,722

Euro

10,414

12,719

BNY Mellon Absolute Return Bond Fund Euro Euro Euro Euro US dollar US dollar Australian dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Sterling Sterling Sterling Swedish krona Swedish krona US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Euro Euro

Australian dollar Australian dollar Australian dollar Canadian dollar Euro Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen US dollar

Australian dollar US dollar US dollar US dollar Euro Euro US dollar Australian dollar Canadian dollar Japanese yen US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Norwegian krone Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Norwegian krone Sterling Sterling

Euro Euro US dollar Euro Swedish krona Euro US dollar US dollar US dollar US dollar Australian dollar

2,726,243 121,247 157,007 3,604,134 77,000 74,000 697,756 560,000 560,000 560,000 558,648 549,623 509,994 550,290 554,670 556,305 558,062 899,888 1,355,583 49,409 5,019,641 9,360,840 760,000 740,000 360,000 360,000 720,000 760,000 380,000 380,000 1,193,363 720,000 360,000 6,837,539 22,789,179 484,890

717,133 1,450,974 724,596 745,392 580,000 59,330,320 32,018,458 32,579,680 59,107,536 32,070,290 482,664

580,000 1,160,000 760,000 580,000 5,086,432 560,000 380,000 380,000 720,000 380,000 467,873

24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13

Fair Total Expiry value Unrealised net assets EUR Gain/(Loss) Date %

24-Jan-13 24-Jan-13 24-Jan-13 24-Jan-13

(30,750) (32,437) (10,073) (26,795)

EUR

(248,456)

Net EUR

431,266

15-Jan-13

40

GBP

40

EUR

49

BNY Mellon Absolute Return Bond Fund Sterling T (Acc) (Hedged) Share Class

Forward foreign currency contracts – contd. Buy

Forward foreign currency contracts – contd.

(17,096) (21,077) (7,537) (12,103) (12,076) (37,832) (6,354) (1,415) (25,761) (5,898) (1,252)

Euro Sterling

Sterling Euro

12,720 5,187

10,414 6,450

03-Jan-13 15-Jan-13

(40) (74)

GBP

(114)

EUR

(140)

Net GBP

(74)

Net EUR

(91)

03-Jan-13

39

GBP

39

EUR

48

BNY Mellon Absolute Return Bond Fund Sterling W (Acc) (Hedged) Share Class Sterling

Euro Sterling

Euro

Sterling Euro

10,279

12,554 10,236

12,555

10,279 12,728

15-Jan-13 15-Jan-13

(39) (145)

GBP

(184)

EUR

(226)

Net GBP

(145)

Net EUR

(178)

15-Jan-13

(10,925)

GBP

(10,925)

EUR

(13,395)

BNY Mellon Absolute Return Bond Fund Sterling X (Acc) (Hedged) Share Class Sterling

Euro

768,403

955,414

25

BNY Mellon Absolute Return Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

4,731,286

15-Jan-13

(124,377)

USD

(124,377)

EUR

(94,332)

BNY Mellon Absolute Return Bond Fund USD T (Hedged) Share Class US dollar

Euro

6,114,548

The counterparties for the above contracts are Barclays Bank plc, London, Deutsche Bank, New York, Goldman Sachs, New York, JPMorgan Chase, London, Royal Bank of Canada, Toronto, Royal Bank of Scotland, London and UBS, Zurich in respect of BNY Mellon Absolute Return Bond Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Bond Fund Sterling T (Acc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Bond Fund Sterling W (Acc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Bond Fund Sterling X (Acc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Bond Fund USD T (Hedged) Share Class.

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

87.59

Financial derivative instruments dealt in on a regulated market

0.00

OTC financial derivative instruments

4.45

Other current assets

Total assets

26

7.96

100.00

BNY Mellon

BNY Mellon Absolute Return Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value GBP

Total net assets %

Australia

2,514,750

1.26

2,514,750

1.26

15,042,537

7.50

2,500,000 Westpac Banking 1.172% 03-Jun-2014 FRN

Netherlands 4,000,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 0.824% 06-Jun-2014 FRN 5,000,000 ING Bank NV 1.928% 31-Jan-2013 FRN 3,000,000 Nederlandse Waterschapsbank NV 1.078% 25-Jan-2016 FRN 3,000,000 Rabobank Nederland 0.824% 21-Aug-2013 FRN

4,011,320 5,005,620

2.00 2.49

3,021,427 3,004,170

1.51 1.50

17,557,287

8.76

7,998,895

3.99

7,998,895

3.99

7,998,895

3.99

5,000,062

2.49

5,000,062

2.49

45,001,813

22.45

Total investments in floating rate note securities United Kingdom 8,000,000 United Kingdom Treasury Bill 0.000% 14-Jan-2013*

Total investments in discounted notes securities

Holdings Description

Sweden 80,000 Svenska Cellulosa

Switzerland

5,000,000 Svenska Handelsbanken AB 0.520% 28-Mar-2013 CD

United Kingdom 5,000,000 7,000,000 5,000,000 6,000,000 5,000,000 5,000,000 4,000,000 3,000,000 5,000,000

DZ Bank London 0.500% 04-Feb-2013 CD HSBC Bank Plc 0.400% 10-Jan-2013 CD Landesbank Hessen-Thuringen 0.550% 03-Jan-2013 CD Lloyds TSB Bank Plc 0.400% 24-Jan-2013 CD Nationwide Building Society 0.650% 14-Jan-2013 CD Nordea Bank Finland Plc 0.470% 14-Feb-2013 CD Standard Chartered Bank 0.800% 13-Feb-2013 CD Standard Chartered Bank 0.900% 25-Jan-2013 CD The Bank of Tokyo-Mitsubishi Ltd 0.430% 10-Jan-2013 CD

Total investments in certificate of deposit securities France 5,000,000 Agence Centrale des Organismes de Securite Sociale 0.000% 13-Mar-2013 CP 5,000,000 Banque Federative du Credit Mutuel 0.000% 11-Mar-2013 CP

Germany 5,000,000 DGZ DekaBank 0.500% 21-Mar-2013 CP

International 5,000,000 European Investment Bank 0.000% 11-Jan-2013 CP

Netherlands 4,000,000 PACCAR Financial Europe BV 0.000% 04-Jan-2013 CP

United Kingdom 8,000,000 Dnb NOR Bank ASA 0.000% 03-Jan-2013 CP

Total investments in commercial paper securities Austria

5,000,019 6,999,857 5,000,019 5,999,659 5,000,292 4,999,819 4,001,409 3,000,804 4,999,935

2.49 3.49 2.50 2.99 2.50 2.49 2.00 1.50 2.49

50,001,875

24.94

9,990,239

4.98

4,995,047

2.49

4,995,192

2.49

4,994,464

2.49

4,994,464

2.49

4,999,338

2.49

4,999,338

2.49

3,999,842

2.00

3,999,842

2.00

7,999,789

3.99

7,999,789

3.99

31,983,672

15.95

1,435,386

0.72

41,411 Flughafen Wien AG

1,435,386

0.72

Canada

725,690

0.36

725,690

0.36

4,562,054

2.28

1,650,982 1,689,389 166,165 1,055,518

0.82 0.84 0.09 0.53

2,277,100

1.14

2,254,000 23,100

1.13 0.01

389,225

0.19

389,225

0.19

468,829

0.23

468,829

0.23

434,545 Entertainment One Ltd

Germany 27,700 27,166 3,565 60,000

Bayerische Motoren Werke AG Draegerwerk AG - Pref Draegerwerk AG Npv Talanx AG Npv

Guernsey 2,300,000 Sherborne Investors Guernsey B Ltd 22,000 Sherborne Investors Ltd

Netherlands 24,000 Koninklijke Philips Electronics NV

Spain 30,247 Grifols SA

Total net assets %

1,071,671

0.53

1,071,671

0.53

3,575,240

1.78

5,772 Flughafen Zuerich AG 200,000 UBS AG

1,647,341 1,927,899

0.82 0.96

United Kingdom

5,969,868

2.98

375,550 458,550 757,771 131,823 1,381,793 1,132,281 572,000 1,160,100

0.19 0.23 0.38 0.07 0.69 0.56 0.28 0.58

5,413,041

2.70

145,000 218,357 814,808 19,091 617,423 6,759,886 650,000 90,000

Cineworld Group Plc Clinigen Group Plc Npv Enteq Upstream Plc Keller Group Plc Melrose Industries Plc Quindell Portfolio Plc Rangers International Football Club Plc Rathbone Brothers Plc

United States of America Sweden

Fair value GBP

346,849 Grifols SA ADR

Total investments in equity securities United Kingdom

5,413,041

2.70

25,888,104

12.91

16,000,000

7.98

8,000,000 8,000,000

3.99 3.99

16,000,000

7.98

150,620

0.08

85,682

0.04

26,543 38,395

0.02 0.02

150,620

0.08

422,277

0.21

182,739 204,425 35,113

0.09 0.10 0.02

349,601

0.17

70,673 78,527 37,371 55,814 107,216

0.03 0.04 0.02 0.03 0.05

348,206

0.17

86,526 158,600 7,211 91,200 4,669

0.04 0.08 0.00 0.05 0.00

102,248

0.05

45,041 28,242 28,965

0.03 0.01 0.01

31,561

0.02

19,360 12,201

0.01 0.01

8,000,000 Bank of Montreal London 0.300% 04-Jan-2013 TD 8,000,000 Deutsche Post Bank 0.490% 03-Jan-2013 TD

Total investments in time deposit securities United Kingdom 130 FTSE 350 Minning Index 31-Dec-2049 (14) FTSE 350 Oil Equipement Services & Distribution Index 24-Sep-2013 (21) FTSE 350 Oil Equipment Index 24-Sep-2013

Total investments in equity index swaps France 12,500 Christian Dior 31-Dec-2049 33,754 Cie Gererlae des Etablissements Michelin 31-Dec-2049 50,650 Total SA 31-Dec-2049

Germany 7,655 23,599 (26,600) 28,000 9,390

Bayer AG 24-Sep-2013 Bayer AG 31-Dec-2049 Deutsche Bank AG 31-Dec-2049 Deutsche Boerse AG 31-Dec-2049 Muenchener Rueckversicherungs AG 31-Dec-2049

300,000 520,000 25,000 480,000 285,000

Sherborne Investors Ltd 01-Aug-2013 Sherborne Investors Ltd 16-Jan-2013 Sherborne Investors Ltd 01-Jul-2013 Sherborne Investors Ltd 24-Sep-2013 Sherborne Investors Ltd 31-Dec-2049

Guernsey

Ireland 450,000 Ryanair Holdings Plc 31-Dec-2049 60,000 WPP Plc 24-Sep-2013 90,000 WPP Plc 31-Dec-2049

Portugal (37,266) Portugal Telecom SGPS SA 16-Jan-2013 (80,000) Portugal Telecom SGPS SA 31-Dec-2049

Spain 40,353 78,469 (267,085) 630 83,200

467,608

0.23

Bolsas Y Mercados Espanoles 31-Dec-2049 Fluidra SA 16-Jan-2013 Grifols SA 31-Dec-2049 Obrascon Huarte Lain SA 16-Jan-2013 Obrascon Huarte Lain SA 31-Dec-2049

51,772 17,759 159,559 1,362 237,156

0.02 0.01 0.08 0.00 0.12

Sweden

5,882

0.00

5,882

0.00

(76,408) Volvo AB 31-Dec-2049

27

BNY Mellon Absolute Return Equity Fund Portfolio of investments – as at 31 December 2012 Fair value GBP

Total net assets %

13,565,238

6.78

Holdings Description

United Kingdom 658,000 444,678 (30,332) 150,000 (142,000) (1,140,232) 501,000 478,793 80,000 10,000 155,303 300,000 217,000 226,431 205,000 49,165 85,000 (800,000) 225,000 375,000 309,789 (53,300) 57,500 257,000 913,889 38,226 270,000 (17,500) (28,428) (25,000) 200,000 66,000 47,000 43,500 596 1,360,125 180,000 110,298 (600,000) (450,000) (131,236) 40,000 114,149 20,000 684,500 487,000 (65,000) 400,000 (50,000) (125,000) 1,500,000 1,150,000 (366,748) 206,491 268,000 250,000 575,000 (130,927) (89,073) (180,000) 58,000 180,482 1,031,250 142,735 (57,569) 138,379 2,576,621 710,000 28

3i Group Plc 31-Dec-2049 Aberdeen Asset Management 31-Dec-2049 Aggreko Plc 31-Dec-2049 Alent Plc 31-Dec-2049 Amec Plc 31-Dec-2049 Amlin Plc 24-Sep-2013 Anite 31-Dec-2049 Ashtead Group Plc 31-Dec-2049 Associated British Foods Plc 24-Sep-2013 Aviva Plc 31-Dec-2049 AZ Electronic Materials 24-Sep-2013 Babcock International Group Plc 24-Sep-2013 BAE Systems Plc 24-Sep-2013 Barratt Developments Plc 24-Sep-2013 Bellway Plc 24-Sep-2013 Berkeley Group Holdings Plc 24-Sep-2013 Berkeley Group Holdings Plc 31-Dec-2049 Booker Group Plc 31-Dec-2049 Bovis Homes Group Plc 31-Dec-2049 British Land Co Plc 24-Sep-2013 British Land Co Plc 31-Dec-2049 Bunzl Plc 24-Sep-2013 Carnival Plc 31-Dec-2049 Carphone Warehouse Group Plc 24-Sep-2013 Catlin Group Ltd 24-Sep-2013 CLS Holdings Plc 16-Jan-2013 Compass Group Plc 31-Dec-2049 CRH Plc 24-Sep-2013 CRH Plc 31-Dec-2049 Croda International Plc 31-Dec-2049 Daily Mail & General Trust Plc 31-Dec-2049 Derwent London Plc 31-Dec-2049 Diageo Plc 31-Dec-2049 DP World Ltd 16-May-2013 DP World Ltd 24-Sep-2013 DS Smith Plc 24-Sep-2013 DS Smith Plc 31-Dec-2049 Dunelm Group Plc 31-Dec-2049 EnQuest Plc 01-Jul-2013 EnQuest Plc 24-Sep-2013 Fiat SpA 31-Dec-2049 Filtrona Plc 16-May-2013 Filtrona Plc 31-Dec-2049 Genus Plc 31-Dec-2049 GKN Plc 24-Sep-2013 GKN Plc 31-Dec-2049 GlaxoSmithKline Plc 31-Dec-2049 Grainger Plc 24-Sep-2013 Hargreaves Lansdown Plc 24-Sep-2013 Hargreaves Lansdown Plc 31-Dec-2049 Hays Plc 31-Dec-2049 Henderson Group Plc 31-Dec-2049 Hiscox Ltd 31-Dec-2049 Home Retail Group 24-Sep-2013 Home Retail Group 31-Dec-2049 HSBC Holdings Plc 24-Sep-2013 HSBC Holdings Plc 31-Dec-2049 ICAP Plc 24-Sep-2013 ICAP Plc 31-Dec-2049 Imperial Tobacco Group Plc 31-Dec-2049 Intercontinental Hotels Group Plc 31-Dec-2049 Intermediate Capital Group 31-Dec-2049 International Consolidated Airlines Group SA 24-Sep-2013 Jardine Lloyd Thompson Group 31-Dec-2049 Johnson Matthey Plc 31-Dec-2049 Johnson Service Group Plc 07-Nov-2013 Johnson Service Group Plc 31-Dec-2049 Jupiter Fund Management Plc 24-Sep-2013

34,807 172,185 140,259 464,175 20,656 6,271 27,170 355,743 201,496 3,360 100,171 148,553 38,231 152,954 414,583 157,591 208,990 22,392 176,320 78,750 136,739 44,411 5,462 201,835 609,107 66,895 91,800 875 2,840 1,020 171,000 107,910 7,520 37,845 420 697,064 259 1,103 6,809 11,737 52,339 34,400 24,332 15,775 82,474 48,945 46,211 104,800 35,345 104,506 74,557 183,786 103,240 34,017 26,415 169,613 295,819 15,363 14,697 81,265 26,868 38,905 305,567 29,019 24,286 4,061 46,750 335,804

0.02 0.09 0.07 0.23 0.01 0.00 0.01 0.18 0.10 0.00 0.05 0.08 0.02 0.08 0.21 0.08 0.10 0.01 0.09 0.04 0.07 0.02 0.00 0.10 0.30 0.03 0.05 0.00 0.00 0.00 0.09 0.05 0.00 0.02 0.00 0.35 0.00 0.00 0.00 0.01 0.03 0.02 0.01 0.01 0.04 0.03 0.02 0.05 0.02 0.05 0.04 0.09 0.05 0.02 0.01 0.09 0.15 0.01 0.01 0.04 0.01 0.02 0.15 0.01 0.01 0.00 0.02 0.17

Holdings Description

Fair value GBP

Total net assets %

690,537 334,950 40,320 37,620 14,708 4,325 14,470 34,337 7,042 319,025 124,280 199,676 15,729 72,208 127,533 1,586,759 54,090 3,442 38,597 21,264 3,178 132,375 29,507 90,020 79,106 95,157 27,329 209,276 3,687 28,692 240,500 1,298 34,114 5,068 288,984 83,380 73,171 2,841 63,451 168,460 17,500 11,256 318,384 304,500 26,625

0.35 0.17 0.02 0.02 0.01 0.00 0.01 0.02 0.00 0.16 0.06 0.10 0.01 0.04 0.06 0.79 0.03 0.00 0.02 0.01 0.00 0.07 0.01 0.04 0.04 0.05 0.01 0.10 0.00 0.01 0.12 0.00 0.02 0.00 0.15 0.04 0.04 0.00 0.03 0.09 0.01 0.01 0.16 0.15 0.01

15,292,621

7.63

5,463

0.00

6,480

0.00

215,100

0.12

United Kingdom – contd. 218,000 145,000 225,000 300,000 290,000 576,715 267,000 360,122 (193,216) 2,191,203 750,000 (1,537,985) (200,000) 800,000 563,450 1,937,791 202,000 18,768 326,531 24,000 (7,503) 150,000 125,000 1,000,000 22,000 97,000 10,000 32,500 41,000 (15,002) 200,000 (18,750) (265,000) (130,000) 122,703 (219,000) 250,000 10,000 75,000 900,000 200,000 (100,000) 91,899 99,903 150,000

Keller Group Plc 01-Jul-2013 Keller Group Plc 24-Sep-2013 Kingfisher Plc 24-Sep-2013 Kingfisher Plc 31-Dec-2049 Ladbrokes Plc 31-Dec-2049 Lookers 31-Dec-2049 Meggitt Plc 31-Dec-2049 Melrose Industries Plc 31-Dec-2049 Millennium & Copthorne Hotels Plc 31-Dec-2049 Moneysupermarket.com Group Plc 24-Sep-2013 Moneysupermarket.com Group Plc 31-Dec-2049 Morrison Supermarkets 31-Dec-2049 National Grid Plc 31-Dec-2049 Ocado Group Plc 31-Dec-2049 Pace Micro Technology Plc 31-Dec-2049 Paragon Group Plc 24-Sep-2013 Playtech Ltd 31-Dec-2049 Premier Farnell Plc 24-Sep-2013 Premier Farnell Plc 31-Dec-2049 Rathbone Brothers Plc 31-Dec-2049 Reckitt Benckiser Group Plc 31-Dec-2049 Reed Elsevier Plc 24-Sep-2013 Reed Elsevier Plc 31-Dec-2049 Regus Plc 31-Dec-2049 Renishaw Plc 31-Dec-2049 Restaurant Group Plc 16-Jan-2013 Rio Tinto Plc 01-Jul-2013 Rio Tinto Plc 24-Sep-2013 RIT Capital Partners Plc 31-Dec-2049 Royal Dutch Shell Plc ‘A’ 16-Jan-2013 Royal Dutch Shell Plc ‘A’ 16-May-2013 Royal Dutch Shell Plc ‘A’ 31-Dec-2049 Sage Group Plc/The 31-Dec-2049 Sainsbury (J) Plc 31-Dec-2049 Schroders Plc 24-Sep-2013 Serco Group Plc 24-Sep-2013 Smith & Nephew Plc 31-Dec-2049 St. Modwen Properites Plc 31-Dec-2049 Standard Chartered Plc 31-Dec-2049 Tesco Plc 31-Dec-2049 Throgmorton Trust Plc 31-Dec-2049 United Business Media Ltd 31-Dec-2049 Vesuvius Plc 31-Dec-2049 Wolseley Plc 31-Dec-2049 WPP Plc 31-Dec-2049

Total investments in equity swaps Open futures contracts (16) DAX Index Future Long Futures Contracts Exp Mar 2013 (66) EURO STOXX 50 Index Future Long Futures Contracts Exp Mar 2013 (360) FTSE 100 Index Future Long Futures Contracts Exp Mar 2013 (12) MDAX Index Future Long Futures Contracts Exp Mar 2013

Total open futures contracts Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss United Kingdom (1,105) FTSE 250 Index 24-Sep-2013 (1,062) FTSE 250 Index 31-Dec-2049

4,664

0.00

231,707

0.12

401,726

0.20

91,455

0.05

165,597,962

82.61

(2,016,624)

(1.01)

(1,284,935) (408,859)

(0.64) (0.20)

BNY Mellon

BNY Mellon Absolute Return Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value GBP

Total net assets %

Holdings Description

United Kingdom – contd. (380) FTSE 350 Media Index 01-Jul-2013 (150) FTSE 350 Media Index 24-Sep-2013 (300) FTSE 350 Travel & Leisure Index 31-Dec-2049

Total investments in equity index swaps Belgium (22,500) Umicore SA 24-Sep-2013 (12,000) Umicore SA 31-Dec-2049

Finland (47,000) Orion OYJ Class B 24-Sep-2013 (91,631) Orion OYJ Class B 31-Dec-2049

France (13,000) (3,600) 41,789 12,040

Legrand SA 31-Dec-2049 LVMH Moet Hennessy Louis Vuitton SA 31-Dec-2049 Saft Groupe SA 31-Dec-2049 Total SA 16-Jan-2013

Germany (23,200) Daimler AG 31-Dec-2049

Guernsey 10,000 Sherborne Investors Ltd 31-Dec-2049

Ireland 50,000 Ryanair Holdings Plc 31-Dec-2049

Italy (112,000) Pirelli & C SpA 31-Dec-2049

Luxembourg (39,000) ArcelorMittal 31-Dec-2049

Portugal (115,238) (10,429) (212,071) (257,500)

(2,016,624)

(1.01)

(106,660)

(0.05)

(90,972) (15,688)

(0.05) (0.00)

(571,401)

(0.29)

(225,392) (346,009)

(0.12) (0.17)

(87,854)

(0.04)

(23,371) (37,605) (20,790) (6,088)

(0.01) (0.02) (0.01) (0.00)

(54,064)

(0.03)

(54,064)

(0.03)

(122)

(0.00)

(122)

(0.00)

(4,532)

(0.00)

(4,532)

(0.00)

(12,195)

(0.01)

(12,195)

(0.01)

(48,268)

(0.02)

(48,268)

(0.02)

(0.12)

(103,212) (2,856) (54,782) (80,644)

(0.05) (0.01) (0.02) (0.04)

Spain

(2,461)

(0.00)

(2,461)

(0.00)

(39,401)

(0.02)

(39,401)

(0.02)

(31,984)

(0.02)

(31,984)

(0.02)

(5,170,160)

(2.58)

(27,335) (6,121) (16,476) (1,750) (106,123) (215,150) (42,882) (42,700) (91,567) (8,152) (46,069) (79,994) (21,771) (110,544) (178,528) (1,820) (18,586) (10,216) (480,358) (29,003) (39,315)

(0.01) (0.00) (0.01) (0.00) (0.05) (0.11) (0.02) (0.02) (0.05) (0.00) (0.02) (0.04) (0.01) (0.06) (0.09) (0.00) (0.01) (0.01) (0.24) (0.01) (0.02)

Sweden Switzerland (4,750) Cie Financiere Richemont SA 31-Dec-2049

United Kingdom (50,000) 25,000 75,000 70,000 (230,000) (325,000) 115,000 (20,000) (374,667) 7,000 (40,500) (127,500) (12,999) (50,000) 140,022 52,000 (71,898) (45,113) (1,563,241) (21,750) (155,000)

(0.10) (0.03) (0.04)

(241,494)

(42,500) Elekta AB - B Shares 31-Dec-2049

Atkins (WS) Plc 31-Dec-2049 Babcock International Group Plc 04-Oct-2013 Babcock International Group Plc 31-Dec-2049 BlackRock World Mining Trust 31-Dec-2049 Bodycote Plc 24-Sep-2013 Bodycote Plc 31-Dec-2049 British American Tobacco Plc 31-Dec-2049 Burberry Group Plc 31-Dec-2049 Carillion Plc 31-Dec-2049 Carnival Plc 31-Dec-2049 Cranswick Plc 31-Dec-2049 CRH Plc 24-Sep-2013 CRH Plc 31-Dec-2049 Croda International Plc 01-Jul-2013 De La Rue Plc 31-Dec-2049 DP World Ltd 31-Dec-2049 Electrocomponents Plc 16-May-2013 Electrocomponents Plc 24-Sep-2013 Electrocomponents Plc 31-Dec-2049 Endesa SA 31-Dec-2049 Enel SpA 31-Dec-2049

Total net assets %

United Kingdom – contd. (190,812) (55,278) (76,740)

Jeronimo Martins 31-Dec-2049 Portugal Telecom SGPS SA 02-Aug-2013 Portugal Telecom SGPS SA 01-Jul-2013 Portugal Telecom SGPS SA 24-Sep-2013

(4,050) Red Electrica Corp SA 31-Dec-2049

Fair value GBP

(33,728) (283,000) 125,000 80,000 94,595 (375,000) (2,294) (177,706) (293,762) (366,500) (85,000) 1,500,000 (125,000) (85,030) (10,000) (20,000) 72,442 363,309 (82,351) 200,000 (385,398) 200,000 (100,000) (234,000) (80,000) (100,000) (780,679) (319,321) 60,000 (225,000) 141,000 (276,406) (16,000) 160,000 (30,000) (200,000) 460,000 550,000 (800,000) (800,000) 75,000 (80,000) (31,099) (37,000) 268,148 (191,814) (67,393) 58,101 1,900,000 (60,000) (70,000) (5,052) (156,000) 23,555 217,911

Eni SpA 31-Dec-2049 EnQuest Plc 01-Jul-2013 Entertainment One Ltd 16-Jan-2013 Entertainment One Ltd 31-Dec-2049 Genus Plc 31-Dec-2049 Group 4 Securicor Plc 31-Dec-2049 Halma Plc 24-Sep-2013 Halma Plc 31-Dec-2049 Hammerson Plc 24-Sep-2013 Hammerson Plc 31-Dec-2049 Hargreaves Lansdown Plc 24-Sep-2013 Hays Plc 31-Dec-2049 Hikma Pharmaceuticals Plc 31-Dec-2049 IMI Plc 31-Dec-2049 Johnson Matthey Plc 24-Sep-2013 Johnson Matthey Plc 31-Dec-2049 Ladbrokes Plc 31-Dec-2049 Lancashire Holdings Ltd 31-Dec-2049 Land Securities Group Plc 31-Dec-2049 Lonmin Plc 31-Dec-2049 Marks & Spencer Group Plc 31-Dec-2049 Meggitt Plc 31-Dec-2049 Mondi Plc 01-Jul-2013 Mondi Plc 24-Sep-2013 Mondi Plc 31-Dec-2049 National Grid Plc 31-Dec-2049 Old Mutual Plc 24-Sep-2013 Old Mutual Plc 31-Dec-2049 Pearson Plc 31-Dec-2049 Persimmon Plc 24-Sep-2013 Playtech Ltd 31-Dec-2049 PZ Cussons Plc 31-Dec-2049 Reckitt Benckiser Group Plc 31-Dec-2049 Rightmove Plc 31-Dec-2049 Rotork Plc 01-Jul-2013 Royal Dutch Shell Plc ‘B’ 16-May-2013 RPS Group Plc 24-Sep-2013 RPS Group Plc 31-Dec-2049 RSA Insurance Group Plc 24-Sep-2013 RSA Insurance Group Plc 31-Dec-2049 SDL Plc 31-Dec-2049 Shaftesbury Plc 24-Sep-2013 Spirax-Sarco Engineering Plc 16-May-2013 Spirax-Sarco Engineering Plc 31-Dec-2049 Sports Direct International Plc 31-Dec-2049 Travis Perkins Plc 24-Sep-2013 United Business Media Ltd 31-Dec-2049 Vesuvius Plc 31-Dec-2049 Vodafone Group Plc 31-Dec-2049 W H Smith Plc 31-Dec-2049 Weir Group Plc/The 31-Dec-2049 Wetherspoon (J.D.) Plc 16-Jan-2013 Wetherspoon (J.D.) Plc 31-Dec-2049 Wolseley Plc 31-Dec-2049 Wood Group (John) Plc 31-Dec-2049

Total investments in equity swaps

(29,983) (1,961) (40,000) (1,600) (76,709) (71) (1,109) (53,401) (53,318) (72,750) (89,463) (8,675) (31,317) (136,800) (2,401) (6,040) (1,820) (204,361) (28,617) (10,380) (9,828) (2,449) (123,036) (285,480) (5,462) (14,380) (27,490) (11,999) (11,205) (243,754) (3,304) (138,183) (36,932) (76,935) (125,331) (215,000) (115,000) (71,174) (110,320) (102,873) (100,313) (15,600) (74,638) (59,940) (30,971) (113,091) (12,559) (160,945) (148,200) (23,501) (89,412) (5,726) (60,606) (2,188) (117,099)

(0.01) (0.00) (0.02) (0.00) (0.04) (0.00) (0.00) (0.03) (0.03) (0.04) (0.04) (0.00) (0.02) (0.07) (0.00) (0.00) (0.00) (0.10) (0.01) (0.01) (0.00) (0.00) (0.06) (0.14) (0.00) (0.01) (0.01) (0.01) (0.01) (0.12) (0.00) (0.07) (0.02) (0.04) (0.06) (0.11) (0.06) (0.04) (0.06) (0.05) (0.05) (0.01) (0.04) (0.03) (0.02) (0.06) (0.01) (0.08) (0.07) (0.01) (0.04) (0.00) (0.03) (0.00) (0.06)

(6,370,596)

(3.18)

Open futures contracts (75) CAC 40 Index Future Short Futures Contracts Exp Jan 2013 (22) IBEX 35 Index Future Short Futures Contracts Exp Jan 2013

Total open futures contracts

(5,331) (9,940)

(0.00) (0.00)

(15,271)

(0.00)

29

BNY Mellon Absolute Return Equity Fund Portfolio of investments – as at 31 December 2012 Fair value GBP

Holdings Description Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

Total net assets %

(116,932)

(0.06)

(8,519,423)

(4.25)

43,384,110

21.64

200,462,649

100.00

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

1,009,193 6,227 1,574 5,438 1,440

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

2,927 18 5 15 0

EUR

488,364

GBP

398,297

BNY Mellon Absolute Return Equity Fund EUR T (Hedged) Share Class – contd. Euro Euro Sterling Sterling Sterling

Sterling Sterling Euro Euro Euro

1,240,143 7,652 1,288 4,448 1,174

* Held as collateral by JPMorgan in connection with the margin requirements for derivatives held by the Fund. The counterparties for equity index swaps and equity swaps are Bank of America Merrill Lynch, Barclays, Goldman Sachs and Credit Suisse. The counterparty for futures contracts is Goldman Sachs.

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

366,265

27-Feb-13

985

GBP

985

BNY Mellon Absolute Return Equity Fund Euro

Sterling Sterling Sterling Sterling

Sterling

Euro Swedish krona Swiss franc Swiss franc

450,000

10,741,987 940,125 489,905 2,995,840

13,250,000 10,000,000 725,310 4,450,000

Euro Euro Euro Euro Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling

Sterling Sterling Sterling Sterling Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro

1,574 5,438 4,919,604 6,025 1,174 7,721 4,093,463 535,587 1,548 5,824 6,324 15,109 72,903 66,709

1,288 4,447 4,024,167 4,931 1,440 9,489 5,030,240 656,920 1,901 7,209 7,849 18,649 89,467 82,148

Euro Sterling Sterling Sterling Sterling Sterling

20,771 19,970 218,523 9,975 14,975 300

25,370 16,259 176,069 8,100 12,097 243

(71,476) (8,837) (671) (13,996)

GBP

(94,980)

EUR

(26,818)

Net GBP

(93,995)

GBP

(21,872)

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

96 37 2,671 45 145 2

EUR

2,996

GBP

2,444

Sterling

25,370

20,774

15-Jan-13

(98)

EUR

(98)

GBP

(80)

Net EUR

2,898

Net GBP

2,364

BNY Mellon Absolute Return Equity Fund EUR T (Hedged) Share Class Sterling Sterling Euro Euro Euro Euro Euro Euro Euro Euro Euro 30

Euro Euro Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling

4,930 4,023,518 12,569 6,470 193,278 38,423,556 743,887 27,222 14,944 2,938 8,786

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

20 13,689 6 7 56 469,856 1,404 121 145 36 59

461,546

Net GBP

376,425

Total assets % 23.30

Transferable securities and money market instruments other than those admitted to official stock exchange listing or traded on a regulated market

37.13

Deposits

7.25

Financial derivative instruments dealt in on a regulated market

0.10

OTC financial derivative instruments

7.17

Other current assets 6,025 4,919,604 10,247 5,272 157,611 30,958,704 605,641 22,106 12,072 2,367 7,119

Net EUR

The counterparties for the above contracts are The Bank of New York Mellon, New York, Goldman Sachs, New York and UBS, Zurich in respect of BNY Mellon Absolute Return Equity Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Equity Fund EUR R (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Absolute Return Equity Fund EUR T (Hedged) Share Class.

Analysis of portfolio

Euro

(5) (15) (13,808) (20) 0 (22) (11,875) (319) (4) (70) (96) (126) (92) (366)

27-Feb-13 27-Feb-13 27-Feb-13 27-Feb-13

BNY Mellon Absolute Return Equity Fund EUR R (Hedged) Share Class Sterling Euro Euro Euro Euro Euro

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

Total assets

25.05

100.00

BNY Mellon

BNY Mellon Asian Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value USD

Total net assets %

Australia

79,261,504

19.16

3,406,500 7,063,680 14,489,748 14,434,400 20,626,096 7,518,000 11,723,080

0.82 1.71 3.50 3.49 4.99 1.82 2.83

17,758,000

4.29

542,000 2,976,600 4,877,100 5,508,720 3,853,580

0.13 0.72 1.18 1.33 0.93

9,000,000 1,300,000 630,000 2,000,000 1,805,000 2,500,000 485,000

Energy World Corp Ltd Mesoblast Ltd Newcrest Mining Ltd Oil Search Ltd Santos Ltd Silex Systems Ltd WorleyParsons Ltd

China 10,000,000 3,000,000 9,000,000 3,600,000 3,800,000

Boshiwa International Holding Ltd Shandong Weigao Group Medical Polymer Co Ltd ‘H’ Shenguan Holdings Group Ltd Sun Art Retail Group Ltd Yingde Gases Group Company

Hong Kong 4,100,000 7,500,000 1,600,000 900,000 1,100,000 3,800,000

AIA Group Ltd Belle International Holdings Ltd Biostime International Holdings Ltd China Mobile Ltd Hengan International Group Co Ltd Sands China Ltd

1,700,000 1,700,000 1,700,000 1,800,000 190,000

Apollo Hospitals Enterprise Ltd Dabur India Ltd Fortis Healthcare Ltd ITC Ltd Larsen & Toubro Ltd

India

Indonesia 3,500,000 Hero Supermarket Tbk PT 9,800,000 Indofood CBP Sukses Makmur Tbk PT

Malaysia 3,000,000 IGB Real Estate Investment Trust 11,000,000 IHH Healthcare Bhd 144A

Philippines 18,000,000 First Gen Corp 300,000 GT Capital Holdings Inc 2,200,000 Universal Robina Corp

Singapore 750,000 Keppel Corp Ltd 24,500,000 Noble Group Ltd 520,000 United Overseas Bank Ltd

Taiwan 2,973,639 Taiwan Mobile Co Ltd 7,150,030 Taiwan Semiconductor Manufacturing Co Ltd

Thailand 1,250,000 1,200,000 1,511,000 1,800,000

Advanced Info Service PCL Bangkok Dusit Medical Services PCL Robinson Department Store PCL Siam Commercial Bank PCL

United Kingdom 752,000 BHP Billiton Plc 950,000 Standard Chartered Plc

Total investments in equity securities

74,142,720

17.92

16,001,890 16,159,500 4,975,040 10,479,690 9,906,160 16,620,440

3.87 3.90 1.20 2.53 2.40 4.02

46,936,875

11.34

24,426,450 3,991,770 3,558,780 9,395,820 5,564,055

5.90 0.97 0.86 2.27 1.34

9,492,840

2.29

1,561,700 7,931,140

0.38 1.91

13,426,700

3.25

1,304,700 12,122,000

0.32 2.93

18,752,330

4.53

9,775,800 4,529,670 4,446,860

2.36 1.10 1.07

38,336,612

9.27

6,745,950 23,159,850 8,430,812

1.63 5.60 2.04

34,713,610

8.39

10,854,675 23,858,935

2.62 5.77

26,915,828

6.50

8,540,375 4,452,480 3,272,373 10,650,600

2.06 1.08 0.79 2.57

50,198,883

12.13

26,071,163 24,127,720

6.30 5.83

409,935,902

99.07

Fair value USD

Total net assets %

409,935,902

99.07

Holdings Description

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(289)

(0.00)

(289)

(0.00)

3,854,006

0.93

413,789,619

100.00

Forward foreign currency contracts Buy

Sell

US dollar

Hong Kong dollar

Euro US dollar

US dollar Hong Kong dollar

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

258,653

2,004,738

03-Jan-13

0

USD

0

172,888 580,158

228,159 4,497,270

02-Jan-13 02-Jan-13

(206) (83)

USD

(289)

Net USD

(289)

The counterparty for the above contracts is The Bank of New York Mellon, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 98.96 1.04

100.00

31

BNY Mellon Brazil Equity Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

49,234,623

11.68

9,504,449 2,210 10,562,588 6,028,192 18,350,991 4,305,253 480,940

2.26 0.00 2.51 1.43 4.35 1.02 0.11

42,585,415

10.11

6,136,492 16,041,691 11,154,819 9,252,393 20

1.46 3.81 2.65 2.19 0.00

Consumer, Cyclical

52,453,872

12.46

1,003,695 250,688 686,334 1,975,717 799,436

Alpargatas SA Pfd Cia Hering Localiza Rent a Car SA Lojas Americanas SA Pfd Technos SA

7,402,050 5,111,704 12,570,207 17,561,951 9,807,960

1.76 1.21 2.99 4.17 2.33

56,535,405

13.41

1,092,320 2,985,612 450,319 468,561 657,233 501,379

Aliansce Shopping Centers SA Marfrig Alimentos SA Natura Cosmeticos SA Positivo Informatica SA Santos Brasil Participacoes SA Sonae Sierra Brasil SA

12,953,168 12,336,250 12,897,046 1,151,114 9,356,961 7,840,866

3.07 2.93 3.06 0.27 2.22 1.86

55,209,576

13.10

921,220 1,566,021 717,217 299,255

Petroleo Brasileiro SA ADR Petroleo Brasileiro SA Pfd Ultrapar Participacoes SA Ultrapar Participacoes SA ADR

17,484,755 14,922,144 16,120,313 6,682,364

4.15 3.54 3.82 1.59

85,535,533

20.30

321,600 549,913 1,205,807 1,645,283 7,639,476 714,952

Banco Bradesco SA ADR Banco Bradesco SA Pfd Banco do Brasil SA BM&FBovespa SA Itausa - Investimentos Itau SA Pfd Porto Seguro SA

5,521,872 9,445,856 15,076,326 11,249,787 36,154,584 8,087,108

1.31 2.24 3.58 2.67 8.58 1.92

24,585,864

5.83

768,443 1,306,216 115,600 353,500

Autometal SA Embraer SA Embraer SA ADR Mahle-Metal Leve SA Industria e Comercio

7,836,428 9,180,217 3,252,984 4,316,235

1.86 2.18 0.77 1.02

47,469,525

11.27

639,983 220,286 333,400 757,524 1,671,071 476,737

AES Tiete SA Cia de Gas de Sao Paulo Pfd Cia Paranaense de Energia ADR Cia Paranaense de Energia Pfd EDP - Energias do Brasil SA Tractebel Energia SA

6,517,075 6,285,288 5,094,352 11,706,018 10,136,549 7,730,243

1.55 1.49 1.21 2.78 2.41 1.83

Total investments in equity securities

413,609,813

98.16

Holdings Description

Basic Materials 593,305 250 1,206,188 541,349 5,383,101 216,562 24,100

Bradespar SA Pfd Gerdau SA ADR Gerdau SA Pfd Metalurgica Gerdau SA Pfd Suzano Papel e Celulose SA Pfd Vale SA ADR Vale SA Pfd

Communications 1,537,968 3,981,260 463,240 386,775 1

Oi SA ADR Oi SA Pfd Telefonica Brasil SA ADR Telefonica Brasil SA Pfd Tim Participacoes SA ADR

Consumer, Non-cyclical

Energy

Financials

Industrials

Utilities

32

Holdings Description

Total financial assets at fair value through profit or loss Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Fair value USD

Total net assets %

413,609,813

98.16

7,753,228

1.84

421,363,041

100.00 Total assets % 97.90 2.10

100.00

BNY Mellon

BNY Mellon Continental European Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Belgium

579,507

2.56

313,336 266,171

1.38 1.18

318,980

1.41

318,980

1.41

5,496,258

24.29

732,206 639,168 709,042 432,303 371,943 398,468 736,990 622,374 526,741 327,023

3.24 2.83 3.13 1.91 1.64 1.76 3.26 2.75 2.33 1.44

5,581,908

24.67

899,141 734,027 410,725 496,948 417,973 405,639 825,135 389,871 305,347 697,102

3.97 3.24 1.82 2.20 1.85 1.79 3.65 1.72 1.35 3.08

1,690,903

7.47

613,062 705,320 372,521

2.71 3.12 1.64

282,404

1.25

4,754 Anheuser-Busch InBev NV 6,383 Umicore SA

Denmark 14,948 Novozymes A/S

France 7,705 47,824 16,703 3,359 3,544 9,846 10,309 21,992 13,427 9,108

Air Liquide SA AXA SA BNP Paribas SA Christian Dior SA L’Oreal SA Renault SA Sanofi Societe Generale SA Total SA Vinci SA

Germany 8,596 10,209 4,150 5,682 48,562 12,995 13,578 4,747 53,252 4,040

Allianz SE Bayer AG Brenntag AG Continental AG Deutsche Telekom AG RWE AG SAP AG Siemens AG Telefonica Deutschland Holding AG Volkswagen AG Pfd

Italy 195,367 Enel SpA 38,458 ENI SpA 85,637 Finmeccanica SpA

Luxembourg 13,020 SES SA

282,404

1.25

1,947,860

8.61

494,750 609,085 267,986 576,039

2.19 2.69 1.18 2.55

Norway

352,608

1.56

36,918 DNB ASA

352,608

1.56

Netherlands 103,073 12,634 19,561 51,872

Aegon NV ASML Holding NV QIAGEN NV Reed Elsevier NV

327,451

1.45

3,095 Inditex SA

Spain

327,451

1.45

Sweden

1,076,160

4.76

492,278 121,978 461,904

2.18 0.54 2.04

4,259,097

18.83

932,097 661,125 827,835 701,408 563,119 573,513

4.12 2.92 3.66 3.10 2.49 2.54

21,913,136

96.86

76,487 Skandinaviska Enskilda Banken AB 16,097 Telefonaktiebolaget LM Ericsson 89,996 TeliaSonera AB

Switzerland 18,882 13,894 5,432 2,310 47,644 2,846

Nestle SA Novartis AG Roche Holding AG Syngenta AG UBS AG Zurich Insurance Group AG

Total investments in equity securities

Holdings Description Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Net current assets Total net assets

Fair value EUR

Total net assets %

26

0.00

21,913,162

96.86

710,396

3.14

22,623,558

100.00

Forward foreign currency contracts Buy

Sell

US dollar

Euro

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

11,128

8,414

02-Jan-13

26

EUR

26

The counterparty for the above contracts is The Bank of New York Mellon, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 96.51 3.49

100.00

33

BNY Mellon Emerging Equity Income Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

2,803,658

16.56

173,529 379,194 335,680 372,318 266,803 481,368 384,366 410,400

1.03 2.24 1.98 2.20 1.58 2.84 2.27 2.42

Total investments in equity securities

269,008

1.59

Unrealised gain on forward foreign currency contracts (see below)

269,008

1.59

389,724

2.30

389,724

2.30

695,119

4.11

393,061 302,058

2.32 1.79

Czech Republic

336,757

1.99

1,600 Komercni Banka AS

336,757

1.99

2,203,879

13.02

465,764 324,816 249,977 321,540 437,380 404,402

2.75 1.92 1.48 1.90 2.58 2.39

476,887

2.82

213,126 263,761

1.26 1.56

1,404,712

8.30

350,114 358,882 340,909 354,807

2.07 2.12 2.01 2.10

1,743,532

10.30

503,938 324,785 100,440 368,690 445,679

2.98 1.92 0.59 2.18 2.63

298,080

1.76

298,080

1.76

369,680

2.18

369,680

2.18

351,954

2.08

351,954

2.08

2,410,563

14.24

296,712 348,309 532,147 460,429 265,850 256,114 251,002

1.75 2.06 3.15 2.72 1.57 1.51 1.48

388,780

2.30

Holdings Description

Brazil 19,000 40,000 8,000 13,000 28,000 32,000 37,000 20,000

Arteris SA CCR SA Cia de Bebidas das Americas ADR Natura Cosmeticos SA Petroleo Brasileiro SA Pfd Souza Cruz SA Transmissora Alianca de Energia Eletrica Vale SA ADR

Cayman Islands 100,000 Wynn Macau Ltd

Chile 20,000 Inversiones La Construccion SA

China 90,000 China Shenhua Energy Co Ltd ‘H’ 214,000 PetroChina Co Ltd - H

Hong Kong 40,000 490,000 50,000 192,000 100,000 16,000

China Mobile Ltd Hui Xian Real Estate Investment Trust Link REIT NWS Holdings Ltd Sands China Ltd Standard Chartered Plc

Indonesia 1,300,000 Adaro Energy Tbk PT 62,000 Indo Tambangraya Megah Tbk PT

Malaysia 805,000 117,000 750,000 700,000

IGB Real Estate Investment Trust Lafarge Malayan Cement Bhd Pavilion Real Estate Investment Trust Sunway Real Estate Investment Trust

Mexico 173,000 58,000 900 23,000 180,000

Fibra Uno Administracion SA de CV Grupo Aeroportuario del Pacifico SAB de CV Grupo Aeroportuario del Sureste SAB de CV ADR Grupo Financiero Santander Mexico SAB de CV ADR Kimberly-Clark de Mexico SAB de CV

Peru 8,000 Southern Copper Corp

Philippines 6,000 Philippine Long Distance Telephone Co

Poland 2,500 Powszechny Zaklad Ubezpieczen SA

South Africa 42,000 21,000 134,000 22,000 12,000 89,000 30,000

AVI Ltd Foschini Group Ltd/The Life Healthcare Group Holdings Ltd MTN Group Ltd Nedbank Group Ltd Old Mutual Plc Woolworths Holdings Ltd/South Africa

Sweden 4,500 Millicom International Cellular SA

Taiwan 70,000 Taiwan Mobile Co Ltd 150,000 Taiwan Semiconductor Manufacturing Co Ltd

34

388,780

2.30

756,052

4.46

255,518 500,534

1.51 2.95

Holdings Description

Fair value USD

Total net assets %

Thailand

1,718,565

10.15

348,447 373,043 352,158 282,184

2.06 2.20 2.08 1.67

362,733

2.14

16,616,950

98.16

80

0.00

16,617,030

98.16

310,820

1.84

16,927,850

100.00

51,000 54,600 310,000 26,000 730,000

Advanced Info Service PCL Bangkok Bank PCL Bangkok Expressway PCL PTT PCL Tesco Lotus Retail Growth Freehold & Leasehold Property Fund

Total financial assets at fair value through profit or loss Net current assets Total net assets Forward foreign currency contracts Buy

Sell

Malaysian ringgit US dollar US dollar US dollar

US dollar Brazilian real Brazilian real Brazilian real

Thai baht

US dollar

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

182,437 3,476 2,476 2,453

59,591 7,106 5,062 5,016

02-Jan-13 02-Jan-13 02-Jan-13 02-Jan-13

68 5 4 3

USD

80

03-Jan-13

0

USD

0

Net USD

80

20,991

686

The counterparty for the above contracts is The Bank of New York Mellon, New York.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 97.04 2.96

100.00

BNY Mellon

BNY Mellon Emerging Markets Corporate Debt Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Azerbaijan 1,000,000 State Oil Co of the Azerbaijan Republic 5.450% 09-Feb-2017

Brazil 4,500,000 Banco Safra SA 10.250% 08-Aug-2016 1,164,000 Odebrecht Drilling Norbe VIII/IX Ltd 6.350% 30-Jun-2021 1,900,000 Samarco Mineracao SA 4.125% 01-Nov-2022 600,000 Virgolino de Oliveira Finance Ltd 10.500% 28-Jan-2018 1,500,000 Virgolino de Oliveira Finance Ltd 11.750% 09-Feb-2022

Chile

Total net assets %

1,102,980

1.51

1,102,980

1.51

7,733,328

10.58

2,351,648

3.22

1,303,680 1,928,500

1.78 2.64

612,000

0.84

1,537,500

2.10

Peru

1,529,685

2.09

1,383,345

1.89

729,412 653,933

1.00 0.89

2,335,700

3.20

1,303,500 1,032,200

1.79 1.41

1,684,000

2.30

1,684,000

2.30

1,584,000

2.17

1,584,000

2.17

317,250

0.43

317,250

0.43

2,109,260

2.89

996,500 882,000 230,760

1.36 1.21 0.32

2,181,813

2.99

1,280,500 901,313

1.76 1.23

2,109,000

2.89

1,284,000 825,000

1.76 1.13

1,767,840

2.42

700,000 Petroleos de Venezuela SA 5.000% 28-Oct-2015 400,000 Petroleos de Venezuela SA 8.500% 02-Nov-2017 600,000 Petroleos de Venezuela SA 12.750% 17-Feb-2022

859,040 908,800

1.18 1.24

1,500,000 First Quantum Minerals Ltd 7.250% 15-Oct-2019

6,871,903

9.41

Alpek SA de CV 4.500% 20-Nov-2022 1,924,000 America Movil SAB de CV 6.450% 05-Dec-2022 1,414,268 Cemex Espana Luxembourg 9.250% 12-May-2020 1,599,935 Cemex Espana Luxembourg 9.875% 30-Apr-2019 338,250 Desarrolladora Homex SAB de CV 9.750% 25-Mar-2020 434,000 Mexichem SAB de CV 4.875% 19-Sep-2022 323,250 Urbi Desarrollos Urbanos SAB de CV 9.750% 03-Feb-2022 838,200

2.64 1.94 2.19 0.46 0.59 0.44

Hong Kong Hungary 1,536,000 MOL Group Finance SA 6.250% 26-Sep-2019

Israel 300,000 Altice Financing SA 144A 7.875% 15-Dec-2019

India 1,000,000 Vedanta Resources Jersey II Ltd 4.000% 30-Mar-2017 800,000 Vedanta Resources Plc 8.250% 07-Jun-2021 200,000 Vedanta Resources Plc 9.500% 18-Jul-2018

Indonesia 1,300,000 Berau Coal Energy Tbk PT 7.250% 13-Mar-2017 825,000 Pertamina Persero PT 4.875% 03-May-2022

Jamaica 1,200,000 Digicel Ltd 8.250% 01-Sep-2017 750,000 Digicel Ltd 8.250% 30-Sep-2020

Kazakhstan 800,000 Halyk Savings Bank of Kazakhstan JSC 7.250% 28-Jan-2021 1,000,000 Kazkommertsbank JSC 7.500% 29-Nov-2016

Mexico

Mongolia 1,600,000 Mongolian Mining Corp 144A 8.875% 29-Mar-2017

Nigeria 600,000 Afren Plc 10.250% 08-Apr-2019 1,100,000 Afren Plc 11.500% 01-Feb-2016

1.15

1,713,920

2.35

1,713,920

2.35

1,972,250

2.70

699,000 1,273,250

0.96 1.74

1.91 1.00

1,731,900

2.37

599,400 1,132,500

0.82 1.55

1,391,479

1.90

1,391,479

1.90

8,226,249

11.26

Romania

0.83

1,600,000 Noble Group Ltd 6.750% 29-Jan-2020

2.91

1,398,000 731,768

1,000,000 Romanian Government International Bond 4.875% 07-Nov-2019

2.92

Croatia

2,129,768

Qatar

604,443

1,200,000 Agrokor DD 8.875% 01-Feb-2020 700,000 Agrokor DD 9.875% 01-May-2019

3.11 1.24 1.66

600,000 Qtel International Finance Ltd 3.250% 21-Feb-2023 1,000,000 Qtel International Finance Ltd 5.000% 19-Oct-2025

2,134,128

1,100,000,000 Emgesa SA ESP 8.750% 25-Jan-2021 1,000,000,000 Empresas Publicas de Medellin ESP 8.375% 01-Feb-2021

6.01

2,277,741 906,448 1,212,750

Poland

0.97

Colombia

4,396,939

1,200,000 Eileme 2 AB 144A 11.625% 31-Jan-2020 500,000 TVN Finance Corp II AB 10.750% 15-Nov-2017

0.97

China

Total net assets %

2,300,000 Scotiabank Peru SA 4.500% 13-Dec-2027 VAR 900,000 Southern Copper Corp 5.250% 08-Nov-2042 1,100,000 Volcan Cia Minera SAA 5.375% 02-Feb-2022

710,705

600,000 Baidu Inc 3.500% 28-Nov-2022 1,410,000 Sinopec Group Overseas Development 2012 Ltd 3.900% 17-May-2022

Fair value USD

Holdings Description

710,705

700,000 Cencosud SA 4.875% 20-Jan-2023

1,850,000 18,000,000 1,478,000 300,000 400,000 300,000 880,000

Fair value USD

Russia

1,600,000 Alfa Bank OJSC Via Alfa Bond Issuance Plc 7.750% 28-Apr-2021 1,771,999 1,000,000 EuroChem Mineral & Chemical Co OJSC Via EuroChem GI Ltd 5.125% 12-Dec-2017 1,023,750 600,000 Home Credit & Finance Bank OOO Via Eurasia Capital SA 9.375% 24-Apr-2020 VAR 630,000 1,500,000 Severstal OAO Via Steel Capital SA 5.900% 17-Oct-2022 1,516,875 1,700,000 VimpelCom Holdings BV 7.504% 01-Mar-2022 1,948,625 1,200,000 VTB Bank OJSC Via VTB Capital SA 6.551% 13-Oct-2020 1,335,000

Thailand Turkey

2.69

3,332,290

4.56

967,500 316,125 541,165 1,507,500

1.32 0.43 0.74 2.07

503,725

0.69

Ukraine

503,725

0.69

3,516,836

4.81

994,500

1.36

921,563 1,152,173 448,600

1.26 1.58 0.61

1,703,300

2.33

639,800 393,000 670,500

0.88 0.54 0.91

1,516,875

2.08

1,516,875

2.08

68,123,143

93.23

161,904

0.22

46,687

0.06

93,375

0.13

301,966

0.41

12,219

0.02

12,219

0.02

850,000 DP World Ltd 6.850% 02-Jul-2037 750,000 Dubai Electricity & Water Authority 7.375% 21-Oct-2020 1,100,000 Emirates NBD PJSC 4.625% 28-Mar-2017 400,000 Pyrus Ltd 7.500% 20-Dec-2015

Zambia Total investments in bond securities

2.08 2.67 1.83

2.69

500,000 DTEK Finance BV 9.500% 28-Apr-2015

Venezuela

0.86

1,962,360

Turkiye Garanti Bankasi AS 5.250% 13-Sep-2022 Turkiye Is Bankasi 6 6.000% 24-Oct-2022 Turkiye Vakiflar Bankasi Tao 5.750% 24-Apr-2017 Yapi ve Kredi Bankasi AS 5.500% 06-Dec-2022

United Arab Emirates

1.40

1,962,360

1,900,000 PTT Global Chemical PCL 4.250% 19-Sep-2022 900,000 300,000 500,000 1,500,000

2.42

Credit default swaps 3,000,000 iTraxx SovX CEEMA Series 7 Version 1 1.000% 20-Dec-2017 1,500,000 iTraxx SovX CEEMA Series 7 Version 1 1.000% 20-Dec-2017 3,000,000 iTraxx SovX CEEMA Series 8 Version 1 1.000% 20-Dec-2017

Total credit default swaps Open futures contracts (46) U.S. 10 Year Treasury Note Future Short Futures Contracts Exp Mar 2013

Total open futures contracts

35

BNY Mellon Emerging Markets Corporate Debt Fund Portfolio of investments – as at 31 December 2012

Holdings Description Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss

Fair value USD

Total net assets %

2,845

0.00

1,161,950

1.60

69,602,123

95.26

Credit default swaps 3,000,000 iTraxx SovX CEEMA Series 7 Version 1 1.000% 20-Dec-2017

Total credit default swaps

(289,026)

(0.40)

(289,026)

(0.40)

(53,707)

(0.07)

(342,733)

(0.47)

Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

3,806,215

5.21

73,065,605

100.00

The counterparties for credit default swaps are Citigroup and Credit Suisse First Boston. The counterparty for futures contracts is Goldman Sachs.

Forward foreign currency contracts Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

07-Jan-13 07-Jan-13

927 1,045

USD

1,972

BNY Mellon Emerging Markets Corporate Debt Fund US dollar US dollar

US dollar US dollar US dollar

Euro Euro

Euro Euro Colombian peso

264,639 264,758

200,000 200,000

129,138 100,000 2,739,345 2,100,000 1,165,210 2,100,000,000

07-Jan-13 07-Jan-13 17-Jan-13

(2,718) (29,630) (21,359)

USD

(53,707)

Net USD

(51,735)

BNY Mellon Emerging Markets Corporate Debt Fund Sterling W (Acc) (Hedged) Share Class Sterling

US dollar

100,418

161,464

15-Jan-13

540

GBP

540

USD

873

Total Net USD

(50,862)

The counterparties for the above contracts are Goldman Sachs, New York and UBS, Zurich in respect of of BNY Mellon Emerging Markets Corporate Debt Fund; Goldman Sachs, New York in respect of BNY Mellon Emerging Markets Corporate Debt Fund Sterling W (Acc) (Hedged) Share Class.

36

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

93.13

Financial derivative instruments dealt in on a regulated market

0.02

OTC financial derivative instruments

0.05

Other current assets

6.80

Total assets

100.00

BNY Mellon

BNY Mellon Emerging Markets Debt Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Angola 965,000 Republic of Angola Via Northern Lights III BV 7.000% 16-Aug-2019

Banco Santander Chile 3.875% 20-Sep-2022 Cencosud SA 4.875% 20-Jan-2023 Empresa Nacional del Petroleo 4.750% 06-Dec-2021 Empresa Nacional del Petroleo 5.250% 10-Aug-2020 Empresa Nacional del Petroleo 144A 5.250% 10-Aug-2020

China 940,000 Baidu Inc 3.500% 28-Nov-2022 2,450,000 China Resources Gas Group Ltd 4.500% 05-Apr-2022 2,770,000 Talent Yield Investments Ltd 4.500% 25-Apr-2022

Colombia 1,330,000 Colombia Government International Bond 6.125% 18-Jan-2041 9,210,000 Ecopetrol SA 7.625% 23-Jul-2019

Costa Rica 4,010,000 Costa Rica Government International Bond 4.250% 26-Jan-2023 6,385,000 Instituto Costarricense de Electricidad 6.950% 10-Nov-2021

Croatia 2,375,000 Croatia Government International Bond 6.750% 05-Nov-2019

Czech Republic 1,090,000 CEZ A/S 5.625% 03-Apr-2042

Dominican Republic 1,080,000 Dominican Republic International Bond 7.500% 06-May-2021 765,084 Dominican Republic International Bond 9.040% 23-Jan-2018

Ecuador 400,000 Ecuador Government International Bond 9.375% 15-Dec-2015

0.17

4,902,952

0.77

4,902,952

0.77

46,167,265

7.28

2,245,000 Banco Nacional de Desenvolvimento Economico e Social 6.500% 10-Jun-2019 1,585,000 Brazilian Government International Bond 10.125% 15-May-2027 5,975,000 Gerdau Trade Inc 5.750% 30-Jan-2021 790,000 Odebrecht Finance Ltd 5.125% 26-Jun-2022 3,675,000 Odebrecht Finance Ltd 7.125% 26-Jun-2042 5,685,000 Oi SA 5.750% 10-Feb-2022 1,680,000 Petrobras International Finance Co - Pifco 5.375% 27-Jan-2021 6,230,000 Petrobras International Finance Co - Pifco 5.750% 20-Jan-2020 1,045,000 Petrobras International Finance Co - Pifco 6.750% 27-Jan-2041 3,370,000 Petrobras International Finance Co - Pifco 7.875% 15-Mar-2019 7,550,000 Rearden G Holdings EINS GmbH 7.875% 30-Mar-2020 750,000 5,660,000 2,830,000 1,640,000 1,805,000

1,067,531

0.17

Argentina

Chile

Total net assets %

1,067,531

6,857,276 Argentine Republic Government International Bond 8.280% 31-Dec-2033

Brazil

Fair value USD

2,750,125

Holdings Description

El Salvador 1,790,000 El Salvador Government International Bond 7.650% 15-Jun-2035 530,000 El Salvador Government International Bond 5.875% 30-Jan-2025

0.30

7,091,958

1.12

1,324,106

0.21

4,209,386 8,380,500

0.66 1.32

13,388,280

2.11

768,855 5,789,846 3,032,693 1,807,516

0.12 0.91 0.48 0.29

1,989,370

0.31

6,649,616

1.05

9,660,000 Development Bank of Kazakhstan JSC 4.125% 10-Dec-2022 2,820,000 Kazakhstan Temir Zholy Finance 6.950% 10-Jul-2042 5,800,000 KazMunaiGaz Finance Sub BV 7.000% 05-May-2020 2,090,000 KazMunaiGaz Finance Sub BV 9.125% 02-Jul-2018

942,638 2,694,731 3,012,247

0.15 0.43 0.47

2,480,000 Republic of Latvia 2.750% 12-Jan-2020

13,730,015

2.17

1,826,090 11,903,925

0.29 1.88

11,293,065

1.78

4,046,090

0.64

7,246,975

1.14

2,722,344

0.43

2,722,344

0.43

1,264,756

0.20

1,264,756

0.20

2,118,965

0.33

1,254,420

0.20

864,545

0.13

400,000

0.06

400,000

0.06

0.07

6,685,771

1.05

90 6,685,681

0.00 1.05

58,915,895

9.29

4,806,300

0.76

4,681,250

0.74

1,869,300

0.29

9,472,000

1.49

4,938,313 6,339,300

0.78 1.00

23,312,582 3,496,850

3.68 0.55

23,263,625

3.67

9,732,450

1.54

3,546,150 7,221,000 2,764,025

0.56 1.14 0.43

2,452,720

0.39

2,452,720

0.39

12,128,466

1.92

6,839,872

1.08

2,084,444

0.33

3,204,150

0.51

5,154,337

0.81

1,587,067 3,567,270

0.25 0.56

56,572,762

8.92

6,183,450 3,980,737 4,293,838

0.97 0.63 0.68

13,500,100

2.13

11,673,675 1,986,450 1,666,500 928,700 2,848,850 9,510,462

1.84 0.31 0.26 0.15 0.45 1.50

Indonesia

Latvia Lithuania 5,555,000 Lithuania Government International Bond 6.125% 09-Mar-2021 1,630,000 Lithuania Government International Bond 6.625% 01-Feb-2022 2,460,000 Lithuania Government International Bond 7.375% 11-Feb-2020

Malaysia 1,525,000 Export-Import Bank of Malaysia 2.875% 14-Dec-2017 2,500,000 Petronas Capital Ltd 7.875% 22-May-2022

Mexico 5,460,000 3,515,000 3,985,000 10,630,000 9,210,000 1,700,000 1,515,000 740,000 2,270,000 8,435,000

0.32

467,775

4,330,000 Adaro Indonesia PT 7.625% 22-Oct-2019 3,500,000 Indonesia Government International Bond 6.625% 17-Feb-2037 1,240,000 Indonesia Government International Bond 7.750% 17-Jan-2038 5,920,000 Indonesia Government International Bond 8.500% 12-Oct-2035 3,265,000 Indonesia Government International Bond 11.625% 04-Mar-2019 5,610,000 Indosat Palapa Co BV 7.375% 29-Jul-2020 22,025,000 Lembaga Pembiayaan Ekspor Indonesia 3.750% 26-Apr-2017 3,395,000 Perusahaan Listrik Negara PT 5.250% 24-Oct-2042

Kazakhstan

2,045,075

0.09

Hungary

1,891,378

0.41

0.07

20,000 Hungary Government Bond 5.500% 12-Feb-2016 6,595,000 Magyar Export-Import Bank RT 5.500% 12-Feb-2018

0.46 1.04 0.14 0.67 0.93

2,580,905

535,830

405,000 Georgia Government International Bond 6.875% 12-Apr-2021

2,900,550 6,572,500 857,150 4,263,000 5,926,612

Total net assets %

467,775

Georgia

0.43

Fair value USD

Comision Federal de Electricidad 4.875% 26-May-2021 Comision Federal de Electricidad 5.750% 14-Feb-2042 Mexichem SAB de CV 4.875% 19-Sep-2022 Pemex Project Funding Master Trust 6.625% 15-Jun-2035 Pemex Project Funding Master Trust 6.625% 15-Jun-2038 Petroleos Mexicanos 5.500% 21-Jan-2021 Petroleos Mexicanos 5.500% 27-Jun-2044 Petroleos Mexicanos 6.500% 02-Jun-2041 Petroleos Mexicanos 6.500% 02-Jun-2041 Sigma Alimentos SA de CV 5.625% 14-Apr-2018

37

BNY Mellon Emerging Markets Debt Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

2,484,300

0.39

Holdings Description

Mongolia 2,535,000 Mongolia Government International Bond 5.125% 05-Dec-2022

2,484,300

0.39

2,171,163

0.34

2,171,163

0.34

784,000

0.12

784,000

0.12

5,395,975

0.85

1,658,475

0.26

3,737,500

0.59

Morocco

Namibia 700,000 Namibia International Bonds 5.500% 03-Nov-2021

Panama 1,170,000 Panama Government International Bond 7.125% 29-Jan-2026 2,300,000 Panama Government International Bond 8.875% 30-Sep-2027

Peru

13,317,842

2.10

2,369,850 1,997,450

0.37 0.32

5,507,875 1,902,123 1,540,544

0.87 0.30 0.24

22,154,960

3.50

2,890,085

0.46

9,708,875

1.53

2,255,500

0.36

2,220,000 BBVA Banco Continental SA 5.000% 26-Aug-2022 1,820,000 Corp Financiera de Desarrollo SA 4.750% 08-Feb-2022 3,170,000 Peruvian Government International Bond 8.750% 21-Nov-2033 1,580,000 Southern Copper Corp 6.750% 16-Apr-2040 1,200,000 Southern Copper Corp 7.500% 27-Jul-2035

Philippines 2,057,000 Philippine Government International Bond 6.375% 23-Oct-2034 6,325,000 Philippine Government International Bond 7.750% 14-Jan-2031 1,300,000 Philippine Government International Bond 9.500% 02-Feb-2030 1,800,000 Philippine Government International Bond 10.625% 16-Mar-2025 3,000,000 Power Sector Assets & Liabilities Management Corp 7.390% 02-Dec-2024

Poland 2,285,000 Poland Government International Bond 3.000% 17-Mar-2023 2,885,000 Poland Government International Bond 5.000% 23-Mar-2022 2,055,000 Poland Government International Bond 5.125% 21-Apr-2021

Republic of Korea 2,105,000 Korea Hydro & Nuclear Power Co Ltd 4.750% 13-Jul-2021

Russia

0.49

4,177,500

0.66

8,123,702

1.28

2,279,287

0.36

3,407,185

0.54

2,437,230

0.38

2,381,027

0.38

2,381,027

0.38

68,403,056

10.79

1,305,000 Evraz Group SA 7.400% 24-Apr-2017 7,900,000 Gazprom OAO Via Gaz Capital SA 6.510% 07-Mar-2022 2,000,000 Gazprom OAO Via Gaz Capital SA 144A 6.510% 07-Mar-2022 3,275,000 Gazprom OAO Via Gaz Capital SA 8.625% 28-Apr-2034 2,500,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 6.299% 15-May-2017 4,295,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 7.750% 29-May-2018 12,310,875 Russian Foreign Bond - Eurobond 7.500% 31-Mar-2030 4,365,000 Russian Railways Via RZD Capital Ltd 5.700% 05-Apr-2022 2,110,000 Vnesheconombank Via VEB Finance Plc 6.025% 05-Jul-2022 12,125,000 Vnesheconombank Via VEB Finance Plc 6.800% 22-Nov-2025 3,700,000 Vnesheconombank Via VEB Finance Plc 6.902% 09-Jul-2020

38

3,123,000

1,376,775 9,420,750

0.22 1.48

2,385,000 4,713,281

0.38 0.74

2,768,750

0.44

5,116,419 15,812,088

0.81 2.49

4,994,433

0.79

2,452,875

0.39

14,853,125

2.34

4,509,560

0.71

Total net assets %

8,561,294

1.35

3,832,075 4,170,750 558,469

0.60 0.66 0.09

29,907,750

4.71

14,894,488 10,162,312 4,850,950

2.35 1.60 0.76

5,351,901

0.84

2,556,878

0.40

2,795,023

0.44

63,318,212

9.99

11,423,610 17,096,390

1.80 2.70

1,497,000

0.24

7,123,747

1.12

2,439,000

0.39

7,369,500

1.16

9,558,965

1.51

Holdings Description

South Africa 3,380,000 Eskom Holdings SOC Ltd 5.750% 26-Jan-2021 4,150,000 Sasol Financing International Plc 4.500% 14-Nov-2022 555,000 Transnet SOC Ltd 4% 07/26/2022 4.000% 26-Jul-2022

Supranational

2,155,000 Morocco Government International Bond 4.250% 11-Dec-2022

Fair value USD

13,756,000 Corp Andina de Fomento 4.375% 15-Jun-2022 9,795,000 Eurasian Development Bank 4.767% 20-Sep-2022 4,420,000 Eurasian Development Bank 7.375% 29-Sep-2014

Thailand 2,480,000 Bangkok Bank PCL/Hong Kong 3.875% 27-Sep-2022 2,240,000 PTTEP Canada International Finance Ltd 6.350% 12-Jun-2042

Turkey 10,490,000 Export Credit Bank of Turkey 144A 5.375% 04-Nov-2016 15,010,000 Export Credit Bank of Turkey 5.875% 24-Apr-2019 1,200,000 Turkey Government International Bond 6.000% 14-Jan-2041 5,715,000 Turkey Government International Bond 6.250% 26-Sep-2022 1,800,000 Turkey Government International Bond 6.750% 30-May-2040 5,780,000 Turkey Government International Bond 7.000% 05-Jun-2020 7,390,000 Turkey Government International Bond 7.500% 07-Nov-2019 4,540,000 Turkey Government International Bond 8.000% 14-Feb-2034

Ukraine 6,455,000 National JSC Naftogaz of Ukraine 9.500% 30-Sep-2014

Uruguay 1,880,000 Uruguay Government International Bond 4.125% 20-Nov-2045 1,610,000 Uruguay Government International Bond 7.625% 21-Mar-2036 3,845,000 Uruguay Government International Bond 7.875% 15-Jan-2033

Venezuela 5,000 3,515,000 14,865,000 12,065,000 5,925,000 13,775,000

Petroleos de Venezuela SA 4.900% 28-Oct-2014 Petroleos de Venezuela SA 5.250% 12-Apr-2017 Petroleos de Venezuela SA 8.500% 02-Nov-2017 Petroleos de Venezuela SA 9.000% 17-Nov-2021 Petroleos de Venezuela SA 12.750% 17-Feb-2022 Venezuela Government International Bond 7.750% 13-Oct-2019 15,610,000 Venezuela Government International Bond 12.750% 23-Aug-2022

Zambia 1,145,000 Zambia Government International Bond 5.375% 20-Sep-2022

Total investments in bond securities

6,810,000

1.07

6,624,444

1.04

6,624,444

1.04

10,309,312

1.63

1,877,180

0.30

2,485,840

0.39

5,946,292

0.94

67,089,103

10.58

4,780 3,066,837 14,679,188 11,510,010 6,659,700

0.00 0.48 2.31 1.82 1.05

12,982,938

2.05

18,185,650

2.87

1,140,706

0.18

1,140,706

0.18

589,445,792

92.95

BNY Mellon

BNY Mellon Emerging Markets Debt Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

441,088

0.07

7,587,016

1.19

597,473,896

94.21

Holdings Description Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss

(299)

(0.00)

(299)

(0.00)

Net current assets

36,704,586

5.79

Total net assets

634,178,183

100.00

Forward foreign currency contracts – contd. Buy Holdings Description Sell

Amount (B)

Amount (S)

BNY Mellon Emerging Markets Debt Fund EUR I (Acc) (Hedged) Share Class – contd. Euro Euro Euro US dollar US dollar US dollar US dollar

US dollar US dollar US dollar Euro Euro Euro Euro

15,617 5,638 6,000 266 805 5,703 442

20,660 7,464 7,938 202 620 4,368 336

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

104,427

02-Jan-13

353

USD

353

Fair Total Expiry value Unrealised net assets USD Gain/(Loss) Date %

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(51) (22) (19) 0 (9) (44) (1)

EUR

(146)

USD

(193)

Net EUR

332,777

Net USD

438,766

Total Net USD

440,789

BNY Mellon Emerging Markets Debt Fund US dollar

Euro Euro

Euro

US dollar US dollar

138,039

10,000 15,617

13,188 20,640

02-Jan-13 03-Jan-13

(3) (49)

USD

(52)

Net USD

Euro

Euro US dollar US dollar

US dollar

13,188 62,102 20,000

10,000

10,000 80,383 26,108

13,241

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

93.18

OTC financial derivative instruments

0.07

Other current assets

6.75

301

BNY Mellon Emerging Markets Debt Fund EUR H (Acc) (Hedged) Share Class US dollar Euro Euro

The counterparties for the above contracts are The Bank of New York Mellon, London, Citigroup, New York and JPMorgan Chase, New York in respect of BNY Mellon Emerging Markets Debt Fund; The Bank of New York Mellon, London in respect of BNY Mellon Emerging Markets Debt Fund EUR H (Acc) (Hedged) Share Class; The Bank of New York Mellon, London in respect of BNY Mellon Emerging Markets Debt Fund EUR I (Acc) (Hedged) Share Class.

02-Jan-13 15-Jan-13 15-Jan-13

2 1,144 201

EUR

1,347

USD

1,776

15-Jan-13

(41)

EUR

(41)

USD

(54)

Net EUR

1,306

Net USD

1,722

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

37 1 322,710 10,080 7 66 0 22

EUR

332,923

USD

438,959

Total assets

100.00

BNY Mellon Emerging Markets Debt Fund EUR I (Acc) (Hedged) Share Class US dollar Euro Euro Euro Euro Euro US dollar US dollar

Euro US dollar US dollar US dollar US dollar US dollar Euro Euro

20,640 11,353 17,516,109 1,003,770 2,352 3,600 266 7,503

15,617 14,971 22,672,326 1,310,343 3,092 4,660 202 5,668

39

BNY Mellon Emerging Markets Debt Local Currency Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Brazil 105,170,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15-Aug-2018 12,500,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15-Aug-2022 345,300,000 Brazil Notas do Tesouro Nacional Serie F 10.000% 01-Jan-2014

Colombia

Fair value USD

Total net assets %

324,981,889

9.74

134,115,733

4.02

16,645,027

0.50

174,221,129

5.22

106,216,844

3.18

9,900,000,000 Colombia Government International Bond 7.750% 14-Apr-2021 7,157,022 20,169,000,000 Colombia Government International Bond 9.850% 28-Jun-2027 17,968,102 60,390,000,000 Colombia Government International Bond 12.000% 22-Oct-2015 41,735,403 60,184,000,000 Empresas Publicas de Medellin ESP 8.375% 01-Feb-2021 39,356,317

Hungary 14,700,710,000 Hungary Government Bond 6.000% 24-Nov-2023 5,413,510,000 Hungary Government Bond 7.000% 24-Jun-2022 2,203,360,000 Hungary Government Bond 7.500% 12-Nov-2020

Indonesia 65,000,000,000 503,748,000,000 251,863,000,000 449,940,000,000 125,650,000,000 425,255,000,000 181,480,000,000 195,013,000,000

Indonesia Treasury Bond 5.625% 15-May-2023 Indonesia Treasury Bond 7.000% 15-May-2027 Indonesia Treasury Bond 8.250% 15-Jun-2032 Indonesia Treasury Bond 9.500% 15-Jul-2023 Indonesia Treasury Bond 10.000% 15-Jul-2017 Indonesia Treasury Bond 10.000% 15-Sep-2024 Indonesia Treasury Bond 11.000% 15-Sep-2025 Indonesia Treasury Bond 12.800% 15-Jun-2021

Malaysia 61,000,000 179,220,000 54,970,000 290,275,000 14,450,000 296,885,000

Malaysia Government Bond 3.197% 15-Oct-2015 Malaysia Government Bond 3.418% 15-Aug-2022 Malaysia Government Bond 3.741% 27-Feb-2015 Malaysia Government Bond 3.835% 12-Aug-2015 Malaysia Government Bond 4.160% 15-Jul-2021 Malaysia Government Bond 4.262% 15-Sep-2016

748,660,100 106,185,000 138,527,900 337,346,400 386,225,000 387,610,000 775,609,300 89,300 158,045,000 411,482,600

Mexican Bonos 6.000% 18-Jun-2015 Mexican Bonos 6.500% 10-Jun-2021 Mexican Bonos 7.500% 03-Jun-2027 Mexican Bonos 7.750% 14-Dec-2017 Mexican Bonos 7.750% 29-May-2031 Mexican Bonos 8.000% 19-Dec-2013 Mexican Bonos 8.500% 31-May-2029 Mexican Bonos 8.500% 18-Nov-2038 Mexican Bonos 9.000% 20-Jun-2013 Mexican Bonos 10.000% 20-Nov-2036

Mexico

Nigeria 825,675,000 3,454,295,000 1,225,630,000 1,101,440,000 604,000,000 585,000,000 2,550,000,000 1,192,515,000

Nigeria Government Bond 15.100% 27-Apr-2017 Nigeria Government Bond 16.000% 29-Jun-2019 Nigeria Government Bond 16.390% 27-Jan-2022 Nigeria Treasury Bill 0.000% 07-Mar-2013 Nigeria Treasury Bill 0.000% 28-Mar-2013 Nigeria Treasury Bill 0.000% 26-Sep-2013 Nigeria Treasury Bill 0.000% 07-Nov-2013 Nigeria Treasury Bill 0.000% 19-Dec-2013

Peru 61,020,000 81,035,000 8,750,000 31,565,000

Peru Government Bond 7.840% 12-Aug-2020 Peru Government Bond 8.200% 12-Aug-2026 Peru Government Bond 8.600% 12-Aug-2017 Peru Government Bond 9.910% 05-May-2015

Philippines 243,250,000 Philippine Government Bond 6.125% 24-Oct-2037 1,282,000,000 Philippine Government International Bond 4.950% 15-Jan-2021 40

0.21

1.25 1.18

102,241,429

3.06

65,469,584 25,927,950 10,843,895

1.96 0.78 0.32

292,265,600

8.76

6,986,318 57,721,027 31,926,480 61,395,393 15,765,056 60,235,170 27,553,908 30,682,248

0.21 1.73 0.96 1.84 0.47 1.80 0.83 0.92

299,075,965

8.96

20,025,255 58,190,472 18,236,055 96,788,202 4,936,924 100,899,057

0.60 1.74 0.55 2.90 0.15 3.02

306,862,529

9.20

58,992,545 8,780,065 12,332,113 28,789,022 34,636,687 30,667,876 74,691,023 8,661 12,368,502 45,596,035

1.77 0.26 0.37 0.86 1.04 0.92 2.24 0.00 0.37 1.37

77,100,628

2.31

5,832,057 25,969,133 9,714,020 6,875,679 3,751,296 3,425,321 14,732,046 6,801,076

0.18 0.78 0.29 0.21 0.11 0.10 0.44 0.20

93,376,874

2.80

30,178,926 44,586,648 4,238,188 14,373,112

0.90 1.34 0.13 0.43

40,780,930

1.22

6,321,082

0.19

34,459,848

1.03

Total net assets %

266,453,781

7.98

26,675,339 41,985,793 12,762,375 9,931,256 20,685,021 27,597,970 41,987,821 16,621,462 68,206,744

0.80 1.26 0.38 0.30 0.62 0.82 1.26 0.50 2.04

312,940,777

9.38

82,930,527

2.49

20,486,018 36,032,568 35,155,374 34,856,712 35,494,231 33,251,930

0.61 1.08 1.05 1.05 1.06 1.00

34,733,417

1.04

372,253,236

11.15

Holdings Description

Poland 81,572,000 123,300,000 36,342,000 27,480,000 61,005,000 75,741,000 126,150,000 44,013,000 195,453,000

Poland Government Bond 5.000% 24-Oct-2013 Poland Government Bond 5.000% 25-Apr-2016 Poland Government Bond 5.250% 25-Oct-2017 Poland Government Bond 5.250% 25-Oct-2020 Poland Government Bond 5.500% 25-Apr-2015 Poland Government Bond 5.500% 25-Oct-2019 Poland Government Bond 5.750% 25-Apr-2014 Poland Government Bond 5.750% 23-Sep-2022 Poland Government Bond 6.250% 24-Oct-2015

Russia 0.54

Fair value USD

2,536,500,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 7.500% 25-Mar-2013 614,500,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 8.625% 17-Feb-2017 1,060,000,000 Russian Federal Bond - OFZ 7.400% 14-Jun-2017 1,025,000,000 Russian Federal Bond - OFZ 7.500% 15-Mar-2018 1,010,315,000 Russian Federal Bond - OFZ 7.500% 27-Feb-2019 1,025,000,000 Russian Federal Bond - OFZ 7.600% 14-Apr-2021 918,030,000 Russian Federal Bond - OFZ 8.150% 03-Feb-2027 1,021,900,000 Russian Railways Via RZD Capital Ltd 8.300% 02-Apr-2019

South Africa 700,595,000 393,610,000 613,884,022 363,493,023 390,572,500 495,376,735 7 97,309,585

South Africa Government Bond 6.250% 31-Mar-2036 South Africa Government Bond 7.000% 28-Feb-2031 South Africa Government Bond 7.250% 15-Jan-2020 South Africa Government Bond 8.000% 21-Dec-2018 South Africa Government Bond 8.250% 15-Sep-2017 South Africa Government Bond 10.500% 21-Dec-2026 South Africa Government Bond 13.500% 15-Sep-2015 South Africa Government Bond - CPI Linked 2.750% 31-Jan-2022

Thailand 2,319,971,334 Thailand Government Bond 1.200% 14-Jul-2021 1,042,500,000 Thailand Government Bond 3.625% 22-May-2015 354,988,000 Thailand Government Bond 5.125% 13-Mar-2018

Turkey 63,398,451 68,033,532 22,940,410 74,695,000 102,895,000 29,900,000 61,950,500 35,380,000 92,170,000 197,437,000 9,940,000

Turkey Government Bond 3.000% 23-Feb-2022 Turkey Government Bond 4.000% 29-Apr-2015 Turkey Government Bond 4.000% 01-Apr-2020 Turkey Government Bond 8.000% 29-Jan-2014 Turkey Government Bond 9.000% 27-Jan-2016 Turkey Government Bond 9.000% 08-Mar-2017 Turkey Government Bond 10.000% 10-Apr-2013 Turkey Government Bond 10.000% 17-Jun-2015 Turkey Government Bond 10.500% 15-Jan-2020 Turkey Government Bond 11.000% 06-Aug-2014 Turkey Government Bond 16.000% 28-Aug-2013

United States of America 10,415,000 United States Treasury Bill 0.000% 07-Feb-2013*

Uruguay 102,249,267 Uruguay Government International Bond 5.000% 14-Sep-2018

Total investments in bond securities

67,044,448 43,013,094 76,327,356 47,053,200 50,654,022 74,804,864 1

2.01 1.29 2.28 1.41 1.52 2.24 0.00

13,356,251

0.40

124,341,654

3.73

77,046,862 34,612,738 12,682,054

2.31 1.04 0.38

465,083,713

13.94

41,333,704 40,967,083 15,373,631 42,679,274 62,074,436 18,339,247 35,050,621 21,565,782 63,088,660 118,695,337 5,915,938

1.24 1.23 0.46 1.28 1.86 0.55 1.05 0.64 1.89 3.56 0.18

10,414,885

0.31

10,414,885

0.31

6,148,838

0.18

6,148,838

0.18

3,200,539,572

95.90

BNY Mellon

BNY Mellon Emerging Markets Debt Local Currency Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

Unrealised gain on forward foreign currency contracts (see below)

23,262,655

0.69

Interest due on investments (Note 1)

55,440,376

1.66

3,279,242,603

98.26

Holdings Description

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

(17,197,069)

(0.51)

Total financial liabilities at fair value through profit or loss

(17,197,069)

(0.51)

Net current assets

75,180,676

2.25

3,337,226,210

100.00

Total net assets

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Buy

Sell

Amount (B)

Expiry Date

Unrealised Gain/(Loss)

3,747,194 02-Jan-13 15,810 02-Jan-13 3,360,447 02-Jan-13 10,489 02-Jan-13 136,805,102 02-Jan-13 44,945,085 03-Jan-13 45,198,091 03-Jan-13 59,139 03-Jan-13 1,014,439 03-Jan-13 5,158,319 03-Jan-13 11,030 03-Jan-13 145,563,775 29-Jan-13 35,570,727 29-Jan-13 7,003,843 29-Jan-13 66,258,149 29-Jan-13 25,230,000 29-Jan-13 123,235,000 29-Jan-13 237,610,000 29-Jan-13 89,428,870 04-Feb-13 35,626,875 04-Mar-13 2,142,522 15-Apr-13 2,146,779 13-May-13 183,293,233 12-Sep-13

9,435 9 12,097 38 55,154 877,363 1,041,880 23 394 7,450 35 1,049,134 240,626 66,672 85,654 94,431 297,514 756,361 2,211,037 466,287 272,857 278,473 10,754,994

USD

18,577,918

Amount (S)

BNY Mellon Emerging Markets Debt Local Currency Fund Malaysian ringgit Sterling US dollar US dollar US dollar Brazilian real Brazilian real Euro Euro Malaysian ringgit Sterling Euro Polish zloty Russian rouble Thai baht US dollar US dollar US dollar Brazilian real Chinese yuan Nigerian naira Nigerian naira Russian rouble

Euro Euro Sterling US dollar US dollar US dollar US dollar US dollar Chilean peso Hungarian forint Hungarian forint Hungarian forint Mexican peso Mexican peso Mexican peso US dollar US dollar US dollar US dollar

US dollar US dollar Euro Euro Mexican peso US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Turkish lira Turkish lira US dollar US dollar US dollar US dollar US dollar

11,487,772 9,785 4,442,849 13,868 10,542,121 93,835,000 94,690,000 44,870 769,680 15,797,353 6,845 111,170,000 111,500,000 216,895,000 2,032,800,000 33,368,189 68,994,765 133,211,863 188,525,000 225,625,000 392,510,000 396,510,000 6,155,500,000

US dollar 2,368,380 3,130,903 02-Jan-13 US dollar 511,758 676,595 02-Jan-13 US dollar 4,867 7,873 02-Jan-13 South African rand 4,354,832 37,016,070 02-Jan-13 Turkish lira 988,821 1,769,000 02-Jan-13 Brazilian real 44,715,273 93,835,000 03-Jan-13 Brazilian real 45,122,707 94,690,000 03-Jan-13 Euro 122,529 92,966 03-Jan-13 US dollar 3,255,950,000 6,829,470 29-Jan-13 US dollar 7,325,000,000 32,887,352 29-Jan-13 US dollar 3,231,790,000 14,951,608 29-Jan-13 US dollar 18,020,000 82,996 29-Jan-13 US dollar 125,000,000 9,599,656 29-Jan-13 US dollar 864,500,000 67,668,584 29-Jan-13 US dollar 961,166,000 75,190,957 29-Jan-13 Colombian peso 8,147,523 14,500,000,000 29-Jan-13 Colombian peso 169,148,944 305,939,695,000 29-Jan-13 Euro 104,156,070 79,840,000 29-Jan-13 Euro 6,274,756 4,790,000 29-Jan-13

(8,192) (1,842) (5) (7,185) (1,162) (1,107,176) (1,117,264) (48) (54,066) (17,433) (449,399) (2,133) (43,000) (1,574,755) (1,706,698) (35,045) (3,497,415) (1,138,296) (42,378)

Unrealised Gain/(Loss)

BNY Mellon Emerging Markets Debt Local Currency Fund – contd. US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Malaysian ringgit Peruvian nuevo sol Philippino peso Russian rouble Russian rouble South African rand Chinese yuan Nigerian naira Nigerian naira Russian rouble Russian rouble

6,978,801 21,385,000 29-Jan-13 120,778,286 310,370,000 29-Jan-13 29,986,356 1,230,760,000 29-Jan-13 25,131,739 783,105,000 29-Jan-13 6,960,687 216,895,000 29-Jan-13 33,027,565 286,600,000 29-Jan-13 35,372,737 225,625,000 04-Mar-13 2,162,590 392,510,000 15-Apr-13 2,162,585 396,510,000 13-May-13 63,332,080 2,105,000,000 12-Sep-13 31,230,481 1,000,000,000 12-Sep-13

(9,191) (602,280) (77,123) (396,538) (109,828) (611,978) (720,425) (252,789) (262,667) (3,026,709) (293,883)

USD

(17,166,903)

Net USD

* Part of the holding relates to collateral held with JPMorgan and Citi in respect of forwards held by the Fund.

Forward foreign currency contracts – contd.

Expiry Date

Amount (S)

1,411,015

BNY Mellon Emerging Markets Debt Local Currency Fund EUR H (Hedged) Share Class US dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro US dollar US dollar

Euro US dollar Euro Euro Euro Euro US dollar US dollar US dollar US dollar US dollar

Euro US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Euro

US dollar Euro US dollar US dollar US dollar US dollar Euro Euro Euro Euro Euro

676,595 92,966 574,404 99,799 150,000 511,758 43,439,310 106,478 63,357 54,025 68,502 123,028

10,489 59,139 868,510 44,870 184,594 15,856 13,827 157,096 49,342 176,309 15,786

511,758 122,529 757,060 131,225 194,780 674,600 56,226,539 137,821 82,883 71,112 51,748 92,966

13,868 44,870 1,149,690 59,380 244,449 21,016 10,489 120,086 37,437 135,776 11,993

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

1,397 36 288 285 2,288 175 799,944 1,961 503 97 200 332

EUR

807,506

USD

1,064,698

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(29) (17) (3,357) (160) (784) (82) (4) (953) (19) (2,071) (21)

EUR

(7,497)

USD

(9,885)

Net EUR

800,009

Net USD

1,054,813

BNY Mellon Emerging Markets Debt Local Currency Fund EUR I (Hedged) Share Class Euro Euro US dollar

US dollar US dollar Euro

133,853 41,425,758 399,174

176,191 15-Jan-13 53,620,258 15-Jan-13 301,432 15-Jan-13

239 762,864 1,281

EUR

764,384

USD

1,007,841

41

BNY Mellon Emerging Markets Debt Local Currency Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Forward foreign currency contracts – contd. Expiry Date

Amount (S)

Unrealised Gain/(Loss)

BNY Mellon Emerging Markets Debt Local Currency Fund EUR I (Hedged) Share Class – contd. Euro US dollar Euro US dollar US dollar US dollar

US dollar Euro US dollar Euro Euro Euro

3,360,447 1,014,439 769,680 144,831 80,430 4,429,744

4,442,849 769,680 1,018,568 110,946 61,482 3,360,447

Buy

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(9,174) (299) (2,751) (1,113) (488) (1,153)

EUR

(14,978)

USD

(19,749)

Net EUR

749,406

Net USD

988,092

BNY Mellon Emerging Markets Debt Local Currency Fund EUR I (Inc) (Hedged) Share Class US dollar

94,551,680

Amount (B)

Expiry Date

Unrealised Gain/(Loss)

9,582,340 15-Jan-13

32,027

GBP

32,027

USD

51,776

Amount (S)

BNY Mellon Emerging Markets Debt Local Currency Fund Sterling M (Acc) (Hedged) Share Class Sterling

Sterling

Euro

Sell

122,384,858 15-Jan-13

1,741,188

EUR

1,741,188

USD

2,295,758

US dollar

US dollar

5,959,500

14,341

23,253 15-Jan-13

(43)

GBP

(43)

USD

(70)

US dollar

5,000

10,192,593

13,192,987 15-Jan-13

187,699

EUR

187,699

USD

247,481

612,172 15-Jan-13

2,046

GBP

2,046

USD

3,308

BNY Mellon Emerging Markets Debt Local Currency Fund Sterling J (Acc) (Hedged) Share Class Sterling

US dollar

380,725

BNY Mellon Emerging Markets Debt Local Currency Fund Sterling J (Inc) (Hedged) Share Class US dollar Sterling Sterling Sterling Sterling

US dollar Sterling Sterling

42

Sterling US dollar US dollar US dollar US dollar

Sterling US dollar US dollar

7,873 4,867 3,861 1,589,889 4,759

11,030 32,766 6,845

4,867 7,858 6,208 2,556,398 7,685

3 6 21 8,544 5

GBP

8,579

USD

13,869

6,845 03-Jan-13 53,394 15-Jan-13 11,069 15-Jan-13

(22) (262) (2)

GBP

(286)

USD

(462)

Net GBP

8,293

Net USD

13,407

51,706

4

GBP

4

USD

6

The counterparties for the above contracts are Barclays Bank plc, London, Citigroup, New York, Credit Suisse First Boston, London, Deutsche Bank, New York, Goldman Sachs, New York, JPMorgan Chase, New York, Bank of America Merrill Lynch, New York, Morgan Stanley, New York, Royal Bank of Scotland, London and The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund EUR H (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund EUR I (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund EUR I (Inc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund EUR M (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund Sterling J (Acc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund Sterling J (Inc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund Sterling M (Acc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Emerging Markets Debt Local Currency Fund Sterling W (Inc) (Hedged) Share Class.

Analysis of portfolio

02-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

Net USD

8,077 15-Jan-13

BNY Mellon Emerging Markets Debt Local Currency Fund EUR M (Hedged) Share Class US dollar

31,984

BNY Mellon Emerging Markets Debt Local Currency Fund Sterling W (Inc) (Hedged) Share Class Sterling

Euro

Net GBP

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 94.63

OTC financial derivative instruments

0.68

Other current assets

4.69

Total assets

100.00

BNY Mellon

BNY Mellon Emerging Markets Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Brazil 6,888 14,700 7,300 10,400 10,500 3,900 7,500 13,600 14,263 4,660 6,800 19,871 7,900 6,373 6,862 17,800

Banco Bradesco SA ADR BM&FBovespa SA BR Malls Participacoes SA Brasil Insurance Participacao CCR SA Estacio Participacoes SA EZTEC Empreendimentos e Participacoes SA Gerdau SA Itau Unibanco Holding SA ADR Kroton Educacional SA Localiza Rent a Car SA Petroleo Brasileiro SA ADR Sao Martinho SA Telefonica Brasil SA ADR Ultrapar Participacoes SA ADR Vale SA

Chile 13,994 Cencosud SA ADR

China 349,000 31,000 84,000 67,000 158,000 33,000 160,000 162,000 155,000 201,000 180,000 400,000 86,000 186,000 364,000 102,000 11,000 10,300 149,000

China Construction Bank Corp - H China Mobile Ltd China National Building Material Co Ltd ‘H’ China Oilfield Services Ltd China Petroleum & Chemical Corp ‘H’ China Shenhua Energy Co Ltd ‘H’ China Telecom Corp Ltd CIMC Enric Holdings Ltd CNOOC Ltd CSR Corp Ltd ‘H’ Huaneng Power International Inc - H Industrial & Commercial Bank of China - H Kunlun Energy Co Ltd Lenovo Group Ltd MIE Holdings Corp PetroChina Co Ltd - H Ping An Insurance Group Co of China Ltd Tencent Holdings Ltd Trinity Ltd

Colombia 672 Bancolombia SA ADR 1,675 Ecopetrol SA ADR

Czech Republic 8,730 Telefonica Czech Republic AS

Egypt 17,004 Commercial International Bank Egypt SAE

Hungary 615 MOL Hungarian Oil and Gas Plc 6,028 OTP Bank Plc

India 7,938 7,651 6,513 8,877 8,633

Axis Bank Ltd GDR ICICI Bank Ltd ADR Infosys Technologies Ltd ADR Larsen & Toubro Ltd GDR Reliance Industries Ltd 144A GDR

Indonesia 173,500 Bank Central Asia Tbk PT 397,500 Perusahaan Gas Negara Persero Tbk PT 191,500 Telekomunikasi Indonesia Persero Tbk PT

Malaysia 206,700 DiGi.Com Bhd 34,200 Genting Bhd 82,700 Malayan Banking Bhd

Fair value USD

Total net assets %

2,406,545

12.17

118,267 100,513 96,014 101,282 99,539 79,333 91,758 102,358 231,489 104,693 124,542 377,152 105,527 153,462 153,228 367,388

0.60 0.51 0.49 0.51 0.50 0.40 0.46 0.52 1.17 0.53 0.63 1.91 0.54 0.77 0.77 1.86

222,225

1.12

222,225

1.12

3,541,711

17.91

280,073 360,967 122,900 137,444 178,982 144,121 88,768 143,386 335,575 174,790 165,816 283,840 179,310 168,218 114,587 143,973 92,037 329,836 97,088

1.42 1.82 0.62 0.69 0.90 0.73 0.45 0.73 1.70 0.88 0.84 1.43 0.91 0.85 0.58 0.73 0.47 1.67 0.49

145,774

0.74

44,621 101,153

0.23 0.51

148,002

0.75

148,002

0.75

92,435

0.47

92,435

0.47

161,557

0.82

49,173 112,384

0.25 0.57

1,323,625

6.69

194,957 332,589 271,983 260,185 263,911

0.99 1.68 1.37 1.32 1.33

524,326

2.65

162,917 184,559 176,850

0.82 0.93 0.90

703,202

3.55

354,863 102,778 245,561

1.79 0.52 1.24

Holdings Description

Mexico 7,806 155,300 44,700 51,513

Total net assets %

925,854

4.68

America Movil SAB de CV ADR Corp GEO SAB de CV Grupo Financiero Banorte SAB de CV Mexichem SAB de CV

179,070 179,169 285,669 281,946

0.90 0.91 1.44 1.43

Peru

65,983

0.33

33,865 32,118

0.17 0.16

177,976

0.90

947 Cia de Minas Buenaventura SA ADR 862 Southern Copper Corp

Philippines 8,300 SM Investments Corp

Poland 2,317 KGHM Polska Miedz SA 1,577 Powszechny Zaklad Ubezpieczen SA

Russia 18,992 2,846 13,119 5,058 2,690 6,714 5,438 1,005 20,113 16,481

Etalon Group Ltd GDR Eurasia Drilling Co Ltd GDR Gazprom OAO ADR Globaltrans Investment Plc GDR Mail.ru Group Ltd GDR MMC Norilsk Nickel OJSC ADR Mobile Telesystems OJSC ADR NovaTek OAO GDR Rosneft OAO GDR Sberbank of Russia ADR

5,321 5,066 57,524 10,844 2,207 9,007 14,372 25,267

Aspen Pharmacare Holdings Ltd Imperial Holdings Ltd Life Healthcare Group Holdings Ltd MTN Group Ltd Naspers Ltd Shoprite Holdings Ltd Spar Group Ltd/The Woolworths Holdings Ltd/South Africa

6,280 4,690 655 1,714 3,728 3,736 600 2,447 359 422 595 444 3,457

GS Retail Co Ltd Hana Financial Group Inc Hyundai Mobis Hyundai Motor Co KB Financial Group Inc ADR Kia Motors Corp LG Chem Ltd LG Corp LG Household & Health Care Ltd POSCO Samsung Electronics Co Ltd Samsung Electronics Co Ltd 144A GDR Shinhan Financial Group Co Ltd

South Africa

South Korea

Taiwan 125,872 15,000 122,651 7,000 91,600 21,000 58,000 112,970 35,700 159,400 11,000 80,619

Fair value USD

Advanced Semiconductor Engineering Inc Asustek Computer Inc China Life Insurance Co Ltd Hermes Microvision Inc Hon Hai Precision Industry Co Ltd President Chain Store Corp Quanta Computer Inc Taiwan Cement Corp Taiwan Mobile Co Ltd Taiwan Semiconductor Manufacturing Co Ltd TPK Holding Co Ltd TXC Corp

Thailand 22,800 Advanced Info Service PCL 23,800 Kasikornbank PCL 13,800 PTT PCL

177,976

0.90

363,685

1.84

141,673 222,012

0.72 1.12

1,233,823

6.24

105,690 99,638 124,434 82,951 92,805 123,538 101,310 120,098 180,313 203,046

0.53 0.50 0.63 0.42 0.47 0.63 0.51 0.61 0.91 1.03

1,468,845

7.43

105,969 118,435 228,439 226,950 141,273 217,055 219,323 211,401

0.54 0.60 1.15 1.15 0.71 1.10 1.11 1.07

3,020,254

15.27

175,394 151,795 175,899 349,820 130,853 197,169 184,947 149,027 220,314 137,372 845,336 177,200 125,128

0.89 0.77 0.89 1.77 0.66 1.00 0.94 0.75 1.11 0.69 4.27 0.90 0.63

2,184,565

11.04

108,804 168,136 110,447 128,001 280,113 112,453 136,219 151,142 130,316 531,902 194,325 132,707

0.55 0.85 0.56 0.65 1.41 0.57 0.69 0.76 0.66 2.69 0.98 0.67

456,100

2.31

155,777 150,549 149,774

0.79 0.76 0.76 43

BNY Mellon Emerging Markets Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Turkey

Fair value USD

Total net assets %

471,877

2.39

Enka Insaat ve Sanayi AS Haci Omer Sabanci Holding AS Koza Altin Isletmeleri AS TAV Havalimanlari Holding AS Tofas Turk Otomobil Fabrikasi AS Turk Hava Yollari AS Turkiye Garanti Bankasi AS Turkiye Halk Bankasi AS

9 51,581 41,174 43,243 40,377 53,545 190,093 51,855

0.00 0.26 0.21 0.22 0.21 0.27 0.96 0.26

Total investments in equity securities

19,638,364

99.30

Total financial assets at fair value through profit or loss

19,638,364

99.30

137,534

0.70

19,775,898

100.00

3 9,348 1,711 8,510 6,971 15,482 36,136 5,235

Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

44

Total assets % 99.09 0.91

100.00

BNY Mellon

BNY Mellon Emerging Markets Equity Core Fund Portfolio of investments – as at 31 December 2012

Holdings Description

India

Fair value USD

Total net assets %

2,732,235

1.63

142,750 WisdomTree India Earnings Fund

2,732,235

1.63

United States of America

1,258,709

0.75

1,258,709

0.75

3,990,944

2.38

13,920,771

8.32

1,563,585 1,153,407 3,506,795 1,119,536 617,380 729,670 1,167,805 684,222 353,035 3,025,336

0.93 0.69 2.10 0.67 0.37 0.43 0.70 0.41 0.21 1.81

2,268,848

1.36

2,268,848

1.36

34,418,752

20.56

1,696,492 2,586,372 1,341,912 2,565,593 3,420,290 1,100,368 1,794,186 3,414,262 1,891,778 955,682 2,410,002 2,379,297 954,645 2,714,839 1,508,937 809,650 894,758 503,284 1,476,405

1.01 1.55 0.80 1.54 2.04 0.66 1.07 2.04 1.13 0.57 1.44 1.42 0.57 1.62 0.90 0.48 0.54 0.30 0.88

6,622,299

3.95

508,186 3,601,924 2,512,189

0.30 2.15 1.50

28,810 iShares MSCI Emerging Markets Index Fund

Total investments in collective investment schemes Brazil 171,200 72,000 83,900 26,500 28,900 25,930 105,800 307,900 166,170 151,600

Arteris SA Bradespar SA Cia de Bebidas das Americas Cia de Saneamento Basico do Estado de Sao Paulo Cia de Saneamento de Minas Gerais Embraer SA ADR Fleury SA Rossi Residencial Rossi Residencial SA Vale SA

Chile 110,680 ENTEL Chile SA

China 487,000 5,777,000 2,004,000 2,662,000 4,262,000 94,500 602,000 3,014,000 1,670,000 376,000 4,344,000 1,099,000 37,320 869,500 1,638,000 24,520 475,000 1,060,000 93,740

AAC Technologies Holdings Inc Bank of China Ltd - H China BlueChemical Ltd China Communications Construction Co Ltd China Construction Bank Corp - H China Mobile Ltd China Overseas Land & Investment Ltd China Petroleum & Chemical Corp ‘H’ China Railway Construction Corp Ltd - H China Resources Power Holdings Co Ltd China Telecom Corp Ltd CNOOC Ltd Focus Media Holding Ltd ADR Great Wall Motor Co Ltd Huaneng Power International Inc - H Mindray Medical International Ltd ADR Shimao Property Holdings Ltd Sino Biopharmaceutical WuXi PharmaTech Cayman Inc ADR

India 8,780 Grasim Industries Ltd GDR 82,860 ICICI Bank Ltd ADR 293,480 Sterlite Industries India Ltd ADR

Indonesia

2,868,939

1.71

1,090,786 1,778,153

0.65 1.06

Malaysia

3,341,112

2.00

774,000 AMMB Holdings Bhd 555,815 Malayan Banking Bhd

1,690,752 1,650,360

1.01 0.99

6,989,881

4.18

1,692,805 849,945 1,667,119 2,780,012

1.01 0.51 1.00 1.66

1,070,916

0.64

1,070,916

0.64

1,360,205

0.81

1,360,205

0.81

1,797,000 Indofood Sukses Makmur Tbk PT 1,925,500 Telekomunikasi Indonesia Persero Tbk PT

Mexico 809,200 351,100 16,580 435,000

Alfa SAB de CV Empresas ICA SAB de CV Fomento Economico Mexicano SAB de CV ADR Grupo Financiero Banorte SAB de CV

Peru 7,320 Credicorp Ltd

Philippines 548,120 Metropolitan Bank & Trust

Holdings Description

Russia 288,130 76,870 68,170 110,330 37,500 206,880 222,150

Gazprom OAO ADR Lukoil OAO ADR MMC Norilsk Nickel OJSC ADR Mobile Telesystems OJSC ADR Sberbank of Russia 144A GDR Sberbank of Russia Surgutneftegas OAO ADR

36,690 69,400 277,770 246,290 65,270 159,200 15,540 48,360

AngloGold Ashanti Ltd AVI Ltd FirstRand Ltd Growthpoint Properties Ltd Imperial Holdings Ltd MTN Group Ltd Sasol Ltd Tiger Brands Ltd

72,760 14,096 101,850 50,510 18,850 24,640 40,130 22,156 11,300 7,730 50,950

BS Financial Group Inc Daelim Industrial Co Ltd DGB Financial Group Inc Hana Financial Group Inc Hankook Tire Co Ltd Hyundai Motor Co KT Corp KT&G Corp Kukdo Chemical Co Ltd Samsung Electronics Co Ltd Youngone Corp

South Africa

South Korea

Taiwan 643,000 69,340 664,280 2,671,000 326,380 303,000

CTCI Corp E.Sun Financial Holding Co Ltd GDR Hon Hai Precision Industry Co Ltd GDR Mega Financial Holding Co Ltd Taiwan Semiconductor Manufacturing Co Ltd ADR Zhen Ding Technology Holding Ltd

517,900 3,660,500 295,000 754,900 1,067,900 157,700 194,100 1,070,800

Airports of Thailand PCL Asian Property Development PCL Bangkok Bank PCL CP ALL PCL PTT Global Chemical PCL PTT PCL Siam Commercial Bank PCL Thanachart Capital PCL

Thailand

Turkey 192,870 1,199,190 40,740 134,590 294,980 131,170 550,500

Aselsan Elektronik Sanayi Ve Ticaret AS Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Koza Altin Isletmeleri AS Turkcell Iletisim Hizmetleri AS Turkiye Garanti Bankasi AS Turkiye Halk Bankasi AS Turkiye Is Bankasi

Total investments in equity securities

Fair value USD

Total net assets %

16,070,655

9.60

2,732,913 5,100,325 1,254,328 2,055,448 457,725 2,517,217 1,952,699

1.63 3.05 0.75 1.23 0.27 1.51 1.16

10,722,383

6.41

1,130,662 490,282 1,014,715 711,066 1,525,915 3,331,831 664,378 1,853,534

0.68 0.29 0.61 0.42 0.91 1.99 0.40 1.11

26,909,235

16.08

893,720 1,144,191 1,374,712 1,634,796 827,546 5,028,924 1,330,701 1,670,120 451,757 10,982,257 1,570,511

0.53 0.68 0.82 0.98 0.49 3.01 0.80 1.00 0.27 6.56 0.94

14,587,422

8.72

1,268,773 969,373 3,942,502 2,074,143 5,587,626 745,005

0.76 0.58 2.36 1.24 3.34 0.44

12,423,125

7.42

1,642,246 1,011,155 2,015,528 1,129,018 2,443,707 1,711,553 1,148,483 1,321,435

0.98 0.60 1.20 0.68 1.46 1.02 0.69 0.79

8,350,953

4.99

887,230 852,298 980,368 869,951 1,551,744 1,299,294 1,910,068

0.53 0.51 0.59 0.52 0.93 0.77 1.14

161,925,496

96.75

45

BNY Mellon Emerging Markets Equity Core Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Total financial assets at fair value through profit or loss Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

46

Fair value USD

Total net assets %

165,916,440

99.13

1,453,517

0.87

167,369,957

100.00 Total assets % 98.52 1.48

100.00

BNY Mellon

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

Fair value USD

Total net assets %

39,604,883

12.98

Unrealised gain on forward foreign currency contracts (see below)

1,012,547

0.33

18,552,667

6.08

Interest due on investments (Note 1)

3,337,436

1.09

14,154,485

4.64

Total financial assets at fair value through profit or loss

296,248,276

97.11

6,897,731

2.26

6,261,041

2.05

6,261,041

2.05

44,219,231

14.50

4,476,307 2,151,914 9,991,560 2,921,156 18,334,173 6,344,121

1.47 0.71 3.27 0.96 6.01 2.08

46,441,384

15.23

12,549,690 2,259,303 3,160,002 3,149,113 7,631,865 8,714,932 3,095,156 2,745,202 3,136,121

4.11 0.74 1.04 1.03 2.50 2.86 1.02 0.90 1.03

8,646,006

2.83

2,715,632 5,930,374

0.89 1.94

3,386,849

1.11

3,386,849

1.11

41,614,808

13.64

1,494,032 4,332,806 1,301,819 5,505,543 18,050,086 2,476,419 8,454,103

0.49 1.42 0.43 1.80 5.92 0.81 2.77

36,073,048

11.83

12,899,704 3,093,802 5,113,104 6,409,091 2,941,933 2,964,615

4.23 1.01 1.68 2.10 0.97 0.97

2,650,799

0.87

43,637,863

14.31

1,173,804 4,934,271 6,891,558 1,516,469 5,976,828 4,529,767 18,615,166

0.38 1.62 2.26 0.50 1.96 1.49 6.10

21,214,015

6.96

7,457,827 1,404,767 12,351,421

2.45 0.46 4.05

799,165

0.25

Holdings Description

Brazil 38,000,000 Brazil Letras do Tesouro Nacional 0.000% 04-Jan-2013 28,250,000 Brazil Notas do Tesouro Nacional Serie F 10.000% 03-Jan-2014 13,400,000 Brazil Notas do Tesouro Nacional Serie F 10.000% 03-Jan-2017

Colombia 8,840,000,000 Colombia Government International Bond 7.750% 14-Apr-2021

Malaysia 13,775,000 6,540,000 29,825,000 8,550,000 53,945,000 18,900,000

Malaysia Government Bond 3.418% 15-Aug-2022 Malaysia Government Bond 3.434% 15-Aug-2014 Malaysia Government Bond 3.814% 15-Feb-2017 Malaysia Government Bond 4.160% 15-Jul-2021 Malaysia Government Bond 4.262% 15-Sep-2016 Malaysia Government Bond 5.094% 30-Apr-2014

Mexico 158,370,000 27,100,000 35,210,000 34,895,000 95,850,000 89,760,000 31,750,000 34,870,000 28,125,000

Mexican Bonos 6.000% 18-Jun-2015 Mexican Bonos 6.500% 10-Jun-2021 Mexican Bonos 7.500% 03-Jun-2027 Mexican Bonos 7.750% 29-May-2031 Mexican Bonos 8.000% 19-Dec-2013 Mexican Bonos 8.500% 31-May-2029 Mexican Bonos 8.500% 18-Nov-2038 Mexican Bonos 9.000% 20-Jun-2013 Mexican Bonos 10.000% 20-Nov-2036

Peru 5,500,000 Peru Government Bond 7.840% 12-Aug-2020 10,800,000 Peru Government Bond 8.200% 12-Aug-2026

Philippines 126,000,000 Philippine Government International Bond 4.950% 15-Jan-2021

Poland 4,560,000 12,700,000 3,700,000 15,205,000 53,200,000 6,545,000 24,180,000

Poland Government Bond 5.000% 24-Oct-2013 Poland Government Bond 5.000% 25-Apr-2016 Poland Government Bond 5.250% 25-Oct-2017 Poland Government Bond 5.250% 25-Oct-2020 Poland Government Bond 5.500% 25-Apr-2015 Poland Government Bond 5.750% 23-Sep-2022 Poland Government Bond 6.250% 24-Oct-2015

Russia 394,600,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 7.500% 25-Mar-2013 89,685,000 Russian Federal Bond - OFZ 7.500% 27-Feb-2019 149,000,000 Russian Federal Bond - OFZ 7.500% 15-Mar-2018 185,000,000 Russian Federal Bond - OFZ 7.600% 14-Apr-2021 85,000,000 Russian Federal Bond - OFZ 7.600% 20-Jul-2022 81,970,000 Russian Federal Bond - OFZ 8.150% 03-Feb-2027 78,000,000 Russian Railways Via RZD Capital Ltd 8.300% 02-Apr-2019

South Africa 8,567,499 51,625,000 63,135,000 12,205,000 46,200,000 34,950,000 123,345,000

South Africa Government Bond 2.750% 31-Jan-2022 South Africa Government Bond 6.250% 31-Mar-2036 South Africa Government Bond 7.000% 28-Feb-2031 South Africa Government Bond 7.250% 15-Jan-2020 South Africa Government Bond 8.000% 21-Dec-2018 South Africa Government Bond 8.250% 15-Sep-2017 South Africa Government Bond 10.500% 21-Dec-2026

Thailand 224,556,188 Thailand Government Bond 1.200% 14-Jul-2021 42,710,000 Thailand Government Bond 3.250% 16-Jun-2017 372,015,000 Thailand Government Bond 3.625% 22-May-2015

Uruguay 13,354,224 Uruguay Government International Bond 5.000% 14-Sep-2018

Total investments in bond securities

799,165

0.25

291,898,293

95.69

Holdings Description

Total return swaps 7,552,384 TRS Brazilian real Fixed 9.762% 03-Jan-2014

(1,897,793)

(0.62)

(1,897,793)

(0.62)

(1,296,281)

(0.42)

Total financial liabilities at fair value through profit or loss

(3,194,074)

(1.04)

Net current assets

11,984,632

3.93

305,038,834

100.00

Total total return swaps Unrealised loss on forward foreign currency contracts (see below)

Total net assets The counterparty for total return swaps is JPMorgan.

Forward foreign currency contracts Buy

Sell

Brazilian real Euro Mexican peso Polish zloty Russian rouble South African rand South African rand Chinese yuan Russian rouble Russian rouble

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

US dollar US dollar US dollar Chilean peso Mexican peso US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Mexican peso South African rand Brazilian real US dollar US dollar Colombian peso Colombian peso Euro Euro Euro Malaysian ringgit Peruvian nuevo sol Philippino peso Russian rouble Thai baht Brazilian real Chinese yuan Russian rouble Russian rouble

Amount (B) 4,650,000 7,720,000 35,000,000 7,090,000 173,200,000 13,380,000 11,190,000 18,770,000 261,990,000 147,700,000

2,707,890 888,879 2,227,257 334,810,000 98,495,000 10,383,814 927,132 4,800,781 2,522,043 5,947,264 7,541,739 9,888,121 3,207,533 2,952,503 1,286,669 2,205,778 2,942,698 5,566,002 4,398,085

Expiry Date

Unrealised Gain/(Loss)

2,215,868 03-Jan-13 10,108,414 29-Jan-13 2,686,686 29-Jan-13 2,261,852 29-Jan-13 5,592,870 29-Jan-13 1,541,475 29-Jan-13 1,289,527 29-Jan-13 2,963,840 04-Mar-13 7,801,315 12-Sep-13 4,398,085 12-Sep-13

54,866 73,036 5,682 19,545 52,720 28,776 23,709 39,066 457,325 257,822

USD

1,012,547

Amount (S)

35,140,292 02-Jan-13 7,555,475 02-Jan-13 4,650,000 03-Jan-13 702,276 29-Jan-13 7,710,041 29-Jan-13 18,781,205,000 29-Jan-13 1,650,000,000 29-Jan-13 3,680,000 29-Jan-13 1,930,000 29-Jan-13 4,540,000 29-Jan-13 23,110,000 29-Jan-13 25,410,000 29-Jan-13 131,650,000 29-Jan-13 92,000,000 29-Jan-13 39,475,000 29-Jan-13 4,650,000 04-Feb-13 18,770,000 04-Mar-13 185,000,000 12-Sep-13 147,700,000 12-Sep-13

(2,925) (1,341) (43,478) (5,683) (133,332) (223,453) (4,757) (52,553) (23,320) (40,273) (19,048) (49,309) (10,373) (46,309) (1,663) (54,732) (60,208) (265,702) (257,822)

USD

(1,296,281)

Net USD

(283,734)

The counterparties for the above contracts are Barclays Bank plc, London, Citigroup, New York, Morgan Stanley, New York, Credit Suisse First Boston, London, Deutsche Bank, New York, Goldman Sachs, New York, JPMorgan Chase, New York and Bank of America Merrill Lynch, New York.

47

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Portfolio of investments – as at 31 December 2012

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market OTC financial derivative instruments Other current assets

Total assets

48

Total assets %

94.80 0.33 4.87

100.00

BNY Mellon

BNY Mellon Euro Corporate Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia

1,177,018

1.03

679,387 497,631

0.59 0.44

522,301

0.45

408,425 113,876

0.35 0.10

660,000 BHP Billiton Finance Ltd 2.250% 25-Sep-2020 450,000 Telstra Corp Ltd 3.500% 21-Sep-2022

Belgium 400,000 Anheuser-Busch InBev NV 2.000% 16-Dec-2019 100,000 Anheuser-Busch InBev NV 4.000% 26-Apr-2018

Brazil 500,000 Petrobras International Finance Co - Pifco C 4.875% 07-Mar-2018 500,000 Vale SA 4.375% 24-Mar-2018

Czech Republic 300,000 EP Energy AS 5.875% 01-Nov-2019

Denmark 700,000 100,000 760,000 190,000 220,000

Danske Bank A/S 2.500% 09-Jul-2015 Danske Bank A/S 6.000% 20-Mar-2016 VAR DONG Energy A/S 2.625% 19-Sep-2022 TDC A/S 3.750% 02-Mar-2022 TDC A/S 4.375% 23-Feb-2018

Finland 400,000 Fortum OYJ 4.000% 24-May-2021

France 300,000 Alstom SA 4.125% 01-Feb-2017 450,000 Autoroutes du Sud de la France SA 4.125% 13-Apr-2020 150,000 AXA SA 4.500% 23-Jan-2015 650,000 AXA SA 5.250% 16-Apr-2040 VAR 700,000 Banque PSA Finance SA 3.625% 17-Sep-2013 550,000 BNP Paribas SA 2.500% 23-Aug-2019 250,000 Bouygues SA 3.641% 29-Oct-2019 250,000 Bouygues SA 4.000% 12-Feb-2018 200,000 Bouygues SA 4.500% 24-May-2013 200,000 Bouygues SA 4.500% 09-Feb-2022 700,000 BPCE SA 2.000% 24-Apr-2018 300,000 BPCE SA 4.500% 10-Feb-2022 400,000 BPCE SA 9.000% 29-Mar-2049 VAR 460,000 Carrefour SA 1.875% 19-Dec-2017 450,000 Carrefour SA 3.875% 25-Apr-2021 400,000 Casino Guichard Perrachon SA 4.379% 08-Feb-2017 500,000 Casino Guichard Perrachon SA 4.726% 26-May-2021 250,000 Casino Guichard Perrachon SA 5.500% 30-Jan-2015 350,000 Cie de St-Gobain 4.000% 08-Oct-2018 200,000 Cie de St-Gobain 4.750% 11-Apr-2017 300,000 Credit Agricole SA 1.875% 18-Oct-2017 1,300,000 Credit Agricole SA 3.875% 13-Feb-2019 350,000 Crown European Holdings SA 7.125% 15-Aug-2018 500,000 Electricite de France SA 2.750% 10-Mar-2023 700,000 Electricite de France SA 4.125% 25-Mar-2027 400,000 France Telecom SA 3.000% 15-Jun-2022 150,000 France Telecom SA 8.125% 28-Jan-2033 380,000 GDF Suez 2.625% 20-Jul-2022 800,000 GDF Suez 3.125% 21-Jan-2020 400,000 Lafarge SA 5.875% 09-Jul-2019 710,000 PPR 3.750% 08-Apr-2015 950,000 RCI Banque SA 2.125% 24-Nov-2014 610,000 RCI Banque SA 4.250% 27-Apr-2017 400,000 Societe Generale SA 2.375% 13-Jul-2015 500,000 Societe Generale SA 3.000% 31-Mar-2015 800,000 Societe Generale SA 3.125% 21-Sep-2017 300,000 Societe Generale SA 4.000% 20-Apr-2016 200,000 Societe Generale SA 6.125% 20-Aug-2018 500,000 Sodexo 6.250% 30-Jan-2015 700,000 Suez Environnement Co 4.078% 17-May-2021 100,000 Suez Environnement Co 5.500% 22-Jul-2024 1,200,000 Veolia Environnement SA 4.247% 06-Jan-2021 200,000 Veolia Environnement SA 4.375% 11-Dec-2020

1,110,313

0.97

557,500 552,813

0.49 0.48

320,250

0.28

320,250

0.28

2,041,884

1.78

724,031 100,545 759,192 208,465 249,651

0.63 0.09 0.66 0.18 0.22

455,874

0.40

455,874

0.40

23,546,090

20.51

328,307

0.29

507,233 161,096 677,729 707,997 571,174 272,370 279,639 202,966 226,631 711,744 349,874 422,750 459,576 493,936 440,854 570,492 271,732 383,112 225,104 303,701 1,445,610 384,720 507,483 777,392 416,822 236,120 389,079 866,295 437,020 753,201 962,218 657,982 412,768 521,252 859,073 326,703 228,229 554,780 801,448 128,025 1,354,631 227,715

0.44 0.14 0.59 0.62 0.50 0.24 0.24 0.18 0.20 0.62 0.30 0.37 0.40 0.43 0.38 0.50 0.24 0.33 0.20 0.26 1.26 0.33 0.44 0.68 0.36 0.20 0.34 0.75 0.38 0.66 0.84 0.57 0.36 0.46 0.75 0.28 0.20 0.48 0.70 0.11 1.18 0.20

Holdings Description

Fair value EUR

Total net assets %

238,330 584,065 217,839 689,273

0.21 0.51 0.19 0.60

12,413,092

10.82

334,541 1,144,535 503,575 259,414 217,415 222,770 339,517 676,502 998,621 441,994

0.29 1.00 0.44 0.23 0.19 0.20 0.29 0.59 0.87 0.38

474,445

0.41

558,192 658,948 467,440 111,550 327,900

0.49 0.57 0.41 0.10 0.29

561,617 208,700 503,462 339,650 472,442

0.49 0.18 0.44 0.30 0.41

1,001,601

0.87

725,422 356,294

0.63 0.31

206,078 300,467

0.18 0.26

306,343

0.27

306,343

0.27

544,595

0.47

544,595

0.47

11,532,452

10.05

211,563 202,379 319,130 532,625 1,110,294 639,060 319,086 1,420,804 919,843 1,056,021 375,787 441,269 274,059 100,312 108,663 464,150 707,622 284,550 739,081 351,252 385,427 267,681 301,794

0.18 0.18 0.28 0.46 0.97 0.56 0.28 1.24 0.80 0.92 0.33 0.38 0.24 0.09 0.10 0.40 0.61 0.25 0.64 0.31 0.34 0.23 0.26

France – contd. 200,000 460,000 200,000 600,000

Veolia Environnement SA 5.125% 24-May-2022 Veolia Environnement SA 6.750% 24-Apr-2019 Vivendi S.A. 4.000% 31-Mar-2017 Vivendi S.A. 4.750% 13-Jul-2021

Germany 300,000 1,000,000 500,000 230,000 210,000 200,000 300,000 600,000 900,000 420,000 400,000 500,000 580,000 400,000 100,000 300,000 520,000 200,000 500,000 300,000 400,000 950,000 600,000 350,000 200,000 300,000

Allianz Finance II BV 3.500% 14-Feb-2022 Allianz Finance II BV 5.750% 08-Jul-2041 VAR Bertelsmann AG 2.625% 02-Aug-2022 Bertelsmann AG 4.750% 26-Sep-2016 Bilfinger SE 2.375% 07-Dec-2019 BMW Finance NV 3.625% 29-Jan-2018 Brenntag Finance BV 5.500% 19-Jul-2018 Commerzbank AG 4.000% 16-Sep-2020 Deutsche Bank AG 5.000% 24-Jun-2020 Deutsche Post Finance BV 2.950% 27-Jun-2022 Deutsche Telekom International Finance BV 6.000% 20-Jan-2017 EnBW Energie Baden-Wuerttemberg AG 7.375% 02-Apr-2072 VAR EWE AG 4.125% 04-Nov-2020 FMC Finance VIII SA 6.500% 15-Sep-2018 Franz Haniel & Cie GmbH 6.250% 08-Feb-2018 Franz Haniel & Cie GmbH 8.000% 23-Oct-2014 Kabel Deutschland Vertrieb und Service GmbH 6.500% 29-Jun-2018 HeidelbergCement Finance BV 4.000% 08-Mar-2016 Lanxess Finance BV 2.625% 21-Nov-2022 Lanxess Finance BV 4.125% 23-May-2018 Merck Financial Services GmbH 4.500% 24-Mar-2020 Muenchener Rueckversicherungs AG 5.767% 29-Jun-2049 VAR Muenchener Rueckversicherungs AG 6.250% 26-May-2042 VAR RWE AG 4.625% 29-Sep-2049 VAR Volkswagen International Finance NV 1.875% 15-May-2017 Volkswagen Leasing GmbH 2.375% 06-Sep-2022

Hungary 300,000 MOL Hungarian Oil and Gas Plc 3.875% 05-Oct-2015

Ireland 500,000 CRH Finance Ltd BV 7.375% 28-May-2014

Italy 200,000 190,000 300,000 500,000 1,000,000 600,000 300,000 1,400,000 900,000 1,000,000 360,000 390,000 240,000 100,000 100,000 400,000 650,000 250,000 730,000 350,000 360,000 260,000 290,000

Assicurazioni Generali SpA 4.875% 11-Nov-2014 Assicurazioni Generali SpA 5.125% 16-Sep-2024 Assicurazioni Generali SpA 7.750% 12-Dec-2042 VAR Atlantia SpA 4.375% 16-Mar-2020 Atlantia SpA 5.625% 06-May-2016 Buzzi Unicem SpA 6.250% 28-Sep-2018 Hera SpA 4.500% 03-Dec-2019 Intesa Sanpaolo Bank Ireland Plc 4.000% 08-Aug-2013 Intesa Sanpaolo SpA 4.000% 08-Nov-2018 Intesa Sanpaolo SpA 4.875% 10-Jul-2015 Snam SpA 3.500% 13-Feb-2020 Snam SpA 5.000% 18-Jan-2019 Snam SpA 5.250% 19-Sep-2022 Telecom Italia Finance SA 6.875% 24-Jan-2013 Telecom Italia SpA 5.125% 25-Jan-2016 Telecom Italia SpA 7.000% 20-Jan-2017 Terna Rete Elettrica Nazionale 4.125% 17-Feb-2017 Terna Rete Elettrica Nazionale 4.750% 15-Mar-2021 UniCredit SpA 3.625% 21-Aug-2013 UniCredit SpA 4.875% 12-Feb-2013 UniCredit SpA 4.875% 07-Mar-2017 UniCredit SpA 6.950% 31-Oct-2022 UniCredit SpA 6.950% 31-Oct-2022

49

BNY Mellon Euro Corporate Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Luxembourg 400,000 HeidelbergCement Finance BV 7.500% 03-Apr-2020

Mexico 800,000 America Movil SAB de CV 4.750% 28-Jun-2022

Netherlands 500,000 500,000 900,000 510,000 950,000

600,000 540,000 1,400,000 560,000 785,000 550,000 900,000 450,000 530,000 450,000 560,000 350,000

472,520

0.41

472,520

0.41

950,675

0.83

950,675

0.83

11,887,721

10.35

551,011 585,342 1,029,001 541,531

0.48 0.51 0.90 0.47

1,090,556 676,174 558,958 1,487,746 602,111 825,616 539,552 980,466 459,584 530,649 475,975 579,096 374,353

0.95 0.59 0.49 1.30 0.52 0.72 0.47 0.85 0.40 0.46 0.41 0.50 0.33

Norway

697,756

0.61

697,756

0.61

218,866

0.19

218,866

0.19

502,606

0.44

502,606

0.44

1,410,934

1.22

636,675 774,259

0.55 0.67

9,843,019

8.57

735,394 269,857

0.64 0.24

902,071 425,879 263,656 333,389 336,060 227,677 205,493 324,468 544,479 1,811,245 1,330,021 939,351 542,565 327,653 323,761

0.78 0.37 0.23 0.29 0.29 0.20 0.18 0.28 0.47 1.58 1.16 0.82 0.47 0.29 0.28

4,320,076

3.76

230,740 384,103 641,844 366,615 628,059 276,533 327,787

0.20 0.33 0.56 0.32 0.55 0.24 0.29

579,267 885,128

0.50 0.77

Poland 200,000 Cyfrowy Polsat Finance AB 7.125% 20-May-2018

Portugal 470,000 EDP Finance BV 5.750% 21-Sep-2017

Russia 600,000 Gazprom OAO Via Gaz Capital SA 3.755% 15-Mar-2017 650,000 Gazprom OAO Via Gaz Capital SA 6.605% 13-Feb-2018

Spain 700,000 Abertis Infraestructuras SA 4.750% 25-Oct-2019 250,000 Abertis Infraestructuras SA 5.125% 12-Jun-2017 900,000 Banco Bilbao Vizcaya Argentaria SA 3.500% 05-Dec-2017 400,000 Gas Natural Capital Markets SA 4.125% 24-Apr-2017 250,000 Gas Natural Capital Markets SA 5.250% 09-Jul-2014 300,000 Gas Natural Capital Markets SA 5.375% 24-May-2019 300,000 Gas Natural Capital Markets SA 5.625% 09-Feb-2017 200,000 Gas Natural Capital Markets SA 6.000% 27-Jan-2020 200,000 Iberdrola Finanzas SAU 3.875% 10-Feb-2014 300,000 Iberdrola International BV 4.250% 11-Oct-2018 500,000 Iberdrola International BV 4.500% 21-Sep-2017 1,800,000 Santander International Debt 2.875% 20-Sep-2013 1,300,000 Santander International Debt 4.375% 04-Sep-2014 900,000 Santander International Debt 4.625% 21-Mar-2016 500,000 Telefonica Emisiones SAU 4.710% 20-Jan-2020 300,000 Telefonica Emisiones SAU 4.797% 21-Feb-2018 300,000 Telefonica Emisiones 4.967% 03-Feb-2016

Sweden Akzo Nobel Sweden Finance AB 2.625% 27-Jul-2022 Investor AB 4.000% 14-Mar-2016 Investor AB 4.500% 12-May-2023 Investor AB 4.875% 18-Nov-2021 Nordea Bank AB 2.250% 05-Oct-2017 Nordea Bank AB 3.750% 24-Feb-2017 Svenska Cellulosa AB 3.625% 26-Aug-2016 Telefonaktiebolaget LM Ericsson 5.375% 27-Jun-2017 800,000 TeliaSonera AB 3.625% 14-Feb-2024

50

Total net assets %

ABN Amro Bank NV 4.250% 11-Apr-2016 ABN Amro Bank NV 4.750% 11-Jan-2019 ABN Amro Bank NV 6.375% 27-Apr-2021 Alliander NV 4.875% 29-Nov-2049 VAR Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.125% 14-Jan-2020 EADS Finance BV 4.625% 12-Aug-2016 Enel Finance International NV 3.625% 17-Apr-2018 Enel Finance International NV 4.625% 24-Jun-2015 Enel Finance International NV 4.875% 11-Mar-2020 ING Bank NV 3.375% 03-Mar-2015 ING Bank NV 3.500% 16-Sep-2020 VAR ING Bank NV 3.875% 24-May-2016 ING Groep NV 4.000% 18-Sep-2013 Koninklijke KPN NV 3.250% 01-Feb-2021 Koninklijke KPN NV 6.250% 04-Feb-2014 Petrobras Global Finance BV 3.250% 01-Apr-2019 Ziggo Finance BV 6.125% 15-Nov-2017

600,000 DNB Bank ASA 4.250% 18-Jan-2022

230,000 350,000 540,000 300,000 600,000 250,000 300,000 500,000

Fair value EUR

Holdings Description

Switzerland 500,000 300,000 800,000 600,000 690,000

ABB Finance BV 2.625% 26-Mar-2019 Clariant Finance Luxembourg SA 5.625% 24-Jan-2017 Credit Suisse AG/Guernsey 2.875% 24-Sep-2015 Credit Suisse AG/London 4.750% 05-Aug-2019 Holcim US Finance Sarl & Cie SCS 2.625% 07-Sep-2020 650,000 UBS AG/Jersey 4.500% 16-Sep-2019 VAR 800,000 UBS AG/London 3.500% 15-Jul-2015

United Kingdom 700,000 310,000 1,090,000 710,000 300,000 300,000 240,000 600,000 690,000 190,000 325,000 550,000 400,000 500,000 490,000 400,000 600,000 300,000 200,000 950,000 410,000 810,000 530,000

Anglo American Capital Plc 3.500% 28-Mar-2022 Barclays Bank Plc 4.875% 13-Aug-2019 Barclays Bank Plc 6.000% 14-Jan-2021 British American Tobacco Holdings The Netherlands BV 2.375% 19-Jan-2023 British American Tobacco Holdings The Netherlands BV 4.000% 07-Jul-2020 British American Tobacco Holdings The Netherlands BV 4.8756% 24-Feb-2021 British Telecommunications Plc 6.500% 07-Jul-2015 HSBC Holdings Plc 3.625% 29-Jun-2020 VAR HSBC Holdings Plc 6.000% 10-Jun-2019 Imperial Tobacco Finance Plc 4.500% 05-Jul-2018 Imperial Tobacco Finance Plc 8.375% 17-Feb-2016 Lloyds Banking Group Plc 5.875% 08-Jul-2014 Lloyds TSB Bank Plc 3.375% 20-Apr-2015 Lloyds TSB Bank Plc 3.750% 07-Sep-2015 Lloyds TSB Bank Plc 4.625% 02-Feb-2017 Royal Bank of Scotland Plc/The 4.750% 18-May-2016 Royal Bank of Scotland Plc/The 4.875% 15-Jul-2015 Royal Bank of Scotland Plc/The 4.875% 20-Jan-2017 Royal Bank of Scotland Plc/The 5.375% 30-Sep-2019 Royal Bank of Scotland Plc/The 5.750% 21-May-2014 Tesco Plc 3.375% 02-Nov-2018 Xstrata Finance Dubai Ltd 1.500% 19-May-2016 Xstrata Finance Dubai Ltd 2.375% 19-Nov-2018

United States of America 350,000 650,000 950,000 1,000,000 200,000 560,000 1,200,000 900,000 500,000 510,000 500,000 200,000 390,000 700,000 180,000 390,000

Bank of America Corp 4.750% 06-May-2019 VAR Bank of America Corp 5.125% 26-Sep-2014 Bank of America Corp 7.000% 15-Jun-2016 Citigroup Inc 4.000% 26-Nov-2015 Citigroup Inc 4.375% 30-Jan-2017 Citigroup Inc 7.375% 16-Jun-2014 GE Capital European Funding 3.750% 04-Apr-2016 GE Capital European Funding 4.750% 30-Jul-2014 GE Capital European Funding 5.375% 23-Jan-2020 GE Capital Trust IV 4.625% 15-Sep-2066 VAR Goldman Sachs Group Inc/The 4.375% 16-Mar-2017 Goldman Sachs Group Inc/The 5.125% 23-Oct-2019 JPMorgan Chase & Co 2.750% 24-Aug-2022 JPMorgan Chase & Co 3.875% 23-Sep-2020 Morgan Stanley 3.750% 21-Sep-2017 SES Global Americas Holdings GP 4.875% 09-Jul-2014

Total investments in bond securities

Fair value EUR

Total net assets %

4,634,866

4.04

529,681 333,278 842,633 712,350

0.46 0.29 0.74 0.62

699,479 664,181 853,264

0.61 0.58 0.74

12,667,753

11.04

740,996 369,266 1,232,698

0.65 0.32 1.07

709,463

0.61

343,165

0.30

363,473 272,600 619,284 833,818 217,016 394,344 582,439 421,066 535,514 551,937 444,464 654,783 339,226 238,556 1,011,234 452,685 807,847 531,879

0.32 0.24 0.54 0.73 0.19 0.34 0.51 0.37 0.47 0.48 0.39 0.57 0.29 0.21 0.88 0.39 0.71 0.46

10,027,186

8.73

339,877 693,620 1,123,506 1,081,456 224,071 612,308 1,302,446 956,291 611,252 500,983 546,926 231,014 402,776 796,104 191,579

0.30 0.61 0.98 0.94 0.19 0.53 1.13 0.83 0.53 0.43 0.48 0.20 0.35 0.70 0.17

412,977

0.36

111,604,190

97.22

638 7,816

0.00 0.01

8,454

0.01

2,419,196

2.11

114,031,840

99.34

Credit default swaps (2,000,000) CDS ArcelorMittal 1.000% 20-Dec-2013 (1,500,000) CDS TKGAR 1.000% 20-Dec-2013

Total credit default swaps Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss

BNY Mellon

BNY Mellon Euro Corporate Bond Fund Portfolio of investments – as at 31 December 2012 Fair value EUR

Holdings Description

Total net assets %

Open futures contracts (23) Euro-Bund Future Short Futures Contracts Exp Mar 2013

(18,405)

(0.02)

Total open futures contracts

(18,405)

(0.02)

Total financial liabilities at fair value through profit or loss

(18,405)

(0.02)

Net current assets Total net assets

783,550

0.68

114,796,985

100.00

The counterparty for credit default swaps and futures contracts is JPMorgan.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 97.37

OTC financial derivative instruments

0.01

Other current assets

2.62

Total assets

100.00

51

BNY Mellon Euro Government Bond Index Tracker Portfolio of investments – as at 31 December 2012

Holdings Description

Austria 15,000 400,000 15,000 10,000

Austria Government Bond 3.500% 15-Sep-2021 Austria Government Bond 3.900% 15-Jul-2020 Austria Government Bond 4.300% 15-Jul-2014 Austria Government Bond 6.250% 15-Jul-2027

15,000 105,000 255,000 220,000 130,000

Belgium Government Bond 3.000% 28-Sep-2019 Belgium Government Bond 3.250% 28-Sep-2016 Belgium Government Bond 3.750% 28-Sep-2020 Belgium Government Bond 5.500% 28-Sep-2017 Belgium Government Bond 5.500% 28-Mar-2028

Belgium

Finland 20,000 50,000 45,000 35,000

Finland Government Bond 1.625% 15-Sep-2022 Finland Government Bond 3.875% 15-Sep-2017 Finland Government Bond 4.000% 04-Jul-2025 Finland Government Bond 4.250% 04-Jul-2015

France 485,000 215,000 75,000 375,000 130,000 185,000 465,000 60,000 245,000 130,000 72,000

France Government Bond OAT 3.000% 25-Oct-2015 France Government Bond OAT 3.000% 25-Apr-2022 France Government Bond OAT 3.250% 25-Apr-2016 France Government Bond OAT 3.500% 25-Apr-2020 France Government Bond OAT 4.000% 25-Oct-2013 France Government Bond OAT 4.000% 25-Apr-2055 France Government Bond OAT 4.250% 25-Oct-2017 France Government Bond OAT 4.250% 25-Oct-2023 France Government Bond OAT 4.750% 25-Apr-2035 France Government Bond OAT 5.000% 25-Oct-2016 France Government Bond OAT 6.000% 25-Oct-2025

60,000 480,000 125,000 140,000 289,000 480,000 330,000 45,000 55,000 520,000 100,000

Bundesrepublik Deutschland 1.750% 04-Jul-2022 Bundesrepublik Deutschland 2.250% 04-Sep-2020 Bundesrepublik Deutschland 3.500% 04-Jan-2016 Bundesrepublik Deutschland 4.000% 04-Jan-2018 Bundesrepublik Deutschland 4.000% 04-Jan-2037 Bundesrepublik Deutschland 4.250% 04-Jan-2014 Bundesrepublik Deutschland 4.250% 04-Jul-2018 Bundesrepublik Deutschland 4.750% 04-Jul-2034 Bundesrepublik Deutschland 5.500% 04-Jan-2031 Bundesrepublik Deutschland 6.000% 20-Jun-2016 Bundesschatzanweisungen 0.250% 13-Dec-2013

Germany

Ireland 105,000 Ireland Government Bond 4.500% 18-Oct-2018 95,000 Ireland Government Bond 4.600% 18-Apr-2016 40,000 Ireland Government Bond 5.400% 13-Mar-2025

Italy 750,000 100,000 235,000 90,000 270,000 715,000 60,000

Italy Buoni Poliennali Del Tesoro 3.000% 15-Apr-2015 Italy Buoni Poliennali Del Tesoro 3.750% 01-Aug-2016 Italy Buoni Poliennali Del Tesoro 4.500% 01-Feb-2018 Italy Buoni Poliennali Del Tesoro 5.000% 01-Mar-2025 Italy Buoni Poliennali Del Tesoro 5.000% 01-Aug-2034 Italy Buoni Poliennali Del Tesoro 6.000% 01-May-2031 Italy Buoni Poliennali Del Tesoro 6.500% 01-Nov-2027

65,000 45,000 35,000 25,000 60,000 510,000

Netherlands Government Bond 2.250% 15-Jul-2022 Netherlands Government Bond 3.250% 15-Jul-2015 Netherlands Government Bond 3.750% 15-Jan-2023 Netherlands Government Bond 3.750% 15-Jan-2042 Netherlands Government Bond 4.000% 15-Jul-2018 Netherlands Government Bond 4.000% 15-Jul-2019

Netherlands

52

Fair value EUR

Total net assets %

521,489

4.09

17,367 473,117 15,964 15,041

0.14 3.71 0.12 0.12

873,395

6.86

16,571 115,694 294,817 268,072 178,241

0.13 0.91 2.32 2.10 1.40

172,937

1.36

20,176 57,956 56,120 38,685

0.16 0.46 0.44 0.30

2,816,665

22.12

523,127 235,413 82,311 430,141 134,111 221,220 543,250 72,171 320,932 152,485 101,504

4.11 1.85 0.64 3.38 1.05 1.74 4.26 0.57 2.52 1.20 0.80

3,056,648

24.00

62,304 526,240 138,271 165,193 391,412 500,408 398,410 65,771 83,976 624,427 100,236

0.49 4.13 1.08 1.30 3.07 3.93 3.13 0.52 0.66 4.90 0.79

250,204

1.96

108,836 100,748 40,620

0.85 0.79 0.32

2,341,685

18.39

761,681 103,609 247,678 93,059 269,889 796,014 69,755

5.98 0.81 1.95 0.73 2.12 6.25 0.55

873,020

6.86

69,291 48,612 42,071 33,006 70,582 609,458

0.54 0.38 0.33 0.26 0.56 4.79

Holdings Description

Spain 110,000 510,000 295,000 270,000 50,000

Spain Government Bond 3.800% 31-Jan-2017 Spain Government Bond 4.100% 30-Jul-2018 Spain Government Bond 4.200% 31-Jan-2037 Spain Government Bond 4.750% 30-Jul-2014 Spain Government Bond 5.900% 30-Jul-2026

Total investments in bond securities Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Fair value EUR

Total net assets %

1,175,927

9.23

109,389 502,986 234,929 277,497 51,126

0.86 3.95 1.84 2.18 0.40

12,081,970

94.87

210,605

1.65

12,292,575

96.52

442,365

3.48

12,734,940

100.00 Total assets % 94.75 5.25

100.00

BNY Mellon

BNY Mellon Euroland Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia

3,006,482

0.17

3,830,000 FMG Resources August 2006 Pty Ltd 144A 6.375% 01-Feb-2016

Austria 30,590,000 Austria Government Bond 144A 3.900% 15-Jul-2020

Belgium 7,325,000 1,390,000 16,065,000 25,215,000 3,535,000

Anheuser-Busch InBev NV 8.625% 30-Jan-2017 Anheuser-Busch InBev NV 9.750% 30-Jul-2024 Belgium Government Bond 4.250% 28-Sep-2021 Belgium Government Bond 4.250% 28-Sep-2022 Belgium Government Bond 4.250% 28-Mar-2041

Brazil 14,250,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15-Aug-2014

Canada 3,220,000 4,020,000 3,665,000 4,950,000

Bombardier Inc 6.125% 15-May-2021 MEG Energy Corp 144A 6.375% 30-Jan-2023 Rogers Communications Inc 6.560% 22-Mar-2041 Videotron Ltd 5.000% 15-Jul-2022

Cayman Islands 3,765,000 UPCB Finance VI Ltd 144A 6.875% 15-Jan-2022

Chile 3,200,000 Banco Santander Chile 144A 3.875% 20-Sep-2022 3,600,000 Cencosud SA 144A 4.875% 20-Jan-2023 4,425,000 Corp Nacional del Cobre de Chile 3.875% 03-Nov-2021

China 3,900,000 Baidu Inc 3.500% 28-Nov-2022

Colombia 3,405,000 Bancolombia SA 5.125% 11-Sep-2022

Denmark 6,900,000 Danske Bank A/S 3.500% 16-Apr-2018 195,000,000 Denmark I/L Government Bond 0.100% 15-Nov-2023

France 7,370,000 1,500,000 14,950,000 6,000,000 8,000,000 23,235,000 19,160,000 4,035,000 4,200,000 5,500,000 7,700,000 12,045,000 10,100,000 4,600,000

AXA SA 5.777% 29-Jul-2049 VAR AXA SA 6.211% 29-Oct-2049 VAR BNP Paribas SA 2.375% 14-Sep-2017 BNP Paribas SA 3.500% 07-Mar-2016 France Government Bond OAT 3.250% 25-Oct-2021 France Government Bond OAT 4.500% 25-Apr-2041 France Government Bond OAT 4.750% 25-Apr-2035 GDF Suez 144A 1.625% 10-Oct-2017 GDF Suez 3.000% 01-Feb-2023 Pernod-Ricard SA 5.000% 15-Mar-2017 Societe Generale SA 2.375% 28-Feb-2018 Societe Generale SA 2.750% 12-Oct-2017 Societe Generale SFH 2.875% 14-Mar-2019 Vivendi SA 4.125% 18-Jul-2017

7,400,000 720,000 2,665,000 26,745,000 40,415,000 8,900,000 13,825,000 4,372,853 8,400,000 13,135,000 1,300,000 1,960,000 3,010,000

Allianz SE 5.625% 17-Oct-2042 VAR Bertelsmann AG 4.750% 26-Sep-2016 Bundesobligation 2.000% 26-Feb-2016 Bundesobligation 2.500% 10-Oct-2014 Bundesrepublik Deutschland 2.000% 04-Jan-2022 Bundesschatzanweisungen 0.000% 12-Sep-2014 Daimler AG 4.625% 02-Sep-2014 Driver One GmbH 0.812% 21-Feb-2017 FRN FMS Wertmanagement AoR 2.250% 14-Jul-2014 Kreditanstalt fuer Wiederaufbau 3.125% 04-Jul-2016 Kreditanstalt fuer Wiederaufbau 3.500% 10-Mar-2014 Techem GmbH 6.125% 01-Oct-2019 Unitymedia Hessen GmbH & Co KG 7.500% 15-Mar-2019

Germany

3,006,482

0.17

36,181,623

2.09

36,181,623

2.09

65,892,576

3.80

9,551,581 2,748,554 19,191,972 30,064,369 4,336,100

0.55 0.16 1.11 1.73 0.25

12,727,264

0.74

12,727,264

0.74

14,043,606

0.81

3,450,552 3,178,496 3,477,275 3,937,283

0.20 0.18 0.20 0.23

3,084,910

0.18

3,084,910

0.18

8,937,917

0.52

2,488,013 2,793,011 3,656,893

0.15 0.16 0.21

2,966,204

0.17

2,966,204

0.17

2,685,777

0.15

2,685,777

0.15

35,243,851

2.04

7,711,321 27,532,530

0.45 1.59

137,732,927

7.95

7,238,077 1,460,914 11,501,309 6,444,046 8,964,836 29,963,217 25,098,165 3,059,568 4,406,307 6,292,126 7,968,662 9,292,703 11,001,761 5,041,236

0.42 0.08 0.66 0.37 0.52 1.73 1.45 0.18 0.25 0.36 0.46 0.54 0.64 0.29

140,564,420

8.11

8,355,628 812,078 2,830,114 27,913,912 43,148,036 8,901,072 14,718,198 4,380,545 8,668,984 14,399,838 1,022,764 2,102,100

0.48 0.05 0.16 1.61 2.49 0.52 0.85 0.25 0.50 0.83 0.06 0.12

3,311,151

0.19

Fair value EUR

Total net assets %

4,911,190

0.28

4,911,190

0.28

39,638,920

2.29

1,801,357

0.11

14,744,012 18,005,460 1,753,500 3,334,591

0.85 1.04 0.10 0.19

268,905,043

15.52

Holdings Description

Iceland 5,800,000 Iceland Government International Bond 144A 5.875% 11-May-2022

Ireland 1,645,000 Ardagh Packaging Finance Plc 7.375% 15-Oct-2017 14,485,000 Governor & Co of the Bank of Ireland/The 4.000% 28-Jan-2015 16,500,000 Ireland Government Bond 5.500% 18-Oct-2017 1,670,000 Smurfit Kappa Acquisitions 5.125% 15-Sep-2018 3,010,000 Smurfit Kappa Acquisitions 7.750% 15-Nov-2019

Italy 3,270,000 4,500,000 2,000,000 10,000,000 7,900,000 11,700,000 4,100,000 33,650,000 31,600,000 93,275,000 20,370,000 12,200,000 13,180,000 2,650,000 6,100,000

Enel SpA 4.875% 20-Feb-2018 Intesa Sanpaolo SpA 3.875% 01-Apr-2015 Intesa Sanpaolo SpA 4.125% 19-Sep-2016 Intesa Sanpaolo SpA 4.375% 16-Aug-2016 Intesa Sanpaolo SpA 4.875% 10-Jul-2015 Italy Buoni Poliennali Del Tesoro 3.500% 01-Jun-2014 Italy Buoni Poliennali Del Tesoro 4.000% 01-Sep-2020 Italy Buoni Poliennali Del Tesoro 4.500% 15-Jul-2015 Italy Buoni Poliennali Del Tesoro 4.500% 01-Mar-2026 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 Italy Buoni Poliennali Del Tesoro 4.750% 01-Sep-2021 Italy Buoni Poliennali Del Tesoro 5.000% 01-Aug-2034 Italy Buoni Poliennali Del Tesoro 5.000% 01-Sep-2040 Telecom Italia SpA 7.375% 15-Dec-2017 Telecom Italia SpA 8.250% 21-Mar-2016

Kazakhstan 4,550,000 Development Bank of Kazakhstan JSC 144A 4.125% 10-Dec-2022 6,000,000 Kazakhstan Temir Zholy Finance BV 144A 6.950% 10-Jul-2042

Luxembourg 2,065,000 4,475,000 8,725,000 2,875,022 9,187,895 6,041,000

ArcelorMittal 5.875% 17-Nov-2017 ArcelorMittal 6.750% 25-Feb-2022 ArcelorMittal 10.350% 01-Jun-2019 E-CARAT 1.361% 18-Oct-2018 FRN E-CARAT 1.361% 18-Dec-2019 FRN Holcim U.S. Finance Sarl & Cie S 144A 6.000% 30-Dec-2019 5,740,000 QGOG Constellation SA 144A 6.250% 09-Nov-2019 8,259,176 Volkswagen Car Lease 0.642% 21-Jan-2018 FRN

Mexico 4,435,000 Comision Federal de Electricidad 5.750% 14-Feb-2042 2,520,000 Mexichem SAB de CV 144A 4.875% 19-Sep-2022

Mongolia 3,900,000 Mongolia Government International Bond 144A 4.125% 05-Jan-2018

Netherlands 8,650,000 2,300,000 6,475,123 4,600,000 7,100,000 8,190,000 3,750,000 2,840,000 3,910,000 6,100,000 14,690,000 7,530,000 3,000,000 3,850,000 950,000 3,700,000

ABN Amro Bank NV 144A 4.250% 02-Feb-2017 BMW Finance NV 3.875% 18-Jan-2017 Bumper 4 SA 1.412% 20-May-2026 FRN Conti-Gummi Finance BV 7.125% 15-Oct-2018 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 3.875% 20-Apr-2016 E.ON International Finance BV 5.500% 02-Oct-2017 Elsevier Finance SA Via ELM BV 6.500% 02-Apr-2013 Enel Finance International NV 4.875% 11-Mar-2020 Enel Finance International SA 144A 5.125% 07-Oct-2019 Heineken NV 144A 0.800% 01-Oct-2015 ING Bank NV 3.000% 30-Sep-2014 ING Bank NV 3.625% 31-Aug-2021 ING Bank NV 5.250% 05-Jun-2018 LyondellBasell Industries NV 5.000% 15-Apr-2019 Rabobank International 3.750% 09-Nov-2020 Repsol International Finance BV 4.875% 19-Feb-2019

3,473,809 4,634,302 2,086,185 10,843,600 8,342,566 11,965,854 4,122,827 35,374,704 31,184,548 99,369,570 21,230,044 12,194,983 13,172,817 3,697,001 7,212,233

0.20 0.27 0.12 0.63 0.48 0.69 0.24 2.04 1.80 5.73 1.23 0.70 0.76 0.21 0.42

9,088,206

0.52

3,365,799

0.19

5,722,407

0.33

43,838,153

2.53

2,204,491 3,562,060 7,936,673 2,882,690 9,240,932

0.13 0.20 0.46 0.17 0.53

5,196,717 4,538,449 8,276,141

0.30 0.26 0.48

5,868,738

0.34

3,809,354 2,059,384

0.22 0.12

2,935,091

0.17

2,935,091

0.17

108,211,307

6.25

7,155,614 2,556,058 6,500,142 4,917,305

0.41 0.15 0.37 0.28

7,766,180 9,778,062 3,802,779 3,053,563

0.45 0.56 0.22 0.18

3,134,115 4,620,504 15,358,554 8,653,340 3,648,103 3,226,581 1,016,594 4,054,553

0.18 0.27 0.89 0.50 0.21 0.19 0.06 0.23 53

BNY Mellon Euroland Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

15,596,381 3,372,879

0.90 0.20

6,126,445

0.35

6,126,445

0.35

2,725,121

0.16

Holdings Description

Fair value EUR

Total net assets %

Thailand

3,270,245

0.19

3,270,245

0.19

18,431,818

1.06

1,770,912 16,660,906

0.10 0.96

Netherlands – contd. 12,100,000 RWE Finance BV 6.625% 31-Jan-2019 3,065,000 Ziggo Bond Co BV 8.000% 15-May-2018

Norway 5,545,000 DNB Boligkreditt AS 3.375% 20-Jan-2017

Peru 590,000 BBVA Banco Continental SA 144A 5.000% 26-Aug-2022 2,700,000 Corp Financiera de Desarrollo SA 4.750% 08-Feb-2022

477,683 2,247,438

0.13

7,367,248

0.43

7,367,248

0.43

7,556,202

0.43

1,094,751 6,461,451

0.06 0.37

65,216,897

3.76

25,267,968 496,754 15,552,229

1.46 0.03 0.90

9,788,781

0.56

Poland 8,225,000 Poland Government International Bond 5.000% 23-Mar-2022

Republic of Korea 1,075,000 Export-Import Bank of Korea 5.750% 22-May-2013 8,415,000 Korea Finance Corp 2.250% 07-Aug-2017

Slovakia 23,440,000 445,000 13,700,000 8,665,000

Slovakia Government Bond 3.500% 24-Feb-2016 Slovakia Government Bond 4.000% 27-Apr-2020 Slovakia Government Bond 4.625% 19-Jan-2017 Slovakia Government International Bond 4.000% 26-Mar-2021 17,080,000 Slovakia Government International Bond 4.375% 21-May-2022

Slovenia 11,600,000 Slovenia Government International Bond 144A 5.500% 26-Oct-2022

South Africa 5,000,000 216,275,000 196,195,000 3,610,000

7,300,000 1,800,000 1,900,000 4,000,000 13,000,000 12,000,000 16,020,000 27,980,000 8,300,000 10,375,000 70,970,000 4,200,000 7,770,000

38,486,717

2.22

3,811,146 15,677,933 16,242,568 2,755,070

0.22 0.90 0.94 0.16

228,021,747

13.16

8,711,140 7,886,767 8,009,675 2,928,395

0.50 0.46 0.46 0.17

14,433,782 7,635,953 1,946,805 2,069,023 4,294,836

0.83 0.44 0.11 0.12 0.25

13,300,205

0.77

12,384,622 16,047,841 28,153,028 6,609,865 8,832,172 73,907,023 4,587,145 6,283,470

0.71 0.93 1.62 0.38 0.51 4.27 0.27 0.36

2,864,178

0.17

2,864,178

0.17

25,670,694

1.48

11,640,423

0.67

7,985,362

0.46

6,044,909

0.35

Supranational 3,665,000 Eurasian Development Bank 144A 4.767% 20-Sep-2022

Switzerland

54

0.81

0.53 0.53

Banco Santander SA 3.250% 17-Feb-2015 BBVA Senior Finance SAU 4.375% 21-Sep-2015 BBVA US Senior SAU 4.664% 09-Oct-2015 Driver Espana 1.360% 21-Sep-2022 FRN FADE - Fondo de Amortizacion del Deficit Electrico 4.400% 17-Sep-2013 Iberdrola Finanzas SAU 3.500% 13-Oct-2016 Iberdrola International BV 4.250% 11-Oct-2018 Iberdrola International BV 4.500% 21-Sep-2017 Repsol International Finance B 4.375% 20-Feb-2018 Santander International Debt SAU 4.375% 04-Sep-2014 Santander International Debt SAU 4.500% 18-May-2015 Spain Government Bond 2.500% 31-Oct-2013 Spain Government Bond 3.400% 30-Apr-2014 Spain Government Bond 4.200% 31-Jan-2037 Spain Government Bond 4.700% 30-Jul-2041 Spain Government Bond 5.850% 31-Jan-2022 Telefonica Emisiones SAU 4.797% 21-Feb-2018 Telefonica Emisiones SAU 5.462% 16-Feb-2021

11,000,000 Credit Suisse AG/Guernsey 2.125% 18-Jan-2017 7,800,000 Swiss Reinsurance Co Via ELM BV 5.252% 29-May-2049 VAR 7,475,000 ZFS Finance USA Trust V VAR 144A 6.500% 09-May-2037 VAR

14,111,165

9,237,763 9,237,763

Sasol Financing International Plc 4.500% 14-Nov-2022 South Africa Government Bond 6.250% 31-Mar-2036 South Africa Government Bond 7.000% 28-Feb-2031 Transnet SOC Ltd 4.000% 26-Jul-2022

Spain 8,600,000 7,700,000 10,300,000 2,934,188 14,300,000

0.03

4,270,000 Bangkok Bank PCL 144A 2.750% 27-Mar-2018

Turkey 2,050,000 Export Credit Bank of Turkey 5.875% 24-Apr-2019 33,658,240 Turkey Government Bond 3.000% 23-Feb-2022

154,296,963

8.91

9,700,000 6,665,000 2,610,000 4,450,000 1,900,000 5,305,000 900,000 2,840,000 785,000 7,200,000 6,800,000 4,400,000 6,555,000 3,877,558 1,250,000 5,220,000 7,410,000 7,825,000 4,300,000 38,350,000

Abbey National Treasury 3.625% 08-Sep-2016 10,648,248 Barclays Bank Plc 2.125% 08-Sep-2014 6,852,408 BMW UK Capital Plc 5.000% 02-Oct-2017 3,643,179 E-CARAT 1.300% 18-Jun-2020 5,488,337 FCE Bank Plc 9.375% 17-Jan-2014 2,054,533 HSBC Bank Plc 3.875% 24-Oct-2018 6,025,572 HSBC Holdings Plc 6.250% 19-Mar-2018 1,078,985 Ineos Finance Plc 144A 7.500% 01-May-2020 2,256,274 Ineos Finance Plc 144A 8.375% 15-Feb-2019 641,515 Lloyds TSB Bank Plc 3.375% 17-Mar-2015 7,649,209 Lloyds TSB Bank Plc 4.625% 02-Feb-2017 7,659,537 Lloyds TSB Bank Plc 5.375% 03-Sep-2019 5,322,834 Nationwide Building Society 2.875% 14-Sep-2015 6,969,686 Paragon Mortgages Plc 0.719% 15-Sep-2039 FRN 3,943,641 Reed Elsevier Investments Plc 7.000% 11-Dec-2017 1,874,218 Royal Bank of Scotland Plc/The 3.000% 08-Sep-2015 5,550,736 Royal Bank of Scotland Plc/The 3.875% 19-Oct-2020 8,603,265 Royal Bank of Scotland Plc/The 4.750% 18-May-2016 8,694,837 Royal Bank of Scotland Plc/The 9.500% 16-Mar-2022 VAR 3,836,500 United Kingdom Gilt 3.750% 07-Sep-2021 55,503,449

United Kingdom

0.61 0.40 0.21 0.32 0.12 0.35 0.06 0.13 0.04 0.44 0.44 0.31 0.40 0.23 0.11 0.32 0.50 0.50 0.22 3.20

United States of America

141,772,530

8.18

10,075,000 1,955,000 5,620,000 3,875,000

AbbVie Inc 144A 1.750% 06-Nov-2017 7,724,367 Ally Financial Inc 4.500% 11-Feb-2014 1,525,373 Ally Financial Inc 5.500% 15-Feb-2017 4,559,775 American International Group Inc 4.875% 01-Jun-2022 3,355,160 Anadarko Petroleum Corp 6.375% 15-Sep-2017 3,175,352 ARL First LLC 144A 1.956% 15-Dec-2042 FRN 4,209,325 Bank of America Corp 3.875% 22-Mar-2017 6,699,595 BMW US Capital LLC 5.000% 28-May-2015 4,659,373 Capital One Financial Corp 1.000% 06-Nov-2015 5,328,919 Chrysler Financial Auto Securitization Trust 3.520% 08-Aug-2016 5,291,674 CIT Group Inc 4.250% 15-Aug-2017 2,428,893 CIT Group Inc 5.000% 15-May-2017 3,388,621 CVS Pass-Through Trust 144A 5.773% 10-Jan-2033 3,490,195 DaVita HealthCare Partners Inc 5.750% 15-Aug-2022 643,358 Exelon Generation Co LLC 144A 4.250% 15-Jun-2022 7,412,933 Ford Motor Credit Co LLC 3.000% 12-Jun-2017 2,902,658 Ford Motor Credit Co LLC 3.875% 15-Jan-2015 3,808,331 JPMorgan Chase & Co 4.375% 30-Nov-2021 VAR 11,103,925 Kinder Morgan Energy Partners LP 6.850% 15-Feb-2020 2,790,302 Lamar Media Corp 5.875% 01-Feb-2022 1,810,389 Levi Strauss & Co 7.750% 15-May-2018 1,574,948 MGM Resorts International 7.750% 15-Mar-2022 3,513,915 Morgan Stanley 4.500% 23-Feb-2016 859,555 Peabody Energy Corp 6.000% 15-Nov-2018 2,623,007 Peabody Energy Corp 6.250% 15-Nov-2021 2,127,416 Plains All American Pipeline LP 5.000% 01-Feb-2021 5,600,683 Plains All American Pipeline LP 8.750% 01-May-2019 619,072 Puget Energy Inc 6.000% 01-Sep-2021 1,614,217 Sealed Air Corp 144A 6.500% 01-Dec-2020 1,400,681 SLM Corp 7.250% 25-Jan-2022 5,033,784 Southern Copper Corp 3.500% 08-Nov-2022 1,161,811 Unit Corp 144A 6.625% 15-May-2021 3,156,193 United States Treasury Bill 0.000% 07-Feb-2013* 18,201,942 Ventas Realty LP/Ventas Capital Corp 4.250% 01-Mar-2022 1,536,178 Watson Pharmaceuticals Inc 3.250% 01-Oct-2022 1,718,832 WM Wrigley Jr Co 144A 3.700% 30-Jun-2014 4,721,778

0.45 0.09 0.26

3,505,000 5,550,000 8,145,000 4,240,000 7,050,000 6,950,000 3,110,000 4,215,000 3,902,829 805,000 9,400,000 3,725,000 4,815,000 10,500,000 2,920,000 2,200,000 1,465,000 4,330,000 800,000 3,255,000 2,640,000 6,375,000 600,000 1,930,000 1,710,000 6,020,000 1,500,000 4,055,000 24,000,000 1,910,000 2,220,000 6,015,000

0.19 0.19 0.24 0.39 0.27 0.31 0.31 0.14 0.19 0.20 0.04 0.43 0.17 0.22 0.64 0.16 0.10 0.09 0.20 0.05 0.15 0.12 0.32 0.04 0.09 0.08 0.29 0.07 0.18 1.05 0.09 0.10 0.27

BNY Mellon

BNY Mellon Euroland Bond Fund Portfolio of investments – as at 31 December 2012 Fair value EUR

Total net assets %

6,266,994

0.36

6,266,994

0.36

1,172,219

0.07

1,172,219

0.07

1,664,947,986

96.09

1,852,285 1,211,412 86,639 87,788 821,322 1,158,426

0.11 0.07 0.00 0.01 0.05 0.06

5,217,872

0.30

Holdings Description

Venezuela 7,830,000 Corp Andina de Fomento 3.750% 15-Jan-2016

Zambia 1,560,000 Zambia Government International Bond 144A 5.375% 20-Sep-2022

Total investments in bond securities Currency options 110,600,000 110,600,000 44,200,000 40,200,000 55,800,000 55,800,000

6M10Y STRAD Payable 1.885% 14-Jun-2023 6M10Y STRAD Receivable 1.885% 12-Jun-2013 Korean won/US dollar Put 04-Mar-2013 100.0000 US dollar/Australian dollar Call 11-Feb-2013 1.0100 US dollar/Euro Call 13-Jun-2013 1.3100 US dollar/Euro Put 13-Jun-2013 1.3100

Total currency options Interest rate swaps 145,200,000 IRS Pay Fixed 1.7610% US Dollar 08-Nov-2022 72,300,000 IRS Pay Fixed 1.907% Euro 04-Nov-2016

Total interest rate swaps

60,564 3,646,090

0.00 0.21

3,706,654

0.21

Open futures contracts (73) Canada 10 Year Bond Future Short Futures Contracts Exp Mar 2013 6,687 1,289 Euro-Bund Future Long Futures Contracts Exp Mar 2013 1,540,080 1,742 Euro-Schatz Future Long Futures Contracts Exp Mar 2013 226,460 (1,526) U.S. 10 Year Treasury Notes Future Short Futures Contracts Exp Mar 2013 494,006 (162) U.S. Treasury Long Bond Future Short Futures Contracts Exp Mar 2013 313,114

Total open futures contracts

0.09 0.01 0.03 0.02

2,580,347

0.15

7,511,358

0.43

27,037,127

1.56

1,711,001,344

98.74

Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss

0.00

Credit default swaps 42,400,000 CDX High Yield JPMorgan 5.000% 20-Dec-2017

(123,364)

(0.01)

(123,364)

(0.01)

(9,458,558) (133,139)

(0.55) (0.01)

(9,591,697)

(0.56)

Total credit default swaps Interest rate swaps 74,250,000 IRS Pay Fixed 3.683% US Dollar 05-May-2020 97,900,000 IRS Receives Fixed 0.3117% US Dollar 08-Nov-2017

Total interest rate swaps Open futures contracts

(33) Euro-Bund Future Short Futures Contracts Exp Mar 2013 (186) U.S. 2 Year Treasury Note Future Short Futures Contracts Exp Mar 2013 24 U.S. Treasury Ultra Bond Future Long Futures Contracts Exp Mar 2013 298 UK Long Gilt Future Long Futures Contracts Exp Mar 2013

Total open futures contracts

(17,580)

0.00

(6,658)

0.00

(60,820) (170,293)

0.00 (0.01)

(255,351)

(0.01)

Fair value EUR

Holdings Description Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

Total net assets %

(2,659,353)

(0.15)

(12,629,765)

(0.73)

34,416,856

1.99

1,732,788,435

100.00

* Part of the holding relates to collateral held by Goldman Sachs in connection with futures contracts held by the Fund and by Citigroup in connection with interest rate swaps held by the Fund. The counterparties for currency options are Goldman Sachs and JPMorgan. The counterparty for credit default swaps is JPMorgan. The counterparty for futures contracts is Goldman Sachs. The counterparties for interest rate swaps are Citigroup and JPMorgan.

Forward foreign currency contracts – contd. Buy

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

4,210,000 1,996,207 9,125,000 4,370,692 42,000,000 19,909,931 977,992 1,180,499 20,552,973 42,000,000 2,060,191 4,210,000 17,500,453 21,750,000 3,371,641 4,345,000 28,334,603 211,290,000 33,157,967 3,607,620,000 16,357,396 1,830,000,000 82,604,938 66,910,000 15,837,635 36,990,000 3,955,329 5,200,000 38,678,020 50,645,000 34,155,857 45,000,000 39,208,958 51,305,000 33,622,692 44,000,000 41,481,465 54,315,000 35,455,124 46,270,000 38,882,842 50,725,000 43,836,882 57,425,000 42,242,755 55,319,000 12,079,513 15,785,000 39,992,040 52,250,000 297,500,000 34,060,269 22,500,000 16,953,086 55,335,000 26,248,755

03-Jan-13 03-Jan-13 03-Jan-13 03-Jan-13 03-Jan-13 03-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 04-Feb-13

45,250 64,709 455,005 166 30,453 3,278 398,057 65,113 9,816 1,578,190 338,249 110,017 185,883 12,472 276,870 34,980 307,368 260,057 297,567 371,280 421,031 294,852 297,583 110,668 373,911 565,147 107,352 493,825

EUR

7,509,149

Sell

Amount (B)

BNY Mellon Euroland Bond Fund Brazilian real Brazilian real Brazilian real Euro US dollar US dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Swedish krona US dollar Brazilian real

Euro Brazilian real Swiss franc Swiss franc US dollar US dollar Australian dollar Euro Euro Euro Euro Euro Mexican peso

US dollar US dollar US dollar Swiss franc Brazilian real Brazilian real Australian dollar Canadian dollar Danish krone Japanese yen Japanese yen Sterling Turkish lira US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Euro US dollar

US dollar US dollar Euro Euro Brazilian real Brazilian real Euro South African rand South African rand Swedish krona Swedish krona Swiss franc Euro

0 0 46,210,000 22,613,164 1,213,321 1,005,184 669,660 554,784 4,348,344 9,125,000 22,020,491 46,210,000 21,750,000 17,494,259 3,708,093 42,240,000 27,967,773 317,630,000 57,929 500,000 34,467,569 297,500,000 14,390,063 17,435,000 565,130,000 33,823,326

27-Jan-11 03-Jan-13 03-Jan-13 03-Jan-13 03-Jan-13 03-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

0 (35,975) (171) (94) (81,658) (415,999) (391,864) (50,665) (296,767) (265) (157,847) (56,796) (860,653)

55

BNY Mellon Euroland Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Forward foreign currency contracts – contd. Amount (S)

Expiry Date

Unrealised Gain/(Loss)

16,736,585 367,113 34,136,424 3,821,169

29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

(145,318) (3,157) (15,548) (29,961)

EUR

(2,542,738)

BNY Mellon Euroland Bond Fund – contd. Singapore dollar US dollar US dollar US dollar

Euro Euro Euro Euro

26,730,000 480,000 45,000,000 5,000,000

Net EUR

Swiss franc Euro Euro Euro Euro Euro Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc

56

Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Euro Euro Euro Euro Euro Euro

Euro Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Euro Euro Euro Euro Euro Euro Euro

1,180,499 42,067 21,813 34,775 50,956 29,067 1,213,321 868,084 77,737 113,458,237 200,042 100,905 174,522

1,213,321 27,175 36,467 41,694 1,180,499 23,310 45,090 312,638 162,880 446,597 48,587 301,476

977,992 50,882 26,370 41,981 61,538 35,092 1,006,013 719,261 64,472 94,097,646 165,847 83,668 144,729

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

554,784 178,384

669,660 147,553

03-Jan-13 15-Jan-13

114 277

CHF

391

EUR

323

BNY Mellon Euroland Bond Fund CHF I (Hedged) Share Class Euro Swiss franc

Euro Swiss franc Swiss franc 1,005,184 22,516 30,242 34,567 978,800 19,333 54,591 377,421 197,013 539,177 58,740 364,086

Sell

Swiss franc Euro

4,966,411

BNY Mellon Euroland Bond Fund CHF H (Hedged) Share Class Euro Euro Euro Euro Euro Euro Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc Swiss franc

Buy

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

206 4 37 31 980 26 164 46 406 103 91 183

CHF

2,277

EUR

1,886

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(201) (105) (41) (5) (31) (7) (1,007) (114) (85) (124,151) (148) (89) (175)

CHF

(126,159)

EUR

(104,498)

Net CHF

(123,882)

Net EUR

(102,612)

Swiss franc Euro Euro

3,048,578 669,660 7,624,507

3,685,575 555,242 6,323,456

15-Jan-13 15-Jan-13 15-Jan-13

(5,730) (556) (8,343)

CHF

(14,629)

EUR

(12,117)

Net CHF

(14,238)

Net EUR

(11,794)

Total Net EUR

4,852,005

The counterparties for the above contracts are Barclays Bank plc, London, Citigroup, New York, Credit Suisse First Boston, London, Deutsche Bank, New York, Goldman Sachs, New York, JPMorgan Chase, New York, Bank of America Merrill Lynch, New York, Morgan Stanley, New York, Royal Bank of Scotland, London, The Bank of New York, New York and UBS, New York in respect of BNY Mellon Euroland Bond Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Euroland Bond Fund CHF H (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Euroland Bond Fund CHF I (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 93.03

Financial derivative instruments dealt in on a regulated market

0.44

OTC financial derivative instruments

0.62

Other current assets

5.91

Total assets

100.00

BNY Mellon

BNY Mellon Evolution Currency Option Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Ireland 645,022 Insight Liquidity Funds Plc - EUR Cash Fund

Total investments in collective investment schemes France 1,000,000 France Treasury Bill BTF 0.000% 21-Mar-2013

Germany 1,300,000 Bundesrepublik Deutschland 4.500% 04-Jan-2013

Netherlands 1,000,000 Dutch Treasury Certificate 0.000% 31-Jan-2013

Total investments in bond securities France 570,000 BNP Paribas TD 0.010% 02-Jan-2013 570,000 Credit Agricole TD 0.050% 02-Jan-2013 570,000 Societe Generale TD 0.050% 02-Jan-2013

Germany 570,000 DZ Bank AG TD 0.001% 02-Jan-2013

Total investments in time deposit securities

Fair value EUR

Total net assets %

645,022

9.48

645,022

9.48

645,022

9.48

999,983

14.70

999,983

14.70

1,300,039

19.10

1,300,039

19.10

1,000,047

14.70

1,000,047

14.70

3,300,069

48.50

1,710,000

25.13

570,000 570,000 570,000

8.37 8.38 8.38

570,000

8.38

570,000

8.38

2,280,000

33.51

40,427 12,446 720 34,514 88 14,790 736 410

0.59 0.18 0.01 0.51 0.00 0.22 0.01 0.01

104,131

1.53

164,953

2.41

58,022

0.85

6,552,197

96.28

Currency options 5,000 5,000 5,000 2,000 100,000 4,000 3,200 3,000

Australian dollar/US dollar Put 01-Mar-2013 1.0300 Euro/Polish zloty Call 07-Feb-2013 4.2000 Euro/Polish zloty Call 07-Feb-2013 4.5000 Euro/Russian ruble Put 18-Mar-2013 40.8600 Japanese yen/Korean won Call 08-Feb-2013 13.9690 Sterling pound/US dollar Put 08-Mar-2013 1.5833 Sterling pound/US dollar Put 25-Jan-2013 1.5700 US dollar/Korean won Call 25-Jan-2013 1,107.0000

Total currency options Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Currency options (5,000) (5,000) (5,000) (2,000)

Australian dollar/US dollar Put 01-Mar-2013 1.0000 Euro/Polish zloty Call 07-Feb-2013 4.3500 Euro/Polish zloty Call 07-Feb-2013 4.3500 Euro/Russian ruble Put 18-Mar-2013 40.0500

Total currency options Unrealised loss on forward foreign currency contracts (see below)

(13,113) (2,536) (2,535) (16,211)

(0.19) (0.04) (0.04) (0.24)

(34,395)

(0.51)

(137,421)

(2.01)

Total financial liabilities at fair value through profit or loss

(171,816)

(2.52)

Net current assets

423,937

6.24

6,804,318

100.00

Total net assets

Forward foreign currency contracts – contd. Buy Holdings Description Sell

Amount (B)

Amount (S)

Fair Total Expiry value Unrealised net assets EUR Gain/(Loss) Date %

BNY Mellon Evolution Currency Option Fund Euro Euro New Zealand dollar New Zealand dollar New Zealand dollar New Zealand dollar New Zealand dollar Polish zloty Sterling Sterling Sterling Swiss franc Turkish lira Turkish lira US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Euro Euro Mexican peso Swiss franc Swiss franc US dollar US dollar US dollar US dollar US dollar US dollar

Polish zloty Swiss franc Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Euro US dollar US dollar US dollar Euro US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Sterling

New Zealand dollar New Zealand dollar US dollar US dollar US dollar US dollar Polish zloty Swiss franc US dollar Euro Euro Mexican peso Sterling Sterling Sterling Sterling Turkish lira

150,000 2,000,000 1,670,296 1,781,115 445,491 381,287 2,453,098 3,531,247 1,300,000 1,550,913 1,200,000 1,207,090 449,308 435,290 368,137 1,565,700 315,316 312,930 366,289 352,493 480,000 350,000 300,000 300,000 250,000 325,441

5,000,000 303,183 1,452,273 1,000,000 350,000 2,013,351 350,000 1,989,344 3,194,803 1,205,099 2,405,840 244,691 3,686,090 567,289 643,638 405,157 490,136

611,730 2,405,950 1,313,615 1,400,000 350,000 300,000 1,927,627 856,050 2,083,439 2,485,029 1,921,680 1,000,000 250,000 242,578 350,000 1,500,000 300,000 300,000 350,000 347,112 476,924 347,806 295,293 297,871 248,345 200,000

6,350,000 381,287 1,511,860 1,048,205 368,306 2,026,584 1,451,889 2,412,079 250,026 1,000,000 2,000,000 3,194,803 2,300,000 350,000 400,000 250,000 884,598

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

489 6,784 11,907 13,302 3,458 2,612 18,769 7,012 23,116 27,984 22,471 17 942 626 3,620 6,393 2,929 1,119 2,219 3,044 909 626 2,688 725 514 169

EUR

164,444

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(40,541) (106) (3,139) (7,602) (3,749) (4,026) (4,852) (8,950) (2,962) (1,632) (6,875) (1,084) (40,893) (1,398) (5,156) (1,036) (3,420)

EUR

(137,421)

Net EUR

27,023

15-Jan-13

153

GBP

153

EUR

189

BNY Mellon Evolution Currency Option Fund Sterling K (Hedged) Share Class Sterling

Euro

22,750

27,866

The counterparties for currency options are Goldman Sachs, HSBC, Royal Bank of Canada and UBS.

57

BNY Mellon Evolution Currency Option Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

6,350

15-Jan-13

35

GBP

35

EUR

43

15-Jan-13 15-Jan-13

0 354

USD

354

EUR

268

15-Jan-13 15-Jan-13

0 12

USD

12

EUR

9

Net EUR

27,523

BNY Mellon Evolution Currency Option Fund Sterling T (Acc) (Hedged) Share Class Sterling

Euro

5,185

BNY Mellon Evolution Currency Option Fund USD K (Hedged) Share Class Euro US dollar

US dollar Euro

758 143,500

1,000 108,554

BNY Mellon Evolution Currency Option Fund USD T (Acc) (Hedged) Share Class Euro US dollar

US dollar Euro

23 4,880

30 3,692

The counterparties for the above contracts are Deutsche Bank, New York, HSBC, London, Goldman Sachs, New York, Royal Bank of Scotland, London, JPMorgan Chase, London, Royal Bank of Canada, Toronto and UBS, Zurich in respect of BNY Mellon Evolution Currency Option Fund; Barclays Bank plc, London in respect of BNY Mellon Evolution Currency Option Fund Sterling K (Hedged) Share Class; Barclays Bank plc, London in respect of BNY Mellon Evolution Currency Option Fund Sterling T (Acc) (Hedged) Share Class; Deutsche Bank, New York and HSBC, London in respect of BNY Mellon Evolution Currency Option Fund USD K (Hedged) Share Class; Royal Bank of Canada, Toronto in respect of BNY Mellon Evolution Currency Option Fund USD T (Acc) (Hedged) Share Class.

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

56.21

Deposits

32.49

OTC financial derivative instruments

2.35

Financial derivative instruments dealt in on a regulated market

1.49

Other current assets

7.46

Total assets

58

100.00

BNY Mellon

BNY Mellon Evolution Global Alpha Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Belgium

6,899,958

30.38

2,899,974 3,999,984

12.77 17.61

4,999,900

22.02

4,999,900

22.02

2,900,287

12.77

2,900,287

12.77

4,160,374

18.32

4,160,374

18.32

18,960,519

83.49

8,258

0.04

12,165

0.05

19,880

0.09

21,825

0.10

1,580

0.01

4,395

0.02

2,900,000 Belgium Treasury Bill 0.000% 17-Jan-2013 4,000,000 Belgium Treasury Bill 0.000% 14-Feb-2013

France 5,000,000 France Treasury Bill BTF 0.000% 24-Jan-2013

Germany 2,900,000 German Treasury Bill 0.000% 27-Feb-2013

Netherlands 4,160,000 Dutch Treasury Certificate 0.000% 28-Feb-2013

Total investments in bond securities Open futures contracts 15 Australian 10 Year Bond Future Long Futures Contracts Exp Mar 2013 (34) Canada 10 Year Bond Future Short Futures Contracts Exp Mar 2013 14 Euro-Bund Future Long Futures Contracts Exp Mar 2013 (3) SGX Mini 10 Year Bond Future Short Futures Contracts Exp Mar 2013 23 S&P 500 Index Future Long Futures Contracts Exp Mar 2013 7 SPI 200 Index Future Long Futures Contracts Exp Mar 2013 (37) Swiss Market Index Future Short Futures Contracts Exp Mar 2013

30,688

0.14

Total open futures contracts

98,791

0.45

Unrealised gain on forward foreign currency contracts (see below)

138,560

0.59

19,197,870

84.53

Total financial assets at fair value through profit or loss Open futures contracts

36 Amsterdam Index Future Long Futures Contracts Exp Jan 2013 (1) CAC 40 Index Future Short Futures Contracts Exp Jan 2013 21 DAX Index Future Long Futures Contracts Exp Mar 2013 13 FTSE 100 Index Future Long Futures Contracts Exp Mar 2013 (20) Hang Sang Index Future Short Futures Contracts Exp Jan 2013 39 SGX Mini 10 Year Bond Future Short Futures Contracts Exp Mar 2013 (7) S&P/TSE 60 Index Future Short Futures Contracts Exp Mar 2013 (21) Topix Index Future Short Futures Contracts Exp Mar 2013 15 U.S. 10 Year Treasury Notes Future Long Futures Contracts Exp Mar 2013 (37) UK Long Gilt Future Short Futures Contracts Exp Mar 2013

Total open futures contracts Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

Forward foreign currency contracts – contd. Buy Holdings Description Sell

Amount (B)

Amount (S)

Fair Total Expiry value Unrealised net assets EUR Gain/(Loss) Date %

BNY Mellon Evolution Global Alpha Fund Euro Norwegian krone Norwegian krone Norwegian krone Sterling Swedish krona Swiss franc Swiss franc US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen New Zealand dollar New Zealand dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Euro Japanese yen Japanese yen Norwegian krone

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Australian dollar Canadian dollar Euro Euro Euro Norwegian krone Sterling Sterling Sterling Sterling Sterling Sterling

248,000 3,732,467 3,294,972 3,457,021 1,069,040 25,874,087 63,000 35,624 68,603 588,515 387,115 480,704 137,309 454,920 256,508 1,025,910 434,697

2,994,358 3,343,708 5,785,138 1,281,700 993,000 366,200 1,771,298 1,396,000 183,100 3,224,800 6,449,600 22,573,600 234,945,789 62,453,944 41,286,000 1,324,000 1,737,325 877,839 838,994 4,267,822 6,014,649 3,039,836 339,921 293,657 2,055,111 83,899 3,368,204 680,568 41,962

326,692 655,650 581,203 609,789 1,725,725 3,884,998 67,678 38,262 65,600 565,000 370,000 459,200 131,200 344,000 21,641,600 86,566,400 2,424,000

3,132,787 3,476,119 5,849,293 1,299,951 1,002,425 371,031 1,797,451 1,413,843 185,024 38,506 77,011 269,793 2,846,275 754,266 497,383 1,098,866 1,449,624 850,885 837,200 3,306,339 4,608,266 2,349,241 1,928,000 181,300 1,277,539 51,800 2,086,893 422,000 25,900

21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13

399 10,002 7,008 7,351 9,310 62,302 932 533 620 3,560 3,632 4,707 1,318 785 4,974 19,802 246

EUR

137,481

21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13 21-Mar-13

(29,331) (15,951) (37,409) (11,348) (5,218) (2,952) (16,388) (10,817) (1,104) (956) (1,912) (6,885) (100,659) (24,985) (15,581) (7,513) (15,706) (1,050) (263) (71,739) (49,740) (45,337) (4,222) (829) (16,574) (239) (18,640) (4,172) (111)

(1,941)

(0.01)

(20)

(0.00)

(13,576)

(0.06)

(7,679)

(0.03)

(6,560)

(0.03)

(18,906)

(0.08)

(10,789)

(0.05)

(140,616)

(0.62)

EUR

(517,631)

(177)

(0.00)

Net EUR

(380,150)

(11,291)

(0.05)

(211,555)

(0.93)

(609,521)

(2.68)

(821,076)

(3.61)

BNY Mellon Evolution Global Alpha Fund Sterling H (Acc) (Hedged) Share Class Euro Sterling Sterling Sterling Sterling

Sterling Euro Euro Euro Euro

160 71,512 71,512 71,473 71,472

130 88,088 88,088 88,088 88,088

04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13 05-Feb-13

0 88 87 21 20

4,331,790

19.08

GBP

216

22,708,584

100.00

EUR

266

The counterparty for futures contracts is Citigroup.

59

BNY Mellon Evolution Global Alpha Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Forward foreign currency contracts – contd. Amount (S)

Expiry Date

Unrealised Gain/(Loss)

BNY Mellon Evolution Global Alpha Fund Sterling H (Acc) (Hedged) Share Class – contd. Euro Euro Euro Euro

Sterling Sterling Sterling Sterling

160 88,088 88,088 3,000

Buy

Sell

Amount (B)

Amount (S)

Expiry Date

2,456 2,455 10 49 1,858 1,857 145 1,862 1,863

04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13 05-Feb-13 05-Feb-13

0 0 0 0 (33) (33) 0 0 0

USD

(66)

EUR

(50)

Net USD

(66)

Net EUR

(50)

04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13

300 242 418 99

USD

1,059

EUR

803

BNY Mellon Evolution Global Alpha Fund USD H (Hedged) Share Class – contd. 130 71,449 71,445 2,439

04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13

0 (26) (23) (6)

GBP

(55)

EUR

(68)

Net GBP

161

Net EUR

198

04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13 05-Feb-13 05-Feb-13

0 0 3 3 0 1 1

GBP

8

EUR

10

Euro Euro US dollar US dollar US dollar US dollar Euro US dollar US dollar

US dollar US dollar Euro Euro Euro Euro US dollar Euro Euro

1,863 1,862 13 65 2,417 2,416 110 2,456 2,457

BNY Mellon Evolution Global Alpha Fund Sterling I (Acc) (Hedged) Share Class Euro Euro Sterling Sterling Euro Sterling Sterling

Euro Euro Euro Euro Euro

Sterling Sterling Euro Euro Sterling Euro Euro

Sterling Sterling Sterling Sterling Sterling

20 5 2,464 2,464 70 2,454 2,454

3,025 5 20 3,025 70

16 4 3,035 3,035 57 3,025 3,025

2,454 4 16 2,453 57

04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13

(1) 0 0 (1) 0

GBP

(2)

EUR

(2)

BNY Mellon Evolution Global Alpha Fund USD I (Acc) (Hedged) Share Class Euro Euro Euro US dollar

US dollar US dollar US dollar Euro Euro US dollar US dollar

US dollar US dollar US dollar Euro

Euro Euro Euro US dollar US dollar Euro Euro

3,407,475 3,407,475 23,000 118,517

4,428,037 40,311 4,428,020 93,000 90,000 4,493,608 4,493,628

4,492,459 4,492,517 29,908 89,813

3,403,475 31,000 3,403,475 122,759 118,799 3,407,475 3,407,475

US dollar US dollar Euro Euro US dollar Euro Euro

1,863 1,862 65 13 110 2,456 2,457

2,456 2,455 49 10 145 1,862 1,863

(59,534) (563) (59,552) (99) (96) (588) (567)

6

USD

(120,999)

Net EUR

8

EUR

(91,770)

Net USD

(119,940)

Net EUR

(90,967)

04-Jan-13 04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13 05-Feb-13 05-Feb-13

0 0 0 0 0 0 0

USD

0

EUR

0

The counterparties for the above contracts are BNP Paribas, Paris and UBS, Zurich in respect of BNY Mellon Evolution Global Alpha Fund; Citigroup, New York and UBS, Zurich in respect of BNY Mellon Evolution Global Alpha Fund Sterling H (Acc) (Hedged) Share Class; Citigroup, New York and UBS, Zurich in respect of BNY Mellon Evolution Global Alpha Fund Sterling I (Acc) (Hedged) Share Class; Citigroup, New York, The Bank of New York Mellon, New York and UBS, Zurich in respect of BNY Mellon Evolution Global Alpha Fund USD H (Hedged) Share Class; Citigroup, New York, The Bank of New York Mellon, New York and UBS, Zurich in respect of BNY Mellon Evolution Global Alpha Fund USD I (Acc) (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 76.88

OTC financial derivative instruments

0.56

Financial derivative instruments dealt in on a regulated market

0.40

Other current assets

22.16

Total assets 60

04-Jan-13 04-Jan-13 04-Jan-13 05-Feb-13 05-Feb-13 05-Feb-13 05-Feb-13

Net GBP

BNY Mellon Evolution Global Alpha Fund USD H (Hedged) Share Class Euro Euro US dollar US dollar Euro US dollar US dollar

Unrealised Gain/(Loss)

100.00

BNY Mellon

BNY Mellon Evolution Global Strategic Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value USD

Total net assets %

Australia

30,750

0.37

30,000 FMG Resources August 2006 Pty Ltd 6.875% 01-Apr-2022

Canada 35,000 Teck Resources Ltd 2.500% 01-Feb-2018

Colombia 40,000 Bancolombia S.A. 5.125% 11-Sep-2022

France 50,000 AXA SA 5.777% 29-Jul-2049 VAR

Germany 100,000 Grohe Holding GmbH 8.750% 15-Dec-2017

Ireland 200,000 Ardagh Packaging Finance Plc 7.375% 15-Oct-2017 100,000 Governor & Co of The Bank of Ireland 4.000% 28-Jan-2015 195,000 Ireland Government Bond 5.000% 18-Oct-2020 100,000 Trafigura Securitisation Finance Plc 2.653% 15-Oct-2015 FRN

Italy 100,000 Intesa Sanpaolo SpA 4.125% 19-Sep-2016 195,000 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 50,000 Telecom Italia Capital S.A. 6.999% 04-Jun-2018

Kazakhstan 100,000 KazMunayGas National Co 7.000% 05-May-2020

Luxembourg 30,000 50,000 20,000 100,000

ArcelorMittal 3.750% 01-Mar-2016 ArcelorMittal 4.500% 25-Feb-2017 ArcelorMittal 5.500% 01-Mar-2021 Holcim US Finance Sarl & Cie SCS 6.000% 30-Dec-2019

Mexico 2,510,000 Mexican Bonos 8.000% 17-Dec-2015 35,000 Petroleos Mexicanos 5.500% 21-Jan-2021

Netherlands 63,481 Bumper 4 SA 1.410% 20-May-2026 FRN

Nigeria 14,100,000 7,000,000 7,000,000 7,000,000

Nigeria Treasury Bill 0.000% 07-Mar-2013 Nigeria Treasury Bill 0.000% 25-Apr-2013 Nigeria Treasury Bill 0.000% 07-Nov-2013 Nigeria Treasury Bill 0.000% 19-Dec-2013

Portugal 180,000 Portugal Obrigacoes do Tesouro OT 3.600% 15-Oct-2014 80,000 Portugal Obrigacoes do Tesouro OT 4.450% 15-Jun-2018

Russia 100,000 Eurasian Development Bank 7.375% 29-Sep-2014 100,000 Severstal OAO Via Steel Capital SA 6.700% 25-Oct-2017

30,750

0.37

35,730

0.43

35,730

0.43

41,700

0.50

41,700

0.50

64,745

0.78

64,745

0.78

137,182

1.64

137,182

1.64

716,444

8.59

217,500

2.61

134,208 263,782

1.61 3.16

100,954

1.21

468,620

5.61

137,532 273,901 57,187

1.65 3.28 0.68

124,490

1.49

124,490

1.49

214,230

2.57

30,122 50,378 20,072 113,658

0.36 0.61 0.24 1.36

249,409

2.99

208,546 40,863

2.50 0.49

84,166

1.01

84,166

1.01

211,401

2.54

88,012 43,029 40,439 39,921

1.06 0.52 0.48 0.48

333,932

4.00

236,517 97,415

2.83 1.17

217,988

2.61

108,488

1.30

109,500

1.31

Holdings Description

Supranational 95,000 Corp Andina de Fomento 3.750% 15-Jan-2016 20,000 Corp Andina de Fomento 4.375% 15-Jun-2022

Turkey 200,000 Export Credit Bank of Turkey 5.375% 04-Nov-2016 150,000 Turkey Government Bond 9.500% 12-Jan-2022

United Kingdom 50,000 50,000 34,621 29,883 20,000 50,000

FCE Bank Plc 5.125% 16-Nov-2015 Lloyds TSB Bank Plc 9.875% 16-Dec-2021 VAR Paragon Mortgages Plc 0.719% 15-Sep-2039 FRN Paragon Mortgages Plc 0.763% 15-Nov-2038 FRN Royal Bank of Scotland Group Plc 6.125% 15-Dec-2022 Royal Bank of Scotland Plc/The 9.500% 16-Mar-2022 VAR 34,330 Volkswagen Car Lease 0.740% 21-Feb-2017 FRN

United States of America 40,000 100,000 50,000 100,000 50,000 100,000 65,000 45,000 50,000 65,008 49,000 45,000 20,000 40,000 54,002 50,000 73,377 40,000 25,000 20,000 45,000 25,000 30,000 100,000 70,000 35,000 25,000

Slovenia 200,000 Slovenia Government International 5.500% 26-Oct-2022

South Africa 240,000 South Africa Government Bond 6.250% 31-Mar-2036 800,000 South Africa Government Bond 6.750% 31-Mar-2021

Spain 37,186 100,000 115,000 65,000 45,000

Driver Espana 1.360% 21-Sep-2022 FRN Repsol International Finance B 4.375% 20-Feb-2018 Spain Government Bond 5.500% 30-Jul-2017 Spain Government Bond 5.850% 31-Jan-2022 Telefonica Emisiones SAU 5.462% 16-Feb-2021

210,750

2.53

210,750

2.53

119,502

1.43

22,967 96,535

0.27 1.16

390,362

488,171

5.85

1,098,626

48,933 141,569 160,414 89,218 48,037

0.59 1.70 1.92 1.07 0.57

100,000 562,311

20,000 35,000 40,000 32,997 29,096

AES Corp 7.375% 01-Jul-2021 Ally Financial Inc 5.500% 15-Feb-2017 Ally Financial Inc 8.000% 01-Nov-2031 AmeriCredit Automobile Receivables Trust 3.380% 09-Apr-2018 AmeriCredit Automobile Receivables Trust 4.720% 08-Mar-2018 AmeriCredit Automobile Receivables Trust 5.050% 08-Dec-2017 Banc of America Merrill Lynch Commercial Mortgage Inc 5.983% 10-Feb-2051 VAR Cablevision Systems Corp 7.750% 15-Apr-2018 CenturyLink Inc 5.150% 15-Jun-2017 Chase Funding Mortgage Loan Asset-Backed Certificates 5.323% 25-Feb-2035 Chrysler Financial Auto Securitization Trust 3.520% 08-Aug-2016 CHS/Community Health Systems I 7.125% 15-Jul-2020 CIT Group Inc 5.000% 15-May-2017 Citigroup Inc 5.950% 29-Dec-2049 VAR Citigroup Mortgage Loan Trust Inc 0.360% 25-Aug-2036 FRN Clear Channel Worldwide Holdings Inc 7.625% 15-Mar-2020 Countrywide Alternative Loan Trust 5.500% 25-Apr-2034 County of Jefferson AL 5.250% 01-Jan-2014 DISH DBS Corp 5.000% 15-Mar-2023 DISH DBS Corp 7.125% 01-Feb-2016 EPR Properties 5.750% 15-Aug-2022 First Data Corp 6.750% 01-Nov-2020 First Data Corp 10.550% 24-Sep-2015 Ford Credit Auto Owner Trust 2.430% 15-Jan-2019 Ford Motor Co 7.450% 16-Jul-2031 GE Capital Commercial Mortgage Corp 5.061% 10-May-2043 VAR GE Capital Commercial Mortgage Corp 5.481% 10-Mar-2044 VAR General Electric Capital Corp 6.250% 15-Dec-2049 VAR Government National Mortgage Association 1.341% 01-May-2051 Government National Mortgage Association 1.528% 01-Apr-2042 Government National Mortgage Association 7.478% 01-Feb-2053 FRN HCA Inc 6.250% 15-Feb-2021 Health Care REIT Inc 5.125% 15-Mar-2043 Hewlett-Packard Co 4.300% 01-Jun-2021 Home Equity Asset Trust 1.200% 25-Jan-2035 HSI Asset Securitization Corp Trust 0.3400% 25-May-2037 FRN

Fair value USD

Total net assets %

121,883

1.46

100,117 21,766

1.20 0.26

318,533

3.82

217,800 100,733

2.61 1.21

363,118

4.35

86,796 59,553 49,201 42,266 21,165

1.04 0.71 0.59 0.51 0.25

58,783 45,354

0.71 0.54

3,494,533

41.88

44,400 107,000 63,125

0.53 1.28 0.76

103,499

1.24

53,904

0.65

108,160

1.30

73,134 50,062 53,876

0.88 0.60 0.65

66,338

0.79

49,197 48,037 21,150 40,500

0.59 0.58 0.25 0.49

48,556

0.58

50,375

0.60

75,426 40,113 25,063 22,400 46,779 25,250 30,712 101,273 88,900

0.90 0.48 0.30 0.27 0.56 0.30 0.37 1.22 1.07

36,696

0.44

23,758 109,228

0.29 1.31

36,496

0.44

27,869

0.33

81,905 20,400 33,856 39,717 31,713

0.98 0.24 0.41 0.48 0.38

28,892

0.35 61

BNY Mellon Evolution Global Strategic Bond Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Holdings Description

Total net assets %

Holdings Description

United States of America – contd.

Venezuela

0.83 0.58 0.65 0.13 0.71 0.65 0.94 0.55 0.53 0.48 0.14 0.25 0.65

6,562

0.08

10,949

0.14

Interest due on investments (Note 1)

90,234

1.08

8,357,189

100.16

Total financial assets at fair value through profit or loss Future options (7) (7) (6) (4) (4)

U.S. 10 Year Treasury Note Future Call 134 Exp 25-Jan-2013 U.S. 10 Year Treasury Note Future Put 131.5 Exp 25-Jan-2013 U.S. Treasury Bond Future Call 157 Exp 25-Jan-2013 U.S. Treasury Bond Future Put 144 Exp 25-Jan-2013 U.S. Treasury Bond Future Put 145 Exp 25-Jan-2013

(1,039) (1,805) (187) (1,063) (1,625)

(0.01) (0.02) (0.00) (0.01) (0.02)

(5,719)

(0.06)

(3,764) (2,184)

(0.05) (0.03)

(5,948)

(0.08)

(5,332) (1,049)

(0.06) (0.02)

Total interest rate swaps

(6,381)

(0.08)

Unrealised loss on forward foreign currency contracts (see below)

(19,728)

(0.23)

(37,776)

(0.45)

Total future options Open futures contracts 0.62 1.75 0.51 0.61 0.13 0.21 0.33 0.45 0.63 0.42 0.62 0.84 0.48

United States of America

86,190

1.03

3,250 GMAC Capital Trust I Pfd 8.125%

86,190

1.03

86,190

1.03

Future options 7 U.S. 10 Year Treasury Note Future Call 133 Exp 25-Jan-2013 6 U.S. Treasury Bond Future Call 153 Exp 25-Jan-2013 4 U.S. Treasury Bond Future Put 146 Exp 25-Jan-2013

Unrealised gain on forward foreign currency contracts (see below)

1.25

97.45

Total investments in equity securities

(3) Euro-Bund Future Short Futures Contracts Exp Mar 2013 3 UK Long Gilt Future Long Futures Contracts Exp Mar 2013

Total open futures contracts Interest rate swaps 580,000 CDX Staple Citigroup 1.000% 20-Sep-2017 (50,000) CDX High Yield JPMorgan 5.000% 20-Dec-2017

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

4,156 1,125 2,438

0.05 0.01 0.03

7,719

0.09

988 696 497 9,515 6,062 627

0.01 0.01 0.01 0.11 0.07 0.01

18,385

0.22

24,113

0.29

8,343,526

100.00

* Held as collateral by JPMorgan in connection with the margin requirements for futures held by the Fund. The counterparty for futures contracts and future options is JPMorgan. The counterparty for currency options is JPMorgan. The counterparties for interest rate swaps are Citigroup and JPMorgan.

Forward foreign currency contracts – contd. Buy

Currency options

62

0.02

0.03

0.37

8,130,790

Total currency options

1,969

0.15

0.74

1.00

US dollar/Australian dollar Call 02-May-2013 0.9800 US dollar/Canadian dollar Call 02-May-2013 1.0400 US dollar/Euro Call 02-May-2013 1.2350 US dollar/Euro Call 13-Jun-2013 1.3100 US dollar/Euro Put 13-Jun-2013 1.3100 US dollar/Sterling pound Call 02-May-2013 1.5500

0.02

2,516

0.37

83,513

150,000 150,000 150,000 325,000 325,000 150,000

1,875

12,922

Total open futures contracts

0.18

1.00

85,000 Petroleos de Venezuela SA 8.500% 02-Nov-2017

15 U.S. 2 Year Treasury Note Future Long Futures Contracts Exp Mar 2013 (14) U.S. 5 Year Treasury Note Future Short Futures Contracts Exp Mar 2013 (4) U.S. Treasury Long Bond Future Short Futures Contracts Exp Mar 2013 (1) U.S. Treasury Ultra Bond Future Short Futures Contracts Exp Mar 2013

1.39

83,513

Total future options

Total net assets %

Open futures contracts

100,000 JPMorgan Chase Commercial Mortgage Securities Corp 6.088% 12-Feb-2051 VAR 115,959 72,603 JPMorgan Mortgage Acquisition Corp 0.390% 25-Feb-2036 FRN 68,999 45,000 Kinder Morgan Energy Partners 5.000% 15-Aug-2042 48,308 50,000 Liberty Mutual Group Inc 144A 4.950% 01-May-2022 54,240 10,000 Liberty Mutual Group Inc 4.950% 01-May-2022 10,928 50,000 Liberty Property LP 6.625% 01-Oct-2017 59,678 45,000 Merrill Lynch & Co Inc 6.875% 25-Apr-2018 54,253 75,000 Morgan Stanley Capital I Inc 5.073% 13-Aug-2042 VAR 78,539 50,000 Nationstar Home Equity Loan Trust 0.360% 25-Mar-2037 46,202 40,000 NRG Energy Inc 7.625% 15-Jan-2018 44,400 40,000 Owens Corning 4.200% 15-Dec-2022 39,964 10,000 Penn National Gaming Inc 8.750% 15-Aug-2019 11,400 20,000 Rite Aid Corp 9.500% 15-Jun-2017 20,850 54,401 S2 Hospitality LLC 4.500% 15-Apr-2025 54,487 15,000 Santander Drive Auto Receivables Trust 2.520% 17-Sep-2018 14,991 30,000 Santander Drive Auto Receivables Trust 2.700% 15-Aug-2018 30,997 60,000 Santander Drive Auto Receivables Trust 2.940% 15-Dec-2017 62,046 30,000 Santander Drive Auto Receivables Trust 3.010% 16-Apr-2018 30,937 100,000 Santander Drive Auto Receivables Trust 3.780% 15-Nov-2017 104,570 50,000 Santander Drive Auto Receivables Trust 3.870% 15-Feb-2018 52,188 140,000 Santander Drive Auto Receivables Trust 4.010% 15-Feb-2017 146,261 40,000 Santander Drive Auto Receivables Trust 4.740% 15-Sep-2017 42,509 50,000 SLM Corp 4.625% 25-Sep-2017 51,190 10,000 SLM Corp 6.000% 25-Jan-2017 10,825 15,000 SLM Corp 8.450% 15-Jun-2018 17,550 25,000 Sprint Nextel Corp 7.000% 15-Aug-2020 27,312 43,013 Structured Asset Securities Co 0.370% 25-Apr-2036 FRN 37,658 50,000 Taylor Morrison Communities Inc/Monarch Communities Inc 7.750% 15-Apr-2020 53,000 35,000 Transocean Inc 2.500% 15-Oct-2017 35,370 50,000 Unit Corp 6.625% 15-May-2021 51,313 70,000 United States Treasury Bill 0.000% 07-Feb-2013* 69,999 35,000 Willis North America Inc 6.200% 28-Mar-2017 39,851

Total investments in bond securities

Fair value USD

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

1,281 430 35 2,483 6,054 2 410

USD

10,695

BNY Mellon Evolution Global Strategic Bond Fund Euro Russian rouble US dollar US dollar US dollar US dollar US dollar

US dollar US dollar Euro Japanese yen Japanese yen Sterling Turkish lira

125,000 1,400,000 6,629 117,391 167,506 16,167 95,177

163,571 45,208 5,000 9,900,000 13,910,000 10,000 170,000

BNY Mellon

BNY Mellon Evolution Global Strategic Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Expiry Date

Amount (S)

Unrealised Gain/(Loss)

BNY Mellon Evolution Global Strategic Bond Fund – contd. Euro Singapore dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

US dollar US dollar Euro Euro Euro Euro Euro Euro Euro Sterling Sterling

40,000 200,000 326,690 314,393 294,413 274,056 339,693 288,101 313,080 80,640 80,717

52,789 164,041 250,000 240,000 225,000 210,000 260,000 220,000 240,000 50,000 50,000

29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

(37) (364) (3,015) (2,123) (2,321) (2,895) (3,200) (2,039) (3,436) (188) (110)

USD

(19,728)

Net USD

(9,033)

BNY Mellon Evolution Global Strategic Bond Fund EUR H (Hedged) Share Class Euro

US dollar

5,232

6,773

15-Jan-13

96

EUR

96

USD

127

15-Jan-13

96

EUR

96

USD

127

BNY Mellon Evolution Global Strategic Bond Fund EUR I (Hedged) Share Class Euro

US dollar

5,228

6,767

Net USD

(8,779)

The counterparties for the above contracts are Barclays Bank plc, London, Bank of Australia, Sydney, Commonwealth Bank of Australia, Sydney, Credit Suisse First Boston, London, Deutsche Bank, New York, Goldman Sachs, New York, JPMorgan Chase, New York, Morgan Stanley, New York, Royal Bank of Scotland, London and UBS, Zurich in respect of BNY Mellon Evolution Global Strategic Bond Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Evolution Global Strategic Bond Fund EUR H (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Evolution Global Strategic Bond Fund EUR I (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 97.75

OTC financial derivative instruments

0.13

Financial derivative instruments dealt in on a regulated market

0.46

Other current assets

1.66

Total assets

100.00

63

BNY Mellon Global Bond Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

48,127,671

4.90

ING Bank Australia Ltd 3.460% 03-Mar-2015 FRN 3,433,570 ING Bank Australia Ltd 3.790% 24-Jun-2014 FRN 5,068,177 Landwirtschaftliche Rentenbank 3.670% 27-Jan-2016 FRN 8,483,203 New South Wales Treasury Corp 2.750% 20-Nov-2025 21,102,245 Queensland Treasury Corp 6.250% 21-Feb-2020 10,040,476

0.35 0.52 0.86 2.15 1.02

Holdings Description

Australian dollar 3,300,000 4,860,000 8,190,000 15,640,000 8,500,000

Canadian dollar

40,107,397

8,920,000 Canada Housing Trust No 1 144A 1.664% 15-Sep-2014 FRN 30,190,000 Canadian Government Bond 2.000% 01-Jun-2016

Czech koruna

9,035,490 31,071,907

0.92 3.17

19,906,392

2.03

1.35

21,585,239 32,879,946 9,078,374 11,450,782 5,113,668 11,825,789 8,381,568 31,154,290 10,766,509 10,407,597 15,872,220 33,320,794 7,598,116 11,014,547

2.20 3.35 0.92 1.17 0.52 1.21 0.85 3.18 1.10 1.06 1.62 3.40 0.77 1.12

7,890,000 12,350,000 5,970,000

4,372,299

0.45

2,260,779 2,111,520

0.23 0.22

15,212,109

1.55

15,212,109

1.55

44,721,796

4.56

20,013,000 10,307,812 14,400,984

2.04 1.05 1.47

37,227,509

3.80

7,069,079 30,158,430

0.72 3.08

62,828,795

6.40

10,632,995 10,489,271 41,706,529

1.08 1.07 4.25

28,161,280

2.87

234,510,000 Mexican Bonos 7.750% 14-Dec-2017 130,280,000 Mexican Bonos 8.000% 19-Dec-2013 160,250,000 Mexican Bonos 8.000% 11-Jun-2020

New Zealand dollar 8,000,000 New Zealand Government Bond 2.000% 20-Sep-2025 31,510,000 New Zealand Government Bond 5.500% 15-Apr-2023

2.87

69,610,584

7.10

Barclays Bank Plc 1.500% 04-Apr-2017 8,783,311 European Investment Bank 4.875% 07-Sep-2016 5,735,454 Kreditanstalt fuer Wiederaufbau 2.750% 07-Sep-2015 12,718,015 Lloyds TSB Bank Plc 1.500% 02-May-2017 10,335,304 Suncorp-Metway Ltd 4.000% 16-Jan-2014 9,227,085 United Kingdom Gilt 1.750% 07-Sep-2022 10,558,469 United Kingdom Gilt 4.750% 07-Dec-2038 7,729,670 United Kingdom Gilt Inflation Linked 1.250% 22-Nov-2055 4,523,276

0.90 0.58 1.30 1.05 0.94 1.08 0.79 0.46

Swedish krona

15,553,672

1.59

15,553,672

1.59

3,196,997

0.33

3,196,997

0.33

Turkish lira 7,140,000 Asian Development Bank 0.500% 25-Jan-2017 64

16,910,000 3,835,000 9,580,000 10,210,000 4,730,000 10,335,000 22,060,000 31,680,000 26,580,000 41,460,000 37,150,000

Achmea Hypotheekbank NV 3.200% 03-Nov-2014 Asian Development Bank 2.625% 09-Feb-2015 Bank of England Euro Note 1.375% 07-Mar-2014 Bermuda Government International Bond 4.138% 03-Jan-2023 Bulgaria Government International Bond 8.250% 15-Jan-2015 Commonwealth Bank of Australia 0.839% 17-Sep-2014 FRN Finland Government International Bond 2.250% 17-Mar-2016 FMS Wertmanagement AoeR 0.415% 25-Apr-2013 FRN Iceland Government International Bond 4.875% 16-Jun-2016 Instituto de Credito Oficial 0.563% 28-Jan-2013 FRN Kingdom of Belgium 0.875% 14-Sep-2015 Lithuania Government International Bond 5.125% 14-Sep-2017 Netherlands Government Bond 1.000% 24-Feb-2017 NIBC Bank NV 0.691% 02-Dec-2014 FRN NIBC Bank NV 2.800% 02-Dec-2014 Oesterreichische Kontrollbank AG 1.750% 05-Oct-2015 Republic of Latvia 2.750% 12-Jan-2020 Temasek Financial I Ltd 4.300% 25-Oct-2019 United States Treasury Note/Bond 1.000% 30-Sep-2016 United States Treasury Note/Bond 1.000% 31-Mar-2017 United States Treasury Note/Bond 1.500% 31-Aug-2018 United States Treasury Note/Bond 2.125% 15-Aug-2021 United States Treasury Note/Bond 4.250% 15-May-2039

Total investments in bond securities

8,081,776 13,247,424 14,543,090

0.82 1.35 1.48

2,129,000

0.22

4,617,519

0.47

3,610,165

0.37

14,630,337

1.49

8,394,876

0.86

813,711 7,874,299 12,367,290

0.08 0.80 1.26

6,731,175 17,045,686 3,823,568 9,946,454 10,523,447 4,677,970 11,905,176 22,480,508 32,246,787 27,535,232 43,701,410 47,813,202

0.69 1.74 0.39 1.02 1.07 0.48 1.21 2.29 3.29 2.81 4.46 4.87

951,410,569

97.01

4,106,821

0.42

10,167,534

1.04

965,684,924

98.47

Unrealised gain on forward foreign currency contracts (see below)

28,161,280

86,500,000 Sweden Government Bond 3.500% 01-Jun-2022

13,890,000

13,194,527

Mexican peso

5,310,000 3,110,000 7,470,000 6,250,000 5,520,000 6,570,000 3,625,000 1,910,012

3,598,000

775,000

43,954,000 Malaysia Government Bond 4.378% 29-Nov-2019

Sterling

4,060,000

23.82

Malaysian ringgit

Polish zloty

33.52

233,643,966

21,790,000,000 European Bank for Reconstruction & Development 6.750% 19-Feb-2013 20,120,000,000 European Investment Bank 6.000% 22-Apr-2014

74,570,000 Poland Government Bond 5.750% 23-Sep-2022

328,740,102

8,400,000

Indonesian rupiah

Norwegian krone

US dollar 7,710,000 12,660,000 14,360,000 2,000,000

2.03

8,720,000 Austria Government Bond 144A 3.400% 22-Nov-2022 13,700,000 Austria Government Bond 144A 4.650% 15-Jan-2018 22,570,000 Belgium Government Bond 3.000% 28-Sep-2019 6,020,000 Czech Republic International 3.875% 24-May-2022 8,030,000 European Investment Bank 3.125% 15-Oct-2015 3,091,000 European Investment Bank 4.000% 15-Oct-2037 8,280,000 European Union 2.750% 03-Jun-2016 6,100,000 FMS Wertmanagement AoR 1.625% 22-Feb-2017 21,200,000 FMS Wertmanagement AoR 3.000% 03-Aug-2018 7,820,000 Fortis Bank Nederland NV 3.375% 19-May-2014 7,720,000 France Government Bond OAT 2.250% 25-Oct-2022 11,300,000 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 23,300,000 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 5,270,000 Kreditanstalt fuer Wiederaufbau 3.125% 08-Apr-2016 8,000,000 Swedbank AB 3.375% 27-May-2014

55,410,000 European Investment Bank 4.250% 19-May-2017 50,310,000 Norway Government Bond 4.500% 22-May-2019 228,910,000 Norway Government Bond 6.500% 15-May-2013

Total net assets %

19,906,392

310,490,000 Czech Republic Government Bond 5.000% 11-Apr-2019

Euro

4.09

Holdings Description

Fair value USD

Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(17,927,055)

(1.83)

(17,927,055)

(1.83)

32,940,209

3.36

980,698,078

100.00

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

9,699 237,369 27,000 8,550,000 11,950,000 2,860,000 3,180,000 13,886,000 406,000 9,165,758 1,015,351 7,798,309 827,362 23,250,950

7,336 179,435 35,586 11,169,686 15,760,592 3,743,222 4,162,989 18,125,812 654,945 8,816,205 970,000 7,477,000 800,000 23,107,979

02-Jan-13 02-Jan-13 03-Jan-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

26 784 14 110,677 5,530 30,092 32,515 194,553 1,277 71,546 14,764 85,532 2,135 57,263

BNY Mellon Global Bond Fund US dollar US dollar Euro Euro Euro Euro Euro Euro Sterling US dollar US dollar US dollar US dollar US dollar

Euro Euro US dollar US dollar US dollar US dollar US dollar US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar

BNY Mellon

BNY Mellon Global Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Forward foreign currency contracts – contd. Amount (S)

Expiry Date

Unrealised Gain/(Loss)

842,191 16,000,000 1,125,852 848,000 16,950,907 12,760,000 10,272,835 7,760,000 3,291,048 2,490,000 4,512,438 379,510,000 1,352,811 111,350,000 3,259,375 275,000,000 6,568,360 549,530,000 16,861,748 1,383,670,000 27,830,760 363,413,364 35,929,628 43,792,000 1,634,965 1,010,000 2,770,528 1,710,000 1,311,286 810,000

14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

1,833 7,051 116,119 34,751 5,890 105,969 59,932 66,366 187,798 796,035 154,915 87,277 2,492 6,640 2,075

USD

2,241,851

Amount (B)

BNY Mellon Global Bond Fund – contd. US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Euro US dollar US dollar Euro Euro Japanese yen Japanese yen Malaysian ringgit Mexican peso Mexican peso Sterling Sterling US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Czech koruna Euro Euro Euro Euro Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Mexican peso New Zealand dollar Sterling Sterling Sterling

Buy

Sell

Amount (B)

Expiry Date

Amount (S)

Unrealised Gain/(Loss)

BNY Mellon Global Bond Fund EUR H (Hedged) Share Class – contd.

US dollar 6,702 8,860 Sterling 654,791 405,820 Euro 126,336 95,854 US dollar 7,880,000 10,422,947 US dollar 6,967,000 9,232,236 25,003,802,863 304,969,799 US dollar US dollar 153,740,000 1,846,964 US dollar 16,090,000 5,254,907 US dollar 31,704,000 2,447,476 US dollar 11,750,000 905,941 US dollar 2,791,000 4,536,547 US dollar 657,000 1,064,039 Czech koruna 19,430,269 374,947,060 Euro 2,049,478 1,555,000 Euro 4,001,877 3,040,000 Euro 10,570,299 8,132,000 Euro 24,996,524 19,099,453 Euro 16,779,735 12,963,000 Malaysian ringgit 5,213,869 16,090,000 New Zealand dollar 1,668,632 2,040,000 Norwegian krone 64,286,930 363,181,361 Polish zloty 1,116,085 3,500,000 Polish zloty 11,386,749 36,211,000 Swedish krona 9,875,144 65,481,090 Swedish krona 1,435,350 9,560,000 Turkish lira 3,084,246 5,574,000

02-Jan-13 02-Jan-13 03-Jan-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

(23) (1,278) (48) (26,542) (40,390) (14,652,069) (61,898) (8,337) (33,049) (11,116) (25,431) (2,125) (262,841) (2,097) (8,919) (158,580) (202,163) (322,879) (32,701) (1,042) (603,470) (3,430) (195,753) (165,777) (30,588) (5,863)

Euro US dollar Euro US dollar US dollar US dollar US dollar US dollar US dollar US dollar

US dollar Euro US dollar Euro Euro Euro Euro Euro Euro Euro

7,336 35,586 27,000 276,695 26,843 9,670 15,392 23,138 2,029 11,988

9,699 27,000 35,731 210,207 20,519 7,336 11,791 17,819 1,543 9,096

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(20) (10) (96) (376) (163) (3) (118) (272) (4) (5)

EUR

(1,067)

USD

(1,407)

Net EUR

763,733

Net USD

1,006,983

BNY Mellon Global Bond Fund EUR I (Hedged) Share Class Euro Euro Euro Euro US dollar

Euro Euro US dollar US dollar US dollar US dollar US dollar

US dollar US dollar US dollar US dollar Euro

US dollar US dollar Euro Euro Euro Euro Euro

2,403 125 33,992,628 9,254 16,949

998 125 11,696 54,933 1,686 5,035 321,276

3,143 164 43,999,038 12,081 12,804

1,322 164 8,941 41,733 1,292 3,890 247,414

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

19 0 625,981 93 50

EUR

626,143

USD

825,570

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(4) 0 (71) (75) (13) (72) (3,774)

EUR

(4,009)

USD

(5,286)

Net EUR

622,134

Net USD

820,284

USD (16,858,409) BNY Mellon Global Bond Fund JPY X (Hedged) Share Class Net USD

(14,616,558)

BNY Mellon Global Bond Fund EUR H (Hedged) Share Class US dollar Euro Euro Euro Euro Euro Euro Euro Euro US dollar US dollar

Euro US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Euro Euro

8,860 95,854 27,907 6,702 20,100 32,000 20,000 41,436,661 176,897 126,850 61,170

6,702 126,336 36,238 8,834 26,492 42,121 26,164 53,634,371 232,601 95,854 46,209

02-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

18 37 426 2 10 57 159 763,064 505 343 179

EUR

764,800

USD

1,008,390

Euro Polish zloty Swedish krona US dollar

Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen

Japanese yen Japanese yen Japanese yen Japanese yen

Australian dollar Canadian dollar Euro Indonesian rupiah Indonesian rupiah Malaysian ringgit Mexican peso Polish zloty Sterling Swedish krona

110,000 90,000 269,000 862,000

12,128,105 2,404,089 3,380,604 72,186,380

73,121,040 857,000 40,244,803 487,000 528,814,967 4,926,000 534,002 62,270,000 10,403,035 1,233,800,000 36,769,600 1,372,000 48,019,929 7,637,000 38,400,008 1,445,000 170,750,720 1,292,000 13,277,946 1,073,000

14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

371,094 75,256 171,964 2,053,936

JPY

2,672,250

USD

31,010

14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

(3,016,131) (1,853,956) (30,921,886) (10,090) (377,440) (1,761,025) (2,070,562) (1,407,246) (9,102,916) (892,707)

65

BNY Mellon Global Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

BNY Mellon Global Bond Fund JPY X (Hedged) Share Class – contd. Japanese yen Japanese yen

US dollar US dollar

790,108,818 40,435,601

9,626,000 483,000

14-Mar-13 14-Mar-13

(38,936,750) (1,163,091)

JPY (91,513,800) USD

(1,061,953)

Net JPY (88,841,550) Net USD

(1,030,943)

The counterparties for the above contracts are Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and New York and UBS, Zurich in respect of BNY Mellon Global Bond Fund; The Bank of New York Mellon, London and New York in respect of BNY Mellon Global Bond Fund EUR H (Hedged) Share Class; The Bank of New York Mellon, London and New York in respect of BNY Mellon Global Bond Fund EUR I (Hedged) Share Class; Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and New York and UBS, London in respect of BNY Mellon Global Bond Fund JPY X (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 95.24

OTC financial derivative instruments

0.42

Other current assets

4.34

Total assets

66

100.00

BNY Mellon

BNY Mellon Global Dynamic Bond Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

2,575,610

6.10

Holdings Description

Ireland 21,279 iShares JPMorgan USD Emerging Markets Bond Fund GBP Class

Total investments in collective investment schemes

2,575,610

6.10

2,575,610

6.10

954,533

2.26

129,000 310,327 139,102 376,104

0.31 0.73 0.33 0.89

Australia 150,000 230,000 100,000 225,000

Consolidated Minerals Ltd 8.875% 01-May-2016 New South Wales Treasury Corp 2.750% 20-Nov-2025 Santos Finance Ltd 8.250% 22-Sep-2070 VAR Suncorp-Metway Ltd 4.000% 16-Jan-2014

Bermuda

147,077

0.35

27,928 119,149

0.07 0.28

79,612

0.19

79,612

0.19

1,495,452

3.54

1,173,302 202,250 119,900

2.78 0.48 0.28

973,756

2.30

225,949

0.53

336,102

0.80

411,705

0.97

208,700

0.49

208,700

0.49

171,669

0.41

171,669

0.41

469,948

1.11

469,948

1.11

283,044

0.67

283,044

0.67

211,537

0.50

211,537

0.50

160,460

0.38

160,460

0.38

242,575

0.57

242,575

0.57

935,434

2.21

587,817 57,685 145,012 144,920

1.39 0.14 0.34 0.34

230,500

0.55

230,500

0.55

169,464

0.40

169,464

0.40

209,990

0.50

209,990

0.50

88,500

0.21

88,500

0.21

300,000 China Green Holdings Ltd 3.000% 12-Apr-2013 119,000 Ship Finance International Ltd 8.500% 15-Dec-2013

Bulgaria 70,000 Bulgaria Government International Bond 8.250% 15-Jan-2015

Canada 1,140,000 Canadian Government Bond 2.000% 01-Jun-2016 200,000 First Quantum Minerals Ltd 7.250% 15-Oct-2019 110,000 Inmet Mining Corp 8.750% 01-Jun-2020

Cayman Islands 213,000 Hutchison Whampoa International 11 Ltd 144A 3.500% 13-Jan-2017 180,000 Petrobras International Finance Co - Pifco 6.250% 14-Dec-2026 330,000 Petrobras International Finance Co - Pifco 7.875% 15-Mar-2019

Costa Rica 200,000 Costa Rica Government International Bond 6.548% 20-Mar-2014

Croatia 120,000 Agrokor DD 9.125% 01-Feb-2020

Czech Republic 7,330,000 Czech Republic Government Bond 5.000% 11-Apr-2019

Denmark 150,000 TDC A/S 5.625% 23-Feb-2023

Dominican Republic 200,000 Aeropuertos Dominicanos Siglo XXI SA 9.250% 13-Nov-2019

El Salvador 150,000 Telemovil Finance Co Ltd 8.000% 01-Oct-2017

Finland 150,000 Finland Government International Bond 0.574% 25-Feb-2016 FRN

Germany 400,000 50,000 140,000 100,000

FMS Wertmanagement AoR 3.000% 03-Aug-2018 Heidelberger Druckmaschinen AG 9.250% 15-Apr-2018 Landwirtschaftliche Rentenbank 3.670% 27-Jan-2016 FRN Unitymedia Hessen GmbH & Co KG 7.500% 15-Mar-2019

Ghana 200,000 Republic of Ghana 8.500% 04-Oct-2017

Guernsey 100,000 F&C Commercial Property Finance Ltd 5.230% 30-Jun-2017 VAR

Iceland 200,000 Iceland Government International Bond 4.875% 16-Jun-2016

Indonesia 100,000 Bumi Investment Pte Ltd 10.750% 06-Oct-2017

Holdings Description

Ireland 260,000 300,000 100,000 430,000

Allied Irish Banks Plc 3.250% 04-Feb-2013 Ireland Government Bond 5.900% 18-Oct-2019 Nara Cable Funding Ltd 8.875% 01-Dec-2018 Permanent TSB Plc 4.000% 10-Mar-2015

Italy 150,000 Lottomatica Group SpA 8.250% 31-Mar-2066 VAR

Japan 100,000 eAccess Ltd 8.375% 01-Apr-2018

Jersey 100,000 Dana Gas Sukuk Ltd 7.500% 31-Oct-2049 100,000 Heathrow Funding Ltd 3.000% 08-Jun-2015

Latvia 200,000 Republic of Latvia 2.750% 12-Jan-2020

Lithuania 210,000 Lithuania Government International Bond 5.125% 14-Sep-2017

Luxembourg 200,000 100,000 100,000 100,000 100,000 150,000 200,000 100,000

Aguila 3 SA 7.875% 31-Jan-2018 Altice Financing SA 8.000% 15-Dec-2019 Cirsa Funding Luxembourg SA 8.750% 15-May-2018 Ineos Group Holdings Ltd 7.875% 15-Feb-2016 Lecta SA 8.875% 15-May-2019 Matterhorn Mobile SA 6.750% 15-May-2019 Pacific Drilling V Ltd 7.250% 01-Dec-2017 Wind Acquisition Finance SA 11.750% 15-Jul-2017

Malaysia 1,780,000 Malaysia Government Bond 4.378% 29-Nov-2019

Marshall Islands 109,000 Drill Rigs Holdings Inc 6.500% 01-Oct-2017

Mexico 8,240,000 3,980,000 6,650,000 73,000

Mexican Bonos 7.750% 14-Dec-2017 Mexican Bonos 8.000% 19-Dec-2013 Mexican Bonos 8.000% 11-Jun-2020 Satelites Mexicanos SA de CV 9.500% 15-May-2017

Mongolia 200,000 Mongolia Government International Bond 4.125% 05-Jan-2018

Namibia 200,000 Namibia International Bonds 5.500% 03-Nov-2021

Netherlands 140,000 Bank Nederlandse Gemeenten 0.453% 03-May-2013 FRN 83,262 Boats Investments Netherlands BV 8.887% 15-Dec-2015 FRN 90,785 Boats Investments Netherlands BV 11.000% 31-Mar-2017 50,000 Cable & Wireless International Financial NV 8.625% 25-Mar-2019 250,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 7.250% 20-Apr-2018 100,000 EN Germany Holdings BV 10.750% 15-Nov-2015 50,000 Intergen NV 9.500% 30-Jun-2017 50,000 InterXion Holding NV 9.500% 12-Feb-2017 95,000 HeidelbergCement Finance Luxembourg SA 7.500% 03-Apr-2020 650,000 Netherlands Government Bond 1.000% 24-Feb-2017 50,000 OI European Group BV 6.750% 15-Sep-2020 100,000 Ziggo Bond Co BV 8.000% 15-May-2018

Fair value USD

Total net assets %

1,480,810

3.51

342,893 433,741 132,895 571,281

0.81 1.03 0.32 1.35

207,466

0.49

207,466

0.49

148,068

0.35

148,068

0.35

247,527

0.59

80,510 167,017

0.19 0.40

197,800

0.47

197,800

0.47

236,775

0.56

236,775

0.56

1,273,361

3.01

212,000 138,937 130,037 130,913 140,585 175,276 207,500 138,113

0.50 0.33 0.31 0.31 0.33 0.41 0.49 0.33

616,044

1.46

616,044

1.46

108,455

0.26

108,455

0.26

1,692,358

4.00

703,202 314,897 597,609 76,650

1.66 0.75 1.41 0.18

197,000

0.47

197,000

0.47

223,500

0.53

223,500

0.53

1,911,558

4.52

140,020

0.33

32,934

0.08

68,229

0.16

86,288

0.21

293,518 123,280 71,133 73,094

0.69 0.29 0.17 0.17

147,973 655,216 74,825 145,048

0.35 1.55 0.18 0.34

67

BNY Mellon Global Dynamic Bond Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

1,373,833

3.25

183,931

0.43

146,655

0.35

1,043,247

2.47

2,483,611

5.87

316,162 86,524 796,443 1,284,482

0.75 0.20 1.88 3.04

1,114,065

2.64

1,114,065

2.64

345,328

0.82

345,328

0.82

256,119

0.61

126,906 129,213

0.30 0.31

653,130

1.55

83,895

0.20

62,400 82,373 31,500 311,935 81,027

0.15 0.20 0.07 0.74 0.19

1,059,337

2.50

153,935 265,275 640,127

0.36 0.63 1.51

243,223

0.58

243,223

0.58

7,546,725

17.86

Holdings Description

New Zealand 100,000 Chorus Ltd 6.750% 06-Apr-2020 90,000 Fonterra Cooperative Group Ltd 4.875% 11-Apr-2013 1,090,000 New Zealand Government Bond 5.500% 15-Apr-2023

Norway 220,000 65,000 3,820,000 7,050,000

DNB Bank ASA 4.750% 08-Mar-2022 VAR Eksportfinans ASA 4.750% 11-Jun-2013 Norway Government Bond 4.500% 22-May-2019 Norway Government Bond 6.500% 15-May-2013

Poland 2,950,000 Poland Government Bond 5.750% 23-Sep-2022

Portugal 290,000 Portugal Obrigacoes do Tesouro OT 4.750% 14-Jun-2019

South Africa 100,000 Edcon Proprietary Ltd 3.433% 15-Jun-2014 FRN 100,000 Peermont Global Pty Ltd 7.750% 30-Apr-2014

Supernational 440,000 European Bank for Reconstruction & Development 4.000% 11-May-2017 600,000,000 European Bank for Reconstruction & Development 6.750% 19-Feb-2013 175,000 European Investment Bank 0.000% 30-Mar-2016 300,000,000 European Investment Bank 6.000% 22-Apr-2014 360,000 European Investment Bank 6.500% 10-Sep-2014 135,000 European Investment Bank 8.000% 23-Nov-2015

Sweden 100,000 Eileme 2 AB 11.750% 31-Jan-2020 250,000 Svenska Handelsbanken AB 3.125% 12-Jul-2016 3,560,000 Sweden Government Bond 3.500% 01-Jun-2022

Switzerland 145,000 UBS AG 5.250% 21-Jun-2021 VAR

United Kingdom 200,000 105,655 100,000 443,000 100,000 190,000 170,000 70,000 77,000 150,000 145,000 60,000 135,000 100,000 89,842 150,000 100,000 40,000 50,000 100,000 100,000 100,000 270,000 150,000 65,000 100,000 120,000 210,000

68

Afren Plc 11.500% 01-Feb-2016 Arsenal Securities Plc 5.142% 01-Sep-2029 Barclays Bank Plc 4.980% 17-Aug-2015 FRN BAT International Finance Plc 8.125% 15-Nov-2013 Boparan Finance Plc 9.875% 30-Apr-2018 British Telecommunications Plc 5.250% 22-Jan-2013 BUPA Finance Plc 7.500% 04-Jul-2016 Co-Operative Bank Plc 5.625% 16-Nov-2021 VAR Co-Operative Bank Plc 5.750% 02-Dec-2024 VAR Daily Mail & General Trust Plc 7.500% 29-Mar-2013 Direct Line Insurance Group Plc 9.250% 27-Apr-2042 VAR Enterprise Inns Plc 6.500% 06-Dec-2018 Experian Finance Plc 5.625% 12-Dec-2013 Firstgroup Plc 5.250% 29-Nov-2022 Fosse Master Issuer Plc 1.933% 18-Oct-2054 FRN HBOS Plc 3.887% 01-May-2017 VAR House of Fraser Funding Plc 8.875% 15-Aug-2018 Hutchison Ports UK Finance Plc 6.750% 07-Dec-2015 International Personal Finance Plc 11.500% 06-Aug-2015 Jaguar Land Rover Plc 8.125% 15-May-2018 Kerling Plc 10.625% 01-Feb-2017 LBG Capital No.1 Plc 11.040% 19-Mar-2020 Lloyds TSB Bank Plc 1.500% 02-May-2017 Lloyds TSB Bank Plc 13.000% 19-Dec-2021 VAR Motability Operations Group Plc 5.250% 28-Sep-2016 Moto Finance Plc 10.250% 15-Mar-2017 Nationwide Building Society 5.250% 12-Feb-2018 VAR Network Rail Infrastructure Finance Plc 2.500% 07-Mar-2014

231,500 172,186 104,610 469,969 183,086 251,106 319,076 103,264 112,146 245,076 274,030 93,934 226,715 162,173 147,185 123,647 168,832 73,598

0.55 0.41 0.25 1.11 0.43 0.59 0.76 0.24 0.27 0.58 0.65 0.22 0.54 0.38 0.35 0.29 0.40 0.17

73,704 178,761 126,906 187,127 446,485 185,935 118,506 160,049 192,801

0.17 0.43 0.30 0.44 1.06 0.44 0.28 0.38 0.46

347,146

0.82

Fair value USD

Total net assets %

168,436 271,747 196,639 188,341 138,813 252,185 252,627 160,893 299,702 137,789

0.40 0.64 0.47 0.45 0.33 0.59 0.60 0.38 0.71 0.32

4,399,910

10.42

364,800 215,020

0.86 0.51

42,192 155,913 80,100 325,735 107,125 207,840

0.10 0.37 0.19 0.77 0.25 0.49

238,733 145,500 82,983 100,545 163,500 261,898 95,800 80,812 528,328 1,054,062 149,024

0.57 0.35 0.19 0.24 0.39 0.62 0.23 0.19 1.25 2.50 0.35

35,048,254

82.96

71,175

0.16

605,587

1.43

38,300,626

90.65

Holdings Description

United Kingdom – contd. 100,000 235,000 100,000 180,000 86,000 250,000 150,000 100,000 169,452 100,000

Phones4u Finance Plc 9.500% 01-Apr-2018 Prudential Plc 11.750% 23-Dec-2014 VAR Reed Elsevier Investments Plc 7.000% 11-Dec-2017 Royal Bank of Scotland Plc 5.060% 10-Mar-2014 FRN Royal Bank of Scotland Plc/The 10.500% 16-Mar-2022 VAR Silverstone Master Issuer Plc 1.719% 21-Jan-2055 FRN SSE Plc 5.453% 29-Sep-2049 VAR Standard Chartered Bank 6.000% 25-Jan-2018 VAR Tesco Property Finance 3 Plc 5.744% 13-Apr-2040 Viridian Group FundCo II 11.125% 01-Apr-2017

United States of America 220,000 Altria Group Inc 9.950% 10-Nov-2038 208,000 Apria Healthcare Group Inc 11.250% 01-Nov-2014 50,000 CEDC Finance Corp International Inc 8.875% 01-Dec-2016 110,000 Cemex Finance LLC 9.625% 14-Dec-2017 80,000 Chesapeake Energy Corp 6.775% 15-Mar-2019 270,000 Citigroup Inc 4.250% 25-Feb-2030 VAR 100,000 Clearwire Communications LLC 12.000% 01-Dec-2015 192,000 Consol Energy Inc 8.000% 01-Apr-2017 220,000 DIRECTV Holdings LLC/DIRECTV Financing Co Inc 4.600% 15-Feb-2021 150,000 EXCO Resources Inc 7.500% 15-Sep-2018 58,000 Juneau Investments LLC 5.900% 22-Feb-2021 90,000 L-3 Communications Corp 4.750% 15-Jul-2020 150,000 Offshore Group Investment Ltd 11.500% 01-Aug-2015 200,000 SLM Student Loan Trust 5.150% 15-Dec-2039 80,000 Sprint Nextel Corp 9.250% 15-Apr-2022 75,000 Toys R Us Property Co I LLC 10.750% 15-Jul-2017 510,000 United States Treasury Note/Bond 1.500% 31-Aug-2018 1,000,000 United States Treasury Note/Bond 2.125% 15-Aug-2021 110,000 WMG Acquisition Corp 6.250% 15-Jan-2021

Total investments in bond securities Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss

(118,086)

(0.28)

(118,086)

(0.28)

Net current assets

4,066,588

9.63

Total net assets

42,249,128

100.00

Forward foreign currency contracts – contd. Buy

Sell

US dollar Malaysian ringgit Sterling Sterling Sterling US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Sterling US dollar US dollar US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Chinese yuan

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

8,067 1,000,000 100,000 101,000 11,000 61,535 481,321 189,576 619,631 943,064 243,650 27,057

4,990 324,044 161,316 161,688 17,724 59,000 460,000 182,000 596,000 937,265 241,000 170,000

03-Jan-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

0 2,032 314 1,559 56 675 6,816 1,837 4,837 2,323 1,756 121

BNY Mellon

BNY Mellon Global Dynamic Bond Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Czech koruna Euro Malaysian ringgit Mexican peso Mexican peso Mexican peso New Zealand dollar New Zealand dollar Norwegian krone Polish zloty Sterling Sterling

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Sterling Sterling Czech koruna Euro Euro Euro Norwegian krone Polish zloty Polish zloty Sterling Swedish krona Swedish krona Swiss franc Turkish lira

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

76,074 1,202,856 326,595 670,233 348,248 658,000 1,234,302 108,016 222,838 272,892 608,737 294,534

1,445,000 906,000 1,000,000 8,749,000 4,463,000 8,430,000 1,504,400 130,000 1,241,000 847,000 374,000 182,000

14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

179 7,534 518 3,950 8,367 16,011 2,998 1,615 1,105 1,969 4,237 366

USD

71,175

161,350 8,067 398,195 222,087 135,329 5,389,457 1,989,268 501,278 325,461 7,137,533 156,756 484,851 174,682 161,018

100,000 4,990 7,684,000 170,000 104,000 4,118,000 11,238,133 1,570,000 1,035,000 4,433,300 1,026,000 3,215,000 162,000 291,000

02-Jan-13 03-Jan-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13 14-Mar-13

(315) 0 (5,386) (2,201) (1,882) (43,588) (18,673) (904) (5,595) (28,047) (571) (8,139) (2,479) (306)

USD

(118,086)

Net USD

(46,911)

The counterparties for the above contracts are Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and New York and UBS, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market OTC financial derivative instruments Other current assets

Total assets

Total assets % 88.90 0.17 10.93

100.00

69

BNY Mellon Global Emerging Markets Equity Value Fund Portfolio of investments – as at 31 December 2012

Holdings Description

China 204,800 iShares FTSE A50 China Index ETF

Total investments in collective investment schemes Brazil 73,510 23,900 18,900 32,600 190 390 3,650 12,600 1,600 21,712 17,100 64,700 31,300 64,270 13,870 19,679 11,580 18,150

Banco Santander Brasil SA ADR Brasil Insurance Participacoes e Administracao SA Diagnosticos da America SA EDP - Energias do Brasil SA Embraer SA ADR Fibria Celulose SA ADR Gerdau SA ADR Gerdau SA Pfd Grupo BTG Pactual Itau Unibanco Holding SA ADR Itau Unibanco Holding SA Pfd JBS SA Magnesita Refratarios SA Petroleo Brasileiro SA ADR Porto Seguro SA Sul America SA Telefonica Brasil SA ADR Vale SA ADR

China

Total net assets %

293,300

1.06

293,300

1.06

293,300

1.06

4,451,823

16.12

534,417 232,755 120,831 197,748 5,419 4,434 32,777 110,338 24,225 357,380 278,862 189,597 126,117 1,250,694 156,889 170,119 278,615 380,606

1.93 0.83 0.44 0.71 0.02 0.02 0.12 0.40 0.09 1.29 1.01 0.69 0.46 4.53 0.57 0.62 1.01 1.38

5,068,470

18.36

Anhui Conch Cement Co Ltd Asia Cement China Holdings Corp Beijing Capital International Airport Co Ltd - H BYD Electronic International Co Ltd China Coal Energy Co Ltd - H China Communications Services Corp Ltd ‘H’ China Construction Bank Corp - H China Life Insurance Co Ltd - H China Mobile Ltd China Power International Development Ltd China Railway Group Ltd - H COSCO Pacific Ltd Dongfeng Motor Group Co Ltd Global Bio-Chem Technology Group Co Ltd Guangzhou Automobile Group Co Ltd - H Huaneng Power International Inc ADR Industrial & Commercial Bank of China - H Lianhua Supermarket Holdings Co Ltd ‘H’ MINTH Group Ltd PetroChina Co Ltd - H PICC Property & Casualty Co Ltd Shanghai Industrial Holdings Ltd Sinotrans Ltd - H TPV Technology Ltd Weiqiao Textile Co - H Zhejiang Expressway Co Ltd - H

109,152 33,268 150,103 119,163 317,491 132,943 418,580 268,195 476,244 113,332 124,491 195,858 55,180 97,570 349,813 173,397 481,306 233,598 22,991 331,699 140,116 265,241 150,770 25,105 95,859 187,005

0.40 0.12 0.54 0.43 1.15 0.48 1.52 0.97 1.72 0.41 0.45 0.71 0.20 0.35 1.27 0.63 1.74 0.85 0.08 1.20 0.51 0.96 0.55 0.09 0.35 0.68

Czech Republic

77,875

0.28

370 Komercni Banka AS

77,875

0.28

191,434

0.69

30,000 67,500 210,000 459,500 294,000 230,000 521,590 82,000 40,900 360,000 213,000 138,003 36,000 869,240 395,810 4,670 678,265 245,000 20,000 235,000 100,000 76,000 942,400 94,000 244,400 238,000

Hong Kong 114,310 NWS Holdings Ltd

Hungary 810 Gedeon Richter Rt

India 44,150 35,270 2,590 123,810 36,240 82,180 36,010

70

Fair value USD

Bharat Heavy Electricals Ltd Hindustan Petroleum Corp Ltd ICICI Bank Ltd ADR India Cements Ltd Jubilant Life Sciences Ltd NMDC Ltd Oriental Bank of Commerce

191,434

0.69

132,082

0.48

132,082

0.48

3,066,491

11.11

183,925 187,164 112,950 205,289 148,160 247,337 230,133

0.67 0.68 0.41 0.74 0.54 0.90 0.83

Fair value USD

Total net assets %

158,171 668,233 101,471 389,823 180,424 253,411

0.57 2.42 0.37 1.41 0.65 0.92

437,282

1.58

50,199 190,222 76,039 120,822

0.17 0.69 0.28 0.44

Malaysia

245,224

0.89

81,600 Genting Bhd

245,224

0.89

520,288

1.88

225,846 75,792 218,650

0.82 0.27 0.79

245,768

0.89

109,868 135,900

0.40 0.49

1,520,352

5.51

751,502 304,380 230,908 31,420 202,142

2.72 1.10 0.84 0.12 0.73

1,666,801

6.04

126,246 196,629 278,443 195,253 277,923 466,121 126,186

0.45 0.71 1.01 0.71 1.01 1.69 0.46

5,616,936

20.34

175,736 249,757 237,261 348,103 193,052 541,654 56,358 118,624 148,819 349,172 229,081 287,640 138,212 85,436 264,653 591,024 298,882 307,384 272,914 342,269 294,580 86,325

0.64 0.90 0.86 1.26 0.70 1.96 0.20 0.43 0.54 1.26 0.83 1.04 0.50 0.31 0.96 2.14 1.08 1.11 0.99 1.24 1.07 0.31

2,534,737

9.18

36,244 203,915 573,222 204,070

0.13 0.74 2.08 0.74

Holdings Description

India – contd. 9,960 43,740 90,470 8,960 109,110 119,590

Punjab National Bank Reliance Industries Ltd Rolta India Ltd State Bank of India GDR Steel Authority of India Ltd Sterlite Industries India Ltd

Indonesia 378,000 495,500 114,500 714,500

Aneka Tambang Persero Tbk PT Bank Negara Indonesia Persero Tbk PT Indosat Tbk PT Medco Energi Internasional Tbk PT

Mexico 9,760 America Movil SAB de CV ADR 239,400 Consorcio ARA SAB de CV 17,520 Desarrolladora Homex SAB de CV ADR

Poland 7,577 Asseco Poland SA 2,520 Bank Pekao SA

Russia 76,880 4,560 13,860 2,430 19,270

Gazprom OAO ADR Lukoil OAO ADR Pharmstandard OJSC GDR Sberbank-Sponsored VimpelCom Ltd ADR

6,550 30,900 5,294 36,820 96,538 33,273 63,740

ABSA Group Ltd Adcock Ingram Holdings Ltd Anglo Platinum Ltd JD Group Ltd/South Africa Murray & Roberts Holdings Ltd Standard Bank Group Ltd/South Africa Telkom SA Ltd

South Africa

South Korea 8,690 8,810 6,620 9,833 3,658 19,075 4,040 16,710 8,890 5,079 1,916 8,650 546 1,040 813 416 376 1,513 7,540 1,677 2,068 8,760

Hyundai Development Co Jinro Ltd KB Financial Group Inc ADR KB Financial Group Inc Kia Motors Corp Korea Electric Power Corp Korea Electric Power Corp ADR Korea Exchange Bank KT Corp ADR LG Electronics Inc Mando Corp Mirae Asset Securities Co Ltd NongShim Co Ltd POSCO ADR POSCO Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pfd Samsung Fire & Marine Insurance Co Ltd Shinhan Financial Group Co Ltd Shinsegae Co Ltd SK Telecom Co Ltd Tong Yang Life Insurance

Taiwan 8,090 346,263 187,450 165,065

AU Optronics Corp ADR Chinatrust Financial Holding Co Ltd Hon Hai Precision Industry Co Ltd Nan Ya Printed Circuit Board Corp

BNY Mellon

BNY Mellon Global Emerging Markets Equity Value Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value USD

Total net assets %

44,320 162,650 42,160 185,449 120,252 230,066 143,176 45,331 158,065 262,810 123,007

0.16 0.59 0.15 0.67 0.44 0.83 0.52 0.16 0.57 0.95 0.45

157,238

0.57

157,238

0.57

178,050

0.65

178,050

0.65

316,428

1.15

111,990 77,747 53,882 51,367 3 21,439

0.41 0.28 0.20 0.19 0.00 0.07

59,872

0.22

59,872

0.22

26,487,151

95.94

26,780,451

97.00

828,682

3.00

27,609,133

100.00

Taiwan – contd. 11,000 100,600 7,910 174,000 24,000 536,660 42,907 179,813 57,020 652,297 60,339

Novatek Microelectronics Corp Powertech Technology Inc Siliconware Precision ADR Siliconware Precision Industries Co Simplo Technology Co Ltd SinoPac Financial Holdings Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Tatung Co Ltd Transcend Information Inc United Microelectronics Corp Young Fast Optoelectronics Co Ltd

Tanzania 22,080 African Barrick Gold Ltd

Thailand 26,060 Bangkok Bank PCL

Turkey 90,960 4,820 10,420 5,260 1 13,030

Asya Katilim Bankasi AS Turkcell Iletisim Hizmetleri AS ADR Turkiye Garanti Bankasi AS Turkiye Halk Bankasi AS Turkiye Is Bankasi Turkiye Sise ve Cam Fabrikalari AS

Ukraine 47,940 JKX Oil & Gas Plc

Total investments in equity securities Total financial assets at fair value through profit or loss Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 96.62 3.38

100.00

71

BNY Mellon Global Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Supranational 91,845 BNY Mellon Fund Manager Newton Discovery Fund-X*

Total investments in collective investment schemes Australia 70,369 Newcrest Mining Ltd 84,364 Santos Ltd 61,336 WorleyParsons Ltd

Belgium 50,809 Anheuser-Busch InBev NV

Brazil 164,500 CCR SA 164,793 International Meal Co Holdings SA 85,637 Petroleo Brasileiro SA ADR

Canada 55,391 91,431 91,120 147,313

Barrick Gold Corp Nexen Inc Suncor Energy Inc Yamana Gold Inc

28,481 17,748 26,640 53,453 64,340

Air Liquide SA L’Oreal SA Nexans SA Thales SA Total SA

France

Germany 58,744 Bayer AG 14,583 Brenntag AG 42,192 Fresenius Medical Care AG & Co KGaA

Hong Kong 818,800 AIA Group Ltd 1,959,000 Belle International Holdings Ltd 324,000 China Mobile Ltd

India 159,064 Apollo Hospitals Enterprise Ltd

Japan 63,400 136,900 26,900 47,300 34,400 122,200

Don Quijote Co Ltd Japan Tobacco Inc Lawson Inc Softbank Corp Towa Pharmaceutical Co Ltd Toyota Motor Corp

Singapore 58,800 Jardine Matheson Holdings Ltd

Sweden

Total net assets %

1,599,727

0.67

1,599,727

0.67

1,599,727

0.67

4,075,251

1.71

1,618,459 971,038 1,485,754

0.68 0.41 0.62

4,395,329

1.85

4,395,329

1.85

5,247,746

2.21

1,559,436 2,034,660 1,653,650

0.66 0.86 0.69

9,899,795

4.16

1,939,239 2,442,021 2,995,196 2,523,339

0.81 1.03 1.26 1.06

12,343,770

5.19

3,567,462 2,452,399 1,176,683 1,838,767 3,308,459

1.50 1.03 0.49 0.77 1.40

10,379,145

4.36

5,568,943 1,902,966 2,907,236

2.34 0.80 1.22

11,041,144

4.64

3,195,695 4,072,761 3,772,688

1.34 1.71 1.59

2,288,565

0.96

2,288,565

0.96

17,232,403

7.24

2,328,530 3,876,255 1,832,353 1,720,750 1,802,333 5,672,182

0.98 1.63 0.77 0.72 0.76 2.38

3,664,416

1.54

3,664,416

1.54

1,798,464

0.76

265,758 TeliaSonera AB

1,798,464

0.76

Switzerland

21,572,248

9.07

2,266,488 4,476,540 4,966,913 6,602,661 3,259,646

0.95 1.88 2.09 2.77 1.38

4,706,088

1.98

4,706,088

1.98

20,036,839

8.42

2,898,400 4,019,513 3,155,268 3,049,551 3,796,757 3,117,350

1.22 1.69 1.33 1.28 1.59 1.31

47,678 68,778 79,168 32,859 8,142

Actelion Ltd Nestle SA Novartis AG Roche Holding AG Syngenta AG

Thailand 688,800 Bangkok Bank PCL

United Kingdom 114,705 79,677 585,230 260,365 175,986 122,586 72

Fair value USD

Associated British Foods Plc British American Tobacco Plc Centrica Plc Compass Group Plc GlaxoSmithKline Plc Standard Chartered Plc

Holdings Description

United States of America 49,268 90,401 72,060 124,135 187,448 63,366 78,300 102,455 46,808 73,406 53,996 63,916 139,221 40,071 252,315 76,934 66,319 5,816 57,767 248,331 31,964 70,368 186,262 83,200 26,365 78,180 209,174 45,294 142,347 22,365 527,729 39,829 45,682 69,547

Accenture Plc Adobe Systems Inc Align Technology Inc Altria Group Inc Applied Materials Inc Baker Hughes Inc Citigroup Inc Coca-Cola Enterprises Inc Consol Energy Inc CSX Corp Dollar General Corp eBay Inc EMC Corp/Massachusetts Equifax Inc Fifth Third Bancorp FLIR Systems Inc GeoEye Inc Google Inc HJ Heinz Co Interpublic Group of Companies Laboratory Corp of America Holdings Medtronic Inc Microsoft Corp Mondelez International Inc Mosaic Co/The Nielsen Holdings NV Pfizer Inc PNC Financial Services Group Inc Principal Financial Group Inc RenaissanceRe Holdings Ltd Sprint Nextel Corp Thermo Fisher Scientific Inc United Technologies Corp Willis Group Holdings Plc

Total investments in equity securities Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets * The investment in this security constitutes a related party transaction.

Fair value USD

Total net assets %

97,741,180

41.07

3,276,323 3,405,406 1,998,944 3,901,563 2,142,531 2,588,501 3,099,114 3,251,922 1,502,537 1,447,566 2,381,764 3,261,633 3,523,684 2,168,643 3,835,188 1,716,398 2,037,983 4,125,056 3,332,578 2,739,091 2,767,763 2,886,495 4,976,921 2,119,936 1,493,050 2,389,963 5,248,176 2,641,093 4,059,736 1,817,380 2,986,946 2,541,090 3,746,381 2,329,825

1.38 1.43 0.84 1.64 0.90 1.09 1.30 1.37 0.63 0.61 1.00 1.37 1.48 0.91 1.61 0.72 0.86 1.73 1.40 1.15 1.16 1.21 2.09 0.89 0.63 1.00 2.21 1.11 1.71 0.76 1.26 1.07 1.57 0.98

226,422,383

95.16

62,368

0.03

228,084,478

95.86

(207,493)

(0.09)

(207,493)

(0.09)

10,072,740

4.23

237,949,725

100.00

BNY Mellon

BNY Mellon Global Equity Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

1,621,233

90,374,000

14-Jun-13

17,799

USD

17,799

BNY Mellon Global Equity Fund US dollar

US dollar US dollar

Indian rupee

Euro Sterling

3,214,320 11,642,814

2,564,000 7,231,000

15-Jan-13 14-Jun-13

(166,707) (40,717)

USD

(207,424)

Net USD

(189,625)

BNY Mellon Global Equity Fund EUR I (Hedged) Share Class Euro Euro

US dollar

US dollar US dollar

Euro

21 1,835,582

28 2,375,923

8,533

6,522

15-Jan-13 15-Jan-13

0 33,803

EUR

33,803

USD

44,569

15-Jan-13

(52)

EUR

(52)

USD

(69)

Net EUR

33,751

The counterparties for the above contracts are JPMorgan Chase, London and The Bank of New York Mellon, London and New York in respect of BNY Mellon Global Equity Fund; The Bank of New York Mellon, London and New York in respect of BNY Mellon Global Equity Fund EUR I (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 95.68

OTC financial derivative instruments

0.03

Other current assets

4.29

Total assets

100.00

73

BNY Mellon Global Equity Higher Income Fund Portfolio of investments – as at 31 December 2012

Holdings Description

South Africa 35,722 AngloGold Ashanti Holdings Finance Plc Pfd 6.000% Mandatory Convertible Sub Bonds 15-Sep-2013

Total net assets %

1,318,363

0.55

1,318,363

0.55

1,318,363

0.55

6,509,320

2.70

4,190,107 2,319,213

1.74 0.96

Brazil

5,405,460

2.25

570,205 CCR SA

5,405,460

2.25

5,186,614

2.15

5,186,614

2.15

4,711,768

1.96

Total investments in bond securities Australia 840,083 AMP 95,949 WorleyParsons

Canada 178,103 Husky Energy Inc

Denmark 666,176 TDC A/S

4,711,768

1.96

France

7,646,413

3.18

2,406,587 5,239,826

1.00 2.18

10,867,419

4.52

2,647,119 5,181,771 3,038,529

1.10 2.16 1.26

201,796 Suez Environnement Co 101,302 Total SA

Germany 27,559 Bilfinger SE 237,250 Deutsche Post AG 267,751 Deutsche Telekom AG

Hong Kong

Holdings Description

United Kingdom 471,050 3,481,236 512,439 227,833 513,174 69,791 3,072,000 265,460 1,903,283

BAE Systems Plc Cable & Wireless Communications Plc Centrica Plc GlaxoSmithKline Plc ICAP Royal Dutch Shell Plc Standard Chartered Plc Pfd 8.125% SSE Plc Vodafone Group Plc

United States of America

Total investments in equity securities

234,305,199

97.36

55,216

0.02

235,678,778

97.93

Luxembourg

2,588,689

1.07

2,588,689

1.07

8,371,245

3.48

3,269,651 5,101,594

1.36 2.12

8,464,429

3.52

2,289,196 1,412,571 4,762,662

0.95 0.59 1.98

Total financial liabilities at fair value through profit or loss

3,295,032

1.37

Net current assets

3,295,032

1.37

2,609,126

1.08

Poland 836,313 Telekomunikacja Polska SA

Republic of Korea 408,970 Macquarie Korea Infrastructure Fund

Singapore 2,800,000 Mapletree Logistics Trust 792,000 Parkway Life Real Estate Investment Trust 893,000 Singapore Technologies Engineering Ltd

2,609,126

1.08

6,766,207

2.81

2,600,974 1,380,660 2,784,573

1.08 0.57 1.16

South Africa

7,488,364

3.11

159,555 Gold Fields Ltd 264,597 MTN Group Ltd

1,950,722 5,537,642

0.81 2.30

Switzerland

22,565,607

9.38

3,052,442 7,321,377 8,128,994 4,062,794

1.27 3.04 3.38 1.69

5,728,129

2.38

2,825,033 2,903,096

1.17 1.21

1,317,267

0.55

1,317,267

0.55

46,898 116,696 40,455 15,291

Nestle SA Novartis AG-Reg Roche Holding AG-Genusschein Zurich Insurance Group AG

Taiwan 68,287 HTC Corp GDR 870,000 Taiwan Semiconductor Manufacturing Co Ltd

Thailand 192,800 Bangkok Bank PCL

1.06 0.83 1.15 2.04 1.06 1.00 1.33 2.54 1.98 2.07 1.63 1.98 2.09 2.02 1.97 1.85 1.96 0.49 2.09 4.59 1.99 4.85 0.97 3.11 1.00

2.19 2.01

Norway

12.99

2,565,573 1,993,418 2,771,945 4,920,843 2,553,581 2,400,329 3,194,880 6,106,894 4,764,650

34.66

4.20

181,781 DnB NOR ASA 162,857 Orkla ASA 191,274 Statoil ASA

31,272,113

4,968,199 3,918,527 4,772,357 5,036,970 4,856,148 4,736,892 4,450,324 4,712,367 1,181,227 5,029,800 11,052,454 4,781,845 11,673,173 2,324,196 7,494,709 2,415,852

5,269,949 4,837,008

223,307 Reed Elsevier NV 134,232 Unilever NV

Total net assets %

83,405,040

10,106,957

Netherlands

Fair value USD

Abbott Laboratories Annaly Capital Management Inc AT&T Inc Clorox Co ConocoPhillips Lockheed Martin Corp Merck & Co Inc Paychex Inc PDL BioPharma Inc Pfizer Inc Philip Morris International Inc Procter & Gamble Co Reynolds American Inc Staples Inc Sysco Corp Wisconsin Energy Corp

77,122 279,695 143,228 69,332 85,106 51,860 109,506 152,652 166,840 202,000 133,726 71,222 284,781 209,387 238,609 66,224

452,585 China Mobile Ltd 967,489 Link REIT 90,519 SES SA

74

Fair value USD

Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total net assets

(551,102)

(0.22)

(551,102)

(0.22)

5,522,552

2.29

240,650,228

100.00

Forward foreign currency contracts – contd. Buy

Sell

Norwegian krone US dollar Sterling US dollar US dollar

US dollar Euro US dollar Australian dollar Australian dollar

Euro Norwegian krone Thai baht US dollar US dollar US dollar US dollar US dollar US dollar

US dollar US dollar US dollar Brazilian real Brazilian real Brazilian real Brazilian real Brazilian real Euro

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

839,992 3,871,546 2,405,000 286,582 3,013,254

150,214 2,924,000 3,876,254 277,000 2,913,000

02-Jan-13 15-Feb-13 15-May-13 14-Jun-13 14-Jun-13

257 14,746 10,079 2,661 27,473

USD

55,216

82,461 356,885 251,895 72,939 234,562 729,479 394,955 2,048,609 640,074

108,823 63,961 8,237 153,000 490,000 1,509,000 827,000 4,265,000 509,000

02-Jan-13 03-Jan-13 03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Feb-13

(98) (31) (3) (1,646) (4,306) (6,135) (8,195) (30,512) (31,304)

BNY Mellon

BNY Mellon Global Equity Higher Income Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

US dollar US dollar

Euro Sterling

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

6,562,274 3,840,689

5,296,000 2,405,000

15-Feb-13 15-May-13

(423,228) (45,644)

USD

(551,102)

Net USD

(495,886)

The counterparties for the above contracts are Barclays Bank plc, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and UBS, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market OTC financial derivative instruments Other current assets

Total assets

Total assets % 97.49 0.02 2.49

100.00

75

BNY Mellon Global High Yield Bond Fund (EUR) Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia

1,202,302

0.71

1,485,000 FMG Resources (August 2006) Pty Ltd 144A 8.250% 01-Nov-2019

Austria 545,000 Sappi Papier Holding GmbH 6.625% 15-Apr-2018 490,000 Sappi Papier Holding GmbH 144A 7.750% 15-Jul-2017 200,000 Sappi Papier Holding GmbH 144A 8.375% 15-Jun-2019

Bermuda 250,000 Central European Media Enterprises Ltd 11.625% 15-Sep-2016 540,000 Digicel Group Ltd 144A 10.500% 15-Apr-2018

Canada

1,115,000 Offshore Group Investment Ltd 144A 7.500% 01-Nov-2019 1,195,000 Sable International Finance Ltd 144A 8.750% 01-Feb-2020

Denmark 1,000,000 Welltec A/S 144A 8.000% 01-Feb-2019

France 650,000 Albea Beauty Holdings SA 8.750% 01-Nov-2019 1,100,000 Rexel SA 144A 6.125% 15-Dec-2019

Germany 485,000 490,000 1,385,000 980,000

Schaeffler Finance BV 7.750% 15-Feb-2017 Schaeffler Finance BV 8.750% 15-Feb-2019 Techem Energy Metering Service 7.875% 01-Oct-2020 Unitymedia GmbH/Old 144A 9.500% 15-Mar-2021

Ireland 775,000 Ardagh Packaging Finance Plc 144A 7.375% 15-Oct-2017 460,000 Ardagh Packaging Finance Plc 9.250% 15-Oct-2020 420,000 Nara Cable Funding Ltd 8.875% 01-Dec-2018 200,000 Ono Finance II Plc 144A 10.875% 15-Jul-2019 810,000 Ono Finance II Plc 11.125% 15-Jul-2019

Italy 600,000 Fiat Finance & Trade SA 7.000% 23-Mar-2017

Luxembourg 1,110,092 855,000 870,000 520,000 1,125,000 980,000 1,540,000 1,115,000 455,000 660,179 705,000 885,000

76

ARD Finance SA 144A 11.125% 01-Jun-2018 Calcipar SA 144A 6.875% 01-May-2018 Capsugel FinanceCo SCA 9.875% 01-Aug-2019 Cirsa Funding Luxembourg SA 8.750% 15-May-2018 HeidelbergCement Finance BV 7.500% 03-Apr-2020 Ineos Group Holdings SA 144A 8.500% 15-Feb-2016 Intelsat Jackson Holdings SA 144A 7.250% 15-Oct-2020 Intelsat Luxembourg SA 11.250% 04-Feb-2017 Numericable Finance & Co SCA 8.750% 15-Feb-2019 OXEA Finance & Cy SCA 9.625% 15-Jul-2017 Silver II Borrower/Silver II 144A 7.750% 15-Dec-2020 Sunrise Communications Holdings SA 8.500% 31-Dec-2018

0.71

1,156,674

0.68

585,875 405,081 165,718

0.34 0.24 0.10

713,012

0.43

262,500 450,512

0.16 0.27

6,325,798

265,000 Ainsworth Lumber Co Ltd 144A 7.500% 15-Dec-2017 720,000 Brookfield Residential Properties Inc 144A 6.500% 15-Dec-2020 765,000 Garda World Security Corp 144A 9.750% 15-Mar-2017 1,185,000 Great Canadian Gaming Corp 144A 6.625% 25-Jul-2022 1,160,000 Kodiak Oil & Gas Corp 8.125% 01-Dec-2019 1,080,000 MEG Energy Corp 144A 6.500% 15-Mar-2021 990,000 Precision Drilling Corp 144A 6.625% 15-Nov-2020 1,045,000 Reliance Intermediate Holdings LP 144A 9.500% 15-Dec-2019 585,000 Trinidad Drilling Ltd 144A 7.875% 15-Jan-2019

Cayman Islands

1,202,302

210,533 561,092 607,764 937,325 969,965 862,116 807,167

3.74

899,563 470,273

0.53 0.28

1,891,863

1.12

854,113

0.51

1,037,750

0.61

803,943

0.47

803,943

0.47

1,571,530

0.93

689,000 882,530

0.41 0.52

3,767,628

2.22

540,775 565,950 1,525,328 1,135,575

0.32 0.33 0.90 0.67

2,484,818

1.47

639,955 503,125 423,326 144,862 773,550

0.38 0.30 0.25 0.08 0.46

622,500

0.37

622,500

0.37

11,348,782

6.70

892,451 661,433 978,750 512,850 1,329,019 733,978

0.53 0.39 0.58 0.30 0.78 0.43

1,267,272 894,282 484,575 728,672 553,412

0.75 0.53 0.29 0.43 0.33

970,854

0.57

Total net assets %

858,500 79,446 403,288

0.51 0.04 0.24

2,092,798

1.24

294,312 515,500 408,532

0.18 0.30 0.24

874,454

0.52

277,057

0.16

277,057

0.16

1,562,986

0.92

535,015 1,027,971

0.31 0.61

1,252,749

0.74

715,699 537,050

0.42 0.32

8,470,098

5.00

387,188

0.23

422,089 546,240 645,932 1,325,025 479,920 397,156 964,562 507,493 1,080,396 762,345

0.25 0.32 0.38 0.78 0.28 0.24 0.57 0.30 0.64 0.45

517,161

0.30

434,591

0.26

113,803,257

67.19

Holdings Description

Luxembourg – contd. 850,000 Wind Acquisition Finance SA 7.375% 15-Feb-2018 100,000 Wind Acquisition Finance SA 144A 11.750% 15-Jul-2017 385,000 Wind Acquisition Finance SA 11.750% 15-Jul-2017

Marshall Islands 390,000 725,000 540,000 1,175,000

Drill Rigs Holdings Inc 144A 6.500% 01-Oct-2017 Navios Maritime Acquisition Corp 8.625% 01-Nov-2017 Navios Maritime Holdings Inc 8.875% 01-Nov-2017 Navios South American Logistics Inc 9.250% 15-Apr-2019

Mexico 325,000 Cemex SAB de CV 144A 9.500% 15-Jun-2018

Spain

0.13 0.33 0.36 0.55 0.57 0.51 0.48

Fair value EUR

500,000 Campofrio Food Group SA 8.250% 31-Oct-2016 945,000 Obrascon Huarte Lain SA 8.750% 15-Mar-2018

Sweden 810,000 Eileme 2 AB 144A 11.625% 31-Jan-2020 460,000 Eileme 2 AB 11.750% 31-Jan-2020

United Kingdom 375,000 Algeco Scotsman Global Finance 9.000% 15-Oct-2018 565,000 Algeco Scotsman Global Finance 144A 10.750% 15-Oct-2019 440,000 Bakkavor Finance 2 Plc 8.250% 15-Feb-2018 850,000 Barclays Bank Plc 4.750% 29-Mar-2049 VAR 1,170,000 Boparan Holdings Ltd 9.750% 30-Apr-2018 590,000 Ineos Finance Plc 144A 8.375% 15-Feb-2019 400,000 Ineos Group Holdings Ltd 7.875% 15-Feb-2016 710,000 Jaguar Land Rover Plc 8.250% 15-Mar-2020 350,000 Lloyds TSB Bank Plc VAR 10.750% 16-Dec-2021 860,000 Lloyds TSB Bank Plc VAR 11.875% 16-Dec-2021 VAR 600,000 Odeon & UCI Finco Plc 9.000% 01-Aug-2018 580,000 Royal Bank of Scotland Plc/The 9.500% 16-Mar-2022 VAR 355,000 Royal Bank of Scotland Plc/The 10.500% 16-Mar-2022 VAR

United States of America 855,000 980,000 845,000 1,561,000 650,000 650,000 695,000 1,075,000 1,165,000 110,000 900,000 1,190,000 755,000 700,000 350,000 1,950,000 770,000 290,000 650,000 990,000 1,215,000 475,000 380,000 631,000 735,000 1,600,000 550,000

ADS Waste Holdings Inc 144A 8.250% 01-Oct-2020 AEP Industries Inc 8.250% 15-Apr-2019 AES Corp 7.375% 01-Jul-2021 Ally Financial Inc 8.000% 01-Nov-2031 Alpha Natural Resources Inc 9.750% 15-Apr-2018 American Gilsonite Co 144A 11.500% 01-Sep-2017 American Petroleum Tankers Parent LLC 10.250% 01-May-2015 Ameristar Casinos Inc 7.500% 15-Apr-2021 Antero Resources Finance Corp 7.250% 01-Aug-2019 A-S Co-Issuer Subsidiary Inc 144A 7.875% 15-Dec-2020 Ashtead Capital Inc 144A 6.500% 15-Jul-2022 Aurora USA Oil & Gas Inc 144A 9.875% 15-Feb-2017 Bank of America Corp 8.000% 29-Dec-2049 VAR BE Aerospace Inc 5.250% 01-Apr-2022 Biomet Inc 144A 6.500% 01-Aug-2020 Biomet Inc 144A 6.500% 01-Oct-2020 BOE Merger Corp 144A 9.500% 01-Nov-2017 Boyd Acquisition Sub LLC 144A 8.375% 15-Feb-2018 Boyd Gaming Corp 144A 9.000% 01-Jul-2020 Brickman Group Holdings Inc 144A 9.125% 01-Nov-2018 Bristow Group Inc 6.250% 15-Oct-2022 BWAY Holding Co 144A 10.000% 15-Jun-2018 Caesars Entertainment Operating Co Inc 10.000% 15-Dec-2018 Calpine Corp 144A 7.500% 15-Feb-2021 Calpine Corp 144A 7.875% 15-Jan-2023 Casella Waste Systems Inc 7.750% 15-Feb-2019 CCO Holdings LLC 6.625% 31-Jan-2022

680,887 793,438 711,376 1,494,700 532,423 507,774

0.40 0.47 0.42 0.88 0.31 0.30

550,834 883,603 963,101 83,428 738,907 965,718 634,726 562,760 282,044 1,471,076 583,996 228,744 485,589 786,518 986,006 399,886

0.33 0.52 0.57 0.05 0.44 0.57 0.37 0.33 0.17 0.87 0.35 0.13 0.29 0.46 0.58 0.24

190,937 528,824 629,920 1,152,824 456,769

0.11 0.31 0.37 0.68 0.27

BNY Mellon

BNY Mellon Global High Yield Bond Fund (EUR) Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

162,656 666,932 906,143 493,426 176,991

0.10 0.39 0.54 0.29 0.11

1,074,088 368,600 124,829 515,335 162,685 518,505

0.63 0.22 0.07 0.30 0.10 0.30

1,038,575 1,297,193 2,274,485 360,921

0.61 0.77 1.34 0.21

423,322

0.25

215,443

0.13

157,679

0.09

326,554

0.19

124,829

0.07

531,067 1,287,258 971,178

0.31 0.76 0.57

712,475 591,581 804,777 1,284,987 3,991 734,072 989,524 345,952 841,216 1,188,889 811,982 437,251

0.42 0.35 0.47 0.76 0.00 0.43 0.58 0.20 0.50 0.70 0.48 0.26

277,304 761,774 748,577 111,073 569,112 158,972 830,802 1,520,164 537,760 807,470 390,330 632,613 674,687 967,007 792,509 128,934 462,798 193,402 2,003,771 218,885 401,365 365,833

0.16 0.45 0.44 0.07 0.34 0.09 0.49 0.90 0.32 0.48 0.23 0.37 0.40 0.57 0.47 0.08 0.27 0.11 1.18 0.13 0.24 0.22

United States of America – contd. 215,000 860,000 1,080,000 601,000 245,000 1,365,000 450,000 165,000 677,775 200,000 605,000 1,265,000 1,580,000 2,745,000 470,000 610,000 375,000 210,000 415,000 165,000 695,000 1,550,000 1,300,000 880,000

800,000 1,080,000 1,535,000 5,000 890,000 1,250,000 455,000 935,000 1,465,000 1,060,000 525,000 325,000 930,000 940,000 145,000 725,000 206,000 1,070,000 1,695,000 655,000 995,000 470,000 760,000 870,000 1,200,000 980,000 160,000 565,000 250,000 2,435,000 260,000 490,000 439,000

CDR DB Sub Inc 144A 7.750% 15-Oct-2020 CDRT Holding Corp 144A 9.250% 01-Oct-2017 CDW LLC 8.000% 15-Dec-2018 CDW LLC 8.500% 01-Apr-2019 Cenveo Corp 8.875% 01-Feb-2018 Cequel Communications Holdings I LLC and Cequel Capital Corp 144A 6.375% 15-Sep-2020 Ceridian Corp 144A 8.875% 15-Jul-2019 Ceridian Corp 11.250% 15-Nov-2015 Ceridian Corp 12.250% 15-Nov-2015 Chesapeake Energy Corp 6.625% 15-Aug-2020 Chesapeake Energy Corp 9.500% 15-Feb-2015 CHS/Community Health Systems Inc 8.000% 15-Nov-2019 Cincinnati Bell Inc 8.375% 15-Oct-2020 CIT Group Inc 144A 5.500% 15-Feb-2019 Citigroup Inc 5.950% 29-Dec-2049 VAR Clear Channel Communications Inc 144A 9.000% 15-Dec-2019 Clear Channel Communications Inc 10.750% 01-Aug-2016 Clear Channel Worldwide Holdings Inc 144A 6.500% 15-Nov-2022 Clear Channel Worldwide Holdings Inc 144A 6.500% 15-Nov-2022 Clear Channel Worldwide Holdings Inc 7.625% 15-Mar-2020 Clear Channel Worldwide Holdings Inc 7.625% 15-Mar-2020 CommScope Inc 144A 8.250% 15-Jan-2019 Compass Investors Inc 144A 7.750% 15-Jan-2021 Consolidated Container Co LLC/ Consolidated Container Capital Inc 144A 10.125% 15-Jul-2020 CPI International Inc 8.000% 15-Feb-2018 Cumulus Media Inc 7.750% 01-May-2019 DaimlerChrysler Group LLC 8.250% 15-Jun-2021 Davita Healthcare Partners Inc 5.750% 15-Aug-2022 DaVita Inc 6.625% 01-Nov-2020 Del Monte Corp 7.625% 15-Feb-2019 DISH DBS Corp 144A 5.000% 15-Mar-2023 DISH DBS Corp 7.875% 01-Sep-2019 Dynacast International LLC 9.250% 15-Jul-2019 Edgen Murray Corp 144A 8.750% 01-Nov-2020 Emergency Medical Services Corp 8.125% 01-Jun-2019 EP Energy LLC/EP Energy Finance Inc 9.375% 01-May-2020 EP Energy LLC/Everest Acquis 6.875% 01-May-2019 Epicor Software Corp 8.625% 01-May-2019 First Data Corp 144A 6.750% 01-Nov-2020 First Data Corp 144A 7.375% 15-Jun-2019 First Data Corp 9.875% 24-Sep-2015 First Data Corp 10.550% 24-Sep-2015 GenOn Energy Inc 144A 9.500% 15-Oct-2018 Global Brass and Copper Inc 144A 9.500% 01-Jun-2019 Good Sam Enterprises LLC 13.180% 01-Dec-2016 Goodman Networks Inc 144A 12.125% 01-Jul-2018 Goodyear Tire & Rubber Co 8.250% 15-Aug-2020 Gray Television Inc 144A 7.500% 01-Oct-2020 Griffon Corp 7.125% 01-Apr-2018 H&E Equipment Services Inc 144A 7.000% 01-Sep-2022 Halcon Resources Corp 144A 8.875% 15-May-2021 Halcon Resources Corp 144A 9.750% 15-Jul-2020 HCA Holdings Inc 6.250% 15-Feb-2021 HCA Holdings Inc 7.750% 15-May-2021 HCA Inc 7.250% 15-Sep-2020 Health Management Associates Inc 7.375% 15-Jan-2020 HealthSouth Corp 7.750% 15-Sep-2022

Holdings Description

Fair value EUR

Total net assets %

778,583 421,994 925,103 862,722 435,182 313,813 361,822 951,188 1,049,488 794,539

0.46 0.25 0.55 0.51 0.26 0.19 0.21 0.56 0.62 0.47

263,936 2,265,120 689,760 855,972

0.16 1.34 0.41 0.51

589,647 787,087 1,300,681 713,405 334,471 1,132,290 562,153

0.35 0.47 0.77 0.42 0.20 0.67 0.33

437,997 847,165 605,688 383,049 1,077,939 692,248 128,745

0.26 0.50 0.36 0.23 0.64 0.41 0.08

551,953 104,285 695,041 978,612 1,371,482 961,261 1,190,367 601,835 882,328 619,557 1,020,975 834,641 957,243 818,155 293,250 1,437,826

0.33 0.06 0.41 0.58 0.81 0.57 0.70 0.35 0.52 0.37 0.60 0.49 0.57 0.48 0.17 0.85

1,369,964

0.81

854,095 363,709

0.50 0.21

767,918 504,323 748,246 429,863 201,621 1,135,917 765,969 527,104 264,875 876,298

0.45 0.30 0.44 0.25 0.12 0.67 0.45 0.31 0.16 0.52

United States of America – contd. 1,125,000 Hexion US Finance Corp/ Hexion Nova Scotia Finance ULC 144A 9.000% 15-Nov-2020 520,000 Hillman Group Inc 10.875% 01-Jun-2018 1,190,000 HUB International Ltd 144A 8.125% 15-Oct-2018 1,000,000 Hughes Satellite Systems Corp 7.625% 15-Jun-2021 535,000 Icahn Enterprises LP 8.000% 15-Jan-2018 395,000 IMS Health Inc 144A 6.000% 01-Nov-2020 425,000 Infor U.S. Inc 9.375% 01-Apr-2019 855,000 Infor U.S. Inc 10.000% 01-Apr-2019 1,230,000 Interactive Data Corp 10.250% 01-Aug-2018 970,000 Interline Brands Inc 144A 10.000% 15-Nov-2018 300,000 International Lease Finance Corp 144A 7.125% 01-Sep-2018 2,515,000 International Lease Finance Corp 8.250% 15-Dec-2020 860,000 J Crew Group Inc 8.125% 01-Mar-2019 1,080,000 JMC Steel Group 144A 8.250% 15-Mar-2018 710,000 Kratos Defense & Security Solutions Inc 10.000% 01-Jun-2017 1,010,000 Ladder Capital Finance Holding 144A 7.375% 01-Oct-2017 1,545,000 Level 3 Financing Inc 8.625% 15-Jul-2020 875,000 Libbey Glass Inc 6.875% 15-May-2020 420,000 Lin Television Corp 144A 6.375% 15-Jan-2021 1,330,000 Manitowoc Co Inc 8.500% 01-Nov-2020 680,000 MarkWest Energy Partners LP 6.250% 15-Jun-2022 550,000 Mead Products LLC/ACCO Brands Corp 144A 6.750% 30-Apr-2020 965,000 MGM Resorts International 10.000% 01-Nov-2016 660,000 MGM Resorts International 11.375% 01-Mar-2018 455,000 Michael Foods Inc 9.750% 15-Jul-2018 1,295,000 Mobile Mini Inc 7.875% 01-Dec-2020 884,000 Mueller Water Products Inc 7.375% 01-Jun-2017 175,000 Murray Energy Corp 144A 10.250% 15-Oct-2015 710,000 Nexstar Broadcasting Inc/Mission Broadcasting Inc 144A 6.875% 15-Nov-2020 125,000 Nortek Inc 8.500% 15-Apr-2021 835,000 Nortek Inc 144A 8.500% 15-Apr-2021 1,265,000 Northern Oil And Gas Inc 8.000% 01-Jun-2020 1,690,000 NRG Energy Inc 7.625% 15-May-2019 1,290,000 Nuveen Investments Inc 144A 9.125% 15-Oct-2017 1,460,000 Oasis Petroleum Inc 7.250% 01-Feb-2019 728,000 Offshore Group Investment Ltd 11.500% 01-Aug-2015 1,060,000 Physio-Control International Inc 144A 9.875% 15-Jan-2019 715,000 Plastipak Holdings Inc 144A 10.625% 15-Aug-2019 1,245,000 Ply Gem Industries Inc 8.250% 15-Feb-2018 1,005,000 PolyOne Corp 7.375% 15-Sep-2020 1,150,000 Post Holdings Inc 144A 7.375% 15-Feb-2022 1,055,000 Rain CII Carbon LLC/CII Carb 144A 8.250% 15-Jan-2021 370,000 Range Resources Corp 5.000% 15-Aug-2022 2,415,000 RBS Capital Trust III 5.512% 29-Sep-2049 VAR 1,620,000 Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC and Reynolds Group Issuer Inc 7.875% 15-Aug-2019 1,050,000 Reynolds Group Issuer (Luxembourg) S.A., Reynolds Group Issuer LLC and Reynolds Group Issuer Inc 9.875% 15-Aug-2019 460,000 Rite Aid Corp 9.500% 15-Jun-2017 900,000 Roofing Supply Group LLC/ Roofing Supply Finance Inc 144A 10.000% 01-Jun-2020 660,000 Sawgrass Merger Sub Inc 144A 8.750% 15-Dec-2020 875,000 Sealed Air Corp 144A 8.125% 15-Sep-2019 495,000 Sealed Air Corp 144A 8.375% 15-Sep-2021 255,000 ServiceMaster Co/TN 8.000% 15-Feb-2020 1,423,000 Severstal Columbus LLC 10.250% 15-Feb-2018 915,000 Shea Homes LP 8.625% 15-May-2019 645,000 Sophia LP/Sophia Finance Inc 144A 9.750% 15-Jan-2019 335,000 Sprint Capital Corp 6.875% 15-Nov-2028 1,060,000 Sprint Capital Corp 6.900% 01-May-2019

77

BNY Mellon Global High Yield Bond Fund (EUR) Portfolio of investments – as at 31 December 2012 Fair value EUR

Total net assets %

485,968 530,299 693,136 378,839 969,851 651,321

0.29 0.31 0.41 0.22 0.57 0.38

48,237

0.03

1,049,146 545,212 190,277 248,464 695,601 625,597 319,515 1,498,316 1,115,898 75,843

0.62 0.32 0.11 0.15 0.41 0.37 0.19 0.88 0.66 0.05

772,772 349,772 796,359 1,946,434 433,826 508,437 1,302,388 113,908

0.45 0.21 0.47 1.15 0.26 0.30 0.77 0.07

159,347,795

94.09

1,459,732

0.86

1,459,732

0.86

1,459,732

0.86

Unrealised gain on forward foreign currency contracts (see below)

1,466,194

0.87

Interest due on investments (Note 1)

3,218,621

1.89

165,492,342

97.71

Holdings Description

United States of America – contd. 550,000 640,000 740,000 370,000 1,100,000 797,000 60,000 1,305,000 655,000 224,000 315,000 830,000 780,000 425,000 1,925,000 1,330,000 100,000 920,000 430,000 1,000,000 2,450,000 550,000 620,000 1,620,000 135,000

Sprint Nextel Corp 144A 7.000% 01-Mar-2020 Sprint Nextel Corp 7.000% 15-Aug-2020 Sprint Nextel Corp 144A 9.000% 15-Nov-2018 Sprint Nextel Corp 11.500% 15-Nov-2021 Standard Pacific Corp 8.375% 15-May-2018 Suburban Propane Partners LP/s 7.500% 01-Oct-2018 Taylor Morrison Communities Inc/ Monarch Communities Inc 144A 7.750% 15-Apr-2020 Taylor Morrison Communities Inc/ Monarch Communities Inc 144A 7.750% 15-Apr-2020 Tenet Healthcare Corp 6.250% 01-Nov-2018 Tomkins LLC 9.000% 01-Oct-2018 TransDigm Inc 144A 5.500% 15-Oct-2020 TransDigm Inc 7.750% 15-Dec-2018 TransUnion Holding Co Inc 9.625% 15-Jun-2018 UCI International Inc 144A 8.625% 15-Feb-2019 Unit Corp 6.625% 15-May-2021 United Rentals North America Inc 8.375% 15-Sep-2020 United States Treasury Bill 0.000% 07-Feb-2013 United Surgical Partners International Inc 9.000% 01-Apr-2020 VPI Escrow Corp 144A 6.375% 15-Oct-2020 VWR Funding Inc 144A 7.250% 15-Sep-2017 West Corp 8.625% 01-Oct-2018 William Lyon Homes Inc 144A 8.500% 15-Nov-2020 Windstream Corp 7.750% 15-Oct-2020 WireCo WorldGroup Inc 9.500% 15-May-2017 Zayo Group LLC/Zayo Capital Inc 8.125% 01-Jan-2020

Total investments in bond securities United States of America 72,574 GMAC Capital Trust I Pfd 8.125% VAR

Total investments in equity securities

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(15,977)

(0.01)

(15,977)

(0.01)

3,891,660

2.30

169,368,025

100.00

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro

Canadian dollar Sterling Sterling US dollar US dollar US dollar US dollar US dollar US dollar US dollar

938,938 2,470,743 407,769 152,968 6,414,417 1,594,740 190,859 3,897,587 4,828,355 26,588,703

1,210,000 2,000,000 330,000 200,000 8,400,000 2,100,000 250,000 5,100,000 6,325,000 34,745,000

29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

17,212 19,244 3,272 1,318 45,074 2,404 1,295 30,485 32,391 243,126

78

Forward foreign currency contracts – contd. Buy

Sell

Euro Euro US dollar

US dollar US dollar Euro

Euro Euro US dollar US dollar US dollar US dollar

US dollar US dollar Euro Euro Euro Euro

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

4,093,478 5,360,000 98,311,916 128,300,000 2,290,000 1,723,035

29-Jan-13 29-Jan-13 29-Jan-13

29,230 1,027,774 13,369

EUR

1,466,194

Amount (B)

106,097 467,881 1,210,000 460,000 1,530,000 450,000

140,000 620,000 918,511 348,868 1,170,382 343,551

29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13 29-Jan-13

(59) (2,237) (1,022) (71) (10,252) (2,336)

EUR

(15,977)

Net EUR

1,450,217

The counterparties for the above contracts are JPMorgan Chase, London, Morgan Stanley, New York, Barclays Bank plc, London, Credit Suisse First Boston, London, Goldman Sachs, New York and UBS, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 95.30

OTC financial derivative instruments

0.87

Other current assets

3.83

Total assets

100.00

BNY Mellon

BNY Mellon Global Opportunities Fund Portfolio of investments – as at 31 December 2012

Holdings Description

United States of America 4,700,000 United States Treasury Bill 0.000% 24-Jan-2013*

Total investments in bond securities Australia 122,708 Newcrest Mining Ltd

Belgium 33,062 Anheuser-Busch InBev NV

Brazil 45,295 International Meal Co Holdings 79,404 Petroleo Brasileiro SA ADR

Canada 56,608 Suncor Energy Inc

China 17,733 Camelot Information Systems ADR

France 14,271 Air Liquide SA 28,183 Total SA

Germany 32,165 15,851 7,619 30,370

Total net assets %

4,699,944

4.16

4,699,944

4.16

4,699,944

4.16

2,822,235

2.50

2,822,235

2.50

2,860,091

2.53

2,860,091

2.53

2,092,538

1.86

559,247 1,533,291

0.50 1.36

1,860,756

1.65

1,860,756

1.65

17,733

0.02

17,733

0.02

3,236,763

2.87

1,787,551 1,449,212

1.58 1.29

3,047,416 1,721,779 2,168,147 1,884,744 1,386,943 2,938,828 1,910,034

2.70 1.53 1.92 1.68 1.23 2.60 1.69

101,697,594

90.12

106,085

0.09

106,503,623

94.37

Holdings Description

United States of America – contd. 114,050 30,404 76,022 23,194 245,043 35,835 70,533

Microsoft Corporation Mosaic Co Principal Financial Group RenaissanceRe Holdings Ltd Sprint Nextel Corp United Technologies Corp Xylem Inc/NY

Total investments in equity securities Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(132,023)

(0.12)

(132,023)

(0.12)

6,487,021

5.75

112,858,621

100.00

6.79 2.70 1.35 0.88 1.86

* Held as collateral by JPMorgan in connection with the margin requirements for derivatives held by the Fund.

3,569,479

3.16

Buy

Sell

1,629,070 1,033,264 907,145

1.44 0.92 0.80

Euro Euro

US dollar US dollar

4,210,087

3.73

1,545,693 2,664,394

1.37 2.36

11,965,779

10.60

Nestle SA Novartis AG-Reg Roche Holding AG-Genusschein Syngenta AG-Reg

2,886,145 3,217,878 3,062,112 2,799,644

2.56 2.85 2.71 2.48

Thailand

900,561

0.80

900,561

0.80

12,603,675

11.17

1,717,310 2,627,665 2,809,645 2,713,727 2,735,328

1.52 2.33 2.49 2.41 2.42

47,899,255

42.44

2,786,683 1,320,313 2,539,324 2,359,186 1,617,497 1,747,212 2,548,312 1,847,494 2,347,275 1,731,501 541,155 1,964,023 2,575,743 1,860,820 2,657,534 2,397,291

2.47 1.17 2.25 2.09 1.43 1.55 2.26 1.64 2.08 1.53 0.48 1.74 2.28 1.65 2.35 2.12

Japan 33,300 Japan Motor Corp 94,100 Japan Tobacco Inc

Switzerland

153,900 Siam Commercial Bank

Forward foreign currency contracts

US dollar

Euro

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

1,505,000 3,010,000

1,917,095 3,935,518

15-Apr-13 15-Apr-13

69,138 36,947

USD

106,085

7,812,907

6,020,000

Associated British Foods British American Tobacco Plc Centrica Plc Compass Group Plc GlaxoSmithKline Plc

United States of America Accenture Align Technology Inc Altria Group Applied Materials Baker Hughes Inc CSX Corp EMC Corp Equifax Fifth Third Bancorp FLIR Systems GeoEye Hershey Co/The HJ Heinz Co KeyCorp Laboratory Corp of America Holdings Medtronic Inc

15-Apr-13

(132,023)

USD

(132,023)

Net USD

(25,938)

The counterparties for the above contracts are The Bank of New York Mellon, London and UBS, London.

Analysis of portfolio United Kingdom

41,905 47,596 80,793 206,403 39,596 88,601 100,684 34,137 154,426 77,611 17,610 27,195 44,648 221,000 30,691 58,442

Total net assets %

3,049,248 1,522,533 994,219 2,092,642

417,400 AIA Group Ltd 497,000 Belle International Holdings 77,906 China Mobile Ltd

67,963 52,087 521,125 231,693 126,787

Fair value USD

7,658,642

Bayer AG-Reg Bilfinger SE Brenntag AG Fresenius Medical Care AG & Co KGaA

Hong Kong

44,343 51,290 15,239 6,993

Fair value USD

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 94.06

OTC financial derivative instruments

0.09

Other current assets

5.85

Total assets

100.00

79

BNY Mellon Global Property Securities Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia 7,220 73,750 9,880 103,810 7,510 26,910 48,830

591,782

8.22

Charter Hall Retail REIT Commonwealth Property Office Fund Goodman Group Mirvac Group Stockland Westfield Group Westfield Retail Trust

21,009 58,875 33,334 120,835 20,554 221,585 115,590

0.29 0.82 0.46 1.68 0.28 3.08 1.61

Brazil

19,929

0.28

19,929

0.28

355,326

4.94

37,056 47,967 61,352 62,689 46,476 31,747 35,091 3,008 29,940

0.51 0.67 0.85 0.87 0.65 0.44 0.49 0.04 0.42

249,098

3.46

15,486 15,842 217,770

0.22 0.22 3.02

123,797

1.72

73,227 16,928 33,642

1.02 0.23 0.47

791,432

10.99

24,864 71,514 69,207 122,997 142,935 74,740 40,781 209,049 35,345

0.34 0.99 0.96 1.71 1.99 1.04 0.57 2.90 0.49

2,000 Iguatemi Empresa de Shopping Centers SA

Canada 1,490 980 4,790 2,870 2,470 3,870 1,230 210 2,090

Allied Properties Real Estate Investment Trust Boardwalk Real Estate Investment Trust Brookfield Office Properties Inc Calloway Real Estate Investment Trust Canadian Apartment Properties REIT Chartwell Seniors Housing Real Estate Investment Trust Dundee Real Estate Investment Trust First Capital Realty Inc First Capital Realty Inc

France 230 ICADE 530 Klepierre 1,190 Unibail-Rodamco SE

Germany 7,890 Alstria Office REIT-AG 1,210 Deutsche Wohnen AG 3,560 TAG Immobilien AG

Hong Kong 11,000 180,000 23,000 23,000 27,000 19,000 10,755 18,385 6,000

China Overseas Land & Investment Ltd Country Garden Holdings Co Ltd Hang Lung Properties Ltd Henderson Land Development Co Ltd Hongkong Land Holdings Ltd Kerry Properties Ltd Link REIT Sun Hung Kai Properties Ltd Wharf Holdings Ltd

744,567

10.34

1,400 66 7 29 10,000 10,000 11 1,000 6 4,000

Aeon Mall Co Ltd GLP J-Reit Japan Real Estate Investment Japan Retail Fund Investment Mitsubishi Estate Co Ltd Mitsui Fudosan Co Ltd Nippon Building Fund Inc Nomura Real Estate Holdings Inc Orix JREIT Inc Sumitomo Realty & Development Co Ltd

26,073 38,454 52,182 40,480 180,247 183,768 86,260 14,407 22,469 100,227

0.36 0.54 0.72 0.56 2.51 2.55 1.20 0.20 0.31 1.39

Netherlands

15,058

0.21

15,058

0.21

38,169

0.53

38,169

0.53

384,571

5.34

30,893 57,354 62,457 31,509 71,788 27,425 67,298 15,140 20,707

0.43 0.80 0.87 0.44 0.99 0.38 0.93 0.21 0.29

Japan

460 Vastned Retail NV

Norway 33,090 Norwegian Property ASA

Singapore 21,000 55,000 52,000 27,000 9,000 44,000 39,000 18,000 12,000 80

Ascendas Real Estate Investment Trust CapitaCommercial Trust CapitaMalls Asia Ltd CDL Hospitality Trusts City Developments Ltd Fortune Real Estate Investment Trust Global Logistic Properties Ltd Mapletree Industrial Trust Overseas Union Enterprise Ltd

Holdings Description

Sweden 1,610 Castellum AB 6,380 Wihlborgs Fastigheter AB

Switzerland 60 Mobimo Holding AG 1,100 PSP Swiss Property AG

United Kingdom 12,598 31,830 11,120 36,460 10,870 12,820 1,470 840 1,630 900 910 5,230 3,160 1,790 5,410 4,280 760 2,660 4,080 3,910 2,990 1,080 5,850 7,410 3,250 1,840 3,080 1,900 3,250 4,190 6,040 1,380 2,320 3,370 1,330 1,380 3,340 5,990 3,120 1,380

Fair value EUR

Total net assets %

92,375

1.28

17,311 75,064

0.24 1.04

89,648

1.25

10,794 78,854

0.15 1.10

398,425

5.53

British Land Co Plc Capital & Counties Properties Plc Land Securities Group London & Stamford Property Plc Safestore Holdings Plc Unite Group Plc

87,042 94,758 110,167 48,459 14,394 43,605

1.21 1.32 1.53 0.67 0.20 0.60

United States of America

3,091,842

42.95

51,152 85,370 129,695 34,307 46,794 61,165 21,163 91,869 56,377 181,522 84,197 27,962 60,836 132,943 137,832 27,195 68,239 107,005 61,475 49,820 134,529 37,424 76,905 57,011 163,861 150,151 33,749 398,776 76,300 18,431 86,381 107,125 151,303 82,978

0.71 1.19 1.80 0.48 0.65 0.85 0.29 1.28 0.78 2.52 1.17 0.39 0.84 1.85 1.91 0.38 0.95 1.49 0.85 0.69 1.87 0.52 1.07 0.79 2.28 2.08 0.47 5.54 1.06 0.26 1.20 1.49 2.10 1.15

6,986,019

97.04

28

0.00

6,986,047

97.04

American Campus Communities Inc AvalonBay Communities Inc Boston Properties Inc BRE Properties Inc Camden Property Trust DDR Corp DiamondRock Hospitality Co Digital Realty Trust Inc Duke Realty Corp Equity Residential Essex Property Trust Inc First Industrial Realty Trust Inc General Growth Properties Inc HCP Inc Health Care REIT Inc Highwoods Properties Inc Host Hotels & Resorts Inc Kimco Realty Corp LaSalle Hotel Properties Liberty Property Trust Macerich Co Mack-Cali Realty Corp National Retail Properties Inc Piedmont Office Realty Trust Inc Prologis Inc Public Storage RLJ Lodging Trust Simon Property Group Inc SL Green Realty Corp Spirit Realty Capital Inc Tanger Factory Outlet Centers UDR Inc Ventas Inc Vornado Realty Trust

Total investments in equity securities Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(4,276)

(0.06)

(4,276)

(0.06)

217,526

3.02

7,199,297

100.00

BNY Mellon

BNY Mellon Global Property Securities Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

10,459

04-Jan-13

(11)

EUR

(11)

15-Jan-13

(2,894)

GBP

(2,894)

EUR

(3,548)

Net EUR

(3,548)

BNY Mellon Global Property Securities Fund Japanese yen

US dollar

900,000

BNY Mellon Global Property Securities Fund Sterling I (Inc) (Hedged) Share Class Sterling

Euro

203,538

253,074

BNY Mellon Global Property Securities Fund Sterling J (Acc) (Hedged) Share Class Euro Sterling

Euro Sterling

Sterling Euro

Sterling Euro

4,517 1,229

1,501 20,413

3,666 1,501

1,229 25,381

15-Jan-13 15-Jan-13

18 5

GBP

23

EUR

28

03-Jan-13 15-Jan-13

(5) (290)

GBP

(295)

EUR

(362)

Net GBP

(272)

15-Jan-13

(289)

GBP

(289)

EUR

(355)

BNY Mellon Global Property Securities Fund Sterling J (Inc) (Hedged) Share Class Sterling

Euro

20,345

25,297

The counterparties for the above contracts are The Bank of New York Mellon, New York in respect of BNY Mellon Global Property Securities Fund; The Bank of New York Mellon, New York in respect of BNY Mellon Global Property Securities Fund Sterling I (Inc) (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon Global Property Securities Fund Sterling J (Acc) (Hedged) Share Class; The Bank of New York Mellon, London in respect of BNY Mellon Global Property Securities Fund Sterling J (Inc) (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market OTC financial derivative instruments Other current assets

Total assets

Total assets % 95.83 0.00 4.17

100.00

81

BNY Mellon Global Real Return Fund (EUR) Portfolio of investments – as at 31 December 2012 Fair value EUR

Total net assets %

3,568,149

0.31

3,568,149

0.31

25,803,428

2.26

11,332,583 14,470,845

0.99 1.27

29,371,577

2.57

Holdings Description

Guernsey 4,635,164 NB Global Floating Rate Income Fund Ltd Pfd

Luxembourg 115,000 Aviva Investors SCIAV - Global Convertible Fund 11,536 RWC Funds - RWC Global Convertibles Fund

Total investments in collective investment schemes Australia 25,000,000 33,000,000 9,530,000 2,500,000 4,950,000 2,600,000

72,514,723

6.36

22,106,650 30,949,215 9,752,240 2,626,225 4,337,393 2,743,000

1.94 2.71 0.86 0.23 0.38 0.24

4,342,297

0.38

2,558,624 668,635 1,115,038

0.22 0.06 0.10

3,363,500

0.30

3,363,500

0.30

3,391,330

0.30

3,391,330

0.30

5,827,967

0.51

2,363,250 3,464,717

0.21 0.30

63,283,297

5.55

53,332,000 2,784,978 1,876,875

4.68 0.24 0.17

2,747,825

0.24

2,541,619

0.22

5,268,750

0.46

2,581,250 2,687,500

0.23 0.23

2,884,750

0.25

Australia Government Bond 4.750% 21-Apr-2027 Australia Government Bond 5.500% 21-Apr-2023 New South Wales Treasury Corp 2.750% 20-Nov-2025 Origin Energy Finance Ltd 7.875% 16-Jun-2071 VAR Queensland Treasury Corp 5.750% 22-Jul-2024 Santos Finance Ltd 8.250% 22-Sep-2070 VAR

Cayman Islands 3,095,000 Offshore Group Investment Ltd 11.500% 01-Aug-2015 822,000 Sable International Finance Ltd 7.750% 15-Feb-2017 1,284,000 Sable International Finance Ltd 8.750% 01-Feb-2020

Croatia 3,100,000 Agrokor DD 9.125% 01-Feb-2020

El Salvador 4,180,000 Telemovil Finance Co Ltd 8.000% 01-Oct-2017

Fair value EUR

Total net assets %

3,368,750

0.30

3,368,750

0.30

5,920,048

0.52

3,152,250 2,767,798

0.28 0.24

28,075,959

2.46

1,464,208 1,108,009 3,346,502 1,850,581 306,337 3,254,450 2,604,495 679,726 2,085,000 85,600 4,772,384 1,201,232

0.13 0.10 0.29 0.16 0.03 0.29 0.23 0.06 0.18 0.01 0.42 0.10

2,287,925 2,327,883 701,627

0.20 0.20 0.06

38,347,435

3.36

1,345,500

0.12

800,000

0.07

146,758 2,278,155 2,632,422 70,199 2,323,290

0.01 0.20 0.23 0.01 0.20

28,751,111

2.52

335,079,687

29.39

Holdings Description

South Africa 3,500,000 Edcon Proprietary Ltd 3.433% 15-Jun-2014 FRN

Sweden 2,700,000 Eileme 2 AB 11.750% 31-Jan-2020 22,000,000 Norcell Sweden Holding 3 AB 9.250% 29-Sep-2018

United Kingdom 671,000 Anglian Water Services Financing Plc 3.666% 30-Jul-2024 500,000 AWG Parent Co Ltd/UK 4.125% 28-Jul-2020 2,410,000 Boparan Finance Plc 9.875% 30-Apr-2018 1,300,000 BUPA Finance Plc 7.500% 04-Jul-2016 243,000 Co-Operative Bank Plc 7.875% 19-Dec-2022 VAR 2,500,000 Crown Newco 3 Plc 7.000% 15-Feb-2018 2,028,420 Dwr Cymru Financing Ltd 1.859% 31-Mar-2048 500,000 HSBC Holdings Plc 6.375% 18-Oct-2022 VAR 2,000,000 Ineos Finance Plc 7.250% 15-Feb-2019 FRN 80,000 Ineos Finance Plc 9.250% 15-May-2015 3,520,000 Jaguar Land Rover Plc 8.125% 15-May-2018 750,000 John Lewis Plc 8.375% 08-Apr-2019 1,130,000 National Grid Electricity Transmission Plc 2.983% 08-Jul-2018 958,000 National Grid Gas Plc 4.188% 14-Dec-2022 800,000 Prudential Plc 11.750% 29-Dec-2049 VAR

United States of America France 2,300,000 Labco SAS 8.500% 15-Jan-2018 3,150,000 Rexel SA 7.000% 17-Dec-2018

Germany 53,332,000 2,760,000 1,750,000 2,500,000

German Treasury Bill 0.000% 13-Mar-2013 Grohe Holding GmbH 4.183% 15-Sep-2017 FRN Techem GmbH 6.125% 01-Oct-2019 Unitymedia Hessen GmbH & Co KG 7.500% 15-Mar-2019 2,350,000 Unitymedia Hessen GmbH & Co KG 8.125% 01-Dec-2017

Ireland 2,500,000 Ardagh Glass Finance Plc 7.125% 15-Jun-2017 2,500,000 Smurfit Kappa Acquisitions 7.250% 15-Nov-2017

Italy 2,750,000 Lottomatica SpA 8.250% 31-Mar-2066 VAR

Luxembourg 4,150,000 747,000 2,900,000 2,515,000 3,900,000

Aguila 3 SA 7.875% 31-Jan-2018 Altice Financing SA 7.875% 15-Dec-2019 Matterhorn Mobile SA 6.750% 15-May-2019 Pacific Drilling V Ltd 7.250% 01-Dec-2017 Sunrise Communications International SA 7.000% 31-Dec-2017 3,250,000 Wind Acquisition Finance SA 11.750% 15-Jul-2017

Netherlands 600,000 Cable & Wireless International Finance 8.625% 25-Mar-2019 3,100,000 Conti-Gummi Finance BV 7.500% 15-Sep-2017 2,890,000 HeidelbergCement Finance Luxembourg SA 7.500% 03-Apr-2020 3,050,000 OI European Group BV 6.750% 15-Sep-2020 2,500,000 UPC Holding BV 8.375% 15-Aug-2020 2,900,000 Ziggo Bond Co BV 8.000% 15-May-2018

82

3,488,607 599,129 2,570,088 1,978,998

0.31 0.05 0.23 0.17

3,464,401 3,404,375

0.30 0.30

16,970,420

1.49 0.07 0.29

3,414,102 3,461,750 2,797,200 3,190,290

0.30 0.30 0.25 0.28

20,918,617

1.83

9,799,717 11,118,900

0.86 0.97

45,096,246

3.96

19,479,348 25,616,898

1.71 2.25

13,500,000 New Zealand Government Bond 5.500% 15-Apr-2023 15,000,000 New Zealand Government Bond 6.000% 15-May-2021 126,000,000 Norway Government Bond 3.750% 25-May-2021 162,000,000 Norway Government Bond 4.500% 22-May-2019

0.25

1.36

785,335 3,321,743

New Zealand

Norway

2,884,750

15,505,598

1,300,000 Catalent Pharma Solutions Inc 9.750% 15-Apr-2017 1,250,000 CEDC Finance Corp International Inc 8.875% 01-Dec-2016 300,000 CEDC Finance Corp International Inc 9.125% 01-Dec-2016 3,000,000 Chesapeake Energy Corp 6.775% 15-Mar-2019 86,000 Clearwire Communications LLC 12.000% 01-Dec-2015 3,240,000 Clearwire Communications LLC 12.000% 01-Dec-2015 3,158,000 EXCO Resources Inc 7.500% 15-Sep-2018 26,434,254 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029

Total investments in bond securities

34,509,628

3.03

1,197,730 Newcrest Mining Ltd 3,971,066 Telstra Corp Ltd

Australia

20,892,843 13,616,785

1.83 1.20

Brazil

8,621,441

0.76

8,621,441

0.76

45,235,199

3.97

21,202,301 4,594,164 19,438,734

1.86 0.40 1.71

598,915 Petroleo Brasileiro SA ADR

Canada 821,973 Barrick Gold Corp 482,844 Eldorado Gold Corp Npv 1,529,501 Yamana Gold Inc

13,410,750

1.18

2,500,000 TDC A/S

Denmark

13,410,750

1.18

France

44,485,423

3.90

245,554 Sanofi 686,484 Total SA

17,554,656 26,930,767

1.54 2.36

44,863,392

3.93

32,464,647 12,398,745

2.84 1.09

29,187,548

2.56

9,471,038 13,834,002 5,882,508

0.83 1.21 0.52

42,462,324

3.72

42,462,324

3.72

Germany 451,525 Bayer AG 1,440,542 Deutsche Telekom AG

Japan 585,800 Asahi Group Holdings Ltd 644,200 Japan Tobacco Inc 213,200 Softbank Corp

Jersey 345,000 ETFS Physical Gold/Jersey

BNY Mellon

BNY Mellon Global Real Return Fund (EUR) Portfolio of investments – as at 31 December 2012

Holdings Description

Luxembourg 160,269 Millicom International Cellular SA

Netherlands 1,700,432 Koninklijke KPN NV 1,045,518 Reed Elsevier NV

Norway 481,122 Statoil ASA

Poland 258,619 Telekomunikacja Polska SA

Fair value EUR

Total net assets %

10,501,723

0.92

10,501,723

0.92

17,941,186

1.57

6,330,708 11,610,478

0.55 1.02

9,085,893

0.80

9,085,893

0.80

772,805

0.07

772,805

0.07

South Africa

12,524,654

1.10

789,054 MTN Group Ltd

12,524,654

1.10

13,911,154

1.22

2,710,405 TeliaSonera AB

Sweden

13,911,154

1.22

Switzerland

57,661,620

5.06

21,643,546 22,511,569 13,506,505

1.90 1.97 1.19

154,107,029

13.52

10,711,049 13,860,170 1,626,392 21,736,030 35,974,190 16,172,805 17,391,095 11,346,071 9,690,503 15,598,724

0.94 1.22 0.14 1.91 3.15 1.42 1.53 0.99 0.85 1.37

454,854 Novartis AG 147,714 Roche Holding AG 44,482 Syngenta AG

United Kingdom 2,592,972 361,035 3,744,858 5,298,111 2,196,079 832,187 996,750 1,373,949 5,103,757 4,848,239

BAE Systems Plc British American Tobacco Plc Cable & Wireless Communications Plc Centrica Plc GlaxoSmithKline Plc Severn Trent Plc SSE Plc United Utilities Group Plc Vodafone Group Plc WM Morrison Supermarkets

154,963,680

13.59

Abbott Laboratories Accenture Annaly Capital Management Inc Medtronic Inc Merck & Co Inc Newmont Mining Corp Paychex Inc PDL BioPharma Inc Pfizer Inc Reynolds American Inc Sprint Nextel Corp Sysco Corp Wisconsin Energy Corp

United States of America

13,689,565 12,047,872 10,474,135 8,855,166 13,275,670 5,574,286 10,552,895 2,719,152 8,044,127 27,930,723 13,684,975 17,222,024 10,893,090

1.20 1.06 0.92 0.78 1.16 0.49 0.93 0.24 0.70 2.45 1.20 1.51 0.95

Total investments in equity securities

694,245,449

60.90

280,188 241,930 985,736 286,587 430,708 163,218 450,728 506,388 425,951 898,432 3,222,117 722,931 393,710

Index options 6,917 CBOE Volatility Index Options Put 12-Feb-2013 19.00 2,195 CBOE S&P 500 Index Open/ Euro Index Put 13-Feb-2013 1,375.00 6,917 CBOE Volatility Index Options Call 19-Mar-2013 24.00

Total index options Unrealised gain on forward foreign currency contracts (see below) Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss

3,662,492

0.32

865,608 1,049,222

0.08 0.09

5,577,322

0.49

15,041,002

1.32

4,142,103

0.36

1,083,457,140

95.03

Index options (961) CBOE S&P 500 Index Open/ Euro Index Call 19-Jan-2013 1,490.00 (2,195) CBOE S&P 500 Index Open/ Euro Index Put 19-Jan-2013 1,325.00

Total index options

(61,953)

(0.01)

(1,553,230)

(0.13)

(1,615,183)

(0.14)

Fair value EUR

Holdings Description Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

Total net assets %

(2,001,273)

(0.18)

(3,616,456)

(0.32)

60,288,946

5.29

1,140,129,630

100.00

The counterparty for index options is UBS.

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro

Polish zloty Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Swedish krona Swedish krona US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

59,882 244,919 3,324,111 2,689,000 2,316,441 1,847,000 1,272,484 1,033,000 158,320,530 126,847,200 2,612,686 2,106,000 4,125,030 3,297,000 252,794 204,000 2,863,287 2,302,000 419,206 340,000 2,010,316 1,619,000 2,779,451 2,224,000 406,001 328,000 5,476,678 4,451,000 669,278 544,000 1,925,832 1,550,000 5,382,705 6,756,000 114,094,198 141,242,000 2,847,534 3,562,000 2,226,986 2,802,000 2,698,743 3,371,000 1,213,111 1,549,000 1,430,784 1,756,000 500,107 640,000 734,047 943,000 932,340 1,190,000 520,865 673,000 594,624 766,000 947,837 1,231,000 1,328,868 1,720,000 499,876 643,000 4,089,846 5,079,000 476,153 610,000 2,125,466 2,703,000 9,782,474 12,126,942 1,133,172 108,919,000 15,321,511 1,485,694,700 3,140,327 326,730,000 1,683,929 178,875,000 2,550,870 249,684,000 1,907,189 192,600,000 5,937,574 663,822,000 2,550,041 21,900,000 1,561,906 13,415,000 1,415,072 1,801,000 101,542,541 130,137,834 431,187 548,000 9,206,592 12,128,000 2,775,020 3,581,000 639,002 824,000 64,114 82,000 726,997 948,000 976,709 1,253,000 1,932,693 2,457,000

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13

40 27,543 52,118 6,082 2,812,713 30,844 83,086 2,701 41,160 2,384 25,510 52,947 3,891 19,992 2,364 25,616 89,175 3,426,834 56,599 31,534 57,463 33,726 93,793 12,821 16,061 26,292 8,453 11,403 10,572 19,286 10,306 222,773 11,708 67,443 549,206 174,594 2,246,157 264,830 109,679 353,442 212,149 95,386 2,600 1,453 49,659 2,879,626 15,725 11,850 60,115 14,294 1,947 8,278 26,758 69,939 83

BNY Mellon Global Real Return Fund (EUR) Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

Euro Euro Euro Euro Euro Euro Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Euro Euro Euro Euro Euro Euro

US dollar US dollar US dollar US dollar US dollar US dollar Euro Euro Euro Euro Euro South African rand South African rand Danish krone Danish krone New Zealand dollar New Zealand dollar

771,062 871,628 1,724,914 1,834,660 141,794 461,341 2,307,000 4,355,000 1,833,000 2,246,000 268,000 3,798,386 1,450,572 1,408,679 9,218,679 17,630,304 2,511,073

982,000 1,112,000 2,238,000 2,395,000 184,000 588,000 559,558 1,037,702 439,991 539,314 64,015 41,161,600 16,165,000 10,497,000 68,648,380 28,349,000 3,951,000

15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Mar-13 15-Mar-13 15-Apr-13 15-Apr-13 15-Apr-13 15-Apr-13

26,567 28,574 28,193 18,911 2,296 15,553 1,275 21,001 5,612 6,689 1,136 158,039 20,934 624 10,265 86,430 65,983

EUR

15,041,002

Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Polish zloty Singapore dollar Singapore dollar Singapore dollar US dollar US dollar US dollar US dollar US dollar Euro Euro Euro

Swiss franc Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Swedish krona Swedish krona Swedish krona US dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro New Zealand dollar Swiss franc Swiss franc

113,042 73,094 27,120 205,548 104,615 118,319 2,769,557 78,476 47,544 100,513 1,802,658 220,828 382,557 333,424 334,841 392,781 214,205 434,872 49,315 272,762 730,579 85,121 1,201,511 819,212 11,738,454 1,869,463 25,589,000 8,188,000 5,333,000 24,056,433 29,367,000 25,361,000 5,828,000 2,109,000 1,500,000 707,003 18,872,869 4,313,052

136,500 305,000 116,000 877,000 440,000 496,000 11,469,000 335,000 201,000 430,000 7,490,000 945,000 1,597,000 1,389,000 1,396,000 1,640,000 891,000 1,844,000 206,000 1,134,000 3,041,000 356,000 10,394,000 7,178,000 101,461,000 2,482,000 6,223,593 5,173,503 3,361,593 15,605,627 22,700,868 19,590,637 4,452,162 1,620,025 1,171,417 1,144,000 22,822,300 5,205,000

03-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Apr-13 14-Jun-13 14-Jun-13

(15) (1,051) (1,080) (7,651) (2,349) (2,259) (18,562) (2,962) (1,319) (4,020) (18,165) (8,902) (5,675) (4,242) (4,528) (5,904) (2,398) (13,406) (764) (2,914) (8,690) (1,423) (7,535) (15,744) (63,643) (12,245) (2,894) (93,269) (52,740) (679,843) (436,521) (363,406) (33,712) (21,104) (34,204) (965) (60,220) (4,949)

EUR

(2,001,273)

Net EUR

13,039,729

The counterparties for the above contracts are Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and New York and UBS, London.

84

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market OTC financial derivative instruments

Total assets %

92.45 1.31

Financial derivative instruments dealt in on a regulated market

0.49

Other current assets

5.75

Total assets

100.00

BNY Mellon

BNY Mellon Global Real Return Fund (GBP) Portfolio of investments – as at 31 December 2012

Holdings Description

Guernsey 72,997 NB Global Floating Rate Income Fund Ltd Pfd 205,794 NB Global Floating Rate Income Fund Ltd Pfd

Ireland 28,547 iShares Physical Gold ETC

Luxembourg 3,206 Aviva Investors SICAV - Global Convertible Fund 749 RWC Funds - RWC Global Convertibles Fund

Total investments in collective investment schemes Australia 910,000 1,364,000 390,000 100,000 230,000 118,000

Fair value GBP

Total net assets %

252,239

0.66

45,828 206,411

0.12 0.54

583,381

1.53

583,381

1.53

781,575

2.05

320,883 460,692

0.84 1.21

1,617,195

4.24

2,376,656

6.24

Australia Government Bond 4.750% 21-Apr-2027 Australia Government Bond 5.500% 21-Apr-2023 New South Wales Treasury Corp 2.750% 20-Nov-2025 Origin Energy Finance Ltd 7.875% 16-Jun-2071 VAR Queensland Treasury Corp 5.750% 22-Jul-2024 Santos Finance Ltd 8.250% 22-Sep-2070 VAR

656,278 1,043,313 325,492 85,675 164,367 101,531

1.72 2.74 0.86 0.22 0.43 0.27

Croatia

88,490

0.23

100,000 Agrokor DD 9.125% 01-Feb-2020

El Salvador 100,000 Telemovil Finance Co Ltd 8.000% 01-Oct-2017

France 100,000 Labco SAS 8.500% 15-Jan-2018 60,000 Rexel SA 8.250% 15-Dec-2016

Germany 100,000 Grohe Holding GmbH 4.183% 15-Sep-2017 FRN 110,000 Unitymedia Hessen GmbH & Co KG 8.125% 01-Dec-2017

Ireland 115,000 Ardagh Glass Finance Plc 7.125% 15-Jun-2017 110,000 Smurfit Kappa Acquisitions 7.250% 15-Nov-2017

Italy 123,000 Lottomatica Group SpA 8.250% 31-Mar-2066 VAR

Luxembourg 150,000 Aguila 3 SA 7.875% 31-Jan-2018 150,000 Sunrise Communications International SA 7.000% 31-Dec-2017 100,000 Wind Acquisition Finance SA 11.750% 15-Jul-2017

Netherlands 80,000 Cable & Wireless International Financial 8.625% 25-Mar-2019 107,000 Conti-Gummi Finance BV 7.500% 15-Sep-2017 111,000 HeidelbergCement Finance Luxembourg SA 7.500% 03-Apr-2020 60,000 OI European Group BV 6.750% 15-Sep-2020 114,000 UPC Holding BV 8.375% 15-Aug-2020 108,000 Ziggo Bond Co BV 8.000% 15-May-2018

New Zealand 534,000 New Zealand Government Bond 5.500% 15-Apr-2023 610,000 New Zealand Government Bond 6.000% 15-May-2021

Norway 4,837,000 Norway Government Bond 3.750% 25-May-2021 6,682,000 Norway Government Bond 4.500% 22-May-2019

South Africa 125,000 Edcon Proprietary Ltd 3.433% 15-Jun-2014 FRN

Sweden 100,000 Eileme 2 AB 11.750% 31-Jan-2020 1,000,000 Norcell Sweden Holding 3 AB 9.250% 29-Sep-2018

Holdings Description

United Kingdom 52,000 Anglian Water Services Financing Plc 3.666% 30-Jul-2024 55,000 AWG Parent Co Ltd 4.125% 28-Jul-2020 100,000 Boparan Finance Plc 9.875% 30-Apr-2018 62,000 British Telecommunications Plc 3.500% 25-Apr-2025 58,000 BUPA Finance Plc 7.500% 04-Jul-2016 100,000 Co-Operative Bank Plc 5.625% 16-Nov-2021 VAR 100,000 Crown Newco 3 Plc 7.000% 15-Feb-2018 100,000 Ineos Finance Plc 7.250% 15-Feb-2019 FRN 105,000 ISS A/S 8.875% 15-May-2016 100,000 Jaguar Land Rover Plc 8.125% 15-May-2018 75,000 John Lewis Plc 8.375% 08-Apr-2019 120,000 Kerling Plc 10.625% 01-Feb-2017 68,000 National Grid Electricity Transmission Plc 2.983% 08-Jul-2018 53,000 National Grid Gas Plc 4.188% 14-Dec-2022 100,000 Odeon & UCI Finco Plc 9.000% 01-Aug-2018 100,000 Phones4u Finance Plc 9.500% 01-Apr-2018 142,000 Prudential Plc 11.750% 23-Dec-2014 VAR 278,000 United Kingdom Treasury Bill 0.000% 07-Jan-2013 1,387,000 United Kingdom Treasury Bill 0.000% 03-Jun-2013

88,490

0.23

66,170

0.17

66,170

0.17

137,384

0.36

83,801 53,583

0.22 0.14

179,324

0.47

82,296 97,028

0.22 0.25

193,281

0.51

96,839 96,442

0.26 0.25

105,231

0.28

105,231

0.28

302,523

0.80

108,419

0.29

108,672 85,432

0.29 0.22

542,323

1.43

85,400 93,509

0.23 0.24

110,477 TDC A/S

106,946 55,541 104,028 96,899

0.28 0.15 0.27 0.26

684,922

1.80

316,144 368,778

0.83 0.97

1,471,629

3.87

609,878 861,751

1.60 2.27

98,124

0.26

United States of America 100,000 7,000 186,000 160,000 174,000 146,000 998,113

Catalent Pharma Solutions Inc 9.750% 15-Apr-2017 Clearwire Communications LLC 12.000% 01-Dec-2015 Clearwire Communications LLC 12.000% 01-Dec-2015 Consol Energy Inc 8.000% 01-Apr-2017 EXCO Resources Inc 7.500% 15-Sep-2018 Offshore Group Investment Ltd 11.500% 01-Aug-2015 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029

0.26

0.52

95,219 102,607

0.25 0.27

3,350,031

8.80

92,544 99,403 113,250 114,154 67,337 91,250 106,170 85,024 88,833 110,575 97,970 94,199

0.24 0.26 0.30 0.30 0.18 0.24 0.28 0.22 0.23 0.29 0.26 0.25

112,289 105,035 103,625 104,188 101,571 277,986 1,384,628

0.30 0.28 0.27 0.27 0.26 0.73 3.64

1,407,679

3.69

84,412 4,660 123,250 107,135 104,401 98,438

0.22 0.01 0.33 0.28 0.27 0.26

885,383

2.32

29.43

1,209,483

3.18

744,554 464,929

1.96 1.22

291,852

0.77

291,852

0.77

1,550,854

4.07

695,031 155,782 700,041

1.82 0.41 1.84

483,337

1.27

483,337

1.27

France

1,566,740

4.12

11,261 Sanofi 28,447 Total SA

656,578 910,162

1.73 2.39

1,594,441

4.19

1,150,691 443,750

3.02 1.17

97,116

0.26

Australia 52,335 Newcrest Mining Ltd 166,248 Telstra Corp Ltd

Brazil 24,859 Petroleo Brasileiro SA ADR 33,038 Barrick Gold Corp 20,075 Eldorado Gold Corp 67,537 Yamana Gold Inc

Denmark

197,826

Total net assets %

11,201,593

Total investments in bond securities

Canada

98,124

Fair value GBP

Germany 19,623 Bayer AG-Reg 63,215 Deutsche Telekom AG

Ireland 956 Source Physical Markets Gold P-ETC

Japan 25,500 Asahi Group Holdings Ltd 27,400 Japan Tobacco Inc 8,700 Softbank Corp

Jersey 7,464 ETFS Physical Gold/Jersey

Luxembourg 6,921 Millicom International Cellular SA

97,116

0.26

1,011,911

2.66

336,243 479,892 195,776

0.88 1.26 0.52

749,238

1.97

749,238

1.97

369,866

0.97

369,866

0.97

85

BNY Mellon Global Real Return Fund (GBP) Portfolio of investments – as at 31 December 2012

Holdings Description

Netherlands

Fair value GBP

Total net assets %

607,954

1.60

71,985 Koninklijke KPN NV 42,992 Reed Elsevier NV

218,575 389,379

0.58 1.02

Norway

321,933

0.84

321,933

0.84

20,902 Statoil ASA

Poland

25,302

0.07

25,302

0.07

South Africa

389,429

1.02

30,082 MTN Group Ltd

389,429

1.02

549,078

1.44

549,078

1.44

10,382 Telekomunikacja Polska SA

Sweden 131,170 TeliaSonera AB

Switzerland 20,812 Novartis AG-Reg 6,297 Roche Holding AG-Genusschein 1,786 Syngenta AG-Reg

United Kingdom

2,032,633

5.34

807,670 782,676 442,287

2.12 2.06 1.16

5,671,470

14.90

386,795 493,289 91,180 780,481 1,515,572 555,083 594,401 385,936 338,239 530,494

1.02 1.30 0.24 2.05 3.98 1.46 1.56 1.01 0.89 1.39

114,810 15,755 257,426 233,258 113,441 35,021 41,771 57,303 218,430 202,170

BAE Systems Plc British American Tobacco Plc Cable & Wireless Communications Plc Centrica Plc GlaxoSmithKline Plc Severn Trent Plc SSE Plc United Utilities Group Plc Vodafone Group Plc WM Morrison Supermarkets

4,288,730

11.27

14,935 9,481 40,835 13,023 6,761 18,080 26,015 36,703 133,010 30,246

Abbott Laboratories Accenture Plc Annaly Capital Management Inc Medtronic Inc Newmont Mining Corp Paychex Inc PDL BioPharma Inc Reynolds American Inc Sprint Nextel Corp Sysco Corp

595,127 385,069 353,881 328,182 188,320 345,237 113,930 930,601 460,733 587,650

1.56 1.01 0.93 0.86 0.50 0.91 0.30 2.45 1.21 1.54

Total investments in equity securities

22,811,367

59.94

124,142

0.33

21,065 43,850

0.06 0.11

189,057

0.50

Unrealised gain on forward foreign currency contracts (see below)

149,392

0.39

Interest due on investments (Note 1)

147,558

0.38

36,116,162

94.88

United States of America

Index options 278 CBOE Volatility Index Options Put 12-Feb-2013 19.00 89 CBOE S&P 500 Index Open/ Euro Index Put 13-Feb-2013 1,375.00 278 CBOE Volatility Index Options Call 19-Mar-2013 24.00

Total index options

Total financial assets at fair value through profit or loss

86

Fair value GBP

Holdings Description

Total net assets %

Index options (38) CBOE S&P 500 Index Open/ Euro Index Call 19-Jan-2013 1,490.00 (89) CBOE S&P 500 Index Open/ Euro Index Put 19-Jan-2013 1,325.00

(1,998)

Total index options Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(0.01)

(57,254)

(0.15)

(59,252)

(0.16)

(217,927)

(0.57)

(277,179)

(0.73)

2,226,713

5.85

38,065,696

100.00

The counterparty for index options is UBS.

Forward foreign currency contracts – contd. Buy

Sell

Sterling Euro Euro Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Singapore dollar Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling

Polish zloty Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Swedish krona Swedish krona

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

1,960 150,000 88,000 93,000 662,000 73,000 90,000 175,000 11,000 378,000 91,041 66,191 176,578 45,424 95,807 40,360 15,406 69,850 59,656 379,431 30,240 38,987 16,363 23,885 33,315 19,473 15,712 76,462 81,232 47,894 16,315 32,730 19,475 408,173 33,078 18,123 63,615 25,335 179,187 36,718 75,105 11,327 197,597 71,889 22,544 2,847

9,835 121,085 69,632 18,312 130,964 14,117 17,398 33,435 2,115 190,029 140,000 102,000 271,000 71,000 148,000 63,000 24,000 108,000 95,000 598,998 48,000 62,000 26,000 38,000 53,000 31,000 25,000 121,000 129,000 75,000 26,000 52,000 31,000 49,680,800 4,354,000 2,288,000 7,965,000 3,262,000 22,755,000 4,618,000 9,940,000 1,408,000 27,090,000 8,945,000 236,000 30,000

03-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13

0 1,314 2,176 136 356 364 455 1,280 67 1,345 1,531 977 3,313 29 1,183 81 61 800 634 7,283 418 467 210 277 387 213 180 1,286 1,086 1,298 162 423 215 51,394 1,810 1,692 6,415 1,909 15,774 3,554 3,721 1,216 3,053 7,652 143 0

BNY Mellon

BNY Mellon Global Real Return Fund (GBP) Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling

Swedish krona Swedish krona Swedish krona Swedish krona US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar New Zealand dollar

Sterling Sterling Singapore dollar Singapore dollar Singapore dollar Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling

Polish zloty Swiss franc Sterling Sterling Sterling Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro

Forward foreign currency contracts – contd.

Amount (B)

Amount (S)

Expiry Date

12,627 5,813 39,881 4,179 128,799 21,685 20,789 351,070 66,382 213,183 44,160 23,597 20,711 51,629 49,392 2,516 46,164 24,480 37,701 97,921 75,174 162,522 1,526,703 15,156 48,736

133,000 61,000 420,000 44,000 208,000 35,000 33,000 557,000 106,000 342,000 71,000 38,000 33,000 82,000 79,000 4,000 74,000 39,000 60,000 158,000 121,000 260,000 2,459,000 24,000 96,000

15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Apr-13

3 23 15 2 123 32 374 6,489 806 1,609 237 89 296 900 520 41 385 353 583 176 319 1,676 5,472 308 221

GBP

149,392

1,960 3,544 183,000 136,000 789,726 290,064 64,852 2,355,052 42,097 133,752 125,804 35,325 103,638 25,894 49,657 163,660 129,499 82,875 54,501 31,528 87,567 128,430 284,800 45,172 113,400 88,887 56,845 68,947 111,872 105,422 98,185 37,385 21,146 61,128 92,071 65,448 31,041 44,171 266,095 479,503

9,835 5,250 93,456 69,029 407,464 457,000 102,000 3,707,636 66,000 210,000 198,000 56,000 164,000 41,000 78,000 256,000 205,000 130,000 68,000 39,000 109,000 159,000 358,000 56,000 141,000 111,000 71,000 86,000 138,000 130,000 121,000 46,000 26,000 76,000 115,000 82,000 39,000 55,000 332,000 591,000

03-Jan-13 03-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13

Unrealised Gain/(Loss)

0 (2) (806) (175) (7,640) (2,121) (363) (15,443) (101) (512) (788) (479) (1,216) (320) (213) (15) (1,569) (241) (987) (296) (1,377) (1,313) (7,325) (523) (1,655) (1,688) (1,091) (1,228) (735) (657) (550) (150) (70) (887) (1,769) (1,463) (783) (709) (4,814) (2,749)

Buy

Sell

Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling US dollar US dollar US dollar US dollar US dollar US dollar Sterling Sterling Sterling Sterling Sterling

Euro Euro Euro Euro Euro Euro Polish zloty Polish zloty Polish zloty Polish zloty Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona US dollar Sterling Sterling Sterling Sterling Sterling Sterling Danish krone Danish krone Danish krone New Zealand dollar Swiss franc

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

3,656,728 12,704 307,117 289,574 43,234 379,445 90,066 20,445 51,772 49,133 41,790 37,036 120,969 46,818 102,381 42,318 2,847 104,407 39,250 4,379 24,281 27,056 3,034 17,713 59,361 112,000 957,000 241,000 79,000 216,000 1,029,000 28,510 267,306 156,313 607,270 332,356

4,599,016 16,000 381,000 367,000 54,000 471,000 471,000 106,000 271,000 256,000 444,000 394,000 1,302,000 495,000 1,099,000 447,000 30,000 1,115,000 420,000 47,000 259,000 286,000 32,000 191,000 96,000 69,826 597,905 149,554 49,834 134,982 639,758 261,000 2,462,144 1,433,000 1,207,885 494,000

15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Apr-13 15-Apr-13 15-Apr-13 15-Apr-13 14-Jun-13

(96,035) (352) (3,776) (9,895) (830) (4,888) (3,365) (582) (1,986) (1,650) (353) (361) (2,614) (166) (1,934) (110) 0 (1,426) (615) (82) (303) (90) (3) (417) (28) (538) (5,868) (463) (961) (1,356) (3,180) (80) (2,398) (658) (3,155) (2,586)

GBP

(217,927)

Net GBP

(68,535)

The counterparties for the above contracts are Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and New York and UBS, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 92.87

OTC financial derivative instruments

0.40

Financial derivative instruments dealt in on a regulated market

0.49

Other current assets

6.24

Total assets

100.00

87

BNY Mellon Global Real Return Fund (USD) Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

839,475

0.49

839,475

0.49

3,443,334

2.00

1,192,006 2,251,328

0.69 1.31

4,282,809

2.49

11,084,385

6.45

2,427,415 5,555,878 1,457,188 373,969 852,629 417,306

1.41 3.23 0.85 0.22 0.50 0.24

300,375

0.17

Holdings Description

Guernsey 827,069 NB Global Floating Rate Income Fund Ltd Pfd

Luxembourg 6,358 Aviva Investors SICAV - Global Convertibles Fund 1,845 RWC Funds - RWC Global Convertibles Fund

Total investments in collective investment schemes Australia 2,082,000 4,493,000 1,080,000 270,000 738,000 300,000

Australia Government Bond 4.750% 21-Apr-2027 Australia Government Bond 5.500% 21-Apr-2023 New South Wales Treasury Corp 2.750% 20-Nov-2025 Origin Energy Finance Ltd 7.875% 16-Jun-2071 VAR Queensland Treasury Corp 5.750% 22-Jul-2024 Santos Finance Ltd 8.250% 22-Sep-2070 VAR

Bermuda 300,000 Ship Finance International Ltd 8.500% 15-Dec-2013

Cayman Islands 176,000 Offshore Group Investment Ltd 11.500% 01-Aug-2015

0.11

0.21

357,643

0.21

427,892

0.25

427,892

0.25

338,690

0.20

338,690

0.20

1,472,021

0.86

El Salvador 400,000 Telemovil Finance Co Ltd 8.000% 01-Oct-2017

France 250,000 Labco SAS 8.500% 15-Jan-2018 Grohe Holding GmbH 4.183% 15-Sep-2017 FRN Techem GmbH 6.125% 01-Oct-2019 Unitymedia Hessen GmbH & Co KG 7.500% 15-Mar-2019 Unitymedia Hessen GmbH & Co KG 8.125% 01-Dec-2017

Ireland 250,000 Ardagh Glass Finance Plc 7.125% 15-Jun-2017

Italy 300,000 Lottomatica SpA 8.250% 31-Mar-2066 VAR

Luxembourg 210,000 240,000 200,000 350,000

Aguila 3 SA 7.875% 31-Jan-2018 Matterhorn Mobile SA 6.750% 15-May-2019 Pacific Drilling V Ltd 7.250% 01-Dec-2017 Sunrise Communications International SA 7.000% 31-Dec-2017 300,000 Wind Acquisition Finance SA 11.750% 15-Jul-2017

Netherlands 220,000 Cable & Wireless International Financial 8.625% 25-Mar-2019 300,000 Conti-Gummi Finance BV 7.500% 15-Sep-2017 300,000 HeidelbergCement Finance Luxembourg BV 7.500% 03-Apr-2020 300,000 OI European Group BV 6.750% 15-Sep-2020 250,000 UPC Holding BV 8.375% 15-Aug-2020 250,000 Ziggo Bond Co BV 8.000% 15-May-2018

New Zealand 1,206,000 New Zealand Government Bond 5.500% 15-Apr-2023 2,300,000 New Zealand Government Bond 6.000% 15-May-2021

Norway 1,885,000 Norway Government Bond 3.750% 25-May-2021 31,312,000 Norway Government Bond 4.500% 22-May-2019

South Africa 300,000 Edcon Proprietary Ltd 3.433% 15-Jun-2014 FRN

88

0.11

191,840

250,000 Agrokor DD 9.125% 01-Feb-2020

Germany

0.17

191,840 357,643

Croatia

300,000 300,000 300,000 150,000

300,375

399,130 424,228 434,761 213,902

0.23 0.25 0.25 0.13

340,338

0.20

340,338

0.20

414,932

0.24

414,932

0.24

1,557,599

0.91

245,386 280,441 207,500

0.15 0.16 0.12

409,933 414,339

0.24 0.24

2,451,179

1.42

379,671 423,844

0.22 0.25

467,283 448,949 368,811 362,621

0.27 0.26 0.21 0.21

3,402,181

1.98

1,154,270 2,247,911

0.67 1.31

6,912,558

4.02

384,233 6,528,325

0.22 3.80

380,717

0.22

380,717

0.22

Holdings Description

Sweden 200,000 Eileme 2 AB 11.750% 31-Jan-2020 2,000,000 Norcell Sweden Holding 3 AB 9.250% 29-Sep-2018

United Kingdom 44,000 Anglian Water Services Financing Plc 3.666% 30-Jul-2024 240,000 Boparan Finance Plc 9.875% 30-Apr-2018 100,000 BUPA Finance Plc 7.500% 04-Jul-2016 138,000 Co-Operative Bank Plc 7.875% 19-Dec-2022 200,000 Crown Newco 3 Plc 7.000% 15-Feb-2018 450,760 Dwr Cymru Financing Ltd 1.859% 31-Mar-2048 100,000 HSBC Holdings Plc 6.375% 18-Oct-2022 VAR 150,000 Ineos Finance Plc 7.250% 15-Feb-2019 FRN 50,000 Ineos Finance Plc 9.250% 15-May-2015 300,000 Jaguar Land Rover Plc 8.125% 15-May-2021 300,000 Kerling Plc 10.625% 01-Feb-2017 88,000 National Grid Electricity Transmission Plc 2.983% 08-Jul-2018 52,000 National Grid Gas Plc 4.188% 14-Dec-2022 219,000 Prudential Plc 11.750% 23-Dec-2014 VAR 400,000 Sable International Finance Ltd 7.750% 15-Feb-2017 120,000 Tesco Plc 4.000% 08-Sep-2016

United States of America 300,000 Apria Healthcare Group Inc 11.250% 01-Nov-2014 200,000 Catalent Pharma Solutions Inc 9.750% 15-Apr-2017 200,000 CEDC Finance Corp International Inc 9.125% 01-Dec-2016 300,000 Chesapeake Energy Corp 6.775% 15-Mar-2019 39,000 Clearwire Communications LLC 12.000% 01-Dec-2015 420,000 Clearwire Communications LLC 12.000% 01-Dec-2015 350,000 Consol Energy Inc 8.000% 01-Apr-2017 400,000 EXCO Resources Inc 7.500% 15-Sep-2018 174,000 Offshore Group Investment Ltd 11.500% 01-Aug-2015 400,000 Sprint Nextel Corp 9.250% 15-Apr-2022 10,022,000 United States Treasury Bill 0.000% 30-May-2013 3,532,935 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029

Total investments in bond securities Australia 128,751 Newcrest Mining Ltd 454,028 Telstra Corp Ltd

Brazil 65,758 Petroleo Brasileiro SA ADR

Canada 91,810 Barrick Gold Corp 56,508 Eldorado Gold Corp 172,419 Yamana Gold Inc

Denmark

Fair value USD

Total net assets %

639,629

0.37

307,870 331,759

0.18 0.19

4,662,778

2.71

126,594 439,406 187,692 229,378 343,280 763,118 179,244 206,181 70,540 331,500 380,717

0.07 0.26 0.11 0.13 0.20 0.44 0.10 0.12 0.04 0.19 0.22

234,923 166,602 253,245 429,000 321,358

0.14 0.10 0.15 0.25 0.19

18,024,553

10.48

310,125 272,929

0.18 0.16

129,000 300,375 41,974 449,925 378,875 388,000 189,660 479,000 10,018,242

0.07 0.17 0.03 0.26 0.22 0.23 0.11 0.28 5.83

5,066,448

2.94

52,959,310

30.80

5,013,923

2.92

2,961,216 2,052,707

1.72 1.20

1,248,087

0.72

1,248,087

0.72

6,720,614

3.91

3,122,459 708,906 2,889,249

1.82 0.41 1.68

1,940,502

1.13

274,359 TDC A/S

1,940,502

1.13

France

6,639,973

3.86

28,839 Sanofi 75,817 Total SA

2,718,354 3,921,619

1.58 2.28

6,955,753

4.05

5,011,045 1,944,708

2.92 1.13

6,431,083

3.74

6,431,083

3.74

Germany 52,859 Bayer AG-Reg 171,365 Deutsche Telekom AG

Ireland 39,159 Source Physical Markets Gold P-ETC

BNY Mellon

BNY Mellon Global Real Return Fund (USD) Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

4,573,216

2.66

1,464,484 2,228,349 880,383

0.85 1.30 0.51

1,581,644

0.92

1,581,644

0.92

2,556,327

1.49

940,866 1,615,461

0.55 0.94

1,440,148

0.84

1,440,148

0.84

98,389

0.06

98,389

0.06

Unrealised loss on forward foreign currency contracts (see below)

South Africa

2,008,642

1.17

95,976 MTN Group Ltd

2,008,642

1.17

Total financial liabilities at fair value through profit or loss

2,154,313

1.25

2,154,313

1.25

Holdings Description

Japan 68,700 Asahi Group Holdings Ltd 78,700 Japan Tobacco Inc 24,200 Softbank Corp

Luxembourg 18,307 Millicom International Cellular SA

Netherlands 191,670 Koninklijke KPN NV 110,331 Reed Elsevier NV

Norway 57,838 Statoil ASA

Poland 24,972 Telekomunikacja Polska SA

Sweden 318,343 TeliaSonera AB

Switzerland 55,753 Novartis AG-Reg 18,641 Roche Holding AG -Genusschein 5,100 Syngenta AG-Reg

United Kingdom 305,599 42,406 1,150,073 620,589 258,209 97,752 117,914 160,533 346,288 567,110

BAE Systems Plc British American Tobacco Plc Cable & Wireless Communications Plc Centrica Plc GlaxoSmithKline Plc Severn Trent Plc SSE Plc United Utilities Group Plc Vodafone Group Plc WM Morrison Supermarkets

United States of America

9,285,371

5.40

3,497,882 3,745,707 2,041,782

2.03 2.18 1.19

23,641,285

13.75

1,664,445 2,146,479 658,552 3,356,962 5,576,918 2,504,790 2,712,606 1,747,907 866,892 2,405,734

0.97 1.25 0.38 1.95 3.24 1.46 1.58 1.01 0.51 1.40

23,719,096

13.80

Abbott Laboratories Accenture Annaly Capital Management Inc Medtronic Inc Merck & Co Inc Newmont Mining Corp Paychex Inc PDL BioPharma Inc Reynolds American Inc Sprint Nextel Corp Sysco Corp Wisconsin Energy Corp

2,316,092 1,988,185 1,590,485 1,649,400 2,266,330 638,345 1,625,707 628,619 4,204,385 2,123,778 2,523,448 2,164,322

1.35 1.16 0.92 0.96 1.32 0.37 0.94 0.36 2.45 1.24 1.47 1.26

Total investments in equity securities

106,008,366

61.67

543,400

0.32

133,650

0.08

162,000

0.09

839,050

0.49

35,953 30,280 113,525 40,486 55,766 14,176 52,663 88,788 102,571 379,246 80,339 59,329

Index options 810 CBOE Volatility Index Options Put 12-Feb-2013 19.00 247 CBOE S&P 500 Index Open/ Euro Index Put 13-Feb-2013 1,375.00 810 CBOE Volatility Index Options Call 19-Mar-2013 24.00

Total index options

Fair value USD

Total net assets %

Unrealised gain on forward foreign currency contracts (see below)

529,493

0.31

Interest due on investments (Note 1)

647,759

0.38

165,266,787

96.14

Holdings Description

Total financial assets at fair value through profit or loss Index options (107) CBOE S&P 500 Index Open/ Euro Index Call 19-Jan-2013 1,490.00 (247) CBOE S&P 500 Index Open/ Euro Index Put 19-Jan-2013 1,325.00

Total index options

Net current assets Total net assets

(9,095)

(0.01)

(230,451)

(0.13)

(239,546)

(0.14)

(3,112,056)

(1.81)

(3,351,602)

(1.95)

9,992,090

5.81

171,907,275

100.00

The counterparty for index options is UBS.

Forward foreign currency contracts – contd. Buy

Sell

US dollar Sterling Sterling Sterling Sterling Sterling US dollar US dollar Euro Euro Euro Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Singapore dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Polish zloty US dollar US dollar US dollar US dollar US dollar Sterling Sterling US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen Japanese yen New Zealand dollar

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

7,627 23,656 296,000 470,205 55,000 88,063 43,000 68,022 3,843,000 6,185,651 322,000 499,134 2,350,734 1,448,000 815,626 504,000 2,781,000 3,629,839 150,000 194,623 127,000 157,265 26,000 7,943 223,000 70,831 1,847,000 580,079 393,000 121,096 420,000 127,270 264,000 212,552 720,614 692,000 2,369,444 2,274,000 313,229 299,000 508,331 487,000 328,109 316,000 872,719 841,000 57,401 57,000 986,432 981,000 235,883 230,000 1,931,521 1,917,375 273,857 21,723,000 894,490 75,349,000 2,002,099 156,464,000 212,564 16,755,000 280,677 22,000,000 123,566 9,704,000 933,742 76,589,000 790,297 966,000

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Apr-13

6 8,308 850 1,491 26,934 21,410 9,900 861 38,341 3,229 10,250 394 675 12,167 4,921 7,404 3,500 5,440 19,293 4,217 5,022 1,527 3,556 157 1,236 4,899 5,945 21,687 19,807 185,797 18,065 25,291 10,918 44,664 1,331

USD

529,493

Amount (B)

89

BNY Mellon Global Real Return Fund (USD) Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar Australian dollar Euro Polish zloty US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Swiss franc Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling Sterling US dollar US dollar US dollar Australian dollar Australian dollar Australian dollar Australian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Canadian dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty Polish zloty

90

Forward foreign currency contracts – contd.

Amount (B)

Amount (S)

Expiry Date

13,373 700,347 48,014 379,496 359,704 46,323 28,879 508,100 324,432 646,088 221,621 229,956 232,326 240,216 225,768 18,807,001 542,237 239,036 530,914 156,211 4,607,679 299,273 1,178,114 447,102 2,108,000 103,000 2,637,000 373,908 638,621 14,118,160 71,711 83,726 60,244 54,075 68,059 57,093 137,384 106,189 2,475,372 529,224 73,964 327,272 564,112 3,797,922 2,374,557 190,159 17,453,467 251,209 530,473 742,584 8,435 38,644 71,282 4,740 32,559 43,035 7,081 9,992 20,766 10,479 26,751 37,367 20,430 35,213 22,072 2,653 936,433

12,250 436,000 30,000 238,000 225,000 29,000 18,000 318,000 204,000 406,000 139,000 144,000 146,000 149,000 140,000 12,083,500 348,000 154,000 341,000 100,000 2,859,000 187,000 732,000 278,000 2,200,457 136,661 847,634 363,000 628,000 13,972,400 71,000 84,000 60,000 54,000 68,000 57,000 138,000 106,000 1,896,000 408,000 57,000 252,000 428,000 2,899,000 1,815,000 147,000 14,085,600 203,000 403,000 588,000 28,000 129,000 240,000 16,000 110,000 145,000 24,000 34,000 70,000 35,000 89,000 126,000 69,000 119,000 75,000 9,000 3,161,000

03-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13

Unrealised Gain/(Loss) (5) (4,490) (484) (5,254) (4,031) (558) (220) (5,978) (5,354) (10,251) (3,086) (2,834) (3,698) (657) (555) (727,158) (20,339) (9,920) (20,346) (5,449) (14,174) (3,030) (5,236) (2,312) (21,865) (802) (2,072) (1,248) (10,409) (322,145) (1,667) (633) (13) (156) (232) (151) (1,206) (264) (25,480) (8,934) (1,220) (5,119) (427) (25,902) (19,455) (3,736) (1,125,647) (16,551) (1,090) (32,997) (543) (2,721) (5,675) (390) (2,713) (3,459) (614) (910) (1,679) (744) (1,787) (3,035) (1,695) (2,944) (1,977) (233) (77,152)

Buy

Sell

US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar US dollar

Polish zloty Polish zloty Polish zloty Singapore dollar Swedish krona Swedish krona Swedish krona Swedish krona Swedish krona South African rand South African rand Danish krone Danish krone New Zealand dollar Norwegian krone Norwegian krone Swiss franc Swiss franc

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

319,949 11,668 4,779 212,215 129,558 1,184,941 1,574,554 901,796 210,719 1,104,765 435,604 461,702 1,272,752 2,487,810 1,994,116 6,074,320 852,166 9,358,252

1,012,000 39,000 16,000 264,000 871,000 7,832,000 10,501,000 5,958,000 1,422,000 10,105,000 3,853,000 2,624,000 7,308,000 3,086,000 11,255,000 34,939,000 786,000 8,636,600

15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Feb-13 15-Mar-13 15-Mar-13 15-Apr-13 15-Apr-13 15-Apr-13 15-Apr-13 15-Apr-13 14-Jun-13 14-Jun-13

(4,552) (838) (351) (3,837) (4,079) (16,721) (36,612) (12,339) (7,458) (74,328) (13,980) (2,826) (20,987) (32,635) (14,426) (160,816) (8,907) (103,253)

USD

(3,112,056)

Net USD

(2,582,563)

The counterparties for the above contracts are Barclays Bank plc, London, JPMorgan Chase, London, Royal Bank of Scotland, London, The Bank of New York Mellon, London and UBS, London.

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

93.10

OTC financial derivative instruments

0.30

Financial derivative instruments dealt in on a regulated market

0.47

Other current assets

6.13

Total assets

100.00

BNY Mellon

BNY Mellon Japan Equity Value Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Consumer Discretionary 600 200 800 3 1,500 1,000 1,100 300 500 700 6 13,500 1,100 1,900 3,000 700 1,000 300 100 200 1,700 600 1,700 5,200 850 4,800 100 1,000 3,000 3 500 3,000 300 400 7 300 5,000 5,000 2,400 500 300 430 2,000

Aisin Seiki Co Ltd Alpha Corp/Japan Arc Land Sakamoto Co Ltd Best Bridal Inc Bridgestone Corp Calsonic Kansei Corp DCM Holdings Co Ltd Dentsu Inc EDION Corp Fuji Corp Ltd/Osaka Geo Corp Haseko Corp Heiwa Corp Honda Motor Co Ltd Isuzu Motors Ltd Izumi Co Ltd Koito Manufacturing Co Ltd Konaka Co Ltd Kuraudia Co Ltd Misawa Homes Co Ltd NHK Spring Co Ltd Nikon Corp Nippon Television Holdings Nissan Motor Co Ltd Paltac Corp Panasonic Corp Piolax Inc Press Kogyo Co Ltd Sanden Corp Sanyo Housing Nagoya Co Ltd Sega Sammy Holdings Inc Sekisui House Ltd Shimachu Co Ltd Tachi-S Co Ltd Tact Home Co Ltd Tamron Co Ltd Toyo Tire & Rubber Co Ltd Toyobo Co Ltd Toyota Motor Corp TPR Co Ltd Unipres Corp Yamada Denki Co Ltd Yokohama Rubber Co Ltd

2,700 1,000 1,200 300 1,300 100 700 300 5,000 400 300 2,000 6,000 3,000 1,000 4,000 200 400 1,400 600

Aeon Co Ltd Ajinomoto Co Inc Asahi Group Holdings Ltd Cawachi Ltd Fuji Oil Co Ltd ITOCHU Shokuhin Co Ltd Japan Tobacco Inc Kato Sangyo Co Ltd Maruha Nichiro Holdings Inc Matsumotokiyoshi Holdings Co Megmilk Snow Brand Co Ltd Mitsui Sugar Co Ltd Morinaga Milk Industry Co Ltd Nippon Flour Mills Co Ltd Nippon Meat Packers Inc Prima Meat Packers Ryoshoku Ltd Seven & I Holdings Co Ltd UNY Co Ltd Valor Co Ltd

Consumer Staples

Fair value JPY

Total net assets %

57,816,050

21.88

1,597,800 192,000 1,070,400 235,800 3,331,500 351,000 622,600 691,500 190,000 333,900 540,000 918,000 1,541,100 5,975,500 1,533,000 1,271,200 1,247,000 175,800 105,000 252,400 1,198,500 1,515,000 1,956,700 4,217,200 832,150 2,500,800 199,000 388,000 1,086,000 276,600 727,500 2,823,000 542,100 588,000 752,500 727,800 1,280,000 615,000 9,600,000 583,000 566,100 1,427,600 1,238,000

0.60 0.07 0.41 0.09 1.26 0.13 0.24 0.26 0.07 0.13 0.20 0.35 0.58 2.26 0.58 0.48 0.47 0.07 0.04 0.10 0.45 0.57 0.74 1.60 0.32 0.95 0.08 0.15 0.41 0.10 0.28 1.07 0.21 0.22 0.28 0.28 0.48 0.23 3.63 0.22 0.21 0.54 0.47

20,667,800

7.82

2,659,500 1,143,000 2,204,400 512,400 1,622,400 292,900 1,708,000 460,800 755,000 814,400 405,600 498,000 1,650,000 1,050,000 1,194,000 580,000 435,800 974,800 893,200 813,600

1.01 0.43 0.83 0.19 0.61 0.11 0.65 0.17 0.29 0.31 0.15 0.19 0.62 0.40 0.45 0.22 0.17 0.37 0.34 0.31

Holdings Description

Energy 1,000 6,000 200 1 300 5,100

Aoc Holdings Inc Cosmo Oil Company Ltd Idemitsu Kosan Co Ltd Inpex Corp Japan Petroleum Exploration JX Holdings Inc

Financials 4,000 300 1,300 4,000 1,000 1,000 1,000 1,100 4,000 300 2,000 100 20,200 19,600 2,000 300 2,000 7,200 300 4,800 2,000 3,500 195 1,200 100 1,000 5,000 2,300 2,300 1,000 3,000 1,000 400 300 1,000

Aozora Bank Ltd Century Tokyo Leasing Corp Chiba Kogyo Bank Ltd/The Daikyo Inc Daishi Bank Ltd /The Daiwa House Industry Co Eighteenth Bank Ltd/The Fidea Holdings Co Ltd Fukuoka Financial Group Inc Fuyo General Lease Co Ltd Higashi-Nippon Bank Ltd/The Keinhanshin Building Co Ltd Mitsubishi UFJ Financial Group Inc Mizuho Financial Group Inc MS&AD Insurance Group Holdings Inc Musashino Bank Ltd Nishi-Nippon City Bank Ltd/The Nomura Holdings Nomura Real Estate Holdings Inc North Pacific Bank Ltd Oita Bank Ltd/The Orient Corp ORIX Corp Resona Holdings Inc Ricoh Leasing Company Ltd San-In Godo Bank Ltd/The Sumitomo Mitsui Trust Holdings Sumitomo Mitsui Financial Group Inc T&D Holdings Inc The Higo Bank Ltd The Keiyo Bank Ltd Tochigi Bank Ltd/The Tokio Marine Holdings Inc Yachiyo Bank Ltd/The Yamaguchi Financial Group Inc

Health Care 1,200 1,000 400 200 1,200 1,100 100 700 400

Daiichi Sankyo Co Ltd Iwaki & Co Ltd KYORIN Holdings Inc Miraca Holdings Inc Mitsubishi Tanabe Pharma Corp Otsuka Holdings Co Ltd Sawai Pharmaceutical Co Ltd Shionogi & Co Ltd Takeda Pharmaceutical Co Ltd

2,000 400 300 2,000 300 1,000 100 6,500 3,700 200 1,000 2,200 2,000

Central Glass Co Ltd Central Japan Railway Co CKD Corp Dai Nippon Printing Co Ltd East Japan Railway Co Ebara Corp FANUC Corp Hitachi Zosen Corp ITOCHU Corp Japan Airlines Co Ltd Japan Transcity Corp JTEKT Corp Kajima Corp

Industrials

Fair value JPY

Total net assets %

6,849,700

2.59

392,000 1,146,000 1,492,000 457,000 904,500 2,458,200

0.15 0.43 0.57 0.17 0.34 0.93

50,440,600

19.09

1,056,000 534,600 731,900 932,000 270,000 1,476,000 224,000 209,000 1,372,000 838,200 380,000 44,400 9,292,000 3,057,600 3,402,000 843,000 424,000 3,621,600 491,100 1,161,600 558,000 1,137,500 1,887,600 469,200 217,600 604,000 1,500,000 7,141,500 2,389,700 479,000 1,140,000 297,000 951,200 549,300 758,000

0.40 0.20 0.28 0.35 0.10 0.56 0.08 0.08 0.52 0.32 0.14 0.02 3.52 1.16 1.29 0.32 0.16 1.37 0.19 0.44 0.21 0.43 0.71 0.18 0.08 0.23 0.57 2.70 0.90 0.18 0.43 0.11 0.36 0.21 0.29

10,572,700

4.00

1,585,200 182,000 670,400 694,000 1,351,200 2,673,000 869,000 1,005,900 1,542,000

0.60 0.07 0.26 0.26 0.51 1.01 0.33 0.38 0.58

41,392,800

15.66

578,000 2,792,000 162,000 1,346,000 1,671,000 360,000 1,591,000 786,500 3,352,200 740,000 312,000 1,788,600 568,000

0.22 1.06 0.06 0.51 0.63 0.14 0.60 0.30 1.27 0.28 0.12 0.68 0.22 91

BNY Mellon Japan Equity Value Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value JPY

Total net assets %

1,372,000 1,963,800 1,836,000 1,974,000 729,000 143,500 1,410,200 688,000 1,041,000 759,200 469,000 1,008,000 1,200,000 137,800 324,000 1,638,000 669,000 2,961,000 2,035,000 236,000 1,126,000 1,360,000 265,000

0.52 0.74 0.69 0.75 0.28 0.05 0.53 0.26 0.39 0.29 0.18 0.38 0.45 0.05 0.12 0.62 0.25 1.12 0.77 0.09 0.43 0.51 0.10

Fair value JPY

Total net assets %

1,175,000 424,000 672,000 1,077,000 526,000 304,000 743,000

0.44 0.16 0.25 0.41 0.20 0.11 0.28

12,199,500

4.62

3,648,000 5,437,500 1,860,000 1,254,000

1.38 2.06 0.70 0.48

3,232,100

1.22

614,100 813,600 1,178,400 626,000

0.23 0.31 0.44 0.24

Total investments in equity securities

259,592,650

98.23

Total financial assets at fair value through profit or loss

259,592,650

98.23

4,672,922

1.77

264,265,572

100.00

Holdings Description

Industrials – contd. Kamigumi Co Ltd Komatsu Ltd Marubeni Corp Mitsubishi Corp Mitsubishi Electric Corp Mitsubishi Pencil Co Ltd Mitsui & Co Ltd Mitsui-Soko Nachi-Fujikoshi Corp Nagase & Co Ltd Nichias Nippon Sheet Glass Co Ltd Nippon Yusen KK Nitta Corp Sankyu Inc Seino Holdings Co Ltd Sumikin Bussan Corp Sumitomo Electric Industries Ltd Sumitomo Heavy Industries Ltd Totetsu Kogyo Co Ltd Tsugami Corp West Japan Railway Co Yamabiko Corp

Information Technology

31,534,900

11.93

1,200 300 2,000 5,000 800 9,000 500 500 300 2,500 500 600 6,000 7,000 3,000 300 500 800 1,000 400 200 10,000 300 900

Canon Inc Daito Electron Co Ltd FUJIFILM Holdings Corp Fujitsu Ltd Gree Inc Hitachi Ltd Hoya Corp IT Holdings Corp Japan Digital Laboratory Co Ltd Konica Minolta Holdings Inc Macnica Inc Marubun Corp NEC Corp Nippon Chemi-Con Corp Ricoh Co Ltd Riken Keiki Co Ltd SCSK Corp Seiko Epson Corp Shimadzu Corp Sumco Corp Tomen Electronics Corp Toshiba Corp UKC Holdings Corp Yokogawa Electric Corp

4,008,000 104,100 3,444,000 1,795,000 1,069,600 4,536,000 844,500 520,500 290,700 1,540,000 852,500 222,000 1,080,000 1,267,000 2,718,000 158,100 673,500 556,000 585,000 335,600 215,200 3,360,000 513,600 846,000

1.52 0.04 1.30 0.68 0.40 1.72 0.32 0.20 0.11 0.58 0.32 0.08 0.41 0.48 1.03 0.06 0.26 0.21 0.22 0.13 0.08 1.27 0.19 0.32

24,886,500

9.42

5,000 1,000 2,000 600 1,800 2,000 8,000 7,000 4,000 600 1,000 2,350 4,000 3,000 2,000 5,000 6,000

Asahi Kasei Corp Dainichiseika Colour & Chem Godo Steel Ltd Hitachi Chemical Co Ltd JFE Holdings Inc Mitsubishi Gas Chemical Co Inc Mitsubishi Materials Corp Mitsui Chemicals Inc Mitsui Mining & Smelting Co Nippon Paper Group Inc Nippon Pillar Packing Co Nippon Steel Oji Holdings Corp Pacific Metals Co Ltd Rengo Co Ltd Showa Denko KK Sumitomo Chemical Co Ltd

2,535,000 358,000 340,000 774,600 2,883,600 1,046,000 2,328,000 1,561,000 844,000 712,800 572,000 493,500 1,184,000 1,209,000 866,000 650,000 1,608,000

0.96 0.13 0.13 0.29 1.09 0.40 0.88 0.59 0.32 0.27 0.22 0.19 0.45 0.46 0.33 0.25 0.61

Materials

92

Materials – contd.

2,000 900 3,000 1,200 1,000 100 1,100 2,000 3,000 800 1,000 9,000 6,000 100 1,000 3,000 3,000 3,000 5,000 200 2,000 400 200

5,000 2,000 2,000 3,000 1,000 1,000 1,000

Taiheiyo Cement Corp Teijin Ltd Toagosei Co Ltd Tokai Carbon Co Ltd Toray Industries Inc Toyo Kohan Co Ltd Zeon Corp

600 1,500 15 400

KDDI Corp Nippon Telegraph & Telephone Corp NTT DoCoMo Inc Softbank Corp

300 900 1,200 2,000

Electric Power Development Co Ltd Kansai Electric Power Co Inc/The Kyushu Electric Power Co Inc Osaka Gas Co Ltd

Telecommunication Services

Utilities

Net current assets Total net assets Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

98.11

Other current assets

1.89

Total assets

100.00

BNY Mellon

BNY Mellon Latin America Infrastructure Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Brazil 14,300 36,300 18,826 39,000 3,525 8,500 22,600 19,500 21,900 16,300 44,300 8,000 15,200 14,300 10,156 3,900 18,400 40,200 4,700 20,500 26,200 8,000 4,500 20,200 3,300

All America Latina Logistica SA Arteris SA Autometal SA CCR SA Cia Energetica de Minas Gerais Pfd Cia Energetica de Sao Paulo Pfd Duratex SA EcoRodovias Infraestrutura e Logistica SA EDP - Energias do Brasil SA Embraer SA Even Construtora e Incorporadora SA Gerdau SA ADR Iochpe-Maxion SA Mahle-Metal Leve SA Industria e Comercio Marcopolo SA Pfd Metalurgica Gerdau SA Pfd OGX Petroleo e Gas Participacoes SA PDG Realty SA Empreendimentos e Participacoes Randon Participacoes SA Pfd Santos Brasil Participacoes SA Tecnisa SA Telefonica Brasil SA Pfd Tractebel Energia SA Vale SA ADR Wilson Sons Ltd

1,800 4,100 4,500 2,100

Empresa Nacional de Electricidad SA/Chile ADR Enersis SA ADR Latam Airlines Group SA ADR Sociedad Quimica y Minera de Chile SA ADR

Chile

Colombia 3,400 Ecopetrol SA ADR

Fair value USD

Total net assets %

3,653,315

70.34

58,038 331,532 191,984 369,716 38,771 80,496 162,035 164,761 132,843 114,558 200,351 71,840 203,038 174,603 63,987 43,429 39,181 64,790 29,038 291,857 102,369 191,375 72,967 409,858 49,898

1.12 6.38 3.70 7.12 0.75 1.55 3.12 3.17 2.56 2.21 3.86 1.38 3.91 3.36 1.23 0.84 0.75 1.25 0.56 5.62 1.97 3.68 1.40 7.89 0.96

389,490

7.50

87,876 74,661 105,930 121,023

1.69 1.44 2.04 2.33

202,776

3.90

202,776

3.90

560,220

10.78

215,202 49,920 171,180 123,918

4.14 0.96 3.29 2.39

226,328

4.36

158,180 68,148

3.05 1.31

Total investments in equity securities

5,032,129

96.88

Total financial assets at fair value through profit or loss

5,032,129

96.88

161,840

3.12

5,193,969

100.00

Mexico 9,300 4,000 3,000 57,000

America Movil SAB de CV ADR Desarrolladora Homex SAB de CV ADR Grupo Aeroportuario del Pacifico SAB de CV ADR OHL Mexico SAB de CV

Peru 4,400 Cia de Minas Buenaventura SA ADR 1,800 Southern Copper Corp

Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 96.67 3.33

100.00

93

BNY Mellon Long-Term Global Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Australia

51,061,031

4.02

25,351,837 25,709,194

2.00 2.02

24,599,221

1.94

24,599,221

1.94

24,400,136

1.92

24,400,136

1.92

12,678,486

1.00

12,678,486

1.00

24,071,341

1.89

24,071,341

1.89

35,655,360

2.81

11,111,200 24,544,160

0.88 1.93

96,662,749

7.60

25,620,928 21,286,556 23,880,593 25,874,672

2.01 1.67 1.88 2.04

188,998,021

14.87

25,893,165 7,526,951 25,145,005 24,930,115 28,447,765 9,741,862 29,033,501 13,822,462 24,457,195

2.04 0.59 1.98 1.96 2.24 0.77 2.28 1.09 1.92

25,202,200

1.98

25,202,200

1.98

23,168,747

1.82

23,168,747

1.82

597,288 CSL Ltd 963,300 Woodside Petroleum Ltd

Brazil 1,679,653 Petroleo Brasileiro SA ADR

Canada 979,709 Suncor Energy Inc

China 3,827,681 China Shenhua Energy Co Ltd ‘H’

Denmark 196,166 Novo Nordisk A/S

France 146,200 Cie Generale d’Optique Essilor International SA 234,200 L’Oreal

Hong Kong 2,901,180 3,357,047 14,543,876 12,561,739

China Mobile Ltd CLP Holdings Ltd CNOOC Ltd Hong Kong & China Gas Co Ltd

Japan 885,600 520,800 966,500 179,000 1,033,300 46,700 1,520,000 771,000 534,200

Canon Inc Chugai Pharmaceutical Co Ltd Denso Corp FANUC Corp Honda Motor Co Ltd Keyence Corp Komatsu Ltd Mitsubishi Estate Co Ltd Shin-Etsu Chemical Co Ltd

Netherlands Antilles 479,566 Schlumberger Ltd

Singapore 2,517,841 DBS Group Holdings

26,017,635

2.04

247,787 Inditex SA

Spain

26,017,635

2.04

Sweden

25,686,886

2.02

25,686,886

2.02

66,678,295

5.25

25,359,800 17,117,078 24,201,417

1.99 1.35 1.91

25,027,420

1.97

982,600 Hennes & Mauritz AB

Switzerland 513,700 Nestle SA 10,200 SGS SA 79,700 Syngenta AG-Reg

Taiwan 1,923,000 Taiwan Semiconductor Manufacturing Co Ltd ADR

United Kingdom 2,037,000 3,156,397 502,200 1,268,243 6,006,000

BG Group Plc HSBC Holdings Plc Reckitt Benckiser Group Plc Standard Chartered Plc Tesco Plc

United States of America 868,599 222,070 558,609 1,670,976 319,437 271,785 456,806 45,889 1,550,527 94

Adobe Systems Inc Amphenol Corp Automatic Data Processing Inc Cisco Systems Inc Colgate-Palmolive Co EOG Resources Fastenal Co Google Inc Intel Corp

25,027,420

1.97

124,075,937

9.76

25,411,932 25,179,227 24,007,185 24,588,712 24,888,881

2.00 1.98 1.89 1.93 1.96

469,865,468

36.96

24,816,153 10,897,169 24,149,175 24,903,035 25,332,048 24,896,599 16,172,686 24,685,025 24,260,406

1.95 0.86 1.90 1.96 1.99 1.96 1.27 1.94 1.91

Fair value EUR

Total net assets %

24,022,083 23,366,771 25,136,478 7,365,576 26,584,095 23,598,805 24,952,515 25,278,671 24,664,983 16,454,223 24,249,442 24,079,530

1.89 1.84 1.98 0.58 2.09 1.85 1.96 1.99 1.94 1.30 1.91 1.89

Total investments in equity securities

1,243,848,933

97.85

Total financial assets at fair value through profit or loss

1,243,848,933

97.85

Holdings Description

United States of America – contd. 451,828 62,666 1,240,362 128,800 679,286 933,825 300,758 176,023 524,360 294,888 753,190 465,117

Johnson & Johnson Mastercard Inc Microsoft Corporation MSC Industrial Direct Co Inc Nike Inc Oracle Corporation Praxair Inc Precision Castparts Corp Qualcomm Inc Sigma-Aldrich Corp TJX Cos Inc Wal-Mart Stores Inc

Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(14)

(0.00)

(14)

(0.00)

27,307,752

2.15

1,271,156,671

100.00

Forward foreign currency contracts Buy

Sell

Euro

US dollar

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

2,790

3,696

03-Jan-13

(14)

EUR

(14)

The counterparty for the above contracts is The Bank of New York Mellon, London.

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

97.71

Other current assets

2.29

Total assets

100.00

BNY Mellon

BNY Mellon Pan European Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value EUR

Total net assets %

Belgium

89,780

1.06

2,153 Umicore SA

89,780

1.06

Denmark

115,531

1.37

115,531

1.37

1,064,285

12.60

173,049 128,103 184,573 93,091 255,152 99,300 131,017

2.05 1.52 2.18 1.10 3.02 1.18 1.55

5,414 Novozymes A/S

France 1,821 9,585 4,348 887 6,504 2,512 3,649

Air Liquide SA AXA SA BNP Paribas SA L’Oreal Total SA Vallourec SA Vinci SA

Holdings Description

Germany Allianz SE Bayer AG-Reg Brenntag AG Continental AG Deutsche Telekom AG RWE AG SAP AG Siemens AG Telefonica Deutschland Holding AG Volkswagen AG Pfd

Italy 9,547 Eni SpA 25,683 Finmeccanica SpA

Luxembourg 6,534 SES SA

Netherlands 37,572 Aegon NV 9,193 QIAGEN NV

Norway 16,173 DnB NOR ASA

Spain

1,647,652

19.51

178,029 270,775 108,966 200,371 214,073 89,962 143,235 155,144 111,096 176,001

2.11 3.21 1.29 2.37 2.53 1.06 1.69 1.84 1.32 2.09

286,813

3.39

175,092 111,721

2.07 1.32

141,722

1.68

141,722

1.68

306,290

3.63

180,346 125,944

2.14 1.49

154,470

1.83

154,470

1.83

84,640

1.00

800 Inditex SA

84,640

1.00

Sweden

343,791

4.07

126,212 45,148 172,431

1.50 0.53 2.04

1,610,111

19.06

98,752 332,074 285,739 299,465 153,946 226,529 213,606

1.17 3.93 3.38 3.55 1.82 2.68 2.53

2,389,219

28.29

60,320 214,806 128,749 105,675 183,955 172,843 74,110 164,904 155,407 68,571 161,586 303,273 160,130

0.71 2.54 1.53 1.25 2.18 2.05 0.88 1.96 1.84 0.81 1.91 3.59 1.90

19,610 Skandinaviska Enskilda Banken AB 5,958 Telefonaktiebolaget LM Ericsson 33,596 TeliaSonera AB

Switzerland 2,739 6,727 6,005 1,965 507 19,166 1,060

Actelion Ltd Nestle SA Novartis AG-Reg Roche Holding AG-Genusschein Syngenta AG-Reg UBS AG Zurich Insurance Group AG

United Kingdom 2,594 52,001 40,055 8,508 6,996 33,087 170,643 40,195 57,456 4,186 15,253 11,320 24,320

Anglo American Plc BAE Systems Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc Cable & Wireless Communications Plc Centrica Plc Cobham Plc GlaxoSmithKline Plc Prudential Plc Royal Dutch Shell Plc Serco Group Plc

Total net assets %

189,385 117,511 127,994

2.24 1.39 1.51

8,234,304

97.49

103

0.00

8,234,407

97.49

United Kingdom – contd. 9,745 Severn Trent Plc 6,735 SSE Plc 31,013 Tesco Plc

Total investments in equity securities Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Net current assets Total net assets

1,702 3,766 1,101 2,291 24,872 2,882 2,357 1,889 19,375 1,020

Fair value EUR

211,701

2.51

8,446,108

100.00

Forward foreign currency contracts Buy

Sell

US dollar

Euro

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

43,755

33,083

02-Jan-13

103

EUR

103

The counterparty for the above contracts is The Bank of New York Mellon, London.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 96.94 3.06

100.00

95

BNY Mellon S&P 500® Index Tracker Portfolio of investments – as at 31 December 2012

Holdings Description

Government 65,000 United States Treasury Bill 0.000% 14-Mar-2013*

Total investments in bond securities

0.04

64,995

0.04

0.04 3.28

Alcoa Inc Allegheny Technologies Inc CF Industries Holdings Inc Cliffs Natural Resources Inc Dow Chemical Co/The Eastman Chemical Co Ecolab Inc EI du Pont de Nemours & Co FMC Corp Freeport-McMoRan Copper & Gold Inc International Flavors & Fragrances Inc International Paper Co LyondellBasell Industries NV MeadWestvaco Corp Monsanto Co Mosaic Co Newmont Mining Corp Nucor Corp PPG Industries Inc Praxair Inc Sherwin-Williams Co/The Sigma-Aldrich Corp United States Steel Corp Vulcan Materials Co

115,484 38,709 158,004 66,439 491,222 129,897 244,642 526,896 99,859 416,146 66,207 219,479 276,298 71,899 635,669 202,169 291,411 177,906 258,364 413,494 168,125 110,870 47,815 82,728

0.07 0.02 0.10 0.04 0.30 0.08 0.15 0.33 0.06 0.26 0.04 0.14 0.17 0.04 0.39 0.13 0.18 0.11 0.16 0.26 0.10 0.07 0.03 0.05

Chemicals

315,127

0.20

230,410 84,717

0.14 0.06

18,156,439

11.20

1,156,093 2,435,461 39,994 286,174 308,148 1,323,919 1,264,005 234,647 264,574 386,761 198,502 752,131 72,019 95,235 51,253 50,688 2,392,334 72,804 64,040 37,721 129,258 192,821 198,611 62,957 655,202 167,350 391,933 62,496 219,200 166,199 373,519 576,208 56,118 75,311

0.71 1.50 0.03 0.18 0.19 0.82 0.78 0.15 0.16 0.24 0.12 0.46 0.04 0.06 0.03 0.03 1.48 0.05 0.04 0.02 0.08 0.12 0.12 0.04 0.40 0.10 0.24 0.04 0.14 0.10 0.23 0.36 0.03 0.05

Communications

96

64,995 64,995

2,742 Air Products & Chemicals 928 Airgas Inc 4,601 72,226 2,677 7,521 7,877 67,375 33,815 18,608 3,667 7,709 3,127 14,739 1,172 981 11,947 2,816 3,373 1,487 5,806 2,790 6,568 3,527 3,567 679 25,664 3,349 631 1,079 38,728 8,831 3,842 12,047 1,339 1,940

Total net assets %

5,309,732

Basic Materials 13,320 1,275 778 1,723 15,194 1,908 3,403 11,714 1,707 12,168 995 5,509 4,838 2,256 6,716 3,570 6,275 4,122 1,909 3,780 1,093 1,507 2,004 1,590

Fair value USD

Amazon.com Inc AT&T Inc Cablevision Systems Corp CBS Corp CenturyLink Inc Cisco Systems Inc Comcast Corp Corning Inc Crown Castle International Corp DIRECTV Discovery Communications Inc eBay Inc Expedia Inc F5 Networks Inc Frontier Communications Corp Gannett Co Inc Google Inc Harris Corp Interpublic Group of Cos Inc/The JDS Uniphase Corp Juniper Networks Inc McGraw-Hill Cos Inc/The Motorola Solutions Inc NetFlix Inc News Corp Omnicom Group Inc priceline.com Inc Scripps Networks Interactive Inc Sprint Nextel Corp Symantec Corp Time Warner Cable Inc Time Warner Inc TripAdvisor Inc VeriSign Inc

Holdings Description

Fair value USD

Total net assets %

1,567,050 310,434 1,122,041 16,019 65,437 261,772

0.97 0.19 0.69 0.01 0.04 0.16

569,682

0.35

569,682

0.35

14,764,316

9.10

43,365 15,840 167,674 166,802 40,374 18,145 101,844 106,689 212,583 117,034 54,902 200,705 537,922 767,487 71,661 136,440 149,356 119,084 72,598 75,585 164,407 622,053 68,056 41,215 118,310 123,287 41,276 139,516 42,309 50,986 1,178,057 45,712 32,479 266,369 122,020 82,462 514,081 140,851 197,987 122,693 160,242 1,132,119 85,984 481,118 104,914 131,477 202,406 90,564 74,311 118,721 156,439 93,491 96,416 507,649 141,138 487,715 87,516

0.03 0.01 0.10 0.10 0.02 0.01 0.06 0.07 0.13 0.07 0.03 0.12 0.33 0.47 0.04 0.08 0.09 0.07 0.04 0.05 0.10 0.38 0.04 0.03 0.07 0.08 0.03 0.09 0.03 0.03 0.73 0.03 0.02 0.16 0.08 0.05 0.32 0.09 0.12 0.08 0.10 0.70 0.05 0.30 0.06 0.08 0.12 0.06 0.05 0.07 0.10 0.06 0.06 0.31 0.09 0.30 0.05

Communications – contd. 36,224 5,885 22,540 44 7,884 13,161

Verizon Communications Inc Viacom Inc Walt Disney Co/The Washington Post Co/The Windstream Corp Yahoo! Inc

Consumer Discretionary 22,358 Mondelez International Inc

Consumer, Cyclical 904 399 473 2,985 3,410 638 1,422 2,842 5,783 394 1,343 3,615 5,444 15,867 1,590 3,568 3,386 2,936 3,674 1,192 3,522 48,035 731 1,644 3,814 1,940 2,991 2,856 948 1,421 19,047 3,226 1,647 8,685 2,839 2,133 14,473 2,993 5,074 3,292 4,377 12,830 3,861 9,324 1,961 1,470 4,479 1,325 4,092 792 2,889 9,130 8,465 9,464 2,461 8,244 1,526

Abercrombie & Fitch Co AutoNation Inc AutoZone Inc Bed Bath & Beyond Inc Best Buy Co Inc Big Lots Inc Borgwarner Inc CarMax Inc Carnival Corp Chipotle Mexican Grill Inc Cintas Corp Coach Inc Costco Wholesale Corp CVS Caremark Corp Darden Restaurants Inc Delphi Automotive Plc Dollar General Corp Dollar Tree Inc DR Horton Inc Family Dollar Stores Inc Fastenal Co Ford Motor Co Fossil Inc GameStop Corp Gap Inc/The Genuine Parts Co Goodyear Tire & Rubber Co/The Harley-Davidson Inc Harman International Industries Inc Hasbro Inc Home Depot Inc/The International Game Technology JC Penney Co Inc Johnson Controls Inc Kohl’s Corp Lennar Corp Lowe’s Cos Inc Ltd Brands Inc Macy’s Inc Marriott International Inc/DE Mattel Inc McDonald’s Corp Newell Rubbermaid Inc Nike Inc Nordstrom Inc O’Reilly Automotive Inc PACCAR Inc PetSmart Inc PulteGroup Inc Ralph Lauren Corp Ross Stores Inc Southwest Airlines Co Staples Inc Starbucks Corp Starwood Hotels & Resorts Worldwide Inc Target Corp Tiffany & Co

BNY Mellon

BNY Mellon S&P 500® Index Tracker Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

396,059 50,394 171,200 401,961 1,450,320 100,161 158,035 98,633 111,276 383,841

0.24 0.03 0.11 0.25 0.90 0.06 0.10 0.06 0.07 0.24

Consumer, Non-cyclical

35,117,867

21.67

Abbott Laboratories ADT Corp/The Aetna Inc Alexion Pharmaceuticals Inc Allergan Inc Altria Group Inc AmerisourceBergen Corp Amgen Inc Apollo Group Inc Archer-Daniels-Midland Co Automatic Data Processing Inc Avery Dennison Corp Avon Products Inc Baxter International Inc Beam Inc Beckon Dickinson and Co Biogen Idec Inc Boston Scientific Corp Bristol-Myers Squibb Co Brown-Forman Corp Campbell Soup Co Cardinal Health Inc CareFusion Corp Celgene Corp Cigna Corp Clorox Co/The Coca-Cola Co/The Coca-Cola Enterprises Inc Colgate-Palmolive Co ConAgra Foods Inc Constellation Brands Inc Coventry Health Care Inc Covidien Plc CR Bard Inc DaVita Inc Dean Foods Co DENTSPLY International Inc Dr Pepper Snapple Group Inc Edwards Lifesciences Corp Eli Lilly & Co Equifax Inc Express Scripts Holding Co Forest Laboratories Inc General Mills Inc Gilead Sciences Inc H&R Block Inc Hershey Co/The HJ Heinz Co Hormel Foods Corp Hospira Inc Humana Inc Intuitive Surgical Inc Iron Mountain Inc JM Smucker Co/The Johnson & Johnson Kellogg Co

1,313,607 133,670 192,835 228,326 357,132 812,371 125,611 846,230 27,154 228,952 352,944 42,672 76,477 462,687 120,694 196,517 439,360 101,078 684,875 119,846 77,364 180,904 77,080 423,688 192,010 118,633 1,775,924 113,407 587,209 155,524 66,392 72,727 354,058 98,023 121,428 35,161 75,478 116,035 130,598 634,798 87,133 555,508 103,240 331,645 701,242 66,241 140,107 230,933 48,781 69,090 138,701 245,025 63,611 118,494 2,461,772 171,459

0.81 0.08 0.12 0.14 0.22 0.50 0.08 0.52 0.02 0.14 0.22 0.03 0.05 0.29 0.07 0.12 0.27 0.06 0.42 0.07 0.05 0.11 0.05 0.26 0.12 0.07 1.10 0.07 0.36 0.10 0.04 0.05 0.22 0.06 0.08 0.02 0.05 0.07 0.08 0.39 0.05 0.34 0.06 0.20 0.43 0.04 0.09 0.14 0.03 0.04 0.09 0.15 0.04 0.07 1.52 0.11

Holdings Description

Holdings Description

Consumer, Cyclical – contd. 9,330 1,280 1,134 10,855 21,247 984 781 1,854 990 5,779 20,052 2,874 4,164 2,436 3,895 25,847 2,909 9,800 1,298 8,362 6,192 1,222 5,322 6,941 1,976 2,513 2,997 17,671 21,002 1,896 2,218 4,393 2,697 5,387 3,593 1,620 48,964 3,573 5,616 5,272 1,876 1,623 6,133 1,003 1,099 2,131 1,906 2,627 1,449 12,871 1,610 10,291 2,923 8,207 9,542 3,569 1,940 4,003 1,564 2,213 2,021 500 2,050 1,374 35,118 3,070

TJX Cos Inc Urban Outfitters Inc VF Corp Walgreen Co Wal-Mart Stores Inc Whirlpool Corp WW Grainger Inc Wyndham Worldwide Corp Wynn Resorts Ltd Yum! Brands Inc

Fair value USD

Total net assets %

420,228 340,375 166,190 103,388 178,862 105,860 192,939 670,105 105,092 286,740 172,632 526,984 1,577,066 82,033 101,496 126,857 143,723 34,596 128,598 1,346,283 118,861 2,348,700 1,775,722 2,359,125 76,166 115,393 175,165 52,216 51,998 45,297 146,154 199,618 232,068 43,158 48,280 76,087 704,523 100,836 1,006,973 137,842 231,107 104,974 202,913 152,183

0.26 0.21 0.10 0.06 0.11 0.07 0.12 0.41 0.07 0.18 0.11 0.33 0.97 0.05 0.06 0.08 0.09 0.02 0.08 0.83 0.07 1.45 1.10 1.46 0.05 0.07 0.11 0.03 0.03 0.03 0.09 0.12 0.14 0.03 0.03 0.05 0.43 0.06 0.62 0.09 0.14 0.06 0.13 0.09

61,281

0.04

Consumer, Non-cyclical – contd. 4,979 7,489 6,387 1,194 2,988 2,156 1,654 1,363 1,655 2,957 2,620 12,847 38,512 1,918 1,919 2,521 5,232 1,011 4,131 19,671 1,143 93,611 21,228 34,739 2,792 1,981 4,229 1,642 2,876 4,005 4,043 3,642 7,330 1,330 2,255 3,922 12,989 1,436 6,648 1,603 3,793 7,713 2,222 2,284

Kimberly-Clark Corp Kraft Foods Inc Kroger Co/The Laboratory Corp of America Holdings Lauder Estee Cos Inc Life Technologies Corp Lorillard Inc Mastercard Inc McCormick & Co Inc/MD McKesson Corp Mead Johnson Nutrition Co Medtronic Inc Merck & Co Inc Molson Coors Brewing Co Monster Beverage Corp Moody’s Corp Mylan Inc/PA Patterson Cos Inc Paychex Inc PepsiCo Inc Perrigo Co Pfizer Inc Philip Morris International Inc Procter & Gamble Co/The Quanta Services Inc Quest Diagnostics Inc Reynolds American Inc Robert Half International Inc Safeway Inc SAIC Inc St Jude Medical Inc Stryker Corp Sysco Corp Tenet Healthcare Corp Total System Services Inc Tyson Foods Inc UnitedHealth Group Inc Varian Medical Systems Inc Visa Inc Watson Pharmaceuticals Inc WellPoint Inc Western Union Co/The Whole Foods Market Inc Zimmer Holdings Inc

Diversified 2,577 Leucadia National Corp

Energy 6,338 4,957 5,584 2,682 3,060 6,708 24,829 15,443 2,828 4,754 4,751 840 3,022 3,423 1,868 57,962 3,008 11,754 1,279

Anadarko Petroleum Corp Apache Corp Baker Hughes Inc Cabot Oil & Gas Corp Cameron International Corp Chesapeake Energy Corp Chevron Corp ConocoPhillips Consol Energy Inc Denbury Resources Inc Devon Energy Corp Diamond Offshore Drilling Inc Ensco Plc EOG Resources Inc EQT Corp Exxon Mobil Corp FMC Technologies Inc Halliburton Co Helmerich & Payne Inc

61,281

0.04

17,853,441

11.02

471,040 389,025 228,106 133,430 172,737 111,420 2,686,994 895,848 90,779 77,015 247,242 57,086 179,054 413,430 110,137 5,019,509 128,773 407,864 71,637

0.29 0.24 0.14 0.08 0.11 0.07 1.66 0.55 0.06 0.05 0.15 0.04 0.11 0.25 0.07 3.10 0.08 0.25 0.04 97

BNY Mellon S&P 500® Index Tracker Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value USD

Total net assets %

202,760 282,499 273,214 266,700 142,896 49,289 369,471 42,393 109,687 233,595 788,700 109,500 87,260 421,800 163,753 70,929 127,985 45,952 1,161,647 149,265 227,007 75,898 238,223 280,823 41,069

0.12 0.17 0.17 0.16 0.09 0.03 0.23 0.03 0.07 0.14 0.49 0.07 0.05 0.26 0.10 0.04 0.08 0.03 0.72 0.09 0.14 0.05 0.15 0.17 0.03

25,092,573

15.48

347,645 317,226 246,001 711,717 663,887 390,294 163,965 226,236 52,775 32,574 192,481 1,588,561 388,324 254,596 2,082,627 334,680 202,203 426,844 73,169 197,996 253,000 72,096 1,467,191 200,732 72,313 252,772 24,370 229,958 180,166 27,233 219,221 46,299 716,969 126,203 254,973 197,476 142,001 46,519 73,996 112,631 148,656

0.21 0.20 0.15 0.44 0.41 0.24 0.10 0.14 0.03 0.02 0.12 0.98 0.24 0.16 1.29 0.21 0.12 0.26 0.05 0.12 0.16 0.04 0.91 0.12 0.04 0.16 0.02 0.14 0.11 0.02 0.14 0.03 0.44 0.08 0.16 0.12 0.09 0.03 0.05 0.07 0.09

Holdings Description

Energy – contd. 3,830 7,996 8,914 4,234 2,400 3,411 5,404 1,583 3,151 2,296 10,295 2,562 3,278 7,945 1,536 2,344 2,037 1,470 16,765 4,469 8,294 1,723 6,986 8,580 2,760

Hess Corp Kinder Morgan Inc/Delaware Marathon Oil Corp Marathon Petroleum Corp Murphy Oil Corp Nabors Industries Ltd National Oilwell Varco Inc Newfield Exploration Co Noble Corp Noble Energy Inc Occidental Petroleum Corp ONEOK Inc Peabody Energy Corp Phillips 66 Pioneer Natural Resources Co QEP Resources Inc Range Resources Corp Rowan Cos Plc Schlumberger Ltd Southwestern Energy Co Spectra Energy Corp Tesoro Corp Valero Energy Corp Williams Cos Inc/The WPX Energy Inc

Financials 4,357 5,973 6,124 12,382 18,807 5,053 2,618 4,069 1,951 939 1,420 136,827 15,104 8,746 23,197 1,619 1,911 7,367 3,675 13,788 3,359 1,842 37,069 3,960 2,385 6,557 2,726 4,060 11,853 2,748 1,744 6,165 5,618 5,624 5,646 3,222 9,062 5,736 11,580 910 5,700 98

ACE Ltd Aflac Inc Allstate Corp/The American Express Co American International Group Inc American Tower Corp Ameriprise Financial Inc Aon Plc Apartment Investment & Management Co Assurant Inc AvalonBay Communities Inc Bank of America Corp Bank of New York Mellon Corp/The BB&T Corp Berkshire Hathaway Inc BlackRock Inc Boston Properties Inc Capital One Financial Corp CBRE Group Inc Charles Schwab Corp/The Chubb Corp/The Cincinnati Financial Corp Citigroup Inc CME Group Inc Comerica Inc Discover Financial Services E*TRADE Financial Corp Equity Residential Fifth Third Bancorp First Horizon National Corp Franklin Resources Inc Genworth Financial Inc Goldman Sachs Group Inc/The Hartford Financial Services Group Inc HCP Inc Health Care REIT Inc Host Hotels & Resorts Inc Hudson City Bancorp Inc Huntington Bancshares Inc/OH IntercontinentalExchange Inc Invesco Ltd

Fair value USD

Total net assets %

2,122,869 104,627 102,724 35,917 88,958 160,025 154,665 236,809 455,521 337,411 34,914 140,420 94,748 55,856 87,394 391,085 100,476 153,735 216,751 314,268 263,990 125,718 619,871 106,302 282,060 190,020 213,594 66,616 353,570 71,836 769,466 247,025 174,312 2,125,912 192,918 94,940 46,674

1.31 0.06 0.06 0.02 0.06 0.10 0.10 0.15 0.28 0.21 0.02 0.09 0.06 0.03 0.05 0.24 0.06 0.09 0.13 0.19 0.16 0.08 0.38 0.07 0.17 0.12 0.13 0.04 0.22 0.04 0.47 0.15 0.11 1.31 0.12 0.06 0.03

16,593,991

10.24

750,414 185,585 130,306 85,274 47,963 643,002 743,936 128,357 256,616 248,013 413,920 429,162 153,878 316,853 488,688 103,555 342,282 47,855 92,159 122,224 56,767 292,874 2,795,165 629,277 335,118 171,793 49,916 71,943 83,424

0.46 0.11 0.08 0.05 0.03 0.40 0.46 0.08 0.16 0.15 0.26 0.26 0.09 0.20 0.30 0.06 0.21 0.03 0.06 0.08 0.04 0.18 1.73 0.39 0.21 0.10 0.03 0.04 0.05

Financials – contd. 48,258 12,426 5,317 1,397 3,436 3,927 1,571 6,872 13,833 17,647 1,396 2,800 3,005 4,620 1,971 6,707 3,523 7,286 5,940 5,894 1,821 17,657 3,921 6,202 6,000 6,705 3,280 1,290 4,923 3,452 24,091 3,818 2,177 62,143 6,932 3,790 2,180

JPMorgan Chase & Co KeyCorp Kimco Realty Corp Legg Mason Inc Lincoln National Corp Loews Corp M&T Bank Corp Marsh & McLennan Cos Inc MetLife Inc Morgan Stanley NASDAQ OMX Group Inc/The Northern Trust Corp NYSE Euronext People’s United Financial Inc Plum Creek Timber Co Inc PNC Financial Services Group Inc Principal Financial Group Inc Progressive Corp/The Prologis Inc Prudential Financial Inc Public Storage Regions Financial Corp Simon Property Group Inc SLM Corp State Street Corp SunTrust Banks Inc T Rowe Price Group Inc Torchmark Corp Travelers Cos Inc/The Unum Group US Bancorp Ventas Inc Vornado Realty Trust Wells Fargo & Co Weyerhaeuser Co XL Group Plc Zions Bancorporation

Industrials 8,082 4,532 2,014 1,906 1,433 8,529 8,301 2,030 13,013 2,289 7,402 4,966 2,340 5,846 9,224 2,619 3,731 2,145 628 2,079 1,391 4,228 133,230 9,913 5,510 3,582 2,589 1,690 1,308

3M Co Agilent Technologies Inc Amphenol Corp Ball Corp Bemis Co Inc Boeing Co/The Caterpillar Inc CH Robinson Worldwide Inc CSX Corp Cummins Inc Danaher Corp Deere & Co Dover Corp Eaton Corp Emerson Electric Co Expeditors International of Washington Inc FedEx Corp FLIR Systems Inc Flowserve Corp Fluor Corp Garmin Ltd General Dynamics Corp General Electric Co Honeywell International Inc Illinois Tool Works Inc Ingersoll-Rand Plc Jabil Circuit Inc Jacobs Engineering Group Inc Joy Global Inc

BNY Mellon

BNY Mellon S&P 500® Index Tracker Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value USD

Total net assets %

91,295 44,739 311,580 77,966 52,271 249,258 210,579 48,726 86,926 157,720 135,555 43,706 348,404 241,176 109,556 148,746 102,478 136,712 26,463 42,462 56,162 154,228 97,902 196,736 86,224 292,268 173,188 756,709 668,306 874,555 189,360 100,101 65,615

0.06 0.03 0.19 0.05 0.03 0.15 0.13 0.03 0.05 0.10 0.08 0.03 0.22 0.15 0.07 0.09 0.06 0.08 0.02 0.03 0.03 0.10 0.06 0.12 0.05 0.18 0.11 0.47 0.41 0.54 0.12 0.06 0.04

22,519,900

13.91

535,857 239,355 21,211 97,097 140,935 161,262 6,366,391 174,662 102,916 71,806 215,169 95,526 144,702 154,620 276,724 76,536 183,799 40,819 59,706 676,435 108,847 27,867 135,062 354,092 1,304,352 2,586,195 206,966 104,738 82,426 102,497 48,958 42,722 76,628

0.33 0.15 0.01 0.06 0.09 0.10 3.93 0.11 0.07 0.04 0.13 0.06 0.09 0.10 0.17 0.05 0.11 0.03 0.04 0.42 0.07 0.02 0.08 0.22 0.81 1.60 0.13 0.06 0.05 0.06 0.03 0.03 0.05

Fair value USD

Total net assets %

84,252 2,568,086 158,691 97,214 1,592,096 23,514 1,335,167 127,821 278,057 131,883 132,984 135,906 36,026 446,454 122,201 111,146 121,524

0.05 1.58 0.10 0.06 0.98 0.01 0.82 0.08 0.17 0.08 0.08 0.08 0.02 0.28 0.08 0.07 0.07

5,451,206

3.37

87,515 61,124 91,145 263,573 102,472 84,905 210,532 376,223 129,086 565,881 189,666 146,984 321,114 223,434 53,003 370,405 97,281 159,328 94,287 54,398 221,995 74,962 215,022 196,051 72,721 200,675 474,994 39,252 105,805 167,373

0.05 0.04 0.06 0.16 0.06 0.05 0.13 0.23 0.08 0.35 0.12 0.09 0.20 0.14 0.03 0.23 0.06 0.10 0.06 0.03 0.14 0.05 0.13 0.12 0.05 0.12 0.29 0.03 0.07 0.10

Total investments in equity securities

161,805,555

99.86

Total financial assets at fair value through profit or loss

161,870,550

99.90

Holdings Description

Industrials – contd. 1,192 1,643 3,375 4,677 1,914 4,032 3,116 2,293 1,443 1,854 2,758 1,377 1,840 4,190 3,734 1,771 1,762 1,227 530 2,425 711 2,085 1,050 5,300 3,481 4,581 5,925 6,019 9,063 10,664 5,614 1,149 2,423

L-3 Communications Holdings Inc Leggett & Platt Inc Lockheed Martin Corp Masco Corp Molex Inc Norfolk Southern Corp Northrop Grumman Corp Owens-Illinois Inc Pall Corp Parker Hannifin Corp Pentair Ltd PerkinElmer Inc Precision Castparts Corp Raytheon Co Republic Services Inc Rockwell Automation Inc Rockwell Collins Inc Roper Industries Inc Ryder System Inc Sealed Air Corp Snap-on Inc Stanley Black & Decker Inc Stericycle Inc TE Connectivity Ltd Textron Inc Thermo Fisher Scientific Inc Tyco International Ltd Union Pacific Corp United Parcel Service Inc United Technologies Corp Waste Management Inc Waters Corp Xylem Inc/NY

8,058 6,354 8,838 2,374 4,091 3,835 11,944 15,281 2,913 1,811 6,481 4,348 1,864 2,352 3,738 1,911 18,144 519 4,112 26,726 3,126 903 1,709 24,866 63,226 13,500 3,479 2,193 2,282 2,990 6,915 4,298 2,352

Accenture Adobe Systems Inc Advanced Micro Devices Inc Akamai Technologies Inc Altera Corp Analog Devices Inc Apple Inc Applied Materials Inc Autodesk Inc BMC Software Inc Broadcom Corp CA Inc Cerner Corp Citrix Systems Inc Cognizant Technology Solutions Corp Computer Sciences Corp Dell Inc Dun & Bradstreet Corp/The Electronic Arts Inc EMC Corp/Massachusetts Fidelity National Information Services Inc First Solar Inc Fiserv Inc Hewlett-Packard Co Intel Corp International Business Machines Corp Intuit Inc KLA-Tencor Corp Lam Research Corp Linear Technology Corp LSI Corp MetroPCS Communications Microchip Technology Inc

Technology

Technology – contd. 13,310 96,111 4,730 7,910 47,782 2,210 21,528 2,414 1,655 3,029 4,363 2,197 2,133 14,425 2,876 16,297 3,386

Micron Technology Inc Microsoft Corp Netapp Inc NVIDIA Corp Oracle Corp Pitney Bowes Inc QUALCOMM Inc Red Hat Inc Salesforce.com Inc SanDisk Corp Seagate Technology Plc Teradata Corp Teradyne Inc Texas Instruments Inc Western Digital Corp Xerox Corp Xilinx Inc

8,179 1,530 2,966 6,177 5,326 3,484 3,792 7,263 2,150 8,871 4,198 2,306 10,801 5,353 1,015 5,355 3,910 4,078 4,103 2,774 5,525 1,471 7,513 6,409 1,593 2,830 11,098 2,342 2,872 6,271

AES Corp/The AGL Resources Inc Ameren Corp American Electric Power Co Inc CenterPoint Energy Inc CMS Energy Corp Consolidated Edison Inc Dominion Resources Inc/VA DTE Energy Co Duke Energy Corp Edison International Entergy Corp Exelon Corp FirstEnergy Corp Integrys Energy Group Inc NextEra Energy Inc NiSource Inc Northeast Utilities NRG Energy Inc Pepco Holdings Inc PG&E Corp Pinnacle West Capital Corp PPL Corp Public Service Enterprise Group Inc SCANA Corp Sempra Energy Southern Co/The TECO Energy Inc Wisconsin Energy Corp Xcel Energy Inc

Utilities

Open futures contracts 5 S&P 500 Index Future Long Futures Contracts Exp Mar 2013

Total open futures contracts

(1,325)

(0.00)

(1,325)

(0.00)

99

BNY Mellon S&P 500® Index Tracker Portfolio of investments – as at 31 December 2012 Fair value USD

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

Total net assets %

(1,325)

(0.00)

161,465

0.10

162,030,690

100.00

* Held as collateral by Goldman Sachs in connection with the margin requirements for futures held by the Fund. The counterparty for futures contracts is Goldman Sachs.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

100

Total assets % 99.54 0.46

100.00

BNY Mellon

BNY Mellon Small Cap Euroland Fund Portfolio of investments – as at 31 December 2012 Fair value EUR

Total net assets %

Austria

37,760

0.51

470 AMS AG

37,760

0.51

158,229

2.15

72,755 85,474

0.99 1.16

436,786

5.93

111,078 60,491 131,477 133,740

1.51 0.82 1.78 1.82

1,928,389

26.19

103,158 113,046 140,968 216,404 125,989 131,674 108,820 44,920 83,446 79,825 54,899 96,717 167,813 92,481 141,375 102,603 124,251

1.40 1.53 1.92 2.94 1.71 1.79 1.48 0.61 1.13 1.09 0.74 1.31 2.28 1.26 1.92 1.39 1.69

1,907,868

25.92

113,390 30,534 60,301 38,834 76,154 108,911 159,439 165,662 171,376 52,593 201,199 196,372 106,856 75,798 104,738 80,648 123,675 41,388

1.54 0.42 0.82 0.53 1.03 1.48 2.17 2.25 2.33 0.71 2.73 2.67 1.45 1.03 1.42 1.10 1.68 0.56

298,102

4.05

32,445 105,811 70,628 89,218

0.44 1.44 0.96 1.21

835,914

11.35

176,681 77,976 56,066 85,138 22,837 83,647 29,462 36,292 97,715 56,136 61,384 52,580

2.40 1.06 0.76 1.16 0.31 1.14 0.40 0.49 1.33 0.76 0.83 0.71

Holdings Description

Belgium 810 Cofinimmo 2,820 D’ieteren SA/NV

Finland 9,900 4,930 11,180 37,150

Amer Sports OYJ Huhtamaki OYJ Kemira OYJ Sponda OYJ

3,960 1,420 2,680 6,530 5,612 2,071 26,121 1,600 4,860 3,120 3,551 1,320 8,176 1,027 3,750 690 1,490

Alten SA Arkema SA AtoS Cap Gemini SA Cie Generale de Geophysique - Veritas Fonciere des Regions Havas SA IPSOS Mercialys SA Nexity SA Rexel SA Sartorius Stedim Biotech SCOR SE Societe BIC SA Valeo SA Virbac SA Zodiac Aerospace

France

Germany 7,250 3,290 1,120 1,277 1,010 1,495 11,173 6,770 4,270 762 3,420 31,946 3,610 2,730 1,580 1,170 5,820 1,140

Aareal Bank AG Alstria Office REIT-AG Aurubis AG Bechtle AG Bertrandt AG Bilfinger SE Deutsche Lufthansa AG GEA Group AG Gerresheimer AG Gesco AG Hannover Rueckversicherung AG Infineon Technologies AG Jungheinrich AG Pfd KUKA AG Lanxess AG MTU Aero Engines Holding AG ProSiebenSat. 1 Media AG Pfd Rheinmetall AG

Ireland 1,324 15,524 14,950 10,080

DCC Plc Dragon Oil Plc Kentz Corp Ltd Smurfit Kappa Group Plc

Italy 16,299 6,040 125,680 8,750 1,050 7,660 24,070 2,110 11,290 7,940 36,560 550

Azimut Holding SpA Banca Generali SpA Beni Stabili SpA Brembo SpA Danieli & C Officine Meccaniche SpA De’Longhi SpA Hera SpA Lottomatica Group SpA Pirelli & C. SpA Societa Iniziative Autostradali e Servizi SpA Sorin SpA Tod’s SpA

Fair value EUR

Total net assets %

54,474

0.74

54,474

0.74

743,279

10.10

121,982 107,631 28,623 57,990 45,167 71,184 70,253 99,776 47,945 66,540 26,188

1.66 1.46 0.39 0.79 0.61 0.97 0.96 1.36 0.65 0.90 0.35

679,775

9.24

35,931 111,776 124,188 134,909 31,371 55,132 78,518 107,950

0.49 1.52 1.69 1.83 0.43 0.75 1.07 1.46

Total investments in equity securities

7,080,576

96.18

Total financial assets at fair value through profit or loss

7,080,576

96.18

Holdings Description

Luxembourg 45,660 Colt Group SA

Netherlands 7,880 2,950 950 860 2,280 1,110 4,003 9,580 2,230 2,930 800

Aalberts Industries NV Brunel International NV Eurocommercial Properties NV Gemalto NV Koninklijke Ten Cate NV Nutreco NV Royal Imtech NV SBM Offshore NV Sligro Food Group NV Unit 4 NV Vastned Retail NV

11,225 23,190 7,673 6,110 2,270 1,470 2,230 2,540

Bankinter SA Distribuidora Internacional de Alimentacion SA Enagas SA Obrascon Huarte Lain SA Pescanova SA Red Electrica Corp SA Tecnicas Reunidas SA Viscofan SA

Spain

Open futures contracts 9 EURO STOXX 50 Index Future Long Futures Contracts Exp Mar 2013

(1,360)

(0.02)

Total open futures contracts

(1,360)

(0.02)

Total financial liabilities at fair value through profit or loss

(1,360)

(0.02)

Net current assets Total net assets

282,557

3.84

7,361,773

100.00

The counterparty for futures contracts is Goldman Sachs.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 95.96 4.04

100.00

101

BNY Mellon Sterling Bond Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Fair value GBP

Total net assets %

Australia

72,378

0.95

72,378

0.95

96,381

1.27

96,381

1.27

168,064

2.21

90,087

1.18

77,977

1.03

263,842

3.48

150,202 113,640

1.98 1.50

104,824

1.38

70,000 Suncorp Group Ltd 4.000% 16-Jan-2014

Belgium 80,000 Anheuser-Busch InBev NV 6.500% 23-Jun-2017

Cayman Islands 90,000 Monumental Global Funding Ltd 4.625% 18-Jan-2013 75,000 Principal Financial Global Funding LLC 6.000% 23-Jan-2014

Germany 150,000 Kreditanstalt fuer Wiederaufbau 4.875% 15-Jan-2013 100,000 Kreditanstalt fuer Wiederaufbau 5.500% 07-Dec-2015

Guernsey 100,000 F&C Commercial Property Finance Ltd 5.230% 30-Jun-2017 VAR

Netherlands 120,000 RWE Finance BV 6.375% 03-Jun-2013

Norway 120,000 Kommunalbanken AS 1.375% 23-Dec-2015

Switzerland 100,000 UBS AG 5.250% 21-Jun-2021 VAR

United Kingdom 100,000 50,000 50,000 56,345 50,000 75,000 150,000 70,000 85,000 100,000 50,000 49,696 100,000 180,000 250,000 130,000 450,000 410,000 145,000 90,000 200,000 210,000 130,000 210,000 240,000 60,000 100,000 250,000 260,000 250,000 150,000 205,000 170,000 195,000

Barclays Bank Plc 1.500% 04-Apr-2017 Barclays Bank Plc 10.000% 21-May-2021 BUPA Finance Plc 7.500% 04-Jul-2016 Dwr Cymru Financing Ltd 1.859% 31-Mar-2048 Firstgroup Plc 8.750% 08-Apr-2021 HJ Heinz Finance UK Plc 6.250% 18-Feb-2030 Lloyds TSB Bank Plc 1.500% 02-May-2017 Mitchells & Butlers Finance Plc 6.013% 15-Dec-2028 Motability Operations Group Plc 5.250% 28-Sep-2016 Silverstone Master Issuer Plc 5.063% 21-Oct-2016 Standard Chartered Plc 6.000% 25-Jan-2018 VAR Tesco Property Finance 3 Plc 5.744% 13-Apr-2040 United Kingdom Gilt 1.000% 07-Sep-2017 United Kingdom Gilt 1.750% 07-Sep-2022 United Kingdom Gilt 2.250% 07-Mar-2014 United Kingdom Gilt 3.500% 29-Dec-2049 United Kingdom Gilt 3.750% 07-Sep-2019 United Kingdom Gilt 3.750% 07-Sep-2020 United Kingdom Gilt 3.750% 22-Jul-2052 United Kingdom Gilt 4.000% 07-Sep-2016 United Kingdom Gilt 4.000% 07-Mar-2022 United Kingdom Gilt 4.250% 07-Mar-2036 United Kingdom Gilt 4.250% 07-Sep-2039 United Kingdom Gilt 4.250% 07-Dec-2040 United Kingdom Gilt 4.250% 07-Dec-2055 United Kingdom Gilt 4.500% 07-Mar-2013 United Kingdom Gilt 4.500% 07-Mar-2019 United Kingdom Gilt 4.500% 07-Dec-2042 United Kingdom Gilt 4.750% 07-Sep-2015 United Kingdom Gilt 4.750% 07-Dec-2030 United Kingdom Gilt 4.750% 07-Dec-2038 United Kingdom Gilt 5.000% 07-Mar-2025 United Kingdom Gilt 6.000% 07-Dec-2028 United Kingdom Gilt 8.000% 07-Jun-2021

Total investments in bond securities

102

104,824

1.38

122,392

1.61

122,392

1.61

121,717

1.60

121,717

1.60

103,758

1.37

103,758

1.37

6,242,937

82.22

102,317 66,948 58,050 59,004 61,446 91,102 153,433 73,959 95,859 112,620 49,761 54,368 100,657 178,933 255,519 119,402 523,294 479,034 161,831 101,266 239,715 257,140 158,662 256,300 298,554 60,412 120,307 318,619 290,283 327,794 197,846 270,554 252,021 295,927

1.35 0.88 0.76 0.78 0.81 1.20 2.02 0.97 1.26 1.48 0.66 0.72 1.33 2.36 3.36 1.57 6.89 6.31 2.13 1.33 3.16 3.39 2.09 3.37 3.93 0.80 1.58 4.20 3.82 4.32 2.61 3.56 3.32 3.90

7,296,293

96.09

Holdings Description Interest due on investments (Note 1)

Total financial assets at fair value through profit or loss Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Fair value GBP

Total net assets %

88,531

1.17

7,384,824

97.26

208,548

2.74

7,593,372

100.00 Total assets % 96.07 3.93

100.00

BNY Mellon

BNY Mellon UK Equity Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Aerospace & Defense 134,360 BAE Systems Plc 36,177 Chemring Group Plc 80,400 Cobham Plc

Banks 75,216 HSBC Holdings Plc

Construction & Materials 51,000 Balfour Beatty Plc

Electricity 22,050 SSE Plc

Energy 12,400 AMEC Plc

Equity Investment Trusts 220,619 3i Infrastructure Plc

Financial Services 96,400 20,427 29,700 92,609 26,300

Aberdeen Asset Management Plc Close Brothers Group Plc IG Group Holdings Plc Intermediate Capital Group Plc Standard Chartered Plc

Fixed Line Telecoms 372,894 BT Group Plc

Food Producers 11,744 Unilever Plc

Food Retailer 138,655 WM Morrison Supermarkets

713,048

3.61

452,659 83,026 177,363

2.29 0.42 0.90

182,117 BP Plc 82,773 Royal Dutch Shell Plc

486,196

2.46

486,196

2.46

27,553 AstraZeneca Plc 117,386 GlaxoSmithKline Plc

139,740

0.71

139,740

0.71

313,772

1.59

313,772

1.59

123,876

0.63

123,876

0.63

268,714

1.36

268,714

1.36

1,367,747

6.92

353,884 176,183 132,789 291,718 413,173

1.79 0.89 0.67 1.48 2.09

867,724

4.39

867,724

4.39

278,450

1.41

278,450

1.41

363,831

1.84

363,831

1.84

10.89

Centrica Plc National Grid Plc Pennon Group Plc Severn Trent Plc United Utilities Group Plc

820,048 392,318 229,062 362,870 347,526

4.15 1.98 1.16 1.84 1.76

General Industrials

35,084

0.18

35,084

0.18

123,327

0.63

2,931 Smiths Group Plc

General Retail 18,407 WH Smith Plc

Industrial Transportation 49,403 BBA Aviation Plc

Life Insurance 53,800 Standard Life Plc

Media 24,362 Pearson Plc 135,762 Reed Elsevier Plc

Media & Entertainment 3,400 British Sky Broadcasting Group Plc

Mining 4,850 BHP Billiton Plc

Mobile Telecoms 592,369 Vodafone Group Plc

Non-Life Insurance 17,223 24,818 20,045 15,750

Total net assets %

2,151,824

Gas, Water & Multi Utilities 245,083 55,846 36,533 22,894 51,600

Fair value GBP

Amlin Plc Catlin Group Ltd Hiscox Ltd Lancashire Holdings Ltd

123,327

0.63

109,477

0.56

109,477

0.56

178,401

0.90

178,401

0.90

1,160,003

5.87

291,126 868,877

1.47 4.40

26,112

0.13

26,112

0.13

104,008

0.53

104,008

0.53

917,283

4.64

917,283

4.64

401,601

2.04

65,258 124,090 90,663 121,590

0.33 0.63 0.46 0.62

Holdings Description

Oil & Gas Producers

Pharmaceutical & Biotechnology

Real Estate Investment Trusts 40,050 British Land Co Plc

Support Services 19,000 Atkins WS Plc 34,037 Berendsen Plc

Tobacco

Fair value GBP

Total net assets %

2,584,500

13.08

775,910 1,808,590

3.93 9.15

2,371,171

12.01

802,894 1,568,277

4.07 7.94

225,682

1.14

225,682

1.14

348,076

1.77

144,875 203,201

0.74 1.03

1,910,821

9.67

43,583 British American Tobacco Plc 23,048 Imperial Tobacco Group Plc

1,364,584 546,237

6.91 2.76

Travel & Leisure

191,956

0.97

12,126 Go-Ahead Group Plc 6,107 Greene King Plc

153,879 38,077

0.78 0.19

Total investments in equity securities

17,762,424

89.93

Total financial assets at fair value through profit or loss

17,762,424

89.93

Unrealised loss on forward foreign currency contracts (see below)

(2)

(0.00)

Total financial liabilities at fair value through profit or loss

(2)

(0.00)

Net current assets Total net assets

1,990,518

10.07

19,752,940

100.00

Forward foreign currency contracts Buy

Sell

Euro

Sterling

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

6,409

5,229

02-Jan-13

(2)

GBP

(2)

The counterparty for the above contracts is The Bank of New York Mellon, New York.

Analysis of portfolio

Total assets %

Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

89.78

Other current assets

10.22

Total assets

100.00

103

BNY Mellon U.S. Dynamic Value Fund Portfolio of investments – as at 31 December 2012

Holdings Description

Consumer Discretionary 23,450 38,370 14,220 14,137 29,740 12,850 21,410 57,140 43,400 15,980 4,470 31,023 6,760 21,540 27,190

American Eagle Outfitters Inc Carnival Corporation Delphi Automotive Plc General Motors Johnson Controls Inc Lowe’s Cos Inc Macy’s Inc Newell Rubbermaid Inc News Corporation Omnicom Group Inc PVH Corp Time Warner Toll Brothers Viacom Walt Disney Co

Consumer Staples 27,810 50,950 18,580 33,190 18,423 16,520 12,220

Coca-Cola Enterprises Inc ConAgra Foods Inc CVS Caremark Corporation Dean Foods Co Kraft Foods Inc Mondelez International Inc PepsiCo Inc

Energy 7,961 32,572 14,340 16,020 6,780 30,940 13,760 6,160 58,380

14.63

480,959 1,410,481 543,773 407,428 912,126 456,432 835,418 1,272,508 1,108,002 798,521 496,259 1,483,830 218,416 1,136,235 1,353,518

0.54 1.60 0.62 0.46 1.03 0.52 0.95 1.44 1.26 0.90 0.56 1.68 0.25 1.29 1.53

5,926,656

6.72

882,689 1,503,025 898,715 547,635 837,325 420,930 836,337

1.00 1.70 1.02 0.62 0.95 0.48 0.95

12.40

591,662 1,838,690 1,731,985 848,099 427,072 2,370,313 730,518 426,826 1,990,758

0.67 2.08 1.96 0.96 0.48 2.68 0.83 0.48 2.26

Exchange Traded Funds

219,826

0.25

219,826

0.25

24,504,883

27.75

956,277 1,111,056 806,200 1,350,011 914,293 1,133,566 1,897,346 768,915 405,932 620,312 556,851 1,246,847 447,272 2,426,928 1,219,884 1,049,150 1,308,320 753,948 689,428 423,116 611,239 1,048,271 2,759,721

1.08 1.26 0.91 1.53 1.04 1.28 2.15 0.87 0.46 0.70 0.63 1.41 0.51 2.75 1.38 1.19 1.48 0.85 0.78 0.48 0.69 1.19 3.13

12,302,188

13.93

1,079,225 762,589 720,565 445,409

1.22 0.86 0.82 0.50

American International Group Inc Ameriprise Financial Inc Aon Plc Bank of America Corp Capital One Financial Chubb Corp Citigroup Inc Comerica Inc Discover Financial Services Fifth Third Bancorp Franklin Resources Goldman Sachs Group Invesco Ltd JPMorgan Chase & Co Marsh & McLennan Companies MetLife Moody’s Corp PNC Financial Services Group Prudential Financial SunTrust Banks TD Ameritrade Holding Corp US Bancorp Wells Fargo & Co

Health Care

104

12,913,906

10,955,923

Financials

16,190 14,270 14,610 6,490

Total net assets %

Anadarko Petroleum Cameron International Corporation EOG Resources Hess Corp Marathon Petroleum Corp Occidental Petroleum Corp Phillips 66 Schlumberger Ltd Valero Energy Corp

3,020 iShares Russell 1000 Value Index Fund 27,090 17,740 14,500 116,280 15,780 15,050 47,937 25,360 10,530 40,810 4,430 9,770 17,150 55,170 35,400 31,860 26,000 12,930 12,930 14,930 36,340 32,820 80,670

Fair value USD

Baxter International CIGNA Corporation Eli Lilly & Co Humana Inc

Holdings Description

Fair value USD

Total net assets %

1,729,157 875,639 1,523,750 882,886 3,807,658 475,310

1.96 0.99 1.73 1.00 4.31 0.54

7,600,819

8.61

1,359,793 1,199,446 1,144,915 2,534,384 1,362,281

1.54 1.36 1.30 2.87 1.54

9,349,339

10.59

1,795,617 443,494 905,085 390,802 1,562,708 1,749,584 921,742 1,580,307

2.03 0.50 1.03 0.44 1.77 1.98 1.05 1.79

Health Care – contd. 24,667 9,030 37,210 32,140 151,760 7,450

Johnson & Johnson McKesson Corp Merck & Co Inc Mylan Inc Pfizer Inc Thermo Fisher Scientific Inc

Industrials 12,550 22,130 12,480 120,800 21,460

Cummins Inc Eaton Corp FedEx Corp General Electric Honeywell International

91,380 35,170 35,760 551 46,900 28,210 21,170 51,060

Cisco Systems Corning Inc EMC Corp/Massachusetts Google Inc Oracle Corporation Qualcomm Inc SanDisk Corp Texas Instruments Inc

3,616,786

4.10

10,040 7,200 23,940 15,490 12,090 6,640

Celanese Corp - Series A Eastman Chemical Co International Paper LyondellBasell Industries NV Packaging Corp of America Mosaic Co

447,081 490,176 953,770 884,634 465,102 376,023

0.51 0.55 1.08 1.00 0.53 0.43

Utilities

615,175

0.70

615,175

0.70

Total investments in equity securities

88,005,501

99.68

Total financial assets at fair value through profit or loss

88,005,501

99.68

Information Technology

Materials

26,770 NRG Energy Inc

Unrealised loss on forward foreign currency contracts (see below)

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(320)

(0.00)

(320)

(0.00)

284,510

0.32

88,289,691

100.00

Forward foreign currency contracts Buy

Sell

Euro

US dollar

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

84,845

112,188

02-Jan-13

(320)

USD

(320)

The counterparty for the above contracts is The Bank of New York Mellon, New York.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 99.50 0.50

100.00

BNY Mellon

BNY Mellon U.S. Equity Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

1,179,551

4.09

580,503 599,048

2.01 2.08

9,100 Qualcomm Inc

Basic Materials

1,175,684

4.08

11,400 Nike – Class B

5,300 Praxair 8,100 Sigma-Aldrich Corp

579,767 595,917

2.01 2.07

589,968

2.05

589,968

2.05

2,939,772

10.19

581,400 597,360 567,408 590,512 603,092

2.01 2.07 1.97 2.05 2.09

1,822,958

6.32

625,322 595,240 602,396

2.17 2.06 2.09

615,225

2.13

Holdings Description

Aerospace & Air Transport 7,700 Boeing 10,300 Rockwell Collins

Commercial Services 1,200 Mastercard

Computer & Office Equipment 10,200 30,400 800 22,100 18,100

Automatic Data Processing Cisco Systems Google Microsoft Corporation Oracle Corporation

Fair value USD

Total net assets %

564,382

1.96

564,382

1.96

588,240

2.04

588,240

2.04

1,200,108

4.16

607,008 593,100

2.10 2.06

28,067,186

97.29

77,405

0.27

28,144,591

97.56

Holdings Description

Telecommunications Textiles, Apparel & Home Furnishings Transportation 9,600 CH Robinson Worldwide 15,000 Expeditors International of Washington Inc

Total investments in equity securities Unrealised gain on forward foreign currency contracts (see below)

Total financial assets at fair value through profit or loss Unrealised loss on forward foreign currency contracts (see below)

Electronics – Electrical 16,600 Adobe Systems 9,200 Amphenol Corp – Class A 29,200 Intel Corporation

Environmental Control 6,500 Monsanto

615,225

2.13

557,227

1.93

557,227

1.93

565,812

1.96

565,812

1.96

2,690,092

9.32

543,712 420,239 567,810 575,505 582,826

1.88 1.46 1.97 1.99 2.02

1,786,864

6.19

574,700 625,164 587,000

1.99 2.17 2.03

Manufacturing

1,145,545

3.97

28,700 Meridian Bioscience 13,600 ResMed

580,601 564,944

2.01 1.96

643,790

2.23

643,790

2.23

2,946,190

10.21

572,904 579,494 628,056 597,558 568,178

1.98 2.01 2.18 2.07 1.97

574,145

1.99

574,145

1.99

6,481,633

22.47

555,200 507,280 620,844 591,208 588,120 587,671 568,584 645,240 592,146 692,912 532,428

1.92 1.76 2.15 2.05 2.04 2.04 1.97 2.24 2.05 2.40 1.85

Finance – Financial Services 17,900 Paychex

Food, Berverages & Tobacco 15,600 Coca-Cola Co/The

Health Care 5,200 4,300 8,100 10,500 8,300

Colgate-Palmolive CR Bard Johnson & Johnson Stryker Corp Varian Medical Systems

Industrials 17,500 Donaldson Co 11,800 Emerson Electric 4,000 Flowserve Corp

Metals 3,400 Precision Castparts Corporation

Oil & Gas 7,300 7,400 5,200 7,800 8,200

Apache Corporation Carbo Ceramics EOG Resources Occidental Petroleum Corporation Schlumberger

Pharmaceuticals 7,300 Celgene Corporation

Retail 10,000 8,000 13,300 6,700 7,800 3,700 10,600 15,200 6,700 17,600 7,800

Coach Inc Family Dollar Stores Fastenal McDonald’s MSC Industrial Direct Co Inc Panera Bread Company – Class A Starbucks Corporation TJX Companies Tractor Supply Company Urban Outfitters Inc Wal-Mart Stores

Total financial liabilities at fair value through profit or loss Net current assets Total net assets

(267)

(0.00)

(267)

(0.00)

703,792

2.44

28,848,116

100.00

Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

3,906

5,164

02-Jan-13

(13)

USD

(13)

BNY Mellon U.S. Equity Fund Euro

US dollar

BNY Mellon U.S. Equity Fund EUR H (Hedged) Share Class Euro Euro

US dollar US dollar

51,406 80,826

67,248 104,619

15-Jan-13 15-Jan-13

408 1,488

EUR

1,896

USD

2,499

02-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

11 25,105 1 9 78

EUR

25,204

USD

33,232

BNY Mellon U.S. Equity Fund EUR I (Hedged) Share Class US dollar Euro Euro US dollar US dollar

Euro US dollar US dollar US dollar

Euro US dollar US dollar Euro Euro

US dollar Euro Euro Euro

5,164 1,363,293 3,906 2,193 26,613

405 10,471 2,196 1,734

3,906 1,764,606 5,149 1,654 20,104

537 7,955 1,670 1,326

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

(2) (14) (5) (11)

EUR

(32)

USD

(42)

Net EUR

25,172

105

BNY Mellon U.S. Equity Fund Portfolio of investments – as at 31 December 2012 Forward foreign currency contracts – contd. Buy

Sell

Amount (B)

Amount (S)

Expiry Date

Unrealised Gain/(Loss)

BNY Mellon U.S. Equity Fund Sterling I (Inc) (Hedged) Share Class Sterling US dollar US dollar US dollar

US dollar US dollar US dollar

US dollar Sterling Sterling Sterling

Sterling Sterling Sterling

4,729,980 21,871 14,775 62,046

7,605,382 13,422 9,097 38,172

12,758 33,617 13,212

7,897 20,877 8,217

15-Jan-13 15-Jan-13 15-Jan-13 15-Jan-13

25,419 108 43 208

GBP

25,778

USD

41,674

15-Jan-13 15-Jan-13 15-Jan-13

(6) (81) (44)

GBP

(131)

USD

(212)

Net GBP

25,647

The counterparties for the above contracts are The Bank of New York Mellon, New York in respect of BNY Mellon U.S. Equity Fund; The Bank of New York Mellon, New York in respect of BNY Mellon U.S. Equity Fund EUR H (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon U.S. Equity Fund EUR I (Hedged) Share Class; The Bank of New York Mellon, New York in respect of BNY Mellon U.S. Equity Fund Sterling I (Inc) (Hedged) Share Class.

Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market

Total assets % 97.03

OTC financial derivative instruments

0.27

Other current assets

2.70

Total assets

106

100.00

BNY Mellon

BNY Mellon Vietnam, India and China (VIC) Fund Portfolio of investments – as at 31 December 2012 Fair value USD

Total net assets %

5,724,483

22.72

896,048 672,284 475,157 960,991 1,012,812 627,396 695,520 384,275

3.56 2.67 1.88 3.81 4.02 2.49 2.76 1.53

3,305,575

13.11

671,217 959,914 1,060,725 368,916 244,803

2.66 3.81 4.21 1.46 0.97

13,656,511

54.19

379,654 950,904 1,015,423 1,402,081 717,065 96,696 377,806 297,536 278,518 562,146 493,133 1,457,073 1,138,127 469,269 478,828 941,997 355,905 355,904 503,376 1,385,070

1.51 3.77 4.03 5.56 2.85 0.38 1.50 1.18 1.10 2.23 1.96 5.78 4.52 1.86 1.90 3.74 1.41 1.41 2.00 5.50

22,686,569

90.02

195,510

0.78

195,510

0.78

2,237,491

8.88

324,136

1.29

237,524 1,298,959 376,872

0.94 5.16 1.49

Total investments in warrants

2,433,001

9.66

Total financial assets at fair value through profit or loss

25,119,570

99.68

80,465

0.32

25,200,035

100.00

Holdings Description

China 300,000 867,000 310,000 818,500 5,000,000 165,400 14,400 12,000

Byd Co Ltd China Medical System Holdings Ltd Dongfeng Motor Group Co Ltd Intime Department Store Group Co Ltd Maoye International Holdings Ltd New China Life Insurance Co Ltd - H SINA Corp/China Tencent Holdings Ltd

560,000 1,200,000 2,968,000 888,000 179,000

China State Construction International Holdings Ltd Far East Horizon Ltd Hengdeli Holdings Ltd IT Ltd Vinda International Holdings Ltd

Hong Kong

India 106,673 1,000,000 100,000 2,300,000 80,000 20,000 500,000 380,000 1,400,000 700,000 375,000 166,666 120,000 304,095 1,100,000 165,000 600,000 600,000 350,000 40,000

DEN Networks Ltd Dhampur Sugar Mills Ltd Hinduja Ventures Ltd IFCI Ltd Ingersoll-Rand India Ltd MOIL Ltd Network 18 Media & Investments Ltd OnMobile Global Ltd Parabolic Drugs Ltd Prime Focus Ltd Punjab & Sind Bank Reliance Capital Ltd Reliance Infrastructure Ltd Schneider Electric Infrastructure Ltd SITI Cable Network Ltd Tata Motors Ltd Tulip Telecom Ltd TV18 Broadcast Ltd UCO Bank United Spirits Ltd

Total investments in equity securities India 260,000 Microsec Financial Services P-Note Warrants 05-May-2014

Vietnam 175,000 Deutsche Bank Petrovietnam P-Note 26-Sep-2022 250,000 Saigon Thuong Tin Commercial JSB Warrants 01-Apr-2015 309,375 Vietnam Dairy Products JSC Warrants 20-Jan-2015 510,000 Vietnam Export-Import Commercial JSB 05-May-2014

Net current assets Total net assets Analysis of portfolio Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other current assets

Total assets

Total assets % 99.30 0.70

100.00

107

Profit and Loss Account – for the year ended 31 December 2012 BNY Mellon Absolute Return Bond Fund*

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Equity Income Fund*

Notes

EUR

GBP

USD

USD

EUR

USD

1 1 14

37,496 – –

124,921 4,357,564 4,158

27,132 12,501,989 12,820

7,987 19,245,450 –

1,661 893,648 65,533

– 36,690 –

17

1,792,544

13,971,488

62,531,562

11,257,085

4,284,863

464,130

1,830,040

18,458,131

75,073,503

30,510,522

5,245,705

500,820

17,933 21,323 28,105 30,353 –

1,140,331 1,185,892 51,216 177,744 3,843,150

7,341,957 – 333,072 542,909 –

6,027,906 – 550,238 447,604 –

395,171 – 30,725 28,093 –

13,367 – 33,427 1,271 –

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

BNY Mellon Absolute Return Equity Fund

3 3 5 8 1 6, 7

Total expenses Net income/(expense) Finance costs Bank interest Distributions Finance charges on swaps

1

Profit/(loss) for the year Withholding taxes on dividends and other investment income

Movement in adjustment to revalue assets from bid market prices to trading valuation prices Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

–

–

–

–

–

–

97,714

6,398,333

8,217,938

7,025,748

453,989

48,065

1,732,326

12,059,798

66,855,565

23,484,774

4,791,716

452,755

83,186 8,404 –

5,160 – 802,664

– 20,576 –

369 93,745 –

– – –

40 – –

1,640,736

11,251,974

66,834,989

23,390,660

4,791,716

452,715

(2,571)

1

(37,626)

1,638,165

11,214,348

321,418

131,091

1,959,583

11,345,439

(1,061,707) 65,773,282 (74,101)

65,699,181

(950,710) 22,439,950 (10,072)

22,429,878

(197,847) 4,593,869 (978)

4,592,891

Except for the 5 Funds that are terminating post year end (see Note 20), gains and losses arise solely from continuing operations. For the 5 Funds that are terminating post 31 December 2012, gains and losses arise from discontinued operations. There were no gains or losses other than those dealt with in the Profit and Loss Account. * Please refer to Note 19 of the financial statements. The accompanying notes form an integral part of these financial statements.

Signed on behalf of the Board of Directors by Director – David Dillon Director – Michael Meagher Date: 11 April 2013

108

(1,742) 450,973 53,433

504,406

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2012 BNY Mellon Emerging Markets Corporate Debt Fund*

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Equity Fund

USD

USD

USD

USD

– – 2,885

– – 3,918

4,293 – 37,822

8,084,850

83,812,271

8,087,735 70,504 – 23,964 35,065 –

BNY Mellon Emerging Markets Equity Core Fund*

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

USD

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD

EUR

EUR

EUR

– 735,966 1,910

1,538 905,584 –

779 – –

6,735 – 3,793

243 – 403

– – 131,669

484,417,656

5,082,685

16,720,673

35,883,204

14,223,166

1,472,973

190,715,945

83,816,189

484,459,771

5,820,561

17,627,795

35,883,983

14,233,694

1,473,619

190,847,614

4,129,214 – 122,097 485,734 –

26,614,593 – 2,763,030 3,348,878 –

27,325 – 79,689 31,488 110

104,992 255,565 26,522 56,136 –

12,938 – 181,558 194,826 –

305,887 – 39,861 81,933 –

46,878 – 13,653 16,273 –

10,775,029 – 337,383 1,634,004 –

–

–

–

–

–

–

–

–

–

129,533

4,737,045

32,726,501

138,612

443,215

389,322

427,681

76,804

12,746,416

7,958,202

79,079,144

451,733,270

5,681,949

17,184,580

35,494,661

13,806,013

1,396,815

178,101,198

612 363 74,778

554 6,290,641 53,337

– 51,566,141 140,591

2,100 517,205 –

1,848 – –

345 – –

– – –

21,038 446,387 1,776,066

7,882,449

72,734,612

400,026,538

5,162,644

17,182,732

13,805,668

1,396,815

175,857,707

(24,677)

(10,147)

7,857,772

72,724,465

305,146

767,925

8,162,918

73,492,390

(7,028,776) 392,997,762 (654,187)

392,343,575

(89,136) 5,073,508 (21,508)

5,052,000

(104,840)

1,268 – (921,480) 36,414,873 (328,631)

17,077,892

36,086,242

292,065

69,647

17,369,957

36,155,889

–

2,065

162,317

13,805,668

1,398,880

176,020,024

–

–

1,398,880

176,020,024

(118,570)

13,687,098

109

Profit and Loss Account – for the year ended 31 December 2012 (contd.)

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

Notes

EUR

1 1 14

– 48 5

17

Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

3 3 5 8 1 6, 7

Total expenses Net income/(expense) Finance costs Bank interest Distributions Finance charges on swaps

1

Profit/(loss) for the year

Movement in adjustment to revalue assets from bid market prices to trading valuation prices Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

110

USD

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

8,430 – –

243 4,951 106

91,622 – 8,326

2,018 56,760 80

375 824,959 955

(164,794)

1,044,443

41,975,307

2,862,749

3,328,002

(244,941)

(156,364)

1,049,743

42,075,255

2,921,607

4,154,291

67,789 – 35,748 10,168 –

313,343 – 48,997 33,367 –

627 – 46,284 20,015 –

6,688,214 – 335,351 1,182,709 –

204,191 – 39,526 45,153 –

469,767 – 159,811 33,382 861

–

–

–

–

–

91,460

395,707

66,926

8,206,274

288,870

663,821

(336,401)

(552,071)

982,817

33,868,981

2,632,737

3,490,470

71 – 2,207

– 1,223,144 –

– – –

– 290 –

980,539

32,645,837

2,632,737

3,490,180

(22,245)

876 – –

–

1

BNY Mellon Global Dynamic Bond Fund

(244,994)

(337,277)

Withholding taxes on dividends and other investment income

BNY Mellon Global Bond Fund

EUR

BNY Mellon Evolution Global Strategic Bond Fund USD

637 – – (552,708) –

1,128

(337,277)

(552,708)

981,667

(3,006)

(4,628)

3,477

(340,283)

(557,336)

985,144

(154,717) 32,491,120 (490,189)

32,000,931

(4,843) 2,627,894 40,059

2,667,953

(108,203) 3,381,977 (5,611)

3,376,366

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2012 (contd.) BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global Opportunities Fund

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

USD

USD

EUR

EUR

12,083 6,744,661 155,754

5,445 6,272,938 78,454

431 134,166 19,427

5,875 3,586,989 82,502

26 221,920 26

79,591 20,449,071 419,868

BNY Mellon Global Real Return Fund (GBP)*

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Value Fund

GBP

USD

JPY

3 290,820 –

35,133 2,695,154 19,876

– 6,440,255 19,850

36,509,748

13,172,110

33,766,565

18,890,541

1,115,321

15,106,264

15,124

1,751,368

29,543,131

43,422,246

19,528,947

33,920,589

22,565,907

1,337,293

36,054,794

305,947

4,501,531

36,003,236

1,763,027 – 133,161 244,517 –

1,771,491 – 104,508 153,268 –

154,321 – 87,875 139,621 –

1,080,029 – 92,323 113,218 –

89,623 – 41,529 47,166 –

8,486,019 – 173,901 961,888 –

154,763 – 33,835 19,963 –

1,061,312 – 62,287 131,323 –

2,493,672 – 2,150,741 368,540 –

–

–

–

–

–

–

–

–

2,140,705

2,029,267

381,817

1,285,570

123,509

9,621,808

208,561

1,254,922

5,012,953

41,281,541

17,499,680

33,538,772

21,280,337

1,213,784

26,432,986

97,386

3,246,609

30,990,283

3,810 – –

3,847 2,344,807 –

4,272 16,704,487 –

– – –

65 1,817 –

10,579 68,260 –

– – –

– 241,630 –

9,173 – –

41,277,731

15,151,026

16,830,013

21,280,337

1,211,902

26,354,147

97,386

3,004,979

30,981,110

(1,367,992) 39,909,739 (15,358)

39,894,381

(1,149,210) 14,001,816 104,563

14,106,379

– 16,830,013 (429,115)

16,400,898

(688,708) 20,591,629 (5,075)

20,586,554

(54,809)

(3,970,432)

(64,889)

(557,468)

1,166,965

(44,937)

22,383,715

32,497

2,447,511

3,530

356,990

41,396

82,212

1,170,495

22,740,705

73,893

2,529,723

(453,169) 30,527,941 (251,670)

30,276,271

111

Profit and Loss Account – for the year ended 31 December 2012 (contd.)

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

BNY Mellon Long-Term Global Equity Fund EUR

BNY Mellon Pan European Equity Fund EUR

BNY Mellon S&P 500® Index Tracker

Notes

BNY Mellon Latin America Infrastructure Fund USD

1 1 14

162 252,415 –

52,147 21,405,121 338,721

455 278,793 10,858

17

Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

3 3 5 8 1 6, 7

Total expenses Net income/(expense) Finance costs Bank interest Distributions Finance charges on swaps

1

Profit/(loss) for the year Withholding taxes on dividends and other investment income

Movement in adjustment to revalue assets from bid market prices to trading valuation prices Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

112

185 3,873,911 3,369

– 220,703 8,328

2,505 407 378

GBP

721,876

111,374,618

860,850

19,085,695

2,042,279

299,259

974,453

133,170,607

1,150,956

22,963,160

2,271,310

302,549

100,723 – 22,865 17,027 –

9,048,855 826,116 186,663 1,015,697 –

84,185 – 24,504 7,806 –

1,066,999 – 194,292 196,092 –

130,998 – 35,405 7,925 –

80,521 – 9,439 9,598 –

–

–

–

–

–

(7,704) 132,911

11,077,331

116,495

1,457,383

174,328

99,558

841,542

122,093,276

1,034,461

21,505,777

2,096,982

202,991

25 – –

152 49,516 –

1,248 – –

1,252 – –

491 – –

1,159 3,720 –

841,517

122,043,608

1,033,213

21,504,525

2,096,491

198,112

(14,844)

1

BNY Mellon Sterling Bond Fund

USD

BNY Mellon Small Cap Euroland Fund EUR

(3,714,391)

(45,631)

826,673

118,329,217

987,582

10,139

588,027

932

836,812

118,917,244

988,514

(1,162,163) 20,342,362 (42,234)

20,300,128

(32,828) 2,063,663 (5,750)

2,057,913

– 198,112 (807)

197,305

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2012 (contd.) BNY Mellon UK Equity Fund

BNY Mellon U.S. Equity Fund

GBP

BNY Mellon U.S. Dynamic Value Fund USD

Total 31 December 2012

USD

BNY Mellon Vietnam, India and China (VIC) Fund USD

4,712 1,354,830 1,607

– 2,617,489 2,022

77 1,179,628 25,530

– 462,491 12,347

647,725 127,756,791 1,742,211

USD

1,271,633

19,056,352

6,503,258

4,563,879

1,386,741,885

2,632,782

21,675,863

7,708,493

5,038,717

1,516,888,612

342,516 – 32,208 27,660 –

146,793 – 87,988 81,699 –

620,060 – 38,260 84,177 –

418,735 – 52,851 40,353 –

100,972,253 3,248,808 7,107,056 13,027,829 6,171,732

–

–

–

–

(106,732)

402,384

316,480

742,497

511,939

130,420,946

2,230,398

21,359,383

6,965,996

4,526,778

1,386,467,666

– 233,006 –

1,826 1,604,497 –

10,492 7,405 –

939 1,199 –

197,249 86,498,234 2,920,800

1,997,392

19,753,060

6,948,099

4,524,640

1,296,851,383

(134,692) 1,862,700 (1,286)

1,861,414

(723,466) 19,029,594 (43,249)

18,986,345

(347,133) 6,600,966 (36,580)

6,564,386

(14,624)

(26,360,450)

4,510,016

1,270,490,933

8,226

1,520,171

4,518,242

1,272,011,104

113

Profit and Loss Account – for the year ended 31 December 2011

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

Notes

GBP

USD

USD

EUR

USD

USD

1 1 14

20,020 1,642,591 749

3,215 15,951,810 58,890

13,253 20,232,172 –

19,249 1,029,589 91,268

3,340 – 6,869

9,229 – –

17

1,344,571

(147,435,186)

(101,711,184)

(5,026,332)

29,235,354

(134,221,194)

3,007,931

(131,421,271)

(81,465,759)

(3,886,226)

29,245,563

(134,211,965)

540,572 88,810 30,669 92,417 1,667,287

11,194,007 – 729,401 827,046 –

6,988,426 – 622,235 514,425 –

Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

3 3 5 8 1 6, 7

Total expenses Net income/(expense) Finance costs Bank interest Distributions Finance charges on swaps

–

–

–

–

–

12,750,454

8,125,086

582,104

2,309,790

37,934,543

26,935,773

(172,146,508)

287 11,809,883 –

10,496 63,466,336 –

66 – 367,743 220,367

Withholding taxes on dividends and other investment income

(63,585)

Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

114

1

31,167,585 – 3,014,400 3,752,558 –

–

Profit/(loss) for the year

Movement in adjustment to revalue assets from bid market prices to trading valuation prices

1,890,620 – 107,854 311,316 –

2,419,755 588,176

1

510,884 – 35,884 35,336 –

(144,171,725) 5,212 19,013 – (144,195,950)

(89,590,845) 114 79,527 – (89,670,486)

(4,468,330) 131 – – (4,468,461)

(1,301,407)

(1,387,451)

(203,458)

156,782

(145,497,357)

(91,057,937)

(4,671,919)

14,675

(1,322,633)

(77,763)

(39,104)

171,457

(146,819,990)

(91,135,700)

(4,711,023)

15,125,603 (100,002) 15,025,601 (67,194)

14,958,407

(235,623,340) (6,594,465) (242,217,805) 74,039

(242,143,766)

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2011 BNY Mellon Emerging Markets Equity Fund

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Evolution U.S. Equity Market Neutral Fund

USD

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD

EUR

EUR

EUR

EUR

EUR

USD

USD

– 1,535,689 6,073

141 – –

902 – 37

1,269 – 82

1,376 – 96,814

349 – –

38,999 – –

– – 22

3,597 31,051 8

(13,581,518)

(31,180,493)

(66,305)

404,894

33,794,411

(113,446)

754,127

(57,318)

(317,759)

(12,039,756)

(31,180,352)

(65,366)

406,245

33,892,601

(113,097)

793,126

(57,296)

(283,103)

46,546 – 12,597 12,632 –

10,680,662 – 341,869 1,609,972 –

167,592 – 24,406 19,288 –

346,223 1,181 54,418 33,680 –

532 – 53,780 22,340 –

34,271 – 25,608 16,509 49,144

146,868 – 97,406 57,118 –

5,173 – 100,101 108,966 –

228,541 – 37,678 63,328 –

–

–

–

–

–

–

–

–

301,392

214,240

329,547

71,775

12,632,503

211,286

435,502

76,652

94,968

334,470

21,260,098

(324,383)

357,624

(133,948)

(378,071)

41 – –

82,769 393,505 –

334,429

20,783,824

(12,341,148) 3,719 941,588 – (13,286,455)

(31,394,592) 102 – – (31,394,694)

(394,913) – – – (394,913)

(180,898)

(146,331)

(5,762)

(13,467,353)

(31,541,025)

(400,675)

(113,721)

(13,581,074)

353,777

(31,187,248)

211,310

(189,365)

(858)

(130,242)

333,571

20,653,582

–

–

333,571

20,653,582

36 – – (324,419) – (324,419) 720

(323,699)

– – – 357,624

125 – – (134,073)

(30,564)

– – 7,404 (385,475)

–

(2,702)

(8,540)

357,624

(136,775)

(394,015)

3,610

(1,975)

361,234

(138,750)

–

(394,015)

115

Profit and Loss Account – for the year ended 31 December 2011 (contd.)

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund

Notes

USD

1 1 14

92,291 – 32,456

17

– 1,693,036 5,038

145,810 6,079,608 149,824

507 1,896,469 13,304

929 122,815 123,717

(13,030,734)

(34,649,492)

(756,710)

15,974,564

(11,332,660)

(28,274,250)

1,153,570

16,222,025

3 3 5 8 1

5,484,911 – 278,692 1,028,660 –

113,356 – 38,641 30,817 –

873,261 – 231,733 61,834 –

1,804,673 – 175,371 238,938 –

578,274 – 73,571 56,829 –

486,200 – 115,098 254,423 –

6, 7

–

–

–

–

–

–

1

Withholding taxes on dividends and other investment income

116

1,037 40,228 256 400,111

Profit/(loss) for the year

Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

USD

441,632

Net income/(expense)

Movement in adjustment to revalue assets from bid market prices to trading valuation prices

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

39,717,211

Total expenses

Finance costs Bank interest Distributions Finance charges on swaps

BNY Mellon Global Equity Higher Income Fund

39,841,958

Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

BNY Mellon Global Equity Fund

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

6,792,263

182,814

33,049,695

258,818

2,525 1,141,954 –

– – –

31,905,216

258,818

(275,981)

1

(11,708)

1,166,828 (12,499,488) 4,954 – – (12,504,442)

2,218,982

708,674

855,721

444,896

15,366,304

146 548,825 –

1,123 30,949,822 –

(30,493,232)

(104,075)

(15,584,641)

(30,493,232) – – –

(203,546)

(982,160)

(304,039)

(19,901)

31,629,235

247,110

(12,707,988)

(31,475,392)

(408,114)

(15,604,542)

783,787

35,615

(59,038)

(96,614)

32,413,022

282,725

(12,767,026)

(31,572,006)

55,725

(352,389)

(1,273,399)

(16,877,941)

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2011 (contd.) BNY Mellon Global Opportunities Fund

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Fund

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

BNY Mellon Long-Term Global Equity Fund

BNY Mellon Pan European Equity Fund

USD

EUR

EUR

USD

USD

JPY

USD

EUR

EUR

73,001 4,424,960 81,507

19 195,162 –

204,858 7,871,587 24,925

8,772 1,753,883 6,460

444 13,074,471 13,360

5 461,814 –

68,770 9,504,201 172,277

3,912 374,541 29,472

(1,583,949)

– 34,916 929

(16,269,847)

(332,184)

3,274,722

(197,488)

(125,894,881)

(4,062,088)

(3,430,142)

(1,825,430)

(11,690,379)

(137,003)

11,376,092

185,166

(161,643)

(112,806,606)

(3,600,269)

6,315,106

(1,417,505)

79,113 – 66,021 8,141 –

3,574,745 – 106,161 393,525 –

650,125 – 53,842 88,598 –

36,176 – 20,491 3,821 –

–

–

1,496,751 – 119,231 151,702 – – 1,767,684 (13,458,063) – – – (13,458,063)

(14,407)

(14,755)

7,941,112 – 1,980,281 683,056 –

208,499 – 38,368 30,649 –

4,727,380 307,845 106,745 499,761 –

138,661 – 26,660 13,226 –

–

–

–

–

277,516

5,641,731

138,868

4,074,431

792,565

45,733

10,604,449

(275,871)

7,301,661

(607,399)

(207,376)

(123,411,055)

231 30,403 – (306,505)

85,386 – – 7,216,275

(598,251)

(39,257)

(14,056,314)

(345,762)

(1,346,970) 5,869,305

(166,221)

(6,556)

424,652

(14,222,535)

(352,318)

6,293,957

14,465 77,962 – (699,826)

16 – – (207,392)

61 – – (123,411,116)

(3,877,785) 328 – – (3,878,113)

673,375 31,132 – – 642,243

178,547 (1,596,052) 572 – – (1,596,624)

(306,604)

(2,444)

(918,843)

(28,861)

(1,682,207)

(65,894)

(1,006,430)

(209,836)

(124,329,959)

(3,906,974)

(1,039,964)

(1,662,518)

42,670

(963,760)

(3,612)

(213,448)

228,920

(124,101,039)

(26,925)

(3,933,899)

89,998

(949,966)

(16,202)

(1,678,720)

117

Profit and Loss Account – for the year ended 31 December 2011 (contd.)

Income Bank interest income Dividend income Securities lending income Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

BNY Mellon S&P 500® Index Tracker

BNY Mellon Small Cap Euroland Fund

BNY Mellon Sterling Bond Fund

BNY Mellon UK Equity Fund

BNY Mellon U.S. Dynamic Value Fund

BNY Mellon U.S. Equity Fund

Notes

USD

EUR

GBP

GBP

USD

USD

1 1 14

2,596 3,898,721 6,742

7,657 831,256 59,440

1,266 – 139

2,322 2,102,783 2,013

– 4,512,547 1,840

92 574,149 45

17

Total income Expenses Management fee Performance fee Custodian fee Operating expenses Dividend expense Rebate due from Management Company and Investment Manager

1,011,585

(7,235,428)

1,011,194

(1,367,719)

(16,287,848)

627,986

4,919,644

(6,337,075)

1,012,599

739,399

(11,773,461)

1,202,272

3 3 5 8 1

1,075,521 – 213,997 206,537 –

424,949 – 32,180 29,496 –

71,814 – 9,287 8,321 –

437,470 – 36,337 32,666 –

709,773 – 124,555 189,010 –

353,914 – 34,069 45,726 –

6, 7

–

–

–

–

–

–

Total expenses

1,496,055

Net income/(expense)

3,423,589

Finance costs Bank interest Distributions Finance charges on swaps

1

Profit/(loss) for the year

3,423,589

Withholding taxes on dividends and other investment income

Movement in adjustment to revalue assets from bid market prices to trading valuation prices Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations

118

– – –

(1,127,082)

1

486,625 (6,823,700) – – – (6,823,700) (150,755)

89,422

506,473

1,023,338

433,709

923,177

232,926

(12,796,799)

768,563

22 3,888 –

– 468,551 –

919,267 (407)

(235,625)

1,503 2,513,762 – (15,312,064)

– 4,996 – 763,567

(207,839)

(1,236,692)

2,296,507

(6,974,455)

918,860

(443,464)

(16,548,756)

(168,992) 594,575

4,698

(33,763)

1,078

(16,175)

(55,730)

30,702

2,301,205

(7,008,218)

919,938

(459,639)

(16,604,486)

625,277

BNY Mellon

Profit and Loss Account – for the year ended 31 December 2011 (contd.) BNY Mellon Vietnam, India and China (VIC) Fund

Total 31 December 2011

USD

USD

3,744 437,503 22,493

883,458 97,479,300 1,230,276

(18,704,453)

(412,683,362)

(18,240,713)

(313,090,328)

542,724 – 64,260 47,783 – – 654,767 (18,895,480) – – – (18,895,480)

96,952,396 572,730 7,701,151 12,153,064 2,723,306 (65,379) 120,037,268 (433,127,596) 324,593 125,046,373 597,227 (559,095,789)

(16,837)

(20,508,243)

(18,912,317)

(579,604,032)

(101,498)

(1,599,086)

(19,013,815)

(581,203,118)

119

Statement of Net Assets – as at 31 December 2012 BNY Mellon Absolute Return Bond Fund*

USD

EUR

USD

1 10

119,442,544 9,560,659 20,690 – – 239,445 – 25,839 19,916

165,597,962 40,326,495 219,927 – – 2,079,154 8,501,532 4,099,894 6,569

409,935,902 3,176,483 – 1,066,845 – – – 78,012 839

413,609,813 5,668,711 1,919,063 – – – – 1,264,813 –

21,913,162 792,917 – – – – – – 134

16,617,030 491,921 15,328 – – – – – –

129,309,093

220,831,533

414,258,081

422,462,400

22,706,213

17,124,279

865,832 – 1,168,798 25,110 37,075 21,324 148,319 – – – –

8,519,423 1,291,290 – 606,986 188,654 1,099,861 – 8,501,532 270,813 36,091 –

289 181,879 227,952 91,369 850,083 – – – – – –

– 905,089 – 166,317 773,644 – – – – – –

– 38,216 – – 54,055 – – – – – –

– 143,338 61,040 – 45,436 48 – – – – –

2,266,458

20,514,650

1,351,572

1,845,050

92,271

249,862

127,042,635

200,316,883

412,906,509

420,617,350

22,613,942

16,874,417

321,418

145,766

883,110

745,691

9,616

53,433

127,364,053

200,462,649

413,789,619

421,363,041

22,623,558

16,927,850

Net assets attributable to redeemable participating shareholders at trading valuation

6 10

10

3 10

1

* Please refer to Note 19 of the financial statements. The accompanying notes form an integral part of these financial statements.

120

BNY Mellon Emerging Equity Income Fund*

USD

Adjustment for valuation from bid/ask market prices to trading valuation prices

Date: 11 April 2013

BNY Mellon Continental European Equity Fund

GBP

Net assets attributable to redeemable participating shareholders

Director – Michael Meagher

BNY Mellon Brazil Equity Fund

EUR

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Cash collateral payable to broker Income payable on swaps Finance charges payable on swaps Other payables

Director – David Dillon

BNY Mellon Asian Equity Fund

Notes Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Cash collateral received from broker Subscriptions receivable Other receivables

Signed on behalf of the Board of Directors by

BNY Mellon Absolute Return Equity Fund

BNY Mellon

Statement of Net Assets – as at 31 December 2012 BNY Mellon Emerging Markets Corporate Debt Fund*

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Equity Fund

USD

USD

USD

USD

69,602,123 3,183,527 – – – 363,438 – – –

597,473,896 31,340,761 – – – – – 3,773,130 29,954

3,279,242,603 92,545,737 – – – 4,937,816 2,220,000 3,437,782 162,439

73,149,088

632,617,741

342,733 – – – 38,396 – – – – 7,500 –

BNY Mellon Emerging Markets Equity Core Fund*

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

USD

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD

EUR

EUR

EUR

19,638,364 159,027 7,321 – 4,013 – – – 9,079

165,916,440 2,087,570 70,707 336,829 – – – – 3,906

296,248,276 8,003,278 – – – 3,649,194 – – 16,703

114,031,840 515,568 1,167 – – 65,325 – – 9,014

12,292,575 459,082 – – – – – – –

1,711,001,344 58,187,229 – 3,249,602 – 3,232,222 857,035 14,135,491 –

3,382,546,377

19,817,804

168,415,452

307,917,451

114,622,914

12,751,657

1,790,662,923

299 – – 57,473 723,693 – – – – – –

17,197,069 13,231,228 8,922,539 4,776,827 3,448,285 – – 2,220,000 – – –

– 3 – – 77,454 – – – – – –

– 991,653 – – 88,296 257,611 – – – – –

3,194,074 – – – 107,967 – – – – – –

18,405 – – – 86,278 – – – – – –

– 4,852 – – 11,865 – – – – – –

12,629,765 1,639,817 31,585,795 3,708,159 1,898,582 – 5,089,589 857,035 344,272 121,474 –

388,629

781,465

49,795,948

77,457

1,337,560

3,302,041

104,683

16,717

57,874,488

72,760,459

631,836,276

3,332,750,429

19,740,347

167,077,892

304,615,410

114,518,231

12,734,940

1,732,788,435

305,146

2,341,907

4,475,781

35,551

292,065

423,424

278,754

–

–

73,065,605

634,178,183

3,337,226,210

19,775,898

167,369,957

305,038,834

114,796,985

12,734,940

1,732,788,435

121

Statement of Net Assets – as at 31 December 2012 (contd.)

Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Cash collateral received from broker Subscriptions receivable Other receivables

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Cash collateral payable to broker Income payable on swaps Finance charges payable on swaps Other payables

Net assets attributable to redeemable participating shareholders Adjustment for valuation from bid/ask market prices to trading valuation prices Net assets attributable to redeemable participating shareholders at trading valuation

122

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

Notes

EUR

1 10

6 10

10

3 10

1

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund

EUR

BNY Mellon Evolution Global Strategic Bond Fund USD

USD

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

6,552,197 428,346 – – 26,355 – – – 11,011

19,197,870 1,484,590 – – – 3,978,620 – 1,535 –

8,357,189 47,328 – – – – – – 1,624

965,684,924 23,022,184 – 9,579,961 – – – 606,720 19,286

38,300,626 3,977,230 11,916 34,113 – – – – –

26,780,451 797,151 47,198 87,991 – – – – 1,021

7,017,909

24,662,615

8,406,141

998,913,075

42,323,885

27,713,812

171,816 56 – – 42,047 – – – – – –

821,076 – – 14,570 59,570 – 1,029,646 – – – 29,911

37,776 819 – – 38,449 – 7,450 – 950 – –

17,927,055 5,296 – 244,815 1,013,405 – – – – – –

118,086 31 – – 76,828 – – – – – –

– – 28,980 3 121,192 – – – – – –

213,919

1,954,773

85,444

19,190,571

194,945

150,175

6,803,990

22,707,842

8,320,697

979,722,504

42,128,940

27,563,637

328

742

22,829

975,574

120,188

45,496

6,804,318

22,708,584

8,343,526

980,698,078

42,249,128

27,609,133

BNY Mellon

Statement of Net Assets – as at 31 December 2012 (contd.) BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global Opportunities Fund

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

USD

USD

EUR

EUR

228,084,478 9,941,966 216,442 – – – – 2,850 18,672

235,678,778 5,153,536 740,345 – – – – 104,901 931

165,492,342 1,837,835 – 1,346,985 – – 98,597 – 52,562

106,503,623 6,402,632 95,614 – – – – 107,302 9,491

6,986,047 235,763 18,067 21,710 26,616 – – 1,501 329

238,264,408

241,678,491

168,828,321

113,118,662

207,493 12 – – 303,360 – – – – – –

551,102 – 294,672 – 357,460 – – – – – –

15,977 160 – 1,087 98,475 – – 98,597 – – –

510,865

1,203,234

237,753,543

BNY Mellon Global Real Return Fund (GBP)*

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Value Fund

GBP

USD

JPY

1,083,457,140 47,441,197 1,848,366 178,531 – 10,283,676 – 1,945,731 7,423

36,116,162 1,846,690 65,914 5,844 – 331,644 – – –

165,266,787 8,256,806 272,351 22,732 – 1,509,695 – 8,000 4,394

259,592,650 4,700,691 288,997 – – – – – 16,921

7,290,033

1,145,162,064

38,366,254

175,340,765

264,599,259

132,023 8 – 46,273 153,021 – – – – – –

4,276 10 56,009 – 38,625 – – – – – –

3,616,456 26 – 840,167 1,492,963 – – – – – –

277,179 3 – – 64,183 589 – – – – –

3,351,602 19 – 1 247,989 – – – – – –

– – – – 742,737 – – – – – –

214,296

331,325

98,920

5,949,612

341,954

3,599,611

742,737

240,475,257

168,614,025

112,787,337

7,191,113

1,139,212,452

38,024,300

171,741,154

263,856,522

196,182

174,971

754,000

71,284

8,184

917,178

41,396

166,121

409,050

237,949,725

240,650,228

169,368,025

112,858,621

7,199,297

1,140,129,630

38,065,696

171,907,275

264,265,572

123

Statement of Net Assets – as at 31 December 2012 (contd.)

Notes Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Cash collateral received from broker Subscriptions receivable Other receivables

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Cash collateral payable to broker Income payable on swaps Finance charges payable on swaps Other payables

Net assets attributable to redeemable participating shareholders Adjustment for valuation from bid/ask market prices to trading valuation prices Net assets attributable to redeemable participating shareholders at trading valuation

124

1 10

6 10

10

3 10

1

BNY Mellon Latin America Infrastructure Fund USD

BNY Mellon Long-Term Global Equity Fund EUR

BNY Mellon Pan European Equity Fund EUR

BNY Mellon S&P 500® Index Tracker

BNY Mellon Sterling Bond Fund

USD

BNY Mellon Small Cap Euroland Fund EUR

5,032,129 143,091 25,628 – 1,652 – – – 2,575

1,243,848,933 27,602,244 935,970 – – – – 601,287 4,206

8,234,407 253,566 6,299 – – – – – 263

161,870,550 454,444 125,789 21,690 – 10,325 – 123,669 3,249

7,080,576 238,853 – – – 39,375 – 19,975 263

7,384,824 164,059 – 43,881 – – – – 2,095

5,205,075

1,272,992,640

8,494,535

162,609,716

7,379,042

7,594,859

– – – – 37,545 – – – – – –

14 – – 302,612 1,575,945 826,115 – – – – –

– 33,924 – – 18,410 – – – – – –

1,325 13 – 359,273 209,042 – – – – – –

1,360 – – 97 22,308 – 2,150 – – – –

– 1 – – 9,224 – – – – – –

37,545

2,704,686

52,334

569,653

25,915

9,225

5,167,530

1,270,287,954

8,442,201

162,040,063

7,353,127

7,585,634

26,439

868,717

3,907

8,646

7,738

5,193,969

1,271,156,671

8,446,108

7,361,773

7,593,372

(9,373) 162,030,690

GBP

BNY Mellon

Statement of Net Assets – as at 31 December 2012 (contd.) BNY Mellon UK Equity Fund

BNY Mellon U.S. Equity Fund

GBP

BNY Mellon U.S. Dynamic Value Fund USD

Total 31 December 2012

USD

BNY Mellon Vietnam, India and China (VIC) Fund USD

17,762,424 1,912,797 98,112 4,447 – – – 64 7,424

88,005,501 336,592 73,960 – – – – – 30,666

28,144,591 757,121 9,374 – – – – 13,392 456

25,119,570 167,128 – – 7,422 – – 2,870 764

13,682,027,191 474,632,297 7,990,832 17,562,876 82,929 37,911,086 17,304,778 38,250,907 481,008

19,785,268

88,446,719

28,924,934

25,297,754

14,276,243,904

2 – – – 42,607 – – – – – –

320 84,516 – – 69,510 – – – – – –

267 – – 26,806 51,327 – – – – – –

– 36,404 – – 112,337 – – – – – –

81,290,292 19,944,094 52,795,997 13,206,054 16,616,361 3,164,506 8,274,061 17,304,778 895,256 226,353 39,438

42,609

154,346

78,400

148,741

213,757,190

19,742,659

88,292,373

28,846,534

25,149,013

14,062,486,714

1,582

51,022

15,915,731

28,848,116

25,200,035

14,078,402,445

10,281 19,752,940

(2,682) 88,289,691

USD

125

Statement of Net Assets – as at 31 December 2011

Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Subscriptions receivable Other receivables

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Income payable on swaps Finance charges payable on swaps Other payables

Net assets attributable to redeemable participating shareholders Adjustment for valuation from bid/ask market prices to trading valuation prices Net assets attributable to redeemable participating shareholders at trading valuation

126

BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

Notes

GBP

USD

USD

EUR

USD

USD

1 10

96,695,254 43,025,295 177,307 – – 1,963,380 219,606 4,831

464,570,163 65,861,211 – – – – 371,356 544

354,317,609 6,547,673 1,704,850 – – – 82,935 –

23,631,009 268,536 – – – – 76 124

333,950,049 18,358,539 – 933,669 – – 733,828 23,563

3,129,986,993 159,450,471 – 9,808,999 – 280,000 1,318,219 103,355

142,085,673

530,803,274

362,653,067

23,899,745

353,999,648

3,300,948,037

5,572,014 51 – 21,961 100,043 88,363 207,463 142,390 37,407 448

– 215,418 – 316,293 947,231 – – – – –

640 410,298 – 690,676 660,736 – – – – –

– 27,513 – – 48,860 – – – – –

30,043 2 1,225 59,163 247,527 – – – – –

29,973,955 882,797 – 16,218,889 3,378,736 – 280,000 – – –

6,170,140

1,478,942

1,762,350

76,373

337,960

50,734,377

135,915,533

529,324,332

360,890,717

23,823,372

353,661,688

3,250,213,660

14,675

957,211

755,763

10,594

1,573,982

5,129,968

135,930,208

530,281,543

361,646,480

23,833,966

355,235,670

3,255,343,628

6 10

10

3 10

1

BNY Mellon

Statement of Net Assets – as at 31 December 2011 BNY Mellon Emerging Markets Equity Fund

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Evolution U.S. Equity Market Neutral Fund

BNY Mellon Global Bond Fund

USD

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD

EUR

EUR

EUR

EUR

EUR

USD

USD

USD

37,440,944 825,513 28,432 – – – – 5,120

238,073,306 32,984,015 – – – 335,000 – 68

87,818,762 6,902,510 – – – 121,945 – 4,094

14,569,398 76,619 – 84,222 – – – –

1,253,578,766 18,621,809 – 7,226,882 – 211,221 2,395,608 –

10,424,292 1,528,938 – – – – – 254

25,541,723 965,189 – – – 3,835,941 – –

10,251,628 143,367 – – – 4,116 – 1,330

– 1,366 – – 16,409 – – –

1,171,119,355 89,502,541 – – – – 1,224,971 15,367

38,300,009

271,392,389

94,847,311

14,730,239

1,282,034,286

11,953,484

30,342,853

10,400,441

17,775

1,261,862,234

– – – – 71,981 – – – – –

1,745,425 – – – 73,434 – – – – –

73,260 – – – 51,742 – – – – –

– 12,950 92,921 704 10,027 – – – – –

12,214,511 – 6,093,823 4,617,582 1,266,968 – 2,159,269 – – –

1,295,720 1 – 142 26,727 – – – – –

697,711 33,777 – 6,731 54,743 – 286,469 – – 32,075

51,308 36,221 597,840 – 26,609 – – – – –

– – – – 17,775 – – – – –

9,584,118 10,469,961 936,956 1,356,337 907,002 – – – – –

71,981

1,818,859

125,002

116,602

26,352,153

1,322,590

1,111,506

711,978

17,775

23,254,374

38,228,028

269,573,530

94,722,309

14,613,637

1,255,682,133

10,630,894

29,231,347

9,688,463

–

1,238,607,860

57,059

353,777

397,324

–

–

3,334

5,370

19,352

–

1,465,763

38,285,087

269,927,307

95,119,633

14,613,637

1,255,682,133

10,634,228

29,236,717

9,707,815

–

1,240,073,623

127

Statement of Net Assets – as at 31 December 2011 (contd.) BNY Mellon Global Dynamic Bond Fund

Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Subscriptions receivable Other receivables

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Income payable on swaps Finance charges payable on swaps Other payables

Net assets attributable to redeemable participating shareholders Adjustment for valuation from bid/ask market prices to trading valuation prices Net assets attributable to redeemable participating shareholders at trading valuation

128

Notes

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

1 10

17,798,572 1,686,120 – – – – – –

26,795,630 969,987 27,316 20,675 – – 162,506 –

225,002,631 13,699,457 249,735 176,326 – – 1,673 11,026

71,263,431 2,176,149 233,032 – – – – 231

245,288,635 7,698,269 – – – – 32,962 36,221

123,197,319 4,143,313 137,860 53,173 – – 170,990 6,082

19,484,692

27,976,114

239,140,848

73,672,843

253,056,087

127,708,737

34,110 216,272 214,191 – 41,192 – – – – –

8 152 88,576 2 85,002 – – – – –

405,123 2,672 2,317,689 30 209,710 – – – – –

6,784 43,437 824,414 – 126,736 – – – – –

1,353,530 160 – 3,024,706 91,020 – – – – –

259 787,496 – 89,055 154,587 – – – – –

505,765

173,740

2,935,224

1,001,371

4,469,416

1,031,397

18,978,927

27,802,374

236,205,624

72,671,472

248,586,671

126,677,340

80,129

51,107

211,540

70,408

1,183,115

76,359

19,059,056

27,853,481

236,417,164

72,741,880

249,769,786

126,753,699

6 10

10

3 10

1

BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

USD

BNY Mellon Global Opportunities Fund

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

USD

BNY Mellon

Statement of Net Assets – as at 31 December 2011 (contd.) BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Fund

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

BNY Mellon Long-Term Global Equity Fund

BNY Mellon Pan European Equity Fund

BNY Mellon S&P 500® Index Tracker

BNY Mellon Small Cap Euroland Fund

EUR

EUR

USD

USD

JPY

USD

EUR

EUR

USD

EUR

4,866,102 82,893 19,129 5,645 15,430 – – 394

537,699,625 31,481,022 839,101 1,132,035 – 14,295,838 4,708,743 2,821

78,693,536 2,433,938 123,256 374,112 – 2,003,399 21,926 1,839

– 280 – – 70 – – –

228,359,850 9,729,774 268,746 7,111,647 – – – –

7,586,169 255,714 45,439 – – – – –

535,769,039 27,744,794 616,489 – – – 1,472,995 –

5,362,286 140,063 7,433 – – – 2,967 210

128,089,501 2,511,302 132,883 18,470 – – 124,046 3,248

12,210,608 390,466 – – – 38,358 – –

4,989,593

590,159,185

83,652,006

350

245,470,017

7,887,322

565,603,317

5,512,959

130,879,450

12,639,432

– 260 6,699 – 23,610 – – – – –

9,774,390 9,571,512 1,477,037 981,339 602,586 – – – – –

944,231 41,361 – 131,689 125,846 – – – – –

– – – – 350 – – – – –

– 11,977,593 – – 1,206,506 – – – – –

– – – – 39,994 – – – – –

12,292 – 17,761,615 74,518 601,274 307,845 – – – –

12 2,698 – – 10,881 – – – – –

445 254,124 – 21,082 153,281 – 20,228 – – –

– – – 4,661 34,328 – 5,189 – – –

30,569

22,406,864

1,243,127

350

13,184,099

39,994

18,757,544

13,591

449,160

44,178

4,959,024

567,752,321

82,408,879

–

232,285,918

7,847,328

546,845,773

5,499,368

130,430,290

12,595,254

4,654

560,188

83,909

–

660,720

16,300

280,690

2,975

32,861

14,396

4,963,678

568,312,509

82,492,788

–

232,946,638

7,863,628

547,126,463

5,502,343

130,463,151

12,609,650

129

Statement of Net Assets – as at 31 December 2011 (contd.)

Assets (due within one year) Financial assets at fair value through profit or loss Cash at bank Income receivable Receivable for investments sold Rebate receivable from management company Margins on derivative contracts Subscriptions receivable Other receivables

Liabilities (due within one year) Financial liabilities at fair value through profit or loss Bank overdraft Payable for investments purchased Payable for shares redeemed Expenses payable Performance fees payable Margins on derivative contracts Income payable on swaps Finance charges payable on swaps Other payables

Net assets attributable to redeemable participating shareholders Adjustment for valuation from bid/ask market prices to trading valuation prices Net assets attributable to redeemable participating shareholders at trading valuation

130

BNY Mellon Sterling Bond Fund

BNY Mellon UK Equity Fund

Notes

GBP

1 10

6 10

10

3 10

1

BNY Mellon U.S. Equity Fund

GBP

BNY Mellon U.S. Dynamic Value Fund USD

7,845,076 510,066 – – – – 33,798 2,353

25,316,934 936,629 199,343 90,934 – 27,741 153 8,697

8,391,293

Total 31 December 2011

USD

BNY Mellon Vietnam, India and China (VIC) Fund USD

157,953,352 288,474 250,458 4,375,589 – – – 21,582

99,043,313 4,028,602 51,474 – 1,631 – 291,817 –

15,297,412 930,840 – 190,175 7,422 – 5,073 947

10,463,003,059 600,110,291 5,491,439 27,119,642 45,502 29,662,626 16,050,944 276,065

26,580,431

162,889,455

103,416,837

16,431,869

11,141,759,568

– – – 10,626 9,727 – – – – –

1,525 3,918 88,975 48,588 42,510 – – – – –

7 – – 3,800,000 89,891 – – – – –

1,089,372 – 2,197,551 14,631 82,773 – – – – –

– – – – 77,671 – – – – –

85,423,215 26,010,040 40,232,109 34,097,325 11,423,595 535,656 3,794,530 221,132 58,093 42,209

20,353

185,516

3,889,898

3,384,327

77,671

201,837,904

8,370,940

26,394,915

158,999,557

100,032,510

16,354,198

10,939,921,664

8,545

11,567

40,567

38,162

42,796

14,306,893

8,379,485

26,406,482

159,040,124

100,070,672

16,396,994

10,954,228,557

USD

BNY Mellon

131

Statement of Changes in Net Assets – for the year ended 31 December 2012 BNY Mellon Absolute Return Bond Fund*

BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Equity Income Fund*

GBP

GBP

USD

USD

EUR

USD

– –

135,930,208 –

530,281,543 –

361,646,480 –

23,833,966 –

– –

11,345,439 153,393,469 (100,206,467)

65,699,181 134,440,485 (316,631,590)

22,429,878 308,868,343 (271,581,660)

4,592,891 6,716,768 (12,520,067)

504,406 16,423,444 –

(182,191,105)

37,286,683

(5,803,299)

16,423,444

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed

1,959,583 125,490,447 (85,977)

Net increase/(decrease) in net assets from share transactions

125,404,470

53,187,002

Net assets attributable to redeemable participating shareholders at end of year

127,364,053

200,462,649

413,789,619

421,363,041

22,623,558

16,927,850

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund

USD

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

BNY Mellon Global Equity Fund

EUR

BNY Mellon Evolution Global Strategic Bond Fund USD

29,236,717 –

9,707,815 –

1,240,073,623 –

19,059,056 –

27,853,481 –

236,417,164 –

(557,336) 4,069,126 (10,039,923)

985,144 – (2,349,433)

32,000,931 663,067,599 (954,444,075)

2,667,953 26,126,256 (5,604,137)

3,376,366 11,348,082 (14,968,796)

39,894,381 61,912,159 (100,273,979)

Net increase/(decrease) in net assets from share transactions

(5,970,797)

(2,349,433)

(291,376,476)

20,522,119

(3,620,714)

(38,361,820)

Net assets attributable to redeemable participating shareholders at end of year

22,708,584

8,343,526

980,698,078

42,249,128

27,609,133

237,949,725

BNY Mellon Pan European Equity Fund EUR

BNY Mellon S&P 500® Index Tracker

BNY Mellon Sterling Bond Fund

BNY Mellon UK Equity Fund

USD

BNY Mellon Small Cap Euroland Fund EUR

GBP

GBP

BNY Mellon U.S. Dynamic Value Fund USD

5,502,343 –

130,463,151 –

12,609,650 –

8,379,485 –

26,406,482 –

159,040,124 –

20,300,128 121,541,857 (110,274,446)

2,057,913 3,119,494 (10,425,284)

197,305 3,675,484 (4,658,902)

1,861,414 5,166,047 (13,681,003)

18,986,345 14,507,948 (104,244,726)

(7,305,790)

(983,418)

(8,514,956)

(89,736,778)

7,593,372

19,752,940

88,289,691

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed Net increase/(decrease) in net assets from share transactions Net assets attributable to redeemable participating shareholders at end of year

988,514 2,762,417 (807,166) 1,955,251

11,267,411

8,446,108

162,030,690

* Please refer to Note 19 of the financial statements. The accompanying notes form an integral part of these financial statements.

132

7,361,773

USD

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) BNY Mellon Emerging Markets Corporate Debt Fund*

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Equity Fund

USD

USD

USD

USD

– –

355,235,670 –

3,255,343,628 –

38,285,087 –

8,162,918 66,117,927 (1,215,240)

BNY Mellon BNY Mellon Emerging Emerging Markets Markets Local Equity Currency Core Investment Fund* Grade Debt Fund USD USD

– –

269,927,307 –

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

EUR

EUR

EUR

EUR

95,119,633 –

14,613,637 –

1,255,682,133 –

10,634,228 –

73,492,390 464,267,291 (258,817,168)

392,343,575 1,485,359,922 (1,795,820,915)

5,052,000 859,773 (24,420,962)

17,369,957 150,000,000 –

36,155,889 3,585,490 (4,629,852)

13,687,098 12,994,174 (7,003,920)

1,398,880 3,213,055 (6,490,632)

176,020,024 965,502,241 (664,415,963)

(340,283) 2,787,710 (6,277,337)

64,902,687

205,450,123

(310,460,993)

(23,561,189)

150,000,000

(1,044,362)

5,990,254

(3,277,577)

301,086,278

(3,489,627)

73,065,605

634,178,183

3,337,226,210

19,775,898

167,369,957

12,734,940

1,732,788,435

6,804,318

BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global Opportunities Fund

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

BNY Mellon Long-Term Global Equity Fund

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

USD

EUR

EUR

GBP

USD

JPY

USD

EUR

72,741,880 –

249,769,786 –

126,753,699 –

4,963,678 –

568,312,509 –

– –

82,492,788 –

232,946,638 –

7,863,628 –

547,126,463 –

14,106,379 196,838,476 (43,036,507)

16,400,898 28,111,954 (124,914,613)

20,586,554 13,939,454 (48,421,086)

1,170,495 1,241,441 (176,317)

22,740,705 803,694,395 (254,617,979)

73,893 38,562,028 (570,225)

2,529,723 129,384,935 (42,500,171)

30,276,271 17,326,784 (16,284,121)

836,812 2,022,507 (5,528,978)

118,917,244 831,155,189 (226,042,225)

153,801,969

(96,802,659)

(34,481,632)

1,065,124

549,076,416

37,991,803

86,884,764

1,042,663

(3,506,471)

605,112,964

240,650,228

169,368,025

112,858,621

7,199,297

1,140,129,630

38,065,696

171,907,275

264,265,572

5,193,969

1,271,156,671

BNY Mellon U.S. Equity Fund

BNY Mellon Vietnam, India and China (VIC) Fund USD

Total 31 December 2012

USD

16,396,994 10,954,228,557 – 143,238,822

6,564,386 104,739,797 (182,526,739)

4,518,242 1,272,011,104 20,477,009 7,905,216,451 (16,192,210) (6,196,292,489)

28,848,116

4,284,799

BNY Mellon Global Real Return Fund (GBP)*

114,796,985

BNY Mellon Global Real Return Fund (USD)

USD

100,070,672 –

(77,786,942)

305,038,834

1,708,923,962

25,200,035 14,078,402,445

133

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

Share Class

BNY Mellon Absolute Return Bond Fund*

Class R^ Class R (Inc)^ Class S^ Class T (Hedged)^ Sterling T (Acc) (Hedged)^ Sterling W (Acc) (Hedged)^ Class X^ Sterling X (Acc) (Hedged)^ Sterling R (Acc) Class R (Hedged) Sterling S (Acc) Class T (Hedged) Sterling U (Acc) Sterling X (Acc) Class A Class A Class B Class B Class C Class C Sterling C (Inc) Class M Class W^ Sterling W (Inc)^ Class X Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Inc) Class M Class W (Acc)^ Class W (Acc)^ Sterling W (Acc)^ Class A Class A Class B Class B Class C Class C Class B (Inc)^ Class B (Inc)^ Sterling B (Inc)^ Class C^ Class C (Inc)^ Sterling C (Inc)^ Class W (Inc)^ Class W (Inc)^ Sterling W (Inc)^ Class A^ Class B^ Class C^ Class C^ Class W^ Class W^

BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Equity Income Fund*

BNY Mellon Emerging Markets Corporate Debt Fund*

134

Currency

Shares in issue at beginning of year

Shares issued during year

EUR EUR EUR USD GBP GBP EUR GBP GBP EUR GBP EUR GBP GBP USD EUR USD EUR USD EUR GBP USD USD GBP USD USD EUR USD EUR GBP USD EUR GBP USD USD EUR GBP EUR USD EUR USD EUR USD USD EUR GBP USD USD GBP USD EUR GBP EUR USD USD EUR USD EUR

– – – – – – – – 102,278 167,519 54,784,933 37,025,835 49,520 47,391,058 77,750,194 24,335,288 5,219,923 5,000 37,706,875 43,753,268 760,736 1,275 – – 1,465,261 79,526,880 69,233,358 5,000 5,000 99,466 35,530,391 66,605,320 1,474,518 51,840 – – – 1,459,525 5,395,659 5,000 13,462,064 89,957 334,050 – – – – – – – – – – – – – – –

50 50 75,407 58,958 149 100 1,083,730 7,827 82,329 202,167 63,508,488 58,912,499 13,120,876 23,176,942 8,662,217 1,991,117 3,675,179 – 11,762,691 16,490,354 1,900,520 – 5,000 5,000 40,128 93,719,609 30,729,840 10,224,734 405,000 8,452,135 35,964,666 44,816,208 1,197,352 6,730 5,000 5,000 5,000 380,585 2,775,006 – – 2,260,746 – 902,804 5,000 5,000 9,642,866 4,956,787 5,000 5,000 5,000 234,747 50 17,728 50 103,963 50 50

Shares redeemed during year – – (1) – – (100) – (500) (44,225) (97,195) (31,095,066) (58,808,613) – (17,336,589) (28,077,465) (10,840,751) (2,707,498) – (35,832,989) (24,718,374) (773,060) (905) – – (95,538) (78,794,651) (43,385,943) (1,379,707) – (6,825,321) (20,851,412) (38,151,685) (577,059) (20,834) – – – (1,093,556) (4,727,026) – (1,711,915) (2,277,293) (187,657) – – – – – – – – – – – – (8,970) – –

Shares in issue at end of year 50 50 75,406 58,958 149 – 1,083,730 7,327 140,382 272,491 87,198,355 37,129,721 13,170,396 53,231,411 58,334,946 15,485,654 6,187,604 5,000 13,636,577 35,525,248 1,888,196 370 5,000 5,000 1,409,851 94,451,838 56,577,255 8,850,027 410,000 1,726,280 50,643,645 73,269,843 2,094,811 37,736 5,000 5,000 5,000 746,554 3,443,639 5,000 11,750,149 73,410 146,393 902,804 5,000 5,000 9,642,866 4,956,787 5,000 5,000 5,000 234,747 50 17,728 50 94,993 50 50

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

BNY Mellon Emerging Markets Corporate Debt Fund* contd.

Share Class

Sterling W (Acc) (Hedged)^ Class X^ BNY Mellon Emerging Markets Debt Fund Class A Class A Class C Class C Class C (Inc)^ Class H (Acc) (Hedged)^ Class I (Acc) (Hedged)^ Class X (Inc) BNY Mellon Emerging Markets Debt Local Class A Currency Fund Class A Class A (Inc) Class A (Inc) Sterling A (Acc) Sterling A (Inc) Sterling B (Acc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Acc) Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged) Class M Class M (Hedged) Sterling M (Acc) (Hedged) Class W^ Class W (Inc)^ Class W (Acc)^ Class W (Inc)^ Sterling W (Inc)^ Sterling W (Inc) (Hedged)^ Class X (Inc)^ Class X Class X (Inc) Class X Class X (Inc) BNY Mellon Emerging Markets Equity Fund Class A Class A Class C Class C Class C Class X (Inc) BNY Mellon Emerging Markets Equity Core Fund* Class S^ BNY Mellon Emerging Markets Local Currency Class C Investment Grade Debt Fund Class C Class X BNY Mellon Euro Corporate Bond Fund Class A Class C Class X BNY Mellon Euro Government Bond Class A Index Tracker Class C

Currency

Shares in issue at beginning of year

Shares issued during year

GBP USD USD EUR USD EUR USD EUR EUR USD USD EUR USD EUR GBP GBP GBP GBP USD EUR USD EUR GBP GBP EUR EUR EUR GBP GBP USD EUR GBP USD USD EUR EUR GBP GBP CHF EUR EUR USD USD USD EUR USD EUR GBP USD USD USD EUR USD EUR EUR EUR EUR EUR

– – 21,868,688 5,447,897 97,170,306 7,055,029 – – – 94,158,812 242,737,766 87,386,166 1,063,334 609,078 3,474,254 1,074,074 14,264 10,311 528,782,857 146,719,494 66,587,354 220,604,800 10,489,369 129,169,489 51,644,868 71,667,869 59,933,346 344,105 544,040 303,300 73,849 51,946 – – – – – – – 36,200,000 99,602,737 333,515,629 103,243,274 129,504 131,552 6,000 5,488 5,045,615 18,655,654 – 10,000 722,868 300,057,413 20,060,776 9,051 66,352,051 690,875 9,824,727

957 498,897 62,147,977 23,014,562 75,577,862 67,673,611 5,000 87,730 17,009,012 4,384,084 127,067,528 103,681,141 3,553,167 2,689,271 1,234,746 997,925 660,511 97,471 233,554,742 104,434,944 30,530,540 33,620,497 7,711,710 68,762,496 20,340,387 31,643,573 38,147,512 87,441 1,714,494 63,601 27,894 21,921 5,000 5,000 5,000 5,000 5,000 5,000 108,852,636 12,475,000 4,477,309 33,107,437 6,064,431 171,857 299,022 – – – – 150,000,000 3,800,000 – – 6,052,943 5,185,159 – 173,773 2,039,525

Shares redeemed during year – – (19,144,834) (13,365,352) (48,799,527) (26,662,192) – (5,000) (331,497) (39,564,279) (173,691,808) (79,513,347) (314,470) (158,874) (1,872,484) (1,433,053) (10,889) (10,560) (438,996,329) (109,780,290) (18,311,788) (35,271,020) (2,369,467) (40,113,617) (36,524,494) (72,921,317) (4,761,000) (72,066) (557,093) (119,810) (11,885) (21,360) – – – – – – – (44,250,000) (47,171,000) (3,932,800) (41,128,206) (115,325) (31,633) (3,356) (2,913) (4,942,251) (8,355,313) – (3,729,960) (136,377) (1,083,914) (752,539) (5,189,820) – (329,841) (4,108,958)

Shares in issue at end of year 957 498,897 64,871,831 15,097,107 123,948,641 48,066,448 5,000 82,730 16,677,515 58,978,617 196,113,486 111,553,960 4,302,031 3,139,475 2,836,516 638,946 663,886 97,222 323,341,270 141,374,148 78,806,106 218,954,277 15,831,612 157,818,368 35,460,761 30,390,125 93,319,858 359,480 1,701,441 247,091 89,858 52,507 5,000 5,000 5,000 5,000 5,000 5,000 108,852,636 4,425,000 56,909,046 362,690,266 68,179,499 186,036 398,941 2,644 2,575 103,364 10,300,341 150,000,000 80,040 586,491 298,973,499 25,361,180 4,390 66,352,051 534,807 7,755,294

135

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

Share Class

BNY Mellon Euroland Bond Fund

Class A Class A (Inc) Class B Class B (Inc) Class C Class C (Inc) Class H (Hedged) Class I (Hedged) Class A Class C Class D Class K (Hedged) Sterling K (Hedged) Class P Class R Class S Class T (Acc) (Hedged) Sterling T (Acc) (Hedged) Class X Class A Class A Class C Class D Class H (Hedged) Sterling H (Acc) (Hedged) Class I (Hedged) Sterling I (Acc) (Hedged) Class P Class R Class R Class S Class A Class C Class H (Hedged) Class I (Hedged) Class X Class A Class A Class B Class C Class C Class C (Inc)^ Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class M Class X Class X (Hedged) Class A Class C Class A Class A Class B Class B Sterling B (Acc) Class C Class C

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund

136

Currency

Shares in issue at beginning of year

Shares issued during year

EUR EUR EUR EUR EUR EUR CHF CHF EUR EUR EUR USD GBP EUR EUR EUR USD GBP EUR EUR USD EUR EUR USD GBP USD GBP EUR EUR USD EUR USD USD EUR EUR USD USD EUR USD USD EUR USD GBP EUR EUR USD USD JPY USD USD USD EUR USD EUR GBP USD EUR

381,266,965 1,201,409 10,000 10,000 422,347,427 9,691,060 53,689,463 1,175,852 8,938 79,478 4 1,429 342 600 116 112 103 223 31,447 33,215 1,418 179,626 5,120 161 1,775 98,376 144 6,347 3,368 127 44 38,239 10,000 10,000 10,000 9,748,345 71,538,270 31,797,495 1,553,404 109,095,174 217,859,245 – 38,458,912 21,679,625 73,100,482 6,278 9,868,989 15,315,783 143,259 18,377,556 515,711 5,705,787 5,000 5,000 31,712 1,430,254 1,537,263

287,599,794 11,956,425 973,968 171 250,779,630 18,309,338 60,547,326 20,103,441 9,799 4,254 – – – – – – – – 16,910 534 280 37,625 158 – – – – 3,122 67 84 – – – – – – 43,155,400 59,350,021 – 44,031,040 87,425,539 16,141,886 14,439,304 27,236,374 32,239,156 14,357 1,380 1,350,509 162,520 23,797,469 274,386 1,115,823 – – 1,424 1,001,278 958,228

Shares redeemed during year (150,455,947) (777,480) (979,172) (5,260) (250,002,815) (3,731,025) (7,104,047) (16,942,471) (13,930) (59,762) (4) – (125) – (62) (59) (50) (163) (2,880) (17,945) (925) (72,058) (2,903) (105) (156) – (91) (8,559) (1,739) (168) – (33,037) (4,849) (5,060) (5,111) (2,213,222) (26,909,218) (32,447,068) (99,634) (58,623,962) (224,063,046) (81,214) (13,665,595) (19,044,838) (81,391,878) (3,284) (60,618) (4,396,212) (234,409) (5,057,126) (429,089) (2,404,047) – – (26,486) (333,972) (1,441,115)

Shares in issue at end of year 518,410,812 12,380,354 4,796 4,911 423,124,242 24,269,373 107,132,742 4,336,822 4,807 23,970 – 1,429 217 600 54 53 53 60 45,477 15,804 773 145,193 2,375 56 1,619 98,376 53 910 1,696 43 44 5,202 5,151 4,940 4,889 7,535,123 87,784,452 58,700,448 1,453,770 94,502,252 81,221,738 16,060,672 39,232,621 29,871,161 23,947,760 17,351 9,809,751 12,270,080 71,370 37,117,899 361,008 4,417,563 5,000 5,000 6,650 2,097,560 1,054,376

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

BNY Mellon Global Equity Fund

Share Class

Class A Class A Class B Class B Class C Class C Class I (Hedged) Class M Class X Class X BNY Mellon Global Equity Higher Income Fund Class A^ Class A (Inc)^ Class A Class B Class B Class B (Inc) Class B (Inc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Inc) Class M Class M Class M (Inc) Sterling M (Acc) Sterling M (Inc) Class W^ Class W^ Class W (Inc)^ Sterling W (Acc)^ Sterling W (Inc)^ Class W (Inc)^ BNY Mellon Global High Yield Bond Fund (EUR) Class A Class C Class X (Inc) BNY Mellon Global Opportunities Fund Class A Class A Class B Class B Class C Class C Class X BNY Mellon Global Property Securities Fund Class A Class A Class C Class C Sterling I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged) BNY Mellon Global Real Return Fund (EUR) Class A Class C Class C (Inc) Class W^ Class W (Acc)^ Class X

Currency

Shares in issue at beginning of year

Shares issued during year

USD EUR USD EUR USD EUR EUR USD USD EUR USD USD EUR USD EUR USD EUR GBP EUR USD EUR USD GBP EUR USD USD GBP GBP USD EUR EUR GBP GBP USD EUR EUR EUR USD EUR USD EUR USD EUR EUR USD EUR USD EUR GBP GBP GBP EUR EUR EUR EUR EUR EUR

14,539,023 1,936,268 6,878,609 5,000 7,051,118 67,959,056 5,475,489 1,544 41,071,875 29,750,829 – – 416,051 769,985 750,000 1,551,487 890,544 4,794,746 10,000 22,172,270 4,741,278 4,725,833 1,546,905 31,142 22,428 73,095 4,662 53,265 – – – – – – 12,059,603 1,165,418 246,289,728 20,860,012 6,006,360 1,378,590 5,000 8,844,532 12,536,041 33,720,870 1,279,462 1,652,466 1,250,570 1,563,425 145,055 10,000 10,498 85,721,011 364,640,358 4,493,470 – – 62,429,208

5,238,781 1,500,649 – – 12,662,643 19,779,994 404,995 361 1,863,456 1,306,747 1,065,877 5,000 727,802 18,651,537 175,805 6,158,540 1,842,543 1,251,351 48,430,624 29,084,995 421,620 11,908,959 8,715,699 76,817 54,199 14,922 1,004 21,393 5,000 5,000 5,000 5,000 5,000 5,000 7,043,136 12,136,535 – 2,539,707 4,655,343 – – 417,911 536,254 503,633 194,898 188,230 1,174,453 11,408 1,289 10,603 6,265 181,986,362 375,721,521 2,435,156 126,908,783 – 29,282,430

Shares redeemed during year (7,528,645) (1,668,167) (609,943) – (6,120,857) (10,510,586) (3,713,770) (1,816) – (31,057,576) – – (160,052) (8,250,863) (750,000) (907,010) (643,835) (850,177) (4,457,796) (7,547,965) (2,547,344) (1,667,177) (543,896) (13,482) (16,723) (6,279) (3,620) (8,534) – – – – – – (15,065,974) (12,250,748) (87,610,828) (8,018,396) (4,278,134) (40,293) – (746,248) (11,811,832) (4,276,162) (31,592) (54,497) – (11,408) (33,712) (5,914) – (45,771,649) (165,815,804) (1,796,786) (12,026,318) – –

Shares in issue at end of year 12,249,159 1,768,750 6,268,666 5,000 13,592,904 77,228,464 2,166,714 89 42,935,331 – 1,065,877 5,000 983,801 11,170,659 175,805 6,803,017 2,089,252 5,195,920 43,982,828 43,709,300 2,615,554 14,967,615 9,718,708 94,477 59,904 81,738 2,046 66,124 5,000 5,000 5,000 5,000 5,000 5,000 4,036,765 1,051,205 158,678,900 15,381,323 6,383,569 1,338,297 5,000 8,516,195 1,260,463 29,948,341 1,442,768 1,786,199 2,425,023 1,563,425 112,632 14,689 16,763 221,935,724 574,546,075 5,131,840 114,882,465 – 91,711,638

137

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

Share Class

BNY Mellon Global Real Return Fund (GBP)*

Sterling B (Acc)^ Sterling B (Inc)^ Sterling C (Inc)^ Sterling W (Inc)^ Sterling W (Acc)^ Class A Class C Class C (Inc) Class X Class W (Acc)^ Class W (Inc)^ Class A Class A Class C Class A Class A Class B Class B Class C Class C Class A Class A Sterling A (Acc) Class B Class B Sterling B (Inc)^ Class C Class C Class C (Inc) Class M Class S Class W^ Class W^ Class W (Inc)^ Sterling W (Acc)^ Sterling W (Inc)^ Class X^ Class X Class A Class A Class B Class C Class C Class A Class A Class C Class C Class A Class B Class C Class A Class A Class B Sterling C (Inc) Class A Class A Sterling A (Inc) Class B

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

BNY Mellon Long-Term Global Equity Fund

BNY Mellon Pan European Equity Fund

BNY Mellon S&P 500® Index Tracker

BNY Mellon Small Cap Euroland Fund

BNY Mellon Sterling Bond Fund

BNY Mellon UK Equity Fund

138

Currency

Shares in issue at beginning of year

Shares issued during year

GBP GBP GBP GBP GBP USD USD USD USD USD USD JPY EUR JPY USD EUR USD EUR USD EUR USD EUR GBP USD EUR GBP USD EUR EUR USD EUR USD EUR USD GBP GBP USD EUR EUR USD EUR EUR USD USD EUR USD EUR EUR EUR EUR GBP EUR GBP GBP GBP EUR GBP GBP

– – – – – 18,684,676 25,049,732 14,502,665 12,452,794 – – 279 1,446 50,000 1,424,896 957,449 1,949,333 529,962 1,245,178 1,840,182 32,186,368 69,279,720 2,414,975 5,000 5,000 – 138,943,751 132,463,482 6,750,000 11,594 120,310,862 – – – – – – 25,770,591 1,172,423 317,069 99,059 9,025 2,865,319 71,119,963 2,677,162 29,535,870 10,858,899 5,702,425 5,000 893,700 2,962,207 2,350,255 441,711 42,849 5,533,448 1,512,878 2,273,913 1,858,212

200,000 172,190 37,544,176 5,000 5,000 17,509,966 81,102,733 7,195,840 – 5,000 5,000 – 4,045 – 507,044 764,546 – 39,590 497,388 – 133,564,409 69,332,545 913,534 1,172,000 9 70,011 127,113,630 250,140,668 814,289 4,914 43,121,982 5,000 5,000 5,000 100,304 5,000 175,978,251 3,415,805 243,731 72,274 – – 1,498,301 12,269,251 1,795,325 80,204,491 47,510 848,737 – 556,948 617,047 2,135,641 14,023 188,498 161,521 121,483 1,685 16,379

Shares redeemed during year – – (553,638) – – (9,142,677) (24,147,750) (1,646,630) (86,636) – – (15) (3,779) – (992,967) (681,698) (62,363) (39,590) (1,364,502) (1,774,039) (10,653,927) (22,000,837) (1,310,521) (5) (9) (11) (41,459,987) (98,639,398) – (1,788) (16,340,047) – – – – – (5,000) – (479,454) (44,504) (3,143) (4,508) (147,966) (34,744,371) (3,017,043) (44,708,083) (4,311,500) (3,612,359) – (1,379,436) (856,322) (2,888,871) (43,014) (8,278) (2,427,046) (551,104) (740,832) (235,190)

Shares in issue at end of year 200,000 172,190 36,990,538 5,000 5,000 27,051,965 82,004,715 20,051,875 12,366,158 5,000 5,000 264 1,712 50,000 938,973 1,040,297 1,886,970 529,962 378,064 66,143 155,096,850 116,611,428 2,017,988 1,176,995 5,000 70,000 224,597,394 283,964,752 7,564,289 14,720 147,092,797 5,000 5,000 5,000 100,304 5,000 175,973,251 29,186,396 936,700 344,839 95,916 4,517 4,215,654 48,644,843 1,455,444 65,032,278 6,594,909 2,938,803 5,000 71,212 2,722,932 1,597,025 412,720 223,069 3,267,923 1,083,257 1,534,766 1,639,401

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2012 (contd.) Fund

Share Class

BNY Mellon UK Equity Fund contd.

Class C Class C Sterling C (Inc) BNY Mellon U.S. Dynamic Value Fund Class A Class A Class B Class B Class C Class C Class X (Inc) BNY Mellon U.S. Equity Fund Class A Class A Class B Class B Class C Class C Sterling C (Inc)^ Class H (Hedged) Class I (Hedged) Sterling I (Inc) (Hedged) BNY Mellon Vietnam, India and China (VIC) Fund Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Acc) Sterling C (Inc) Class M

Currency

Shares in issue at beginning of year

Shares issued during year

GBP EUR GBP USD EUR USD EUR USD EUR USD USD EUR USD EUR USD EUR GBP EUR EUR GBP USD EUR USD EUR GBP USD EUR GBP GBP USD

2,126,821 4,186,446 3,578,903 1,470,115 1,098,519 5,000 5,000 17,220,177 55,863 134,949,958 9,132,919 1,872,861 1,416,691 5,000 42,599,937 6,022,425 – 13,515 24,900,322 6,487,151 2,458,694 8,827,578 5,000 5,000 64,336 158,019 1,879,345 84,500 5,250 1,374

1,231,730 1,959,759 293,440 148,089 1,914,447 – – 3,364,382 – 5,613,670 7,592,364 16,414,935 167,663 – 40,508,309 – 380,447 823,244 25,622,492 3,260,192 3,812,690 5,976,986 50,000 – 48,309 1,888,788 3,174,310 600 28 –

Shares redeemed during year (2,261,194) (2,509,291) (1,419,975) (398,699) (2,212,191) – – (19,810,354) (43,949) (66,555,414) (12,310,971) (17,816,320) (118,159) – (77,905,897) (15,746) – (634,373) (49,143,463) (4,524,354) (2,497,592) (5,501,419) – – (33,675) (1,506,933) (2,359,481) (75,000) (1,849) (195)

Shares in issue at end of year 1,097,357 3,636,914 2,452,368 1,219,505 800,775 5,000 5,000 774,205 11,914 74,008,214 4,414,312 471,476 1,466,195 5,000 5,202,349 6,006,679 380,447 202,386 1,379,351 5,222,989 3,773,792 9,303,145 55,000 5,000 78,970 539,874 2,694,174 10,100 3,429 1,179

* Please refer to Note 19 of the financial statements. ^ This share class was launched during the reporting year.

139

Statement of Changes in Net Assets – for the year ended 31 December 2011 BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

GBP

USD

USD

EUR

USD

USD

– –

914,046,908 –

426,515,811 –

41,582,253 –

432,181,314 –

3,837,565,679 –

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed

171,457 169,387,654 (33,628,903)

(146,819,990) 201,612,692 (438,558,067)

(91,135,700) 440,912,912 (414,646,543)

(4,711,023) 975,033 (14,012,297)

14,958,407 260,263,122 (352,167,173)

(242,143,766) 3,143,618,639 (3,483,696,924)

Net increase/(decrease) in net assets from share transactions

135,758,751

(236,945,375)

26,266,369

(13,037,264)

(91,904,051)

(340,078,285)

135,930,208

530,281,543

361,646,480

23,833,966

355,235,670

3,255,343,628

BNY Mellon Global Dynamic Bond Fund

BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

USD

USD

BNY Mellon Global High Yield Bond Fund (EUR) EUR

BNY Mellon Global Opportunities Fund

USD

BNY Mellon Global Emerging Markets Equity Value Fund USD

13,693,104 –

71,319,194 –

291,729,543 –

14,388,103 –

566,794,571 –

186,528,861 –

282,725 8,891,227 (3,808,000)

(12,767,026) 36,577,760 (67,276,447)

(31,572,006) 106,772,947 (130,513,320)

(352,389) 68,540,810 (9,834,644)

(16,877,941) 85,661,856 (385,808,700)

(14,222,535) 32,704,366 (78,256,993)

5,083,227

(30,698,687)

(23,740,373)

58,706,166

(300,146,844)

(45,552,627)

19,059,056

27,853,481

236,417,164

72,741,880

249,769,786

126,753,699

BNY Mellon Sterling Bond Fund

BNY Mellon UK Equity Fund

BNY Mellon U.S. Equity Fund

GBP

USD

BNY Mellon Vietnam, India and China (VIC) Fund USD

Total 31 December 2011

GBP

BNY Mellon U.S. Dynamic Value Fund USD

7,533,116 –

32,711,172 –

313,196,872 –

30,408,335 –

52,315,999 –

11,561,626,636 (130,116,961) (581,203,118) 9,427,938,346 (9,324,016,346)

Net assets attributable to redeemable participating shareholders at end of year

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed Net increase/(decrease) in net assets from share transactions Net assets attributable to redeemable participating shareholders at end of year

Net assets attributable to redeemable participating shareholders at beginning of year Currency adjustment (Note 21) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations Proceeds from redeemable participating shares issued Cost of redeemable participating shares redeemed Net increase/(decrease) in net assets from share transactions Net assets attributable to redeemable participating shareholders at end of year

140

919,938 2,928,653 (3,002,222)

(459,639) 4,440,372 (10,285,423)

(16,604,486) 203,775,627 (341,327,889)

625,277 87,544,502 (18,507,442)

(19,013,815) 15,823,298 (32,728,488)

(73,569)

(5,845,051)

(137,552,262)

69,037,060

(16,905,190)

159,040,124

100,070,672

16,396,994

8,379,485

26,406,482

USD

USD

103,922,000 10,954,228,557

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) BNY Mellon Emerging Markets Equity Fund

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Evolution U.S. Equity Market Neutral Fund

BNY Mellon Global Bond Fund

USD

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD

EUR

EUR

EUR

EUR

EUR

USD

USD

USD

72,463,822 –

– –

57,645,626 –

14,309,391 –

1,347,210,233 –

30,010,215 –

30,638,538 –

13,340,314 –

– –

821,161,308 –

333,571 20,653,582 5,119,990 1,050,171,102 (5,149,315) (1,162,352,784)

(323,699) 2,165,659 (21,217,947)

361,234 2,586,901 (4,349,956)

(138,750) 322,548 (3,816,297)

(19,052,288)

(1,763,055)

(3,493,749)

(13,581,074) 11,281,107 (31,878,768)

(31,187,248) 304,849,769 (3,735,214)

(189,365) 94,826,544 (57,163,172)

(20,597,661)

301,114,555

37,663,372

38,285,087

269,927,307

95,119,633

14,613,637

1,255,682,133

10,634,228

29,236,717

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Japan Equity Fund

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

EUR

EUR

USD

USD

JPY

8,002,815 –

113,746,363 –

37,275,259 –

4,270,106 –

(352,318) 260,174 (2,946,993)

6,293,957 529,498,523 (81,226,334)

(963,760) 74,585,169 (28,403,880)

(213,448) 80,043 (4,136,701)

(2,686,819)

448,272,189

46,181,289

4,963,678

568,312,509

82,492,788

(29,325)

394,015

386,499,293

9,707,815

–

1,240,073,623

BNY Mellon Long-Term Global Equity Fund

BNY Mellon Pan European Equity Fund

BNY Mellon S&P 500® Index Tracker

BNY Mellon Small Cap Euroland Fund

USD

EUR

EUR

USD

EUR

601,300,751 –

17,046,500 –

464,769,884 –

19,605,853 –

299,414,795 –

31,672,129 –

(124,101,039) 66,444,029 (310,697,103)

(3,933,899) 6,545,291 (11,794,264)

(949,966) 337,431,026 (254,124,481)

(1,678,720) 981,497 (13,406,287)

2,301,205 117,943,232 (289,196,081)

(7,008,218) 10,542,355 (22,596,616)

(4,056,658) (244,253,074)

(5,248,973)

83,306,545

(12,424,790)

(171,252,849)

(12,054,261)

7,863,628

547,126,463

5,502,343

130,463,151

12,609,650

–

(112,181,682)

(394,015) 32,413,022 5,003,856 1,063,759,740 (4,609,841) (677,260,447)

232,946,638

141

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) Fund

Share Class

BNY Mellon Absolute Return Equity Fund

Sterling R (Acc) Class R (Hedged) Sterling S (Acc) Class T (Hedged) Sterling U (Acc) Sterling X (Acc) Class A Class A Class B Class B Class C Class C Sterling C (Inc) Class M Class X Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Inc) Class M Class A Class A Class B Class B Class C Class C Class A Class A Class C Class C Class X (Inc) Class A Class A Class A (Inc) Class A (Inc) Sterling A (Acc) Sterling A (Inc) Sterling B (Acc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Acc) Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged) Class M Class M (Hedged) Sterling M (Acc) (Hedged) Class X

BNY Mellon Asian Equity Fund

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

142

Currency

Shares in issue at beginning of year

Shares issued during year

GBP EUR GBP EUR GBP GBP USD EUR USD EUR USD EUR GBP USD USD USD EUR USD EUR GBP USD EUR GBP USD EUR USD EUR USD EUR USD USD EUR USD EUR USD USD EUR USD EUR GBP GBP GBP GBP USD EUR USD EUR GBP GBP EUR EUR EUR GBP GBP USD EUR GBP EUR

– – – – – – 97,985,137 31,197,920 5,788,434 – 69,268,459 56,911,343 536,529 672 1,704,831 61,594,302 86,827,733 – – 16,224 52,972,911 47,313,323 1,847,697 38,972 4,619,108 7,310,320 – 15,904,785 111,672 3,045,268 3,051,667 14,302,474 91,177,045 5,557,043 189,945,278 141,243,140 90,035,276 – – 2,935,139 30,000 – – 985,784,287 148,208,867 18,065,992 105,839,141 9,859,549 70,622,665 53,217,169 93,769,825 5,000,000 71,195 18,955 192,158 64,231 17,054 8,800,000

1,377,531 588,968 68,129,301 48,136,928 59,520 56,019,699 17,919,649 7,929,208 38,398 5,000 18,006,173 16,278,308 361,426 1,027 – 71,686,045 38,272,909 5,000 5,000 176,924 94,918,500 66,460,323 1,317,056 40,094 259,262 506,368 5,000 12,155 – – 26,465,069 5,741,144 114,256,280 7,745,111 – 312,315,769 77,277,170 1,088,634 675,244 1,618,753 1,149,858 14,264 10,311 527,034,256 83,587,447 56,871,397 216,639,156 924,300 80,925,686 52,394,298 53,696,100 55,115,426 357,078 534,040 161,865 46,031 49,487 27,400,000

Shares redeemed during year

Shares in issue at end of year

(1,275,253) 102,278 (421,449) 167,519 (13,344,368) 54,784,933 (11,111,093) 37,025,835 (10,000) 49,520 (8,628,641) 47,391,058 (38,154,592) 77,750,194 (14,791,840) 24,335,288 (606,909) 5,219,923 – 5,000 (49,567,757) 37,706,875 (29,436,383) 43,753,268 (137,219) 760,736 (424) 1,275 (239,570) 1,465,261 (53,753,467) 79,526,880 (55,867,284) 69,233,358 – 5,000 – 5,000 (93,682) 99,466 (112,361,020) 35,530,391 (47,168,326) 66,605,320 (1,690,235) 1,474,518 (27,226) 51,840 (3,418,845) 1,459,525 (2,421,029) 5,395,659 – 5,000 (2,454,876) 13,462,064 (21,715) 89,957 (2,711,218) 334,050 (7,648,048) 21,868,688 (14,595,721) 5,447,897 (108,263,019) 97,170,306 (6,247,125) 7,055,029 (95,786,466) 94,158,812 (210,821,143) 242,737,766 (79,926,280) 87,386,166 (25,300) 1,063,334 (66,166) 609,078 (1,079,638) 3,474,254 (105,784) 1,074,074 – 14,264 – 10,311 (984,035,686) 528,782,857 (85,076,820) 146,719,494 (8,350,035) 66,587,354 (101,873,497) 220,604,800 (294,480) 10,489,369 (22,378,862) 129,169,489 (53,966,599) 51,644,868 (75,798,056) 71,667,869 (182,080) 59,933,346 (84,168) 344,105 (8,955) 544,040 (50,723) 303,300 (36,413) 73,849 (14,595) 51,946 – 36,200,000

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) Fund

Share Class

BNY Mellon Emerging Markets Debt Local Currency Fund contd.

Class X (Inc) Class X Class X (Inc) Class A Class A Class C Class C Class C Class X (Inc) Class C Class C Class X Class A Class C Class X Class A Class C Class A Class A (Inc) Class B Class B (Inc) Class C Class C (Inc) Class H (Hedged) Class I (Hedged) Class A Class C Class D Class K (Hedged) Sterling K (Hedged) Class P Class R Class S Class T (Acc) (Hedged) Sterling T (Acc) (Hedged) Class X Class A Class A Class C Class D Class H (Hedged) Sterling H (Acc) (Hedged) Class I (Acc) (Hedged) Sterling I (Acc) (Hedged) Class P Class R Class R Class S Class A Class C Class H (Hedged) Class I (Hedged) Class X Class R Class R (Hedged) Class S Class T (Hedged) Sterling T (Acc) (Hedged)

BNY Mellon Emerging Markets Equity Fund

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Evolution U.S. Equity Market Neutral Fund

Currency

Shares in issue at beginning of year

Shares issued during year

EUR USD USD USD EUR USD EUR GBP USD USD EUR USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR CHF CHF EUR EUR EUR USD GBP EUR EUR EUR USD GBP EUR EUR USD EUR EUR USD GBP USD GBP EUR EUR USD EUR USD USD EUR EUR USD USD EUR USD EUR GBP

30,000,000 483,094,384 191,628,872 826,732 43,015 7,050 2,488,180 5,617,023 25,763,979 – – – 10,941,528 6,782,819 35,000,000 994,756 9,610,655 407,731,183 – – – 479,599,864 12,334,280 22,831,334 10,588,538 21,304 218,247 10,004 18,245 1,574 600 8,175 66,096 103 391 12,249 40,382 1,295 189,959 14,312 161 1,447 98,376 144 1,597 1,241 127 99 10,000 10,000 – – 13,319,483 – – – – –

170,513,273 282,615,539 – – 111,537 1,666,244 126,269 – 3,822,746 3,860,000 722,868 300,360,651 9,704,825 9,416,829 66,352,051 21,126 3,710,776 425,245,040 1,201,409 10,000 10,000 260,699,426 1,475,981 38,387,438 5,000,000 2,136 331 – – – – 116 1,563 – 46 19,198 9,211 455 5,696 154 – 328 – – 8,953 2,257 – 44 28,239 – 10,000 10,000 268,728 10,000 72,720 4,690,000 72,720 62,110

Shares redeemed during year (100,910,536) (432,194,294) (88,385,598) (697,228) (23,000) (1,667,294) (2,608,961) (571,408) (10,931,071) (3,850,000) – (303,238) (585,577) (16,190,597) (35,000,000) (325,007) (3,496,704) (451,709,258) – – – (317,951,863) (4,119,201) (7,529,309) (14,412,686) (14,502) (139,100) (10,000) (16,816) (1,232) – (8,175) (67,547) – (214) – (16,378) (332) (16,029) (9,346) – – – – (4,203) (130) – (99) – – – – (3,839,866) (10,000) (72,720) (4,690,000) (72,720) (62,110)

Shares in issue at end of year 99,602,737 333,515,629 103,243,274 129,504 131,552 6,000 5,488 5,045,615 18,655,654 10,000 722,868 300,057,413 20,060,776 9,051 66,352,051 690,875 9,824,727 381,266,965 1,201,409 10,000 10,000 422,347,427 9,691,060 53,689,463 1,175,852 8,938 79,478 4 1,429 342 600 116 112 103 223 31,447 33,215 1,418 179,626 5,120 161 1,775 98,376 144 6,347 3,368 127 44 38,239 10,000 10,000 10,000 9,748,345 – – – – – 143

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) Fund

Share Class

BNY Mellon Global Bond Fund

Class A Class A Class B Class C Class C Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class M Class X Class X (Hedged) Class A Class C Class A Class A Class B Class B Sterling B (Acc) Class C Class C Class A Class A Class B Class B Class C Class C Class I (Hedged) Class M Class X Class X Class A Class B Class B Class B (Inc) Class B (Inc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Inc) Class M Class M Class M (Inc) Sterling M (Acc) Sterling M (Inc) Class A Class C Class X (Inc) Class A Class A Class B Class B Class C Class C Class X

BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund

BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global High Yield Bond Fund (EUR)

BNY Mellon Global Opportunities Fund

144

Currency

Shares in issue at beginning of year

Shares issued during year

USD EUR USD USD EUR GBP EUR EUR USD USD JPY USD USD USD EUR USD EUR GBP USD EUR USD EUR USD EUR USD EUR EUR USD USD EUR EUR USD EUR USD EUR GBP EUR USD EUR USD GBP EUR USD USD GBP GBP EUR EUR EUR USD EUR USD EUR USD EUR EUR

69,143,977 26,124,692 1,974,483 119,854,640 84,163,031 19,381,687 4,168,715 43,202,657 17,293 12,017,732 22,806,687 – 13,588,483 456,328 11,050,464 – – 31,211 1,611,636 4,562,394 22,699,874 3,181,143 7,176,629 – 8,153,485 59,522,133 5,426,394 1,544 32,535,539 46,710,911 106,685 5,149,501 – 62,845 10,067 3,765,332 – – – 1,109,033 465,027 – – – – – 14,900,457 69,244,083 446,945,679 20,864,578 8,003,688 1,602,447 – 28,964,886 11,484,133 39,089,037

38,956,057 20,099,851 – 90,990,508 228,896,353 26,747,391 25,401,736 72,299,713 4,474 – 4,057,970 143,259 8,522,775 263,399 4,296,236 5,000 5,000 501 2,353,806 2,356,935 10,216,451 3,022,747 40,407 5,000 25,750,938 20,370,301 728,641 – 8,536,336 2,002,005 383,889 813,480 750,000 1,498,873 890,700 1,039,452 10,000 22,172,270 4,741,279 3,651,800 1,570,287 33,787 29,454 74,569 5,807 64,500 36,635,494 25,844,295 – 6,628,463 1,944,310 – 5,000 2,981,787 8,027,569 –

Shares redeemed during year (36,561,764) (14,427,048) (421,079) (101,749,974) (95,200,139) (7,670,166) (7,890,826) (42,401,888) (15,489) (2,148,743) (11,548,874) – (3,733,702) (204,016) (9,640,913) – – – (2,535,188) (5,382,066) (18,377,302) (4,267,622) (338,427) – (26,853,305) (11,933,378) (679,546) – – (18,962,087) (74,523) (5,192,996) – (10,231) (10,223) (10,038) – – (1) (35,000) (488,409) (2,645) (7,026) (1,474) (1,145) (11,235) (39,476,348) (93,922,960) (200,655,951) (6,633,029) (3,941,638) (223,857) – (23,102,141) (6,975,661) (5,368,167)

Shares in issue at end of year 71,538,270 31,797,495 1,553,404 109,095,174 217,859,245 38,458,912 21,679,625 73,100,482 6,278 9,868,989 15,315,783 143,259 18,377,556 515,711 5,705,787 5,000 5,000 31,712 1,430,254 1,537,263 14,539,023 1,936,268 6,878,609 5,000 7,051,118 67,959,056 5,475,489 1,544 41,071,875 29,750,829 416,051 769,985 750,000 1,551,487 890,544 4,794,746 10,000 22,172,270 4,741,278 4,725,833 1,546,905 31,142 22,428 73,095 4,662 53,265 12,059,603 1,165,418 246,289,728 20,860,012 6,006,360 1,378,590 5,000 8,844,532 12,536,041 33,720,870

BNY Mellon

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) Fund

BNY Mellon Global Property Securities Fund

Share Class

Class A Class A Class C Class C Sterling I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged) BNY Mellon Global Real Return Fund (EUR) Class A Class C Class C (Inc) Class X BNY Mellon Global Real Return Fund (USD) Class A Class C Class C (Inc) Class X BNY Mellon Japan Equity Fund Class A Class A Class B Class C BNY Mellon Japan Equity Value Fund Class A Class A Class C Class C BNY Mellon Latin American Infrastructure Fund Class A Class A Class B Class B Class C Class C BYN Mellon Long–Term Global Equity Fund Class A Class A Sterling A (Acc) Class B Class B Class C Class C Class C (Inc) Class M Class S Class X BNY Mellon Pan European Equity Fund Class A Class A Class B Class C Class C BNY Mellon S&P 500® Index Tracker Class A Class A Class C Class C Class X BNY Mellon Small Cap Euroland Fund Class A Class B Class C BNY Mellon Sterling Bond Fund Class A Class A Class B Sterling C (Inc)

Currency

Shares in issue at beginning of year

Shares issued during year

USD EUR USD EUR GBP GBP GBP EUR EUR EUR EUR USD USD USD USD USD EUR USD USD JPY EUR JPY EUR USD EUR USD EUR USD EUR USD EUR GBP USD EUR USD EUR EUR USD EUR EUR EUR USD EUR EUR USD USD EUR USD EUR EUR EUR EUR EUR GBP EUR GBP GBP

1,346,708 1,654,836 1,250,570 1,563,425 1,656,881 10,000 10,000 26,941,852 76,898,982 – – 1,270,717 8,790,073 5,585,552 15,901,598 3,269,197 133,084 1,340,677 9,877 53,499 3,239 50,000 1,447 1,133,183 1,326,280 1,500,000 1,181,381 856,083 6,483,854 32,111,368 57,958,307 7,340,424 – – 137,733,855 112,579,570 – 4,390 104,552,354 – 2,206,573 298,631 99,059 6,158,933 6,221,377 75,304,144 1,590,173 107,357,681 12,321,650 63,318,135 7,861,411 – 4,638,195 2,769,358 2,626,459 489,542 111,138

187,074 75,209 – – 39,787 – 498 88,885,653 332,732,508 4,493,471 62,429,208 19,455,431 34,639,859 8,926,113 – 52,654 40,270 – – 264 10,303 – 2,000 897,971 1,547,248 449,333 1,840 962,046 1,282,460 20,193,702 36,442,310 1,957,827 5,000 5,000 102,144,117 106,013,935 6,750,000 7,362 43,819,335 25,775,591 599,068 115,074 – 9,025 129,983 37,112,225 2,541,855 60,626,084 396,095 – 4,345,185 5,000 50,117 883,596 1,453,129 – 16,706

Shares redeemed during year (254,320) (77,579) – – (1,551,613) – – (30,106,494) (44,991,132) (1) – (2,041,472) (18,380,200) (9,000) (3,448,804) (3,321,851) (173,354) (1,340,677) (9,877) (53,484) (12,096) – (3,447) (606,258) (1,916,079) – (653,259) (572,951) (5,926,132) (20,118,702) (25,120,897) (6,883,276) – – (100,934,221) (86,130,023) – (158) (28,060,827) (5,000) (1,633,218) (96,636) – (6,158,933) (3,486,041) (41,296,406) (1,454,866) (138,447,895) (1,858,846) (63,318,135) (6,504,171) – (3,794,612) (690,747) (1,729,333) (47,831) (84,995)

Shares in issue at end of year 1,279,462 1,652,466 1,250,570 1,563,425 145,055 10,000 10,498 85,721,011 364,640,358 4,493,470 62,429,208 18,684,676 25,049,732 14,502,665 12,452,794 – – – – 279 1,446 50,000 – 1,424,896 957,449 1,949,333 529,962 1,245,178 1,840,182 32,186,368 69,279,720 2,414,975 5,000 5,000 138,943,751 132,463,482 6,750,000 11,594 120,310,862 25,770,591 1,172,423 317,069 99,059 9,025 2,865,319 71,119,963 2,677,162 29,535,870 10,858,899 – 5,702,425 5,000 893,700 2,962,207 2,350,255 441,711 42,849

145

Statement of Changes in Net Assets – for the year ended 31 December 2011 (contd.) Fund

Share Class

BNY Mellon UK Equity Fund

Class A Class A Sterling A (Inc) Class B Class C Class C Sterling C (Inc) Class A Class A Class B Class B Class C Class C Class X (Inc) Class A Class A Class B Class B Class C Class C Class H (Hedged) Class I (Hedged) Sterling I (Inc) (Hedged) Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Acc) Sterling C (Inc) Class M

BNY Mellon U.S. Dynamic Value Fund

BNY Mellon U.S. Equity Fund

BNY Mellon Vietnam, India and China (VIC) Fund

146

Currency

Shares in issue at beginning of year

Shares issued during year

GBP EUR GBP GBP GBP EUR GBP USD EUR USD EUR USD EUR USD USD EUR USD EUR USD EUR EUR EUR GBP USD EUR USD EUR GBP USD EUR GBP GBP USD

7,157,876 2,897,763 4,030,526 2,014,591 3,445,512 2,613,807 3,969,992 7,933,871 5,669,000 – – 42,642,230 1,029,324 215,453,915 6,054,646 538,418 1,499,370 – 9,016,347 6,022,425 13,515 2,620,426 4,284,305 4,292,396 11,684,033 – – 10,000 2,466,292 3,864,777 546,750 41,690 2,973

476,524 224,816 22,762 2,484 178,490 2,170,254 577,660 37,032,889 40,859,349 5,000 5,000 29,507,527 137,500 34,113,498 7,635,188 4,893,997 16,057 5,000 40,377,050 – – 22,280,036 5,152,708 1,901,560 5,666,707 5,000 5,000 71,183 37,484 530,100 7,100 5,250 –

Shares redeemed during year (2,100,952) (1,609,701) (1,779,375) (158,863) (1,497,181) (597,615) (968,749) (43,496,645) (45,429,830) – – (54,929,580) (1,110,961) (114,617,455) (4,556,915) (3,559,554) (98,736) – (6,793,460) – – (140) (2,949,862) (3,735,262) (8,523,162) – – (16,847) (2,345,757) (2,515,532) (469,350) (41,690) (1,599)

Shares in issue at end of year 5,533,448 1,512,878 2,273,913 1,858,212 2,126,821 4,186,446 3,578,903 1,470,115 1,098,519 5,000 5,000 17,220,177 55,863 134,949,958 9,132,919 1,872,861 1,416,691 5,000 42,599,937 6,022,425 13,515 24,900,322 6,487,151 2,458,694 8,827,578 5,000 5,000 64,336 158,019 1,879,345 84,500 5,250 1,374

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies The significant accounting policies and estimation techniques applied in the preparation of these financial statements are set out below. Basis of preparation The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland (“Irish GAAP”) and Irish statute comprising the Companies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the Financial Reporting Council and promulgated by The Institute of Chartered Accountants in Ireland. The preparation of financial statements in conformity with Irish GAAP requires the use of certain critical accounting estimates. It also requires the Directors to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed separately in Note 18 – Fair value estimation – level analysis table of the financial statements where applicable. The financial statements have been prepared on a going concern basis for the Company under the historical cost convention as modified by the revaluation of financial assets and liabilities held at fair value through the profit or loss except for the financial statements of the BNY Mellon Continental European Equity Fund, BNY Mellon Euro Corporate Bond Fund, BNY Mellon Evolution Currency Option Fund, BNY Mellon Sterling Bond Fund and BNY Mellon UK Equity Fund which have been prepared on a termination basis as the Company notified investors of its intention, subject to regulatory approval, to close these Funds subsequent to the year end date. The format and certain wordings of the financial statements have been adapted from those contained in Irish statute and FRS 3 “Reporting Financial Performance” so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund. The Company has availed of the exemption available to open‑ended investment funds under FRS 1 “Cash Flow Statements” not to prepare a cash flow statement. Foreign currency translation – Functional and presentation currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which each Fund operates (“the functional currency”). In accordance with FRS 23 “The Effects of Changes in Foreign Exchange Rates” the functional currency of each Fund has been re‑evaluated by the Board of Directors based on the currency that most faithfully represents the economic effects of the underlying transactions, events, investors’ base and conditions. The Company’s financial statements are presented in US Dollar, which is the Company’s functional and presentation currency. The functional currency of BNY Mellon Asian Equity Fund, BNY Mellon Brazil Equity Fund, BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Corporate Debt Fund*, BNY Mellon Emerging Markets Debt Fund, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Emerging Markets Equity Fund, BNY Mellon Emerging Markets Equity Core Fund*, BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund, BNY Mellon Evolution Global Strategic Bond Fund, BNY Mellon Global Bond Fund, BNY Mellon Global Dynamic Bond Fund, BNY Mellon Global Emerging Markets Equity Value Fund, BNY Mellon Global Equity Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Opportunities Fund, BNY Mellon Global Real Return Fund (USD), BNY Mellon Latin America Infrastructure Fund, BNY Mellon S&P 500® Index Tracker, BNY Mellon U.S. Dynamic Value Fund, BNY Mellon U.S. Equity Fund and BNY Mellon Vietnam, India and China (VIC) Fund is US Dollar. The functional currency of BNY Mellon Absolute Return Bond Fund*, BNY Mellon Continental European Equity Fund, BNY Mellon Euro Corporate Bond Fund, BNY Mellon Euro Government Bond Index Tracker, BNY Mellon Euroland Bond Fund, BNY Mellon Evolution Currency Option Fund, BNY Mellon Evolution Global Alpha Fund, BNY Mellon Global High Yield Bond Fund (EUR), BNY Mellon Global Property Securities Fund, BNY Mellon Global Real Return Fund (EUR), BNY Mellon Long‑Term Global Equity Fund, BNY Mellon Pan European Equity Fund and BNY Mellon Small Cap Euroland Fund is Euro. The functional currency of BNY Mellon Absolute Return Equity Fund, BNY Mellon Global Real Return Fund (GBP)*, BNY Mellon Sterling Bond Fund and BNY Mellon UK Equity Fund is Sterling; and the functional currency of BNY Mellon Japan Equity Value Fund is Japanese Yen. * Please refer to Note 19 of the financial statements.

Foreign currency translation – Transactions and balances Foreign currency assets and liabilities, including net assets attributable to holders of redeemable participating shares are translated into functional currency using the closing rate applicable at the year end date. Foreign currency income and expenses in the Profit and Loss Account are translated into the functional currency at the annual average exchange rate, which approximate to the exchange rates prevailing at the dates of the transactions. Proceeds from redeemable shares issued and the cost of redeemable shares redeemed are also translated into the functional currency at the annual average exchange rate, which approximates to the exchange rates prevailing at the dates of the

147

BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies contd. Foreign currency translation – Transactions and balances contd. transactions. Foreign exchange gains and losses arising from transactions and translations are presented in the Profit and Loss Account within “net gains/(losses) on financial assets/liabilities at fair value through profit or loss”. For Company aggregation purposes, all assets and liabilities together with income and expenses for all classes of shares are translated into US Dollar (“the functional currency”) as this is the currency of the primary economic environment in which the Company operates. Financial assets and liabilities at fair value through profit or loss – Classification This category has two sub‑categories: financial assets and liabilities held for trading, and those designated at fair value through profit or loss at inception. A financial asset or financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or if on initial recognition is part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of short‑term profit taking. Derivatives are also categorised as held for trading. The Company does not classify any derivatives as hedges in a hedging relationship. Financial assets and financial liabilities designated at fair value through profit or loss at inception are financial instruments that are not classified as held for trading but are managed, and their performance is evaluated on a fair value basis in accordance with the investment strategy of the Funds as documented in the prospectus. Unrealised losses on open derivative positions are classified as financial liabilities at fair value through profit or loss. Financial assets and liabilities at fair value through profit or loss – Recognition and measurement Regular purchases and sales of investments are recognised on the trade date – the date on which the Company commits to purchase or sell the investment. Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed as incurred in the statement of comprehensive income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the “financial assets or financial liabilities at fair value through profit or loss” category are presented in the Profit and Loss Account within “net gains/(losses) on financial assets/liabilities at fair value through profit or loss” in the period in which they arise using the average cost method. Financial assets and liabilities at fair value through profit or loss – Fair value estimation The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the year end date. The quoted market price used for financial assets held is the current bid price and the appropriate quoted market price for financial liabilities is the current asking price. When the Company holds derivatives with offsetting market risks, it uses mid‑market prices as a basis for establishing fair values for the offsetting risk positions and applies this bid or asking price to the net open position, as appropriate. If a significant movement in fair value occurs subsequent to the valuation point of the Funds on the year end date, valuation techniques will be applied to determine the fair value. A significant event is any event that occurs after the last market price for a security, close of market or close of the foreign exchange, but before the Funds’ valuation time that materially affects the integrity of the closing prices for any security, instrument, currency or securities affected by that event so that they cannot be considered readily available market quotations. The fair value of financial assets and liabilities that are not traded in an active market (for example, over‑the‑counter derivatives) is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each reporting date. Valuation techniques used include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity‑specific inputs. For instruments for which there is no active market, the Company may use internally developed models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Valuation models are used primarily to value unlisted equity, debt securities and other debt instruments for which markets were or have been inactive during the financial year. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors

148

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies contd. Financial assets and liabilities at fair value through profit or loss – Fair value estimation contd. relevant to the positions the Company holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risk, liquidity risk and counterparty risk. There were no instruments during the year or at year end that were valued using such model. The carrying value less impairment provision of other receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Company for similar financial instruments. Loans Certain Funds of the Company may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. At the 31 December 2012 loans are held on the portfolio of the BNY Mellon Absolute Return Bond Fund. The main valuation techniques of the Company are as follow: (a) Financial assets and liabilities listed and regularly traded on a recognised exchange and for which market quotations are readily available or traded on over the counter markets shall be valued at the bid and ask price accordingly on the principal exchange in the market for such investment provided that the value of any investment listed on a recognised exchange but acquired or traded at a premium or at a discount outside or off the relevant stock exchange or on an over the counter market may be valued taking into account the level of premium or discount as at the date of valuation of the investment with the approval of BNY Mellon Trust Company (Ireland) Limited (the “Custodian”). The Directors in consultation with the relevant investment manager, may adjust the value of any such assets if, in relation to currency, marketability or such other considerations as they deem relevant, they consider that such adjustment is required to reflect the fair value thereof, with the approval of the Custodian. (b) If the financial assets and liabilities are listed on several recognised exchanges, the quoted price on the recognised exchange, which, in the opinion of the Directors in consultation with the relevant investment manager, constitutes the principal market for such assets, will be used. (c) If for specific financial assets or liabilities the quoted price referred to in (a) or (b) above is not available or does not, in the opinion of the Directors in consultation with the relevant investment manager, reflect a fair or appropriate value, the value shall be calculated by alternative methods with care and in good faith by the Directors, as appropriate, approved for such purpose by the Custodian, in consultation with the relevant investment manager with a view to establishing the probable realisation value for such assets. (d) In the event that any financial assets or liabilities are not listed or dealt on any recognised exchange, such assets shall be valued by the Directors with care and in good faith and in consultation with the relevant investment manager at the probable realisation value. Such probable realisation value may be determined by using a quotation from a broker. (e) Cash and other liquid assets are valued at their face value with interest accrued, where applicable. (f) Units or shares in collective investment schemes (other than those valued pursuant to paragraph (a) or (b) above), are valued at the latest available unaudited net asset value of the relevant collective investment scheme. (g) Derivative instruments dealt on a market are fair valued using an independent valuation agent to price these assets and they are verified against the counter party valuation on a daily basis. Where such derivative instruments are not dealt on a market, their value shall be the weekly quotation from the counterparty provided that the valuation is approved or verified monthly by an independent party appointed by the relevant investment manager and approved for the purpose by the Custodian. (h) Forward foreign exchange contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. (i) Initial margin deposits are made upon entering into futures contracts and are generally made in cash or cash equivalents. Futures contracts are fair valued using an independent valuation agent and they are verified against the counter party valuation on a daily basis. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time the realised gains and losses are recognised. Unrealised gains or losses on futures contracts are shown in the Portfolio of Investments. The variation margin receivable or payable at the reporting date is reported as an asset or liability, as applicable, in the Statement of Net Assets. (j) The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currencies purchased. Premiums paid from the purchase of options, which expire unexercised are treated as realised losses. The premium on written call options exercised is added to the proceeds from the sale of the underlying security of foreign currency in

149

BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies contd. Financial assets and liabilities at fair value through profit or loss – Fair value estimation contd. determining the realised gain or loss. Valuation of options is based on the valuation of derivative instruments as noted in (g) above. The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased. Premiums received from written options, which expire unexercised are treated as realised gains. (k) Interest rate, credit default and total return swap contracts are fair valued daily based upon quotations from independent pricing service or market makers and the change in the value if any is recorded as unrealised gain or loss. Payments received or made as a result of the contract termination are recognised net of any upfront payment as realised gains or losses. (l) Time deposits and commercial paper are valued at amortised cost, which approximates fair value. The Company may invest in financial instruments that are not traded in an active market, whereby fair value may be determined by applying valuation techniques, such as discounted cash flow analysis and other valuation techniques used by market participants. (m) Exchange traded funds are fair valued based upon quotations of the net asset value per share from independent pricing sources. (n) Certain Funds may enter into “TBA” (To Be Announced) purchase commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price has been established, the principal value has not been finalised. The Funds hold and maintain until settlement date, cash or high grade debt obligations in an amount sufficient to meet the purchase price, or the Funds may enter into offsetting contracts for the forward sale of other securities they own. Income on the securities will not be earned until settlement date. TBA purchase commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, which is in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities. Although the Funds may enter into TBA purchase commitments with the intention of acquiring securities for their portfolios or for delivery pursuant to option contracts that they have entered into, the Funds may dispose of a commitment prior to settlement if the Investment Manager deems it the appropriate action. (o) Equity swaps are priced in accordance with the pricing basis for the underlying equity positions. Finance charges on equity swaps are accrued daily, reset on a monthly basis and subject to settlement on disposal of equity swaps. (p) Loans are fair valued based on valuations provided by the pricing vendor Markit. Fees earned or paid and the receipt of payments of principal are recorded as a component of “Net gains/(losses) on financial assets/liabilities at fair value through profit or loss” in the Profit and Loss Account. Where Markit is unable provide a value for a loan, the loan is fair valued based on a quotation obtained from a loan house. Unsettled loans are fair valued based on the agreed purchase price until a valuation from pricing vendor becomes available. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Net Assets when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Transaction costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the Profit and Loss Account as an expense and are included in the “net gains/(losses) on financial assets/liabilities at fair value through profit or loss”. Dividend income Dividend income from financial assets at fair value through profit or loss is recognised in the Profit and Loss Account within “dividend income” when the right of the Funds to receive payments is established. Dividend income is shown gross of any non‑recoverable withholding taxes, which is disclosed in the Profit and Loss Account and net of any tax credits. Interest income Interest income on interest bearing financial instruments is shown as a component of net gains/losses on financial assets at fair value through the profit or loss. Bank interest income is accounted for on an effective interest basis. Included in financial assets at fair value through the profit or loss is interest earned on investments since the last coupon payment date. Securities lending The Company has entered into a securities lending agreement dated 1 May 2002 (as amended, assigned, novated and assumed) with The Bank of New York Mellon SA/NV and the Custodian. The Company can lend securities with a value of up to 100% of any one line of stock, to borrowers approved by The Bank of New York Mellon. The Company receives securities, financial instruments or other assets as collateral against the loaned securities. The Company does not accept cash as collateral or engage in cash collateral reinvestment. Collateral held (and pending) will not be less than 102% of the value of the securities on loan. Securities lending income is accounted for on an accruals basis, effective 4 January 2010. Details of the securities lending position at the year end are contained in Note 14 to the financial statements. Distributions to redeemable participating shareholders Proposed distributions to holders of redeemable shares are recognised in the Profit and Loss Account when they are appropriately authorised by the Directors and not at the discretion of the Company. The distribution on the redeemable shares is recognised as a “finance costs” in the Profit and Loss Account. With the exception of the following, the Company does not intend to declare or make dividend payments on the shares in any Fund:

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BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies contd. Distributions to redeemable participating shareholders contd. • Euro A (Inc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Euroland Bond Fund • Euro B (Inc) Share Class on BNY Mellon Emerging Equity Income Fund*, BNY Mellon Euroland Bond Fund and BNY Mellon Global Equity Higher Income Fund • Euro C (Inc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Euroland Bond Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (EUR) and BNY Mellon Long‑Term Global Equity Fund • Euro H (Acc) (Hedged) Share Class^ on BNY Mellon Emerging Markets Debt Fund • Euro I (Acc) (Hedged) Share Class^ on BNY Mellon Emerging Markets Debt Fund • Euro I (Inc) (Hedged) Share Class of BNY Mellon Emerging Markets Debt Local Currency Fund • Euro W (Acc) Share Class^ on BNY Mellon Brazil Equity Fund, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (EUR) and BNY Mellon Long‑Term Global Equity Fund • Euro W (Inc) Share Class^ on BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global Equity Higher Income Fund • Euro X (Inc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global High Yield Bond Fund (EUR) • Sterling A (Acc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Long‑Term Global Equity Fund • Sterling A (Inc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon UK Equity Fund • Sterling B (Acc) Share Class on BNY Mellon Brazil Equity Fund, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Emerging Markets Equity Value Fund, BNY Mellon Global Real Return Fund (GBP)* and BNY Mellon Vietnam, India and China (VIC) Fund • Sterling B (Inc) Share Class on BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (GBP)* and BNY Mellon Long‑Term Global Equity Fund • Sterling C (Acc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Vietnam, India and China (VIC) Fund • Sterling C (Inc) Share Class on BNY Mellon Asian Equity Fund, BNY Mellon Brazil Equity Fund, BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Emerging Markets Equity Fund, BNY Mellon Global Bond Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (GBP)*, BNY Mellon Sterling Bond Fund, BNY Mellon UK Equity Fund and BNY Mellon Vietnam, India and China (VIC) Fund • Sterling H (Acc) (Hedged) Share Class on BNY Mellon Evolution Global Alpha Fund • Sterling I (Acc) (Hedged) Share Class on BNY Mellon Evolution Global Alpha Fund • Sterling I (Inc) (Hedged) Share Class on BNY Mellon Global Property Securities Fund and BNY Mellon U.S. Equity Fund* • Sterling J (Acc) (Hedged) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global Property Securities Fund • Sterling J (Inc) (Hedged) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global Property Securities Fund • Sterling M (Acc) (Hedged) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global Equity Higher Income Fund • Sterling M (Inc) (Hedged) Share Class on BNY Mellon Global Equity Higher Income Fund • Sterling R (Acc) Share Class on BNY Mellon Absolute Return Equity Fund • Sterling S (Acc) Share Class on BNY Mellon Absolute Return Equity Fund • Sterling T (Acc) (Hedged) Share Class on BNY Mellon Absolute Return Bond Fund*, BNY Mellon Absolute Return Equity Fund and BNY Mellon Evolution Currency Option Fund • Sterling U (Acc) Share Class on BNY Mellon Absolute Return Equity Fund • Sterling W (Acc) Share Class^ on BNY Mellon Brazil Equity Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (GBP)* and BNY Mellon Long‑Term Global Equity Fund • Sterling W (Acc) (Hedged) Share Class^ on BNY Mellon Absolute Return Bond Fund* and BNY Mellon Emerging Markets Corporate Debt Fund* • Sterling W (Inc) Share Class^ on BNY Mellon Asian Equity Fund, BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (GBP)* and BNY Mellon Long‑Term Global Equity Fund • Sterling W (Inc) (Hedged) Share Class^ on BNY Mellon Emerging Markets Debt Local Currency Fund • Sterling X (Acc) Share Class on BNY Mellon Absolute Return Bond Fund* and BNY Mellon Absolute Return Equity Fund • Swiss franc X (Inc) Share Class^ on BNY Mellon Emerging Markets Debt Local Currency Fund • US Dollar A (Inc) Share Class on BNY Mellon Emerging Markets Debt Local Currency Fund and BNY Mellon Global Equity Higher Income Fund • US Dollar B (Inc) Share Class on BNY Mellon Emerging Equity Income Fund* and BNY Mellon Global Equity Higher Income Fund • US Dollar C (Inc) Share Class on BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Bond Fund, BNY Mellon Global Equity Higher Income Fund and BNY Mellon Global Real Return Fund (USD) • US Dollar M (Inc) Share Class on BNY Mellon Global Equity Higher Income Fund • US Dollar T (Acc) (Hedged) Share Class on BNY Mellon Evolution Currency Option Fund • US Dollar W (Acc) Share Class^ on BNY Mellon Brazil Equity Fund, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Equity Higher Income Fund and BNY Mellon Global Real Return Fund (USD)

151

BNY Mellon Global Funds, plc Notes to the Financial Statements 1. Summary of significant accounting policies contd. Distributions to redeemable participating shareholders contd. • US Dollar W (Inc) Share Class^ on BNY Mellon Emerging Equity Income Fund*, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Global Equity Higher Income Fund, BNY Mellon Global Real Return Fund (USD) and BNY Mellon Long‑Term Global Equity Fund • US Dollar X (Inc) Share Class on BNY Mellon Emerging Markets Debt Fund, BNY Mellon Emerging Markets Debt Local Currency Fund, BNY Mellon Emerging Markets Equity Fund and BNY Mellon U.S. Dynamic Value Fund For non distributing share classes, all income earned and realised net capital gains after the deduction of expenses will be accumulated and reflected in the net asset value per share. * Please refer to Note 19 of the financial statements. ^ This share class was launched during the reporting period.

Redeemable participating shares The Company issues multiple classes of redeemable participating shares within each Fund which are redeemable at the holder’s option and do not have identical rights. Such shares are classified as financial liabilities. Redeemable participating shares can be put back to the Fund at any time for cash equal to a proportionate share of the Fund’s net asset value attributable to the share class. The redeemable participating shares are carried at the redemption amount that is payable at the year end date if the holder exercises the right to put the share back to the Fund. Redeemable participating shares are issued and redeemed at the holder’s option at prices based on the Fund’s net asset value per share at the time of issue or redemption. The Fund’s net asset value per share is calculated by dividing the net assets attributable to the holders of each class of redeemable shares with the total number of outstanding redeemable participating shares for each respective class in accordance with the provisions of the prospectus in determining the net asset value per share for subscriptions and redemptions. Net assets In accordance with the provisions of the prospectus, investments are predominantly valued at the closing mid price on the valuation day for the purpose of determining the net asset value per share for subscriptions and redemptions and for various fee calculations. However the accounting policy of the Company for the purpose of compliance with FRS 26 “Financial Instruments: Recognition and Measurement” and for reporting purposes is to value its financial assets and liabilities at the relevant bid and ask market prices respectively, where available, on the reporting date. The difference between the valuation of investments stated in the financial statements and the valuation of investments as per the published net assets value prepared in accordance with the prospectus is detailed in the adjustment line included at the end of the Statement of Net Assets. Dilution Adjustment To mitigate the effects of dilution, the Directors may, at their discretion, make a dilution adjustment to the net asset value per share. The Directors will retain the discretion in relation to the circumstances in which to make such a dilution adjustment. The decision to make a dilution adjustment will depend on the volume of subscriptions or redemptions of shares in the Fund. The Directors may in their discretion make a dilution adjustment if, in their opinion, the existing shareholders, in the case of subscriptions, or remaining shareholders, in the case of redemptions, might otherwise be adversely affected. In particular, the dilution adjustment may be made in the following circumstances: • • •

where a Fund is in continual decline (i.e. is experiencing a net outflow of redemptions); if the Fund is experiencing large levels of net subscriptions or net redemptions relevant to its size; in any other circumstances where the Directors believe it will be in the interests of shareholders to make a dilution adjustment.

The dilution adjustment will involve adding to the net asset value per share when the Fund is in a net subscription position, and deducting from the net asset value per share when the Fund is in a net redemption position, such figure as the Directors consider represents an appropriate figure to meet transaction costs, including but not restricted to market spreads, brokerage fees and taxes, to preserve the value of the underlying assets of the relevant Fund and in any other circumstances where the Directors believe it will be in the interests of the shareholders. The resultant amount will be the price rounded to such number of decimal places, as the Directors deem appropriate. Where a dilution adjustment is made, it will increase the price at which shares shall be issued when there are net subscriptions and decrease the price at which shares shall be issued when there are net redemptions. The price at which each class of share shall be issued or redeemed (as appropriate) will be calculated separately but any dilution adjustment will in percentage terms affect the price of each class in an identical manner. Such dilution adjustment will not exceed 3% of the Funds’ net asset value. As dilution is directly related to the inflows and outflows from a Fund, it is not possible to accurately predict whether dilution will occur at any future point in time. Consequently, it is also not possible to accurately predict how frequently the dilution adjustment will be applied.

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BNY Mellon Global Funds, plc Notes to the Financial Statements 2. Share capital Authorised shares The initial authorised share capital of the Company is EUR 38,092 divided into 38,092 subscriber shares of EUR 1.00 each and 25,000,000,000 at no par value initially designated as unclassified shares. The unclassified shares are available for issue as participating shares. Subscriber shares The 38,092 subscriber shares at EUR 1.00 each were all issued as fully paid, 38,085 of which are held by BNY Mellon Global Management Limited (the “Manager”) and the remainder are held on trust by nominees for the Manager. The subscriber shares do not entitle the holders to any dividend and on a winding up, entitle the holders to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. The subscriber shares do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s investment business. Redeemable participating shares Redeemable participating shares carry the right to a proportionate share in the assets of the Funds and the holder of the share is entitled to one vote each on a poll. Shares are redeemed by shareholders at prices based on the value of the relevant class of net assets.

3. Management and performance fees The Manager is entitled to receive out of the assets of a Fund an annual management fee in respect of each class, accruing daily and payable monthly in arrears at an agreed annual rate as set out in the relevant supplement of the prospectus. An annual management fee cap is in place on certain share classes of BNY Mellon U.S. Equity Fund; the annual management fee is capped at 1.5% for all Class “A” and “H” shares and the annual management fee is capped at 0.75% for all Class “C” and “I” shares. The Manager may remove these caps at any point. No annual management fee is attributable to the Class “X” shares of any Fund and accordingly, the annual management fee represents a reduction from the net asset value attributable to all other classes of shares only. In addition to the annual management fee, the Manager is entitled to an annual performance fee (the “Performance Fee”) in respect of certain classes of the following Funds, as detailed in the relevant supplement of the prospectus: • • • • • •

BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Emerging Markets Equity Core Fund* BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Long‑Term Global Equity Fund

* Please refer to Note 19 of the financial statements.

The performance fee will be based on 10%, 15% or 20% of the share class performance over the benchmark of the respective share class. Full details of the performance fees are set out in the prospectus. Fees accrued to the Manager and the amounts due at the year end are shown in the Profit and Loss Account and the Statement of Net Assets respectively. Equalisation Equalisation shall only apply to share classes operating Model A performance fees, as detailed in the relevant supplement of the prospectus of the Fund. If shares are subscribed for at a time when the net asset value per share is greater than the peak net asset value per share of the relevant class, the investor will be required to pay an amount in excess of the then current net asset value per share of that class equal to 20 per cent of the difference between the then current net asset value per share of that class (before accrual for the Performance Fee) and the peak net asset value per share of that class (an “Equalisation Credit”). At the date of subscription the Equalisation Credit will equal the Performance Fee per share accrued with respect to the other shares of the same class in the Fund (the “Maximum Equalisation Credit”). The Equalisation Credit is payable to account for the fact that the net asset value per share of that class has been reduced to reflect an accrued Performance Fee to be borne by existing shareholders of the same class and serves as a credit against Performance Fees that might otherwise be payable by the Fund but that should not, in equity, be charged against the shareholder making the subscription because, as to such shares, no favourable performance has yet occurred. The Equalisation Credit ensures that all holders of shares of the same class have the same amount of capital at risk per share. The Equalisation Credit will be at risk in the Fund and will therefore appreciate or depreciate based on the performance of the relevant class of shares subsequent to the issue of the relevant shares but will never exceed the maximum Equalisation Credit. Equalisation Credit accrued and amounts due at the year end are shown in the Profit and Loss Account and the Statement of Net Assets respectively. 153

BNY Mellon Global Funds, plc Notes to the Financial Statements 4. Administration fees The Manager pays to BNY Mellon Fund Services (Ireland) Limited (the “Administrator”) out of the assets of each Fund an annual fee which shall accrue daily and be payable monthly in arrears. The annual fee payable to the Administrator is attributable to all share classes and represents a deduction from the net asset value of the Fund and, accordingly, each class. Fees accrued to the Administrator and the amounts due at the year end are included in the Operating Expenses and Expenses Payable figures in the Profit and Loss Account and Statement of Net Assets respectively.

5. Custodian fees The Company pays to BNY Mellon Trust Company (Ireland) Limited (the “Custodian”) out of the assets of each Fund an annual fee, which shall accrue daily and be payable monthly in arrears. The annual fee accrued to the Custodian is attributable to all share classes and represents a deduction from the net asset value of the Fund and, accordingly, each class. Fees payable to the Custodian and the amounts due at period end are included in the Custodian Fee and Expenses Payable figures in the Profit and Loss Account and Statement of Net Assets respectively.

6. Rebate from Management Company In order to maintain the Total Expense Ratios (“TER”) of particular funds at a competitive level with regard to the comparable funds in the market place, BNY Mellon Asset Management International Limited (the “Global Distributor and Promoter”) undertook to pay a sum equivalent to the percentage amount, if any, the TER of the following funds exceeds an agreed TER limit, effectively structured as an Annual Management Charge (“AMC”) plus a cap arrangement: Fund

Agreed TER Limit

BNY Mellon Global Property Securities Fund

TER limit of AMC plus 55 basis points

BNY Mellon Latin America Infrastructure Fund*

TER limit of AMC plus 50 basis points

* Rebate agreement commenced on 1 January 2012.

The amount rebated to the Company during the year ended 31 December 2012 in this regard was USD 78,143 (31 December 2011: USD 65,379).

7. Rebate from Investment Manager In order to maintain the Total Expense Ratios (“TER”) of BNY Mellon Evolution Currency Option Fund at a competitive level with regard to the comparable funds in the market place, Pareto Investment Management Limited undertook to pay a sum equivalent to the percentage amount, if any, the TER of the following funds exceeds an agreed TER limit, effectively structured as an Annual Management Charge (“AMC”) plus a cap arrangement: Fund

Agreed TER Limit

BNY Mellon Evolution Currency Option Fund*

TER limit of AMC plus 32 basis points

* Rebate agreement commenced on 1 June 2012.

The amount rebated to BNY Mellon Evolution Currency Option Fund during the year ended 31 December 2012 in this regard was USD 28,589 (31 December 2011: Nil).

8. Operating expenses The operating expenses in the Profit and Loss Account comprise of the following: 31 December 2012 Expense Administration fee Audit fee* Directors’ fee Other expenses Total operating expenses

31 December 2011

USD

USD

9,838,767

9,353,331

592,932

509,617

62,632

70,000

2,533,498

2,220,116

13,027,829

12,153,064

* Statutory Instrument 220 requires disclosure in the financial statements of Auditors Remuneration. 154

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BNY Mellon Global Funds, plc Notes to the Financial Statements 8. Operating expenses contd. Fees and expenses paid/payable to the statutory auditors, PricewaterhouseCoopers Ireland, in respect of the financial year are as follows: 31 December 2012

31 December 2011

USD

USD

Statutory audit of financial statements

436,023

395,909

Taxation services

156,909

113,708

Other assurance services Total

–

–

592,932

509,617

9. Transaction costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss and include the bid‑ask spread, fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs for purchase and sales of equities are included in the “Net gains/(losses) on financial assets/liabilities at fair value through profit or loss” and are detailed in the table below. In respect of bonds, the transaction costs are embedded in the purchase and sale price of the securities and cannot be separately verified or disclosed. Commission and finance charges on financial derivative instruments, where available; and transaction charges applied by the Administrator and Custodian are also included in the figures below: Fund

Base Currency

Transaction costs 31 December 2012

Transaction costs 31 December 2011

BNY Mellon Absolute Return Bond Fund*

EUR

5,127

n/a

BNY Mellon Absolute Return Equity Fund

GBP

60,496

16,536

BNY Mellon Asian Equity Fund

USD

653,724

1,372,896

BNY Mellon Brazil Equity Fund

USD

317,206

697,175

BNY Mellon Continental European Equity Fund

EUR

40,747

84,989

BNY Mellon Emerging Equity Income Fund*^

USD

17,850

n/a

BNY Mellon Emerging Markets Corporate Debt Fund*^

USD

215

n/a

BNY Mellon Emerging Markets Debt Fund^

USD

–

1,237

BNY Mellon Emerging Markets Debt Local Currency Fund^

USD

33,612

1,150,168

BNY Mellon Emerging Markets Equity Fund

USD

181,181

375,111

BNY Mellon Emerging Markets Equity Core Fund*

USD

409,329

n/a

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund^

USD

3,484

43,999

BNY Mellon Euro Corporate Bond Fund^

EUR

2,253

3,663

BNY Mellon Euro Government Bond Index Tracker^

EUR

–

–

BNY Mellon Euroland Bond Fund^

EUR

80,886

105,683

BNY Mellon Evolution Currency Option Fund^

EUR

–

–

BNY Mellon Evolution Global Alpha Fund^

EUR

33,312

7,437

BNY Mellon Evolution Global Strategic Bond Fund^

USD

3,874

4,242

BNY Mellon Global Bond Fund^

USD

–

–

BNY Mellon Global Dynamic Bond Fund^

USD

6,479

2,622

BNY Mellon Global Emerging Markets Equity Value Fund

USD

91,053

319,541

BNY Mellon Global Equity Fund

USD

342,628

472,093

BNY Mellon Global Equity Higher Income Fund

USD

266,835

120,534

BNY Mellon Global High Yield Bond Fund (EUR)^

EUR

–

345

BNY Mellon Global Opportunities Fund

USD

144,707

325,485

BNY Mellon Global Property Securities Fund

EUR

15,175

25,935

BNY Mellon Global Real Return Fund (EUR)^

EUR

1,106,747

712,927

BNY Mellon Global Real Return Fund (GBP)*^

GBP

36,866

n/a

BNY Mellon Global Real Return Fund (USD)^

USD

165,561

126,343

JPY

156,094

69,682

USD

9,147

22,450

BNY Mellon Japan Equity Value Fund BNY Mellon Latin American Infrastructure Fund

155

BNY Mellon Global Funds, plc Notes to the Financial Statements 9. Transaction costs contd. Fund

Base Currency

Transaction costs 31 December 2012

Transaction costs 31 December 2011

BNY Mellon Long‑Term Global Equity Fund

EUR

987,435

431,514

BNY Mellon Pan European Equity Fund

EUR

15,341

41,301

BNY Mellon S&P 500® Index Tracker

USD

16,795

34,558

BNY Mellon Small Cap Euroland Fund

EUR

14,890

51,932

BNY Mellon Sterling Bond Fund^

GBP

–

–

BNY Mellon UK Equity Fund

GBP

66,866

229,485

BNY Mellon U.S. Dynamic Value Fund

USD

148,313

424,467

BNY Mellon U.S. Equity Fund

USD

152,770

93,636

BNY Mellon Vietnam, India and China (VIC) Fund

USD

138,462

134,506

* Please refer to Note 19 of the financial statements. ^ Transaction costs on purchase and sale of bonds are included in the purchase and sale price of the investment, which cannot be practically or reliably gathered and cannot be separately verified or disclosed.

10. Cash at bank Cash held by the Company is deposited with BNY Mellon SA/NV London Branch (the “Global Sub‑Custodian”) and held by counterparties in respect of collateral and margin requirements. Cash balances include cash invested into short-term investment vehicle daily as detailed further in Note 18 of the financial statements.

11. Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Tax Consolidation Acts, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income and gains. However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of the shares. No Irish tax will arise on the Company in respect of chargeable events in respect of: (a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company; or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and (b) certain exempted Irish resident investors who have provided the Company with the necessary signed statutory declarations. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

12. Related parties In the opinion of the Directors, the Manager, and the Investment Managers, Mellon Capital Management Corporation*, The Boston Company Asset Management, LLC, Newton Investment Management Limited, Standish Mellon Asset Management Company, LLC, Pareto Investment Management Limited, Mitsubishi UFJ Asset Management (UK) Limited, Walter Scott & Partners Limited, BNY Mellon ARX Investimentos Ltda, Hamon Asset Management Limited, Blackfriars Asset Management Limited, Urdang Securities Management Inc., The  Dreyfus Corporation*, Insight Investment Management (Global) Limited** and Meriten Investment Management** and the Global Distributor and Promoter, BNY Mellon Asset Management International Limited are related parties under FRS 8 “Related Party Transactions”. The Directors are related parties of the Company. Greg Brisk and Alan Mearns are Directors of BNY Mellon Asset Management International Limited, the Global Distribution Company for BNY Mellon’s asset management group. Greg Brisk, David Dillon, Alan Mearns and Michael Meagher are also Directors of the Manager. David Dillon is a partner in Dillon Eustace solicitors who provide legal services to the Company

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BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 12. Related parties contd. and legal fees of USD 94,083 (31 December 2011: USD 53,837) were paid during the reporting year. Enrico Floridi is a consultant to BNY Mellon Asset Management International Limited, the Global Distributor and Promoter of the Company. Greg Brisk and Alan Mearns have waived their right to receive a fee for their services as Directors. Although not deemed to be related parties under Irish GAAP as they do not exercise “significant influence” over the activities of the Funds, UCITS Notice 14 also deems the Custodian and the Administrator as related parties to the Funds. During the year, the Custodian and the Administrator earned fees for provision of services to the Funds as disclosed in the financial statements. During the year, companies related to the Custodian and the investment managers were selected by the investment managers to execute investment transactions and foreign exchange transactions and to accept deposits on behalf of the investment managers. The Bank of New York Mellon, New York and The Bank of New York, London were counterparties to forward foreign exchange currency contracts open at 31 December 2012 as disclosed in appendices to the portfolios of investments. The counterparties were selected by the investment manager as part of an arms‑length commercial process and the terms of such transactions were negotiated by the investment managers with such companies.   Fees paid in respect of all material related party transactions during the year are fully disclosed in the Directors’ Report, in the Profit and Loss Account and in Notes 3‑8 of the financial statements and the amounts are included in the Expenses Payable figures in the Statement of Net Assets. All transactions between the related parties are conducted at arm’s length as summarised above. * Please refer to Note 20 of the financial statements. ** Please refer to Note 19 of the financial statements.

13. Soft commission arrangements During the year, Urdang Securities Management Inc, Hamon Asset Management Limited, The Boston Company Asset Management LLC, BNY Mellon ARX Investimentos Ltda and Mellon Capital Management Corporation*, Investment Managers and connected persons have entered into soft commission arrangements (also referred to as soft dollar arrangements) with brokers in respect of which certain goods and services used to support the investment process were received. The Dreyfus Corporation* does enter into soft commission arrangements, however the BNY Mellon Cash Investment Strategies business line therein (which acts as Investment Manager and Sub‑Investment Manager**) does not. The investment managers and connected persons do not make direct payment for these services but do aim to transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions. The goods and services utilised for the Company include computer software used for economic and political analysis, portfolio analysis and broker provided active order management. The investment managers consider these arrangements to be of benefit to its clients and the brokerage rates are not in excess of customary institutional full service brokerage rates. During the year, Insight Investment Management (Global) Limited, Newton Investment Management Limited and Blackfriars Asset Management Limited, Investment Managers, BNY Mellon Asset Management (UK) Limited**, investment manager and connected persons have entered into commission sharing arrangements with brokers in respect of which certain goods and services used to support the investment process were received. The investment managers and connected persons do not make direct payment for these services but arrange for executing counterparties to pay some or all of their allocated research commission away to other brokers or non‑broking research providers. The goods and services utilised for the Company can include computer software used for economic and political analysis, portfolio analysis, investment related research and broker provide active order management. The investment managers consider these arrangements to be of benefit to investors and the brokerage rates are not in excess of customary institutional full service brokerage rates. * Please refer to Note 20 of the financial statements. ** Please refer to Note 19 of the financial statements.

14. Securities lending The Company has entered into a securities lending agreement dated 1 May 2002 (as amended, assigned, novated and assumed) with The Bank of New York Mellon SA/NV and the Custodian. The securities lending income arising is currently split between the Company and The Bank of New York Mellon SA/NV in the proportion 73%:27%.

157

BNY Mellon Global Funds, plc Notes to the Financial Statements 14. Securities lending contd. At 31 December 2012, the aggregate value of the securities on loan by the Company amounted to USD 179,588,922 (31 December 2011: USD 188,338,191) and the value of non cash eligible collateral held by the Company in respect of those securities amounted to USD 186,135,441 (31 December 2011: USD 193,398,748). The breakdown is as follows: Fund

Aggregate Value of securities on loan at 31 December 2012

Aggregate value of collateral held at 31 December 2012

Aggregate Value of securities on loan at 31 December 2011

Aggregate value of collateral held at 31 December 2011

USD

USD

USD

USD

BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Emerging Markets Corporate Debt Fund* BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund BNY Mellon Emerging Markets Equity Fund BNY Mellon Emerging Markets Equity Core Fund* BNY Mellon Euro Corporate Bond Fund BNY Mellon Euroland Bond Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Global Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (USD) BNY Mellon Japan Equity Value Fund BNY Mellon Long‑Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon S&P 500® Index Tracker BNY Mellon Small Cap Euroland Fund BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund

723,850 390,846 1,208,100 5,746,997 11,132,551 606,102 349,594 3,378,515 138,373,388 – 115,618 – 244,741 765,258 2,567,071 2,896,303 83,434 3,584,520 478,942 99,862 1,353,859 – 1,007,129 – 557,275 567,591 592,353 2,765,023

738,327 421,191 1,277,437 5,936,660 11,771,753 633,641 368,594 3,502,241 143,175,007 – 124,595 – 263,743 809,377 2,684,996 2,973,323 89,912 3,656,528 488,588 106,650 1,381,056 – 1,027,435 – 571,207 582,133 604,335 2,946,712

– – – – – – – – 132,077,301 795,669 – 20,320,178 – 735,386 161,365 – – – – – 31,420,476 345,594 14,048 1,657,879 810,295 – – –

– – – – – – – – 134,718,846 836,778 – 20,806,317 – 750,193 172,603 – – – – – 33,179,099 369,662 14,331 1,699,326 851,593 – – –

Total

179,588,922

186,135,441

188,338,191

193,398,748

* Please refer to Note 19 of the financial statements.

15. Exchange rates The financial statements are prepared in US Dollar. The following exchange rates have been used to translate assets and liabilities in other currencies to US Dollar:

Argentinian peso Australian dollar Brazilian real Canadian dollar Chilean peso Chinese yuan Colombian peso

158

31 December 2012

31 December 2011

4.9160 0.9622 2.0475 0.9958 478.7500 6.2303 1,767.0000

4.3030 0.9777 1.8652 1.0187 519.5000 6.2940 1,938.5000

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 15. Exchange rates contd.

Czech koruna Danish krone Egyptian pound Euro Hong Kong dollar Hungarian forint Icelandic krona Indian rupee Indonesian rupiah Israeli shekel Japanese yen Korean won Malaysian ringgit Mexican peso New Zealand dollar Nigerian naira Norwegian krone Peruvian nuevo sol Philippino peso Polish zloty Russian rouble Singapore dollar Saudi Arabian riyal Slovak koruna South African rand Sterling Swedish krona Swiss franc Taiwanese dollar Thai baht Turkish lira Uruguayan peso Vietnamese dong Zambian kwacha

31 December 2012

31 December 2011

19.0304 5.6585 6.3600 0.7584 7.7508 220.8723 128.0950 54.7900 9,637.5000 3.7345 86.6400 1,070.5750 3.0580 12.9630 1.2098 156.1500 5.5644 2.5525 41.0625 3.0982 30.5250 1.2215 3.7503 22.8487 8.4872 0.6149 6.5104 0.9157 29.0390 30.5900 1.7850 19.1800 20,840.0000 5,195.0000

19.7566 5.7433 6.0307 0.7726 7.7666 243.5001 122.7000 53.1050 9,067.5000 3.8110 76.9700 1,152.0000 3.1700 13.9547 1.2847 162.3000 5.9808 2.6965 43.8550 3.4508 32.2040 1.2970 3.7502 23.2768 8.0725 0.6439 6.8820 0.9393 30.2790 31.5500 1.8937 19.9000 21,033.5000 5,125.0000

In respect of the aggregation of the Funds’ financial statements, the following exchange rates against the US Dollar were used in the preparation of the accounts: 31 December 2012

Euro Japanese yen Sterling

31 December 2011

Closing Rate

Average Rate

Closing Rate

Average Rate

0.7584 86.6400 0.6149

0.7781 79.8529 0.6228

0.7726 76.9700 0.6439

0.7182 79.6305 0.6235

159

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value In accordance with Irish GAAP, investments held by the BNY Mellon Global Emerging Markets Equity Fund, BNY Mellon Global Equity Fund, BNY Mellon Global Opportunities Fund, BNY Mellon Latin America Infrastructure Fund and BNY Mellon U.S. Equity Fund are valued in the financial statements at bid/offer prices at close of business on 31 December 2012. These prices are different from the prices obtained at 12.00 hours (Dublin time) time as utilised in the published NAV in accordance with the prospectus. The following table reconciles the published net asset value to the net asset value shown in the Statement of Net Assets: BNY Mellon Global Emerging Markets Equity Fund USD

BNY Mellon Global Equity Fund

BNY Mellon Global Opportunities Fund

USD

27,609,133

237,949,725

Net assets attributable to holders of redeemable participating shareholders (based on mid market prices at close of business on the 31 December 2012) Adjustment to reflect movement in investments to fair value at close of business on the 31 December 2012

(89,380)

Published net assets value attributable to holders of redeemable participating shareholders

27,519,753

(1,353,281) 236,596,444

BNY Mellon U.S. Equity Fund

USD

BNY Mellon Latin America Infrastructure Fund USD

112,858,621

5,193,969

28,848,116

(618,860)

(32,663)

112,239,761

5,161,306

USD

(407,984) 28,440,132

The published net asset value of each class of participating share is as follows: Fund

Share Class

BNY Mellon Absolute Return Bond Fund* Total net assets Net asset value per:

Class R^ Class R (Inc)^ Class S^ Class T (Hedged)^ Sterling T (Acc) (Hedged)^ Class X^ Sterling X (Acc) (Hedged)^

BNY Mellon Absolute Return Equity Fund Total net assets Net asset value per: Sterling R (Acc) Class R (Hedged) Sterling S (Acc) Class T (Hedged) Sterling U (Acc) Sterling X (Acc) BNY Mellon Asian Equity Fund Total net assets Net asset value per:

160

Class A Class A Class B Class B Class C Class C Sterling C (Inc) Class M Class W^ Sterling W (Inc)^ Class X

Currency

31 December 2012

31 December 2011

31 December 2010

EUR EUR EUR EUR USD GBP EUR GBP

127,364,053 100.621 100.621 103.646 104.203 104.175 105.111 105.454

– – – – – – – –

– – – – – – – –

GBP GBP EUR GBP EUR GBP GBP

200,462,649 1.070 1.066 1.079 1.074 1.079 1.113

135,930,208 1.010 1.011 1.015 1.014 1.014 1.026

– – – – – – –

USD USD EUR USD EUR USD EUR GBP USD USD USD USD

413,789,619 3.237 2.162 3.378 1.092 3.701 2.092 2.148 188.41 1.017 1.014 3.439

530,281,543 2.842 1.934 2.951 0.972 3.217 1.853 1.969 165.41 – – 2.958

914,046,908 3.530 2.322 3.647 – 3.956 2.202 2.433 205.47 – – 3.600

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

USD USD EUR USD EUR GBP USD EUR GBP USD USD EUR GBP  

421,363,041 1.192 1.256 0.984 1.056 0.907 1.257 1.325 1.212 196.83 1.070 1.062 1.068  

361,646,480 1.128 1.211 0.926 1.014 0.892 1.178 1.265 1.226 186.23 – – –  

426,515,811 1.356 1.408 – – 1.061 1.402 1.456 1.480 223.87 – – –  

EUR EUR USD EUR USD EUR USD

22,623,558 1.215 1.805 1.164 1.871 1.319 2.059

23,833,966 1.005 1.466 0.958 1.511 1.080 1.655

41,582,253 1.181 1.782 – 1.828 1.257 1.992

Class B (Inc)^ Class B (Inc)^ Sterling B (Inc)^ Class C^ Class C (Inc)^ Sterling C (Inc)^ Class W (Inc)^ Class W (Inc)^ Sterling W (Inc)^

USD USD EUR GBP USD USD GBP USD EUR GBP

16,927,850 1.058 1.021 1.041 1.067 1.059 1.042 1.059 1.022 1.042

– – – – – – – – – –

– – – – – – – – – –

BNY Mellon Emerging Markets Corporate Debt Fund* Total net assets Net asset value per: Class A^ Class B^ Class C^ Class C^ Class W^ Class W^ Sterling W (Acc) (Hedged)^ Class X^

USD EUR USD USD EUR USD EUR GBP USD

73,065,605 99.285 111.783 111.110 106.536 111.272 111.723 106.585 115.356

– – – – – – – – –

– – – – – – – – –

USD USD EUR USD EUR USD EUR EUR USD

634,178,183 2.012 1.526 2.090 1.581 1.010 1.119 1.120 1.514

355,235,670 1.700 1.314 1.758 1.355 – – – 1.334

432,181,314 1.583 1.182 1.628 1.214 – – – 1.302

BNY Mellon Brazil Equity Fund Total net assets Net asset value per:

Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Inc) Class M Class W (Acc)^ Class W (Acc)^ Sterling W (Acc)^   BNY Mellon Continental European Equity Fund Total net assets Net asset value per: Class A Class A Class B Class B Class C Class C BNY Mellon Emerging Equity Income Fund* Total net assets Net asset value per:

BNY Mellon Emerging Markets Debt Fund Total net assets Net asset value per:

Class A Class A Class C Class C Class C (Inc)^ Class H (Acc) (Hedged)^ Class I (Acc) (Hedged)^ Class X (Inc)

161

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund

Share Class

BNY Mellon Emerging Markets Debt Local Currency Fund Total net assets Net asset value per: Class A Class A Class A (Inc) Class A (Inc) Sterling A (Acc) Sterling A (Inc) Sterling B (Acc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Acc) Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged) Class M Class M (Hedged) Sterling M (Acc) (Hedged) Class W (Acc)^ Class W (Inc)^ Class W (Acc)^ Class W (Inc)^ Sterling W (Inc)^ Sterling W (Inc) (Hedged)^ Class X (Inc)^ Class X Class X (Inc) Class X Class X (Inc) BNY Mellon Emerging Markets Equity Fund Total net assets Net asset value per:

Class A Class A Class C Class C Class C Class X (Inc)

BNY Mellon Emerging Markets Equity Core Fund* Total net assets Net asset value per: Class S^

Currency

31 December 2012

31 December 2011

31 December 2010

USD USD EUR USD EUR GBP GBP GBP GBP USD EUR USD EUR GBP GBP EUR EUR EUR GBP GBP USD EUR GBP USD USD EUR EUR GBP GBP CHF EUR EUR USD USD

3,337,226,210 1.355 1.280 0.986 1.217 1.095 0.988 1.111 1.032 1.738 1.319 1.059 1.145 1.593 1.299 1.302 1.282 1.025 1.072 0.977 166.81 114.75 115.16 1.015 1.015 0.995 0.995 1.006 1.007 0.992 1.325 1.019 1.860 1.311

3,255,343,628 1.192 1.147 0.903 1.136 1.008 0.945 1.020 0.991 1.522 1.177 0.970 1.069 1.458 1.245 1.155 1.132 0.946 0.942 0.896 146.75 101.82 101.54 – – – – – – – 1.169 0.951 1.611 1.201

3,837,565,679 1.236 1.149 – – 1.039 1.029 – – 1.569 1.173 1.096 1.155 1.497 1.411 1.199 1.172 1.038 0.977 0.975 152.11 105.69 106.22 – – – – – – – 1.153 1.005 1.644 1.305

USD USD EUR USD EUR GBP USD

19,775,898 1.648 1.656 1.812 1.878 1.389 1.782

38,285,087 1.402 1.436 1.526 1.612 1.224 1.517

72,463,822 1.813 1.795 1.954 1.995 1.560 1.964

USD USD

167,369,957 1.1158

– –

– –

305,038,834 1.001 1.141 1.017

269,927,307 0.891 1.035 0.896

– – – –

114,796,985 1.216 1.233 1.265

95,119,633 1.077 1.092 1.108

57,645,626 1.080 1.090 1.098

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Total net assets USD Net asset value per: Class C USD Class C EUR Class X USD BNY Mellon Euro Corporate Bond Fund Total net assets Net asset value per:

162

Class A Class C Class X

EUR EUR EUR EUR

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

BNY Mellon Euro Government Bond Index Tracker Total net assets Net asset value per: Class A Class C

EUR EUR EUR

12,734,940 1.546 1.536

14,613,637 1.408 1.389

14,309,391 1.375 1.347

EUR EUR EUR EUR EUR EUR EUR CHF CHF

1,732,788,435 1.652 1.107 1.140 1.113 1.730 1.209 1.093 1.117

1,255,682,133 1.461 1.001 1.006 1.006 1.523 1.093 0.970 0.975

1,347,210,233 1.445 – – – 1.498 1.108 0.974 0.973

EUR EUR EUR EUR USD GBP EUR EUR EUR USD GBP EUR

6,804,318 70.533 78.312 – 100.287 104.694 75.308 85.364 88.109 92.040 86.649 96.405

10,634,228 75.776 82.460 79.141 105.523 109.976 79.897 90.568 92.784 96.958 91.010 100.036

30,010,215 76.525 81.632 79.017 105.675 109.310 79.687 90.480 91.857 97.202 90.219 97.755

Class A Class A Class C Class D Class H (Hedged) Sterling H (Acc) (Hedged) Class I (Acc) (Hedged) Sterling I (Acc) (Hedged) Class P Class R Class R Class S

EUR EUR USD EUR EUR USD GBP USD GBP EUR EUR USD EUR

22,708,584 86.193 113.947 96.209 91.640 85.145 87.713 88.912 91.332 91.991 108.505 103.708 111.679

29,236,717 89.119 115.648 97.745 93.807 88.414 90.480 90.880 93.350 94.165 111.066 104.261 113.442

30,638,538 89.751 120.263 96.748 93.540 89.004 91.293 90.927 93.226 93.908 110.921 107.211 112.261

BNY Mellon Evolution Global Strategic Bond Fund Total net assets Net asset value per: Class A Class C Class H (Hedged) Class I (Hedged) Class X

USD USD USD EUR EUR USD

8,343,526 1.070 1.085 1.072 1.083 1.104

9,707,815 0.972 0.979 0.979 0.983 0.988

13,340,314 0.997 0.999 – – 1.000

USD USD EUR USD USD EUR USD

980,698,078 2.310 1.563 2.340 2.418 1.646 1.017

1,240,073,623 2.238 1.544 2.264 2.331 1.618 –

821,161,308 2.108 1.405 2.129 2.184 1.465 –

BNY Mellon Euroland Bond Fund Total net assets Net asset value per:

Class A Class A (Inc) Class B Class B (Inc) Class C Class C (Inc) Class H (Hedged) Class I (Hedged)

BNY Mellon Evolution Currency Option Fund Total net assets Net asset value per:

Class A Class C Class D^ Class K (Hedged) Sterling K (Hedged) Class P Class R Class S Class T (Acc) (Hedged) Sterling T (Acc) (Hedged) Class X

BNY Mellon Evolution Global Alpha Fund Total net assets Net asset value per:

BNY Mellon Global Bond Fund Total net assets Net asset value per:

Class A Class A Class B Class C Class C Class C (Inc)^

163

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund BNY Mellon Global Bond Fund contd. Net asset value per:

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

Sterling C (Inc) Class H (Hedged) Class I (Hedged) Class M Class X Class X (Hedged)

GBP EUR EUR USD USD JPY

1.260 1.374 1.397 134.80 2.454 195.527

1.290 1.337 1.350 130.58 2.352 186.112

1.234 1.255 1.264 122.99 2.193 176.491

USD USD USD  

42,249,128 1.105 1.136  

19,059,056 1.007 1.029  

13,693,104 – 1.008  

USD USD EUR USD EUR GBP USD EUR  

27,609,133 3.380 2.541 1.010 1.084 0.878 3.728 2.633  

27,853,481 2.991 2.291 0.889 0.973 0.808 3.266 2.351  

71,319,194 4.016 2.974 – – 1.075 4.342 3.022  

USD USD EUR USD EUR USD EUR EUR USD USD EUR

237,949,725 1.481 1.014 1.541 1.158 1.616 1.092 0.845 135.53 1.651 –

236,417,164 1.282 0.894 1.327 1.016 1.384 0.953 0.732 117.30 1.399 1.300

291,729,543 1.477 0.996 1.521 – 1.580 1.051 0.836 135.20 1.580 1.419

USD USD USD EUR USD EUR USD EUR GBP EUR USD EUR USD GBP EUR USD USD GBP GBP USD USD EUR EUR GBP GBP

240,650,228 1.084 1.017 1.221 1.273 1.163 1.196 1.177 1.157 1.215 1.157 1.129 1.204 1.164 112.51 114.40 104.92 111.30 105.22 0.999 0.999 0.991 0.991 0.996 0.996

72,741,880 – – 1.098 1.118 1.041 1.094 1.097 1.106 1.081 1.011 1.047 1.095 1.107 101.21 100.97 96.38 102.73 101.09 – – – – – –

14,388,103 – – 1.050 1.100 – 1.099 1.059 1.106 – – – 1.100 1.108 – – – – – – – – – – –

BNY Mellon Global Dynamic Bond Fund Total net assets Net asset value per:

Class A Class C   BNY Mellon Global Emerging Markets Equity Value Fund Total net assets Net asset value per: Class A Class A Class B Class B Sterling B (Acc) Class C Class C   BNY Mellon Global Equity Fund Total net assets Net asset value per: Class A Class A Class B Class B Class C Class C Class I (Hedged) Class M Class X Class X BNY Mellon Global Equity Higher Income Fund Total net assets Net asset value per: Class A^ Class A (Inc)^ Class A Class B Class B Class B (Inc) Class B (Inc) Sterling B (Inc) Class C Class C Class C (Inc) Class C (Inc) Sterling C (Inc) Class M Class M Class M (Inc) Sterling M (Acc) Sterling M (Inc) Class W (Acc)^ Class W (Inc)^ Class W (Acc)^ Class W (Inc)^ Sterling W (Acc)^ Sterling W (Inc)^

164

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

Class A Class C Class X (Inc)

EUR EUR EUR EUR

169,368,025 1.552 1.583 1.017

249,769,786 1.343 1.367 0.942

566,794,571 1.340 1.361 1.013

Class A Class A Class B Class B Class C Class C Class X

USD USD EUR USD EUR USD EUR EUR

112,858,621 1.765 1.198 1.839 1.166 1.898 1.286 1.374

126,753,699 1.529 1.057 1.585 1.024 1.628 1.124 1.188

186,528,861 1.703 1.139 1.757 – 1.795 1.198 1.253

Class A Class A Class C Class C Sterling I (Inc) (Hedged) Sterling J (Acc) (Hedged) Sterling J (Inc) (Hedged)

EUR USD EUR USD EUR GBP GBP GBP

7,199,297 0.963 1.166 1.010 1.222 1.802 1.216 1.201

4,963,678 0.777 0.958 0.806 0.994 1.473 0.993 0.991

8,002,815 0.848 1.011 0.871 1.039 1.567 1.050 1.050

Class A Class C Class C (Inc) Class W^ Class X

EUR EUR EUR EUR EUR EUR

1,140,129,630 1.139 1.155 1.053 1.036 1.083

568,312,509 1.101 1.111 1.028 – 1.031

113,746,363 1.092 1.096 – – –

BNY Mellon Global Real Return Fund (GBP)* Total net assets Net asset value per: Sterling B (Acc)^ Sterling B (Inc)^ Sterling C (Inc)^ Sterling W (Inc)^ Sterling W (Acc)^

GBP GBP GBP GBP GBP GBP

38,065,696 1.019 0.999 1.019 0.994 0.994

– – – – – –

– – – – – –

USD USD USD USD USD USD USD

171,907,275 1.216 1.237 1.084 1.283 0.993 0.993

82,492,788 1.178 1.192 1.061 1.224 – –

37,275,259 1.184 1.193 1.076 1.212 – –

Class A Class A Class C

JPY JPY EUR JPY

264,265,572 4795.580 42.276 5095.542

232,946,638 4288.076 42.907 4510.752

601,300,751 5450.500 50.478 5676.112

Class A Class A Class B Class B

USD USD EUR USD EUR

5,193,969 0.970 0.933 0.981 0.944

7,863,628 0.883 0.866 0.889 0.872

17,046,500 1.142 1.082 1.143 1.084

BNY Mellon Global High Yield Bond Fund (EUR) Total net assets Net asset value per:

BNY Mellon Global Opportunities Fund Total net assets Net asset value per:

BNY Mellon Global Property Securities Fund Total net assets Net asset value per:

BNY Mellon Global Real Return Fund (EUR) Total net assets Net asset value per:

BNY Mellon Global Real Return Fund (USD) Total net assets Net asset value per:

Class A Class C Class C (Inc) Class X Class W (Acc)^ Class W (Inc)^

BNY Mellon Japan Equity Value Fund Total net assets Net asset value per:

BNY Mellon Latin America Infrastructure Fund Total net assets Net asset value per:

165

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

BNY Mellon Latin America Infrastructure Fund contd. Net asset value per: Class C Class C

USD EUR

0.993 0.955

0.895 0.877

1.145 1.086

EUR USD EUR GBP USD EUR GBP USD EUR EUR USD EUR USD USD EUR GBP GBP USD EUR  

1,271,156,671 1.102 1.327 1.261 1.116 1.199 1.048 1.156 1.390 1.167 125.32 1.384 1.020 1.020 1.003 1.007 1.007 1.059 1.221  

547,126,463 0.939 1.152 1.125 0.947 1.036 – 0.976 1.195 1.011 106.83 1.189 – – – – – – 1.039  

464,769,884 0.981 1.166 1.171 – – – 1.009 1.198 – 111.68 1.189 – – – – – – –  

Class A Class A Class B Class C Class C

EUR EUR USD EUR EUR USD

8,446,108 1.110 1.618 1.148 1.168 2.148

5,502,343 0.949 1.357 0.976 0.989 1.784

19,605,853 1.093 1.617 1.119 1.127 2.104

Class A Class A Class C Class C Class X

USD USD EUR USD EUR EUR

162,030,690 1.273 0.965 1.378 0.991 –

130,463,151 1.119 0.864 1.203 0.881 –

299,414,795 1.116 0.835 1.191 0.845 0.849

Class A Class B Class C

EUR EUR EUR EUR

7,361,773 2.439 1.191 2.642

12,609,650 1.892 0.920 2.030

31,672,129 2.477 – 2.630

Class A Class A Class B Sterling C (Inc)

GBP GBP EUR GBP GBP

7,593,372 1.753 1.336 1.782 1.544

8,379,485 1.707 1.267 1.732 1.525

7,533,116 1.507 1.086 1.527 1.377

Class A Class A Sterling A (Inc) Class B Class C Class C Sterling C (Inc)

GBP GBP EUR GBP GBP GBP EUR GBP

19,752,940 1.519 1.134 1.007 1.576 1.645 1.625 1.238

26,406,482 1.402 1.020 0.959 1.447 1.503 1.447 1.179

32,711,172 1.406 0.993 1.007 1.444 1.493 1.395 1.238

BNY Mellon Long‑Term Global Equity Fund Total net assets Net asset value per:

Class A Class A Sterling A (Acc) Class B Class B Sterling B (Inc)^ Class C Class C Class C (Inc) Class M Class S Class W^ Class W (Inc)^ Class W (Acc)^ Sterling W (Acc)^ Sterling W (Inc)^ Class X^ Class X  

BNY Mellon Pan European Equity Fund Total net assets Net asset value per:

BNY Mellon S&P 500® Index Tracker Total net assets Net asset value per:

BNY Mellon Small Cap Euroland Fund Total net assets Net asset value per:

BNY Mellon Sterling Bond Fund Total net assets Net asset value per:

BNY Mellon UK Equity Fund Total net assets Net asset value per:

166

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 16. Net asset value contd. Fund BNY Mellon U.S. Dynamic Value Fund Total net assets Net asset value per:

BNY Mellon U.S. Equity Fund Total net assets Net asset value per:

Share Class

Currency

31 December 2012

31 December 2011

31 December 2010

Class A Class A Class B Class B Class C Class C Class X (Inc)

USD USD EUR USD EUR USD EUR USD

88,289,691 1.604 1.197 1.135 1.220 1.715 1.378 1.131

159,040,124 1.378 1.048 0.971 1.063 1.459 1.195 0.965

313,196,872 1.498 1.102 – – 1.570 1.243 1.041

USD USD EUR USD EUR USD EUR GBP EUR EUR GBP

28,848,116 1.025 0.711 1.037 1.129 1.155 0.750 0.999 0.649 0.963 0.884

100,070,672 0.956 0.676 0.967 1.073 1.069 0.707 – 0.864 0.902 0.819

30,408,335 0.928 0.635 0.939 – 1.031 0.659 – 0.838 0.870 0.789

USD USD EUR USD EUR GBP USD EUR GBP GBP USD  

25,200,035 1.074 1.259 1.040 1.117 0.677 1.124 1.318 1.386 1.344 194.96  

16,396,994 0.828 0.990 0.799 0.874 0.543 0.858 1.026 1.107 1.081 150.39  

52,315,999 1.596 1.844 – – 1.037 1.638 1.892 2.102 2.063 289.83  

Class A Class A Class B Class B Class C Class C Sterling C^ Class H (Hedged) Class I (Hedged) Sterling I (Inc) (Hedged)

BNY Mellon Vietnam, India and China (VIC) Fund Total net assets Net asset value per: Class A Class A Class B Class B Sterling B (Acc) Class C Class C Sterling C (Acc) Sterling C (Inc) Class M   * Please refer to Note 19 of the financial statements. ^ This share class was launched during the reporting year.

17. Financial assets and liabilities at fair value through profit or loss An analysis of fair value through profit or loss is as follows: Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Absolute Return Bond Fund* Bonds Credit default swaps Fixed income funds Forward contracts Futures Interest rate swaps Leveraged loans

EUR 102,435,151 942,692 11,251,124 679,819 9,450 67,162 4,057,146

EUR – (424,611) – (356,549) – (84,672) –

119,442,544

(865,832)

EUR 1,317,457 21,749 222,875 (26,078) 216,673 (12,726) 52,594 1,792,544

EUR – – – – – – –

EUR – – – – – – –

EUR – – – – – – –

–

–

–

167

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Absolute Return Equity Fund Certificates of deposit Commercial paper Discounted notes Equities Equity index swaps Equity swaps Floating rate notes Forward contracts Futures Time deposits

GBP 50,062,093 31,983,672 7,998,895 25,888,104 150,620 15,292,621 17,587,724 401,726 231,707 16,000,800

GBP – – – – (2,016,624) (6,370,596) – (116,932) (15,271) –

GBP 301,199 162,021 54,870 5,416,688 (4,513,433) 8,137,702 360,670 231,377 3,463,791 356,603

GBP 16,021,701 40,940,651 14,995,575 635,060 542,181 5,069,531 6,462,118 24,462 3,515 12,000,460

GBP – – – – (165,250) (4,568,574) – (646,498) (191,692) –

GBP 71,831 213,994 98,901 (612,146) 2,321,441 609,536 6,002 (1,218,271) (218,765) 72,048

165,597,962

(8,519,423)

13,971,488

96,695,254

(5,572,014)

1,344,571

USD 409,935,902 –

USD – (289)

USD 62,547,357 (15,795)

USD 464,570,163 –

USD – –

USD (147,520,476) 85,290

409,935,902

(289)

62,531,562

464,570,163

–

(147,435,186)

USD 413,609,813 –

USD – –

USD 11,393,255 (136,170)

USD 354,317,609 –

USD – (640)

USD (101,057,430) (653,754)

413,609,813

–

11,257,085

354,317,609

(640)

(101,711,184)

EUR 21,913,136 26 –

EUR – – –

EUR 4,285,406 (543) –

EUR 23,631,009 – –

EUR – – –

EUR (4,983,957) 10,333 (52,708)

21,913,162

–

4,284,863

23,631,009

–

(5,026,332)

USD 16,616,950 80

USD -

USD – –

USD – –

USD – –

16,617,030

-

–

–

–

USD – – – –

USD – – – –

USD – – – –

–

–

–

BNY Mellon Asian Equity Fund Equities Forward contracts

BNY Mellon Brazil Equity Fund Equities Forward contracts

BNY Mellon Continental European Equity Fund Equities Forward contracts Options

BNY Mellon Emerging Equity Income Fund* Equities Forward contracts

USD 471,568 (7,438) 464,130

BNY Mellon Emerging Markets Corporate Debt Fund* Bonds Credit default swaps Forward contracts Futures

168

USD 69,285,093 301,966 2,845 12,219

USD – (289,026) (53,707) –

USD 8,358,295 (112,426) (6,659) (154,360)

69,602,123

(342,733)

8,084,850

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Emerging Markets Debt Fund Bonds Credit default swaps Forward contracts

USD 597,032,808 – 441,088

USD – – (299)

USD 83,505,806 – 306,465

USD 333,814,947 134,901 201

USD – – (30,043)

USD 31,406,092 (1,554,535) (616,203)

597,473,896

(299)

83,812,271

333,950,049

(30,043)

29,235,354

USD 3,255,979,948 – 23,262,655

USD – – (17,197,069)

USD 487,414,259 – (2,996,603)

USD 3,124,581,907 1,256,978 4,148,108

USD – (2,237,541) (27,736,414)

USD (94,987,007) (1,877,173) (37,357,014)

3,279,242,603

(17,197,069)

484,417,656

3,129,986,993

(29,973,955)

(134,221,194)

BNY Mellon Emerging Markets Debt Local Currency Fund Bonds Credit default swaps Forward contracts

BNY Mellon Emerging Markets Equity Fund Equities Forward contracts

USD 19,638,364 –

USD – –

USD 5,092,146 (9,461)

USD 37,440,944 –

USD – –

USD (13,562,102) (19,416)

19,638,364

–

5,082,685

37,440,944

–

(13,581,518)

USD

USD

USD

USD

USD

USD

3,990,944 161,925,496

– –

750,934 15,969,739

– –

– –

– –

165,916,440

–

16,720,673

–

–

–

BNY Mellon Emerging Markets Equity Core Fund* Collective investment schemes Equities

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD Bonds 295,235,729 Forward contracts 1,012,547 Total return swaps –

USD – (1,296,281) (1,897,793)

USD 35,708,202 (86,229) 261,231

USD 237,297,766 775,540 –

USD – (507,881) (1,237,544)

USD (28,372,165) (1,570,784) (1,237,544)

296,248,276

(3,194,074)

35,883,204

238,073,306

(1,745,425)

(31,180,493)

EUR 114,023,386 8,454 – –

EUR – – – (18,405)

EUR 14,571,073 49,132 – (397,039)

EUR 87,799,787 – – 18,975

EUR – – – (73,260)

EUR 79,533 – 15,485 (161,323)

114,031,840

(18,405)

14,223,166

87,818,762

(73,260)

(66,305)

BNY Mellon Euro Corporate Bond Fund Bonds Credit default swaps Forward contracts Futures

BNY Mellon Euro Government Bond Index Tracker Bonds

EUR 12,292,575

EUR –

EUR 1,472,973

EUR 14,569,398

EUR –

EUR 404,894

12,292,575

–

1,472,973

14,569,398

–

404,894

169

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Euroland Bond Fund Bonds Credit default swaps Forward contracts Futures Interest rate swaps Options

EUR 1,691,985,113 – 7,511,358 2,580,347 3,706,654 5,217,872

EUR – (123,364) (2,659,353) (255,351) (9,591,697) –

EUR 167,188,926 (302,579) 18,404,150 4,231,897 1,340,890 (147,339)

EUR 1,246,433,616 – 3,483,891 3,140,531 520,728 –

EUR – – (3,031,154) (900,109) (8,283,248) –

EUR 42,550,104 (1,397,264) 6,525,326 (5,750,801) (7,045,494) (1,087,460)

1,711,001,344

(12,629,765)

190,715,945

1,253,578,766

(12,214,511)

33,794,411

EUR 1,565,669

EUR 6,789,451

BNY Mellon Evolution Currency Option Fund Bonds Collective investment schemes Forward contracts Options Time deposits

EUR 3,358,091

EUR –

EUR –

EUR 1,312,392

645,022 164,953 104,131 2,280,000

– (137,421) (34,395) –

(26) (214,482) (1,590,714) (5,441)

– 281,451 1,453,368 1,900,022

– (373,387) (922,333) –

– (192,314) (1,240,034) 6,510

6,552,197

(171,816)

(244,994)

10,424,292

(1,295,720)

(113,446)

EUR 18,960,519 138,560 98,791

EUR – (609,521) (211,555)

EUR (60,855) (681,723) 577,784

EUR 23,759,491 972,704 809,528

EUR – (164,512) (533,199)

EUR 224,448 183,036 346,643

19,197,870

(821,076)

(164,794)

25,541,723

(697,711)

754,127

USD 8,221,024 – 86,190 10,949 12,922 – 26,104

USD – (6,381) – (19,728) (5,948) – (5,719)

USD 876,422 – 10,942 239,479 (89,552) – 7,152

USD 10,170,397 29,268 – 21,659 6,911 – 23,393

USD – – – (13,065) (11,564) – (26,679)

USD 662,918 1,440 – (189,638) (539,665) (4,629) 12,256

8,357,189

(37,776)

1,044,443

10,251,628

(51,308)

(57,318)

USD 961,578,103 4,106,821 –

USD – (17,927,055) –

USD 101,084,375 (59,109,068) –

USD 1,161,591,416 9,527,939 –

USD – (9,584,118) –

USD 38,647,525 1,561,412 (491,726)

965,684,924

(17,927,055)

41,975,307

1,171,119,355

(9,584,118)

39,717,211

BNY Mellon Evolution Global Alpha Fund Bonds Forward contracts Futures

BNY Mellon Evolution Global Strategic Bond Fund Bonds Credit default swaps Equities Forward contracts Futures Interest rate swaps Options

BNY Mellon Global Bond Fund Bonds Forward contracts Options

170

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

USD 3,723,268

USD 17,540,406

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Global Dynamic Bond Fund Bonds Collective investment schemes Equities Forward contracts Futures Options

USD 35,653,841

USD –

2,575,610 – 71,175 – –

– – (118,086) – –

38,300,626

(118,086)

USD –

USD 331,750

8,688 45,089 204,389 – –

– – (34,110) – –

(6,533) (63,071) 278,150 (103,879) (36,306)

2,862,749

17,798,572

(34,110)

400,111

82,704 (4,477) (938,746) – –

BNY Mellon Global Emerging Markets Equity Value Fund Collective investment schemes Equities Forward contracts

USD

USD

USD

USD

USD

USD

293,300 26,487,151 –

– – –

2,955 3,324,843 204

– 26,795,630 –

– – (8)

(3,008) (12,957,415) (70,311)

26,780,451

–

3,328,002

26,795,630

(8)

(13,030,734)

USD

USD

USD

USD

BNY Mellon Global Equity Fund Collective investment schemes Equities Forward contracts

1,599,727 226,422,383 62,368

– – (207,493)

228,084,478

(207,493)

USD 1,318,363 234,305,199 55,216

(376,804) 37,461,312 (574,760)

USD

USD

1,829,295 222,762,449 410,887

– – (405,123)

(941,799) (33,630,913) (76,780)

36,509,748

225,002,631

(405,123)

(34,649,492)

USD – – (551,102)

USD (107,877) 13,879,908 (599,921)

USD 1,142,395 69,702,354 418,682

USD – – (6,784)

USD (50,797) (1,047,168) 341,255

235,678,778

(551,102)

13,172,110

71,263,431

(6,784)

(756,710)

EUR 162,566,416 – 1,459,732 1,466,194

EUR – – – (15,977)

EUR 31,972,596 – 198,513 1,595,456

EUR 243,997,230 – 1,096,717 194,688

EUR – – – (1,353,530)

EUR 11,672,874 (1,201,307) 387,680 5,115,317

165,492,342

(15,977)

33,766,565

245,288,635

(1,353,530)

15,974,564

USD 4,699,944 101,697,594 106,085

USD – – (132,023)

USD 4,274 18,646,788 239,479

USD 6,199,951 116,432,839 564,529

USD – – (259)

USD (80) (17,017,024) 747,257

106,503,623

(132,023)

18,890,541

123,197,319

(259)

(16,269,847)

BNY Mellon Global Equity Higher Income Fund Bonds Equities Forward contracts

BNY Mellon Global High Yield Bond Fund (EUR) Bonds Credit default swaps Equities Forward contracts

BNY Mellon Global Opportunities Fund Bonds Equities Forward contracts

171

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Global Property Securities Fund Equities Forward contracts

EUR 6,986,019 28

EUR – (4,276)

EUR 1,106,577 8,744

EUR 4,860,719 5,383

EUR – –

EUR (357,381) 25,197

6,986,047

(4,276)

1,115,321

4,866,102

–

(332,184)

EUR 339,221,790

EUR –

EUR 18,629,173

EUR 224,321,486

EUR –

BNY Mellon Global Real Return Fund (EUR) Bonds Collective investment schemes Equities Forward contracts Futures Options

EUR 7,779,102

29,371,577 694,245,449 15,041,002 – 5,577,322

– – (2,001,273) – (1,615,183)

643,826 (5,101,140) 2,145,006 (137) (1,210,464)

12,230,059 298,853,857 570,213 – 1,724,010

– – (8,018,433) – (1,755,957)

(344,981) 4,906,750 (10,951,668) – 1,885,519

1,083,457,140

(3,616,456)

15,106,264

537,699,625

(9,774,390)

3,274,722

GBP 36,314

GBP –

GBP –

GBP –

BNY Mellon Global Real Return Fund (GBP)* Bonds Collective investment schemes Equities Forward contracts Options

GBP 11,349,151

GBP –

1,617,195 22,811,367 149,392 189,057

– – (217,927) (59,252)

(22,866) 40,516 (35,575) (3,265)

– – – –

– – – –

– – – –

36,116,162

(277,179)

15,124

–

–

–

USD 65,204

USD 31,625,908

USD –

USD 632,895

BNY Mellon Global Real Return Fund (USD) Bonds Collective investment schemes Equities Forward contracts Futures Options

USD 53,607,069

USD –

4,282,809 106,008,366 529,493 – 839,050

– – (3,112,056) – (239,546)

138,667 1,484,417 (2,343,046) – 2,406,126

2,163,168 42,439,794 2,203,620 – 261,046

– – (681,958) – (262,273)

(46,522) (2,433,360) 202,924 – 60,114

165,266,787

(3,351,602)

1,751,368

78,693,536

(944,231)

(1,583,949)

BNY Mellon Japan Equity Value Fund Equities Forward contracts

JPY 259,592,650 –

JPY – –

JPY 29,493,829 49,302

JPY 228,359,850 –

JPY – –

JPY (125,894,898) 17

259,592,650

–

29,543,131

228,359,850

–

(125,894,881)

USD 5,032,129 –

USD – –

USD 723,658 (1,782)

USD 7,586,169 –

USD – –

USD (4,074,787) 12,699

5,032,129

–

721,876

7,586,169

–

(4,062,088)

BNY Mellon Latin America Infrastructure Fund Equities Forward contracts

172

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012 BNY Mellon Long–Term Global Equity Fund Equities Forward contracts

BNY Mellon Pan European Equity Fund Equities Forward contracts

BNY Mellon S&P 500® Index Tracker Bonds Equities Forward contracts Futures

BNY Mellon Small Cap Euroland Fund Equities Forward contracts Futures

BNY Mellon Sterling Bond Fund Bonds Forward contracts

BNY Mellon UK Equity Fund Equities Forward contracts Futures Options Warrants

BNY Mellon U.S. Dynamic Value Fund Equities Forward contracts

BNY Mellon U.S. Equity Fund Equities Forward contracts

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

EUR 1,243,848,933 –

EUR – (14)

EUR 111,802,184 (427,566)

EUR 535,722,524 46,515

EUR – (12,292)

EUR (3,502,978) 72,836

1,243,848,933

(14)

111,374,618

535,769,039

(12,292)

(3,430,142)

EUR 8,234,304 103

EUR – –

EUR 860,443 407

EUR 5,362,286 –

EUR – (12)

EUR (1,839,708) 14,278

8,234,407

–

860,850

5,362,286

(12)

(1,825,430)

USD 64,995 161,805,555 – –

USD – – – (1,325)

USD 112 18,872,122 – 213,461

USD 319,988 127,759,366 – 10,147

USD – – (445) –

USD 338 899,953 (369,741) 481,035

161,870,550

(1,325)

19,085,695

128,089,501

(445)

1,011,585

EUR 7,080,576 – –

EUR – – (1,360)

EUR 2,006,894 – 35,385

EUR 12,199,578 – 11,030

EUR – – –

EUR (7,193,035) 1,055 (43,448)

7,080,576

(1,360)

2,042,279

12,210,608

–

(7,235,428)

GBP 7,384,824 –

GBP – –

GBP 298,798 461

GBP 7,845,076 –

GBP – –

GBP 1,011,003 191

7,384,824

–

299,259

7,845,076

–

1,011,194

GBP 1,167,186 (9) (36) 104,492 –

GBP 25,316,934 – – – –

GBP – – – (1,525) –

GBP (1,520,651) 212 – 153,094 (374)

GBP 17,762,424 – – – –

GBP – (2) – – –

17,762,424

(2)

1,271,633

25,316,934

(1,525)

(1,367,719)

USD 88,005,501 –

USD – (320)

USD 19,056,352 –

USD 157,953,352 –

USD – (7)

USD (16,217,632) (70,216)

88,005,501

(320)

19,056,352

157,953,352

(7)

(16,287,848)

USD 28,067,186 77,405

USD (267)

USD 6,025,977 477,281

USD 99,039,202 4,111

USD – (1,089,372)

USD 2,232,081 (1,604,095)

28,144,591

(267)

6,503,258

99,043,313

(1,089,372)

627,986 173

BNY Mellon Global Funds, plc Notes to the Financial Statements 17. Financial assets and liabilities at fair value through profit or loss contd. Fund

Classification

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2012

Realised and unrealised gains/(losses) charged to Profit and Loss Account

Financial assets at fair value through profit or loss

Financial liabilities at fair value through profit or loss

31 December 2011

Realised and unrealised gains/(losses) charged to Profit and Loss Account

BNY Mellon Vietnam, India and China (VIC) Fund Equities Forward contracts Warrants

USD 22,686,569 – 2,433,001

USD – – –

USD 4,563,879 – –

USD 12,970,306 – 2,327,106

USD – – –

USD (17,229,800) (73) (1,474,580)

25,119,570

–

4,563,879

15,297,412

–

(18,704,453)

* Please refer to Note 19 of the financial statements.

18. Values of financial instruments and financial risk management process Strategy in using financial instruments The Company’s investment activities expose it to the various types of risk, which are associated with the financial instruments and markets in which it invests: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Company has in place risk management programmes that seek to limit the potential adverse effects of these risks on the Funds’ financial performances. The assets of each Fund will be invested separately in accordance with the investment objectives and policies of the relevant Fund, which are set out in the relevant supplements to the prospectus. Where a Fund maintains in its name reference to a particular currency, country, region, economic sector or type of security, at least three quarters of the assets of that Fund will comprise investments corresponding to the relevant currency, country, region, economic sector or type of security (as appropriate). The Funds may use Financial Derivative Instruments (“FDI”) for efficient portfolio management purposes or to protect against foreign exchange risks. Some Funds have the facility to use FDI for investment purposes according to the UCITS Notices and Guidance Notes. In their Risk Management Process (“RMP”) the Funds define themselves as being either a sophisticated or non‑sophisticated user of FDI according to the risk profile of the strategies being pursued, with the rationale for doing so. The non‑sophisticated Funds use the commitment approach to calculate the exposure to FDI, while the sophisticated Funds utilise Value at Risk (“VaR”), which for a pre‑defined time horizon measures the threshold loss in value of a portfolio of financial instruments that may be exceeded for a given probability (either Absolute[1] or Relative[2]). The quality of the VaR model forecasts is demonstrated by back‑testing. As a complement to VaR, stress testing is used to evaluate the potential impact on portfolio values of extreme, although plausible, events or movements in a set of financial variables. [1] [2]

This is defined as the VaR of the Fund capped as a percentage of NAV. This is defined as the VaR of the Fund divided by the VaR of a benchmark or reference portfolio.

For a more detailed discussion, the RMP for each of the Funds is available on request. Financial risk management process In order to achieve its investment objectives the Company buys, sells or holds financial assets and liabilities. As a consequence the Company is exposed to market price risk, interest rate risk, credit risk, liquidity risk and currency risk arising from the financial instruments it holds. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company uses financial derivative instruments to moderate certain risk exposures. The risk management policies employed by the Company to manage these risks are discussed below. Investment risk Activities of each Fund expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. Each type of risk is discussed in turn and quantitative analyses are provided when relevant. Market risk This is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: market price risk, currency risk and interest rate risk. Market price risk This is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk and currency risk), whether those changes are caused by factors specific to individual financial instruments or its issuer, or other factors affecting similar financial instruments traded in the market. 174

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. Many of the Funds trade in financial instruments, taking positions in traded securities in the equity and equity derivative markets. The investment of the Fund is subject to market fluctuations and there can be no assurances that investments will appreciate in value, therefore presenting a risk of loss of capital. The investment manager manages market price risk through building diversified investment portfolios across a range of industry and or geographic sectors as is appropriate for the Fund and in accordance with the UCITS Regulations and the investment objectives of the Funds. An analysis of this diversification by Fund is provided in the table below. The market positions of the funds are monitored on a daily basis by the investment manager, reviewed on a monthly basis by the Investment Management Oversight Committee and on a quarterly basis by the Directors. The overall market exposures as at 31 December 2012 and 31 December 2011 are set out below: BNY Mellon Absolute Return Bond Fund* Analysis by Geographic Location Australia Bermuda Czech Republic Denmark Europe France Germany Ireland Italy Luxembourg Marshall Islands Netherlands Norway Spain Sweden Switzerland United Kingdom United States of America

Other net assets Total net assets BNY Mellon Absolute Return Equity Fund Analysis by Geographic Location Australia Austria Canada Denmark France Germany Guernsey International Ireland Isle of Man Italy Netherlands Norway Portugal Spain Supranational Sweden Switzerland

2012 % 5.52 0.45 0.43 0.13 1.39 5.78 11.51 8.83 0.14 0.09 0.01 13.74 7.64 1.85 0.78 3.14 22.49 8.19

2011 % – – – – – – – – – – – – – – – – – –

92.11

–

7.89

–

100.00

–

2012 % 1.26 0.72 0.36 – 5.19 4.94 1.31 2.49 0.05 – – 9.69 – 0.02 0.46 – 3.02 1.78

2011 % 4.02 – 3.15 3.05 3.83 7.08 0.01 – – 0.10 0.12 6.60 2.94 0.22 0.09 3.66 6.64 –

BNY Mellon Absolute Return Equity Fund contd. Analysis by Geographic Location United Kingdom United States of America

Other net assets Total net assets BNY Mellon Asian Equity Fund Analysis by Geographic Location Australia China Hong Kong India Indonesia Malaysia Philippines Singapore Taiwan Thailand United Kingdom

Other net assets Total net assets BNY Mellon Brazil Equity Fund Analysis by Industry Classification Basic Materials Communications Consumer, Cyclical Consumer, Non‑cyclical Energy Financials Industrials Utilities

Other net assets Total net assets

2012 % 48.25 2.70

2011 % 25.91 3.68

82.24

71.10

17.76

28.90

100.00

100.00

2012 % 19.16 4.29 17.92 11.34 2.29 3.25 4.53 9.27 8.39 6.50 12.13

2011 % 19.90 9.60 16.38 7.71 1.99 – 1.41 3.03 12.44 4.41 10.74

99.07

87.61

0.93

12.39

100.00

100.00

2012 % 11.68 10.11 12.46 13.41 13.10 20.30 5.83 11.27

2011 % 13.73 12.22 7.24 11.34 15.99 17.25 4.35 15.85

98.16

97.97

1.84

2.03

100.00

100.00

175

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Continental European Equity Fund Analysis by Geographic Location Belgium Denmark France Germany Italy Luxembourg Netherlands Norway Poland Spain Sweden Switzerland

Other net assets Total net assets BNY Mellon Emerging Equity Income Fund* Analysis by Geographic Location Brazil Cayman Islands Chile China Czech Republic Hong Kong Indonesia Malaysia Mexico Peru Philippines Poland South Africa Sweden Taiwan Thailand

Other net assets Total net assets BNY Mellon Emerging Markets Corporate Debt Fund* Analysis by Geographic Location Azerbaijan Brazil Chile China Colombia Croatia Hong Kong Hungary India Indonesia Israel Jamaica Kazakhstan

176

2012 % 2.56 1.41 24.29 24.67 7.47 1.25 8.61 1.56 – 1.45 4.76 18.83

2011 % 6.26 – 17.49 27.56 10.81 1.71 5.56 1.78 1.71 1.86 6.87 17.54

96.86

99.15

3.14

0.85

100.00

100.00

2012 % 16.56 1.59 2.30 4.11 1.99 13.02 2.82 8.30 10.30 1.76 2.18 2.08 14.24 2.30 4.46 10.15

2011 % – – – – – – – – – – – – – – – –

98.16

–

1.84

–

100.00

–

2012 % 1.51 10.58 0.97 2.92 1.89 3.20 2.30 2.17 2.89 2.99 0.43 2.89 2.42

2011 % – – – – – – – – – – – – –

BNY Mellon Emerging Markets Corporate Debt Fund* contd. Analysis by Geographic Location Mexico Mongolia Nigeria Peru Poland Qatar Romania Russia Thailand Turkey Ukraine United Arab Emirates Venezuela Zambia

Other net assets Total net assets BNY Mellon Emerging Markets Debt Fund Analysis by Geographic Location Angola Argentina Brazil Chile China Colombia Costa Rica Croatia Czech Republic Dominican Republic Ecuador El Salvador Gabon Georgia Hungary Indonesia Kazakhstan Latvia Lithuania Malaysia Mexico Mongolia Morocco Namibia Panama Peru Philippines Poland Qatar Republic of Korea Republic of Serbia Russia South Africa Sri Lanka Supranational Thailand

2012 % 9.41 2.35 2.70 6.01 2.91 2.37 1.90 11.26 2.69 4.56 0.69 4.81 2.33 2.08

2011 % – – – – – – – – – – – – – –

93.23

–

6.77

–

100.00

–

2012 % 0.17 0.77 7.28 2.11 1.05 2.17 1.78 0.43 0.20 0.33 0.06 0.41 – 0.07 1.05 9.29 3.67 0.39 1.92 0.81 8.92 0.39 0.34 0.12 0.85 2.10 3.50 1.28 – 0.38 – 10.79 1.35 – 4.71 0.84

2011 % – 1.42 7.14 1.82 – 3.35 – 0.64 – 0.93 0.11 0.52 0.43 1.05 0.25 7.58 3.98 – 2.20 – 9.57 – – 0.20 1.75 1.79 3.08 1.06 1.64 1.37 0.38 10.08 1.64 0.84 5.13 –

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Emerging Markets Debt Fund contd. Analysis by Geographic Location Turkey Ukraine United Arab Emirates Uruguay Venezuela Zambia

Other net assets Total net assets BNY Mellon Emerging Markets Debt Local Currency Fund Analysis by Geographic Location Brazil Colombia Hungary Indonesia Malaysia Mexico Nigeria Peru Philippines Poland Russia South Africa Thailand Turkey United States of America Uruguay

Other net assets Total net assets BNY Mellon Emerging Markets Equity Fund Analysis by Geographic Location Brazil Chile China Colombia Czech Republic Egypt Hungary India Indonesia Malaysia Mexico Peru Philippines Poland Russia South Africa South Korea Taiwan

2012 % 9.99 1.04 – 1.63 10.58 0.18

2011 % 8.67 2.14 0.22 2.40 9.11 –

92.95

92.49

7.05

7.51

100.00

100.00

2012 % 9.74 3.18 3.06 8.76 8.96 9.20 2.31 2.80 1.22 7.98 9.38 11.15 3.73 13.94 0.31 0.18

2011 % 8.98 2.87 1.12 7.84 16.69 11.47 – 2.61 1.32 7.86 1.62 12.55 7.46 11.60 0.41 –

95.90

94.40

4.10

5.60

100.00

100.00

2012 % 12.17 1.12 17.91 0.74 0.75 0.47 0.82 6.69 2.65 3.55 4.68 0.33 0.90 1.84 6.24 7.43 15.27 11.04

2011 % 17.16 – 20.43 2.61 – 1.70 0.28 3.60 – 1.03 2.01 – – 1.42 8.51 5.26 17.13 8.55

BNY Mellon Emerging Markets Equity Fund contd. Analysis by Geographic Location Thailand Turkey

Other net assets Total net assets BNY Mellon Emerging Markets Equity Core Fund* Analysis by Geographic Location Brazil Chile China India Indonesia Malaysia Mexico Peru Philippines Russia South Africa South Korea Taiwan Thailand Turkey United States of America

Other net assets Total net assets BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Analysis by Geographic Location Brazil Colombia Hungary Malaysia Mexico Peru Philippines Poland Russia South Africa Thailand Uruguay

Other net assets Total net assets

2012 % 2.31 2.39

2011 % 4.49 3.61

99.30

97.79

0.70

2.21

100.00

100.00

2012 % 8.32 1.36 20.56 5.58 1.71 2.00 4.18 0.64 0.81 9.60 6.41 16.08 8.72 7.42 4.99 0.75

2011 % – – – – – – – – – – – – – – – –

99.13

–

0.87

–

100.00

–

2012

2011

% 12.98 2.05 – 14.50 15.23 2.83 1.11 13.64 11.83 14.31 6.96 0.25

% 14.96 2.02 1.59 15.03 13.86 2.62 1.08 11.82 2.18 13.43 8.03 –

95.69

86.62

4.31

13.38

100.00

100.00

177

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Euro Corporate Bond Fund Analysis by Geographic Location Australia Belgium Brazil Czech Republic Denmark Finland France Germany Hungary Ireland Italy Luxembourg Mexico Netherlands Norway Poland Portugal Russia Spain Sweden Switzerland United Kingdom United States of America

Other net assets Total net assets BNY Mellon Euro Government Bond Index Tracker Analysis by Geographic Location Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain

Other net assets Total net assets BNY Mellon Euroland Bond Fund Analysis by Geographic Location Australia Austria Belgium Bermuda Brazil Canada Cayman Islands

178

2012 % 1.03 0.45 0.97 0.28 1.78 0.40 20.51 10.82 0.27 0.47 10.05 0.41 0.83 10.35 0.61 0.19 0.44 1.22 8.57 3.76 4.04 11.04 8.73

2011 % – 0.99 0.54 – 1.25 0.66 15.58 12.42 – 0.57 8.32 – 0.88 6.81 – 0.20 – 0.71 5.52 4.98 6.71 12.75 11.02

97.22

89.91

2.78

10.09

100.00

100.00

2012 % 4.09 6.86 1.36 22.12 24.00 1.96 18.39 6.86 – 9.23

2011 % 4.16 6.32 1.53 22.24 23.31 1.60 21.44 5.81 1.14 10.39

94.87

97.94

5.13

2.06

100.00

100.00

2012 % 0.17 2.09 3.80 – 0.74 0.81 0.18

2011 % 0.55 – 0.95 0.15 1.53 1.61 –

BNY Mellon Euroland Bond Fund contd. Analysis by Geographic Location Chile China Colombia Denmark France Germany Iceland Ireland Italy Kazakhstan Luxembourg Mexico Mongolia Netherlands Norway Peru Poland Qatar Republic of Korea Slovakia Slovenia South Africa Spain Supranational Sweden Switzerland Thailand Turkey United Arab Emirates United Kingdom United States of America Venezuela Zambia

Other net assets Total net assets BNY Mellon Evolution Currency Option Fund Analysis by Geographic Location Finland France Germany Ireland Netherlands Supranational

Other net assets Total net assets

2012 % 0.52 0.17 0.15 2.04 7.95 8.11 0.28 2.29 15.52 0.52 2.53 0.34 0.17 6.25 0.35 0.16 0.43 – 0.43 3.76 0.53 2.22 13.16 0.17 – 1.48 0.19 1.06 – 8.91 8.18 0.36 0.07

2011 % 1.15 – – 0.57 10.06 23.71 – 0.96 13.38 – 2.07 0.58 – 10.31 0.69 – 0.51 0.51 0.09 – – – 4.29 0.49 0.30 – – – 0.45 10.67 12.04 – –

96.09

97.62

3.91

2.38

100.00

100.00

2012 % – 39.83 27.48 9.48 14.70 –

2011 % 19.73 33.38 1.60 – 8.94 17.86

91.49

81.51

8.51

18.49

100.00

100.00

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Evolution Global Alpha Fund Analysis by Geographic Location Belgium France Germany Netherlands

Other net assets Total net assets

2012 % 30.38 22.02 12.77 18.32

2011 % 13.68 26.67 19.84 21.08

83.49

81.27

16.51

18.73

100.00

100.00

2012 % 0.37 – – 0.43 0.50 0.78 1.64 8.59 5.61 1.49 2.57 2.99 1.01 2.54 – – – 4.00 – 2.61 2.53 1.43 5.85 1.46 – 3.82 4.35 42.91 1.00

2011 % 1.03 0.29 1.63 – – 1.67 2.17 2.33 – 1.09 1.06 3.24 3.50 – 0.70 0.42 0.36 – 2.08 – – 1.00 1.01 0.47 1.21 – 15.02 62.86 0.60

98.48

103.74

1.52

(3.74)

100.00

100.00

2012 % 4.90 4.09 2.03 23.82 0.45 1.55 4.56

2011 % 5.83 7.59 2.37 20.62 – 1.99 3.09

BNY Mellon Global Bond Fund contd. Analysis by Currency New zealand dollar Norwegian krone Polish zloty Sterling Swedish krona Turkish lira US dollar

Other net assets BNY Mellon Evolution Global Strategic Bond Fund Analysis by Geographic Location Australia Bermuda Brazil Canada Colombia France Germany Ireland Italy Kazakhstan Luxembourg Mexico Netherlands Nigeria Norway Peru Poland Portugal Qatar Russia Slovenia South Africa Spain Supranational Sweden Turkey United Kingdom United States of America Venezuela

Other net assets (liabilities) Total net assets BNY Mellon Global Bond Fund Analysis by Currency Australian dollar Canadian dollar Czech koruna Euro Indonesian rupiah Malaysian ringgit Mexican peso

Total net assets BNY Mellon Global Dynamic Bond Fund Analysis by Geographic Location Australia Bermuda Brazil Bulgaria Canada Cayman Islands Costa Rica Croatia Czech Republic Denmark Dominican Republic El Salvador Finland France Germany Ghana Guernsey Iceland Indonesia Ireland Italy Japan Jersey Latvia Lithuania Luxembourg Malaysia Marshall Islands Mexico Mongolia Namibia Netherlands New Zealand Norway Poland Portugal Romania Singapore South Africa Spain Supranational Sweden

2012 % 3.80 6.40 2.87 7.10 1.59 0.33 33.52

2011 % 4.97 1.67 2.03 12.00 0.96 – 29.63

97.01

92.75

2.99

7.25

100.00

100.00

2012 % 2.26 0.35 – 0.19 3.54 2.30 0.49 0.41 1.11 0.67 0.50 0.38 0.57 – 2.21 0.55 0.40 0.50 0.21 9.61 0.49 0.35 0.59 0.47 0.56 3.01 1.46 0.26 4.00 0.47 0.53 4.52 3.25 5.87 2.64 0.82 – – 0.61 – 1.55 2.50

2011 % 8.27 0.12 0.98 0.29 7.22 2.55 – 0.49 2.26 0.32 – 0.81 0.81 0.89 0.95 0.57 1.08 – 0.64 0.88 0.27 0.59 1.11 – – 0.58 2.01 – 3.73 – – 3.98 5.44 2.33 1.97 – 0.33 0.96 0.25 0.69 1.11 0.41

179

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Global Dynamic Bond Fund contd. Analysis by Geographic Location Switzerland United Kingdom United States of America Venezuela

Other net assets Total net assets BNY Mellon Global Emerging Markets Equity Value Fund Analysis by Geographic Location Brazil China Czech Republic Egypt Hong Kong Hungary India Indonesia Malaysia Mexico Poland Russia South Africa South Korea Taiwan Tanzania Thailand Turkey Ukraine

2012 % 0.58 17.86 10.42 –

2011 % – 22.64 12.76 0.67

BNY Mellon Global Equity Fund contd. Analysis by Geographic Location United Kingdom United States of America

89.06

90.96

Other net assets

10.94

9.04

100.00

100.00

2012 % 16.12 19.42 0.28 – 0.69 0.48 11.11 1.58 0.89 1.88 0.89 5.51 6.04 20.34 9.18 0.57 0.65 1.15 0.22

2011 % 16.03 19.46 0.59 0.44 0.59 0.11 9.48 1.94 1.14 2.50 1.15 5.07 6.87 16.69 10.67 0.61 0.76 1.86 0.24

97.00

96.20

3.00

3.80

100.00

100.00

2012 % 1.71 1.85 2.21 4.16 5.19 4.36 4.64 0.96 7.24 – 1.54 – 0.67 0.76 9.07 – 1.98

2011 % 3.90 1.31 2.84 3.80 4.95 2.72 3.26 0.92 9.14 0.69 2.94 1.30 0.77 0.88 11.22 0.90 2.21

Total net assets BNY Mellon Global Equity Higher Income Fund Analysis by Geographic Location Australia Brazil Canada Cayman Islands Denmark France Germany Hong Kong Luxembourg Netherlands Norway Poland Republic of Korea Singapore South Africa Switzerland Taiwan Thailand United Kingdom United States of America

Other net assets Other net assets

Total net assets Total net assets BNY Mellon Global Equity Fund Analysis by Geographic Location Australia Belgium Brazil Canada France Germany Hong Kong India Japan Norway Singapore South Africa Supranational Sweden Switzerland Taiwan Thailand

180

BNY Mellon Global High Yield Bond Fund (EUR) Analysis by Geographic Location Australia Austria Bahamas, The Bermuda Canada Cayman Islands Denmark France Germany Ireland Italy Luxembourg Marshall Islands Mexico Netherlands Spain Sweden

2012 % 8.42 41.07

2011 % 6.99 34.26

95.83

95.00

4.17

5.00

100.00

100.00

2012 % 2.70 2.25 2.15 – 1.96 3.18 4.52 4.20 1.07 3.48 3.52 1.37 1.08 2.81 3.66 9.38 2.38 0.55 12.99 34.66

2011 % 3.41 2.05 1.99 0.68 – 2.64 6.92 3.96 0.95 3.00 3.97 1.41 – 4.39 3.64 7.67 3.74 0.93 15.65 30.39

97.91

97.39

2.09

2.61

100.00

100.00

2012 % 0.71 0.68 – 0.43 3.74 1.12 0.47 0.93 2.22 1.47 0.37 6.70 1.23 0.16 – 0.93 0.74

2011 % 0.75 – 0.83 1.51 3.63 0.29 – – 1.51 0.88 – 3.26 1.48 – 0.48 0.37 –

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Global High Yield Bond Fund (EUR) contd. Analysis by Geographic Location United Kingdom United States of America

Other net assets Total net assets BNY Mellon Global Opportunities Fund Analysis by Geographic Location Australia Belgium Brazil Canada China France Germany Hong Kong Japan South Africa Sweden Switzerland Taiwan Thailand United Kingdom United States of America

Other net assets Total net assets BNY Mellon Global Property Securities Fund Analysis by Geographic Location Australia Bermuda Brazil Canada China Finland France Germany Hong Kong Japan Netherlands Norway Singapore Sweden Switzerland United Kingdom United States of America

Other net assets Total net assets

2012 % 5.00 68.05

2011 % 0.63 80.50

94.95

96.12

5.05

3.88

100.00

100.00

2012 % 2.50 2.53 1.86 1.65 0.02 2.87 6.79 3.16 3.73 – – 10.60 – 0.80 11.17 46.60

2011 % 2.95 2.60 5.00 – – 4.70 5.02 3.11 6.38 2.50 2.08 13.00 1.58 1.80 12.35 33.68

94.28

96.75

5.72

3.25

100.00

100.00

2012 % 8.22 – 0.28 4.94 – – 3.46 1.72 10.99 10.34 0.21 0.53 5.34 1.28 1.25 5.53 42.95

2011 % 8.71 0.85 0.46 5.06 1.79 0.38 3.06 0.88 8.20 8.26 0.65 0.73 4.39 1.09 1.27 5.25 46.89

97.04

97.92

2.96

2.08

100.00

100.00

BNY Mellon Global Real Return Fund (EUR) Analysis by Geographic Location Australia Belgium Brazil Canada Cayman Islands Croatia Denmark El Salvador France Germany Guernsey Ireland Italy Japan Jersey Luxembourg Malaysia Netherlands New Zealand Norway Peru Poland South Africa Spain Sweden Switzerland United Kingdom United States of America Venezuela

Other net assets Total net assets BNY Mellon Global Real Return Fund (GBP)* Analysis by Geographic Location Australia Brazil Canada Croatia Denmark El Salvador France Germany Guernsey Ireland Italy Japan Jersey Luxembourg Netherlands New Zealand Norway Poland South Africa Sweden Switzerland

2012 % 9.39 – 0.76 3.97 0.38 0.30 1.18 0.30 4.41 9.48 0.31 0.46 0.25 2.56 3.72 4.54 – 3.06 1.83 4.76 – 0.07 1.40 – 1.74 5.06 15.98 16.95 –

2011 % 5.36 0.15 1.27 3.78 0.29 – 0.99 0.25 3.32 20.03 0.59 0.43 0.14 2.58 3.99 2.19 0.27 2.89 – 5.63 0.61 0.76 1.24 0.22 – 4.57 14.85 17.19 0.17

92.86

93.76

7.14

6.24

100.00

100.00

2012 % 9.42 0.77 4.07 0.23 1.27 0.17 4.48 4.66 0.66 2.30 0.28 2.66 1.97 3.82 3.03 1.80 4.71 0.07 1.28 1.96 5.34

2011 % – – – – – – – – – – – – – – – – – – – – – 181

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Global Real Return Fund (GBP)* contd. Analysis by Geographic Location United Kingdom United States of America

Other net assets Total net assets BNY Mellon Global Real Return Fund (USD) Analysis by Geographic Location Australia Belgium Bermuda Brazil Canada Cayman Islands Croatia Denmark El Salvador France Germany Guernsey Ireland Italy Japan Jersey Luxembourg Malaysia Netherlands New Zealand Norway Peru Poland South Africa Spain Sweden Switzerland United Kingdom United States of America Venezuela

Other net assets

2012 % 23.70 14.96

2011 % – –

BNY Mellon Japan Equity Value Fund contd. Analysis by Industry Classification Telecommunication Services Utilities

93.61

–

6.39

–

Other net assets

100.00

–

Total net assets

2012 % 9.37 – 0.17 0.72 3.91 0.11 0.21 1.13 0.25 4.06 4.91 0.49 3.94 0.24 2.66 – 3.83 – 2.91 1.98 4.86 – 0.06 1.39 – 1.62 5.40 16.46 24.28 –

2011 % 5.43 0.25 – 1.39 3.66 0.55 – 0.99 0.19 3.03 4.41 0.66 1.38 0.12 2.60 2.71 2.95 0.30 2.84 – 5.61 0.48 0.74 0.93 0.28 – 4.51 15.40 30.28 0.38

94.96

92.07

5.04

7.93

100.00

100.00

2012 % 21.88 7.82 2.59 19.09 4.00 15.66 11.93 9.42

2011 % 18.42 8.38 3.04 16.49 6.89 16.01 10.61 11.02

BNY Mellon Latin America Infrastructure Fund Analysis by Geographic Location Brazil Chile Colombia Mexico Peru

Other net assets Total net assets BNY Mellon Long‑Term Global Equity Fund Analysis by Geographic Location Australia Brazil Canada China Denmark France Hong Kong Japan Luxembourg Netherlands Antilles Singapore Spain Sweden Switzerland Taiwan United Kingdom United States of America

Other net assets Total net assets

Total net assets BNY Mellon Japan Equity Value Fund Analysis by Industry Classification Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials

182

BNY Mellon Pan European Equity Fund Analysis by Geographic Location Belgium Denmark France Germany Isle of Man Italy Luxembourg

2012 % 4.62 1.22

2011 % 5.44 1.73

98.23

98.03

1.77

1.97

100.00

100.00

2012 % 70.34 7.50 3.90 10.78 4.36

2011 % 68.90 5.62 3.34 15.02 3.59

96.88

96.47

3.12

3.53

100.00

100.00

2012 % 4.02 1.94 1.92 1.00 1.89 2.81 7.60 14.87 – 1.98 1.82 2.04 2.02 5.25 1.97 9.76 36.96

2011 % 4.09 2.01 1.97 1.06 2.03 3.50 4.97 15.44 0.67 2.04 1.41 1.95 2.01 3.92 – 11.08 39.76

97.85

97.91

2.15

2.09

100.00

100.00

2012 % 1.06 1.37 12.60 19.51 – 3.39 1.68

2011 % 3.22 – 9.14 18.66 0.82 2.95 1.96

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon Pan European Equity Fund contd. Analysis by Geographic Location Netherlands Norway Spain Sweden Switzerland United Kingdom

Other net assets Total net assets BNY Mellon S&P 500® Index Tracker Analysis by Industry Classification Basic Materials Chemicals Communications Consumer Discretionary Consumer, Cyclical Consumer, Non‑cyclical Diversified Energy Financials Government Industrials Technology Utilities

Other net assets Total net assets BNY Mellon Small Cap Euroland Fund Analysis by Geographic Location Austria Belgium Finland France Germany Ireland Italy Luxembourg Netherlands Spain United Kingdom

Other net assets Total net assets

2012 % 3.63 1.83 1.00 4.07 19.06 28.29

2011 % 3.68 2.81 – 6.05 16.41 31.75

97.49

97.45

2.51

2.55

100.00

100.00

2012 % 3.28 0.20 11.20 0.35 9.10 21.67 0.04 11.02 15.48 0.04 10.24 13.91 3.37

2011 % 3.10 0.20 10.43 – 8.78 22.22 0.04 12.09 13.06 0.24 10.53 13.77 3.71

99.90

98.17

0.10

1.83

100.00

100.00

2012 % 0.51 2.15 5.93 26.19 25.92 4.05 11.35 0.74 10.10 9.24 –

2011 % 1.58 4.92 2.78 27.02 27.24 1.75 10.72 0.57 10.01 9.54 0.62

96.18

96.75

3.82

3.25

100.00

100.00

BNY Mellon Sterling Bond Fund Analysis by Geographic Location Australia Belgium Cayman Islands Germany Guernsey Netherlands Norway Supranational Switzerland United Kingdom

Other net assets Total net assets BNY Mellon UK Equity Fund Analysis by Industry Classification Aerospace & Defense Automobile & Parts Banks Beverages Chemicals Construction & Materials Electricity Energy Equity Investment Trusts Financial Services Fixed Line Telecoms Food Producers Food Retail Gas, Water & Multi Utilities General Industrials General Retail Industrial Engineering Industrial Transportation Life Insurance Media Media & Entertainment Mining Mobile Telecoms Non‑Life Insurance Oil & Gas Producers Pharmaceutical & Biotechnology Real Estate Investment & Services Real Estate Investment Trusts Software & Computer Services Support Services Tobacco Travel & Leisure

Other net assets Total net assets

2012 % 0.95 1.27 2.21 3.48 1.38 1.61 1.60 – 1.37 82.22

2011 % 1.50 1.13 0.95 2.31 1.23 2.73 1.73 2.40 – 78.71

96.09

92.69

3.91

7.31

100.00

100.00

2012 % 3.61 – 2.46 – – 0.71 1.59 0.63 1.36 6.92 4.39 1.41 1.84 10.89 0.18 0.63 – 0.56 0.90 5.87 0.13 0.53 4.64 2.04 13.08 12.01 – 1.14 – 1.77 9.67 0.97

2011 % 1.57 0.25 2.18 0.55 0.64 1.17 3.03 – 1.26 3.49 2.49 0.99 4.32 9.33 0.16 0.85 0.59 0.53 3.13 4.71 – – 7.28 0.86 15.21 13.35 0.29 1.51 0.24 2.58 11.20 2.11

89.93

95.87

10.07

4.13

100.00

100.00

183

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. BNY Mellon U.S. Dynamic Value Fund Analysis by Industry Classification Consumer Discretionary Consumer Staples Energy Exchange Traded Funds Financials Health Care Industrials Information Technology Materials Utilities

2012 % 14.63 6.72 12.40 0.25 27.75 13.93 8.61 10.59 4.10 0.70

2011 % 17.38 7.19 14.33 – 22.34 13.92 9.23 10.03 3.88 1.02

99.68

99.32

0.32

0.68

100.00

100.00

2012 % 4.09 4.08 2.05 10.19 6.32 2.13 1.93 1.96 9.32

2011 % 4.28 4.26 2.17 11.04 5.82 1.92 2.13 4.24 8.82

BNY Mellon U.S. Equity Fund contd. Analysis by Industry Classification Industrials Manufacturing Metals Oil & Gas Pharmaceuticals Retail Telecommunications Textiles, Apparel & Home Furnishings Transportation

Other net assets Other net assets

Total net assets Total net assets BNY Mellon U.S. Equity Fund Analysis by Industry Classification Aerospace & Air Transport Basic Materials Commercial Services Computer & Office Equipment Electronics – Electrical Environmental Control Finance – Financial Services Food, Beverages & Tobacco Health Care

BNY Mellon Vietnam, India and China (VIC) Fund Analysis by Geographic Location China Hong Kong India Vietnam

Other net assets Total net assets

2012 % 6.19 3.97 2.23 10.21 1.99 22.47 1.96 2.04 4.16

2011 % 6.60 3.70 2.07 10.68 4.78 22.05 2.19 2.22 –

97.29

98.97

2.71

1.03

100.00

100.00

2012 % 22.72 13.11 54.97 8.88

2011 % 25.03 11.45 44.33 12.48

99.68

93.29

0.32

6.71

100.00

100.00

* Please refer to Note 19 of the financial statements.

The Company’s market risk strategy is driven by the Company’s investment risk and return objectives. The Board of Directors has instructed the Investment Manager to manage each of the risks in accordance with an established risk management system. In calculating global exposure, with the exception of the “Absolute range” and the “Evolution range”, the Company adopts a commitment approach in managing risks. The commitment approach will be applied to all positions in FDI, including embedded derivatives, whether used as part of the Fund’s general investment policy, for purposes of risk reduction or for the purpose of efficient portfolio management. The following table demonstrates by way of example the likely increase in net asset value as a result of a 5% upwards movement in the Funds’ related market index (a 5% decrease would have similar negative results). Please note the table does not include the “Absolute range” Funds, “Evolution range” Funds or other “Bond range” Funds as their main exposure is to interest rate risk, as detailed below. Detail of market sensitivity for these Funds is provided in the subsequent commentary. In the interests of providing consistent comparisons across the Funds the table assumes a movement of 5%. It should be noted future market conditions could vary significantly and the table is meant for illustrative purposes only. As at 31 December 2012 and 31 December 2011, for the Funds listed in the following table, should market value have increased or decreased by 5% (2011: 5%) with all other variables remaining constant, the increase or decrease in net assets attributable to holders of participating shares for the year is shown. Fund

BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Continental European Equity Fund BNY Mellon Emerging Equity Income Fund* BNY Mellon Emerging Markets Equity Fund BNY Mellon Emerging Markets Equity Core Fund* 184

Benchmark Index

MSCI AC Asia Pacifi c Free ex Japan MSCI Brazil 10/40 FTSE Europe (ex UK) FTSE All-World Emerging Index MSCI Emerging Markets MSCI EM Index

Currency

USD USD EUR USD USD USD

Volatility

2012

2011

Increase or decrease in financial assets & liabilities at fair value through profit or loss 2012 2011

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

20,291,813 22,067,083 17,992,027 14,172,679 997,049 1,004,318 830,852*** n/a 1,021,195 1,872,047 8,295,822 n/a

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. Fund

Benchmark Index

Currency

Volatility

2012 BNY Mellon Global Emerging Markets Equity Value Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global Opportunities Fund BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP)* BNY Mellon Global Real Return Fund (USD) BNY Mellon Japan Equity Value Fund BNY Mellon Latin America Infrastructure Fund BNY Mellon Long-Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon S&P 500® Index Tracker BNY Mellon Small Cap Euroland Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Dynamic Value Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund

MSCI Emerging Markets MSCI AC World** FTSE World FTSE All-World FTSE EPRA/NAREIT Developed Euribor EUR 1 month GBP Libor 1 month US Libor 1 month Topix MSCI LatAm 10/40 MSCI World FTSEurofirst 300 S&P 500 S&P EuroZone Small Cap FTSE All-Share Russell 1000 Value MSCI USA MSCI Emerging Asia ex Japan

USD USD USD USD EUR EUR GBP USD JPY USD EUR EUR USD EUR GBP USD USD USD

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Increase or decrease in financial assets & liabilities at fair value through profit or loss 2012 2011

2011

5.00% 1,365,803 1,312,985 5.00% 10,368,403 9,320,797 5.00% 11,756,384*** 3,562,832 5.00% 4,680,350 4,927,882 5.00% 352,579 236,006 5.00% 53,992,034*** 26,396,262 5.00% 1,791,949*** n/a 5.00% 8,095,759*** 3,887,465 5.00% 13,888,207 12,103,072 5.00% 251,606*** 379,308 5.00% 54,107,428 18,215,729 5.00% 382,900 233,259 5.00% 8,093,461 6,404,453 5.00% 389,357 604,425 5.00% 701,616 1,025,274 5.00% 5,456,321 7,660,737 5.00% 1,238,350 4,309,973 5.00% 1,632,772 994,332

* Please refer to Note 19 of the financial statements. ** Effective 1 September 2011, the reference index changed to the MSCI AC World Index from the FTSE World Index. *** As the Fund is in existence for less than three years, a statistically significant beta is not available. Hence, for market price sensitivity disclosure, a notional beta of 1 is applied in the effective calculation for these Funds.

It should be noted that the future market conditions could vary significantly and the table is meant for illustrative purposes only. For those Funds falling under the “Absolute range” and “Evolution range” the likelihood of a decrease in net asset value as a consequence of a downward movement in market prices is defined as follows. As at 31 December 2012 and 31 December 2011, utilising the Investment Managers VaR risk model (VaR is based on probability), under normal market conditions using Value at Risk measured on a weekly or daily basis at a 99% confidence level, one would not expect the Fund to lose more than the following percentage listed below (see table) in any one week or day i.e. 1 week in a hundred weeks or 1 day in a hundred days, it is anticipated the Fund would lose a percentage of its net asset value as shown below. Fund

BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Global Strategic Bond Fund

Holding Period

VaR 2012

VaR 2011

Five days Five days One day Five days One day

0.86% 2.09% 0.40% 2.13% 0.70%

– 1.07% 1.02% 1.63% 2.00%

* Please refer to Note 19 of the financial statements.

VaR is the risk measurement methodology used to assess the Fund’s leverage and market risk volatility. When the VaR is calculated as a percentage of the net asset value of the Fund (absolute VaR), it may not be greater than 5% of the net asset value of the Fund. The VaR will be calculated using 99% confidence level and the historical observation period will not be less than one year unless a shorter period is justified. Some limitations of VaR analysis are: • the models’ methodologies are based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; • the market price risk information is a relative estimate of risk rather than a precise and accurate number; • the market price information represents a hypothetical outcome and is not intended to be predictive; and • future market conditions could vary significantly from those experienced in the past. VaR is calculated on a daily basis using a one‑tailed 99% confidence level and pre‑determined holding period on either an absolute (where the figure is compared to the net asset value of the fund) or relative basis (where VaR is compared to the benchmark or reference portfolio). 185

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Market price risk contd. Leverage is calculated as the sum of the notionals of the derivatives used. (This may be supplemented with leverage calculated on the basis of a commitment approach – see note below. The creation of leveraged exposure to an index via FDI, or the inclusion of a leverage feature in an index, must also be taken into account in meeting the prospectus disclosure requirements). Average level of leverage employed during the current year was as follow: Fund BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Strategic Fund

Average level of leverage 127.72% 129.23% 258.60% 14,447.44% 243.17%

This is a new UCITS disclosure requirement in the current year and the comparative information is not available. The lowest, average and highest utilisation of the VaR limit calculated during 2012 were as follow: Fund BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Strategic Fund

Confidence Level 99% 99% 99% 99% 99%

Holding Period Five days Five days Five days One day One day

% NAV limit 10% 10% 10% 4.50% 4.50%

Min utilisation 4.90% 8.90% 16.20% 6.50% 12.10%

Average utilisation 11.60% 15.10% 22.90% 37.40% 27.80%

Max utilisation 23.90% 24.20% 28.30% 71.40% 47.10%

* Please refer to Note 19 of the financial statements.

This is a new UCITS disclosure requirement in the current year and the comparative information is not available. Interest rate risk This risk is defined as the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. This risk arises on financial instruments whose fair value is affected by changes in interest rates. The majority of the Company’s financial assets and liabilities i.e. those Funds holding substantially equity or equity derivative instruments are non interest bearing, as a result, these assets are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short term market interest rates. The table below summarises the Company’s exposure to interest rate risks at the end of the year. It includes the Company’s assets and trading liabilities at fair value, categorised by the earlier of contractual repricing or maturity dates: BNY Mellon Absolute Return Bond Fund*

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

Assets Cash and bank balances Debtors Margins on derivative contracts Financial assets at fair value through profit or loss

9,560,659 – 239,445 27,505,758

– – – 55,644,216

– – – 35,188,858

– 66,445 – 1,103,712

9,560,659 66,445 239,445 119,442,544

Total assets

37,305,862

55,644,216

35,188,858

1,170,157

129,309,093

Liabilities Creditors – amounts falling due within one year Financial liabilities at fair value through profit or loss Margins on derivative contracts

– 3,075 148,319

– 421,536 –

– 84,673 –

1,252,307 356,548 –

1,252,307 865,832 148,319

Total liabilities

151,394

421,536

84,673

1,608,855

2,266,458

37,154,468

55,222,680

35,104,185

Total interest sensitivity gap 186

Less than 1 year

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Absolute Return Equity Fund

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2012

GBP

GBP

GBP

GBP

GBP

40,326,495

–

–

–

40,326,495

–

–

–

12,827,922

12,827,922

Margins on derivative contracts

2,079,154

–

–

–

2,079,154

Financial assets at fair value through profit or loss

77,419,291

34,245,749

27,643,092

26,289,830

165,597,962

119,824,940

34,245,749

27,643,092

39,117,752

220,831,533

1,291,290

–

–

–

1,291,290

–

–

–

10,703,937

10,703,937

21,392

–

8,381,099

116,932

8,519,423

1,312,682

–

8,381,099

10,820,869

20,514,650

118,512,258

34,245,749

19,261,993

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

3,183,527

–

–

–

3,183,527

363,438

–

–

–

363,438

12,219

17,490,305

50,934,804

1,164,795

69,602,123

3,559,184

17,490,305

50,934,804

1,164,795

73,149,088

Assets Cash and bank balances Debtors

Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Emerging Markets Corporate Debt Fund*

Assets Cash and bank balances Margins on derivative contracts Financial assets at fair value through profit or loss Total assets Liabilities Creditors – amounts falling due within one year

–

–

–

45,896

45,896

Financial liabilities at fair value through profit or loss

–

289,026

–

53,707

342,733

Total liabilities

–

289,026

–

99,603

388,629

3,559,184

17,201,279

50,934,804

Total interest sensitivity gap

187

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Emerging Markets Debt Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD 31,340,761

Assets Cash and bank balances

31,340,761

–

–

–

Debtors

–

–

–

3,803,084

3,803,084

Financial assets at fair value through profit or loss

–

95,036,205

494,409,587

8,028,104

597,473,896

31,340,761

95,036,205

494,409,587

11,831,188

632,617,741

Creditors – amounts falling due within one year

–

–

–

781,166

781,166

Financial liabilities at fair value through profit or loss

–

–

–

299

299

Total liabilities

–

–

–

781,465

781,465

31,340,761

95,036,205

494,409,587

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

92,545,737

–

–

–

92,545,737

4,937,816

–

–

–

4,937,816

–

–

–

5,820,221

5,820,221

Financial assets at fair value through profit or loss

239,609,106

1,446,784,540

1,514,145,926

78,703,031

3,279,242,603

Total assets

337,092,659

1,446,784,540

1,514,145,926

84,523,252

3,382,546,377

Total assets Liabilities

Total interest sensitivity gap BNY Mellon Emerging Markets Debt Local Currency Fund

Assets Cash and bank balances Margins on derivative contracts Debtors

Liabilities Bank overdraft

13,231,228

–

–

–

13,231,228

Creditors – amounts falling due within one year

–

–

–

19,367,651

19,367,651

Financial liabilities at fair value through profit or loss

–

–

–

17,197,069

17,197,069

13,231,228

–

–

36,564,720

49,795,948

323,861,431

1,446,784,540

1,514,145,926

Total liabilities Total interest sensitivity gap

188

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

8,003,278

–

–

–

8,003,278

–

–

–

16,703

16,703

3,649,194

–

–

–

3,649,194

Financial assets at fair value through profit or loss

43,323,469

132,737,541

115,837,283

4,349,983

296,248,276

Total assets

54,975,941

132,737,541

115,837,283

4,366,686

307,917,451

Assets Cash and bank balances Debtors Margins on derivative contracts

Liabilities Creditors – amounts falling due within one year

–

–

–

107,967

107,967

Financial liabilities at fair value through profit or loss

–

1,897,793

–

1,296,281

3,194,074

Total liabilities

–

1,897,793

–

1,404,248

3,302,041

54,975,941

130,839,748

115,837,283

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

515,568

–

–

–

515,568

–

–

–

10,181

10,181

65,325

–

–

–

65,325

Financial assets at fair value through profit or loss

5,801,695

54,557,299

51,253,650

2,419,196

114,031,840

Total assets

6,382,588

54,557,299

51,253,650

2,429,377

114,622,914

Total interest sensitivity gap BNY Mellon Euro Corporate Bond Fund

Assets Cash and bank balances Debtors Margins on derivative contracts

Liabilities Creditors – amounts falling due within one year

–

–

–

86,278

86,278

Financial liabilities at fair value through profit or loss

18,405

–

–

–

18,405

Total liabilities

18,405

–

–

86,278

104,683

6,364,183

54,557,299

51,253,650

Total interest sensitivity gap

189

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Euro Government Bond Index Tracker

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

Assets Cash and bank balances

459,082

–

–

–

459,082

Financial assets at fair value through profit or loss

234,347

5,955,871

5,891,752

210,605

12,292,575

Total assets

693,429

5,955,871

5,891,752

210,605

12,751,657

4,852

–

–

–

4,852

–

–

–

11,865

11,865

4,852

–

–

11,865

16,717

688,577

5,955,871

5,891,752

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

58,187,229

–

–

–

58,187,229

–

–

–

18,242,128

18,242,128

3,232,222

–

–

–

3,232,222

59,527,029

772,204,040

844,721,791

34,548,484

1,711,001,344

120,946,480

772,204,040

844,721,791

52,790,612

1,790,662,923

1,639,817

–

–

–

1,639,817

–

–

–

38,515,317

38,515,317

Liabilities Bank overdraft Creditors – amounts falling due within one year Total liabilities Total interest sensitivity gap BNY Mellon Euroland Bond Fund

Assets Cash and bank balances Debtors Margins on derivative contracts Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year Financial liabilities at fair value through profit or loss

255,351

256,503

9,458,558

2,659,353

12,629,765

Margins on derivative contracts

5,089,589

–

–

–

5,089,589

Total liabilities

6,984,757

256,503

9,458,558

41,174,670

57,878,488

113,961,723

771,947,537

835,263,233

Total interest sensitivity gap

190

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Evolution Currency Option Fund

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

428,346

–

–

–

428,346

–

–

–

37,366

37,366

Financial assets at fair value through profit or loss

4,581,232

1,102,968

–

867,997

6,552,197

Total assets

5,009,578

1,102,968

–

905,363

7,017,909

Assets Cash and bank balances Debtors

Liabilities Bank overdraft

56

–

–

–

56

Creditors – amounts falling due within one year

–

–

–

42,047

42,047

Financial liabilities at fair value through profit or loss

–

34,395

–

137,421

171,816

56

34,395

–

179,468

213,919

5,009,522

1,068,573

–

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

1,484,590

–

–

–

1,484,590

–

–

–

1,535

1,535

Margins on derivative contracts

3,978,620

–

–

–

3,978,620

Financial assets at fair value through profit or loss

7,899,874

11,159,436

–

138,560

19,197,870

13,363,084

11,159,436

–

140,095

24,662,615

–

Total liabilities Total interest sensitivity gap BNY Mellon Evolution Global Alpha Fund

Assets Cash and bank balances Debtors

Total assets Liabilities Creditors – amounts falling due within one year

–

–

8,521

203,034

Margins on derivative contracts

1,029,646

–

Total liabilities

1,038,167 12,324,917

Financial liabilities at fair value through profit or loss

Total interest sensitivity gap

104,051

104,051

609,521

821,076

–

–

1,029,646

203,034

–

713,572

1,954,773

10,956,402

–

191

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Evolution Global Strategic Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

47,328

–

–

–

47,328

–

–

–

1,624

1,624

Financial assets at fair value through profit or loss

320,426

4,229,263

3,620,127

187,373

8,357,189

Total assets

367,754

4,229,263

3,620,127

188,997

8,406,141

819

–

–

–

819

–

–

–

39,399

39,399

Financial liabilities at fair value through profit or loss

11,667

6,381

–

19,728

37,776

Margins on derivative contracts

7,450

–

–

–

7,450

19,936

6,381

–

59,127

85,444

Total interest sensitivity gap

347,818

4,222,882

3,620,127

BNY Mellon Global Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

23,022,184

–

–

–

23,022,184

–

–

–

10,205,967

10,205,967

Financial assets at fair value through profit or loss

70,544,295

471,739,257

409,127,017

14,274,355

965,684,924

Total assets

93,566,479

471,739,257

409,127,017

24,480,322

998,913,075

Assets Cash and bank balances Debtors

Liabilities Bank overdraft Creditors – amounts falling due within one year

Total liabilities

Assets Cash and bank balances Debtors

Liabilities Bank overdraft

5,296

–

–

–

5,296

Creditors – amounts falling due within one year

–

–

–

1,258,220

1,258,220

Financial liabilities at fair value through profit or loss

–

–

–

17,927,055

17,927,055

5,296

–

–

19,185,275

19,190,571

93,561,183

471,739,257

409,127,017

Total liabilities Total interest sensitivity gap

192

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global Dynamic Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

3,977,230

–

–

–

3,977,230

–

–

–

46,029

46,029

6,293,425

15,531,866

15,798,573

676,762

38,300,626

10,270,655

15,531,866

15,798,573

722,791

42,323,885

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft

31

–

–

–

31

Creditors – amounts falling due within one year

–

–

–

76,828

76,828

Financial liabilities at fair value through profit or loss

–

–

–

118,086

118,086

31

–

–

194,914

194,945

10,270,624

15,531,866

15,798,573

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

1,837,835

–

–

–

1,837,835

–

–

–

1,498,144

1,498,144

75,843

52,377,966

106,893,986

6,144,547

165,492,342

1,913,678

52,377,966

106,893,986

7,642,691

168,828,321

Total liabilities Total interest sensitivity gap BNY Mellon Global High Yield Bond Fund (EUR)

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft

160

–

–

–

160

Creditors – amounts falling due within one year

–

–

–

198,159

198,159

Financial liabilities at fair value through profit or loss

–

–

–

15,977

15,977

160

–

–

214,136

214,296

1,913,518

52,377,966

106,893,986

Total liabilities Total interest sensitivity gap

193

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global Real Return Fund (EUR)

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

EUR

EUR

EUR

EUR

EUR

47,441,197

–

–

–

47,441,197

–

–

–

3,980,051

3,980,051

Margins on derivative contracts

10,283,676

–

–

–

10,283,676

Financial assets at fair value through profit or loss

127,175,074

70,942,476

210,805,211

674,534,379

1,083,457,140

184,899,947

70,942,476

210,805,211

678,514,430

1,145,162,064

26

–

–

–

26

–

–

–

2,333,130

2,333,130

1,615,183

–

–

2,001,273

3,616,456

1,615,209

–

–

4,334,403

5,949,612

183,284,738

70,942,476

210,805,211

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

GBP

GBP

GBP

GBP

GBP

1,846,690

–

–

–

1,846,690

–

–

–

71,758

71,758

Assets Cash and bank balances Debtors

Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Global Real Return Fund (GBP)*

Assets Cash and bank balances Debtors Margins on derivative contracts

331,644

–

–

–

331,644

Financial assets at fair value through profit or loss

4,315,220

2,794,154

6,744,825

22,261,963

36,116,162

Total assets

6,493,554

2,794,154

6,744,825

22,333,721

38,366,254

Bank overdraft

3

–

–

–

3

Creditors – amounts falling due within one year

–

–

–

64,772

64,772

Financial liabilities at fair value through profit or loss

59,252

–

–

217,927

277,179

Total liabilities

59,255

–

–

282,699

341,954

6,434,299

2,794,154

6,744,825

Liabilities

Total interest sensitivity gap

194

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global Real Return Fund (USD)

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

USD

USD

USD

USD

USD

8,256,806

–

–

–

8,256,806

–

–

–

307,477

307,477

Margins on derivative contracts

1,509,695

–

–

–

1,509,695

Financial assets at fair value through profit or loss

21,871,559

9,508,541

33,132,153

100,754,534

165,266,787

31,638,060

9,508,541

33,132,153

101,062,011

175,340,765

19

–

–

–

19

–

–

–

247,990

247,990

Financial liabilities at fair value through profit or loss

239,546

–

–

3,112,056

3,351,602

Total liabilities

239,565

–

–

3,360,046

3,599,611

31,398,495

9,508,541

33,132,153

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2012

GBP

GBP

GBP

GBP

GBP

164,059

–

–

–

164,059

–

–

–

45,976

45,976

423,094

1,906,683

4,966,517

88,530

7,384,824

587,153

1,906,683

4,966,517

134,506

7,594,859

Bank overdraft

1

–

–

–

1

Creditors – amounts falling due within one year

–

–

–

9,224

9,224

Total liabilities

1

–

–

9,224

9,225

587,152

1,906,683

4,966,517

Assets Cash and bank balances Debtors

Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year

Total interest sensitivity gap BNY Mellon Sterling Bond Fund

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities

Total interest sensitivity gap * Please refer to Note 19 of the financial statements.

195

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. The comparative figures as at 31 December 2011 were as follows: BNY Mellon Absolute Return Equity Fund

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2011

GBP

GBP

GBP

GBP

GBP

43,025,295

–

–

–

43,025,295

–

–

–

401,744

401,744

1,963,380

–

–

–

1,963,380

59,986,138

25,998,617

10,021,021

689,478

96,695,254

104,974,813

25,998,617

10,021,021

1,091,222

142,085,673

51

–

–

–

51

–

–

–

390,612

390,612

Assets Cash and bank balances Debtors Margins on derivative contracts Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year Margins on derivative contracts Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Emerging Markets Debt Fund

207,463

–

–

–

207,463

–

1,220,025

3,705,491

646,498

5,572,014

207,514

1,220,025

3,705,491

1,037,110

6,170,140

104,767,299

24,778,592

6,315,530

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD 18,358,539

Assets Cash and bank balances

18,358,539

–

–

–

Debtors

–

–

–

1,691,060

1,691,060

Financial assets at fair value through profit or loss

–

51,023,378

277,667,237

5,259,434

333,950,049

18,358,539

51,023,378

277,667,237

6,950,494

353,999,648

Bank overdraft

2

–

–

–

2

Creditors – amounts falling due within one year

–

–

–

307,915

307,915

Financial liabilities at fair value through profit or loss

–

–

–

30,043

30,043

Total liabilities

2

–

–

337,958

337,960

18,358,537

51,023,378

277,667,237

Total assets Liabilities

Total interest sensitivity gap

196

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Emerging Markets Debt Local Currency Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

159,450,471

–

–

–

159,450,471

–

–

–

11,230,573

11,230,573

280,000

–

–

–

280,000

Financial assets at fair value through profit or loss

256,094,343

1,489,035,513

1,327,992,174

56,864,963

3,129,986,993

Total assets

415,824,814

1,489,035,513

1,327,992,174

68,095,536

3,300,948,037

882,797

–

–

–

882,797

–

–

–

19,597,625

19,597,625

280,000

–

–

–

280,000

–

2,237,541

–

27,736,414

29,973,955

1,162,797

2,237,541

–

47,334,039

50,734,377

414,662,017

1,486,797,972

1,327,992,174

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

32,984,015

–

–

–

32,984,015

–

–

–

68

68

335,000

–

–

–

335,000

8,374,670

125,099,697

100,329,623

4,269,316

238,073,306

41,693,685

125,099,697

100,329,623

4,269,384

271,392,389

Assets Cash and bank balances Debtors Margins on derivative contracts

Liabilities Bank overdraft Creditors – amounts falling due within one year Margins on derivative contracts Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Assets Cash and bank balances Debtors Margins on derivative contracts Financial assets at fair value through profit or loss Total assets Liabilities Creditors – amounts falling due within one year

–

–

–

73,434

73,434

Financial liabilities at fair value through profit or loss

–

1,237,544

–

507,881

1,745,425

Total liabilities

–

1,237,544

–

581,315

1,818,859

41,693,685

123,862,153

100,329,623

Total interest sensitivity gap

197

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Euro Corporate Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

6,902,510

–

–

–

6,902,510

–

–

–

4,094

4,094

Margins on derivative contracts

121,945

–

–

–

121,945

Financial assets at fair value through profit or loss

449,421

51,611,568

33,478,658

2,279,115

87,818,762

7,473,876

51,611,568

33,478,658

2,283,209

94,847,311

Assets Cash and bank balances Debtors

Total assets Liabilities

–

–

–

51,742

51,742

Financial liabilities at fair value through profit or loss

Creditors – amounts falling due within one year

73,260

–

–

–

73,260

Total liabilities

73,260

–

–

51,742

125,002

Total interest sensitivity gap

7,400,616

51,611,568

33,478,658

BNY Mellon Euro Government Bond Index Tracker

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

76,619

–

–

–

76,619

–

–

–

84,222

84,222

538,094

7,010,887

6,764,030

256,387

14,569,398

614,713

7,010,887

6,764,030

340,609

14,730,239

12,950

–

–

–

12,950

–

–

–

103,652

103,652

12,950

–

–

103,652

116,602

601,763

7,010,887

6,764,030

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year Total liabilities Total interest sensitivity gap

198

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Euroland Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

18,621,809

–

–

–

18,621,809

–

–

–

9,622,490

9,622,490

211,221

–

–

–

211,221

Financial assets at fair value through profit or loss

47,020,621

575,702,457

607,082,527

23,773,161

1,253,578,766

Total assets

65,853,651

575,702,457

607,082,527

33,395,651

1,282,034,286

11,978,373

Assets Cash and bank balances Debtors Margins on derivative contracts

Liabilities Creditors – amounts falling due within one year

–

–

–

11,978,373

2,159,269

–

–

–

2,159,269

900,109

–

8,283,248

3,031,154

12,214,511

3,059,378

–

8,283,248

15,009,527

26,352,153

62,794,273

575,702,457

598,799,279

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

1,528,938

–

–

–

1,528,938

–

–

–

254

254

5,141,281

2,711,463

2,268,315

303,233

10,424,292

6,670,219

2,711,463

2,268,315

303,487

11,953,484

Bank overdraft

1

–

–

–

1

Creditors – amounts falling due within one year

–

–

–

26,869

26,869

Financial liabilities at fair value through profit or loss

426,802

495,531

–

373,387

1,295,720

Total liabilities

426,803

495,531

–

400,256

1,322,590

6,243,416

2,215,932

2,268,315

Margins on derivative contracts Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Evolution Currency Option Fund

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities

Total interest sensitivity gap

199

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Evolution Global Alpha Fund

Less than 1 month

1‑3 months

Over 3 months

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

Assets Cash and bank balances

965,189

–

–

–

965,189

Margins on derivative contracts

3,835,941

–

–

–

3,835,941

Financial assets at fair value through profit or loss

11,925,934

6,480,868

6,162,217

972,704

25,541,723

Total assets

16,727,064

6,480,868

6,162,217

972,704

30,342,853

33,777

–

–

–

33,777

–

–

–

93,549

93,549

Liabilities Bank overdraft Creditors – amounts falling due within one year Margins on derivative contracts

286,469

–

–

–

286,469

8,828

524,371

–

164,512

697,711

329,074

524,371

–

258,061

1,111,506

16,397,990

5,956,497

6,162,217

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

143,367

–

–

–

143,367

–

–

–

1,330

1,330

4,116

–

–

–

4,116

487,161

4,945,601

4,697,394

121,472

10,251,628

634,644

4,945,601

4,697,394

122,802

10,400,441

36,221

–

–

–

36,221

–

–

–

624,449

624,449

Financial liabilities at fair value through profit or loss

38,243

–

–

13,065

51,308

Total liabilities

74,464

–

–

637,514

711,978

560,180

4,945,601

4,697,394

Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap BNY Mellon Evolution Global Strategic Bond Fund

Assets Cash and bank balances Debtors Margins on derivative contracts Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft Creditors – amounts falling due within one year

Total interest sensitivity gap

200

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global Bond Fund

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

89,502,541

–

–

–

89,502,541

–

–

–

1,240,338

1,240,338

Financial assets at fair value through profit or loss

46,279,054

524,689,379

579,175,696

20,975,226

1,171,119,355

Total assets

135,781,595

524,689,379

579,175,696

22,215,564

1,261,862,234

Assets Cash and bank balances Debtors

Liabilities Bank overdraft

10,469,961

–

–

–

10,469,961

Creditors – amounts falling due within one year

–

–

–

3,200,295

3,200,295

Financial liabilities at fair value through profit or loss

–

–

–

9,584,118

9,584,118

Total liabilities

10,469,961

–

–

12,784,413

23,254,374

Total interest sensitivity gap

125,311,634

524,689,379

579,175,696

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

BNY Mellon Global Dynamic Bond Fund

Assets Cash and bank balances Financial assets at fair value through profit or loss Total assets

1,686,120

–

–

–

1,686,120

849,748

7,497,864

8,933,045

517,915

17,798,572

2,535,868

7,497,864

8,933,045

517,915

19,484,692

Liabilities Bank overdraft

216,272

–

–

–

216,272

Creditors – amounts falling due within one year

–

–

–

255,383

255,383

Financial liabilities at fair value through profit or loss

–

–

–

34,110

34,110

216,272

–

–

289,493

505,765

2,319,596

7,497,864

8,933,045

Total liabilities Total interest sensitivity gap

201

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global High Yield Bond Fund (EUR)

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

7,698,269

–

–

–

7,698,269

–

–

–

69,183

69,183

896,637

77,562,916

160,515,691

6,313,391

245,288,635

8,594,906

77,562,916

160,515,691

6,382,574

253,056,087

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities Bank overdraft

160

–

–

–

160

Creditors – amounts falling due within one year

–

–

–

3,115,726

3,115,726

Financial liabilities at fair value through profit or loss

–

–

–

1,353,530

1,353,530

160

–

–

4,469,256

4,469,416

Total interest sensitivity gap

8,594,746

77,562,916

160,515,691

BNY Mellon Global Real Return Fund (EUR)

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

EUR

EUR

EUR

EUR

EUR

31,481,022

–

–

–

31,481,022

–

–

–

6,682,700

6,682,700

Margins on derivative contracts

14,295,838

–

–

–

14,295,838

Financial assets at fair value through profit or loss

121,620,143

23,405,579

78,464,776

314,209,127

537,699,625

Total assets

167,397,003

23,405,579

78,464,776

320,891,827

590,159,185

9,571,512

–

–

–

9,571,512

–

–

–

3,060,962

3,060,962

1,755,957

–

–

8,018,433

9,774,390

11,327,469

–

–

11,079,395

22,406,864

156,069,534

23,405,579

78,464,776

Total liabilities

Assets Cash and bank balances Debtors

Liabilities Bank overdraft Creditors – amounts falling due within one year Financial liabilities at fair value through profit or loss Total liabilities Total interest sensitivity gap

202

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. BNY Mellon Global Real Return Fund (USD)

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

USD

USD

USD

USD

USD

2,433,938

–

–

–

2,433,938

–

–

–

521,133

521,133

Margins on derivative contracts

2,003,399

–

–

–

2,003,399

Financial assets at fair value through profit or loss

15,719,596

3,807,989

12,082,442

47,083,509

78,693,536

Total assets

20,156,933

3,807,989

12,082,442

47,604,642

83,652,006

41,361

–

–

–

41,361

–

–

–

257,535

257,535

Financial liabilities at fair value through profit or loss

262,273

–

–

681,958

944,231

Total liabilities

303,634

–

–

939,493

1,243,127

19,853,299

3,807,989

12,082,442

Less than 1 year

1‑6 years

Over 6 years

Non interest bearing

Total 2011

GBP

GBP

GBP

GBP

GBP

510,066

–

–

–

510,066

–

–

–

36,151

36,151

760,658

2,034,442

4,971,629

78,347

7,845,076

1,270,724

2,034,442

4,971,629

114,498

8,391,293

Creditors – amounts falling due within one year

–

–

–

20,353

20,353

Total liabilities

–

–

–

20,353

20,353

1,270,724

2,034,442

4,971,629

Assets Cash and bank balances Debtors

Liabilities Bank overdraft Creditors – amounts falling due within one year

Total interest sensitivity gap BNY Mellon Sterling Bond Fund

Assets Cash and bank balances Debtors Financial assets at fair value through profit or loss Total assets Liabilities

Total interest sensitivity gap

For those Funds holding primarily interest bearing securities and as such exposed to the risk of fluctuations in the prevailing levels of market interest rates the investment managers monitor the Funds’ exposure to interest fluctuations on a daily basis. Whilst primarily an investment decision the investment managers employ proprietary systems and processes to best position the Funds to benefit from or limit the risk of any fluctuations in the prevailing market levels of market interest rates. The investment managers will endeavour to acquire interest bearing securities in liquid markets. However, not all securities invested by the Funds will be listed or rated and consequently liquidity may be low. Moreover the accumulation and disposal of holdings in some securities may be time consuming and need to be conducted at unfavourable prices. The Funds may also encounter difficulties in disposing of assets at their fair price due to adverse market conditions leading to limited liquidity. The financial markets of emerging market countries in general, are less liquid than those of the more developed nations. Purchases and sales of investments may take longer than would otherwise be expected on developed stock markets and transactions may need to be conducted at unfavourable prices. The table below demonstrates the impact of a 25 bp increase in the market interest rates in the key markets the listed Funds were invested.

203

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Interest rate risk contd. At 31 December 2012 and 31 December 2011, should interest rates have risen by 25  bp with all other variables remaining constant, the instantaneous shift in the Funds total return is listed. Fund

BNY Mellon Absolute Return Bond Fund* BNY Mellon Emerging Markets Corporate Debt Fund* BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund BNY Mellon Euro Corporate Bond Fund BNY Mellon Euro Government Bond Index Tracker BNY Mellon Euroland Bond Fund BNY Mellon Global Bond Fund BNY Mellon Global Dynamic Bond Fund BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP)* BNY Mellon Global Real Return Fund (USD) BNY Mellon Sterling Bond Fund

Functional currency

Funds Total Return (%) – Instantaneous Shift 2012

Funds Total Return (%) – Instantaneous Shift 2011

EUR USD USD USD USD EUR EUR EUR USD USD EUR EUR GBP USD GBP

0.335 1.035 1.790 1.175 1.103 1.060 1.640 1.275 1.358 0.873 0.993 0.198 0.192 0.224 2.158

n/a n/a 1.650 1.135 1.100 3.650 1.560 1.310 1.500 1.225 1.250 0.330 n/a 0.350 2.225

* Please refer to Note 19 of the financial statements.

It should be noted that the future market conditions could vary significantly and the table is meant for illustrative purposes only. Currency risk Currency risk is defined in FRS 29 “Financial instruments: Disclosures” as the risk that a fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. The risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The investment managers monitor the Company’s currency position on a daily basis and may act to manage the Company’s currency exposure through the use of derivative instruments such as forward currency contracts or options. The investment managers of hedged non‑base share classes may also use derivative instruments such as currency forward contracts or options as a key component of their operating strategy. For the purposes of FRS 29, currency risk does not arise from financial instruments denominated in the functional currency. The following tables set out the Company’s exposure to foreign currency risk as at 31 December 2012: Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR (810,853) 12,881 (1,398,432) (2,294,022) 1,119,312 1,081,856 2,655,072

EUR 2,753,972 – 8 6,733,731 24,039,587 – 4,618,753

EUR – (1) – – – – –

EUR – – – – – – –

EUR (3,564,825) 12,882 (1,398,440) (9,027,753) (22,920,275) 1,081,856 (1,963,681)

365,814

38,146,051

(1)

–

(37,780,236)

GBP (1) (3) (4,706,716) 86,427 42,846 5,414,076

GBP – – 7,028,019 1,071,672 3,575,244 5,414,076

GBP (1) (3) (1,288,522) (36,282) (31,984) -

GBP – – – – – –

GBP – – (10,446,213) (948,963) (3,500,414) –

836,629

17,089,011

(1,356,792)

–

(14,895,590)

BNY Mellon Absolute Return Bond Fund* Australian dollar Canadian dollar Japanese yen Norwegian krone Sterling Swedish krona US dollar

BNY Mellon Absolute Return Equity Fund Australian dollar Danish krone Euro Swedish krona Swiss franc US dollar

204

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 79,261,502 46,098 91,061,834 46,966,126 9,492,840 13,426,700 53 18,752,330 38,336,612 50,205,688 34,714,905 26,915,828

USD – – 7 29,251 – – 53 – – 6,805 1,295 –

USD (2) (181,854) – – – – – – – – – –

USD 79,261,504 – 91,900,720 46,936,875 9,492,840 13,426,700 – 18,752,330 38,336,612 50,198,883 34,713,610 26,915,828

USD – 227,952 (838,893) – – – – – – – – –

409,180,516  

37,411  

(181,856)  

409,935,902  

(610,941)  

USD 356,654,404 1,633,112 200,749

USD 2,679,713 1,633,112 200,749

USD – – –

USD 353,974,691 – –

USD – – –

358,488,265

4,513,574

–

353,974,691

–

BNY Mellon Asian Equity Fund Australian dollar Euro Hong Kong dollar Indian rupee Indonesian rupiah Malaysian ringgit New Zealand dollar Philippino peso Singapore dollar Sterling Taiwanese dollar Thai baht

  BNY Mellon Brazil Equity Fund Brazilian real Euro Sterling

BNY Mellon Continental European Equity Fund Danish krone Norwegian krone Swedish krona Swiss franc US dollar

EUR 318,980 352,608 1,076,162 4,259,094 (29,776)

EUR – – – – –

EUR – – – – (38,216)

EUR 318,980 352,608 1,076,162 4,259,094 –

EUR – – – – 8,440

5,977,068

–

(38,216)

6,006,844

8,440

USD 2,057,579 389,724 181,433 336,756 2,845,449 476,887 1,464,371 1,274,403 369,680 351,954 2,410,562 388,780 779,316 1,719,251

USD 8,393 – – – 2,258 – – – – – – – 23,264 –

USD – – (143,388) – – – – – – – – – – –

USD 2,057,579 389,724 324,821 336,756 2,843,191 476,887 1,404,712 1,274,403 369,680 351,954 2,410,562 388,780 756,052 1,718,565

USD (8,393) – – – – – 59,659 – – – – – – 686

15,046,145

33,915

(143,388)

15,103,666

51,952

BNY Mellon Emerging Equity Income Fund* Brazilian real Chilean peso Chinese yuan Czech koruna Hong Kong dollar Indonesian rupiah Malaysian ringgit Mexican peso Philippino peso Polish zloty South African rand Swedish krona Taiwanese dollar Thai baht

205

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 2,351,648 196,776 206,672 1,419,698 2,651

USD 2,351,648 1,383,345 3,634,927 1,419,698 2,651

USD – – – – –

USD – – – – –

USD – (1,186,569) (3,428,255) – –

4,177,445

8,792,269

–

–

(4,614,824)

USD 238,823 245,413 90 71,743

USD 238,823 349,324 90 71,743

USD – – – –

USD – – – –

USD – (103,911) – –

556,069

659,980

–

–

(103,911)

BNY Mellon Emerging Markets Corporate Debt Fund* Brazilian real Colombian peso Euro Mexican peso Sterling

BNY Mellon Emerging Markets Debt Fund Argentinian peso Euro Hungarian forint Sterling

BNY Mellon Emerging Markets Debt Local Currency Fund Argentinian peso Brazilian real Chilean peso Chinese yuan Colombian peso Euro Hungarian forint Indonesian rupiah Malaysian ringgit Mexican peso Nigerian naira Peruvian nuevo sol Philippino peso Polish zloty Russian rouble South African rand Sterling Thai baht Turkish lira Uruguayan peso

USD 167,042 416,697,631 6,775,404 (36,093,162) (74,612,082) 2,983,087 149,694,419 296,197,900 301,007,033 455,997,278 113,193,791 (28,003,691) 10,717,451 302,265,133 384,859,119 339,039,193 963,091 190,685,456 263,930,960 6,148,838

USD 167,042 325,057,724 – – 106,216,844 951,136 102,241,429 296,197,900 299,075,965 317,349,501 77,100,628 93,376,875 40,780,930 266,453,781 314,222,321 377,040,753 928,340 124,341,654 466,073,696 6,148,838

USD – – – – – – – – (3,339) – – – – – – – – – – –

USD – – – – – – – – – – – – – – – – – – – –

USD – 91,639,907 6,775,404 (36,093,162) (180,828,926) 2,031,951 47,452,990 – 1,934,407 138,647,777 36,093,163 (121,380,566) (30,063,479) 35,811,352 70,636,798 (38,001,560) 34,751 66,343,802 (202,142,736) –

3,102,613,891

3,213,725,357

(3,339)

–

(111,108,127)

USD 1,372,945 148,054 92,435 1,319 3,541,841 161,562 524,326 2,712,201 703,202 746,861 177,976

USD – 52 – 1,319 129 5 – – – 77 –

USD (3) – – – – – – – – – –

USD 1,372,948 148,002 92,435 – 3,541,712 161,557 524,326 2,712,201 703,202 746,784 177,976

USD – – – – – – – – – – –

BNY Mellon Emerging Markets Equity Fund Brazilian real Czech koruna Egyptian pound Euro Hong Kong dollar Hungarian forint Indonesian rupiah Korean won Malaysian ringgit Mexican peso Philippino peso

206

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 364,008 1,468,963 1,394 2,221,780 456,100 472,437

USD 323 118 1,394 37,215 – 561

USD – – – – – –

USD 363,685 1,468,845 – 2,184,565 456,100 471,876

USD – – – – – –

15,167,404

41,193

(3)

15,126,214

–

USD 5 13,033,259 2,297,204 1,814,889 31,197,804 2,868,940 26,909,235 3,363,399 5,330,551 1,360,205 10,739,093 3,967,668 12,443,889 8,350,956

USD 5 – 28,356 1 19,753 1 – 22,287 7,789 – 16,710 – 20,764 3

USD – (157,842) – – – – – – – – – (120,253) – –

USD – 13,191,101 2,268,848 1,814,888 31,178,051 2,868,939 26,909,235 3,341,112 5,322,762 1,360,205 10,722,383 4,087,921 12,423,125 8,350,953

USD – – – – – – – – – – – – – –

123,677,097

115,669

(278,095)

123,839,523

–

USD 40,610,676 – 6,261,041 – 44,219,232 49,152,198 8,646,006 3,386,849 41,614,808 36,073,047 44,528,681 5,968 21,236,766 799,165

USD – – – – – – – – – – – – – –

USD – – – – – – – – – – – – – –

USD (2,260,510) 696,593 (11,539,156) (3,204,783) (7,560,787) 7,558,262 (9,937,430) (3,217,907) 2,281,396 5,073,713 1,993,266 – (1,288,332) –

296,534,437

–

–

(21,405,675)

BNY Mellon Emerging Markets Equity Fund contd. Polish zloty South African rand Sterling Taiwanese dollar Thai baht Turkish lira

BNY Mellon Emerging Markets Equity Core Fund* Australian dollar Brazilian real Chilean peso Euro Hong Kong dollar Indonesian rupiah Korean won Malaysian ringgit Mexican peso Philippino peso South African rand Taiwanese dollar Thai baht Turkish lira

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD Brazilian real 38,350,166 Chilean peso 696,593 Colombian peso (5,278,115) Euro (3,204,783) Malaysian ringgit 36,658,445 Mexican peso 56,710,460 Peruvian nuevo sol (1,291,424) Philippino peso 168,942 Polish zloty 43,896,204 Russian rouble 41,146,760 South African rand 46,521,947 Sterling 5,968 Thai baht 19,948,434 Uruguayan peso 799,165 275,128,762 BNY Mellon Euro Corporate Bond Fund Sterling US dollar

EUR (1) 1,634

EUR – 1,634

EUR (1) –

EUR – –

EUR – –

1,633

1,634

(1)

–

–

207

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 6 18,198

EUR 6 18,198

EUR – –

EUR – –

EUR – –

18,204

18,204

–

–

–

BNY Mellon Euro Government Bond Index Tracker Sterling US dollar

BNY Mellon Euroland Bond Fund Brazilian real Canadian dollar Danish krone Hungarian forint Japanese yen Mexican peso Singapore dollar South African rand Sterling Swedish krona Swiss franc Turkish lira US dollar

EUR 34,246,356 177,414 (792,257) 1 (47,598,924) 32,962,672 16,591,267 (102,300) (1,985,364) (58,194) (9,258) 1,009,093 (43,056,898)

EUR 13,855,724 3,483,952 27,532,530 1 – – – 31,920,997 80,509,557 – 13,855,724 16,660,906 323,610,952

EUR – (10) – – – – – – – – – (61) (1,639,747)

EUR – – – – – – – – – – – – –

EUR 20,390,632 (3,306,528) (28,324,787) – (47,598,924) 32,962,672 16,591,267 (32,023,297) (82,494,921) (58,194) (13,864,982) (15,651,752) (365,028,103)

(8,616,392)

511,430,343

(1,639,818)

–

(518,406,917)

EUR 38,661 26 88 358,643 38 694,878 (654,397)

EUR 27,471 26 88 – 38 15,527 1,115

EUR – – – (56) – – –

EUR – – – – – – –

EUR 11,190 – – 358,699 – 679,351 (655,512)

437,937

44,265

(56)

–

EUR 3,112,662 8,268,711 (308,691) 2,252,821 1,908,292 832,875 (4,058,403) 3,006,758 (198,218) (5,593,867)

EUR 61,382 1,376 – 90,808 – – – – 30,688 251,771

EUR – (44,761) (308,691) (137,697) – – (390,971) – (310,663) –

EUR – – – – – – – – – –

9,222,940

436,025

(1,192,783)

–

USD 1,247 5 1,932,410

USD – – (3,764)

USD – – –

BNY Mellon Evolution Currency Option Fund Australian dollar Canadian dollar Japanese yen Polish zloty South African rand Sterling US dollar

393,728

BNY Mellon Evolution Global Alpha Fund Australian dollar Canadian dollar Hong Kong dollar Japanese yen New Zealand dollar Norwegian krone Sterling Swedish krona Swiss franc US dollar

EUR 3,051,280 8,312,096 – 2,299,710 1,908,292 832,875 (3,667,432) 3,006,758 81,757 (5,845,638) 9,979,698

BNY Mellon Evolution Global Strategic Bond Fund Australian dollar Canadian dollar Euro

208

USD 1,247 5 (29,798)

USD – – (1,958,444)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 8,537 216,328 211,401 – – – 119,502 178,263 100,733

USD – – (39,750) (5) – – – (3,003) –

USD – – – – – – – – –

USD (276,361) – – – 45,638 163,678 – (177,819) (94,766)

2,768,426

(46,522)

–

(2,298,074)

USD 29,489,700 16,913,710 (627,077) 215,911,227 4,372,299 260,764,164 15,212,109 21,059,540 (284,643) (2,061,605) 15,459,268 70,134,259 4,046,813 106,888

USD 48,127,673 40,107,397 19,906,391 233,884,894 4,372,299 – 15,212,109 45,426,134 37,227,509 62,828,795 28,161,285 70,266,645 15,553,672 3,196,997

USD (5,169) – – – – – – – (127) – – – – –

USD – – – – – – – – – – – – – –

USD (18,632,804) (23,193,687) (20,533,468) (17,973,667) – 260,764,164 – (24,366,594) (37,512,025) (64,890,400) (12,702,017) (132,386) (11,506,859) (3,090,109)

650,496,652

624,271,800

(5,296)

–

USD 13,460 (9,333) 992 (9,529) (146,891) 93,900 616,044 1,008 17,477 (64,854) 9,903 (80,704) (10,191) (1,885) 2,076

USD 1,351,390 1,173,302 27,928 469,948 6,842,976 93,900 616,044 1,649,160 1,355,181 2,164,820 1,114,065 7,810,618 640,127 175,276 163,400

USD (31) – – – – – – – – – – – – – –

USD – – – – – – – – – – – – – – –

USD (1,337,899) (1,182,635) (26,936) (479,477) (6,989,867) – – (1,648,152) (1,337,704) (2,229,674) (1,104,162) (7,891,322) (650,318) (177,161) (161,324)

431,473

25,648,135

(31)

–

(25,216,631)

USD 1,665,323 80,506 7,312

USD 57,842 2,631 7,312

USD – – –

USD 1,607,481 77,875 –

USD – – –

BNY Mellon Evolution Global Strategic Bond Fund contd. Japanese yen Mexican peso Nigerian naira Peruvian nuevo sol Russian rouble Singapore dollar South African rand Sterling Turkish lira

USD (267,824) 216,328 171,651 (5) 45,638 163,678 119,502 (2,559) 5,967 423,830

BNY Mellon Global Bond Fund Australian dollar Canadian dollar Czech koruna Euro Indonesian rupiah Japanese yen Malaysian ringgit Mexican peso New Zealand dollar Norwegian krone Polish zloty Sterling Swedish krona Turkish lira

26,230,148

BNY Mellon Global Dynamic Bond Fund Australian dollar Canadian dollar Chinese yuan Czech koruna Euro Indonesian rupiah Malaysian ringgit Mexican peso New Zealand dollar Norwegian krone Polish zloty Sterling Swedish krona Swiss franc Turkish lira

BNY Mellon Global Emerging Markets Equity Value Fund Brazilian real Czech koruna Egyptian pound

209

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 48,533 5,393,099 137,320 447,157 3,019,331 5,706 5,095,573 247,626 78,134 4,949 248,498 2,469 1,669,358 240,393 2,594,933 182,320 242,425

USD 48,533 13,292 5,238 9,875 65,790 5,706 6,510 2,402 2,340 4,949 2,730 2,469 2,557 23,282 138,599 4,270 3,745

USD – – – – – – – – – – – – – – – – –

USD – 5,379,807 132,082 437,282 2,953,541 – 5,089,063 245,224 75,794 – 245,768 – 1,666,801 217,111 2,456,334 178,050 238,680

USD – – – – – – – – – – – – – – – – –

21,410,965

410,072

–

21,000,893

–

USD 4,075,258 3,594,096 7,960,551 23,765,358 11,041,144 685,131 17,232,403 9,953,027 1,798,464 21,572,248 2,793,917 4,706,088

USD 7 – – 28,140 – – – – – – 2,793,917 –

USD – – (6) – – – – (7) – – – –

USD 4,075,251 3,594,096 7,960,557 27,118,245 11,041,144 2,288,565 17,232,403 21,636,566 1,798,464 21,572,248 – 4,706,088

USD – – – (3,381,027) – (1,603,434) – (11,683,532) – – – –

109,177,685

2,822,064

(13)

123,023,627

(16,667,993)

USD 3,239,618 1,874,122 5,186,614 4,711,768 20,760,307 10,106,957 2,609,126 8,678,831 3,295,032 6,766,207 7,488,364 25,853,445 22,565,607 3,456,627 1,325,501

USD – – – – 291,169 – – – – – – 176,541 – 553,531 –

USD – – – – – – – – – – – – – – –

USD 6,509,320 5,405,460 5,186,614 4,711,768 31,874,093 10,106,957 2,609,126 8,464,429 3,295,032 6,766,207 7,488,364 25,676,904 22,565,607 2,903,096 1,317,267

USD (3,269,702) (3,531,338) – – (11,404,955) – – 214,402 – – – – – – 8,234

127,918,126

1,021,241

–

144,880,244

(17,983,359)

BNY Mellon Global Emerging Markets Equity Value Fund contd. Euro Hong Kong dollar Hungarian forint Indian rupee Indonesian rupiah Israeli shekel Korean won Malaysian ringgit Mexican peso Philippino peso Polish zloty Singapore dollar South African rand Sterling Taiwanese dollar Thai baht Turkish lira

BNY Mellon Global Equity Fund Australian dollar Brazilian real Canadian dollar Euro Hong Kong dollar Indian rupee Japanese yen Sterling Swedish krona Swiss franc Taiwanese dollar Thai baht

BNY Mellon Global Equity Higher Income Fund Australian dollar Brazilian real Canadian dollar Danish krone Euro Hong Kong dollar Korean won Norwegian krone Polish zloty Singapore dollar South African rand Sterling Swiss franc Taiwanese dollar Thai baht

210

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 15,600 (26,956) (3,288,605)

EUR 937,326 2,829,041 137,443,560

EUR – – –

EUR – – –

EUR (921,726) (2,855,997) (140,732,165)

(3,299,961)

141,209,927

–

–

(144,509,888)

USD 2,822,235 559,247 1,860,756 11,833,138 3,569,478 4,210,087 1 12,603,667 11,965,779 967 900,561

USD – – – 63,873 – – 1 – – 967 –

USD – – – – (1) – – (8) – – –

USD 2,822,235 559,247 1,860,756 13,755,497 3,569,479 4,210,087 – 12,603,675 11,965,779 – 900,561

USD – – – (1,986,232) – – – – – – –

50,325,916

64,841

(9)

52,247,316

(1,986,232)

EUR 612,836 19,929 364,295 690,390 753,967 38,204 376,538 407,029 92,522 91,335 3,370,561

EUR 21,059 – 8,969 14,466 1,480 36 19,389 8,602 147 1,687 143,715

EUR – – – – – – – – – – –

EUR 591,777 19,929 355,326 675,924 744,566 38,168 357,149 398,427 92,375 89,648 3,234,778

EUR – – – – 7,921 – – – – – (7,932)

6,817,606

219,550

–

6,598,067

(11)

BNY Mellon Global High Yield Bond Fund (EUR) Canadian dollar Sterling US dollar

BNY Mellon Global Opportunities Fund Australian dollar Brazilian real Canadian dollar Euro Hong Kong dollar Japanese yen Malaysian ringgit Sterling Swiss franc Taiwanese dollar Thai baht

BNY Mellon Global Property Securities Fund Australian dollar Brazilian real Canadian dollar Hong Kong dollar Japanese yen Norwegian krone Singapore dollar Sterling Swedish krona Swiss franc US dollar

BNY Mellon Global Real Return Fund (EUR) Australian dollar Canadian dollar Danish krone Japanese yen New Zealand dollar Norwegian krone Polish zloty Singapore dollar South African rand Sterling Swedish krona Swiss franc US dollar

EUR (21,933,535) (49,620) 2,794,323 969,230 221,691 54,182,044 712,964 23,314,872 7,454,681 (5,489,383) 9,226,814 42,084,558 218,682,782

EUR 67,145,494 – – – 20,918,623 45,096,131 – – – 25,989,070 13,269,524 7,787,086 111,002,912

EUR – – – – – – – – – (27) – – (1,615,183)

EUR 34,509,531 24,032,934 13,410,793 29,187,565 – 9,085,913 772,806 – 12,524,667 154,106,750 13,911,283 57,661,620 184,787,642

EUR (123,588,560) (24,082,554) (10,616,470) (28,218,335) (20,696,932) – (59,842) 23,314,872 (5,069,986) (185,585,176) (17,953,993) (23,364,148) (75,492,589)

332,171,421

291,208,840

(1,615,210)

533,991,504

(491,413,713)

211

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

GBP (819,301) (20,794) 28,072 (1,268,524) (10,048) 25,981 1,793,560 23,342 752,702 5,275,620 313,937 1,914,783 7,316,337

GBP 2,189,450 11 – 1,979,081 – 684,922 1,471,627 – – – 102,607 220,638 3,488,811

GBP – – – – – – – – – – – – (59,252)

GBP 1,209,479 855,826 483,337 3,769,129 1,011,909 – 321,933 25,302 – 5,275,620 918,940 2,032,633 5,275,620

GBP (4,218,230) (876,631) (455,265) (7,016,734) (1,021,957) (658,941) – (1,960) 752,702 – (707,610) (338,488) (1,388,842)

15,325,667

10,137,147

(59,252)

21,179,728

(15,931,956)

USD (3,125,633) (170,274) 182,235 (2,435,620) 178,450 92,770 109,028 90,767 379,965 (24,268,531) (11,061) (101,448)

USD 10,293,112 – – 7,819,793 – 3,402,181 6,912,558 – – 3,371,265 331,759 949,137

USD – (3) – – – – – – – (16) – –

USD 5,013,923 3,598,155 1,940,502 16,152,053 4,573,216 – 1,440,148 98,388 2,008,642 – 3,735,957 9,285,371

USD (18,432,668) (3,768,426) (1,758,267) (26,407,466) (4,394,766) (3,309,411) (8,243,678) (7,621) (1,628,677) (27,639,780) (4,078,777) (10,335,956)

(29,079,352)

33,079,805

(19)

47,846,355

(110,005,493)

JPY 517,059 36,153

JPY 517,059 36,153

JPY – –

JPY – –

JPY – –

553,212

553,212

–

–

–

USD 3,213,684 11,184 123,918

USD 42,067 11,184 –

USD – – –

USD 3,171,617 – 123,918

USD – – –

3,348,786

53,251

–

3,295,535

–

EUR 51,061,032 24,400,136 24,071,341 109,341,235 188,998,021 23,168,747

EUR 1 – – – – –

EUR – – – – – –

EUR 51,061,031 24,400,136 24,071,341 109,341,235 188,998,021 23,168,747

EUR – – – – – –

BNY Mellon Global Real Return Fund (GBP)* Australian dollar Canadian dollar Danish krone Euro Japanese yen New Zealand dollar Norwegian krone Polish zloty Singapore dollar South African rand Swedish krona Swiss franc US dollar

BNY Mellon Global Real Return Fund (USD) Australian dollar Canadian dollar Danish krone Euro Japanese yen New Zealand dollar Norwegian krone Polish zloty South African rand Sterling Swedish krona Swiss franc

BNY Mellon Japan Equity Value Fund Euro US dollar

BNY Mellon Latin America Infrastructure Fund Brazilian real Euro Mexican peso

BNY Mellon Long‑Term Global Equity Fund Australian dollar Canadian dollar Danish krone Hong Kong dollar Japanese yen Singapore dollar 212

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 124,585,839 25,686,886 66,678,296 558,137,501

EUR 509,902 – – 13,445,996

EUR – – – –

EUR 124,075,937 25,686,886 66,678,296 544,694,309

EUR – – – (2,804)

1,196,129,034

13,955,899

–

1,182,175,939

(2,804)

BNY Mellon Long‑Term Global Equity Fund contd. Sterling Swedish krona Swiss franc US dollar

BNY Mellon Pan European Equity Fund Danish krone Norwegian krone Sterling Swedish krona Swiss franc US dollar

EUR 115,531 154,470 2,389,225 343,791 1,610,111 (721)

EUR – – 6 – – –

EUR – – – – – (33,906)

EUR 115,531 154,470 2,389,219 343,791 1,610,111 –

EUR – – – – – 33,185

4,612,407

6

(33,906)

4,613,122

33,185

USD 3,751 1

USD 3,751 1

USD – –

USD – –

USD – –

3,752

3,752

–

–

–

EUR 125,343 38,306 38

EUR 242 546 38

EUR – – –

EUR 125,101 37,760 –

EUR – – –

163,687

826

–

162,861

–

BNY Mellon S&P 500® Index Tracker Euro Sterling

BNY Mellon Small Cap Euroland Fund Sterling Swiss franc US dollar

BNY Mellon Sterling Bond Fund Euro US dollar

GBP (1) 53

GBP – 53

GBP (1) –

GBP – –

GBP – –

53

(1)

–

–

GBP (999) (3)

GBP – –

GBP (6,226) (3)

GBP – –

GBP 5,227 –

(1,002)

–

(6,229)

–

5,227

USD 24,654 2,649

USD – 2,649

USD (87,214) –

USD – –

USD 111,868 –

27,303

2,649

(87,214)

–

111,868

52 BNY Mellon UK Equity Fund Euro US dollar

BNY Mellon U.S. Dynamic Value Fund Euro Sterling

213

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2012

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 47,452 178,730

USD 42,302 178,730

USD – –

USD – –

USD 5,150 –

226,182

221,032

–

–

5,150

BNY Mellon U.S. Equity Fund Euro Sterling

BNY Mellon Vietnam, India and China (VIC) Fund Euro Hong Kong dollar Indian rupee Sterling Vietnamese dong

USD (36,404) 8,334,538 13,767,048 598 26 22,065,806

USD – – 110,537 598 26

USD (36,404) – – – –

USD – 8,334,538 13,656,511 – –

USD – – – – –

111,161

(36,404)

21,991,049

–

* Please refer to Note 19 of the financial statements.

The following tables set out the Company’s exposure to foreign currency risk as at 31 December 2011: Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

GBP 150,175 313,359 26,338 2,115

GBP 150,226 1,473,751 26,338 2,115

GBP (51) (1,160,392) – –

GBP – – – –

GBP – – – –

491,987

1,652,430

(1,160,443)

–

–

USD 105,552,510 (215,405) 105,358,957 40,946,829 10,532,500 50 7,500,300 40,403,887 56,955,018 66,491,697 23,366,270

USD – – 7 33,240 – 50 – – 17,968 546,603 –

USD – (215,405) – – – – – (13) – – –

USD 105,552,510 – 105,358,950 40,913,589 10,532,500 – 7,500,300 40,403,900 56,937,050 65,945,094 23,366,270

USD – – – – – – – – – – –

456,892,613  

597,868  

(215,418)  

456,510,163  

–  

USD 283,969,614 107,182 6,000

USD 5,611,955 – 6,000

USD – (410,298) –

USD 278,357,659 – –

USD – 517,480 –

284,082,796

5,617,955

(410,298)

278,357,659

517,480

BNY Mellon Absolute Return Equity Fund Danish krone Euro Swedish krona US dollar

BNY Mellon Asian Equity Fund Australian dollar Euro Hong Kong dollar Indian rupee Indonesian rupiah New Zealand dollar Philippino peso Singapore dollar Sterling Taiwanese dollar Thai baht

  BNY Mellon Brazil Equity Fund Brazilian real Euro Sterling

214

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 423,168 408,606 (154) 1,636,425 4,181,112 (22,191)

EUR – – – – – –

EUR – – (154) (3) – (22,191)

EUR 423,168 408,606 – 1,636,428 4,181,112 –

EUR – – – – – –

–

(22,348)

6,649,314

–

USD 272,985 (3,105,972) 1,044,336 72 3,119,426 (3,392,018) (2)

USD 272,985 – 936,328 72 – – –

USD – – – – – – (2)

USD – – – – – – –

USD – (3,105,972) 108,008 – 3,119,426 (3,392,018) –

(2,061,173)

1,209,385

(2)

–

(3,270,556)

USD 190,743 318,252,330 29,083,680 (69,545,517) (45,944,452) 97,920,154 329,078,924 330,502,220 596,866,272 (170,138,686) (27,537,108) 354,477,057 290,015,195 326,552,746 1,207,690 223,944,438 321,444,106

USD 190,743 292,801,442 – 93,268,008 – 36,348,550 255,171,192 543,186,274 386,975,611 85,461,159 43,024,696 256,042,762 52,757,475 415,314,528 1,258,065 243,395,941 379,438,335

USD – – – – (882,797) – – – – – – – (2,237,541) – – – –

USD – – – – – – – – – – – – – – – – –

USD – 25,450,888 29,083,680 (162,813,525) (45,061,655) 61,571,604 73,907,732 (212,684,054) 209,890,661 (255,599,845) (70,561,804) 98,434,295 239,495,261 (88,761,782) (50,375) (19,451,503) (57,994,229)

2,906,369,792

3,084,634,781

(3,120,338)

–

(175,144,651)

USD 3,047,372 235,565 1 7,822,861 107,146 5,873,436 393,680 771,634 545,392 2,014,136 415,017

USD – – 1 129 5 – – 201 – – 353

USD – – – – – – – – – – –

USD 3,047,372 235,565 – 7,822,732 107,141 5,873,436 393,680 771,433 545,392 2,014,136 414,664

USD – – – – – – – – – – –

BNY Mellon Continental European Equity Fund Norwegian krone Polish zloty Sterling Swedish krona Swiss franc US dollar

6,626,966 BNY Mellon Emerging Markets Debt Fund Argentinian peso Colombian peso Euro Hungarian forint Mexican peso Peruvian nuevo sol Sterling

BNY Mellon Emerging Markets Debt Local Currency Fund Argentinian peso Brazilian real Chilean peso Colombian peso Euro Hungarian forint Indonesian rupiah Malaysian ringgit Mexican peso Peruvian nuevo sol Philippino peso Polish zloty Russian rouble South African rand Sterling Thai baht Turkish lira

BNY Mellon Emerging Markets Equity Fund Brazilian real Egyptian pound Euro Hong Kong dollar Hungarian forint Korean won Malaysian ringgit Mexican peso Polish zloty South African rand Sterling

215

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 3,274,108 1,718,843 1,383,581

USD – – –

USD – – –

USD 3,274,108 1,718,843 1,383,581

USD – – –

27,602,772

689

–

27,602,083

–

USD 40,371,473 – 5,454,280 111,306 4,282,176 40,571,982 38,772,870 7,081,271 2,916,144 31,911,206 5,858,576 37,368,799 21,680,097

USD – – – – – – – – – – – – –

USD – – – – – – – – – – – – –

USD (12,502,819) 3,065,042 (10,269,994) (3,896,462) 3,280,873 (6,856,406) 18,781,128 (16,599,434) (5,558,310) 9,753,557 16,390,983 1,646,389 (5,473,760)

228,140,967

236,380,180

–

–

(8,239,213)

EUR 6,968

EUR 6,968

EUR –

EUR –

EUR –

6,968

6,968

–

–

–

EUR 8 18,136

EUR 8 18,136

EUR – –

EUR – –

EUR – –

18,144

18,144

–

–

–

BNY Mellon Emerging Markets Equity Fund contd. Taiwanese dollar Thai baht Turkish lira

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund USD Brazilian real 27,868,654 Chilean peso 3,065,042 Colombian peso (4,815,714) Euro (3,785,156) Hungarian forint 7,563,049 Malaysian ringgit 33,715,576 Mexican peso 57,553,998 Peruvian nuevo sol (9,518,163) Philippino peso (2,642,166) Polish zloty 41,664,763 Russian rouble 22,249,559 South African rand 39,015,188 Thai baht 16,206,337

BNY Mellon Euro Corporate Bond Fund US dollar

BNY Mellon Euro Government Bond Index Tracker Sterling US dollar

BNY Mellon Euroland Bond Fund Brazilian real Canadian dollar Chilean peso Hungarian forint Mexican peso Norwegian krone South African rand Sterling Swedish krona Swiss franc US dollar

216

EUR 237,473 64,792,220 (377,756) (12,933,747) 37,195,885 538,079 120 (24,963,244) 178,727 (37,913,090) (1,306,721)

EUR 13,754,676 9,958,628 6,187,491 1 – – 120 18,909,828 174,244 1,589,652 249,110,663

EUR – – – – – – – – – – (9,141,007)

EUR – – – – – – – – – – –

EUR (13,517,203) 54,833,592 (6,565,247) (12,933,748) 37,195,885 538,079 – (43,873,072) 4,483 (39,502,742) (241,276,377)

25,447,946

299,685,303

(9,141,007)

–

(265,096,350)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 154 399,474 (784,896) 1 623,972 (1,523,355) 705,781

EUR 154 7,302 – – 1 – 135,719

EUR – – (1) – – – –

EUR – – – – – – –

EUR – 392,172 (784,895) 1 623,971 (1,523,355) 570,062

(578,869)

143,176

(1)

–

(722,044)

EUR 5,076,839 2,141,685 (3,047) 5,963,070 (307,601) (93,671) 3,219,386 2,024,540 (88,305) (6,262,937)

EUR 2,731 8,227 5,781 68,776 – – 24,447 – – 187,677

EUR (76,312) (38,424) (8,828) (42,734) – – (287,510) – (79,391) –

EUR – – – – – – – – – –

EUR 5,150,420 2,171,882 – 5,937,028 (307,601) (93,671) 3,482,449 2,024,540 (8,914) (6,450,614)

11,669,959

297,639

(533,199)

–

USD 8,876 192,956 (503,874) (148,636) 162,113 209 (3,772) (198,829) (191,568)

USD 157,821 6,833 1,799,333 – 326,368 40,898 96,980 628,192 –

USD – (11) – – – – – (7,915) –

USD – – – – – – – – –

USD (148,945) 186,134 (2,303,207) (148,636) (164,255) (40,689) (100,752) (819,106) (191,568)

(682,525)

3,056,425

(7,926)

–

(3,731,024)

USD 11,465,376 21,762,481 (205,173) 220,785,053 331,877,383 (246,057) 24,733,494 553,971 36,823,685 17,413,618 1 57,053,198 41,033,133

USD 72,291,434 94,152,862 29,385,114 255,666,683 – 24,749,273 39,303,468 61,633,264 20,706,028 25,137,004 – 148,806,181 11,961,874

USD (5,934) – – (213,913) (4) – – – – – – – –

USD – – – – – – – – – – – – –

USD (60,820,124) (72,390,381) (29,590,287) (34,667,717) 331,877,387 (24,995,330) (14,569,974) (61,079,293) 16,117,657 (7,723,386) 1 (91,752,983) 29,071,259

763,050,163

783,793,185

(219,851)

–

(20,523,171)

BNY Mellon Evolution Currency Option Fund Australian dollar Canadian dollar Japanese yen Polish zloty Sterling Swiss franc US dollar

BNY Mellon Evolution Global Alpha Fund Australian dollar Canadian dollar Hong Kong dollar Japanese yen New Zealand dollar Norwegian krone Sterling Swedish krona Swiss franc US dollar

11,905,519

BNY Mellon Evolution Global Strategic Bond Fund Brazilian real Canadian dollar Euro Hungarian forint Mexican peso Peruvian nuevo sol South African rand Sterling Swiss franc

BNY Mellon Global Bond Fund Australian dollar Canadian dollar Czech koruna Euro Japanese yen Malaysian ringgit Mexican peso New Zealand dollar Norwegian krone Polish zloty Singapore dollar Sterling Swedish krona

217

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 11,654 948 (2,939) (16,128) (358,664) (2,464) 355,376 5,890 302,439 (1,943) 1,833 (81,721) 262,843

USD 1,738,351 1,376,352 23,832 431,350 2,288,742 383,278 650,061 825,075 428,899 350,762 – 4,594,876 –

USD – – – – – – – – – – – – –

USD – – – – – – – – – – – – –

USD (1,726,697) (1,375,404) (26,771) (447,478) (2,647,406) (385,742) (294,685) (819,185) (126,460) (352,705) 1,833 (4,676,597) 262,843

477,124

13,091,578

–

–

(12,614,454)

USD 1,759,891 169,572 123,208 99,331 5,225,285 33,849 2,417,518 541,854 5,571 4,199,938 316,653 241,512 4,634 324,600 2,321 1,917,010 243,098 2,807,692 211,437 450,951

USD 138,082 4,129 – 99,331 1,858 2,726 6,973 725 5,571 – – 5,704 4,634 3,531 2,321 3,149 7,245 53,590 – 5,538

USD – – – – – – – – – – (152) – – – – – – – – –

USD 1,621,809 165,443 123,208 – 5,223,427 31,123 2,410,545 541,129 – 4,201,448 316,805 235,808 – 321,069 – 1,913,861 235,853 2,754,102 211,437 445,413

USD – – – – – – – – – (1,510) – – – – – – – – – –

21,095,925

345,107

(152)

20,752,480

(1,510)

USD 5,714,981 312,785 5,720,781 17,909,043 7,706,382 524,391 21,615,916 1,642,093 3,601,326 3,067,454 14,606,470 2,088,476 26,521,128

USD – – – 166 – – – – – – – – –

USD – – (3) – – – – (1) – – (2,667) (1) –

USD 9,210,918 2,568,953 5,720,784 21,226,142 7,706,382 2,163,892 21,615,916 1,642,094 3,601,326 3,067,454 18,351,400 2,088,477 26,521,128

USD (3,495,937) (2,256,168) – (3,317,265) – (1,639,501) – – – – (3,742,263) – –

BNY Mellon Global Dynamic Bond Fund Australian dollar Canadian dollar Chinese yuan Czech koruna Euro Malaysian ringgit Mexican peso New Zealand dollar Norwegian krone Polish zloty South African rand Sterling Swedish krona

BNY Mellon Global Emerging Markets Equity Value Fund Brazilian real Czech koruna Egyptian pound Euro Hong Kong dollar Hungarian forint Indian rupee Indonesian rupiah Israeli shekel Korean won Malaysian ringgit Mexican peso Philippino peso Polish zloty Singapore dollar South African rand Sterling Taiwanese dollar Thai baht Turkish lira

BNY Mellon Global Equity Fund Australian dollar Brazilian real Canadian dollar Euro Hong Kong dollar Indian rupee Japanese yen Norwegian krone Singapore dollar South African rand Sterling Swedish krona Swiss franc 218

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 2,229,391 5,230,636

USD 95,571 –

USD – –

USD 2,133,820 5,230,636

USD – –

118,491,253

95,737

(2,672)

132,849,322

(14,451,134)

USD – – – 65,161 – – 62,352 144 45,938 1,236 – 6,538 –

USD – – – – – – – – – – – – –

USD 2,481,714 875,623 1,450,524 10,600,935 3,375,934 2,884,514 1,025,858 3,190,782 1,508,927 9,220,792 5,576,121 1,405,698 677,591

USD (1,765,819) (1,683,013) – (3,092,981) – – – 34,825 (1,031,726) (1,576,369) – – –

181,369

–

44,275,013

(9,115,083)

EUR (113,032) (8,982,659)

EUR 961,930 228,382,495

EUR – –

EUR – 1,096,717

EUR (1,074,962) (238,461,871)

(9,095,691)

229,344,425

–

1,096,717

(239,536,833)

USD 3,743,837 (1,428,744) 7,748,438 3,945,747 8,083,808 1 3,161,869 15,654,460 2,637,375 16,478,178 2,292,648 2,283,231

USD – 38,090 – – – 1 – – – – 288,991 –

USD – – (67,848) – – – – (1,647) – – – –

USD 3,743,837 3,910,906 15,612,800 3,945,747 8,083,808 – 3,161,869 15,656,107 2,637,375 16,478,178 2,003,657 2,283,231

USD – (5,377,740) (7,796,514) – – – – – – – – –

64,600,848

327,082

(69,495)

77,517,515

(13,174,254)

EUR 432,494 22,981 257,147 538,796 419,298 39,833

EUR 47 – 6,084 7,982 9,228 3,714

EUR – – – – – –

EUR 432,447 22,981 251,063 530,814 410,070 36,119

EUR – – – – – –

BNY Mellon Global Equity Fund contd. Taiwanese dollar Thai baht

BNY Mellon Global Equity Higher Income Fund Australian dollar Brazilian real Canadian dollar Euro Hong Kong dollar Norwegian krone Polish zloty Singapore dollar South African rand Sterling Swiss franc Taiwanese dollar Thai baht

USD 715,895 (807,390) 1,450,524 7,573,115 3,375,934 2,884,514 1,088,210 3,225,751 523,139 7,645,659 5,576,121 1,412,236 677,591 35,341,299

BNY Mellon Global High Yield Bond Fund (EUR) Sterling US dollar

BNY Mellon Global Opportunities Fund Australian dollar Brazilian real Euro Hong Kong dollar Japanese yen Malaysian ringgit South African rand Sterling Swedish krona Swiss franc Taiwanese dollar Thai baht

BNY Mellon Global Property Securities Fund Australian dollar Brazilian real Canadian dollar Hong Kong dollar Japanese yen Norwegian krone

219

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

EUR 184,818 275,522 58,168 64,087 2,374,668

EUR 1,874 14,997 4,041 733 5,209

EUR – – – – –

EUR 182,944 260,525 54,127 63,354 2,369,459

EUR – – – – –

4,667,812

53,909

–

4,613,903

–

BNY Mellon Global Property Securities Fund contd. Singapore dollar Sterling Swedish krona Swiss franc US dollar

BNY Mellon Global Real Return Fund (EUR) Australian dollar Canadian dollar Danish krone Japanese yen Norwegian krone Polish zloty Singapore dollar South African rand Sterling Swiss franc US dollar

EUR (11,811,562) 1,142,450 695,752 231,203 32,021,546 4,311,306 9,451,293 3,351,164 (874,702) 23,239,719 125,626,575

EUR 14,464,778 – – – 26,236,181 – – – 10,876,742 1,706,977 52,154,523

EUR – – – – – – – – (552,287) – (2,482,184)

EUR 14,477,447 9,856,432 5,625,573 14,665,475 5,785,365 4,311,306 – 5,729,405 71,679,430 25,973,379 98,830,400

EUR (40,753,787) (8,713,982) (4,929,821) (14,434,272) – – 9,451,293 (2,378,241) (82,878,587) (4,440,637) (22,876,164)

187,384,744

105,439,201

(3,034,471)

256,934,212

(171,954,198)

USD (2,355,579) (202,815) 161,296 (1,699,933) (175,912) 1,479,825 (56,432) 70,717 (692,841) 2,274,562

USD 2,226,099 – – 3,600,725 – 3,803,930 – 1 1,503,486 229,762

USD – – – – – – – – (98,714) –

USD 2,054,368 1,473,138 817,754 6,462,648 2,142,444 826,525 611,702 762,659 10,431,472 3,936,469

USD (6,636,046) (1,675,953) (656,458) (11,763,306) (2,318,356) (3,150,630) (668,134) (691,943) (12,529,085) (1,891,669)

(1,197,112)

11,364,003

(98,714)

29,519,179

(41,981,580)

USD 1

USD 1

USD –

USD –

USD –

1

1

–

–

–

BNY Mellon Global Real Return Fund (USD) Australian dollar Canadian dollar Danish krone Euro Japanese yen Norwegian krone Polish zloty South African rand Sterling Swiss franc

BNY Mellon Japan Equity Fund Sterling

BNY Mellon Japan Equity Value Fund Euro Sterling US dollar

220

JPY (11,977,593) 14,305 13,339

JPY – 14,305 13,339

JPY (11,977,593) – –

JPY – – –

JPY – – –

(11,949,949)

27,644

(11,977,593)

–

–

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

USD 4,752,505 28,656 129,178

USD 32,959 28,656 –

USD – – –

USD 4,719,546 – 129,178

USD – – –

4,910,339

61,615

–

4,848,724

–

EUR 23,758,042 10,780,322 11,090,350 35,087,850 89,015,800 7,702,227 65,657,859 10,978,883 21,474,638 249,029,690

EUR 1 – – – – – 1,214,616 – – 4,392,419

EUR – – – – – – – – – –

EUR 22,404,729 10,780,322 11,090,350 32,983,732 84,479,220 7,702,227 60,598,153 10,978,883 21,474,638 243,401,034

EUR 1,353,312 – – 2,104,118 4,536,580 – 3,845,090 – – 1,236,237

524,575,661

5,607,036

–

505,893,288

13,075,337

BNY Mellon Latin America Infrastructure Fund Brazilian real Euro Mexican peso

BNY Mellon Long‑Term Global Equity Fund Australian dollar Canadian dollar Danish krone Hong Kong dollar Japanese yen Singapore dollar Sterling Swedish krona Swiss franc US dollar

BNY Mellon Pan European Equity Fund Norwegian krone Sterling Swedish krona Swiss franc US dollar

EUR 154,771 1,792,715 332,607 902,756 (2,698)

EUR – 4,321 – – –

EUR – – – – (2,698)

EUR 154,771 1,792,461 332,607 902,756 –

EUR – (4,067) – – –

3,180,151

4,321

(2,698)

3,182,595

(4,067)

USD 11,870 1

USD – 1

USD (254,124) –

USD – –

USD 265,994 –

11,871

1

(254,124)

–

265,994

EUR 79,706 134,656 72,436

EUR 1,762 6 243

EUR – – –

EUR 77,944 134,650 72,193

EUR – – –

286,798

2,011

–

284,787

–

GBP 10,920 13

GBP 10,920 13

GBP – –

GBP – –

GBP – –

10,933

10,933

–

–

–

BNY Mellon S&P 500® Index Tracker Euro Sterling

BNY Mellon Small Cap Euroland Fund Sterling Swiss franc US dollar

BNY Mellon Sterling Bond Fund Euro US dollar

221

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

Currency

Net Exposure 31 December 2011

Monetary assets

Monetary liabilities

Non‑monetary assets

Hedging

GBP (3,918) 4,758

GBP – 4,758

GBP (3,918) –

GBP – –

GBP – –

840

4,758

(3,918)

–

–

USD 382 74

USD 6,630 74

USD – –

USD – –

USD (6,248) –

456

6,704

–

–

(6,248)

USD 75,848 395,982

USD 1,240,178 423,626

USD – –

USD – –

USD (1,164,330) (27,644)

471,830

1,663,804

–

–

(1,191,974)

USD 54,861 4,805,695 7,184,012 656 2,160 4,173 3,316 3,719 1,874 143,212

USD 54,861 4,367 338,217 656 2,160 4,173 3,316 3,719 1,874 26

USD – – – – – – – – – –

USD – 4,801,328 6,845,795 – – – – – – 143,186

USD – – – – – – – – – –

12,203,678

413,369

–

11,790,309

–

BNY Mellon UK Equity Fund Euro US dollar

BNY Mellon U.S. Dynamic Value Fund Euro Sterling

BNY Mellon U.S. Equity Fund Euro Sterling

BNY Mellon Vietnam, India and China (VIC) Fund Euro Hong Kong dollar Indian rupee Indonesian rupiah Malaysian ringgit Singapore dollar Sterling Taiwanese dollar Thai baht Vietnamese dong

The following table demonstrates the impact on net assets attributable to holders of shares of a movement in local currencies against the Funds’ functional currency by way of illustration. In the interests of providing consistent comparisons across the Funds the table assumes a 5% upward movement in the value of the local currencies (a negative 5% would have similar negative results). As at 31 December 2012 and 31 December 2011, had the exchange rate between the local currencies held by the Fund and its functional currency increased or decreased by 5% with all other variables held constant, the increase or decrease respectively in net assets attributable to holders of participating shares is listed in the table below: Fund

BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Continental European Equity Fund BNY Mellon Emerging Equity Income Fund* BNY Mellon Emerging Markets Corporate Debt Fund* BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund

222

Functional currency

Increase/(decrease) in net asset value 2012

EUR GBP USD USD EUR USD USD USD USD

18,291 41,831 20,459,026 17,924,413 298,853 752,307 208,872 27,803 155,130,695

Increase/(decrease) in net asset value 2011 n/a 24,599 22,844,631 14,204,140 331,348 n/a n/a (103,059) 145,318,490

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Currency risk contd. Fund

BNY Mellon Emerging Markets Equity Fund BNY Mellon Emerging Markets Equity Core Fund* BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund BNY Mellon Euro Corporate Bond Fund BNY Mellon Euro Government Bond Index Tracker BNY Mellon Euroland Bond Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Global Strategic Bond Fund BNY Mellon Global Bond Fund BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Opportunities Fund BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP)* BNY Mellon Global Real Return Fund (USD) BNY Mellon Japan Equity Value Fund BNY Mellon Latin America Infrastructure Fund BNY Mellon Long-Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon S&P 500® Index Tracker BNY Mellon Small Cap Euroland Fund BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Dynamic Value Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund

Functional currency

Increase/(decrease) in net asset value 2012

USD USD USD EUR EUR EUR EUR EUR USD USD USD USD USD USD EUR USD EUR EUR GBP USD JPY USD EUR EUR USD EUR GBP GBP USD USD USD

758,370 6,183,855 13,756,438 82 910 (430,820) 21,897 461,147 21,191 32,524,833 21,574 1,070,548 5,458,884 6,395,906 (164,998) 2,516,296 340,880 16,608,571 766,283 (1,453,968) 27,661 167,439 59,806,452 230,620 188 8,184 3 (50) 1,365 11,309 1,103,290

Increase/(decrease) in net asset value 2011 1,380,139 n/a 11,407,048 348 907 1,272,397 (28,943) 583,498 (34,126) 38,152,508 23,856 1,054,796 5,924,563 1,767,065 (454,785) 3,230,042 233,391 9,369,237 n/a (59,856) (597,497) 245,517 26,228,783 159,008 594 14,340 547 42 23 23,592 610,184

* Please refer to Note 19 of the financial statements.

It should be noted that future market conditions could vary significantly and the table is meant for illustrative purposes only. Credit risk This is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. This includes counterparty risk and issuer risk. Financial assets, which potentially expose the Company to credit risk, consist principally of interest bearing securities such as bonds, derivative instruments and investments in cash balances and deposits with and receivable from brokers. The extent of the Company’s exposure to credit risk in respect of these financial assets approximates their carrying value as recorded in the Statement of Net Assets. The investment manager manages issuer risk through building diversified portfolios with a limited concentration of exposure (10%) to any one issuer in accordance with UCITS Regulations and the investment objectives of the Funds. Additionally, if required the investment manager will limit ownership of debt instruments to those instruments carrying a credit rating equal to or in excess of that provided for in the individual investment objectives of the Funds. Substantially all of the assets of the Company are held by BNY Mellon Trust Company (Ireland) Limited (the “Custodian”) to the Company. Bankruptcy or insolvency of the Custodian may cause the Company’s rights with respect to securities and other positions held by the Custodian to be delayed or limited. The Company only transacts with Custodians that are regulated entities subject to prudential supervision, or with high credit ratings assigned by international credit‑rating agencies. The Directors monitor the credit quality of the Custodian on a quarterly basis in order to mitigate risk. The Custodian delegates the day‑to‑day responsibilities to its global sub‑custodian, the London branch of BNY Mellon SA/NV, licensed as a bank in Belgium, whose long‑term senior debt and long‑term deposit rating by Standard and Poor’s is AA‑ (2011: AA‑) as at the end of the year. 223

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Credit risk contd. The Company’s securities and other positions are segregated from the assets of either the Custodian or its agents. Thus in the event of insolvency or bankruptcy of the Custodian, the Company’s assets are segregated from those of the Custodian or its agents. The Company will, however, be exposed to the credit risk of the Custodian, or any depository used by the Custodian, in relation to the Company’s cash held by the Custodian. In the event of the insolvency or bankruptcy of the Custodian, the Company will be treated as a general creditor of the Custodian in relation to cash holdings of the Company. Included in the cash balances of the following Funds are cash invested into short-term investment vehicle daily (“Cash Sweep”). For Funds using the Cash Sweep management, cash balances are automatically swept into the short-term investment vehicle daily before the designated dealing time for the Funds. The table below details the Cash Sweep balance as at 31 December 2012 and 31 December 2011: Fund BNY Mellon Absolute Return Equity Fund BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Continental European Equity Fund BNY Mellon Emerging Markets Equity Core Fund* BNY Mellon Emerging Equity Income Fund* BNY Mellon Euro Government Bond Index Tracker BNY Mellon Evolution Global Alpha Fund BNY Mellon Global Bond Fund BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global Opportunities Fund BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP)* BNY Mellon Global Real Return Fund (USD) BNY Mellon Latin America Infrastructure Fund BNY Mellon Long-Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund

Base Currency

31 December 2012

31 December 2011

GBP USD USD EUR USD USD EUR EUR USD USD USD USD USD EUR EUR GBP USD USD EUR EUR GBP GBP

18,981,232 2,973,719 243,372 792,911 798,533 314,031 440,877 1,455,447 21,424,227 1,205,388 7,120,007 2,797,547 6,337,614 40,682,838 1,691,578 6,367,155 90,155 13,156,438 253,566 163,999 1,786,523

13,308,891 50,477,180 1,076,456 263,365 58,473 866,052 78,368,840 1,452,177 13,606,934 985,669 3,920,036 28,847 21,588,140 2,382,534 194,442 13,282,525 135,665 484,541 939,300

* Please refer to Note 19 of the financial statements.

The cash investment auto-sweep is part of the daily cash management procedure. All money market funds available through the Cash Sweep management are triple-A rated by Standard and Poor’s and Moody’s and maintain a stable net asset value. US Dollar, Euro and Sterling prime and treasury funds are available for investments, in addition to a number of funds in additional currencies, depending on the domicile of the investor and the tax implications. Details of Standard & Poor’s credit rating carried by all material investments in interest bearing securities such as bonds and similar financial instruments are listed in the table below and further analytics may be sourced from the Company’s Datafile as at 31 December 2012, produced by BNY Mellon Asset Management International Limited (the “Global Distributor and Promoter”).

224

Fund

Rating

BNY Mellon Absolute Return Bond Fund*

AAA AA A BBB BB B Insight EMD Fund Unrated and cash

31 December 2012 %

31 December 2011 %

9.00 18.00 34.00 2.00 7.00 4.00 9.00 17.00

– – – – – – – –

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Credit risk contd. Fund

BNY Mellon Absolute Return Equity Fund

BNY Mellon Emerging Markets Corporate Debt Fund*

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund

BNY Mellon Euro Corporate Bond Fund

BNY Mellon Euro Government Bond Index Tracker

BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund

Rating

AAA AA+ AA AAA+ A IG BB B Unrated AA A BBB BB B CCC Unrated A ABBB+ BBB BBBBB+ BBBB Unrated A ABBB+ BBB BBBBB+ BB Unrated AA A BBB BB Unrated Others AAA AA A BBB AAA AA A BBB BB B & below A-1+ A-1 A-1+ A-2

31 December 2012 %

31 December 2011 %

33.99 – 31.20 – – 34.81 49.70 21.70 22.80 1.20 2.50 10.30 55.90 12.60 13.30 – – 28.40 13.20 12.50 23.70 16.10 1.20 2.40 – 0.40 42.10 22.70 15.50 13.30 2.40 1.10 – 0.70 6.30 37.90 46.90 3.60 4.70 0.50 40.60 29.30 – 30.10 25.60 8.70 16.70 43.30 3.60 2.10 100.00 – 100.00 –

27.64 8.84 6.62 29.27 18.78 8.85 – – – – 1.66 5.69 47.10 24.88 14.92 0.11 0.03 16.44 22.56 19.66 11.03 7.02 17.96 – 1.39 – 12.29 29.12 22.30 17.41 4.87 1.71 1.12 – 9.69 45.60 33.13 1.68 2.62 – 58.26 17.12 21.77 2.85 54.47 5.64 25.81 12.48 1.26 0.35 89.04 10.96 83.17 16.83

225

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Credit risk contd. Fund

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund

BNY Mellon Global High Yield Bond Fund (EUR)

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Global Real Return Fund (GBP)*

BNY Mellon Global Real Return Fund (USD)

BNY Mellon Sterling Bond Fund

Rating

AAA & above AA A BBB BB B & below AAA AA A BBB AAA AA A BBB BB B CCC Unrated BBB BB B CCC & below A BBB BB B CCC & below A BBB BB B CCC & below A BBB BB B CCC & below AAA AA A BBB

31 December 2012 %

31 December 2011 %

10.10 2.10 9.10 46.80 15.60 16.30 63.00 17.70 5.40 12.30 24.00 14.70 8.30 30.40 8.90 10.70 3.00 – 3.70 29.10 53.80 11.50 8.50 3.40 34.50 45.20 8.40 9.40 10.90 23.30 44.50 11.90 8.10 5.80 29.30 45.10 11.70 82.30 – 8.30 6.70

33.59 8.01 11.57 28.37 12.12 6.34 75.15 8.82 4.60 4.50 36.39 16.03 11.52 22.99 4.45 6.38 1.53 0.72 0.44 16.77 56.45 24.43 9.30 6.90 21.70 58.30 3.80 – – – – – 11.20 15.70 13.60 55.00 4.60 81.96 1.85 5.10 4.73

* Please refer to Note 19 of the financial statements.

All transactions in listed securities are settled or paid upon delivery using approved brokers. The risk of broker default is considered minimal as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. Where possible the Company restricts its exposure to credit losses on the trading derivative instruments it holds by entering into master netting arrangements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Derivatives are held with counterparty on an unsegregated basis. Master netting arrangements do not result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Company’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement. The Company employs a risk management process which will enable it to measure, monitor and manage the risks attached to financial derivative positions and details of this process have been provided to the Central Bank. 226

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Credit risk contd. For the purpose of providing margin or collateral in respect of transactions in financial derivative instruments, the Funds of the Company may transfer, mortgage, charge or encumber any assets or cash forming part of the Funds. Funds may also be exposed to a credit risk in relation to the counterparties with whom they transact or place margin or collateral in respect of transactions in financial derivative instruments and may bear the risk of counterparty default. The Funds may receive cash and eligible non-cash collateral in relation to derivative trading to reduce counterparty exposure. Cash collateral received by the Fund at the 31 December 2012 is shown as an asset in the Statement of Net Assets, which is offset by a corresponding liability. At the 31 December 2012, JPMorgan has provided eligible non cash collateral as follows: Fund BNY Mellon Emerging Markets Debt Local Currency Fund BNY Mellon Euroland Bond Fund

Fair Value USD 8,769,096 12,568,536

Those Funds entering into securities lending arrangements are also open to counterparty risk. To minimise such risk, collateral is held, exceeding in value the amount of securities on loan. Details of these are provided in Note 14 of the financial statements. Liquidity risk Liquidity risk is the risk that the Company may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Company is exposed to the daily settlement of margin calls on derivatives and to daily cash redemptions of redeemable shares. Each Fund therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of; it invests only a limited proportion of its assets in investments not actively traded on a listed exchange. Listed securities of each Fund are considered readily realisable, as they are listed on a regulated stock exchange. The investment managers utilise derivative instruments and debt securities, if appropriate, such as exchange traded index futures contracts to allow exposure to markets whilst maintaining sufficient liquidity. Where any Fund acquires securities on the over‑the‑counter markets, there is no guarantee that the Fund will be able to realise the fair value of such securities due to their tendency to have limited liquidity and comparatively high price volatility. The Company has the ability to borrow in the short term to ensure settlement. An overdraft facility is in place and has been utilised for settlement liquidity purposes. The Custodian shall be entitled to use available cash in the Fund’s account and to liquidate securities in the account as is necessary to meet the Fund’s obligations in connection with the provision of an overdraft facility to the Fund and/or unpaid amounts. The table below summarises the Company’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date: Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

EUR – – 3,075 356,549

EUR – – – –

EUR – – – –

EUR – – 506,208 –

EUR – – 509,283 356,549

Financial liabilities at fair value through profit or loss

359,624

–

–

506,208

865,832

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

– 37,075 1,215,232 148,319 127,364,053

– – – – –

– – – – –

– – – – –

– 37,075 1,215,232 148,319 127,364,053

Total financial liabilities

129,124,303

–

–

506,208

129,630,511

BNY Mellon Absolute Return Bond Fund*

227

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

GBP 15,271 – 6,121 21,950

GBP – – – 94,982

GBP – – 3,331,326 –

GBP – – 5,049,773 –

GBP 15,271 – 8,387,220 116,932

Financial liabilities at fair value through profit or loss

43,342

94,982

3,331,326

5,049,773

8,519,423

1,291,290 188,654 10,515,283 200,462,649

– – – –

– – – –

– – – –

1,291,290 188,654 10,515,283 200,462,649

212,501,218  

94,982  

3,331,326  

5,049,773  

220,977,299  

Futures Options Swaps Forward contracts

USD – – – 289

USD – – – –

USD – – – –

USD – – – –

USD – – – 289

Financial liabilities at fair value through profit or loss

289

–

–

–

289

181,879 850,083 319,321 413,789,619

– – – –

– – – –

– – – –

181,879 850,083 319,321 413,789,619

415,141,191

–

–

–

415,141,191

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

905,089 773,644 166,317 421,363,041

– – – –

– – – –

– – – –

905,089 773,644 166,317 421,363,041

Total financial liabilities

423,208,091

–

–

–

423,208,091

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

38,216 54,055 – 22,623,558

– – – –

– – – –

– – – –

38,216 54,055 – 22,623,558

Total financial liabilities

22,715,829

–

–

–

22,715,829

BNY Mellon Absolute Return Equity Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities   BNY Mellon Asian Equity Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Brazil Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Continental European Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

228

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

143,338 45,436 61,088 16,927,850

– – – –

– – – –

– – – –

143,338 45,436 61,088 16,927,850

17,177,712

–

–

–

17,177,712

Futures Options Swaps Forward contracts

USD – – – 53,707

USD – – – –

USD – – – –

USD – – 289,026 –

USD – – 289,026 53,707

Financial liabilities at fair value through profit or loss

53,707

–

–

289,026

342,733

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 38,396 7,500 73,065,605

– – – –

– – – –

– – – –

– 38,396 7,500 73,065,605

Total financial liabilities

73,165,208

–

–

289,026

73,454,234

Futures Options Swaps Forward contracts

USD – – – 299

USD – – – –

USD – – – –

USD – – – –

USD – – – 299

Financial liabilities at fair value through profit or loss

299

–

–

–

299

– 723,693 57,473 634,178,183

– – – –

– – – –

– – – –

– 723,693 57,473 634,178,183

634,959,648

–

–

–

634,959,648

Futures Options Swaps Forward contracts

USD – – – 12,640,595

USD – – – 720,425

USD – – – 3,836,049

USD – – – –

USD – – – 17,197,069

Financial liabilities at fair value through profit or loss

12,640,595

720,425

3,836,049

–

17,197,069

13,231,228 3,448,285 15,919,366 3,337,226,210

– – – –

– – – –

– – – –

13,231,228 3,448,285 15,919,366 3,337,226,210

3,382,465,684

720,425

3,836,049

–

3,387,022,158

BNY Mellon Emerging Equity Income Fund* Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Emerging Markets Corporate Debt Fund*

BNY Mellon Emerging Markets Debt Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Emerging Markets Debt Local Currency Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities

229

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

3 77,454 – 19,775,898

– – – –

– – – –

– – – –

3 77,454 – 19,775,898

Total financial liabilities

19,853,355

–

–

–

19,853,355

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

991,653 88,296 257,611 167,369,957

– – – –

– – – –

– – – –

991,653 88,296 257,611 167,369,957

Total financial liabilities

168,707,517

–

–

–

168,707,517

Futures Options Swaps Forward contracts

USD – – – 657,817

USD – – – 114,940

USD – – – 523,524

USD – – 1,897,793 –

USD – – 1,897,793 1,296,281

Financial liabilities at fair value through profit or loss

657,817

114,940

523,524

1,897,793

3,194,074

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 107,967 – 305,038,834

– – – –

– – – –

– – – –

– 107,967 – 305,038,834

Total financial liabilities

305,804,618

114,940

523,524

1,897,793

308,340,875

EUR – – – –

EUR 18,405 – – –

EUR – – – –

EUR – – – –

EUR 18,405 – – –

–

18,405

–

–

18,405

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 86,278 – 114,796,985

– – – –

– – – –

– – – –

– 86,278 – 114,796,985

Total financial liabilities

114,883,263

18,405

–

–

114,901,668

BNY Mellon Emerging Markets Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Emerging Markets Equity Core Fund* Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund

BNY Mellon Euro Corporate Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

230

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

4,852 11,865 – 12,734,940

– – – –

– – – –

– – – –

4,852 11,865 – 12,734,940

12,751,657

–

–

–

12,751,657

Futures Options Swaps Forward contracts

EUR – – – 2,659,353

EUR 255,351 – – –

EUR – – – –

EUR – – 9,715,061 –

EUR 255,351 – 9,715,061 2,659,353

Financial liabilities at fair value through profit or loss

2,659,353

255,351

–

9,715,061

12,629,765

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

1,639,817 1,898,582 36,616,735 5,089,589 1,732,788,435

– – – – –

– – – – –

– – – – –

1,639,817 1,898,582 36,616,735 5,089,589 1,732,788,435

Total financial liabilities

1,780,692,511

255,351

–

9,715,061

1,790,662,923

Futures Options Swaps Forward contracts

EUR – – – 137,421

EUR – 34,395 – –

EUR – – – –

EUR – – – –

EUR – 34,395 – 137,421

Financial liabilities at fair value through profit or loss

137,421

34,395

–

–

171,816

Bank overdraft Accrued expenses Other payables Redeemable participating shares

56 42,047 – 6,804,318

– – – –

– – – –

– – – –

56 42,047 – 6,804,318

Total financial liabilities

6,983,842

34,395

–

–

7,018,237

Futures Options Swaps Forward contracts

EUR 8,521 – – 90,859

EUR 203,034 – – 518,662

EUR – – – –

EUR – – – –

EUR 211,555 – – 609,521

Financial liabilities at fair value through profit or loss

99,380

721,696

–

–

821,076

– 59,570 44,481 1,029,646 22,708,584

– – – – –

– – – – –

– – – – –

– 59,570 44,481 1,029,646 22,708,584

23,941,661

721,696

–

–

24,663,357

BNY Mellon Euro Government Bond Index Tracker Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Euroland Bond Fund

BNY Mellon Evolution Currency Option Fund

BNY Mellon Evolution Global Alpha Fund

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares Total financial liabilities

231

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

USD – 5,719 – 19,728

USD 5,948 – – –

USD – – – –

USD – – 6,381 –

USD 5,948 5,719 6,381 19,728

Financial liabilities at fair value through profit or loss

25,447

5,948

–

6,381

37,776

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

819 38,449 950 7,450 8,343,526

– – – – –

– – – – –

– – – – –

819 38,449 950 7,450 8,343,526

Total financial liabilities

8,416,641

5,948

–

6,381

8,428,970

Futures Options Swaps Forward contracts

USD – – – 8,044

USD – – – 17,919,011

USD – – – –

USD – – – –

USD – – – 17,927,055

Financial liabilities at fair value through profit or loss

8,044

17,919,011

–

–

17,927,055

Bank overdraft Accrued expenses Other payables Redeemable participating shares

5,296 1,013,405 244,815 980,698,078

– – – –

– – – –

– – – –

5,296 1,013,405 244,815 980,698,078

Total financial liabilities

981,969,638

17,919,011

–

–

999,888,649

USD – – – 315

USD – – – 117,771

USD – – – –

USD – – – –

USD – – – 118,086

315

117,771

–

–

118,086

Bank overdraft Accrued expenses Other payables Redeemable participating shares

31 76,828 – 42,249,128

– – – –

– – – –

– – – –

31 76,828 – 42,249,128

Total financial liabilities

42,326,302

117,771

–

–

42,444,073

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 121,192 28,983 27,609,133

– – – –

– – – –

– – – –

– 121,192 28,983 27,609,133

Total financial liabilities

27,759,308

–

–

–

27,759,308

BNY Mellon Evolution Global Strategic Bond Fund

BNY Mellon Global Bond Fund

BNY Mellon Global Dynamic Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Global Emerging Markets Equity Value Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

232

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

USD – – – 166,775

USD – – – –

USD – – – 40,718

USD – – – –

USD – – – 207,493

Financial liabilities at fair value through profit or loss

166,775

–

40,718

–

207,493

Bank overdraft Accrued expenses Other payables Redeemable participating shares

12 303,360 – 237,949,725

– – – –

– – – –

– – – –

12 303,360 – 237,949,725

Total financial liabilities

238,419,872

–

40,718

–

238,460,590

Futures Options Swaps Forward contracts

USD – – – 50,926

USD – – – 454,532

USD – – – 45,644

USD – – – –

USD – – – 551,102

Financial liabilities at fair value through profit or loss

50,926

454,532

45,644

–

551,102

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 357,460 294,672 240,650,228

– – – –

– – – –

– – – –

– 357,460 294,672 240,650,228

Total financial liabilities

241,353,286

454,532

45,644

–

241,853,462

Futures Options Swaps Forward contracts

EUR – – – 15,977

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 15,977

Financial liabilities at fair value through profit or loss

15,977

–

–

–

15,977

Bank overdraft Accrued expenses Other payables Redeemable participating shares

160 98,475 99,684 169,368,025

– – – –

– – – –

– – – –

160 98,475 99,684 169,368,025

Total financial liabilities

169,582,321

–

–

–

169,582,321

USD – – – –

USD – – – –

USD – – – 132,023

USD – – – –

USD – – – 132,023

–

–

132,023

–

132,023

Bank overdraft Accrued expenses Other payables Redeemable participating shares

8 153,021 46,273 112,858,621

– – – –

– – – –

– – – –

8 153,021 46,273 112,858,621

Total financial liabilities

113,057,923

–

132,023

–

113,189,946

BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global High Yield Bond Fund (EUR)

BNY Mellon Global Opportunities Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

233

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

EUR – – – 4,276

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 4,276

Financial liabilities at fair value through profit or loss

4,276

–

–

–

4,276

Bank overdraft Accrued expenses Other payables Redeemable participating shares

10 38,625 56,009 7,199,297

– – – –

– – – –

– – – –

10 38,625 56,009 7,199,297

Total financial liabilities

7,298,217

–

–

–

7,298,217

Futures Options Swaps Forward contracts

EUR – 1,615,183 – 15

EUR – – – 1,935,124

EUR – – – 66,134

EUR – – – –

EUR – 1,615,183 – 2,001,273

Financial liabilities at fair value through profit or loss

1,615,198

1,935,124

66,134

–

3,616,456

Bank overdraft Accrued expenses Other payables Redeemable participating shares

26 1,492,963 840,167 1,140,129,630

– – – –

– – – –

– – – –

26 1,492,963 840,167 1,140,129,630

Total financial liabilities

1,144,077,984

1,935,124

66,134

–

1,146,079,242

Futures Options Swaps Forward contracts

GBP – 59,252 – 2

GBP – – – 209,048

GBP – – – 8,877

GBP – – – –

GBP – 59,252 – 217,927

Financial liabilities at fair value through profit or loss

59,254

209,048

8,877

–

277,179

3 64,183 589 38,065,696

– – – –

– – – –

– – – –

3 64,183 589 38,065,696

38,189,725

209,048

8,877

–

38,407,650

USD – 239,546 – 855,419

USD – – – 1,912,787

USD – – – 343,850

USD – – – –

USD – 239,546 – 3,112,056

1,094,965

1,912,787

343,850

–

3,351,602

Bank overdraft Accrued expenses Other payables Redeemable participating shares

19 247,989 1 171,907,275

– – – –

– – – –

– – – –

19 247,989 1 171,907,275

Total financial liabilities

173,250,249

1,912,787

343,850

–

175,506,886

BNY Mellon Global Property Securities Fund

BNY Mellon Global Real Return Fund (EUR)

BNY Mellon Global Real Return Fund (GBP)*

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Global Real Return Fund (USD) Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

234

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

JPY – – – –

JPY – – – –

JPY – – – –

JPY – – – –

JPY – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 742,737 – 264,265,572

– – – –

– – – –

– – – –

– 742,737 – 264,265,572

Total financial liabilities

265,008,309

–

–

–

265,008,309

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 37,545 – 5,193,969

– – – –

– – – –

– – – –

– 37,545 – 5,193,969

Total financial liabilities

5,231,514

–

–

–

5,231,514

EUR – – – 14

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 14

14

–

–

–

14

– 1,575,945 1,128,727 1,271,156,671

– – – –

– – – –

– – – –

– 1,575,945 1,128,727 1,271,156,671

1,273,861,357

–

–

–

1,273,861,357

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

33,924 18,410 – 8,446,108

– – – –

– – – –

– – – –

33,924 18,410 – 8,446,108

Total financial liabilities

8,498,442

–

–

–

8,498,442

BNY Mellon Japan Equity Value Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Latin America Infrastructure Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Long‑Term Global Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Pan European Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

235

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

USD – – – –

USD 1,325 – – –

USD – – – –

USD – – – –

USD 1,325 – – –

–

1,325

–

–

1,325

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

13 209,042 359,273 – 162,030,690

– – – – –

– – – – –

– – – – –

13 209,042 359,273 – 162,030,690

Total financial liabilities

162,599,018

1,325

–

–

162,600,343

EUR – – – –

EUR 1,360 – – –

EUR – – – –

EUR – – – –

EUR 1,360 – – –

–

1,360

–

–

1,360

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

– 22,308 97 2,150 7,361,773

– – – – –

– – – – –

– – – – –

– 22,308 97 2,150 7,361,773

Total financial liabilities

7,386,328

1,360

–

–

7,387,688

GBP – – – –

GBP – – – –

GBP – – – –

GBP – – – –

GBP – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

1 9,224 – 7,593,372

– – – –

– – – –

– – – –

1 9,224 – 7,593,372

Total financial liabilities

7,602,597

–

–

–

7,602,597

GBP – – – 2

GBP – – – –

GBP – – – –

GBP – – – –

GBP – – – 2

2

–

–

–

2

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 42,607 – 19,752,940

– – – –

– – – –

– – – –

– 42,607 – 19,752,940

Total financial liabilities

19,795,549

–

–

–

19,795,549

BNY Mellon S&P 500® Index Tracker Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Small Cap Euroland Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Sterling Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon UK Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

236

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2012

Futures Options Swaps Forward contracts

USD – – – 320

USD – – – –

USD – – – –

USD – – – –

USD – – – 320

Financial liabilities at fair value through profit or loss

320

–

–

–

320

Bank overdraft Accrued expenses Redeemable participating shares

84,516 69,510 88,289,691

– – –

– – –

– – –

84,516 69,510 88,289,691

Total financial liabilities

88,444,037

–

–

–

88,444,037

Futures Options Swaps Forward contracts

USD – – – 267

USD – – – –

USD – – – –

USD – – – –

USD – – – 267

Financial liabilities at fair value through profit or loss

267

–

–

–

267

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 51,327 26,806 28,848,116

– – – –

– – – –

– – – –

– 51,327 26,806 28,848,116

Total financial liabilities

28,926,516

–

–

–

28,926,516

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

36,404 112,337 – 25,200,035

– – – –

– – – –

– – – –

36,404 112,337 – 25,200,035

Total financial liabilities

25,348,776

–

–

–

25,348,776

BNY Mellon U.S. Dynamic Value Fund

BNY Mellon U.S. Equity Fund

BNY Mellon Vietnam, India and China (VIC) Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

* Please refer to Note 19 of the financial statements.

237

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. The comparative figures as at 31 December 2011 were as follows: Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

Futures Options Swaps Forward contracts

GBP 6,251 – – 646,498

GBP 185,441 – 1,028,333 –

GBP – – 3,660,081 –

GBP – – 45,410 –

GBP 191,692 – 4,733,824 646,498

Financial liabilities at fair value through profit or loss

652,749

1,213,774

3,660,081

45,410

5,572,014

51 100,043 290,569 207,463 135,930,208

– – – – –

– – – – –

– – – – –

51 100,043 290,569 207,463 135,930,208

137,181,083  

1,213,774  

3,660,081  

45,410  

142,100,348

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

215,418 947,231 316,293 530,281,543

– – – –

– – – –

– – – –

215,418 947,231 316,293 530,281,543

Total financial liabilities

531,760,485

–

–

–

531,760,485

Futures Options Swaps Forward contracts

USD – – – 640

USD – – – –

USD – – – –

USD – – – –

USD – – – 640

Financial liabilities at fair value through profit or loss

640

–

–

–

640

Bank overdraft Accrued expenses Other payables Redeemable participating shares

410,298 660,736 690,676 361,646,480

– – – –

– – – –

– – – –

410,298 660,736 690,676 361,646,480

Total financial liabilities

363,408,830

–

–

–

363,408,830

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

27,513 48,860 – 23,833,966

– – – –

– – – –

– – – –

27,513 48,860 – 23,833,966

Total financial liabilities

23,910,339

–

–

–

23,910,339

BNY Mellon Absolute Return Equity Fund

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares Total financial liabilities   BNY Mellon Asian Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Brazil Equity Fund

BNY Mellon Continental European Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

238

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

Futures Options Swaps Forward contracts

USD – – – 30,043

USD – – – –

USD – – – –

USD – – – –

USD – – – 30,043

Financial liabilities at fair value through profit or loss

30,043

–

–

–

30,043

Bank overdraft Accrued expenses Other payables Redeemable participating shares

2 247,527 60,388 355,235,670

– – – –

– – – –

– – – –

2 247,527 60,388 355,235,670

Total financial liabilities

355,573,630

–

–

–

355,573,630

Futures Options Swaps Forward contracts

USD – – – 22,670,376

USD – – – –

USD – – – 5,066,038

USD – – 2,237,541 –

USD – – 2,237,541 27,736,414

Financial liabilities at fair value through profit or loss

22,670,376

–

5,066,038

2,237,541

29,973,955

Bank overdraft Accrued expenses Other payables Redeemable participating shares

882,797 3,378,736 16,498,889 3,255,343,628

– – – –

– – – –

– – – –

882,797 3,378,736 16,498,889 3,255,343,628

Total financial liabilities

3,298,774,426

–

5,066,038

2,237,541

3,306,078,005

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 71,981 – 38,285,087

– – – –

– – – –

– – – –

– 71,981 – 38,285,087

Total financial liabilities

38,357,068

–

–

–

38,357,068

Futures Options Swaps Forward contracts

USD – – – 507,881

USD – – – –

USD – – – –

USD – – 1,237,544 –

USD – – 1,237,544 507,881

Financial liabilities at fair value through profit or loss

507,881

–

–

1,237,544

1,745,425

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 73,434 – 269,927,307

– – – –

– – – –

– – – –

– 73,434 – 269,927,307

Total financial liabilities

270,508,622

–

–

1,237,544

271,746,166

BNY Mellon Emerging Markets Debt Fund

BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Emerging Markets Local Investment Grade Debt Fund

239

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

EUR – – – –

EUR 73,260 – – –

EUR – – – –

EUR – – – –

EUR 73,260 – – –

–

73,260

–

–

73,260

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 51,742 – 95,119,633

– – – –

– – – –

– – – –

– 51,742 – 95,119,633

Total financial liabilities

95,171,375

73,260

–

–

95,244,635

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

12,950 10,027 93,625 14,613,637

– – – –

– – – –

– – – –

12,950 10,027 93,625 14,613,637

Total financial liabilities

14,730,239

–

–

–

14,730,239

Futures Options Swaps Forward contracts

EUR – – – 3,031,154

EUR 900,109 – – –

EUR – – – –

EUR – – 8,283,248 –

EUR 900,109 – 8,283,248 3,031,154

Financial liabilities at fair value through profit or loss

3,031,154

900,109

–

8,283,248

12,214,511

– 1,266,968 10,711,405 2,159,269 1,255,682,133

– – – – –

– – – – –

– – – – –

– 1,266,968 10,711,405 2,159,269 1,255,682,133

1,272,850,929

900,109

–

8,283,248

1,282,034,286

Futures Options Swaps Forward contracts

EUR – 426,802 – 373,387

EUR – 495,531 – –

EUR – – – –

EUR – – – –

EUR – 922,333 – 373,387

Financial liabilities at fair value through profit or loss

800,189

495,531

–

–

1,295,720

Bank overdraft Accrued expenses Other payables Redeemable participating shares

1 26,727 142 10,634,228

– – – –

– – – –

– – – –

1 26,727 142 10,634,228

Total financial liabilities

11,461,287

495,531

–

–

11,956,818

BNY Mellon Euro Corporate Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Euro Government Bond Index Tracker Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Euroland Bond Fund

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares Total financial liabilities BNY Mellon Evolution Currency Option Fund

240

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

Futures Options Swaps Forward contracts

EUR 8,828 – – 26,074

EUR 524,371 – – 138,438

EUR – – – –

EUR – – – –

EUR 533,199 – – 164,512

Financial liabilities at fair value through profit or loss

34,902

662,809

–

–

697,711

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

33,777 54,743 38,806 286,469 29,236,717

– – – – –

– – – – –

– – – – –

33,777 54,743 38,806 286,469 29,236,717

Total financial liabilities

29,685,414

662,809

–

–

30,348,223

Futures Options Swaps Forward contracts

USD – 17,594 – 13,065

USD 11,564 9,085 – –

USD – – – –

USD – – – –

USD 11,564 26,679 – 13,065

Financial liabilities at fair value through profit or loss

30,659

20,649

–

–

51,308

36,221 26,609 597,840 9,707,815

– – – –

– – – –

– – – –

36,221 26,609 597,840 9,707,815

10,399,144

20,649

–

–

10,419,793

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 17,775 – –

– – – –

– – – –

– – – –

– 17,775 – –

Total financial liabilities

17,775

–

–

–

17,775

Futures Options Swaps Forward contracts

USD – – – 6,059,530

USD – – – 3,524,588

USD – – – –

USD – – – –

USD – – – 9,584,118

Financial liabilities at fair value through profit or loss

6,059,530

3,524,588

–

–

9,584,118

Bank overdraft Accrued expenses Other payables Redeemable participating shares

10,469,961 907,002 2,293,293 1,240,073,623

– – – –

– – – –

– – – –

10,469,961 907,002 2,293,293 1,240,073,623

Total financial liabilities

1,259,803,409

3,524,588

–

–

1,263,327,997

BNY Mellon Evolution Global Alpha Fund

BNY Mellon Evolution Global Strategic Bond Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Evolution U.S. Equity Market Neutral Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Global Bond Fund

241

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

USD – – – –

USD – – – 34,110

USD – – – –

USD – – – –

USD – – – 34,110

–

34,110

–

–

34,110

Bank overdraft Accrued expenses Other payables Redeemable participating shares

216,272 41,192 214,191 19,059,056

– – – –

– – – –

– – – –

216,272 41,192 214,191 19,059,056

Total financial liabilities

19,530,711

34,110

–

–

19,564,821

USD – – – 8

USD – – – –

USD – – – –

USD – – – –

USD – – – 8

8

–

–

–

8

Bank overdraft Accrued expenses Other payables Redeemable participating shares

152 85,002 88,578 27,853,481

– – – –

– – – –

– – – –

152 85,002 88,578 27,853,481

Total financial liabilities

28,027,221

–

–

–

28,027,221

Futures Options Swaps Forward contracts

USD – – – 182,682

USD – – – 222,441

USD – – – –

USD – – – –

USD – – – 405,123

Financial liabilities at fair value through profit or loss

182,682

222,441

–

–

405,123

Bank overdraft Accrued expenses Other payables Redeemable participating shares

2,672 209,710 2,317,719 236,417,164

– – – –

– – – –

– – – –

2,672 209,710 2,317,719 236,417,164

Total financial liabilities

239,129,947

222,441

–

–

239,352,388

USD – – – 25

USD – – – –

USD – – – 6,759

USD – – – –

USD – – – 6,784

25

–

6,759

–

6,784

Bank overdraft Accrued expenses Other payables Redeemable participating shares

43,437 126,736 824,414 72,741,880

– – – –

– – – –

– – – –

43,437 126,736 824,414 72,741,880

Total financial liabilities

73,736,492

–

6,759

–

73,743,251

BNY Mellon Global Dynamic Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Global Emerging Markets Equity Value Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Global Equity Fund

BNY Mellon Global Equity Higher Income Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

242

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

Futures Options Swaps Forward contracts

EUR – – – 1,353,530

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 1,353,530

Financial liabilities at fair value through profit or loss

1,353,530

–

–

–

1,353,530

Bank overdraft Accrued expenses Other payables Redeemable participating shares

160 91,020 3,024,706 249,769,786

– – – –

– – – –

– – – –

160 91,020 3,024,706 249,769,786

Total financial liabilities

254,239,202

–

–

–

254,239,202

Futures Options Swaps Forward contracts

USD – – – 259

USD – – – –

USD – – – –

USD – – – –

USD – – – 259

Financial liabilities at fair value through profit or loss

259

–

–

–

259

Bank overdraft Accrued expenses Other payables Redeemable participating shares

787,496 154,587 89,055 126,753,699

– – – –

– – – –

– – – –

787,496 154,587 89,055 126,753,699

Total financial liabilities

127,785,096

–

–

–

127,785,096

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

260 23,610 6,699 4,963,678

– – – –

– – – –

– – – –

260 23,610 6,699 4,963,678

Total financial liabilities

4,994,247

–

–

–

4,994,247

Futures Options Swaps Forward contracts

EUR – 592,202 – –

EUR – 1,163,755 – 2,696,188

EUR – – – 5,322,245

EUR – – – –

EUR – 1,755,957 – 8,018,433

Financial liabilities at fair value through profit or loss

592,202

3,859,943

5,322,245

–

9,774,390

Bank overdraft Accrued expenses Other payables Redeemable participating shares

9,571,512 602,586 2,458,376 568,312,509

– – – –

– – – –

– – – –

9,571,512 602,586 2,458,376 568,312,509

Total financial liabilities

581,537,185

3,859,943

5,322,245

–

590,719,373

BNY Mellon Global High Yield Bond Fund (EUR)

BNY Mellon Global Opportunities Fund

BNY Mellon Global Property Securities Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Global Real Return Fund (EUR)

243

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

USD – 87,223 – 56,770

USD – 175,050 – 625,188

USD – – – –

USD – – – –

USD – 262,273 – 681,958

143,993

800,238

–

–

944,231

Bank overdraft Accrued expenses Other payables Redeemable participating shares

41,361 125,846 131,689 82,492,788

– – – –

– – – –

– – – –

41,361 125,846 131,689 82,492,788

Total financial liabilities

82,935,677

800,238

–

–

83,735,915

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 350 – –

– – – –

– – – –

– – – –

– 350 – –

Total financial liabilities

350

–

–

–

350

JPY – – – –

JPY – – – –

JPY – – – –

JPY – – – –

JPY – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

11,977,593 1,206,506 – 232,946,638

– – – –

– – – –

– – – –

11,977,593 1,206,506 – 232,946,638

Total financial liabilities

246,130,737

–

–

–

246,130,737

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 39,994 – 7,863,628

– – – –

– – – –

– – – –

– 39,994 – 7,863,628

Total financial liabilities

7,903,622

–

–

–

7,903,622

BNY Mellon Global Real Return Fund (USD) Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Japan Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Japan Equity Value Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon Latin America Infrastructure Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

244

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

Futures Options Swaps Forward contracts

EUR – – – 12,292

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 12,292

Financial liabilities at fair value through profit or loss

12,292

–

–

–

12,292

– 601,274 18,143,978 547,126,463

– – – –

– – – –

– – – –

– 601,274 18,143,978 547,126,463

565,884,007

–

–

–

565,884,007

EUR – – – 12

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – 12

12

–

–

–

12

Bank overdraft Accrued expenses Other payables Redeemable participating shares

2,698 10,881 – 5,502,343

– – – –

– – – –

– – – –

2,698 10,881 – 5,502,343

Total financial liabilities

5,515,934

–

–

–

5,515,934

Futures Options Swaps Forward contracts

USD – – – 445

USD – – – –

USD – – – –

USD – – – –

USD – – – 445

Financial liabilities at fair value through profit or loss

445

–

–

–

445

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

254,124 153,281 21,082 20,228 130,463,151

– – – – –

– – – – –

– – – – –

254,124 153,281 21,082 20,228 130,463,151

Total financial liabilities

130,912,311

–

–

–

130,912,311

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

EUR – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Margins on derivative contracts Redeemable participating shares

– 34,328 4,661 5,189 12,609,650

– – – – –

– – – – –

– – – – –

– 34,328 4,661 5,189 12,609,650

Total financial liabilities

12,653,828

–

–

–

12,653,828

BNY Mellon Long‑Term Global Equity Fund

Bank overdraft Accrued expenses Other payables Redeemable participating shares Total financial liabilities BNY Mellon Pan European Equity Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon S&P 500® Index Tracker

BNY Mellon Small Cap Euroland Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

245

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

GBP – – – –

GBP – – – –

GBP – – – –

GBP – – – –

GBP – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 9,727 10,626 8,379,485

– – – –

– – – –

– – – –

– 9,727 10,626 8,379,485

Total financial liabilities

8,399,838

–

–

–

8,399,838

Futures Options Swaps Forward contracts

GBP – 1,525 – –

GBP – – – –

GBP – – – –

GBP – – – –

GBP – 1,525 – –

Financial liabilities at fair value through profit or loss

1,525

–

–

–

1,525

Bank overdraft Accrued expenses Other payables Redeemable participating shares

3,918 42,510 137,563 26,406,482

– – – –

– – – –

– – – –

3,918 42,510 137,563 26,406,482

Total financial liabilities

26,591,998

–

–

–

26,591,998

USD – – – 7

USD – – – –

USD – – – –

USD – – – –

USD – – – 7

7

–

–

–

7

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 89,891 3,800,000 159,040,124

– – – –

– – – –

– – – –

– 89,891 3,800,000 159,040,124

Total financial liabilities

162,930,022

–

–

–

162,930,022

Futures Options Swaps Forward contracts

USD – – – 1,089,372

USD – – – –

USD – – – –

USD – – – –

USD – – – 1,089,372

Financial liabilities at fair value through profit or loss

1,089,372

–

–

–

1,089,372

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 82,773 2,212,182 100,070,672

– – – –

– – – –

– – – –

– 82,773 2,212,182 100,070,672

Total financial liabilities

103,454,999

–

–

–

103,454,999

BNY Mellon Sterling Bond Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon UK Equity Fund

BNY Mellon U.S. Dynamic Value Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

BNY Mellon U.S. Equity Fund

246

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

Less than 1 month

2‑3 months

3 months to 1 year

Greater than 1 year

Total 31 December 2011

USD – – – –

USD – – – –

USD – – – –

USD – – – –

USD – – – –

–

–

–

–

–

Bank overdraft Accrued expenses Other payables Redeemable participating shares

– 77,671 – 16,396,994

– – – –

– – – –

– – – –

– 77,671 – 16,396,994

Total financial liabilities

16,474,665

–

–

–

16,474,665

BNY Mellon Vietnam, India and China (VIC) Fund Futures Options Swaps Forward contracts Financial liabilities at fair value through profit or loss

Forward foreign currency contracts as included in the liquidity tables comprise of the unrealised loss on the contracts. Please refer to the Portfolio of Investments for the gross amount and detail positions on forward foreign currency contracts held at year end. Redeemable shares are redeemed on demand at the holders’ option. However, the Directors do not envisage that the contractual maturity disclosed in the table above will be representative of the actual cash outflows, as holders of these instruments typically retain them for the medium to long term. In order to manage the Company’s overall liquidity and to facilitate an orderly disposition of securities the Directors are able to refuse to repurchase any shares in excess of one tenth of the shares in issue in a Fund on any one valuation day by way of the provisions in the prospectus. Number of investors that held more than 10% of the net assets at trading valuation of the Fund at the end of the year are as follow: Fund BNY Mellon Absolute Return Bond Fund* BNY Mellon Absolute Return Equity Fund BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Continental European Equity Fund BNY Mellon Emerging Equity Income Fund* BNY Mellon Emerging Markets Corporate Debt Fund* BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund BNY Mellon Emerging Markets Equity Fund BNY Mellon Emerging Markets Equity Core Fund* BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund BNY Mellon Euro Corporate Bond Fund BNY Mellon Euro Government Bond Index Tracker BNY Mellon Euroland Bond Fund BNY Mellon Evolution Currency Option Fund BNY Mellon Evolution Global Alpha Fund BNY Mellon Evolution Global Strategic Bond Fund BNY Mellon Global Bond Fund BNY Mellon Global Dynamic Bond Fund BNY Mellon Global Emerging Markets Equity Value Fund BNY Mellon Global Equity Fund BNY Mellon Global Equity Higher Income Fund BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Opportunities Fund BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR)

31 December 2012

31 December 2011

1 3 1 2 1 2 2 3 1 1 1 1 3 2 1 2 3 1 – 3 3 2 2 1 3 2 1

n/a 3 2 2 2 n/a n/a 2 1 2 n/a 1 3 1 2 3 4 1 1 3 2 4 4 1 3 1 1

247

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Liquidity risk contd. Fund

31 December 2012

31 December 2011

3 4 1 2 1 1 4 3 2 2 1 2 1

n/a 3 1 3 1 1 3 2 3 3 2 3 1

BNY Mellon Global Real Return Fund (GBP)* BNY Mellon Global Real Return Fund (USD) BNY Mellon Japan Equity Value Fund BNY Mellon Latin America Infrastructure Fund BNY Mellon Long-Term Global Equity Fund BNY Mellon Pan European Equity Fund BNY Mellon S&P 500® Index Tracker BNY Mellon Small Cap Euroland Fund BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Dynamic Value Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund * Please refer to Note 19 of the financial statements.

Capital risk management The capital of the Funds is represented by the net assets at the end of the year. The amount of net assets can change significantly on a daily basis as the Funds is subject to daily subscriptions and redemptions at the discretion of shareholders. The Funds’ objective when managing capital is to safeguard the Funds’ ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Funds. In order to maintain or adjust the capital structure, it is part of the Company’s policy to perform the following: • •

The level of daily subscriptions and redemptions relative to the assets it expects to be able to liquidate is monitored and the amount of distributions payable to redeemable shareholders is adjusted accordingly. Redeemable participating shares are issued and redeemed in accordance with the prospectus and supplements of the Funds, which include the ability to restrict redemptions and requirement for certain minimum holdings and subscriptions.

Fair value estimation The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the inputs to estimate the fair value are observable. Fund

Classification

BNY Mellon Absolute Return Bond Fund* Bonds Credit default swaps Fixed income funds Forward contracts Futures Interest rate swaps Leveraged loans Financial assets

248

Level 1

Level 2

Level 3

Total

EUR – – 11,251,124 – 9,450 – –

EUR 98,497,326 942,692 – 679,819 – 67,162 3,093,863

EUR 3,513,932 – – – – – 963,283

EUR 102,011,258 942,692 11,251,124 679,819 9,450 67,162 4,057,146

11,260,574

103,280,862

4,477,215

119,018,651

Credit default swaps Forward contracts Interest rate swaps

– – –

(424,611) (356,549) (84,672)

– – –

(424,611) (356,549) (84,672)

Financial liabilities

–

(865,832)

–

(865,832)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

BNY Mellon Absolute Return Equity Fund Certificates of deposit Commercial paper Discounted notes Equities Equity index swaps Equity swaps Floating rate notes Forward contracts Futures Time deposits Financial assets

Level 1

Level 2

Level 3

Total

GBP – – – 24,198,715 – – – – 231,707 –

GBP 50,001,875 31,983,672 7,998,895 1,689,389 150,620 15,292,621 17,557,287 401,726 – 16,000,000

GBP – – – – – – – – – –

GBP 50,001,875 31,983,672 7,998,895 25,888,104 150,620 15,292,621 17,557,287 401,726 231,707 16,000,000

24,430,422

141,076,085

–

165,506,507

Equity index swaps Equity swaps Forward contracts Futures

– – – (15,271)

(2,016,624) (6,370,596) (116,932) –

– – – –

(2,016,624) (6,370,596) (116,932) (15,271)

Financial liabilities

(15,271)

(8,504,152)

–

(8,519,423)

BNY Mellon Asian Equity Fund Equities

USD 382,478,074

USD 26,915,828

USD 542,000

USD 409,935,902

Financial assets

382,478,074

26,915,828

542,000

409,935,902

Forward contracts

–

(289)

–

(289)

Financial liabilities

–

(289)

–

(289)

BNY Mellon Brazil Equity Fund Equities

USD 239,910,678

USD 173,699,135

USD –

USD 413,609,813

Financial assets

239,910,678

173,699,135

–

413,609,813

Equities Forward contracts

EUR 21,216,304 –

EUR 697,102 26

EUR – –

EUR 21,913,136 26

Financial assets

21,216,304

697,128

–

21,913,162

Equities Forward contracts

USD 15,367,358 –

USD 1,249,592 80

USD – –

USD 16,616,950 80

Financial assets

15,367,358

1,249,672

–

16,617,030

Bonds Credit default swaps Forward contracts Futures

USD – – – 12,219

USD 68,123,143 301,966 2,845 –

USD – – – –

USD 68,123,143 301,966 2,845 12,219

Financial assets

12,219

68,427,954

–

68,440,173

BNY Mellon Continental European Equity Fund

BNY Mellon Emerging Equity Income Fund*

BNY Mellon Emerging Markets Corporate Debt Fund*

Credit default swaps Forward contracts

– –

(289,026) (53,707)

– –

(289,026) (53,707)

Financial liabilities

–

(342,733)

–

(342,733)

249

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

USD – –

USD 589,445,792 441,088

USD – –

USD 589,445,792 441,088

Financial assets

–

589,886,880

–

589,886,880

Forward contracts

–

(299)

–

(299)

Financial liabilities

–

(299)

–

(299)

BNY Mellon Emerging Markets Debt Fund Bonds Forward contracts

BNY Mellon Emerging Markets Debt Local Currency Fund Bonds Forward contracts

USD 10,414,885 –

USD 3,190,124,687 23,262,655

USD – –

USD 3,200,539,572 23,262,655

Financial assets

10,414,885

3,213,387,342

–

3,223,802,227

Forward contracts

–

(17,197,069)

–

(17,197,069)

Financial liabilities

–

(17,197,069)

–

(17,197,069)

BNY Mellon Emerging Markets Equity Fund Equities

USD 19,638,364

USD –

USD –

USD 19,638,364

Financial assets

19,638,364

–

–

19,638,364

Collective investment schemes Equities

USD 3,990,944 143,832,361

USD – 18,093,135

USD – –

USD 3,990,944 161,925,496

Financial assets

147,823,305

18,093,135

–

165,916,440

USD – –

USD 291,898,293 1,012,547

USD – –

USD 291,898,293 1,012,547

Financial assets

–

292,910,840

–

292,910,840

Credit default swaps Forward contracts

– –

(1,897,793) (1,296,281)

– –

(1,897,793) (1,296,281)

Financial liabilities

–

(3,194,074)

–

(3,194,074)

BNY Mellon Emerging Markets Equity Core Fund*

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Bonds Forward contracts

BNY Mellon Euro Corporate Bond Fund Bonds Credit default swaps Financial assets

EUR 111,604,190 8,454

EUR – –

EUR 111,604,190 8,454

–

111,612,644

–

111,612,644

Futures

(18,405)

–

–

(18,405)

Financial liabilities

(18,405)

–

–

(18,405)

EUR –

EUR 12,081,970

EUR –

EUR 12,081,970

–

12,081,970

–

12,081,970

BNY Mellon Euro Government Bond Index Tracker Bonds Financial assets

250

EUR – –

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Bonds Forward contracts Futures Interest rate swaps Options

EUR 18,201,942 – 2,580,347 – 5,217,872

EUR 1,621,307,308 7,511,358 – 3,706,654 –

EUR 25,438,736 – – – –

EUR 1,664,947,986 7,511,358 2,580,347 3,706,654 5,217,872

Financial assets

26,000,161

1,632,525,320

25,438,736

1,683,964,217

BNY Mellon Euroland Bond Fund

Credit default swaps Forward contracts Futures Interest rate swaps

– – (255,351) –

(123,364) (2,659,353) – (9,591,697)

– – – –

(123,364) (2,659,353) (255,351) (9,591,697)

Financial liabilities

(255,351)

(12,374,414)

–

(12,629,765)

BNY Mellon Evolution Currency Option Fund Bonds Collective investment schemes Forward contracts Options Time deposits

EUR 2,300,022 645,022 -

EUR 1,000,047 – 164,953 104,131 2,280,000

EUR – -

EUR 3,300,069 645,022 164,953 104,131 2,280,000

Financial assets

2,945,044

3,549,131

-

6,494,175

Forward contracts Options

– –

(137,421) (34,395)

– –

(137,421) (34,395)

Financial liabilities

–

(171,816)

–

(171,816)

BNY Mellon Evolution Global Alpha Fund Bonds Forward contracts Futures

EUR 7,900,187 – 98,791

EUR 11,060,332 138,560 –

EUR – – –

EUR 18,960,519 138,560 98,791

Financial assets

7,998,978

11,198,892

–

19,197,870

Forward contracts Futures

– (211,555)

(609,521) –

– –

(609,521) (211,555)

Financial liabilities

(211,555)

(609,521)

–

(821,076)

Bonds Equities Forward contracts Futures Options

USD 69,999 – 12,922 26,104

USD 7,811,743 86,190 10,949 – –

USD 249,048 – – – –

USD 8,130,790 86,190 10,949 12,922 26,104

Financial assets

109,025

7,908,882

249,048

8,266,955

BNY Mellon Evolution Global Strategic Bond Fund

Interest rate swaps Forward contracts Futures Options

– – (5,948) (5,719)

(6,381) (19,728) – –

– – – –

(6,381) (19,728) (5,948) (5,719)

Financial liabilities

(11,667)

(26,109)

–

(37,776)

251

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

USD – –

USD 951,410,569 4,106,821

USD – –

USD 951,410,569 4,106,821

Financial assets

–

955,517,390

–

955,517,390

Forward contracts

–

(17,927,055)

–

(17,927,055)

Financial liabilities

–

(17,927,055)

–

(17,927,055)

BNY Mellon Global Bond Fund Bonds Forward contracts

BNY Mellon Global Dynamic Bond Fund Bonds Collective investment schemes Forward contracts

USD – 2,575,610 –

USD 35,048,254 – 71,175

USD – – –

USD 35,048,254 2,575,610 71,175

Financial assets

2,575,610

35,119,429

–

37,695,039

Forward contracts

–

(118,086)

–

(118,086)

Financial liabilities

–

(118,086)

–

(118,086)

BNY Mellon Global Emerging Markets Equity Value Fund Collective investment schemes Equities

USD 293,300 25,621,019

USD – 866,132

USD – –

USD 293,300 26,487,151

Financial assets

25,914,319

866,132

–

26,780,451

Collective investment schemes Equities Forward contracts

USD 1,599,727 221,716,295 –

USD – 4,706,088 62,368

USD – – –

USD 1,599,727 226,422,383 62,368

Financial assets

223,316,022

4,768,456

–

228,084,478

BNY Mellon Global Equity Fund

Forward contracts

–

(207,493)

–

(207,493)

Financial liabilities

–

(207,493)

–

(207,493)

BNY Mellon Global Equity Higher Income Fund Bonds Equities Forward contracts

USD – 229,793,052 –

USD 1,318,363 4,512,147 55,216

USD – – –

USD 1,318,363 234,305,199 55,216

Financial assets

229,793,052

5,885,726

–

235,678,778

Forward contracts

–

(551,102)

–

(551,102)

Financial liabilities

–

(551,102)

–

(551,102)

BNY Mellon Global High Yield Bond Fund (EUR)

252

Bonds Equities Forward contracts

EUR 75,843 – –

EUR 159,271,952 1,459,732 1,466,194

EUR – – –

EUR 159,347,795 1,459,732 1,466,194

Financial assets

75,843

162,197,878

–

162,273,721

Forward contracts

–

(15,977)

–

(15,977)

Financial liabilities

–

(15,977)

–

(15,977)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Bonds Equities Forward contracts

USD 4,699,944 101,697,594 –

USD – – 106,085

USD – – –

USD 4,699,944 101,697,594 106,085

Financial assets

106,397,538

106,085

–

106,503,623

BNY Mellon Global Opportunities Fund

Forward contracts

–

(132,023)

–

(132,023)

Financial liabilities

–

(132,023)

–

(132,023)

BNY Mellon Global Property Securities Fund Equities Forward contracts

EUR 6,986,019 –

EUR – 28

EUR – –

EUR 6,986,019 28

Financial assets

6,986,019

28

–

6,986,047

Forward contracts

–

(4,276)

–

(4,276)

Financial liabilities

–

(4,276)

–

(4,276)

BNY Mellon Global Real Return Fund (EUR) Bonds Collective investment schemes Equities Forward contracts Options

EUR 53,332,000 29,371,577 694,245,449 – 5,577,322

EUR 281,747,687 – – 15,041,002 –

EUR – – – – –

EUR 335,079,687 29,371,577 694,245,449 15,041,002 5,577,322

Financial assets

782,526,348

296,788,689

–

1,079,315,037

Forward contracts Options

– (1,615,183)

(2,001,273) –

– –

(2,001,273) (1,615,183)

Financial liabilities

(1,615,183)

(2,001,273)

–

(3,616,456)

GBP 1,662,614 1,617,195 22,811,367 – 189,057

GBP 9,538,979 – – 149,392 –

GBP – – – – –

GBP 11,201,593 1,617,195 22,811,367 149,392 189,057

26,280,233

9,688,371

–

35,968,604

BNY Mellon Global Real Return Fund (GBP)* Bonds Collective investment schemes Equities Forward contracts Options Financial assets Forward contracts Options

– (59,252)

(217,927) –

– –

(217,927) (59,252)

Financial liabilities

(59,252)

(217,927)

–

(277,179)

BNY Mellon Global Real Return Fund (USD) Bonds Collective investment schemes Equities Forward contracts Options Financial assets

USD 10,018,242 4,282,809 106,008,366 – 839,050

USD 42,941,068 – – 529,493 –

USD – – – – –

USD 52,959,310 4,282,809 106,008,366 529,493 839,050

121,148,467

43,470,561

–

164,619,028

Forward contracts Options

– (239,546)

(3,112,056) –

– –

(3,112,056) (239,546)

Financial liabilities

(239,546)

(3,112,056)

–

(3,351,602) 253

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Equities

JPY 259,592,650

JPY –

JPY –

JPY 259,592,650

Financial assets

259,592,650

–

–

259,592,650

Equities

USD 4,585,034

USD 447,095

USD –

USD 5,032,129

Financial assets

4,585,034

447,095

–

5,032,129

Equities

EUR 1,243,848,933

EUR –

EUR –

EUR 1,243,848,933

Financial assets

1,243,848,933

–

–

1,243,848,933

BNY Mellon Japan Equity Value Fund

BNY Mellon Latin America Infrastructure Fund

BNY Mellon Long‑Term Global Equity Fund

Forward contracts

–

(14)

–

(14)

Financial liabilities

–

(14)

–

(14)

BNY Mellon Pan European Equity Fund Equities Forward contracts

EUR 8,058,303 –

EUR 176,001 103

EUR – –

EUR 8,234,304 103

Financial assets

8,058,303

176,104

–

8,234,407

Bonds Equities

USD 64,995 161,805,555

USD – –

USD – –

USD 64,995 161,805,555

Financial assets

161,870,550

–

–

161,870,550

BNY Mellon S&P 500® Index Tracker

Futures

(1,325)

–

–

(1,325)

Financial liabilities

(1,325)

–

–

(1,325)

BNY Mellon Small Cap Euroland Fund Equities

EUR 6,850,045

EUR 230,531

EUR –

EUR 7,080,576

Financial assets

6,850,045

230,531

–

7,080,576

Futures

(1,360)

–

–

(1,360)

Financial liabilities

(1,360)

–

–

(1,360)

GBP –

GBP 7,296,293

GBP –

GBP 7,296,293

–

7,296,293

–

7,296,293

Equities

GBP 17,762,424

GBP –

GBP –

GBP 17,762,424

Financial assets

17,762,424

–

–

17,762,424

BNY Mellon Sterling Bond Fund Bonds Financial assets BNY Mellon UK Equity Fund

254

Forward contracts

–

(2)

–

(2)

Financial liabilities

–

(2)

–

(2)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Equities

USD 88,005,501

USD –

USD –

USD 88,005,501

Financial assets

88,005,501

–

–

88,005,501

BNY Mellon U.S. Dynamic Value Fund

Forward contracts

–

(320)

–

(320)

Financial liabilities

–

(320)

–

(320)

BNY Mellon U.S. Equity Fund Equities Forward contracts

USD 28,067,186 –

USD – 77,405

USD – –

USD 28,067,186 77,405

Financial assets

28,067,186

77,405

–

28,144,591

Forward contracts

–

(267)

–

(267)

Financial liabilities

–

(267)

–

(267)

BNY Mellon Vietnam, India and China (VIC) Fund Equities Warrants

USD 22,686,569 –

USD – 2,433,001

USD – –

USD 22,686,569 2,433,001

Financial assets

22,686,569

2,433,001

–

25,119,570

* Please refer to Note 19 of the financial statements.

Fair value hierarchy of the Company’s financial assets measured at fair value at 31 December 2011 was as follows: Fund

Classification

Level 1

Level 2

Level 3

Total

Certificates of deposit Commercial paper Discounted notes Equities Equity index swaps Equity swaps Floating rate notes Forward contracts Futures Time deposits

GBP – – – 635,060 542,181 5,069,531 – – 3,515 –

GBP 16,021,701 40,940,651 14,995,575 – – – 6,462,118 24,462 – 12,000,460

GBP – – – – – – – – – –

GBP 16,021,701 40,940,651 14,995,575 635,060 542,181 5,069,531 6,462,118 24,462 3,515 12,000,460

Financial assets

6,250,287

90,444,967

–

96,695,254

Equity index swaps Equity swaps Forward contracts Futures

(165,250) (4,568,574) – (191,692)

– – (646,498) –

– – – –

(165,250) (4,568,574) (646,498) (191,692)

Financial liabilities

(4,925,516)

(646,498)

–

(5,572,014)

BNY Mellon Absolute Return Equity Fund

BNY Mellon Asian Equity Fund Equities

USD 464,570,163

USD –

USD –

USD 464,570,163

Financial assets

464,570,163

–

–

464,570,163

255

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Equities

USD 205,620,085

USD 148,697,524

USD –

USD 354,317,609

Financial assets

205,620,085

148,697,524

–

354,317,609

BNY Mellon Brazil Equity Fund

Forward contracts

–

(640)

–

(640)

Financial liabilities

–

(640)

–

(640)

BNY Mellon Continental European Equity Fund Equities

EUR 23,003,497

EUR 627,512

EUR –

EUR 23,631,009

Financial assets

23,003,497

627,512

–

23,631,009

USD – – –

USD 333,814,947 134,901 201

USD – – –

USD 333,814,947 134,901 201

Financial assets

–

333,950,049

–

333,950,049

Forward contracts

–

(30,043)

–

(30,043)

Financial liabilities

–

(30,043)

–

(30,043)

BNY Mellon Emerging Markets Debt Fund Bonds Credit default swaps Forward contracts

BNY Mellon Emerging Markets Debt Local Currency Fund Bonds Forward contracts Interest rate swaps

USD 13,434,772 – –

USD 3,111,147,135 4,148,108 1,256,978

USD – – –

USD 3,124,581,907 4,148,108 1,256,978

Financial assets

13,434,772

3,116,552,221

–

3,129,986,993

Forward contracts Interest rate swaps

– –

(27,736,414) (2,237,541)

– –

(27,736,414) (2,237,541)

Financial liabilities

–

(29,973,955)

–

(29,973,955)

BNY Mellon Emerging Markets Equity Fund Equities

USD 37,439,712

USD 1,232

USD –

USD 37,440,944

Financial assets

37,439,712

1,232

–

37,440,944

USD – –

USD 237,297,766 775,540

USD – –

USD 237,297,766 775,540

Financial assets

–

238,073,306

–

238,073,306

Forward contracts Total return swaps

– –

(507,881) (1,237,544)

– –

(507,881) (1,237,544)

Financial liabilities

–

(1,745,425)

–

(1,745,425)

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund Bonds Forward contracts

BNY Mellon Euro Corporate Bond Fund

256

Bonds Futures

EUR – 18,975

EUR 87,799,787 –

EUR – –

EUR 87,799,787 18,975

Financial assets

18,975

87,799,787

–

87,818,762

Futures

(73,260)

–

–

(73,260)

Financial liabilities

(73,260)

–

–

(73,260)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

BNY Mellon Euro Government Bond Index Tracker Bonds Financial assets BNY Mellon Euroland Bond Fund Bonds Forward contracts Futures Interest rate swaps Financial assets

Level 1

Level 2

Level 3

Total

EUR –

EUR 14,569,398

EUR –

EUR 14,569,398

–

14,569,398

–

14,569,398

EUR 19,265,697 – 3,140,531 –

EUR 1,214,504,403 3,483,891 – 520,728

EUR 12,663,516 – – –

EUR 1,246,433,616 3,483,891 3,140,531 520,728

22,406,228

1,218,509,022

12,663,516

1,253,578,766

Forward contracts Futures Interest rate swaps

– (900,109) –

(3,031,154) – (8,283,248)

– – –

(3,031,154) (900,109) (8,283,248)

Financial liabilities

(900,109)

(11,314,402)

–

(12,214,511)

Bonds Forward contracts Options Time deposits

EUR 4,889,937 – 1,453,368 –

EUR 1,899,514 281,451 – 1,900,022

EUR – – – –

EUR 6,789,451 281,451 1,453,368 1,900,022

Financial assets

6,343,305

4,080,987

–

10,424,292

BNY Mellon Evolution Currency Option Fund

Forward contracts Options

– (922,333)

(373,387) –

– –

(373,387) (922,333)

Financial liabilities

(922,333)

(373,387)

–

(1,295,720)

BNY Mellon Evolution Global Alpha Fund Bonds Forward contracts Futures

EUR 23,759,491 – 809,528

EUR – 972,704 –

EUR – – –

EUR 23,759,491 972,704 809,528

Financial assets

24,569,019

972,704

–

25,541,723

Forward contracts Futures

– (533,199)

(164,512) –

– –

(164,512) (533,199)

Financial liabilities

(533,199)

(164,512)

–

(697,711)

BNY Mellon Evolution Global Strategic Bond Fund

USD 69,999 – – 6,911 23,393

USD 10,100,398 29,268 21,659 – –

USD – – – – –

USD 10,170,397 29,268 21,659 6,911 23,393

Financial assets

100,303

10,151,325

–

10,251,628

Forward contracts Futures Options

– (11,564) (26,679)

(13,065) – –

– – –

(13,065) (11,564) (26,679)

Financial liabilities

(38,243)

(13,065)

–

(51,308)

Bonds Credit default swaps Forward contracts Futures Options

257

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Bonds Forward contracts

USD 11,887,366 –

USD 1,149,704,050 9,527,939

USD – –

USD 1,161,591,416 9,527,939

Financial assets

11,887,366

1,159,231,989

–

1,171,119,355

BNY Mellon Global Bond Fund

Forward contracts

–

(9,584,118)

–

(9,584,118)

Financial liabilities

–

(9,584,118)

–

(9,584,118)

BNY Mellon Global Dynamic Bond Fund Bonds Equities Forward contracts

USD 159,477 – –

USD 17,380,929 53,777 204,389

USD – – –

USD 17,540,406 53,777 204,389

Financial assets

159,477

17,639,095

–

17,798,572

Forward contracts

–

(34,110)

–

(34,110)

Financial liabilities

–

(34,110)

–

(34,110)

BNY Mellon Global Emerging Markets Equity Value Fund Equities

USD 26,294,508

USD 501,122

USD –

USD 26,795,630

Financial assets

26,294,508

501,122

–

26,795,630

Forward contracts

–

(8)

–

(8)

Financial liabilities

–

(8)

–

(8)

BNY Mellon Global Equity Fund Equities Forward contracts

USD 224,591,744 –

USD – 410,887

USD – –

USD 224,591,744 410,887

Financial assets

224,591,744

410,887

–

225,002,631

Forward contracts

–

(405,123)

–

(405,123)

Financial liabilities

–

(405,123)

–

(405,123)

BNY Mellon Global Equity Higher Income Fund Bonds Equities Forward contracts

USD – 68,313,914 –

USD 1,142,395 1,388,440 418,682

USD – – –

USD 1,142,395 69,702,354 418,682

Financial assets

68,313,914

2,949,517

–

71,263,431

Forward contracts

–

(6,784)

–

(6,784)

Financial liabilities

–

(6,784)

–

(6,784)

BNY Mellon Global High Yield Bond Fund (EUR)

258

Bonds Equities Forward contracts

EUR 896,637 – –

EUR 243,100,593 1,096,717 194,688

EUR – – –

EUR 243,997,230 1,096,717 194,688

Financial assets

896,637

244,391,998

–

245,288,635

Forward contracts

–

(1,353,530)

–

(1,353,530)

Financial liabilities

–

(1,353,530)

–

(1,353,530)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Bonds Equities Forward contracts

USD 6,199,951 116,432,839 –

USD – – 564,529

USD – – –

USD 6,199,951 116,432,839 564,529

Financial assets

122,632,790

564,529

–

123,197,319

BNY Mellon Global Opportunities Fund

Forward contracts

–

(259)

–

(259)

Financial liabilities

–

(259)

–

(259)

BNY Mellon Global Property Securities Fund Equities Forward contracts

EUR 4,860,719 –

EUR – 5,383

EUR – –

EUR 4,860,719 5,383

Financial assets

4,860,719

5,383

–

4,866,102

Bonds Equities Forward contracts Options

EUR 18,402,576 307,728,569 – 1,724,010

EUR 205,918,910 3,355,347 570,213 –

EUR – – – –

EUR 224,321,486 311,083,916 570,213 1,724,010

Financial assets

327,855,155

209,844,470

–

537,699,625

BNY Mellon Global Real Return Fund (EUR)

Forward contracts Options

– (1,755,957)

(8,018,433) –

– –

(8,018,433) (1,755,957)

Financial liabilities

(1,755,957)

(8,018,433)

–

(9,774,390)

BNY Mellon Global Real Return Fund (USD) Bonds Equities Forward contracts Options

USD 4,901,858 44,054,566 – 261,046

USD 26,724,050 548,396 2,203,620 –

USD – – – –

USD 31,625,908 44,602,962 2,203,620 261,046

Financial assets

49,217,470

29,476,066

–

78,693,536

Forward contracts Options

– (262,273)

(681,958) –

– –

(681,958) (262,273)

Financial liabilities

(262,273)

(681,958)

–

(944,231)

BNY Mellon Japan Equity Value Fund Equities

JPY 228,359,850

JPY –

JPY –

JPY 228,359,850

Financial assets

228,359,850

–

–

228,359,850

Equities

USD 6,854,048

USD 732,121

USD –

USD 7,586,169

Financial assets

6,854,048

732,121

–

7,586,169

BNY Mellon Latin America Infrastructure Fund

259

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Equities Forward contracts

EUR 535,722,524 –

EUR – 46,515

EUR – –

EUR 535,722,524 46,515

Financial assets

535,722,524

46,515

–

535,769,039

BNY Mellon Long‑Term Global Equity Fund

Forward contracts

–

(12,292)

–

(12,292)

Financial liabilities

–

(12,292)

–

(12,292)

BNY Mellon Pan European Equity Fund Equities

EUR 5,362,286

EUR –

EUR –

EUR 5,362,286

Financial assets

5,362,286

–

–

5,362,286

Forward contracts

–

(12)

–

(12)

Financial liabilities

–

(12)

–

(12)

BNY Mellon S&P 500® Index Tracker Bonds Equities Futures

USD 319,988 127,759,366 10,147

USD – – –

USD – – –

USD 319,988 127,759,366 10,147

Financial assets

128,089,501

–

–

128,089,501

Forward contracts

–

(445)

–

(445)

Financial liabilities

–

(445)

–

(445)

BNY Mellon Small Cap Euroland Fund

EUR 12,199,578 11,030

EUR – –

EUR – –

EUR 12,199,578 11,030

12,210,608

–

–

12,210,608

GBP –

GBP 7,845,076

GBP –

GBP 7,845,076

–

7,845,076

–

7,845,076

Equities

GBP 25,316,934

GBP –

GBP –

GBP 25,316,934

Financial assets

25,316,934

–

–

25,316,934

Equities Futures Financial assets BNY Mellon Sterling Bond Fund Bonds Financial assets BNY Mellon UK Equity Fund

Options

(1,525)

–

–

(1,525)

Financial liabilities

(1,525)

–

–

(1,525)

BNY Mellon U.S. Dynamic Value Fund

260

Equities

USD 157,953,352

USD –

USD –

USD 157,953,352

Financial assets

157,953,352

–

–

157,953,352

Forward contracts

–

(7)

–

(7)

Financial liabilities

–

(7)

–

(7)

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. Fund

Classification

Level 1

Level 2

Level 3

Total

Equities Forward contracts

USD 99,039,202 –

USD – 4,111

USD – –

USD 99,039,202 4,111

Financial assets

99,039,202

4,111

–

99,043,313

BNY Mellon U.S. Equity Fund

Forward contracts

–

(1,089,372)

–

(1,089,372)

Financial liabilities

–

(1,089,372)

–

(1,089,372)

BNY Mellon Vietnam, India and China (VIC) Fund Equities Warrants

USD 12,970,306 2,327,106

USD – –

USD – –

USD 12,970,306 2,327,106

Financial assets

15,297,412

–

–

15,297,412

Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include active listed equities, exchange traded derivatives, government treasury bills and other quoted securities. The Company does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment‑grade corporate bonds and certain listed equities and over‑the‑counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non‑transferability, which are generally based on available market information. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include private equity and corporate debt securities. Unobservable inputs shall be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, i.e. an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs shall reflect the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk. The following table details the investments classified under level 3 during the year and at the year end as it was valued based on unobservable inputs: As at 31 December 2012 Holdings

Description

BNY Mellon Absolute Return Bond Fund 90,957 Camelot Leveraged Term Loan A 5.845% 31-Jul-2018 1,300,000 FTPYME PASTOR Fondo de Titulizacion de Activos 0.411% 15-Jul-2045 FRN 500,000 Harry Cre 6.034% 16-Dec-2016 101,061 Insight 5.254% 31-Jan-2014 99,750 Rhino 4.659% 16-Jul-2017 1,269,304 Sapphire Trust 6.648% 14-Apr-2039 FRN 1,500,000 Utrecht Funding BV 3.463% 28-Jul-2016 FRN

BNY Mellon Asian Equity Fund 10,000,000 Boshiwa International Holding Ltd

Fair value

Total net assets %

EUR 111,804

0.09

1,137,500

0.89

606,934

0.48

122,055

0.09

122,490

0.10

942,057

0.74

1,434,375

1.13

4,477,215

3.52

USD 542,000

0.13

542,000

0.13 261

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. As at 31 December 2012 Holdings

Description

Fair value

BNY Mellon Euroland Bond Fund

Total net assets %

EUR

5,550,000 ARL First LLC 144A 1.956% 15-Dec-2042 FRN

4,209,325

6,475,123 Bumper 4 SA 1.412% 20-May-2026 FRN 4,450,000 E-CARAT 1.300% 18-Jun-2020 9,187,895 E-CARAT 1.361% 18-Dec-2019 FRN

0.24

6,500,142

0.37

5,488,337

0.32

9,240,932

0.53

25,438,736

1.46

BNY Mellon Evolution Global Strategic Bond Fund

USD

63,481 Bumper 4 SA 1.412% 20-May-2026 FRN

84,166

1.01

10,000 Liberty Mutual Group Inc 4.950% 01-May-2022

10,928

0.13

50,000 Taylor Morrison Communities Inc/ Monarch Communities Inc 7.750% 15-Apr-2020

53,000

0.63

100,954

1.21

249,048

2.98

100,000 Trafigura Securitisation Finance Plc 2.653% 15-Oct-2015 FRN

The following tables details the movements of securities classified under level 3: For the year ended 31 December 2012

BNY Mellon Absolute Return Bond Fund

Transfers in

Transfers out

Purchases

Sales

Net gains/ (losses) at fair value through profit or loss*

Total

EUR

EUR

EUR

EUR

Camelot Leveraged Term Loan A 5.845% 31-Jul-2018

–

–

–

128,060

FTPYME PASTOR Fondo de Titulizacion de Activos 0.411% 15-Jul-2045 FRN

–

–

–

1,139,500

Harry Cre 6.034% 16-Dec-2016

–

–

–

608,983

Insight 5.254% 31-Jan-2014

–

–

–

126,307

Rhino 4.659% 16-Jul-2017

–

–

–

123,683

Sapphire Trust 6.648% 14-Apr-2039 FRN

–

–

–

941,588

–

469

942,057

Utrecht Funding BV 3.463% 28-Jul-2016 FRN

–

–

–

1,434,375

–

–

1,434,375

–

–

–

4,502,496

USD

USD

USD

USD

USD

–

1,933,022

–

–

–

(1,391,022)

542,000

–

1,933,022

–

–

–

(1,391,022)

542,000

BNY Mellon Asian Equity Fund Boshiwa International Holding Ltd

262

Opening balance

EUR

EUR

(11,580)

(4,676)

111,804

–

(2,000)

1,137,500

–

(2,049)

606,934

–

(4,252)

122,055

(884)

122,490

(309)

(11,889)

(13,392) USD

EUR

4,477,215 USD

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 18. Values of financial instruments and financial risk management process contd. Fair value estimation contd. For the year ended 31 December 2012 contd. Opening balance

Transfers in

Transfers out

EUR

EUR

–

–

Bumper 4 SA 1.412% 20-May-2026 FRN

–

10,205,559

–

–

E-CARAT 1.300% 18-Jun-2020

–

–

–

5,526,572

12,650,000

–

–

–

(3,462,104)

12,650,000

10,205,559

–

9,806,005

(7,186,981)

BNY Mellon Euroland Bond Fund ARL First LLC 144A 1.956% 15-Dec-2042 FRN

E-CARAT 1.361% 18-Dec-2019 FRN**

BNY Mellon Evolution Global Strategic Bond Fund

Purchases

Sales

EUR

EUR

EUR

–

4,279,433

–

USD

USD

USD

USD

Bumper 4 SA 1.412% 20-May-2026 FRN

–

129,345

–

–

Liberty Mutual Group Inc 4.950% 01-May-2022

–

–

–

9,969

Taylor Morrison Communities Inc/ Monarch Communities Inc 7.750% 15-Apr-2020

–

–

–

Trafigura Securitisation Finance Plc 2.653% 15-Oct-2015 FRN

–

–

–

129,345

(3,724,877) –

Net gains/ (losses) at fair value through profit or loss*

Total

EUR (70,108)

EUR 4,209,325

19,460

6,500,142

(38,235)

5,488,337

53,036

9,240,932

(35,847) 25,438,736

USD

USD

USD

7,380

84,166

–

959

10,928

50,000

–

3,000

53,000

–

100,000

–

954

100,954

–

159,969

12,293

249,048

(52,559)

(52,559)

* The change in unrealised gains or losses for Level 3 positions held at the 31 December 2012 is as follows: BNY Mellon Absolute Return Bond Fund was EUR (9,109), BNY Mellon Asian Equity Fund USD (373,179), BNY Mellon Euroland Bond Fund EUR (33,816) and BNY Mellon Evolution Global Strategic Bond Fund USD 9,301. ** Accrued interest on investment is incorporated for the purpose of this reconciliation.

The following table details the investments at the prior year end classified under Level 3 as it was valued based on unobservable inputs: As at 31 December 2011 Holdings Description

BNY Mellon Euroland Bond Fund 12,650,000 E-CARAT 2.404% 18-Dec-2019 FRN

Fair value

Total net assets %

EUR 12,650,000

1.01

12,650,000

1.01

Opening balance

Purchases

For the year ended 31 December 2011

BNY Mellon Euroland Bond Fund E-CARAT 2.404% 18-Dec-2019 FRN*

Sales

EUR

Net gains/ (losses) at fair value through profit or loss**

Total

EUR

EUR

EUR

EUR

–

14,850,000

(2,200,735)

735

12,650,000

–

14,850,000

(2,200,735)

735

12,650,000

* Accrued interest on investment is incorporated for the purpose of this reconciliation. ** The change in unrealised gains or losses for Level 3 positions held at the 31 December 2011 is as follows: BNY Mellon Euroland Bond Fund EUR nil.

263

BNY Mellon Global Funds, plc Notes to the Financial Statements 19. Significant events The following Funds were launched during the year: BNY Mellon Emerging Markets Corporate Debt Fund on 31 January 2012, BNY Mellon Absolute Return Bond Fund on 12 March 2012, BNY Mellon Global Real Return Fund (GBP) on 14 June 2012, BNY Mellon Emerging Markets Equity Core Fund on 4 September 2012 and BNY Mellon Emerging Equity Income Fund on 13 November 2012. BNY Mellon European Credit Fund was approved by the Central Bank on 7 February 2012 and a revised supplement with additional share classes was subsequently approved on 5 March 2012. Effective 20 June 2012, the delegated investment manager of BNY Mellon Evolution Currency Option Fund changed from BNY Mellon Asset Management (UK) Limited to The Dreyfus Corporation (under BNY Mellon Cash Investment Strategies). Subsequently, effective 19  November  2012, it changed from The Dreyfus Corporation (under BNY Mellon Cash Investment Strategies) to Insight Investment Management (Global) Limited. WestLB Mellon Asset Management Kapitalanlagegesellschaft mbH (Duesseldorf) changed its name to WestLB Mellon Asset Management, effective 1 July 2012. Subsequently, WestLB Mellon Asset Management changed its name to Meriten Investment Management, effective 1 December 2012. The valuation point of BNY Mellon Emerging Market Debt Fund was changed from 12.00 (Dublin time) to 22.00 (Dublin time) effective 19 December 2012. Alan Mearns resigned as a Director of the Company on 31 October 2012.

20. Subsequent events The Company declared the following distributions on 2 January 2013: Fund BNY Mellon Asian Equity Fund BNY Mellon Brazil Equity Fund BNY Mellon Emerging Equity Income Fund*

BNY Mellon Emerging Markets Debt Fund BNY Mellon Emerging Markets Debt Local Currency Fund

BNY Mellon Emerging Markets Equity Fund BNY Mellon Euroland Bond Fund

BNY Mellon Global Bond Fund

264

Share Class Sterling C (Inc) Sterling C (Inc) Class B (Inc)^ Class B (Inc)^ Sterling B (Inc)^ Class C (Inc)^ Sterling C (Inc)^ Class W (Inc)^ Class W (Inc)^ Sterling W (Inc)^ Class C (Inc)^ Class X (Inc) Class X (Inc)^ Class A (Inc) Class C (Inc) Class I (Hedged) Class W (Inc)^ Class X Sterling A (Inc) Sterling B (Inc) Sterling C (Inc) Sterling J (Inc) (Hedged) Sterling W (Inc)^ Sterling W (Inc) (Hedged)^ Class A (Inc) Class C (Inc) Class W (Inc)^ Class X (Inc) Class X (Inc) Class A (Inc) Class B (Inc) Class C (Inc) Class C (Inc)^ Sterling C (Inc)

Currency

Distribution net rate

GBP GBP USD EUR GBP USD GBP USD EUR GBP USD USD CHF EUR EUR EUR EUR EUR GBP GBP GBP GBP GBP GBP USD USD USD USD USD EUR EUR EUR USD GBP

0.0246 0.0396 0.0038 0.0036 0.0037 0.0038 0.0037 0.0038 0.0036 0.0037 0.0029 0.0197 0.0137 0.0120 0.0128 0.0120 0.0033 0.0140 0.0097 0.0108 0.0144 0.0103 0.0034 0.0014 0.0098 0.0119 0.0034 0.0181 0.0023 0.0058 0.0066 0.0079 0.0038 0.0106

BNY Mellon

BNY Mellon Global Funds, plc Notes to the Financial Statements 20. Subsequent events contd. Fund BNY Mellon Global Equity Higher Income Fund

BNY Mellon Global High Yield Bond Fund (EUR) BNY Mellon Global Property Securities Fund BNY Mellon Global Real Return Fund (EUR) BNY Mellon Global Real Return Fund (GBP)*

BNY Mellon Global Real Return Fund (USD) BNY Mellon Long‑Term Global Equity Fund

BNY Mellon Sterling Bond Fund BNY Mellon UK Equity Fund BNY Mellon U.S. Dynamic Value Fund BNY Mellon U.S. Equity Fund BNY Mellon Vietnam, India and China (VIC) Fund

Share Class Class B (Inc) Class C (Inc) Class W (Inc)^ Sterling B (Inc) Sterling C (Inc) Sterling M (Inc) Sterling W (Inc)^ Class A (Inc)^ Class B (Inc) Class C (Inc) Class M (Inc) Class W (Inc)^ Class X (Inc) Sterling I (Inc) (Hedged) Sterling J (Inc) (Hedged) Class C (Inc) Sterling B (Inc)^ Sterling C (Inc)^ Sterling W (Inc)^ Class C (Inc) Class W (Inc)^ Class C (Inc) Sterling B (Inc)^ Sterling W (Inc)^ Class W (Inc)^ Sterling C (Inc) Sterling A (Inc) Sterling C (Inc) Class X (Inc) Sterling C (Inc)^ Sterling I (Inc) (Hedged) Sterling C (Inc)

Currency

Distribution net rate

EUR EUR EUR GBP GBP GBP GBP USD USD USD USD USD EUR GBP GBP EUR GBP GBP GBP USD USD EUR GBP GBP USD GBP GBP GBP USD GBP GBP GBP

0.0088 0.0085 0.0023 0.0087 0.0087 0.7864 0.0023 0.0033 0.0090 0.0091 0.7919 0.0023 0.0182 0.0228 0.0096 0.0197 0.0024 0.0062 0.0016 0.0208 0.0019 0.0089 0.0044 0.0002 0.0001 0.0142 0.0106 0.0192 0.0052 0.0010 0.0028 0.0042

* Please refer to Note 19 of the financial statements. ^ This share class was launched during the reporting year.

The Investment Manager for BNY Mellon Euro Government Bond Index Tracker changed from The Dreyfus Corporation to Mellon Capital Management Corporation, effective 2 January 2013. Pareto Investment Management Limited was acquired by Insight Investment Management Limited on 2 January 2013. Alcentra NY, LLC was appointed as the Investment Manager of the BNY Mellon Global High Yield Bond Fund (EUR) on 2 January 2013. Jonathan Lubran and David Turnbull were appointed as a Directors to the Company on 29 January 2013 and 13 February 2013 respectively. Subsequent to year end, BNY Mellon European Credit Fund was launched on 12 February 2013 and BNY Mellon Evolution Currency Option Fund was closed on 21 February 2013. Subject to regulatory approval, a decision has been made to wind down the following Funds in an orderly manner subsequent to the year end date: • BNY Mellon Continental European Equity Fund • BNY Mellon Euro Corporate Bond Fund • BNY Mellon Evolution Currency Option Fund • BNY Mellon Sterling Bond Fund • BNY Mellon UK Equity Fund The valuation point of BNY Mellon Emerging Markets Debt Local Currency Fund was changed from 12.00 (Dublin time) to 22.00 (Dublin time) on 18 February 2013. Other than disclosed above, there were no other significant events affecting the Company since the year end. 265

BNY Mellon Global Funds, plc Notes to the Financial Statements 21. Currency adjustment For aggregation purposes, all assets and liabilities together with income and expenses for all Funds are translated into US Dollar (“the functional currency”) as this is the currency of the primary economic environment in which the Company operates. A currency adjustment arises from the re‑translation of the opening net assets at the year end exchange rates. This method of allocation has no effect on the value of net assets allocated to the individual Funds.

22. Segregated liability The Company avails of the segregated liability provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005. As such, under Irish Law the Company generally will not be liable as a whole to third parties and there generally will not be the potential for cross liability between the Funds.

23. Approval of financial statements The financial statements were approved by the Directors on 11 April 2013.

266

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Absolute Return Bond Fund for the year ended 31 December 2012 Major Purchases Bundesrepublik Deutschland 4.500% 04-Jan-2013 United Kingdom Gilt 4.250% 07-Dec-2055 Insight Global II Emerging Market Debt S Acc Insight EUR Cash Fund-2 Norway Government Bond 3.750% 25-May-2021 Barclays Bank Plc 1.759% 17-Jan-2014 FRN ABN AMRO Bank NV 1.466% 07-Oct-2013 FRN Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 0.910% 13-Jan-2014 FRN BNP Paribas S.A. 0.990% 05-Mar-2014 FRN UBS AG/London 0.691% 16-May-2014 FRN DNB Bank ASA 0.335% 16-Jan-2014 FRN Societe Generale SA 1.105% 01-Sep-2013 FRN National Australia Bank Ltd 0.715% 07-Apr-2014 FRN ING Bank NV 0.646% 31-Jul-2013 FRN JPMorgan Chase & Co 0.434% 26-Sep-2013 FRN Deutsche Bank AG 0.509% 17-Jan-2014 FRN Wachovia Corp 0.343% 13-Feb-2014 FRN Bank of America Corp 0.347% 05-Feb-2014 FRN Great Hall Mortgages Plc 0.438% 18-Jun-2039 FRN Storm BV 1.440% 22-Aug-2054 FRN

Nominal

Cost EUR

40,000,000 12,502,000 667,016 9,599,520 33,000,000 3,400,000 3,400,000

40,450,000 19,552,577 11,028,249 9,600,000 5,132,773 3,457,550 3,438,574

3,400,000 3,423,004 3,400,000 3,421,584 3,400,000 3,418,820 3,400,000 3,401,670 3,200,000 3,218,590 3,000,000 3,019,200 3,000,000 3,008,880 3,000,000 3,003,600 3,000,000 3,002,340 3,000,000 2,999,670 3,000,000 2,969,700 3,234,093 2,196,933 2,000,000 2,017,800

Major Sales and Maturities Bundesrepublik Deutschland 4.500% 04-Jan-2013 United Kingdom Gilt 4.250% 07-Dec-2055 Insight EUR Cash Fund-2 Portugal Telecom International 5.88% 17-Apr-2018 Numericable Finance & Co SCA 8.0700% 15-Oct-2018 FRN Unitymedia Hessen GmbH & Co KG 8.13% 01-Dec-2017 Norway Government Bond 4.500% 22-May-2019 Barclays Bank Plc 7.630% 21-Nov-2022 HSBC Bank PLC 04-Aug-2013 FRN Norway Government Bond 2.000% 24-May-2023 Perstorp Holding AB 9.000% 15-May-2017 Lanark Master Issuer Plc 2.1381% 22-Dec-2054 FRN Albea Beauty Holdings SA 8.750% 11-Jan-2019 Bundesrepublik Deutschland 3.750% 04-Jan-2019 FTA Santander Empresas 16-Oct-2049 FRN LEOFRIC Plc 26-May-2050 FRN Holmes Master Issuer Plc 2.2613% 15-Oct-2054 FRN Fosse Master Issuer Plc 2.0113% 18-Oct-2054 FRN Silk Road Finance Number Two Plc 2.0675% 21-Mar-2054 FRN Sandwell Commercial Finance PLC 11-May-2039 FRN

Nominal Proceeds EUR (40,000,000) 41,802,861 (12,502,000) 19,792,158 (9,599,520) 9,600,576 (720,000) 715,756 (640,000) 634,173 (540,000) 586,437 (3,400,000) 543,507 (550,000) 423,011 (400,000) 402,422 (3,000,000) 399,056 (350,000) 358,975 (250,000) 326,013 (300,000) 306,750 (230,000) 276,159 (284,946) 269,651 (200,000) 257,998 (200,000) 256,935 (200,000) 256,231 (180,906) 229,388 (188,329) 212,261

BNY Mellon Absolute Return Equity Fund for the year ended 31 December 2012 Major Purchases Rabobank International 0.430% 02-Jul-2012 TD Calyon 0.500% 07-Aug-2012 TD Calyon 0.500% 23-Aug-2012 TD Calyon 0.500% 16-Aug-2012 TD Calyon 0.450% 30-Oct-2012 TD United Kingdom Treasury Bill 0.000% 09-Jul-2012 United Kingdom Treasury Bill 0.000% 06-Jun-2012 United Kingdom Treasury Gilt 5.000% 07-Mar-2012 United Kingdom Treasury Bill 0.000% 10-Apr-2012 United Kingdom Treasury Gilt 5.250% 07-Jun-2012 Bank of Montreal London 0.260% 21-Sep-2012 TD Bank of Montreal London 0.300% 12-Oct-2012 TD Bank of Montreal London 0.300% 13-Jul-2012 TD Bank of Montreal London 0.300% 14-Dec-2012 TD Bank of Montreal London 0.300% 16-Nov-2012 TD Bank of Montreal London 0.300% 17-Aug-2012 TD Bank of Montreal London 0.300% 19-Oct-2012 TD Bank of Montreal London 0.300% 02-Nov-2012 TD Bank of Montreal London 0.300% 20-Jul-2012 TD Bank of Montreal London 0.300% 21-Dec-2012 TD

Nominal

Cost GBP

20,000,000 16,000,000 16,000,000 16,000,000 16,000,000 15,000,000 15,000,000 14,000,000 11,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

20,000,000 16,000,000 16,000,000 16,000,000 16,000,000 14,996,068 14,986,369 14,065,800 10,996,287 8,025,280 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Major Sales and Maturities Rabobank International 0.430% 02-Jul-2012 TD Calyon 0.500% 07-Aug-2012 TD Calyon 0.450% 30-Oct-2012 TD Calyon 0.500% 23-Aug-2012 TD Calyon 0.500% 16-Aug-2012 TD United Kingdom Treasury Bill 0.000% 06-Jun-2012 United Kingdom Treasury Bill 0.000% 09-Jul-2012 United Kingdom Treasury Bill 0.000% 30-Jan-2012 United Kingdom Treasury Gilt 5.000% 07-Mar-2012 United Kingdom Treasury Bill 0.000% 10-Apr-2012 United Kingdom Treasury Bill 0.000% 16-Jul-2012 Fortis Bank London 0.620% 10-Apr-2012 TD Fortis Bank London 0.580% 06-Jun-2012 TD Fortis Bank London 0.580% 08-May-2012 TD Deutsche Post Bank 0.490% 27-Dec-2012 TD Fortis Bank London 0.620% 26-Mar-2012 TD Fortis Bank London 0.620% 02-Apr-2012 TD Fortis Bank London 0.600% 17-Apr-2012 TD Fortis Bank London 0.600% 30-Apr-2012 TD Fortis Bank London 0.580% 29-May-2012 TD

Nominal Proceeds GBP 20,000,000 16,000,000 16,000,000 16,000,000 16,000,000 15,000,000 15,000,000 15,000,000 14,000,000 11,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

20,001,649 16,000,548 16,000,493 16,000,219 16,000,219 15,000,000 15,000,000 15,000,000 14,350,000 11,000,000 8,210,000 8,001,087 8,001,017 8,001,017 8,000,967 8,000,951 8,000,951 8,000,921 8,000,921 8,000,890

267

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Asian Equity Fund for the year ended 31 December 2012 Major Purchases IHH Healthcare Bhd 144A ITC Ltd Keppel Corp Ltd Bangkok Dusit Medical Services PCL GT Capital Holdings Inc Universal Robina Corp Robinson Department Store PCL Noble Group Ltd IGB Real Estate Investment Trust Hero Supermarket Tbk PT China Mobile Ltd Sun Art Retail Group Ltd Adaro Energy Tbk PT Biostime International Holdings Ltd

Nominal

Cost USD

11,000,000 1,800,000 750,000 1,200,000 300,000 2,200,000 1,511,000 2,000,000 3,000,000 3,500,000 100,000 688,500 2,000,000 100,000

10,258,126 7,478,564 6,117,532 3,909,173 3,392,523 3,204,962 2,993,984 1,726,396 1,267,652 1,235,923 1,171,532 798,373 400,205 230,100

Major Sales and Maturities Taiwan Semiconductor Manufacturing Co Ltd Taiwan Mobile Co Ltd Hutchison Port Holdings Oversea-Chinese Banking Corp Ltd Bumrungrad Hospital PCL Sands China Ltd AMP Ltd Standard Chartered Plc BHP Billiton Plc HTC Corp Housing Development Finance Belle International Holdings Ltd Hengan International Group Co Ltd Noble Group Ltd China Pacific Insurance Group Co Ltd ‘H’ Siam Commercial Bank PCL Adaro Energy Tbk PT AIA Group Ltd Agro Ltd China Taiping Insurance Holdings Co Ltd

Nominal Proceeds USD 5,850,000 16,626,327 3,027,000 10,184,894 13,000,000 9,562,878 1,300,000 8,686,680 4,000,000 8,547,192 2,200,000 8,305,988 2,000,000 8,303,499 350,000 8,265,593 248,000 7,568,377 900,355 7,065,148 500,000 6,900,200 3,500,000 6,723,930 600,000 5,975,298 5,500,000 5,051,586 1,400,000 4,251,418 900,000 4,189,450 27,000,000 3,521,393 900,000 3,362,484 16,000,000 3,107,967 1,700,000 2,886,768

The above constitute the full list of purchases for the Fund during the reporting period.

BNY Mellon Brazil Equity Fund for the year ended 31 December 2012 Major Purchases

Nominal

Itausa - Investimentos Itau SA Pfd Vale SA Pfd Oi SA ADR Petroleo Brasileiro SA Pfd BM&FBovespa SA Suzano Papel e Celulose SA Pfd Oi SA Pfd Embraer SA Marfrig Alimentos SA Cia Hering Santos Brasil Participacoes SA Ultrapar Participacoes SA Telefonica Brasil SA Pfd EDP - Energias do Brasil SA Cia Paranaense de Energia Pfd Lojas Americanas SA Pfd Banco Bradesco SA ADR Porto Seguro SA Banco do Brasil SA Banco Bradesco SA Pfd

2,815,201 13,537,853 559,789 12,590,792 516,356 12,490,013 1,057,107 11,025,171 1,725,283 10,221,094 4,649,940 10,169,928 2,132,562 9,357,831 1,413,016 9,005,091 2,156,530 8,732,142 262,588 5,797,436 383,900 5,571,383 222,400 4,748,635 193,800 4,556,745 633,024 4,462,581 240,400 3,973,086 441,700 3,829,587 236,500 3,799,396 324,844 3,483,454 265,600 3,235,530 175,500 2,999,099

268

Cost USD

Major Sales and Maturities

Nominal Proceeds USD

Ultrapar Participacoes SA Brasil Telecom SA ADR Vale SA Pfd Vale SA ADR Confab Industrial SA Pfd AES Tiete SA Telefonica Brasil SA Pfd Tractebel Energia SA Oi SA Pfd Banco Bradesco SA Pfd Itausa - Investimentos Itau SA Pfd Lojas Americanas SA Pfd Alpargatas SA Pfd Usinas Siderurgicas de Minas Gerais SA Pfd Natura Cosmeticos SA Petroleo Brasileiro SA Pfd Banco do Brasil SA Marfrig Alimentos SA Mahle-Metal Leve SA Industria e Comercio Cia Paranaense de Energia Pfd

733,587 15,993,158 516,356 12,490,013 594,757 10,613,436 604,000 10,472,156 3,115,408 9,774,107 507,416 5,910,464 220,672 5,429,183 309,338 5,310,880 419,500 4,510,676 279,405 4,290,884 843,000 3,766,017 452,619 3,526,880 426,672 3,345,344 1,052,947 3,318,746 132,293 3,114,146 277,600 2,861,376 193,097 2,404,988 444,086 2,212,169 82,600 2,062,606 90,200 1,560,710

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Continental European Equity Fund for the year ended 31 December 2012 Major Purchases Enel SpA RWE AG ASML Holding NV Nestle SA AXA SA Deutsche Telekom AG Roche Holding AG Societe Generale SA Christian Dior SA Novozymes A/S Skandinaviska Enskilda Banken AB TeliaSonera AB SAP AG Continental AG QIAGEN NV Renault SA BNP Paribas SA DNB ASA Koninklijke Ahold NV Novartis AG

Nominal

Cost EUR

348,432 22,315 17,073 16,318 50,741 68,503 4,296 23,111 4,619 23,889 80,050 92,478 9,679 5,978 34,502 12,644 11,308 49,766 42,885 9,449

880,079 749,545 736,366 735,899 612,229 600,952 578,824 578,169 537,708 532,659 519,167 497,795 497,169 485,405 474,760 458,413 449,149 445,568 442,780 404,694

Major Sales and Maturities Intesa Sanpaolo SpA Enel SpA Siemens AG Swedish Match AB Svenska Handelsbanken AB UBS AG Bayer AG Total SA Fresenius Medical Care AG & Co KGaA SAP AG Vinci SA DNB ASA Saipem SpA Allianz SE Bilfinger Berger SE Novartis AG Ageas ABB Ltd Red Electrica Corp SA Zurich Insurance Group AG

Nominal Proceeds EUR 832,480 351,936 12,373 29,798 28,150 77,091 12,856 18,671 13,363 14,194 19,653 69,196 19,817 7,484 8,415 13,773 404,190 36,267 14,525 2,281

954,624 954,334 914,605 867,510 758,375 743,344 740,027 734,337 721,685 700,777 690,280 646,076 635,656 631,013 617,187 616,985 603,228 555,331 495,887 488,938

BNY Mellon Emerging Equity Income Fund* for the year ended 31 December 2012 Major Purchases Life Healthcare Group Holdings Ltd Taiwan Semiconductor Manufacturing Co Ltd Souza Cruz SA Fibra Uno Administracion SA de CV China Mobile Ltd Kimberly-Clark de Mexico SAB de CV MTN Group Ltd Sands China Ltd Transmissora Aliance De-Unit Inversiones La Construccion SA Standard Chartered Plc Vale SA ADR Millicom International Cellular SA Philippine Long Distance Telephone Co China Shenhua Energy Co Ltd ‘H’ Lafarge Malayan Cement Bhd Bangkok Bank PCL CCR SA Tesco Lotus Retail Growth Freehold & Leasehold Property Fund Natura Cosmeticos SA * Please refer to Note 19 of the financial statements.

Nominal

Cost USD

134,000 150,000 32,000 173,000 40,000 180,000 22,000 100,000 26,800 20,000 16,000 20,000 4,500 6,000 90,000 117,000 54,600 40,000 730,000 13,000

500,569 486,983 478,417 463,899 455,467 436,603 430,628 424,135 393,059 381,500 380,908 380,839 378,874 375,807 375,150 366,263 362,084 358,344 356,640 353,099

Major Sales and Maturities

Nominal Proceeds USD

There were no sales or maturities since the Fund launched on 13 November 2013.

269

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Emerging Markets Corporate Debt Fund* for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

Virgolino De Oli 11.750% 02-Apr-2022 Minerva Luxembourg SA 144A 12.250% 10-Feb-2022 Argentina Boden Bonds 7.000% 03-Oct-2015 Petrobras International Finance Co - Pifco 5.375% 27-Jan-2021 Afren Plc 10.250% 08-Apr-2019 Corp Nacional Del Cobre De Chi 4.25% 17-Jul- 2042 Mongolian Mining Corp 144A 8.875% 29-Mar-2017 Odebrecht Finance Ltd 6% 05-Apr-2023 Agrokor DD 10.000% 07-Dec-2016 VimpelCom Holdings BV 7.504% 01-Mar-2022 United States Treasury Bill 0.000% 23-Aug-2012 Banco Safra SA 10.250% 08-Aug-2016 Volcan Cia Minera SAA 5.375% 02-Feb-2022 Scotiabank Peru SA 4.500% 13-Dec-2027 VAR DP World Ltd 6.850% 02-Jul-2037 Colombia Telecomunicaciones SA 5.38% 27-Sep-2022 MOL Group Finance SA 6.250% 26-Sep-2019 Yapi ve Kredi Bankasi AS 6.750% 08-Feb-2017 Emirates NBD PJSC 4.625% 28-Mar-2017 Romanian Government International Bond 4.875% 07-Nov-2019

3,800,000 3,752,500 3,300,000 3,427,517 3,550,000 3,254,326 2,810,000 2,927,486 2,100,000 2,218,782 2,900,000 2,888,354 2,800,000 2,827,250 2,700,000 2,767,100 2,000,000 2,737,060 2,600,000 2,573,375 2,500,000 2,499,466 4,500,000 2,444,805 2,400,000 2,436,350 2,300,000 2,300,000 2,150,000 2,116,563 2,100,000 2,100,000 2,100,000 2,089,050 2,100,000 2,078,160 2,000,000 1,986,700 1,500,000 1,932,087

Major Sales and Maturities

Nominal Proceeds USD

Minerva Luxembourg SA 144A 12.250% 10-Feb-2022 Argentina Boden Bonds 7.000% 03-Oct-2015 Petrobras International Finance Co - Pifco 5.375% 27-Jan-2021 Corp Nacional Del Cobre De Chi 4.25% 17-Jul-2042 Odebrecht Finance Ltd 144A 6.000% 05-Apr-2023 Mongolian Mining Corp 144A 8.875% 29-Mar-2017 Agrokor DD 10.000% 07-Dec-2016 United States Treasury Bill 0.000% 23-Aug-2012 Afren Plc 10.250% 08-Apr-2019 Virgolino De Oli 11.750% 02-Apr-2022 Yapi ve Kredi Bankasi AS 6.750% 08-Feb-2017 Colombia Telecomunicaciones SA 5.38% 27-Sep-2022 JSC Georgian Railway 7.750% 11-Jul-2022 Croatia Government International Bond 6.38% 24-Mar-2021 Romanian Government International Bond 6.750% 07-Feb-2022 Corp Azucarera Del Peru SA 6.38% 02-Aug-2022 Russian Agricultural Bank OJSC Via RSHB Capital SA 5.298% 27-Dec-2017 Berau Capital Resources Pte Ltd 12.500% 08-Jul-2015 Empresas Publicas de Medellin ESP 8.375% 01-Feb-2021 DP World Ltd 6.850% 02-Jul-2037

3,300,000 3,550,000 2,810,000 2,900,000 2,700,000 2,800,000 2,000,000 2,500,000 2,100,000 2,300,000 2,100,000 2,100,000 1,900,000 1,800,000 1,800,000 1,700,000

3,670,491 3,153,856 3,007,791 2,961,423 2,944,312 2,882,947 2,837,016 2,499,770 2,319,976 2,288,865 2,157,244 2,137,975 2,076,480 2,021,780 1,905,839 1,853,980

1,500,000 1,000,000 1,200,000 1,300,000

1,620,490 1,394,740 1,372,164 1,371,651

* Please refer to Note 19 of the financial statements.

BNY Mellon Emerging Markets Debt Fund for the year ended 31 December 2012 Major Purchases Lembaga Pembiayaan Ekspor Indonesia 3.750% 26-Apr-2017 Export Credit Bank of Turkey 5.875% 24-Apr-2019 Corp Andina de Fomento 4.375% 15-Jun-2022 Vnesheconombank Via VEB Finance Plc 6.800% 22-Nov-2025 Eurasian Development Bank 4.767% 20-Sep-2022 Development Bank of Kazakhstan JSC 4.125% 10-Dec-2022 Petroleos de Venezuela SA 9.000% 17-Nov-2021 Sigma Alimentos SA de CV 5.625% 14-Apr-2018 Export Credit Bank of Turkey 144A 5.375% 04-Nov-2016 Gazprom OAO Via Gaz Capital SA 6.510% 07-Mar-2022 Rearden G Holdings EINS GmbH 7.875% 30-Mar-2020 Indosat Palapa Co BV 7.375% 29-Jul-2020 Petroleos de Venezuela SA 8.500% 02-Nov-2017 PT Adaro Indonesia 7.625% 22-Oct-2019 Magyar Export-Import Bank RT 5.500% 12-Feb-2018 Gerdau Trade Inc 5.750% 30-Jan-2021 Petroleos de Venezuela SA 8.500% 02-Nov-2017 Eskom Holdings SOC Ltd 5.750% 26-Jan-2021 Turkey Government International Bond 6.250% 26-Sep-2022 Oi SA 5.750% 10-Feb-2022

270

Nominal

Cost USD

22,025,000 15,010,000 13,756,000 10,925,000 9,795,000 9,660,000 12,065,000 8,435,000 8,910,000 7,900,000 7,550,000 6,110,000 8,390,000 6,230,000 6,595,000 5,975,000 5,925,000 5,800,000 5,715,000 5,685,000

23,036,315 16,196,146 14,209,011 12,460,556 10,053,748 9,590,725 9,393,927 9,301,650 8,985,475 8,980,715 8,224,788 6,808,868 6,772,280 6,657,087 6,585,902 6,363,550 6,230,963 6,173,625 5,951,019 5,700,008

Major Sales and Maturities

Nominal Proceeds USD

Russian Foreign Bond - Eurobond 7.500% 31-Mar-2030 13,287,500 16,345,500 Indonesia Government International Bond 11.625% 04-Mar-2019 9,045,000 13,807,174 Development Bank of Kazakhstan 5.500% 20-Dec-2015 9,155,000 10,347,824 Corp Andina de Fomento 3.750% 15-Jan-2016 5,270,000 6,758,635 Brazilian Government International Bond 10.125% 15-May-2027 3,530,000 6,378,710 Qatar Government International Bond 4.500% 20-Jan-2022 5,650,000 5,895,503 Turkey Government International Bond 7.500% 14-Jul-2017 4,710,000 5,581,242 Venezuela Government International Bond 7.750% 13-Oct-2019 6,840,000 5,572,527 Uruguay Government International Bond 8.000% 18-Nov-2022 3,305,000 4,661,387 Turkey Government International Bond 7.000% 26-Sep-2016 3,863,000 4,340,832 Corp Andina de Fomento 3.750% 15-Jan-2016 4,025,000 4,229,865 South Africa Government International Bond 6.875% 27-May-2019 3,405,000 4,202,368 Hungary Government International Bond 6.250% 29-Jan-2020 3,235,000 3,601,248 Petroleos Mexicanos 5.500% 21-Jan-2021 2,650,000 3,532,862 Vale Overseas Ltd 4.375% 11-Jan-2022 3,430,000 3,517,258 Centrais Eletricas Brasileiras SA 5.750% 27-Oct-2021 3,050,000 3,417,525 Georgia Government International Bond 6.875% 12-Apr-2021 3,225,000 3,391,147 Eurasian Development Bank 7.375% 29-Sep-2014 2,900,000 3,253,558 Turkey Government International Bond 5.630% 30-Mar-2023 2,765,000 3,206,968 Volcan Cia Minera SAA 5.375% 02-Feb-2022 3,125,000 3,163,678

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Emerging Markets Debt Local Currency Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

Brazil Notas do Tesouro Nacional Serie B 6.000% 15-Aug-2018 105,170,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 7.500% 25-Mar-2013 2,536,500,000 Poland Government Bond 6.250% 24-Oct-2015 258,300,000 Thailand Government Bond 1.200% 14-Jul-2021 2,436,503,134 Mexican Bonos 9.000% 20-Jun-2013 834,025,000 Indonesia Treasury Bond 7.0000% 15-May-2027 594,110,000,000 Malaysia Government Bond 3.418% 15-Aug-2022 179,220,000 South Africa Government Bond 10.500% 21-Dec-2026 393,825,000 Malaysia Government Bond 4.262% 15-Sep-2016 140,790,000 Turkey Government Bond 10.500% 15-Jan-2020 72,900,000 Turkey Government Bond 11.000% 06-Aug-2014 73,000,000 Turkey Government Bond 4.000% 29-Apr-2015 71,863,762 Poland Government Bond 5.000% 25-Apr-2016 123,300,000 Turkey Government Bond 10.000% 10-Apr-2013 69,300,000 Empresas Publicas de Medellin ESP 8.375% 01-Feb-2021 60,184,000,000 Hungary Government Bond 6.000% 24-Nov-2023 9,556,990,000 Russian Federal Bond - OFZ 7.400% 14-Jun-2017 1,060,000,000 Russian Railways Via RZD Capital Ltd 8.300% 02-Apr-2019 1,021,900,000 Turkey Government Bond 3.000% 23-Feb-2022 64,203,438 Malaysia Government Bond 3.434% 15-Aug-2014 102,030,000

129,698,765 80,480,979 80,350,595 78,550,972 67,543,845 66,371,836 57,983,293 55,631,611 48,780,807 45,705,980 43,296,861 39,835,604 39,800,264 39,282,297 35,945,873 35,631,565 35,614,471 34,739,960 33,864,117 33,402,042

Major Sales and Maturities

Nominal Proceeds USD

Malaysia Government Bond 3.434% 15-Aug-2014 898,760,000 294,878,115 Thailand Government Bond 3.875% 13-Jun-2019 3,584,291,000 119,605,595 South Africa Government Bond 10.500% 21-Dec-2026 575,625,000 90,524,204 Turkey Government Bond 0.000% 08-Aug-2012 162,505,000 89,127,789 Brazil Notas do Tesouro Nacional Serie F 10.000% 01-Jan-2017 137,500,000 71,352,061 Malaysia Government Bond 5.090% 30-Apr-2014 201,750,000 67,663,782 South Africa Government Bond 8.250% 15-Sep-2017 502,370,000 66,513,686 Russian Foreign Bond - Eurobond 7.850% 10-Mar-2018 1,675,000,000 55,850,687 Brazil Notas do Tesouro Nacional Serie F 10.000% 01-Jan-2021 107,440,000 55,604,127 Mexican Bonos 9.000% 20-Jun-2013 675,980,000 53,538,482 Thailand Government Bond 5.250% 12-May-2014 1,495,529,000 50,848,982 Poland Government Bond 0.000% 25-Jul-2012 170,035,000 49,697,796 Turkey Government Bond 14.000% 26-Sep-2012 68,830,000 41,023,261 Mexican Bonos 8.000% 11-Jun-2020 456,500,000 40,245,224 Mexican Bonos 8.500% 31-May-2029 422,925,000 38,330,341 Mexican Bonos 8.500% 18-Nov-2038 441,835,000 38,869,980 Thailand Government Bond 3.650% 17-Dec-2021 1,128,515,000 37,573,025 Poland Government Bond 5.750% 23-Sep-2022 103,400,000 34,513,740 Colombia Government International Bond 12.000% 22-Oct-2015 49,500,000,000 33,892,055 Turkey Government Bond 10.000% 10-Apr-2013 57,500,000 33,279,937

BNY Mellon Emerging Markets Equity Fund for the year ended 31 December 2012 Major Purchases Vale SA Petroleo Brasileiro SA ADR Gazprom OAO ADR ICICI Bank Ltd ADR Spar Group Ltd/The Angang Steel Co Ltd Mexichem SAB de CV China Merchants Bank Co Ltd Tatneft ADR Petroleo Brasileiro SA ADR China Construction Bank Corp - H Huaneng Power International Inc - H Shoprite Holdings Ltd Woolworths Holdings Ltd/South Africa Hon Hai Precision Industry Co Ltd Lukoil OAO ADR United Tractors Tbk PT Cia de Minas Buenaventura SA ADR BHP Billiton Plc Life Healthcare Group Holdings Ltd

Nominal

Cost USD

36,200 23,742 44,281 13,792 29,828 488,000 101,313 187,500 10,012 19,871 483,000 588,000 20,044 55,332 105,000 5,364 105,500 7,703 9,437 105,994

829,721 625,084 524,675 455,312 416,617 408,034 401,656 395,875 388,081 384,242 370,052 363,090 349,138 339,315 330,848 318,900 305,336 299,324 296,849 296,682

Major Sales and Maturities

Nominal Proceeds USD

Samsung Electronics Co Ltd Vale SA China Mobile Ltd Petroleo Brasileiro SA ADR Gazprom OAO ADR Petroleo Brasileiro SA ADR Lukoil OAO ADR Grupo Financiero Banorte SAB de CV Bancolombia SA ADR PetroChina Co Ltd - H China Telecom Corp Ltd Life Healthcare Group Holdings Ltd Exxaro Resources Ltd Industrial & Commercial Bank of China - H Taiwan Semiconductor Manufacturing Co Ltd Sberbank of Russia ADR Turkiye Garanti Bankasi AS Gold Fields Ltd Ecopetrol SA ADR AviChina Industry & Technology Co Ltd ‘H’

1,593 55,600 123,000 48,869 90,949 32,358 12,734 146,000 10,359 422,000 1,038,000 171,169 24,232 825,000 188,000 43,752 136,109 33,855 9,706 1,276,000

1,746,300 1,320,201 1,295,813 1,090,611 1,019,953 867,678 770,073 692,087 634,127 589,359 557,549 542,519 532,500 520,272 518,470 517,720 512,804 511,017 503,804 502,686

271

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Emerging Markets Equity Core Fund* for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

Samsung Electronics Co Ltd iShares MSCI Emerging Markets Index Fund Hyundai Motor Co Taiwan Semiconductor Manufacturing Co Ltd ADR Lukoil OAO ADR iShares MSCI Emerging Markets Index Fund Hon Hai Precision Industry Co Ltd GDR China Mobile Ltd Cia de Bebidas das Americas China Construction Bank Corp - H MTN Group Ltd Grupo Financiero Banorte SAB de CV ICICI Bank Ltd ADR Gazprom OAO ADR China Petroleum & Chemical Corp ‘H’ China Telecom Corp Ltd Bank of China Ltd - H Great Wall Motor Co Ltd Vale SA WisdomTree India Earnings Fund

7,730 193,030 28,468 390,130 76,870 320,260 664,280 322,500 83,900 4,262,000 159,200 569,300 82,860 288,130 3,014,000 4,344,000 5,777,000 1,151,500 151,600 142,750

8,307,948 7,913,716 5,857,885 5,665,351 4,463,303 4,057,760 4,007,209 3,449,285 3,123,360 3,109,663 2,953,868 2,948,719 2,880,317 2,775,705 2,747,673 2,623,616 2,580,388 2,543,487 2,418,997 2,370,200

Major Sales and Maturities

Nominal Proceeds USD

iShares MSCI Emerging Markets Index Fund iShares MSCI Emerging Markets Index Fund China Mobile Ltd NedBank Group Ltd Genomma la Internacional-B China Railway Construction Corp Ltd - H Embraer SA ADR Turk Telekomunikasyon AS Focus Media Holding Ltd ADR Uralkali-Spon GDR Taiwan Semiconductor Manufacturing Co Ltd ADR Sasol Ltd Growthpoint Properties Ltd Cielo SA Grupo Financiero Banorte SAB de CV Yingde Gases Group Company Hyundai Motor Co Great Wall Motor Co Ltd Daelim Industrial Co Ltd FirstRand Ltd

164,220 320,260 228,000 84,970 681,200 1,195,000 49,100 336,320 48,280 30,410 63,750 23,360 320,990 36,700 134,300 880,000 3,828 282,000 7,871 154,090

7,042,191 4,077,491 2,527,016 1,768,760 1,312,079 1,307,344 1,305,476 1,304,951 1,152,001 1,131,851 1,062,199 1,007,751 958,900 938,500 865,141 809,523 802,677 787,066 618,915 478,114

* Please refer to Note 19 of the financial statements.

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund for the year ended 31 December 2012 Major Purchases Russian Agricultural Bank OJSC Via RSHB Capital SA 7.500% 25-Mar-2013 Malaysia Government Bond 4.262% 15-Sep-2016 Poland Government Bond 6.250% 24-Oct-2015 Mexican Bonos 8.000% 19-Dec-2013 Russian Federal Bond - OFZ 7.600% 14-Apr-2021 Mexican Bonos 9.000% 20-Jun-2013 Russian Agricultural Bank OJSC Via RSHB Capital SA 8.625% 17-Feb-2017 Russian Federal Bond - OFZ 7.500% 15-Mar-2018 Malaysia Government Bond 3.434% 15-Aug-2014 South Africa Government Bond 10.500% 21-Dec-2026 South Africa Government Bond 7.000% 28-Feb-2031 Malaysia Government Bond 3.42% 15-Aug-2022 Russian Foreign Bond - Eurobond 7.850% 10-Mar-2018 Poland Government Bond 5.000% 25-Apr-2016 Russian Federal Bond - OFZ 7.500% 27-Feb-2019 Russian Federal Bond - OFZ 7.600% 20-Jul-2022 Poland Government Bond 0.000% 25-Jul-2013 Russian Federal Bond - OFZ 8.150% 03-Feb-2027 South Africa Government Bond 8.250% 15-Sep-2017 Thailand Government Bond 3.650% 17-Dec-2021

272

Nominal

Cost USD

373,300,000 24,465,000 24,180,000 95,850,000 185,000,000 70,500,000

11,987,259 8,396,997 7,607,338 7,574,474 5,972,315 5,882,415

151,800,000 5,079,556 149,000,000 5,021,831 15,265,000 5,014,162 33,625,000 4,817,001 45,660,000 4,594,672 13,775,000 4,450,282 115,000,000 4,046,056 12,700,000 4,029,690 89,685,000 2,928,086 85,000,000 2,917,262 10,080,000 2,828,338 81,970,000 2,790,084 20,800,000 2,727,785 84,515,000 2,715,872

Major Sales and Maturities Malaysia Government Bond 5.094% 30-Apr-2014 Russian Foreign Bond - Eurobond 7.850% 10-Mar-2018 Poland Government Bond 0.000% 25-Oct-2012 South Africa Government Bond 10.500% 21-Dec-2026 Hungary Government Bond 6.500% 24-Jun-2019 Russian Agricultural Bank OJSC Via RSHB Capital SA 8.625% 17-Feb-2017 Mexican Bonos 8.000% 11-Jun-2020 Thailand Government Bond 3.625% 22-May-2015 Mexican Bonos 8.500% 31-May-2029 Poland Government Bond 5.750% 23-Sep-2022 Poland Government Bond 0.000% 25-Jul-2013 Mexican Bonos 10.000% 20-Nov-2036 Malaysia Government Bond 3.434% 15-Aug-2014 Thailand Government Bond 3.650% 17-Dec-2021 Mexican Bonos 9.000% 20-Jun-2013 South Africa Government Bond 8.250% 15-Sep-2017 Mexican Bonos 8.500% 18-Nov-2038 Peru Government Bond 6.900% 12-Aug-2037 Chile Government International Bond 5.500% 05-Aug-2020 Mexican Bonos 9.000% 20-Dec-2012

Nominal Proceeds USD 37,100,000 12,486,093 280,000,000 9,569,614 26,230,000 7,728,853 47,030,000 7,411,363 1,271,430,000 5,265,091 151,800,000 48,000,000 110,935,000 39,060,000 9,955,000 10,080,000 28,875,000 8,725,000 84,515,000 35,630,000 18,220,000 16,595,000 3,585,000 592,500,000 14,000,000

5,044,371 4,338,939 3,674,051 3,522,871 3,361,496 3,011,228 2,939,296 2,821,107 2,772,098 2,761,058 2,348,273 1,470,162 1,449,127 1,334,416 1,147,082

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Euro Corporate Bond Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost EUR

ThyssenKrupp AG 4.375% 28-Feb-2017 Intesa Sanpaolo Bank Ireland Plc 4.000% 08-Aug-2013 Volkswagen International Finance NV 1.875% 15-May-2017 Credit Agricole SA 3.875% 13-Feb-2019 Santander International Debt 4.375% 04-Sep-2014 ABN Amro Bank NV 4.750% 11-Jan-2019 Santander International Debt 2.875% 20-Sep-2013 Intesa Sanpaolo SpA 4.875% 10-Jul-2015 Daimler AG 1.750% 21-May-2015 ABN Amro Bank NV 6.375% 27-Apr-2021 RCI Banque SA 2.125% 24-Nov-2014 Santander International Debt 4.625% 21-Mar-2016 Banco Bilbao Vizcaya Argentaria SA 3.500% 05-Dec-2017 Volkswagen International Finance NV 2.125% 19-Jan-2015 Xstrata Finance Dubai Ltd 1.500% 19-May-2016 Anglo American Capital Plc 3.500% 28-Mar-2022 ABB Finance BV 2.625% 26-Mar-2019 TeliaSonera AB 3.625% 14-Feb-2024 GE Capital European Funding 1.250% 15-Oct-2015 Barclays Bank Plc 6.000% 14-Jan-2021

2,550,000 1,400,000 1,330,000 1,300,000 1,300,000 1,100,000 1,000,000 1,000,000 1,000,000 900,000 950,000 900,000 900,000 860,000 810,000 805,000 800,000 800,000 790,000 750,000

2,543,702 1,414,366 1,321,727 1,300,424 1,297,520 1,168,320 1,005,860 1,001,807 996,070 966,375 949,174 909,150 900,000 857,042 807,975 802,859 799,240 798,080 788,499 785,918

Major Sales and Maturities

Nominal Proceeds EUR

ThyssenKrupp AG 4.375% 28-Feb-2017 JPMorgan Chase Bank NA 1.136% 31-May-2017 VAR Volkswagen Leasing GmbH 2.750% 13-Jul-2015 Volkswagen International Finance NV 1.875% 15-May-2017 Roche Holdings Inc 4.630% 04-Mar-2013 BMW Finance NV 3.875% 18-Jan-2017 Daimler AG 1.750% 21-May-2015 Credit Suisse Group Finance Guernsey Ltd 23-Jan-2018 VAR Volkswagen International Finance NV 2.125% 19-Jan-2015 Lloyds TSB Bank Plc 3.375% 20-Apr-2015 Barclays Bank Plc VAR 04-Mar-2019 Bertelsmann AG 7.875% 16-Jan-2014 Merck Financial Services GmbH 4.500% 24-Mar-2020 British Telecommunications Plc 5.250% 23-Jun-2014 GDF Suez 2.250% 01-Jun-2018 GE Capital European Funding 1.250% 15-Oct-2015 Telefonica Emisiones 4.967% 03-Feb-2016 Deutsche Telekom International Finance 4.000% 19-Jan-2015 Linde Finance BV 3.125% 12-Dec-2018 ABN Amro Bank NV 4.750% 11-Jan-2019

2,550,000 2,000,000 1,250,000 1,130,000 1,000,000 900,000 1,000,000 900,000 860,000 825,000 850,000 750,000 700,000 750,000 780,000 790,000 800,000 700,000 650,000 600,000

2,543,086 1,915,585 1,317,932 1,151,537 1,037,789 1,020,450 1,008,222 900,759 876,190 885,300 865,973 852,222 842,364 816,263 804,314 800,896 782,772 768,903 729,927 723,263

BNY Mellon Euro Government Bond Index Tracker for the year ended 31 December 2012 Major Purchases Bundesrepublik Deutschland 2.250% 04-Sep-2020 France Government Bond OAT 3.500% 25-Apr-2020 Bundesrepublik Deutschland 4.250% 04-Jul-2018 Italy Buoni Poliennali Del Tesoro 4.500% 01-Feb-2018 Belgium Government Bond 3.750% 28-Sep-2020 France Government Bond OAT 3.000% 25-Apr-2022 France Government Bond OAT 4.250% 25-Oct-2017 Italy Buoni Poliennali Del Tesoro 5.000% 01-Mar-2025 France Government Bond OAT 4.750% 25-Apr-2035 Bundesrepublik Deutschland 4.000% 04-Jan-2018 France Government Bond OAT 5.000% 25-Oct-2016 France Government Bond OAT 3.000% 25-Oct-2015 Netherlands Government Bond 3.250% 15-Jul-2015 Spain Government Bond 3.800% 31-Jan-2017 Italy Buoni Poliennali Del Tesoro 5.000% 01-Aug-2034 Italy Buoni Poliennali Del Tesoro 3.750% 01-Aug-2016 Bundesschatzanweisungen 0.250% 13-Dec-2013 France Government Bond OAT 6.000% 25-Oct-2025 Italy Buoni Poliennali Del Tesoro 3.000% 15-Apr-2015 Spain Government Bond 4.200% 31-Jan-2037

Nominal

Cost EUR

480,000 480,000 370,000 320,000 260,000 215,000 175,000 185,000 145,000 140,000 130,000 125,000 100,000 110,000 130,000 100,000 100,000 72,000 95,000 120,000

517,502 494,091 441,840 314,979 266,780 230,331 193,940 181,960 167,538 164,984 152,422 132,850 108,000 106,856 102,042 101,726 100,262 99,047 91,436 90,841

Major Sales and Maturities Bundesrepublik Deutschland 4.250% 04-Jul-2018 France Government Bond OAT 4.250% 25-Oct-2017 Italy Buoni Poliennali Del Tesoro 4.250% 01-Aug-2013 Italy Buoni Poliennali Del Tesoro 4.500% 01-Feb-2018 Italy Buoni Poliennali Del Tesoro 3.000% 15-Apr-2015 France Government Bond OAT 3.500% 25-Apr-2020 France Government Bond OAT 4.750% 25-Oct-2012 Bundesrepublik Deutschland 6.000% 20-Jun-2016 Spain Government Bond 4.100% 30-Jul-2018 Belgium Government Bond 3.250% 28-Sep-2016 Spain Government Bond 4.750% 30-Jul-2014 Italy Buoni Poliennali Del Tesoro 6.000% 01-May-2031 France Government Bond OAT 3.000% 25-Oct-2015 Bundesrepublik Deutschland 4.000% 04-Jan-2037 Netherlands Government Bond 4.000% 15-Jul-2018 France Government Bond OAT 4.750% 25-Apr-2035 Bundesrepublik Deutschland 3.500% 04-Jan-2016 France Government Bond OAT 4.000% 25-Apr-2055 Austria Government Bond 4.300% 15-Jul-2014 Belgium Government Bond 5.500% 28-Sep-2017

Nominal Proceeds EUR 830,000 645,000 625,000 605,000 495,000 405,000 400,000 285,000 335,000 300,000 275,000 235,000 210,000 166,000 185,000 165,000 175,000 165,000 140,000 125,000

1,005,661 746,143 642,326 607,519 489,810 460,078 417,815 362,581 328,238 318,600 291,634 245,588 226,426 224,355 218,724 204,127 196,606 169,445 155,723 148,543

273

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Euroland Bond Fund for the year ended 31 December 2012 Major Purchases Bundesrepublik Deutschland 2.000% 04-Jan-2022 Bundesrepublik Deutschland 5.500% 04-Jan-2031 United Kingdom Gilt 3.750% 07-Sep-2021 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 Bundesobligation 2.500% 10-Oct-2014 Spain Government Bond 5.850% 31-Jan-2022 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 Spain Government Bond 4.300% 31-Oct-2019 Bundesrepublik Deutschland 3.750% 04-Jan-2015 Belgium Government Bond 4.250% 28-Sep-2022 Spain Government Bond 3.400% 30-Apr-2014 Austria Government Bond 144A 3.900% 15-Jul-2020 France Government Bond OAT 5.000% 25-Oct-2016 France Government Bond OAT 3.250% 25-Oct-2021 Bundesrepublik Deutschland 3.750% 04-Jan-2017 Ireland Government Bond 5.500% 18-Oct-2017 Spain Government Bond 4.200% 31-Jan-2037 Italy Buoni Poliennali Del Tesoro 4.750% 01-Sep-2021 Bundesrepublik Deutschland 2.500% 04-Jan-2021 Italy Buoni Poliennali Del Tesoro 4.500% 15-Jul-2015

Nominal

Cost EUR

282,300,000 70,750,000 68,350,000 93,275,000 90,475,000 84,670,000 69,375,000 68,400,000 56,955,000 49,815,000 53,835,000 47,640,000 44,600,000 45,185,000 41,800,000 42,215,000 59,560,000 41,600,000 31,425,000 33,650,000

296,229,176 104,049,200 99,325,686 95,228,013 94,755,645 86,284,150 69,985,988 63,612,000 62,493,843 56,765,971 54,636,363 54,180,027 50,777,100 47,713,966 47,417,920 43,417,491 42,961,618 37,472,640 35,075,014 34,248,970

Major Sales and Maturities Bundesrepublik Deutschland 2.000% 04-Jan-2022 Bundesrepublik Deutschland 4.250% 04-Jul-2014 Bundesrepublik Deutschland 5.500% 04-Jan-2031 France Government Bond OAT 4.000% 25-Apr-2014 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 Italy Buoni Poliennali Del Tesoro 3.750% 01-Aug-2015 Bundesobligation 2.500% 10-Oct-2014 Bundesrepublik Deutschland 3.250% 04-Jul-2042 Bundesrepublik Deutschland 2.500% 04-Jan-2021 Spain Government Bond 4.300% 31-Oct-2019 Italy Buoni Poliennali Del Tesoro 4.250% 01-Sep-2019 Bundesrepublik Deutschland 3.750% 04-Jan-2015 Italy Buoni Poliennali Del Tesoro 4.250% 01-Mar-2020 France Government Bond OAT 5.000% 25-Oct-2016 Bundesrepublik Deutschland 3.750% 04-Jan-2017 France Government Bond OAT 3.750% 25-Apr-2021 United Kingdom Gilt 3.750% 07-Sep-2021 France Government Bond OAT 3.250% 25-Oct-2021 Netherlands Government Bond 4.000% 15-Jan-2037 Spain Government Bond 4.200% 31-Jan-2037

Nominal Proceeds EUR 241,885,000 157,125,000 72,905,000 69,400,000 69,375,000 66,050,000 63,730,000 54,015,000 58,470,000 68,400,000 65,920,000 56,955,000 56,500,000 44,600,000 41,800,000 39,940,000 30,000,000 37,185,000 31,730,000 51,260,000

257,335,575 176,189,078 108,825,495 74,789,745 69,993,945 66,997,588 66,938,493 64,645,108 64,077,805 63,189,196 63,051,443 62,705,155 53,921,656 53,627,401 48,255,040 44,708,414 43,960,301 41,210,143 39,501,406 37,700,004

BNY Mellon Evolution Currency Option Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost EUR

France Treasury Bill 0.000% 23-Feb-2012 France Treasury Bill 0.000% 16-Feb-2012 France Treasury Bill 0.000% 29-Mar-2012 Netherlands Treasury Bill 0.000% 03-Feb-2012 France Treasury Bill 0.000% 21-Jun-2012 Bundesobligation 4.250% 12-Oct-2012 Dutch Treasury Certificate 0.000% 27-Apr-2012 Dutch Treasury Certificate 0.000% 31-Jul-2012 Bundesrepublik Deutschland 4.500% 04-Jan-2013 Bundesschatzanweisungen 1.000% 14-Dec-2012 Dutch Treasury Certificate 0.000% 31-Jan-2013 France Treasury Bill 0.000% 29-Nov-2012 German Treasury Bill 0.000% 29-Feb-2012 German Treasury Bill 0.000% 14-Mar-2012 Bundesobligation 4.250% 15-Jun-2012 ING Bank TD 0.130% 18-May-2012 ING Bank TD 0.130% 17-May-2012 ING Bank TD 0.130% 16-May-2012 ING Bank TD 0.130% 15-May-2012 BNP Paribas TD 0.210% 17-May-2012

2,300,000 2,300,000 2,300,000 2,000,000 2,000,000 1,750,000 1,750,000 1,750,000 1,300,000 1,300,000 1,300,000 1,250,000 1,150,000 1,150,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

2,299,955 2,299,915 2,299,911 1,999,961 1,999,790 1,769,305 1,749,885 1,749,882 1,303,354 1,303,066 1,300,069 1,250,000 1,150,000 1,149,998 1,101,320 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

274

Major Sales and Maturities

Nominal Proceeds EUR

France Treasury Bill 0.000% 16-Feb-2012 France Treasury Bill 0.000% 23-Feb-2012 France Treasury Bill 0.000% 29-Mar-2012 France Treasury Bill 0.000% 02-Feb-2012 Netherlands Treasury Bill 0.000% 03-Feb-2012 France Treasury Bill 0.000% 21-Jun-2012 European Investment Bank 0.000% 13-Jan-2012 Bundesobligation 4.250% 12-Oct-2012 Dutch Treasury Certificate 0.000% 31-Jul-2012 Dutch Treasury Certificate 0.000% 27-Apr-2012 Bundesschatzanweisungen 1.000% 14-Dec-2012 France Treasury Bill 0.000% 29-Nov-2012 German Treasury Bill 0.000% 14-Mar-2012 German Treasury Bill 0.000% 29-Feb-2012 Bundesobligation 4.250% 15-Jun-2012 ING Bank TD 0.130% 18-May-2012 ING Bank TD 0.130% 17-May-2012 ING Bank TD 0.130% 16-May-2012 ING Bank TD 0.130% 15-May-2012 BNP Paribas TD 0.210% 17-May-2012

2,300,000 2,300,000 2,300,000 2,000,000 2,000,000 2,000,000 1,900,000 1,750,000 1,750,000 1,750,000 1,300,000 1,250,000 1,150,000 1,150,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

2,300,000 2,300,000 2,299,995 2,000,000 2,000,000 1,999,940 1,900,000 1,758,210 1,750,000 1,750,000 1,300,000 1,250,000 1,150,000 1,150,000 1,100,280 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Evolution Global Alpha Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost EUR

Dutch Treasury Certificate 0.000% 31-Jul-2012 France Treasury Bill BTF 0.000% 15-Nov-2012 France Treasury Bill BTF 0.000% 24-Jan-2013 France Treasury Bill BTF 0.000% 09-Aug-2012 France Treasury Bill BTF 0.000% 10-May-2012 France Treasury Bill BTF 0.000% 22-Mar-2012 Belgium Treasury Bill 0.000% 18-Oct-2012 Belgium Treasury Bill 0.000% 17-Jan-2013 Dutch Treasury Certificate 0.000% 30-Nov-2012 Dutch Treasury Certificate 0.000% 28-Feb-2013 Dutch Treasury Certificate 0.000% 31-Aug-2012 Belgium Treasury Bill 0.000% 14-Feb-2013 Belgium Treasury Bill 0.000% 13-Dec-2012 Belgium Treasury Bill 0.000% 14-Jun-2012 Belgium Treasury Bill 0.000% 20-Sep-2012 Belgium Treasury Bill 0.000% 05-Dec-2012 German Treasury Bill 0.000% 27-Feb-2013 German Treasury Bill 0.000% 12-Sep-2012 German Treasury Bill 0.000% 14-Mar-2012 German Treasury Bill 0.000% 13-Jun-2012

6,160,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,900,000 4,900,000 4,160,000 4,160,000 4,160,000 4,000,000 4,000,000 4,000,000 4,000,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000

6,159,561 5,000,599 5,000,224 4,999,874 4,999,755 4,998,834 4,899,916 4,899,814 4,160,337 4,160,312 4,160,193 3,999,993 3,999,953 3,998,060 3,997,399 2,900,819 2,900,812 2,900,389 2,900,024 2,899,890

Major Sales and Maturities

Nominal Proceeds EUR

Dutch Treasury Certificate 0.000% 31-Jul-2012 Dutch Treasury Certificate 0.000% 27-Apr-2012 France Treasury Bill BTF 0.000% 01-Dec-2012 German Treasury Bill 0.000% 25-Jan-2012 France Treasury Bill BTF 0.000% 10-May-2012 France Treasury Bill BTF 0.000% 15-Nov-2012 France Treasury Bill BTF 0.000% 09-Aug-2012 France Treasury Bill BTF 0.000% 22-Mar-2012 Belgium Treasury Bill 0.000% 18-Oct-2012 Dutch Treasury Certificate 0.000% 31-Aug-2012 Dutch Treasury Certificate 0.000% 30-Nov-2012 Belgium Treasury Bill 0.000% 13-Dec-2012 Belgium Treasury Bill 0.000% 20-Sep-2012 Belgium Treasury Bill 0.000% 15-Mar-2012 Belgium Treasury Bill 0.000% 14-Jun-2012 Belgium Treasury Bill 0.000% 19-Apr-2012 German Treasury Bill 0.000% 13-Jun-2012 German Treasury Bill 0.000% 14-Mar-2012 German Treasury Bill 0.000% 05-Dec-2012 German Treasury Bill 0.000% 12-Sep-2012

6,160,000 6,160,000 6,000,000 5,800,000 5,000,000 5,000,000 5,000,000 5,000,000 4,900,000 4,160,000 4,160,000 4,000,000 4,000,000 4,000,000 4,000,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000

6,160,000 6,160,000 6,000,000 5,800,000 5,000,000 5,000,000 5,000,000 5,000,000 4,900,000 4,160,000 4,160,000 4,000,000 4,000,000 4,000,000 4,000,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000

BNY Mellon Evolution Global Strategic Bond Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

United States Treasury Note/Bond 0.250% 28-Feb-2014 United States Treasury Note/Bond 1.000% 31-Aug-2016 United States Treasury Note/Bond 2.630% 15-Aug-2016 Federal National Mortgage Association Pool TBA 4.000% 03-Mar-2013 Federal National Mortgage Association Pool TBA 4.000% 02-Feb-2014 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 Spain Government Bond 5.850% 31-Jan-2022 Canadian Government Bond 3.250% 01-Jun-2021 Mexican Bonos 9.000% 20-Jun-2013 Ireland Government Bond 5.500% 18-Oct-2017 United States Treasury Note/Bond 3.880% 15-Aug-2018 Italy Buoni Poliennali Del Tesoro 4.000% 01-Feb-2017 United States Treasury Note/Bond 1.750% 15-May-2022 Federal National Mortgage Association Pool TBA 3.500% 03-Mar-2013 Federal National Mortgage Association Pool TBA 3.500% 02-Feb-2014 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 Ireland Government Bond 5.400% 13-Mar-2025 Ireland Government Bond 5.000% 18-Oct-2020 Spain Government Bond 5.500% 30-Jul-2017 United States Treasury Note/Bond 0.250% 15-Jul-2015

3,620,000 2,980,000 830,000

3,616,872 3,011,580 888,262

625,000

658,850

625,000 355,000 315,000 325,000 3,900,000 250,000 270,000 235,000 275,000

654,324 444,148 385,711 356,723 324,605 314,325 313,443 295,327 283,374

260,000

269,019

260,000 195,000 195,000 195,000 180,000 245,000

266,663 261,464 260,057 257,868 247,050 244,126

Major Sales and Maturities

Nominal Proceeds USD

United States Treasury Note/Bond 0.250% 28-Feb-2014 United States Treasury Note/Bond 1.000% 31-Aug-2016 United States Treasury Note/Bond 2.630% 15-Aug-2016 Federal National Mortgage Association Pool TBA 4.000% 02-Feb-2014 Federal National Mortgage Association Pool TBA 4.000% 03-Mar-2013 Federal National Mortgage Association Pool TBA 4.000% 02-Jan-2014 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 United States Treasury Note/Bond 3.875% 15-May-2018 Canadian Government Bond 3.250% 01-Jun-2021 Ireland Government Bond 5.500% 18-Oct-2017 Ireland Government Bond 4.000% 15-Jan-2014 United Kingdom Gilt 4.250% 07-Dec-2040 Italy Buoni Poliennali Del Tesoro 4.000% 01-Feb-2017 Mexican Bonos 9.000% 20-Jun-2013 Spain Government Bond 5.850% 31-Jan-2022 United States Treasury Note/Bond 1.750% 15-May-2022 Federal National Mortgage Association Pool TBA 3.500% 02-Feb-2014 Federal National Mortgage Association Pool TBA 3.500% 03-Mar-2013 Ireland Government Bond 5.400% 13-Mar-2025 United States Treasury Note/Bond 0.250% 15-Jul-2015

3,620,000 3,395,000 830,000

3,619,767 3,432,285 886,268

625,000

661,333

625,000

658,088

575,000 355,000 320,000 325,000 250,000 250,000 170,000 235,000 3,900,000 250,000 275,000

604,188 446,668 373,483 365,425 363,106 332,855 322,721 309,265 300,998 287,561 283,067

260,000

270,053

260,000 195,000 245,000

268,566 263,193 244,323

275

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Bond Fund for the year ended 31 December 2012 Major Purchases United States Treasury Note/Bond 2.130% 15-Aug-2021 United States Treasury Note/Bond 4.250% 15-May-2039 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 United States Treasury Note/Bond 1.250% 31-Jan-2019 Sweden Government Bond 3.500% 01-Jun-2022 Norway Government Bond 6.500% 15-May-2013 United Kingdom Gilt 4.500% 07-Dec-2042 New Zealand Government Bond 5.500% 15-Apr-2023 United States Treasury Note/Bond 1.000% 31-Mar-2017 Italy Buoni Poliennali Del Tesoro 4.750% 01-Jun-2017 Belgium Government Bond 3.000% 28-Sep-2019 United States Treasury Note/Bond 1.500% 31-Aug-2018 United States Treasury Note/Bond 1.875% 31-Aug-2017 Italy Buoni Poliennali Del Tesoro 5.000% 01-Sep-2040 Poland Government Bond 5.750% 25-Oct-2021 Poland Government Bond 5.750% 23-Sep-2022 France Government Bond OAT 2.100% 25-Jul-2023 United Kingdom Gilt Inflation Linked 0.130% 22-Mar-2029 Finland Government Bond 3.875% 15-Sep-2017 Bundesrepublik Deutschland 1.750% 04-Jul-2022

Nominal

Cost USD

91,940,000 68,380,000 49,110,000 52,890,000 289,050,000 242,910,000 20,180,000 42,360,000 33,940,000 24,800,000 22,570,000 26,580,000 26,020,000 22,630,000 82,690,000 74,570,000 17,610,936 13,821,031 15,810,000 16,590,000

96,809,349 86,145,793 60,620,316 52,266,149 50,298,873 43,574,610 39,333,959 38,238,685 33,922,144 30,788,318 30,038,041 27,473,960 27,456,160 26,900,826 26,433,452 25,409,014 24,684,914 23,023,325 22,768,390 21,665,361

Major Sales and Maturities United States Treasury Note/Bond 4.250% 15-May-2039 United Kingdom Gilt 4.500% 07-Dec-2042 United States Treasury Note/Bond 2.625% 30-Apr-2018 United States Treasury Note/Bond 2.625% 15-Aug-2020 New Zealand Government Bond 6.000% 15-Dec-2017 United States Treasury Note/Bond 2.130% 15-Aug-2021 United States Treasury Note/Bond 1.250% 31-Jan-2019 Finland Government Bond 3.875% 15-Sep-2017 United States Treasury Note/Bond 1.000% 30-Sep-2016 Canadian Government Bond 3.500% 01-Jun-2020 Sweden Government Bond 3.500% 01-Jun-2022 United Kingdom Gilt Inflation Linked 1.250% 22-Nov-2017 Italy Buoni Poliennali Del Tesoro 5.500% 01-Sep-2022 Poland Government Bond 5.750% 23-Sep-2022 United States Treasury Note/Bond 1.875% 31-Aug-2017 Poland Government Bond 5.750% 23-Sep-2022 Italy Buoni Poliennali Del Tesoro 5.000% 01-Sep-2040 Malaysia Government Bond 4.160% 15-Jul-2021 France Government Bond OAT 2.100% 25-Jul-2023 New Zealand Government Bond 6.500% 15-Apr-2013

Nominal Proceeds USD 88,900,000 41,990,000 54,950,000 53,960,000 64,770,000 50,480,000 52,890,000 30,860,000 40,170,000 32,320,000 202,550,000 17,902,118 25,810,000 82,690,000 26,020,000 87,430,000 22,630,000 75,550,000 17,610,936 28,100,000

111,627,343 83,995,199 59,980,305 59,209,917 58,467,404 53,732,491 53,388,538 45,622,024 40,855,190 36,478,249 35,905,561 32,994,051 31,516,454 29,520,738 27,609,115 26,718,329 26,259,704 25,950,671 25,805,332 24,744,268

BNY Mellon Global Dynamic Bond Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

iShares JPMorgan USD Emerging Markets Bond Fund GBP Class United States Treasury Note/Bond 2.125% 15-Aug-2021 Norway Government Bond 6.500% 15-May-2013 Poland Government Bond 5.750% 23-Sep-2022 New Zealand Government Bond 5.500% 15-Apr-2023 United States Treasury Note/Bond 4.250% 15-May-2039 Canadian Government Bond 2.000% 01-Jun-2016 Poland Government Bond 5.750% 25-Oct-2021 FMS Wertmanagement AoR 3.000% 03-Aug-2018 Mexican Bonos 7.750% 14-Dec-2017 United States Treasury Note/Bond 1.250% 31-Jan-2019 Netherlands Government Bond 1.000% 24-Feb-2017 Sweden Government Bond 3.500% 01-Jun-2022 Malaysia Government Bond 4.378% 29-Nov-2019 Austria Government Bond 4.300% 15-Sep-2017 BAT International Finance Plc 8.125% 15-Nov-2013 New Zealand Government Bond 6.000% 15-Dec-2017 United States Treasury Note/Bond 1.875% 31-Aug-2017 United States Treasury Note/Bond 1.500% 31-Aug-2018 Mexican Bonos 8.000% 11-Jun-2020

37,043 3,050,000 7,050,000 2,950,000 1,090,000 747,000 860,000 2,200,000 500,000 7,450,000 660,000 650,000 3,560,000 1,780,000 425,000 525,000 590,000 500,000 510,000 6,020,000

4,298,685 3,156,647 1,248,624 1,027,082 998,725 927,352 878,242 698,671 678,887 652,389 651,041 647,352 633,967 615,606 614,325 570,221 544,799 527,320 527,153 518,569

276

Major Sales and Maturities

Nominal Proceeds USD

United States Treasury Note/Bond 2.125% 15-Aug-2021 iShares JPMorgan USD Emerging Markets Bond Fund GBP Class United States Treasury Note/Bond 2.625% 30-Apr-2018 New Zealand Government Bond 6.000% 15-Dec-2017 United States Treasury Note/Bond 4.250% 15-May-2039 United Kingdom Gilt Inflation Linked 1.250% 22-Nov-2017 Poland Government Bond 5.750% 25-Oct-2021 United Kingdom Gilt Inflation Linked 1.250% 31-Mar-2019 Austria Government Bond 4.300% 15-Sep-2017 Mexican Bonos 8.000% 11-Jun-2020 Canadian Government Bond 3.5000% 06-Jan-2020 Commonwealth Bank of Australia FRN 17-Dec-2013 United Kingdom Gilt Inflation Linked 4.750% 15-Feb-2041 United States Treasury Note/Bond 1.875% 31-Aug-2017 Czech Republic Government Bond 4.000% 11-Apr-2017 Peruvian Government International Bond 6.950% 12-Aug-2031 United States Treasury Note/Bond 0.750% 15-Sep-2013 Czech Republic Government Bond 3.850% 29-Sep-2021 Poland Government International Bond 5.000% 23-Mar-2022 Malaysia Government Bond 4.160% 15-Jul-2021

2,050,000 15,764 1,095,000 1,220,000 747,000 464,659 2,200,000 660,000 425,000 6,610,000 500,000 500,000 405,000 500,000 8,930,000 1,150,000 500,000 7,920,000 391,000 1,320,000

2,168,359 1,795,481 1,196,421 1,097,458 943,698 861,856 793,805 652,424 640,458 620,852 564,487 545,970 542,443 530,536 526,859 526,184 503,091 465,410 456,858 452,935

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Emerging Markets Equity Value Fund for the year ended 31 December 2012 Major Purchases iShares MSCI Emerging Markets Index Fund Petroleo Brasileiro SA ADR Samsung Fire & Marine Insurance Co Ltd Lianhua Supermarket Holdings Co Ltd ‘H’ Itau Unibanco Holding SA ADR iShares FTSE A50 China Index ETF Samsung Electronics Co Ltd Pfd Banco Santander Brasil SA ADR Mando Corp Telefonica Brasil SA ADR Shinhan Financial Group Co Ltd Gazprom OAO ADR Genting Bhd Hon Hai Precision Industry Co Ltd EDP - Energias do Brasil SA Telekomunikasi Indonesia Persero Tbk PT China Coal Energy Co Ltd - H Bank Negara Indonesia Persero Tbk PT Adcock Ingram Holdings Ltd Polskie Gornictwo Naftowe i Gazownictwo SA

Nominal

Cost USD

22,860 18,490 2,168 270,000 23,160 239,400 376 35,900 1,916 11,580 7,540 23,120 81,600 79,000 36,600 302,500 209,000 581,500 30,900 167,040

920,705 418,420 398,974 345,695 342,506 337,497 294,021 275,858 262,120 255,154 253,671 245,860 236,110 233,182 231,401 230,691 226,046 225,030 207,403 205,382

Major Sales and Maturities iShares MSCI Emerging Markets Index Fund Samsung Electronics Co Ltd Standard Bank Group Ltd/South Africa Turkiye Is Bankasi Yuhan Corp Telekomunikasi Indonesia Persero Tbk PT Hon Hai Precision Industry Co Ltd Tenaga Nasional Bhd Commercial International Bank Egypt SAE Grand Korea Leisure Co Ltd Korea Exchange Bank China Life Insurance Co Ltd - H Grupo Financiero Banorte SAB de CV Lukoil OAO ADR JBS SA State Bank of India GDR SK Telecom Co Ltd Beijing Capital International Airport Co Ltd - H Gerdau SA ADR Polskie Gornictwo Naftowe i Gazownictwo SA

Nominal Proceeds USD 22,860 352 29,920 171,161 2,651 385,300 99,000 154,812 57,388 13,130 38,710 93,000 55,100 4,240 59,500 6,470 1,770 384,000 24,290 167,040

905,319 441,981 423,601 417,838 343,570 328,574 326,685 321,799 291,055 289,099 282,255 267,931 263,118 260,035 258,082 254,464 242,622 238,012 235,282 232,461

BNY Mellon Global Equity Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

Google Inc United Technologies Corp Fifth Third Bancorp HJ Heinz Co Baker Hughes Inc Citigroup Inc Suncor Energy Inc Laboratory Corp of America Holdings Coca-Cola Enterprises Inc Standard Chartered Plc Compass Group Plc AIA Group Ltd Align Technology Inc RenaissanceRe Holdings Ltd Belle International Holdings Ltd Brenntag AG Total SA CCR SA Principal Financial Group Inc Accenture Plc

7,269 57,088 315,310 72,191 79,187 97,849 106,945 39,945 128,035 147,579 325,367 721,600 72,060 27,950 1,193,000 18,222 40,555 247,348 73,573 35,421

4,811,703 4,427,364 4,423,464 3,908,833 3,856,493 3,741,525 3,649,192 3,620,183 3,604,473 3,551,940 3,409,119 2,557,529 2,351,968 2,163,398 2,159,262 2,139,867 2,122,324 2,051,658 2,009,515 2,004,385

Major Sales and Maturities AT&T Inc MTN Group Ltd Altria Group Inc Shaw Group Inc/The Wisconsin Energy Corp ABB Ltd eBay Inc Medco Health Solutions Inc L-3 Communications Holdings Inc HTC Corp Ariba Inc United Overseas Bank Ltd Nomura Holdings Inc Total SA INPEX Corp Newcrest Mining Ltd Anheuser-Busch InBev NV Arezzo Industria e Comercio SA DNB ASA News Corp

Nominal Proceeds USD 154,097 191,422 96,744 71,978 77,933 157,205 61,461 43,395 37,846 135,000 60,458 169,000 665,600 47,493 403 80,333 26,793 133,156 196,900 108,397

5,511,920 3,561,083 3,088,282 2,967,521 2,913,414 2,881,236 2,872,160 2,835,491 2,810,523 2,736,119 2,574,798 2,545,593 2,530,653 2,383,182 2,248,946 2,239,389 2,178,231 2,135,637 2,105,063 2,095,502

277

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Equity Higher Income Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

Reynolds American Inc Philip Morris International Inc Sysco Corp Novartis AG-Reg Roche Holding AG-Genusschein Paychex Inc CCR SA TDC A/S Vodafone Group Plc SSE Plc Lockheed Martin Corp ConocoPhillips Total SA MTN Group Ltd Clorox Co AT&T Inc GlaxoSmithKline Plc China Mobile Ltd Procter & Gamble Co Link REIT

193,053 88,837 238,609 91,091 29,095 152,652 570,205 666,176 1,509,649 179,948 43,420 65,100 76,896 203,738 51,258 104,401 157,658 320,585 49,366 715,489

8,307,643 7,803,857 7,205,658 5,471,976 5,339,347 5,030,835 4,661,188 4,644,331 4,021,981 3,982,440 3,853,906 3,753,590 3,743,624 3,726,663 3,726,063 3,601,125 3,538,567 3,524,739 3,279,147 3,276,203

Major Sales and Maturities Bayer AG-Reg Aberdeen Asset Management Plc DnB NOR ASA DBS Group Holdings Taiwan Semiconductor Manufacturing Co Ltd Cia de Saneamento de Minas Gerais Advanced Info Service G4S Plc Link REIT Deutsche Telekom AG Tele Norte Leste Partcipacoes SA ADR WorleyParsons Treasury Wine Estates Ltd Hopewell Highway Infrastructure Ltd Phillips 66 MTN Group Ltd Mapletree Logistics Trust Roche Holding AG-Genusschein Philip Morris International Inc AT&T Inc

Nominal Proceeds USD 74,456 708,623 188,521 177,000 507,353 62,035 171,500 190,305 163,500 68,029 66,083 25,073 144,684 1,161,500 14,173 24,292 618,000 2,476 4,244 10,516

6,155,714 3,853,762 2,365,283 1,883,984 1,384,249 1,307,150 1,003,628 832,645 808,314 795,411 664,222 644,036 621,068 582,817 481,287 449,731 448,340 444,220 362,216 355,427

BNY Mellon Global High Yield Bond Fund (EUR) for the year ended 31 December 2012 Major Purchases

Nominal

Cost EUR

CIT Group Inc 5.500% 15-Feb-2019 International Lease Finance Corp 8.250% 15-Dec-2020 WireCo WorldGroup Inc 9.500% 15-May-2017 Epicor Software Corp 8.625% 01-May-2019 Techem Energy Metering Service 7.875% 01-Oct-2020 Level 3 Financing Inc 8.625% 15-Jul-2020 Level 3 Financing Inc 8.625% 15-Jul-2020 Shea Homes LP 8.625% 15-May-2019 Biomet Inc 6.500% 01-Oct-2020 Xerium Technologies Inc 8.875% 15-Jun-2018 Techem Energy Metering Service 7.875% 01-Oct-2020 Wind Acquisition Finance SA 11.750% 15-Jul-2017 DaimlerChrysler Group LLC 8.250% 15-Jun-2021 Kerling Plc 10.625% 01-Feb-2017 Unitymedia GmbH/Old 9.500% 15-Mar-2021 NRG Energy Inc 7.625% 15-May-2019 Hexion US Finance Corp/Hexion Nova Scotia Finance ULC 9.000% 15-Nov-2020 Intelsat Jackson Holdings SA 7.250% 15-Oct-2020 Welltec A/S 8.000% 01-Feb-2019 Rexel SA 6.125% 15-Dec-2019

4,685,000 2,515,000 2,445,000 2,385,000 1,580,000 1,945,000 1,945,000 1,950,000 1,950,000 1,915,000 1,385,000 1,520,000 1,535,000 1,400,000 1,230,000 1,690,000

3,569,725 2,333,086 1,879,603 1,822,816 1,614,950 1,564,037 1,533,895 1,511,800 1,492,707 1,444,846 1,417,650 1,400,288 1,300,025 1,274,000 1,273,975 1,258,204

1,705,000 1,540,000 1,600,000 1,550,000

1,252,315 1,205,318 1,202,400 1,188,846

278

Major Sales and Maturities

Nominal Proceeds EUR

Ford Motor Credit Co LLC 8.125% 15-Jan-2020 Tube City IMS Corp 9.750% 01-Feb-2015 BWAY Parent Co Inc 10.125% 01-Nov-2015 Biomet Inc 10.000% 15-Oct-2017 McJunkin Red Man Corp 9.500% 15-Dec-2016 NRG Energy Inc 7.625% 15-May-2019 Insight Communications Co Inc 9.375% 15-Jul-2018 International Lease Finance Corp 8.625% 15-Sep-2015 Offshore Group Investment Ltd 11.500% 01-Aug-2015 Cequel Communications Holdings I LLC and Cequel Capital Corp 144A 8.625% 15-Nov-2017 MEG Energy Corp 6.500% 15-Mar-2021 Clearwater Paper Corp 7.125% 01-Nov-2018 Cardtronics Inc 8.250% 01-Sep-2018 Antero Resources Finance Corp 7.250% 01-Aug-2019 Marquette Transportation Co 10.875% 15-Jan-2017 Ceridian Corp 12.250% 15-Nov-2015 Inergy LP 7.000% 01-Oct-2018 Icahn Enterprises LP 8.000% 15-Jan-2018 TPC Group LLC 8.250% 01-Oct-2017 Ultrapetrol Bahamas Ltd 9.000% 24-Nov-2014

3,880,000 3,700,000 3,643,629 3,145,000 3,100,000 3,575,000 2,740,000 2,694,000 2,622,000

3,773,797 2,969,718 2,879,312 2,695,119 2,679,289 2,651,686 2,455,305 2,380,516 2,331,018

2,695,000 2,720,000 2,625,000 2,500,000 2,590,000 2,530,000 3,060,000 2,325,000 2,365,000 2,425,000 2,942,000

2,273,704 2,256,023 2,186,560 2,144,304 2,139,920 2,098,509 2,085,519 2,044,388 2,024,282 1,994,191 1,987,457

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Opportunities Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

United States Treasury Bill 0.000% 16-Feb-2012 United States Treasury Bill 0.000% 15-Mar-2012 United States Treasury Bill 0.000% 12-Apr-2012 United States Treasury Bill 0.000% 01-Nov-2012 United States Treasury Bill 0.000% 10-May-2012 United States Treasury Bill 0.000% 31-May-2012 United States Treasury Bill 0.000% 24-Apr-2013 United States Treasury Bill 0.000% 23-Aug-2012 Laboratory Corp of America Holdings United Technologies Corp HJ Heinz Co Air Liquide SA Hershey Co/The Fifth Third Bancorp Baker Hughes Inc AIA Group Ltd RenaissanceRe Holdings Ltd KeyCorp Suncor Energy Inc CSX Corp

5,900,000 5,900,000 5,500,000 5,400,000 5,300,000 5,100,000 4,700,000 4,000,000 39,891 41,949 51,745 21,040 39,803 180,770 48,098 640,000 26,511 221,000 56,608 88,601

5,899,925 5,899,885 5,499,675 5,399,202 5,299,681 5,099,822 4,698,925 3,999,360 3,621,412 3,325,290 2,802,455 2,533,484 2,413,231 2,384,971 2,320,822 2,285,358 2,053,366 1,904,113 1,884,548 1,876,862

Major Sales and Maturities

Nominal Proceeds USD

United States Treasury Bill 0.000% 19-Jan-2012 United States Treasury Bill 0.000% 16-Feb-2012 United States Treasury Bill 0.000% 15-Mar-2012 United States Treasury Bill 0.000% 12-Apr-2012 United States Treasury Bill 0.000% 01-Nov-2012 United States Treasury Bill 0.000% 10-May-2012 United States Treasury Bill 0.000% 31-May-2012 United States Treasury Bill 0.000% 23-Aug-2012 Transmissora Alianca de Energia Eletrica SA Medco Health Solutions MTN Group Ltd ABB Ltd L’Oreal SA L-3 Communications TeliaSonera AB Bayer AG-Reg China Mobile Ltd HTC Corp INPEX Corp Siam Commercial Bank

6,200,000 5,900,000 5,900,000 5,500,000 5,400,000 5,300,000 5,100,000 4,000,000 125,207 50,573 178,429 156,096 26,867 40,874 439,539 37,162 234,594 122,070 392 467,100

6,200,000 5,900,000 5,900,000 5,500,000 5,400,000 5,300,000 5,100,000 4,000,000 3,795,570 3,339,731 3,282,934 3,118,479 3,106,580 3,034,742 2,912,468 2,769,390 2,563,151 2,440,610 2,331,143 2,318,463

BNY Mellon Global Property Securities Fund for the year ended 31 December 2012 Major Purchases Ascendas India Trust Kerry Properties Ltd Henderson Land Development Co Ltd Hongkong Land Holdings Ltd Sino Land Co Ltd Simon Property Group Inc AvalonBay Communities Inc Tanger Factory Outlet Centers UDR Inc City Developments Ltd Calloway Real Estate Investment Trust Country Garden Holdings Co Ltd General Growth Properties Inc Cheung Kong Holdings Ltd Equity Residential Piedmont Office Realty Trust Inc CapitaMalls Asia Ltd LaSalle Hotel Properties Japan Real Estate Investment Japan Retail Fund Investment

Nominal

Cost EUR

414,000 42,500 23,000 24,000 86,000 820 890 3,340 3,460 9,000 2,870 195,000 4,080 6,000 1,340 4,190 67,000 2,880 7 39

189,108 135,631 128,512 109,098 105,626 93,431 90,527 80,368 67,279 66,256 64,507 64,175 62,341 59,512 59,368 57,971 56,977 56,269 54,814 51,199

Major Sales and Maturities Ascendas India Trust China Overseas Land & Investment Ltd Sino Land Co Ltd Chartwell Seniors Housing Real Estate Investment Trust Sun Hung Kai Properties Ltd CapitaLand Ltd Kerry Properties Ltd CommonWealth REIT Mori Trust Sogo Reit Inc Cheung Kong Holdings Ltd Alexandria Real Estate Equities Inc Brandywine Realty Trust Wharf Holdings Ltd Link REIT Orient-Express Hotels Ltd Home Properties Inc Hysan Development Co Ltd Regency Centers Corp Ventas Inc Colonial Properties Trust

Nominal Proceeds EUR 414,000 76,000 86,000 13,510 10,656 54,000 23,500 5,320 10 6,000 1,170 6,790 12,000 19,554 7,010 1,080 16,000 1,480 1,080 2,890

193,201 123,142 117,505 104,544 102,550 99,425 79,808 68,797 66,066 65,966 63,467 59,941 57,775 57,016 56,202 50,983 50,358 50,253 48,201 47,253

279

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Real Return Fund (EUR) for the year ended 31 December 2012 Major Purchases German Treasury Bill 0.000% 13-Mar-2013 German Treasury Bill 0.000% 10-Oct-2012 United States Treasury Bill 0.000% 08-Nov-2012 United States Treasury Bill 0.000% 02-May-2013 United States Treasury Note/Bond 0.50% 30-Nov-2012 GlaxoSmithKline Plc Australia Government Bond 5.500% 21-Apr-2023 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 ETFS Physical Gold/Jersey Reynolds American Inc WM Morrison Supermarkets Sysco Corp Total SA Barrick Gold Corp TeliaSonera AB Australia Government Bond 4.750% 21-Apr-2027 German Treasury Bill 0.000% 10-Oct-2012 United States Treasury Bill 0.000% 04-Apr-2013 Japan Tobacco Inc Newcrest Mining Ltd

Nominal

Cost EUR

108,785,000 60,369,000 57,892,000 50,405,000 43,000,000 1,544,552 26,318,000

108,799,786 60,365,685 45,223,444 39,310,046 34,677,614 27,085,778 24,563,484

19,874,564 154,493 524,873 4,848,239 722,931 418,543 488,177 2,710,405 16,430,000 14,085,000 17,680,000 290,478 575,737

21,329,702 19,866,057 17,180,672 17,155,943 16,830,183 16,646,444 14,716,335 14,696,088 14,634,594 14,090,256 13,897,157 12,719,122 12,638,569

Major Sales and Maturities Bundesschatzanweisungen 0.500% 15-Jun-2012 German Treasury Bill 0.000% 10-Oct-2012 German Treasury Bill 0.000% 13-Mar-2013 United States Treasury Bill 0.000% 08-Nov-2012 United States Treasury Bill 0.000% 02-May-2013 United States Treasury Note/Bond 0.750% 31-May-2012 United States Treasury Note/Bond 0.500% 30-Nov-2012 Bundesobligation 4.000% 13-Apr-2012 German Treasury Bill 0.000% 14-Mar-2012 BP Plc German Treasury Bill 0.000% 10-Oct-2012 United States Treasury Bill 0.000% 04-Apr-2013 Telekomunikacja Polska SA INPEX Corp United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 Tesco Plc New Zealand Government Bond 6.000% 15-Dec-2017 Smith & Nephew Plc Norway Government Bond 4.500% 22-May-2019 New South Wales Treasury Corp 5.000% 20-Aug-2024

Nominal Proceeds EUR 61,000,000 60,369,000 55,453,000 57,892,000 50,405,000 42,000,000 43,000,000 21,298,000 18,400,000 2,571,504 14,085,000 17,680,000 3,192,477 2,065

61,301,203 60,369,122 55,455,050 45,837,872 38,609,255 33,986,997 33,174,298 22,149,993 18,399,625 14,271,881 14,086,807 13,510,758 9,448,712 9,269,873

7,151,799 1,839,751 8,453,000 769,154 29,497,000 5,100,000

7,771,346 7,196,459 5,931,364 5,873,056 4,737,145 4,597,409

BNY Mellon Global Real Return Fund (GBP)* for the year ended 31 December 2012 Major Purchases

Nominal

Cost GBP

Reynolds American Inc GlaxoSmithKline Plc United Kingdom Treasury Bill 0.000% 03-Jun-2013 United Kingdom Treasury Bill 0.000% 07-Jan-2013 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 Australia Government Bond 5.500% 21-Apr-2023 United States Treasury Bill 0.000% 04-Apr-2013 Bayer AG-Reg Newcrest Mining Ltd Total SA Norway Government Bond 4.500% 22-May-2019 Barrick Gold Corp Australia Government Bond 4.750% 21-Apr-2027 ETFS Physical Gold/Jersey Centrica Plc Novartis AG-Reg United States Treasury Note/Bond 0.500% 30-Nov-2012 Yamana Gold Inc Roche Holding AG-Genusschein iShares Physical Gold ETC

60,471 113,441 1,387,000 1,369,000 1,298,982 1,364,000 1,720,000 19,623 52,335 28,447 6,682,000 33,038 1,060,000 7,464 233,258 20,812 1,144,300 67,537 6,297 28,547

1,637,956 1,619,126 1,384,940 1,367,842 1,138,184 1,070,036 1,067,888 923,725 867,986 854,153 846,684 811,371 793,655 762,996 757,080 751,060 736,483 732,517 703,052 611,709

* Please refer to Note 19 of the financial statements.

280

Major Sales and Maturities

Nominal Proceeds GBP

United Kingdom Treasury Bill 0.000% 07-Jan-2013 United States Treasury Bill 0.000% 04-Apr-2013 United States Treasury Note/Bond 0.500% 30-Nov-2012 Reynolds American Inc United Kingdom Treasury Bill 0.000% 01-Oct-2012 United States Treasury Bill 0.000% 08-Nov-2012 United Kingdom Treasury Bill 0.000% 15-Oct-2012 United States Treasury Bill 0.000% 02-May-2013 Telekomunikacja Polska SA United Kingdom Treasury Bill 0.000% 22-Apr-2013 United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 BP Plc United States Treasury Note/Bond 0.375% 30-Sep-2012 Cia de Minas Buenaventura SA ADR RWC Funds - RWC Global Convertibles Fund Wisconsin Energy Corp US Bank NA/Cincinnati OH 1.076% 28-Feb-2017 VAR Australia Government Bond 4.750% 21-Apr-2027 INPEX Corp ICAP Group Holdings Plc 7.500% 28-Jul-2014

1,091,000 1,720,000 1,144,300 23,768 481,000 717,200 330,000 513,000 127,959 295,000 300,869 49,804 268,300 6,897 179 5,117 150,000 150,000 31 125,000

1,090,479 1,066,132 714,474 648,256 480,801 452,734 330,000 317,662 308,073 294,644 260,317 214,076 166,040 157,050 134,183 127,824 120,200 113,151 111,120 104,456

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Global Real Return Fund (USD) for the year ended 31 December 2012 Major Purchases United States Treasury Bill 0.000% 30-May-2013 United States Treasury Note/Bond 0.500% 30-Nov-2012 Source Physical Markets Gold P-ETC United States Treasury Bill 0.000% 11-Aug-2012 United States Treasury Note/Bond 0.375% 30-Sep-2012 Australia Government Bond 5.500% 21-Apr-2023 GlaxoSmithKline Plc United States Treasury Bill 0.000% 04-Apr-2013 Barrick Gold Corp United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 Norway Government Bond 4.500% 22-May-2019 Reynolds American Inc Total SA WM Morrison Supermarkets Sysco Corp Abbott Laboratories Novartis AG-Reg New Zealand Government Bond 6.000% 15-May-2021 Centrica Plc TeliaSonera AB

Nominal

Cost USD

10,022,000 10,015,578 8,713,000 8,726,022 33,357 5,488,116 4,864,000 4,861,067 4,817,800 4,823,069 3,870,000 4,736,806 201,071 4,505,523 3,958,000 3,955,902 101,151 3,818,621 2,754,285 18,080,000 68,840 54,971 604,571 88,040 40,754 38,621 2,300,000 415,666 318,343

3,813,218 3,690,219 2,957,588 2,821,780 2,739,051 2,636,012 2,420,586 2,267,471 2,234,626 2,184,795 2,177,316

Major Sales and Maturities

Nominal Proceeds USD

United States Treasury Note/Bond 0.500% 30-Nov-2012 United States Treasury Note/Bond 0.750% 31-May-2012 United States Treasury Bill 0.000% 08-Mar-2012 United States Treasury Bill 0.000% 08-Nov-2012 United States Treasury Note/Bond 0.375% 30-Sep-2012 United States Treasury Bill 0.000% 04-Apr-2013 ETFS Physical Gold/Jersey United States Treasury Note/Bond 1.000% 30-Apr-2012 BP Plc Barrick Gold Corp Norway Government Bond 4.500% 22-May-2019 Telekomunikacja Polska SA INPEX Corp Tesco Plc United States Treasury Inflation Indexed Bonds 2.500% 15-Jan-2029 Smith & Nephew Plc New Zealand Government Bond 6.000% 15-Dec-2017 New South Wales Treasury Corp 5.000% 20-Aug-2024 Newcrest Mining Ltd Reynolds American Inc

8,713,000 8,734,261 8,576,000 8,608,005 4,902,000 4,901,968 4,864,000 4,862,861 4,817,800 4,825,224 3,958,000 3,956,747 21,671 3,423,046 3,000,000 3,015,011 252,747 1,816,383 43,658 1,658,127 6,579,000 1,334,131 315,695 1,233,809 206 1,146,438 204,967 1,052,508 718,117 86,806 814,000 500,000 17,279 10,185

1,010,448 860,378 729,360 573,257 455,647 436,819

BNY Mellon Japan Equity Value Fund for the year ended 31 December 2012 Major Purchases Bridgestone Corp ORIX Corp Sumitomo Chemical Co Ltd JFE Holdings Inc KDDI Corp FANUC Corp Honda Motor Co Ltd Sumitomo Realty & Development Co Ltd ITOCHU Corp Mitsui & Co Ltd Toyota Motor Sekisui House Ltd Mitsui Chemicals Inc West Japan Railway Co Tsuruha Holdings Inc Mitsubishi Materials Corp Oji Paper Co Ltd Daiwa House Industry Co Yamaha Motor Co Ltd JX Holdings Inc

Nominal

Cost JPY

2,700 4,676,716 595 4,646,540 15,000 4,344,635 2,800 4,308,998 7 3,803,313 300 3,724,872 1,400 3,680,313 2,000 3,484,077 4,100 3,470,020 2,600 3,130,516 1,000 3,083,569 4,000 3,005,359 13,000 2,694,885 800 2,628,720 500 2,488,800 9,000 2,314,502 8,000 2,248,477 2,000 2,226,334 2,200 2,213,316 4,800 2,206,805

Major Sales and Maturities Softbank Corp Sumitomo Chemical Co Ltd Daiwa House Industry Co Mitsubishi Chemical Holdings Corp Sumitomo Realty & Development Co Ltd Tokio Marine Holdings Inc Secom Co Ltd T&D Holdings Inc Sony Corp Mitsubishi Electric Corp Resona Holdings Inc Mitsui Chemicals Inc NTT DoCoMo Inc Otsuka Holdings Co Ltd Astellas Pharma Inc ORIX Corp Mitsubishi Materials Corp Tsuruha Holdings Inc East Japan Railway Co FANUC Corp

Nominal Proceeds JPY 1,900 17,000 4,000 10,500 2,000 1,900 900 4,100 3,200 5,000 9,900 15,000 23 1,300 900 400 12,000 500 500 200

4,989,618 4,762,261 4,214,930 3,882,391 3,837,866 3,740,917 3,535,063 3,438,699 3,377,281 3,337,537 3,253,548 3,131,341 3,129,435 3,080,739 2,967,018 2,858,200 2,847,905 2,693,776 2,676,732 2,605,367

281

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Latin America Infrastructure Fund for the year ended 31 December 2012 Major Purchases Telefonica Brasil SA Pfd Vale SA ADR Duratex SA OGX Petroleo e Gas Participacoes SA Embraer SA Southern Copper Corp Mahle-Metal Leve SA Industria e Comercio Iochpe-Maxion SA Randon Participacoes SA Pfd CCR SA Obrascon Huarte Lain Brasil SA Santos Brasil Participacoes SA America Movil SAB de CV ADR Ecopetrol SA ADR EcoRodovias Infraestrutura e Logistica SA Sociedad Quimica y Minera de Chile SA ADR Cia Energetica de Sao Paulo Pfd Empresa Nacional de Electricidad SA/Chile ADR Autometal SA EDP - Energias do Brasil SA

Nominal

Cost USD

12,100 14,300 34,200 27,900 24,500 2,800 2,500 3,400 7,200 1,400 1,300 700 300 100 700 100 300 100 600 700

360,153 347,364 215,992 212,154 211,971 87,611 66,697 62,167 42,078 10,874 10,539 10,496 7,554 5,627 5,522 5,350 5,112 4,954 4,325 4,281

Major Sales and Maturities Iochpe-Maxion SA OGX Petroleo e Gas Participacoes SA Ternium SA ADR Santos Brasil Participacoes SA Obrascon Huarte Lain Brasil SA CCR SA Cemex SAB de CV ADR Marcopolo SA Pfd Gerdau SA ADR Vale SA ADR America Movil SAB de CV ADR Ecopetrol SA ADR Metalurgica Gerdau SA Pfd Autometal SA Even Construtora e Incorporadora SA Cia de Minas Buenaventura SA ADR EcoRodovias Infraestrutura e Logistica SA Cia Energetica de Sao Paulo Pfd EDP - Energias do Brasil SA Telefonica Brasil SA Pfd

Nominal Proceeds USD 26,400 41,800 13,700 15,000 20,300 29,000 28,688 41,200 20,400 10,700 6,900 2,600 10,000 16,700 33,700 3,100 14,700 6,200 13,100 4,100

434,034 368,131 326,487 239,994 231,385 228,889 227,543 208,111 200,380 196,158 168,216 148,011 125,387 123,070 122,024 118,353 116,211 113,730 110,731 103,455

BNY Mellon Long-Term Global Equity Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost EUR

Komatsu Ltd Taiwan Semiconductor Manufacturing Co Ltd ADR Syngenta AG-Reg BG Group Plc Intel Corp Qualcomm Inc Petroleo Brasileiro SA ADR China Mobile Ltd Canon Inc CLP Holdings Ltd Hong Kong & China Gas Co Ltd Microsoft Corporation Sigma-Aldrich Corp Tesco Plc Nike Inc Schlumberger Ltd Hennes & Mauritz AB Honda Motor Co Ltd Praxair Inc Woodside Petroleum Ltd

1,520,000 1,923,000 79,700 1,373,000 995,427 396,560 1,072,753 2,119,680 570,900 2,597,547 8,752,441 691,062 294,888 3,680,000 194,543 267,866 538,100 550,900 162,658 505,300

23,958,408 22,547,792 21,011,973 20,720,119 18,575,394 18,449,450 17,829,180 17,262,013 17,196,695 16,702,742 16,374,100 15,717,769 15,319,896 14,633,525 14,621,455 14,444,439 14,345,999 14,107,006 13,764,153 13,658,136

Major Sales and Maturities Abbott Laboratories Tenaris SA ADR WM Morrison Supermarkets Daikin Industries Ltd CR Bard Inc Mitsubishi Estate Co Ltd FLIR Systems Keyence Corp

Nominal Proceeds EUR 250,400 10,694,090 218,600 6,819,687 1,573,231 5,329,749 268,000 4,974,193 58,653 4,636,261 271,000 3,621,869 197,653 2,887,856 50 8,535

The above constitute the full list of sales and maturities for the Fund during the reporting period.

282

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Pan European Equity Fund for the year ended 31 December 2012 Major Purchases Royal Dutch Shell Plc Nestle SA Volkswagen AG Pfd Air Liquide SA Severn Trent Plc Zurich Insurance Group AG Continental AG BNP Paribas SA Eni SpA Novozymes A/S Siemens AG BG Group Plc Skandinaviska Enskilda Banken AB AXA SA Vallourec SA Swedish Match AB Deutsche Telekom AG Telefonica Deutschland Holding AG Brenntag AG Aegon NV

Nominal

Cost EUR

11,944 6,212 1,497 2,286 10,102 1,124 2,333 4,399 8,757 6,861 1,984 9,032 20,082 9,848 2,657 3,816 12,092 19,375 1,176 27,025

335,832 295,382 216,023 208,691 204,654 204,585 188,139 182,548 155,977 152,123 151,007 144,580 130,790 120,455 113,439 112,275 111,322 108,500 106,372 104,019

Major Sales and Maturities Fresenius Medical Care AG & Co KGaA BP Plc Rhoen Klinikum AG Bayer AG-Reg Swedish Match AB Danone Barclays Plc Svenska Handelsbanken AB Total SA DnB NOR ASA SAP AG Eni SpA TeliaSonera AB Roche Holding AG-Genusschein Tesco Plc Infineon Technologies AG ICAP Ageas Centrica Plc Intesa Sanpaolo SpA

Nominal Proceeds EUR 3,286 29,419 8,523 2,702 5,833 3,034 51,843 5,008 3,196 11,470 1,974 6,022 19,241 668 25,321 15,525 19,818 57,577 22,840 94,044

175,062 171,614 166,100 157,775 157,710 147,628 141,570 136,374 122,592 108,135 103,015 100,699 99,576 95,687 95,320 93,252 90,232 88,276 88,174 85,041

BNY Mellon S&P 500® Index Tracker for the year ended 31 December 2012 Major Purchases Apple Inc Exxon Mobil Corp Microsoft Corp International Business Machines Corp Chevron Corp General Electric Co Procter & Gamble Co/The Johnson & Johnson AT&T Inc Google Inc Pfizer Inc Wells Fargo & Co JPMorgan Chase & Co Coca-Cola Co/The Berkshire Hathaway Inc Philip Morris International Inc Intel Corp Merck & Co Inc Costco Wholesale Corp Verizon Communications Inc

Nominal

Cost USD

6,389 31,080 51,229 7,657 13,173 71,720 18,980 18,881 39,244 1,867 50,877 34,930 26,179 14,906 12,937 11,384 34,302 20,849 8,425 19,631

3,564,453 2,635,320 1,557,481 1,504,001 1,388,763 1,377,399 1,265,462 1,223,101 1,209,697 1,177,659 1,122,733 1,118,057 1,068,913 1,067,312 1,036,621 961,317 918,714 808,698 797,493 762,398

Major Sales and Maturities Apple Inc Exxon Mobil Corp International Business Machines Corp Coca-Cola Co/The Microsoft Corp General Electric Co AT&T Inc Chevron Corp Wells Fargo & Co Pfizer Inc Procter & Gamble Co/The Johnson & Johnson Google Inc Philip Morris International Inc Costco Wholesale Corp Berkshire Hathaway Inc JPMorgan Chase & Co Intel Corp Merck & Co Inc Wal-Mart Stores Inc

Nominal Proceeds USD 4,881 26,939 7,393 23,201 39,202 57,059 33,575 10,709 32,022 43,603 15,141 14,434 1,331 9,667 7,857 9,488 20,605 28,277 16,578 9,963

2,787,363 2,309,933 1,466,159 1,191,498 1,182,111 1,138,859 1,136,859 1,132,185 1,054,067 996,181 985,599 950,891 837,733 829,735 794,908 783,632 780,562 726,393 672,132 662,273

283

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon Small Cap Euroland Fund for the year ended 31 December 2012 Major Purchases Publicis Groupe SA Lanxess AG Cap Gemini SA Obrascon Huarte Lain SA Schoeller-Bleckmann Oilfield Equipment AG Kemira OYJ SBM Offshore NV Valeo SA Cie Generale de Geophysique - Veritas Gemalto NV Jungheinrich AG Pfd RHI AG GEA Group AG Smurfit Kappa Group Plc Sponda OYJ Infineon Technologies AG Nexity SA Tecnicas Reunidas SA Enagas SA Tessenderlo Chemie NV

Nominal

Cost EUR

4,640 3,000 4,580 7,210 1,825 11,180 10,590 3,180 4,972 1,690 3,610 4,520 3,420 10,080 26,240 13,150 3,480 2,230 4,590 3,030

192,692 163,077 142,558 139,407 123,305 121,061 120,093 115,739 100,294 98,221 93,605 87,259 84,548 83,580 82,429 79,807 79,415 78,846 69,878 69,632

Major Sales and Maturities Arkema SA ProSiebenSat. 1 Media AG Pfd Havas SA Infineon Technologies AG Bechtle AG Duerr AG Prosegur Cia de Seguridad SA Peugeot SA Technip SA Gerresheimer AG SCOR SE Societa Iniziative Autostradali e Servizi SpA AMS AG Tessenderlo Chemie NV Hannover Rueckversicherung AG Amer Sports OYJ Societe BIC SA Enagas SA Deutsche Lufthansa AG AtoS

Nominal Proceeds EUR 5,160 15,250 65,148 31,560 7,743 4,730 6,066 15,080 2,908 5,780 10,410 32,210 3,800 7,170 4,360 17,070 2,220 11,222 16,540 3,990

327,524 272,634 249,930 220,623 218,096 210,265 209,887 205,624 202,359 199,354 198,142 186,339 184,783 181,060 176,172 167,307 162,258 160,001 159,814 148,698

BNY Mellon Sterling Bond Fund for the year ended 31 December 2012 Major Purchases United Kingdom Gilt 8.000% 07-Jun-2021 United Kingdom Gilt 5.000% 07-Mar-2025 United Kingdom Gilt 4.500% 07-Mar-2013 United Kingdom Gilt 2.250% 07-Mar-2014 United Kingdom Gilt 4.000% 07-Mar-2022 United Kingdom Gilt 4.250% 07-Jun-2032 United Kingdom Gilt 3.750% 22-Jul-2052 United Kingdom Gilt 1.000% 07-Sep-2017 United Kingdom Gilt 1.750% 07-Sep-2022 United Kingdom Gilt Inflation Linked 2.500% 17-Jul-2024 United Kingdom Gilt 4.250% 07-Sep-2039 Kreditanstalt fuer Wiederaufbau 4.875% 15-Jan-2013 Network Rail Infrastructure Finance PLC 1.250% 22-Jan-2015 United Kingdom Gilt 6.000% 07-Dec-2028 Lloyds TSB Bank Plc 1.500% 02-May-2017 United Kingdom Gilt 4.500% 07-Sep-2034 United Kingdom Gilt 4.250% 07-Dec-2055 United Kingdom Gilt 3.750% 07-Sep-2020 United Kingdom Gilt 3.500% 29-Dec-2049 Kommunalbanken AS 1.375% 23-Dec-2015

284

Nominal

Cost GBP

300,000 290,000 250,000 250,000 200,000 180,000 195,000 220,000 180,000 50,000 125,000 150,000 150,000 100,000 150,000 110,000 100,000 100,000 130,000 120,000

460,829 380,384 259,013 258,720 242,472 224,919 219,091 219,049 180,608 169,141 158,816 152,176 149,844 149,739 149,096 134,137 122,513 119,717 119,700 119,490

Major Sales and Maturities United Kingdom Gilt 4.250% 07-Jun-2032 United Kingdom Gilt 4.000% 07-Mar-2022 United Kingdom Gilt 4.750% 07-Dec-2038 United Kingdom Gilt 4.250% 07-Dec-2055 United Kingdom Gilt 2.750% 22-Jan-2015 United Kingdom Gilt 4.500% 07-Mar-2013 United Kingdom Gilt 8.000% 07-Jun-2021 United Kingdom Gilt 3.750% 07-Sep-2020 Oesterreichische Kontrollbank AG 4.875% 07-Dec-2012 International Bank for Reconstruction & Development 1.250% 10-Dec-2013 United Kingdom Gilt Inflation Linked 1.250% 22-Nov-2027 United Kingdom Gilt Inflation Linked 2.500% 17-Jul-2024 United Kingdom Gilt 4.750% 07-Dec-2030 Coventry Building Society 2.000% 05-Apr-2012 United Kingdom Gilt 4.500% 07-Dec-2042 Network Rail Infrastructure Finance PLC 1.250% 22-Jan-2015 Kommunalbanken AS 4.875% 10-Dec-2012 United Kingdom Gilt 4.500% 07-Sep-2034 United Kingdom Gilt 4.250% 07-Dec-2049 United Kingdom Gilt 1.000% 07-Sep-2017

Nominal Proceeds GBP 380,000 354,000 225,000 230,000 250,000 250,000 155,000 200,000 200,000

475,102 422,166 291,763 285,622 268,851 257,563 243,938 230,262 207,639

200,000 148,171 50,000 125,000 160,000 120,000 150,000 140,000 110,000 100,000 120,000

203,925 184,173 171,200 168,467 163,200 155,076 151,389 146,795 141,040 123,506 122,867

BNY Mellon

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon UK Equity Fund for the year ended 31 December 2012 Major Purchases British American Tobacco Plc BHP Billiton Plc WM Morrison Supermarkets Reed Elsevier Plc BP Plc HSBC Holdings Plc Centrica Plc Royal Dutch Shell Plc Standard Chartered Plc BT Group Plc Tesco Plc BAE Systems Plc GlaxoSmithKline Plc British Sky Broadcasting Group Plc SSE Plc Pearson Plc Cobham Plc Rexam Plc Imperial Tobacco Group Plc Chemring Group Plc

Nominal

Cost GBP

19,562 28,400 167,000 88,600 105,000 82,100 140,400 19,709 26,300 180,000 110,300 114,300 24,217 38,900 18,200 20,226 90,001 44,500 7,748 49,500

646,733 511,672 489,866 480,088 458,749 453,997 446,583 440,725 408,853 377,634 357,138 355,182 346,225 269,907 245,598 238,933 195,907 189,752 186,875 183,559

Major Sales and Maturities BP Plc Tesco Plc British American Tobacco Plc GlaxoSmithKline Plc Vodafone Group Plc Imperial Tobacco Group Plc Royal Dutch Shell Plc SSE Plc HSBC Holdings Plc AstraZeneca Plc Centrica Plc Prudential Plc BHP Billiton Plc National Grid Plc Pearson Plc BAE Systems Plc Land Securities Group British Sky Broadcasting Group Plc Melrose Plc Severn Trent Plc

Nominal Proceeds GBP 268,483 364,300 33,334 62,606 499,368 34,652 36,627 59,150 124,184 19,624 173,417 71,100 23,550 70,817 37,964 126,540 33,000 35,500 87,578 13,350

1,200,767 1,195,100 1,051,715 887,723 876,452 844,454 814,836 798,488 725,722 573,161 557,373 521,206 491,594 471,338 459,372 371,143 255,821 254,087 253,878 224,771

BNY Mellon U.S. Dynamic Value Fund for the year ended 31 December 2012 Major Purchases iShares Russell 1000 Value Index Fund General Electric Goldman Sachs Group FedEx Corp Valero Energy Corp Cameron International Corporation International Paper SanDisk Corp Oracle Corporation Honeywell International Texas Instruments Inc Occidental Petroleum Corp Exxon Mobil Corp Aon Plc Coca-Cola Enterprises Inc Humana Inc Johnson & Johnson News Corporation Cummins Inc Bank of America Corp

Nominal

Cost USD

101,690 136,510 20,350 21,650 78,190 36,130 47,940 35,770 52,980 25,560 50,220 16,790 17,310 32,390 47,370 15,850 20,550 67,090 13,250 116,280

6,905,457 2,633,581 2,297,802 1,966,080 1,921,727 1,883,576 1,633,699 1,624,328 1,601,988 1,560,249 1,488,860 1,467,303 1,451,805 1,444,549 1,379,100 1,375,713 1,334,190 1,302,067 1,287,593 1,222,419

Major Sales and Maturities Schlumberger Ltd Omnicom Group Inc Occidental Petroleum Corp Pfizer Inc Cisco Systems Wells Fargo & Co Home Depot Inc Merck & Co Inc Qualcomm Inc Energizer Holdings Inc Dover Corp JPMorgan Chase & Co UnitedHealth Group EOG Resources Kraft Foods Inc Electronic Arts Inc News Corporation US Bancorp Dow Chemical Anadarko Petroleum

Nominal Proceeds USD 88,180 6,630,549 84,400 4,130,532 40,870 3,827,334 155,850 3,719,501 179,510 3,297,015 91,250 3,110,034 61,310 3,040,606 67,360 2,849,576 45,530 2,813,202 34,630 2,525,722 37,800 2,333,686 56,130 2,312,474 40,940 2,261,675 20,190 2,258,449 53,270 2,001,914 136,610 1,938,940 78,760 1,884,004 55,540 1,798,944 60,140 1,787,429 21,889 1,747,689

285

BNY Mellon Global Funds, plc Significant Portfolio Movements BNY Mellon U.S. Equity Fund for the year ended 31 December 2012 Major Purchases Flowserve Corp Carbo Ceramics Expeditors International of Washington Inc Google Occidental Petroleum Corporation Monsanto McDonald’s Johnson & Johnson Cisco Systems Schlumberger Rockwell Collins Apache Corporation Intel Corporation CH Robinson Worldwide Coca-Cola Co/The Varian Medical Systems Celgene Corporation Precision Castparts Corporation Urban Outfitters Inc Mastercard

Nominal

Cost USD

20,100 17,100 31,400 1,760 11,100 12,800 10,300 14,900 52,000 13,500 16,600 9,900 37,100 13,500 14,400 13,300 12,400 5,100 29,500 1,950

2,321,611 1,619,923 1,370,201 1,102,009 1,027,818 1,009,713 994,414 983,217 975,260 970,108 934,825 934,674 911,653 903,894 900,581 898,847 882,603 873,251 842,158 800,598

Major Sales and Maturities Celgene Corporation Cisco Systems PepsiCo Mastercard Wal-Mart Stores ResMed Adobe Systems Donaldson Co TJX Companies Starbucks Corporation Monsanto Google Oracle Corporation Sigma-Aldrich Corp EOG Resources Schlumberger Colgate-Palmolive Qualcomm Inc Coca-Cola Co/The Johnson & Johnson

Nominal Proceeds USD 44,400 152,300 43,800 6,500 43,100 82,700 86,700 66,200 61,900 52,500 33,600 4,300 90,600 37,100 23,900 36,400 25,400 41,100 42,000 37,800

3,234,506 2,864,671 2,861,666 2,810,170 2,804,826 2,799,360 2,783,515 2,761,218 2,750,656 2,746,587 2,734,887 2,733,152 2,665,606 2,622,411 2,579,883 2,562,631 2,541,553 2,539,950 2,532,757 2,504,687

BNY Mellon Vietnam, India and China (VIC) Fund for the year ended 31 December 2012 Major Purchases

Nominal

Cost USD

New China Life Insurance Co Ltd - H Reliance Capital Ltd Zijin Mining Group Co Ltd Brilliance China Automotive Holdings Ltd Evergrande Real Estate Group Ltd Vinda International Holdings Ltd Hengdeli Holdings Ltd Comba Telecom Systems Holding SINA Corp/China Intime Department Store Group Co Ltd United Spirits Ltd Tencent Holdings Ltd Ingersoll-Rand India Ltd Steel Authority of India Ltd Bank of China Ltd - H Maoye International Holdings Ltd China Medical System Holdings Ltd Schneider Electric Infrastructure Ltd Byd Co Ltd IFCI Ltd

433,400 186,666 2,500,000 1,000,000 2,600,000 690,000 2,968,000 1,302,500 14,400 818,500 70,000 23,500 80,000 375,000 1,850,000 3,403,000 850,000 340,000 300,000 1,050,000

1,721,677 1,357,010 1,154,019 1,071,473 1,007,283 927,451 887,070 866,154 863,601 827,618 823,303 809,862 744,181 732,279 720,113 643,999 626,112 594,516 521,046 507,999

286

Major Sales and Maturities

Nominal Proceeds USD

Evergrande Real Estate Group Ltd Brilliance China Automotive Holdings Ltd Hollysys Automation Technologies Ltd Sunny Optical Technology Group Co Ltd New China Life Insurance Co Ltd - H Vinda International Holdings Ltd Zijin Mining Group Co Ltd China State Construction International Holdings Ltd Comba Telecom Systems Holding MOIL Ltd Bank of China Ltd - H Far East Horizon Ltd Steel Authority of India Ltd Dhampur Sugar Mills Ltd China Life Insurance Co Ltd - H AviChina Industry & Technology Co Ltd Alstom India Ltd United Spirits Ltd Balrampur Chini Mills Ltd Shanghai Friendship Group - B

2,600,000 1,000,000 96,000 2,946,000 268,000 511,000 2,500,000 702,000 1,692,500 150,000 1,850,000 777,000 375,000 586,229 211,000 1,232,000 60,000 30,000 500,000 290,076

1,049,894 987,899 960,929 879,902 878,637 769,961 743,263 731,676 725,523 712,413 686,104 672,417 651,235 605,526 552,043 537,482 458,232 453,601 438,803 416,675

BNY Mellon

Manager and Other Information Registered Office 33 Sir John Rogerson’s Quay Dublin 2, Ireland The Directors The Directors of the Company are as follows: Enrico Floridi (Italian)* Michael Meagher (Irish)* David Dillon (Irish)* Greg Brisk (British) Alan Mearns (British) (resigned 31 October 2012) Jonathan Lubran (British)* (appointed 29 January 2013) David Turnbull (New Zealand)* (appointed 13 February 2013) * Independent non-executive Director

Manager BNY Mellon Global Management Limited 33 Sir John Rogerson’s Quay Dublin 2, Ireland Investment Managers, Sub-Investment Managers and Delegated Investment Managers Mellon Capital Management Corporation* 50 Fremont Street Suite 3900 San Francisco CA 94105 United States of America The Boston Company Asset Management, LLC One Boston Place 14th Floor, Suite 024-0133 Boston MA 02108-4408 United States of America Newton Investment Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom

Blackfriars Asset Management Limited 9 Cloak Lane London EC4R 2RU United Kingdom Urdang Securities Management Inc. 630 W. Germanstown Pike Suite 300 Plymouth Meeting PA 19462 United States of America The Dreyfus Corporation* 200 Park Avenue New York NY 10166 United States of America Meriten Investment Management** Elisabethstrasse 65 40217 Duesseldorf Germany Insight Investment Management (Global) Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom Alcentra NY, LLC* 200 Park Avenue New York NY 10166 United States of America * Please refer to Note 20 of the financial statements. ** Please refer to Note 19 of the financial statements.

Administrator, Registrar and Transfer Agent BNY Mellon Fund Services (Ireland) Limited Guild House, Guild Street IFSC, Dublin 1 Ireland Secretary

Standish Mellon Asset Management Company, LLC BNY Mellon Center 201 Washington Street, Suite 2900 Boston MA 02108-4408 United States of America

Tudor Trust Limited 33 Sir John Rogerson’s Quay Dublin 2, Ireland Legal Advisers to the Company

Pareto Investment Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom

Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2, Ireland Independent Auditors

Mitsubishi UFJ Asset Management (UK) Ltd Ropemaker Place 25 Ropemaker Street London EC2Y 9AN United Kingdom Walter Scott & Partners Limited One Charlotte Square Edinburgh EH2 4DZ Scotland United Kingdom BNY Mellon ARX Investimentos Ltda Avenida Borges de Medeiros, 633 4th Floor, Leblon Rio de Janeiro, R.J. 22430-041 Brazil Hamon Asset Management Limited 3510-3515 Jardine House One Connaught Place Central Hong Kong

PricewaterhouseCoopers Chartered Accountants & Registered Auditors One Spencer Dock North Wall Quay Dublin 1, Ireland Custodian BNY Mellon Trust Company (Ireland) Limited Guild House, Guild Street IFSC, Dublin 1 Ireland Global Distributor and Promoter BNY Mellon Asset Management International Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom 287

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