# EDGAR Filing Document

**Accession Number:** 0001224568
**File Stem:** 0001224568-23-000004
**Filing Date:** 2023-1
**Character Count:** 198520
**Document Hash:** 865aefed45e4798ac1a7eac3536e49cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001224568-23-000004.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001224568-23-000004

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds VI
- **CENTRAL INDEX KEY:** 0001224568
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21327
- **FILM NUMBER:** 23560469

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 212-922-6400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MANAGER FUNDS II
- **DATE OF NAME CHANGE:** 20081201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER MANAGER FUNDS II
- **DATE OF NAME CHANGE:** 20031016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER TP BALANCED FUND
- **DATE OF NAME CHANGE:** 20030326

## Series and Classes Contracts Data

### BNY Mellon Balanced Opportunity Fund (Series ID: S000000342)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000867 | Class A      | DBOAX           |
| C000000869 | Class C      | DBOCX           |
| C000000870 | Class I      | DBORX           |
| C000000872 | Class J      | THPBX           |
| C000001397 | Class Z      | DBOZX           |
| C000174004 | Class Y      | DBOYX           |

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-21327 | &nbsp;&nbsp;811-21327 |
| &nbsp;&nbsp;BNY Mellon Investment Funds VI | &nbsp;&nbsp;BNY Mellon Investment Funds VI | &nbsp;&nbsp;BNY Mellon Investment Funds VI | &nbsp;&nbsp;BNY Mellon Investment Funds VI |
| &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(212) 922-6400 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp; 11/30/2022 | &nbsp;&nbsp; 11/30/2022 | &nbsp;&nbsp; 11/30/2022 |

---

**FORM N-CSR**

**Item 1. Reports to Stockholders.**

## BNY Mellon Balanced Opportunity Fund
**ANNUAL REPORT**<br>November 30, 2022<br>

![](img_2a8afb0e6cc94.jpg)<br>

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.im.bnymellon.com and sign up for eCommunications. It's simple and only takes a few minutes.**<br>

---

| |
|:---|
| The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
| Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |

---

## Contents
THE FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Discussion of Fund Performance](#1) | [2](#1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Performance](#2) | [6](#2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Understanding Your Fund's Expenses](#3) | [9](#3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Comparing Your Fund's Expenses<br> With Those of Other Funds](#4) | [9](#4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Investments](#5) | [10](#5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#6) | [31](#6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#7) | [32](#7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#8) | [33](#8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#9) | [35](#9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#10) | [41](#10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered<br> Public Accounting Firm](#11) | [54](#11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Tax Information](#12) | [55](#12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Members Information](#13) | [56](#13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers of the Fund](#14) | [58](#14) |

---

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

*For the period from December 1, 2021, through November 30, 2022, as provided by Torrey Zaches, CFA and James Stavena\*, Asset Allocation Portfolio Managers, Brian Ferguson, John C. Bailer, CFA, James A. Lydotes, CFA, Matthew T. Jenkin, Karen Behr, Keith Howell, John R. Porter III, portfolio managers employed by one of the fund's sub-advisers, Newton Investment Management North America, LLC (NIMNA), and David Bowser, CFA, portfolio manager employed by one of the fund's sub-advisers, Insight North America LLC (INA).* 

*\*Became a portfolio manager effective June 29, 2022.*

#### Market and Fund Performance Overview
For the 12-month period ended November 30, 2022, the BNY Mellon Balanced Opportunity Fund's (the "fund") Class A shares, Class C shares, Class I shares, Class J shares, Class Y shares and Class Z shares produced total returns of -11.11%, -11.82%, -10.90%, -10.92%, -10.94% and -10.99%, respectively.<sup>1</sup> In comparison, the S&P 500<sup><sup>®</sup></sup> Index and the Bloomberg U.S. Aggregate Bond Index (the "Bloomberg Index"), produced total returns of -9.21% and -12.84%, respectively, for the same period.<sup>2,3</sup> Separately, a Customized Blended Index composed of 60% S&P 500<sup><sup>®</sup></sup> Index and 40% Bloomberg Index produced a total return of -10.35% for the same period.<sup>4</sup>

Stocks and bonds lost ground during the reporting period under pressure from increasing inflation, rising interest rates and uncertainties related to Russia's invasion of Ukraine. The fund underperformed the Customized Blended Index, largely due to underweight stock allocation to the consumer staples sector and overweight fixed-income allocation to corporates and commercial mortgage-backed securities.

#### The Fund's Investment Approach
The fund seeks high total return through a combination of capital appreciation and current income. To pursue its goal, the fund invests in a diversified mix of stocks and fixed-income securities. The fund varies the mix of stocks and bonds, but normally the fund allocates between 25% and 50% to fixed-income securities and between 75% and 50% to equities. The fund's investment adviser allocates fund assets among the fund's equity portfolio managers and the fund's fixed-income portfolio managers—based on an assessment of the relative return and risk of each asset class and an analysis of several factors, including general economic conditions, anticipated future changes in interest rates and the outlook for stocks generally.

In the equity portion of the fund's portfolio, we strive to create a broadly diversified blend of growth and value stocks. Stock selection is made through extensive quantitative and fundamental research. The fund may invest up to 20% of its assets in foreign equity securities.

In the fixed-income portion of the fund's portfolio, we may include corporate bonds, debentures, notes, mortgage-related securities, including collateralized mortgage obligations (CMOs), asset-backed securities, convertible securities, municipal obligations, zero-coupon bonds and money market instruments.

#### 2

#### Inflation-Driven Rate Increases Pressure Markets
Shifting monetary policy weighed on U.S. equity and fixed-income markets from the start of the reporting period, with hawkish rhetoric issued by the U.S. Federal Reserve (the "Fed") in response to rising inflation. Inflationary forces were exacerbated by the Russian invasion of Ukraine in early 2022. As the largest land war in Europe since World War II continued with no sign of an early resolution, European markets began contemplating the possibility of reduced or curtailed oil and natural gas exports from Russia, a leading source of energy commodities to the continent. Energy costs, already at elevated levels, spiked higher, along with prices of crucial agricultural chemicals and industrial metals. COVID-19-related lockdowns in China snarled global supply lines, creating product shortages and leading to still higher prices. The Fed responded to mounting inflationary pressures with its most aggressive series of interest-rate increases in decades, raising the specter of a possible recession, which put further downward pressure on equity and fixed-income markets.

Stock and bond markets started the third quarter of 2022 on a firmer footing, bolstered by better-than-expected corporate earnings and a less hawkish tone from the Fed. However, Fed Chair Powell's speech at the Jackson Hole Economic Symposium in August disabused investors of any nascent hopes that a dovish policy pivot might materialize in the near future. Somewhat higher-than-expected U.S. consumer price inflation numbers in September underscored the argument in favor of maintaining tight U.S. monetary conditions. These factors inevitably undermined most asset classes, with broadly negative sentiment aggravated by Russia's actions to cut flows of natural gas to Europe ahead of winter, and by the turmoil in the gilt market following the UK government's ill-fated 'mini-budget' in late September. U.S. equity and fixed-income indices moved broadly higher in October and November as investors considered mixed corporate earnings and less hawkish headlines regarding the Fed's planned interest-rate increases. However, the risk of recession remained a real concern.

For the reporting period as a whole, risk assets underperformed. Equity markets tended to reward stocks exhibiting defensive and value characteristics, while growth-oriented shares remained generally out of favor. Within fixed-income markets, spread sectors, including corporates and securitized instruments, underperformed U.S, Treasury securities.

#### Equity and Bond Positioning Detract from Relative Performance
On the equity side, the fund's performance relative to the Customized Blended Index suffered due to underweight exposure to consumer staples, the second-best performing sector in the S&P 500<sup><sup>®</sup></sup> Index after energy. The consumer staples sector benefited from its defensive characteristics amid a flight to safety in response to macroeconomic concerns; however, we found most of the sector's stocks unattractively valued in the context of prevailing economic pressures.

The fund's equity positions outperformed the Index in all other sectors, with particularly strong returns in energy, health care, communications services and industrials. In energy, overweight exposure and strong stock selection bolstered returns. Top performers were diversified across the sector, including oil & gas exploration & production companies, such as Marathon Petroleum, Hess and EQT; refiners, such as *Valero Energy*; service providers, such as Schlumberger; and diversified companies, such as Exxon Mobil. Among financials,

#### 3
DISCUSSION OF FUND PERFORMANCE (Unaudited) *(continued)*

stock selection drove performance, led by holdings in capital markets companies *LPL Financial Holdings*, which exhibited strong, organic growth, and The Goldman Sachs Group, to which the fund added exposure on weakness early in the period, and which performed strongly later. Financial sector performance also benefited from underweight exposure to underperforming diversified financial services company JP Morgan Chase & Co. throughout most of the period. In health care, overweight allocation enhanced performance given the sector's defensive profile, as did strong stock selections, such as services provider McKesson and pharmaceutical firms AbbVie, Eli Lilly & Co. and Merck & Co. In the lagging communications services sector, underweight exposure supported relative returns, while in industrials, positive stock selection and overweight allocation added to performance, led by defense company holdings, such as Northrop Grumman, and electrical equipment makers, such as *Hubbell*.

The performance of the fixed-income portion of the fund relative to the Bloomberg Index suffered due to overweight allocation to corporate bonds and commercial mortgage-backed securities. However, the fund's defensive duration positioning contributed positively as rates rose.

#### Positioned for Prevailing Conditions
From an asset-allocation perspective, as of November 30, 2022, the holds approximately 58% of assets in equities, 36% in fixed-income securities, and 6% in cash, representing a slight decrease in equities and increase in cash from the start of the reporting period.

Among equities, prevailing market conditions have led us to find a relatively large number of attractive investment opportunities in the financials, health care and energy sectors. Within financials, the fund emphasizes insurers, where we expect positive pricing trends to drive higher-than-expected earnings in the near term, and diversified financials, where we have identified several businesses with long-term earnings power and return-on-equity characteristics that are not fully reflected in current share prices. The fund's overweight health care allocation reflects our view of the economic resilience of select companies, which provide downside protection in an uncertain economic environment, as well as company-specific drivers that we believe may serve as catalysts for stock appreciation. In energy, we are finding compelling risk/reward profiles given prevailing supply-and-demand dynamics, particularly among companies returning capital to shareholders through aggressive share buyback and dividend programs. Conversely, the fund holds zero exposure to consumer staples, where valuations appear high, and where inflation is creating headwinds to earnings momentum. The fund also holds underweight exposure to communication services, where telecommunications companies face a challenging competitive environment, and where questions regarding the profitability of streaming services remain unanswered for some large media names. Finally, in real estate, where many companies are highly levered and vulnerable to rising interest rates, we are finding few compelling investment opportunities.

The bond portion of the fund is positioned with the expectation that markets have already seen the majority of the rate increases for the current cycle. Accordingly, the fund has shifted to a neutral duration position after being underweight duration for the first three quarters of 2022. During the third quarter, the fund moved to overweight exposure to mortgage-backed

#### 4
securities, which appear attractive for the first time in years. As of end of the period, the fund also holds overweight exposure to corporate bonds, which we view as reasonably priced even if the economy slows.

December 15, 2022

*<sup>1</sup> Total return includes reinvestment of dividends and any capital gains paid and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund's return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through March 31, 2023, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.*

*<sup>2</sup> Source: Lipper Inc. — The S&P 500<sup><sup>®</sup></sup> Index is widely regarded as the best single gauge of large-cap, U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.* 

*<sup>3</sup> Source: Lipper Inc. — The Bloomberg U.S. Aggregate Bond Index is a broad-based, flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.* 

*<sup>4</sup> The source for the Customized Blended Index is FactSet.*

*Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.* 

*Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.*

*Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.*

*The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.* 

*Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.*

#### 5
FUND PERFORMANCE (Unaudited)

![](img_92945554b51e4.jpg)

Comparison of change in value of a $10,000 investment in Class A shares, Class C shares, Class I shares, Class J shares and Class Z shares of BNY Mellon Balanced Opportunity Fund with a hypothetical investment of $10,000 in the S&P 500<sup><sup>®</sup></sup> Index, Bloomberg U.S. Aggregate Bond Index and an index comprised of 60% S&P 500<sup><sup>®</sup></sup> Index and 40% Bloomberg U.S. Aggregate Bond Index (the "Customized Blended Index").

*<sup>†</sup> Source: Lipper Inc.*

*<sup>††</sup> Source: FactSet*

*Past performance is not predictive of future performance.* 

*The above graph compares a hypothetical $10,000 investment made in Class A shares, Class C shares, Class I shares, Class J shares, and Class Z shares of BNY Mellon Balanced Opportunity Fund on 11/30/12 to a hypothetical investment of $10,000 made in the S&P 500<sup><sup>®</sup></sup> Index, Bloomberg U.S. Aggregate Bond Index and Customized Blended Index on that date. All dividends and capital gain distributions are reinvested. Returns for the Customized Blended Index are re-balanced monthly.* 

*The fund's performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. The S&P 500<sup><sup>®</sup></sup> Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.*

#### 6
![](img_306341f5c9b04.jpg)

Comparison of change in value of a $1,000,000 investment in Class Y shares of BNY Mellon Balanced Opportunity Fund with a hypothetical investment of $1,000,000 in the S&P 500<sup><sup>®</sup></sup> Index, Bloomberg U.S. Aggregate Bond Index and an index comprised of 60% S&P 500<sup><sup>®</sup></sup> Index and 40% Bloomberg U.S. Aggregate Bond Index (the "Customized Blended Index").

*<sup>†</sup> Source: Lipper Inc.* 

*<sup>††</sup> Source: FactSet* 

*<sup>†††</sup> The total return figures presented for Class Y shares of the fund reflect the performance of the fund's Class I shares for the period prior to 9/30/16 (the inception date for Class Y shares).*

*Past performance is not predictive of future performance.* 

*The above graph compares a hypothetical $1,000,000 investment made in Class Y shares of BNY Mellon Balanced Opportunity Fund on 11/30/12 to a hypothetical investment of $1,000,000 made in the S&P 500<sup><sup>®</sup></sup> Index, Bloomberg U.S. Aggregate Bond Index and Customized Blended Index on that date. All dividends and capital gain distributions are reinvested. Returns for the Customized Blended Index are re-balanced monthly.* 

*The fund's performance shown in the line graph above takes into account all other applicable fees and expenses of the fund's Class Y Shares. The S&P 500<sup><sup>®</sup></sup> Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.*

#### 7
FUND PERFORMANCE *(Unaudited) (continued)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of 11/30/2022**  | **Average Annual Total Returns as of 11/30/2022**  | **Average Annual Total Returns as of 11/30/2022**  | **Average Annual Total Returns as of 11/30/2022**  | **Average Annual Total Returns as of 11/30/2022**  |
|  | Inception<br>Date | 1 Year | 5 Years | 10 Years |
| **Class A shares** |  |  |  |  |
| *with maximum sales charge (5.75%)* | **1/30/04** | **-16.22%** | **3.85%** | **6.69%** |
| *without sales charge*  | **1/30/04** | **-11.11%** | **5.09%** | **7.32%** |
| **Class C shares** |  |  |  |  |
| *with applicable redemption charge<sup>†</sup>* | **1/30/04** | **-12.60%** | **4.29%** | **6.52%** |
| *without redemption* | **1/30/04** | **-11.82%** | **4.29%** | **6.52%** |
| **Class I shares** | **1/30/04** | **-10.90%** | **5.36%** | **7.59%** |
| **Class J shares** | **3/16/87** | **-10.92%** | **5.34%** | **7.59%** |
| **Class Y shares** | **9/30/16** | **-10.94%** | **5.35%** | **7.59%<sup>††</sup>** |
| **Class Z shares** | **12/17/04** | **-10.99%** | **5.27%** | **7.51%** |
| **S&P 500<sup><sup>®</sup></sup> Index** |  | **-9.21%** | **10.97%** | **13.33%** |
| **Bloomberg U.S. Aggregate Bond Index** |  | **-12.84%** | **.21%** | **1.09%** |
| **Customized Blended Index** |  | **-10.35%** | **6.93%** | **8.54%** |

---

*<sup>†</sup> The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.*

*<sup>††</sup> The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund's Class I shares for the period prior to 9/30/16 (the inception date for Class Y shares).*

**The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund's most recent month-end returns.**

*The fund's performance shown in the graphs and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund's performance shown in the table takes into account all other applicable fees and expenses on all classes.*

#### 8
UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)

*As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund's prospectus or talk to your financial adviser.*

#### Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Balanced Opportunity Fund from June 1, 2022 to November 30, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 | Assume actual returns for the six months ended November 30, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class J** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** |
| Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $5.74 | &nbsp;&nbsp;&nbsp; $5.74 | &nbsp;&nbsp;&nbsp; $9.47 | &nbsp;&nbsp;&nbsp; $4.50 | &nbsp;&nbsp;&nbsp; $4.50 | &nbsp;&nbsp;&nbsp; $4.50 | &nbsp;&nbsp;&nbsp; $4.99 |
| Ending value (after expenses) | Ending value (after expenses) | $991.70 | $987.50 | $992.60 | $992.60 | $992.60 | $992.10 |

---

COMPARING YOUR FUND'S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

#### Using the SEC's method to compare expenses
The Securities and Exchange Commission ("SEC") has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund's expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 | Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class J** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** |
| Expenses paid per $1,000<sup>†</sup> | Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $5.82 | &nbsp;&nbsp;&nbsp; $5.82 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $4.56 | &nbsp;&nbsp;&nbsp; $4.56 | &nbsp;&nbsp;&nbsp; $4.56 | &nbsp;&nbsp;&nbsp; $5.06 |
| Ending value (after expenses) | Ending value (after expenses) | Ending value (after expenses) | $1019.30 | &nbsp;&nbsp;&nbsp;$1015.54 | $1020.56 | $1020.56 | $1020.56 | $1020.05 |
| *<sup>†</sup>* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.15% for Class A, 1.90% for Class C, .90% for Class I, .90% for Class J, .90% for Class Y and 1.00% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).* |

---

#### 9
STATEMENT OF INVESTMENTS

November 30, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9%**  | **Bonds and Notes - 34.9%**  | **Bonds and Notes - 34.9%**  |  |  |
| **Aerospace & Defense - .2%**  | **Aerospace & Defense - .2%**  | **Aerospace & Defense - .2%**  |  |  |
| Raytheon Technologies Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 200000 | 193994 |
| The Boeing Company, Sr. Unscd. Notes | 3.20 | 3/1/2029 | 280000 | 246444 |
| The Boeing Company, Sr. Unscd. Notes | 3.63 | 2/1/2031 | 100000 | 88223 |
|  |  |  |  | **528661** |
| **Agriculture - .0%**  | **Agriculture - .0%**  | **Agriculture - .0%**  |  |  |
| Philip Morris International Inc, Sr. Unscd. Notes | 5.63 | 11/17/2029 | 50000 | **50884** |
| **Asset-Backed Certificates - .5%**  | **Asset-Backed Certificates - .5%**  | **Asset-Backed Certificates - .5%**  |  |  |
| CNH Equipment Trust, Ser. 2021-A, Cl. A3 | 0.40 | 12/15/2025 | 430817 | 411914 |
| Dell Equipment Finance Trust, Ser. 2021-1, Cl. A3 | 0.43 | 5/22/2026 | 495000<br> <sup>a</sup>  | 483080 |
| New Economy Assets Phase 1 Sponsor LLC, Ser. 2021-1, Cl. A1 | 1.91 | 10/20/2061 | 495000<br> <sup>a</sup>  | 419464 |
| Verizon Owner Trust, Ser. 2019-C, Cl. A1A | 1.94 | 4/22/2024 | 14788 | 14749 |
|  |  |  |  | **1329207** |
| **Asset-Backed Certificates/Auto Receivables - .9%**  | **Asset-Backed Certificates/Auto Receivables - .9%**  | **Asset-Backed Certificates/Auto Receivables - .9%**  |  |  |
| Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. A3 | 1.31 | 1/11/2027 | 365000 | 344670 |
| Hertz Vehicle Financing LLC, Ser. 2021-1A, CI. A | 1.21 | 12/26/2025 | 575000<br> <sup>a</sup>  | 527642 |
| Hyundai Auto Receivables Trust, Ser. 2022-C, CI. A4 | 5.52 | 10/16/2028 | 376000 | 381172 |
| OSCAR US Funding Trust IX LLC, Ser. 2018-2A, Cl. A4 | 3.63 | 9/10/2025 | 67664<br> <sup>a</sup>  | 67463 |
| OSCAR US Funding Trust VIII LLC, Ser. 2018-1A, Cl. A4 | 3.50 | 5/12/2025 | 31852<br> <sup>a</sup>  | 31841 |
| OSCAR US Funding XI LLC, Ser. 2019-2A, Cl. A4 | 2.68 | 9/10/2026 | 294187<br> <sup>a</sup>  | 288037 |
| OSCAR US Funding XII LLC, Ser. 2021-1A, Cl. A4 | 1.00 | 4/10/2028 | 380000<br> <sup>a</sup>  | 341160 |
| Toyota Auto Receivables Owner Trust, Ser. 2022-D, CI. A3 | 5.30 | 9/15/2027 | 579000 | 585226 |
|  |  |  |  | **2567211** |
| **Automobiles & Components - .3%**  | **Automobiles & Components - .3%**  | **Automobiles & Components - .3%**  |  |  |
| General Motors Financial Co., Sr. Unscd. Notes | 2.35 | 1/8/2031 | 280000 | 216488 |
| General Motors Financial Co., Sr. Unscd. Notes | 2.40 | 4/10/2028 | 545000 | 460376 |

---

#### 10

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Automobiles & Components - .3% (continued)** | **Automobiles & Components - .3% (continued)** | **Automobiles & Components - .3% (continued)** |  |  |
| Stellantis Finance US Inc., Gtd. Notes | 2.69 | 9/15/2031 | 200000<br> <sup>a</sup>  | 154616 |
|  |  |  |  | **831480** |
| **Banks - 2.6%**  | **Banks - 2.6%**  | **Banks - 2.6%**  |  |  |
| Bank of America Corp., Sr. Unscd. Notes | 1.20 | 10/24/2026 | 110000 | 97696 |
| Bank of America Corp., Sr. Unscd. Notes | 3.42 | 12/20/2028 | 105000 | 95816 |
| Bank of America Corp., Sr. Unscd. Notes | 3.97 | 2/7/2030 | 250000 | 230170 |
| Bank of America Corp., Sr. Unscd. Notes | 4.00 | 4/1/2024 | 68000 | 67503 |
| Barclays PLC, Sr. Unscd. Notes | 3.93 | 5/7/2025 | 205000 | 197809 |
| BNP Paribas SA, Sr. Unscd. Notes | 1.68 | 6/30/2027 | 250000<br> <sup>a</sup>  | 215758 |
| Citigroup Inc., Sr. Unscd. Notes | 3.88 | 10/25/2023 | 325000 | 322602 |
| Citigroup Inc., Sr. Unscd. Notes | 4.65 | 7/30/2045 | 260000 | 231219 |
| Citizens Bank NA, Sr. Unscd. Notes | 3.75 | 2/18/2026 | 250000 | 239790 |
| Cooperatieve Rabobank UA, Sr. Unscd. Notes | 1.34 | 6/24/2026 | 280000<br> <sup>a</sup>  | 250747 |
| First Republic Bank, Sr. Unscd. Notes | 1.91 | 2/12/2024 | 250000 | 247919 |
| ING Groep NV, Sr. Unscd. Notes | 3.55 | 4/9/2024 | 200000 | 195714 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 0.65 | 9/16/2024 | 185000 | 177773 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.70 | 5/6/2030 | 400000 | 363907 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.96 | 1/29/2027 | 255000 | 245170 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.45 | 12/5/2029 | 185000 | 176014 |
| KfW, Govt. Gtd. Notes | 2.38 | 12/29/2022 | 565000 | 564149 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 1.63 | 5/11/2027 | 280000 | 241395 |
| Morgan Stanley, Sr. Unscd. Notes | 3.75 | 2/25/2023 | 310000 | 309234 |
| Morgan Stanley, Sr. Unscd. Notes | 4.00 | 7/23/2025 | 75000 | 73519 |
| Morgan Stanley, Sr. Unscd. Notes | 4.43 | 1/23/2030 | 300000 | 284052 |
| NatWest Group PLC, Sr. Unscd. Notes | 1.64 | 6/14/2027 | 200000 | 171312 |
| NatWest Group PLC, Sr. Unscd. Notes | 4.27 | 3/22/2025 | 250000 | 243362 |
| Royal Bank of Canada, Sr. Unscd. Notes | 2.55 | 7/16/2024 | 230000 | 221422 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 610000 | 561719 |
| Truist Financial Corp., Sr. Unscd. Notes | 2.50 | 8/1/2024 | 265000 | 254802 |
| U.S. Bancorp, Sr. Unscd. Notes | 2.40 | 7/30/2024 | 205000 | 197958 |

---

#### 11
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) |  | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |  |
| **Banks - 2.6% (continued)** | **Banks - 2.6% (continued)** | **Banks - 2.6% (continued)** |  |  |  |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 405000 |  | 382369 |
| Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 320000 |  | 309255 |
|  |  |  |  | **7170155** | **7170155** |
| **Beverage Products - .3%**  | **Beverage Products - .3%**  | **Beverage Products - .3%**  |  |  |  |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.00 | 4/13/2028 | 460000 |  | 445663 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.90 | 2/1/2046 | 180000 |  | 168676 |
| Keurig Dr Pepper Inc., Gtd. Notes | 3.20 | 5/1/2030 | 280000 |  | 246888 |
|  |  |  |  | **861227** | **861227** |
| **Building Materials - ..1%**  | **Building Materials - ..1%**  | **Building Materials - ..1%**  |  |  |  |
| Carrier Global Corp., Sr. Unscd. Notes | 2.49 | 2/15/2027 | 235000 |  | **213527** |
| **Chemicals - .1%**  | **Chemicals - .1%**  | **Chemicals - .1%**  |  |  |  |
| Nutrien Ltd., Sr. Unscd. Notes | 3.95 | 5/13/2050 | 220000 |  | 173388 |
| The Dow Chemical Company, Sr. Unscd. Notes | 4.63 | 10/1/2044 | 145000 |  | 121081 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 2.30 | 5/15/2030 | 75000 |  | 62236 |
|  |  |  |  | **356705** | **356705** |
| **Commercial & Professional Services - .2%**  | **Commercial & Professional Services - .2%**  | **Commercial & Professional Services - .2%**  |  |  |  |
| ERAC USA Finance LLC, Gtd. Notes | 7.00 | 10/15/2037 | 280000 | <sup>a</sup>  | 305243 |
| PayPal Holdings Inc., Sr. Unscd. Notes | 2.65 | 10/1/2026 | 165000 |  | 153465 |
| PayPal Holdings Inc., Sr. Unscd. Notes | 3.25 | 6/1/2050 | 135000 |  | 95564 |
|  |  |  |  | **554272** | **554272** |
| **Commercial Mortgage Pass-Through Certificates - 1.0%**  | **Commercial Mortgage Pass-Through Certificates - 1.0%**  | **Commercial Mortgage Pass-Through Certificates - 1.0%**  |  |  |  |
| CAMB Commercial Mortgage Trust, Ser. 2019-LIFE, Cl. A, 1 Month LIBOR +1.07% | 4.94 | 12/15/2037 | 225000 | <sup>a,b</sup>  | 220563 |
| Citigroup Commercial Mortgage Trust, Ser. 2020-GC46, Cl. A2 | 2.71 | 2/15/2053 | 140000 |  | 130919 |
| Commercial Mortgage Trust, Ser. 2013-CR8, Cl. A5 | 3.61 | 6/10/2046 | 461700 |  | 458112 |
| Commercial Mortgage Trust, Ser. 2014-UBS3, Cl. A3 | 3.55 | 6/10/2047 | 362841 |  | 351113 |
| CSAIL Commercial Mortgage Trust, Ser. 2017-CX10, Cl. A4 | 3.19 | 11/15/2050 | 240000 |  | 220047 |
| DBCG Mortgage Trust, Ser. 2017-BBG, Cl. A, 1 Month LIBOR +0.70% | 4.58 | 6/15/2034 | 335000 | <sup>a,b</sup>  | 328565 |
| GS Mortgage Securities Trust, Ser. 2013-GC13, CI. A5 | 4.18 | 7/10/2046 | 220000 |  | 217631 |
| GS Mortgage Securities Trust, Ser. 2019-GC39, Cl. A3 | 3.31 | 5/10/2052 | 215000 |  | 191457 |

---

#### 12

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Commercial Mortgage Pass-Through Certificates - 1.0% (continued)** | **Commercial Mortgage Pass-Through Certificates - 1.0% (continued)** | **Commercial Mortgage Pass-Through Certificates - 1.0% (continued)** |  |  |
| Tricon American Homes Trust, Ser. 2017-SFR2, Cl. A | 2.93 | 1/17/2036 | 222463<br> <sup>a</sup>  | 214535 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2014-LC18, Cl. A4 | 3.15 | 12/15/2047 | 158611 | 150990 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2020-C56, CI. A5 | 2.45 | 6/15/2053 | 135000 | 112320 |
| WFRBS Commercial Mortgage Trust, Ser. 2014-C22, Cl. A4 | 3.49 | 9/15/2057 | 174134 | 167311 |
|  |  |  |  | **2763563** |
| **Consumer Discretionary - .1%**  | **Consumer Discretionary - .1%**  | **Consumer Discretionary - .1%**  |  |  |
| Marriott International Inc., Sr. Unscd. Notes, Ser. HH | 2.85 | 4/15/2031 | 465000 | **380345** |
| **Consumer Staples - .0%**  | **Consumer Staples - .0%**  | **Consumer Staples - .0%**  |  |  |
| The Estee Lauder Companies, Sr. Unscd. Notes | 2.38 | 12/1/2029 | 115000 | **99324** |
| **Diversified Financials - .6%**  | **Diversified Financials - .6%**  | **Diversified Financials - .6%**  |  |  |
| AerCap Global Aviation Trust, Gtd. Notes | 1.75 | 1/30/2026 | 225000 | 198596 |
| AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 180000 | 143581 |
| Air Lease Corp., Sr. Unscd. Notes | 1.88 | 8/15/2026 | 215000 | 188087 |
| Air Lease Corp., Sr. Unscd. Notes | 2.88 | 1/15/2026 | 135000 | 124411 |
| American Express Co., Sr. Unscd. Notes | 2.50 | 7/30/2024 | 130000 | 125422 |
| American Express Co., Sr. Unscd. Notes | 3.40 | 2/22/2024 | 180000 | 177152 |
| Discover Financial Services, Sr. Unscd. Notes | 6.70 | 11/29/2032 | 342000 | 348281 |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 4.35 | 6/15/2029 | 130000 | 128378 |
| USAA Capital Corp., Sr. Unscd. Notes | 2.13 | 5/1/2030 | 165000<br> <sup>a</sup>  | 136115 |
| Visa Inc., Sr. Unscd. Notes | 3.15 | 12/14/2025 | 100000 | 96349 |
|  |  |  |  | **1666372** |
| **Energy - .9%**  | **Energy - .9%**  | **Energy - .9%**  |  |  |
| Cameron LNG LLC, Sr. Scd. Notes | 3.30 | 1/15/2035 | 260000<br> <sup>a</sup>  | 215406 |
| Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes | 3.70 | 11/15/2029 | 285000 | 260239 |
| EIG Pearl Holdings SARL, Sr. Scd. Bonds | 3.55 | 8/31/2036 | 385000<br> <sup>a</sup>  | 320498 |
| Enbridge Inc., Gtd. Notes | 3.13 | 11/15/2029 | 175000 | 154539 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.90 | 2/1/2024 | 225000 | 223707 |
| Enterprise Products Operating LLC, Gtd. Notes | 2.80 | 1/31/2030 | 185000 | 160122 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.30 | 2/15/2053 | 190000 | 130662 |

---

#### 13
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Energy - .9% (continued)** | **Energy - .9% (continued)** | **Energy - .9% (continued)** |  |  |
| Equinor ASA, Gtd. Notes | 3.25 | 11/18/2049 | 130000 | 98195 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 5.00 | 3/1/2043 | 140000 | 122435 |
| Kinder Morgan Energy Partners LP, Gtd. Notes | 6.55 | 9/15/2040 | 210000 | 212547 |
| MPLX LP, Sr. Unscd. Notes | 4.13 | 3/1/2027 | 110000 | 105043 |
| MPLX LP, Sr. Unscd. Notes | 5.20 | 3/1/2047 | 210000 | 182064 |
| Spectra Energy Partners LP, Gtd. Notes | 4.75 | 3/15/2024 | 75000 | 74619 |
| Totalenergies Capital International SA, Gtd. Notes | 3.46 | 2/19/2029 | 260000 | 244953 |
|  |  |  |  | **2505029** |
| **Environmental Control - .3%**  | **Environmental Control - .3%**  | **Environmental Control - .3%**  |  |  |
| Republic Services Inc., Sr. Unscd. Notes | 2.38 | 3/15/2033 | 525000<br> <sup>c</sup>  | 425439 |
| Republic Services Inc., Sr. Unscd. Notes | 2.50 | 8/15/2024 | 100000 | 95917 |
| Waste Management Inc., Gtd. Notes | 2.00 | 6/1/2029 | 145000<br> <sup>c</sup>  | 124390 |
| Waste Management Inc., Gtd. Notes | 3.15 | 11/15/2027 | 100000<br> <sup>c</sup>  | 93629 |
|  |  |  |  | **739375** |
| **Food Products - .1%**  | **Food Products - .1%**  | **Food Products - .1%**  |  |  |
| Conagra Brands Inc., Sr. Unscd. Notes | 1.38 | 11/1/2027 | 180000 | 149872 |
| Mondelez International Inc., Sr. Unscd. Notes | 2.13 | 3/17/2024 | 151000 | 145633 |
|  |  |  |  | **295505** |
| **Foreign Governmental - .4%**  | **Foreign Governmental - .4%**  | **Foreign Governmental - .4%**  |  |  |
| Hungary, Sr. Unscd. Notes | 2.13 | 9/22/2031 | 200000<br> <sup>a</sup>  | 150391 |
| Hungary, Sr. Unscd. Notes | 5.25 | 6/16/2029 | 250000<br> <sup>a</sup>  | 241312 |
| Italy, Sr. Unscd. Notes | 1.25 | 2/17/2026 | 400000 | 346022 |
| Italy, Sr. Unscd. Notes | 2.88 | 10/17/2029 | 225000 | 186808 |
| Mexico, Sr. Unscd. Notes | 2.66 | 5/24/2031 | 310000 | 257037 |
| Uruguay, Sr. Unscd. Bonds | 4.38 | 1/23/2031 | 60000 | 60066 |
|  |  |  |  | **1241636** |
| **Health Care - 1.4%**  | **Health Care - 1.4%**  | **Health Care - 1.4%**  |  |  |
| Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 170000 | 170830 |
| AbbVie Inc., Sr. Unscd. Notes | 3.20 | 11/21/2029 | 220000 | 201070 |
| AmerisourceBergen Corp., Sr. Unscd. Notes | 3.25 | 3/1/2025 | 130000 | 125584 |
| Amgen Inc., Sr. Unscd. Notes | 3.15 | 2/21/2040 | 255000 | 196428 |
| AstraZeneca PLC, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 160000 | 128136 |
| Biogen Inc., Sr. Unscd. Notes | 2.25 | 5/1/2030 | 235000 | 194091 |
| Bio-Rad Laboratories Inc., Sr. Unscd. Notes | 3.70 | 3/15/2032 | 430000 | 373341 |

---

#### 14

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Health Care - 1.4% (continued)** | **Health Care - 1.4% (continued)** | **Health Care - 1.4% (continued)** |  |  |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.20 | 6/15/2026 | 89000 | 85560 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.40 | 7/26/2029 | 25000 | 23431 |
| Cigna Corp., Gtd. Notes | 4.38 | 10/15/2028 | 295000 | 287804 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 50000 | 48639 |
| CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 350000 | 325466 |
| DH Europe Finance II, Gtd. Notes | 2.60 | 11/15/2029 | 180000 | 159096 |
| GE Healthcare Holding LLC, Gtd. Notes | 5.91 | 11/22/2032 | 380000<br> <sup>a</sup>  | 399396 |
| Gilead Sciences Inc., Sr. Unscd. Notes | 3.65 | 3/1/2026 | 75000 | 72643 |
| Gilead Sciences Inc., Sr. Unscd. Notes | 4.75 | 3/1/2046 | 110000 | 101310 |
| Illumina Inc., Sr. Unscd. Notes | 5.75 | 12/13/2027 | 86000 | 86652 |
| Medtronic Inc., Gtd. Notes | 4.63 | 3/15/2045 | 50000 | 48018 |
| Merck & Co., Sr. Unscd. Notes | 2.90 | 3/7/2024 | 115000 | 112750 |
| Merck & Co., Sr. Unscd. Notes | 3.40 | 3/7/2029 | 60000 | 56581 |
| Pfizer Inc., Sr. Unscd. Notes | 2.95 | 3/15/2024 | 40000 | 39286 |
| Pfizer Inc., Sr. Unscd. Notes | 3.20 | 9/15/2023 | 45000 | 44485 |
| Pfizer Inc., Sr. Unscd. Notes | 3.45 | 3/15/2029 | 55000 | 52210 |
| Regeneron Pharmaceuticals Inc., Sr. Unscd. Notes | 1.75 | 9/15/2030 | 112000 | 88091 |
| Royalty Pharma PLC, Gtd. Notes | 2.15 | 9/2/2031 | 325000 | 250827 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 2.88 | 8/15/2029 | 150000 | 135215 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.75 | 7/15/2045 | 155000 | 146545 |
| Viatris Inc., Gtd. Notes | 2.70 | 6/22/2030 | 100000 | 79842 |
|  |  |  |  | **4033327** |
| **Industrial - .2%**  | **Industrial - .2%**  | **Industrial - .2%**  |  |  |
| GE Capital Funding LLC, Gtd. Notes | 4.55 | 5/15/2032 | 460000 | **447938** |
| **Information Technology - .1%**  | **Information Technology - .1%**  | **Information Technology - .1%**  |  |  |
| Fidelity National Information Services Inc., Sr. Unscd. Notes | 3.10 | 3/1/2041 | 225000 | 158300 |
| Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 110000 | 75922 |
|  |  |  |  | **234222** |
| **Insurance - 1.0%**  | **Insurance - 1.0%**  | **Insurance - 1.0%**  |  |  |
| American International Group Inc., Sr. Unscd. Notes | 3.90 | 4/1/2026 | 60000 | 58323 |
| American International Group Inc., Sr. Unscd. Notes | 4.38 | 6/30/2050 | 200000 | 173355 |
| Five Corners Funding Trust II, Sr. Unscd. Notes | 2.85 | 5/15/2030 | 260000<br> <sup>a</sup>  | 220968 |
| Jackson Financial Inc., Sr. Unscd. Notes | 3.13 | 11/23/2031 | 195000 | 149737 |

---

#### 15
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Insurance - 1.0% (continued)** | **Insurance - 1.0% (continued)** | **Insurance - 1.0% (continued)** |  |  |
| Massachusetts Mutual Life Insurance Co., Sub. Notes | 3.38 | 4/15/2050 | 225000<br> <sup>a</sup>  | 158519 |
| MassMutual Global Funding II, Scd. Notes | 2.95 | 1/11/2025 | 200000<br> <sup>a</sup>  | 192489 |
| Metropolitan Life Global Funding I, Sr. Scd. Notes | 3.00 | 9/19/2027 | 545000<br> <sup>a</sup>  | 499080 |
| New York Life Global Funding, Scd. Notes | 2.88 | 4/10/2024 | 250000<br> <sup>a</sup>  | 243406 |
| New York Life Insurance Co., Sub. Notes | 3.75 | 5/15/2050 | 205000<br> <sup>a</sup>  | 157859 |
| Pacific Life Global Funding II, Scd. Notes | 1.20 | 6/24/2025 | 375000<br> <sup>a</sup>  | 341050 |
| Pacific Life Global Funding II, Scd. Notes | 1.38 | 4/14/2026 | 270000<br> <sup>a</sup>  | 239891 |
| Pricoa Global Funding I, Scd. Notes | 2.40 | 9/23/2024 | 155000<br> <sup>a</sup>  | 147503 |
| Principal Financial Group Inc., Gtd. Notes | 4.30 | 11/15/2046 | 125000 | 103250 |
|  |  |  |  | **2685430** |
| **Internet Software & Services - .1%**  | **Internet Software & Services - .1%**  | **Internet Software & Services - .1%**  |  |  |
| Amazon.com Inc., Sr. Unscd. Notes | 4.05 | 8/22/2047 | 175000 | **153894** |
| **Media - .5%**  | **Media - .5%**  | **Media - .5%**  |  |  |
| Charter Communications Operating LLC, Sr. Scd. Notes | 4.91 | 7/23/2025 | 185000 | 182191 |
| Comcast Corp., Gtd. Notes | 2.65 | 2/1/2030 | 335000 | 292913 |
| Comcast Corp., Gtd. Notes | 2.89 | 11/1/2051 | 210000 | 140424 |
| Comcast Corp., Gtd. Notes | 6.50 | 11/15/2035 | 43000 | 48223 |
| Sky Ltd., Gtd. Notes | 3.75 | 9/16/2024 | 265000<br> <sup>a</sup>  | 258849 |
| The Walt Disney Company, Gtd. Notes | 4.00 | 10/1/2023 | 55000 | 54459 |
| The Walt Disney Company, Gtd. Notes | 6.65 | 11/15/2037 | 245000 | 281800 |
|  |  |  |  | **1258859** |
| **Metals & Mining - .2%**  | **Metals & Mining - .2%**  | **Metals & Mining - .2%**  |  |  |
| Anglo American Capital PLC, Gtd. Notes | 2.63 | 9/10/2030 | 400000<br> <sup>a</sup>  | 324423 |
| Glencore Funding LLC, Gtd. Notes | 2.63 | 9/23/2031 | 415000<br> <sup>a</sup>  | 330749 |
|  |  |  |  | **655172** |
| **Municipal Securities - .6%**  | **Municipal Securities - .6%**  | **Municipal Securities - .6%**  |  |  |
| Arizona Department of Transportation Highway Fund, Revenue Bonds, Refunding | 2.46 | 7/1/2030 | 45000 | 38831 |
| California, GO, Ser. A | 2.38 | 10/1/2026 | 230000 | 213347 |
| Connecticut, GO, Ser. A | 2.10 | 7/1/2025 | 40000 | 37591 |

---

#### 16

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Municipal Securities - .6% (continued)** | **Municipal Securities - .6% (continued)** | **Municipal Securities - .6% (continued)** |  |  |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 2.92 | 11/1/2050 | 160000 | 112105 |
| Honolulu City & County Wastewater System, Revenue Bonds, Refunding, Ser. B | 2.50 | 7/1/2027 | 25000 | 22750 |
| Los Angeles Department of Water & Power, Revenue Bonds (Build America Bonds) | 5.72 | 7/1/2039 | 120000 | 129917 |
| Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 2.44 | 10/15/2027 | 115000 | 102055 |
| Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bonds) Ser. F | 2.16 | 8/1/2026 | 255000 | 236060 |
| Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) | 6.55 | 11/15/2031 | 225000 | 233140 |
| Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) Ser. A2 | 6.09 | 11/15/2040 | 10000 | 10920 |
| Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. C | 2.55 | 10/1/2028 | 250000 | 220689 |
| New York City, GO (Build America Bonds) Ser. D | 5.99 | 12/1/2036 | 135000 | 143499 |
| Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.40 | 6/1/2032 | 65000 | 50093 |
| Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.45 | 6/1/2033 | 65000 | 48787 |
| Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.50 | 6/1/2034 | 50000 | 36675 |
| Wisconsin, Revenue Bonds, Refunding, Ser. A | 2.20 | 5/1/2027 | 135000 | 119873 |
|  |  |  |  | **1756332** |
| **Real Estate - 1.1%**  | **Real Estate - 1.1%**  | **Real Estate - 1.1%**  |  |  |
| Alexandria Real Estate Equities Inc., Gtd. Notes | 3.80 | 4/15/2026 | 225000 | 217595 |
| Alexandria Real Estate Equities Inc., Gtd. Notes | 4.50 | 7/30/2029 | 165000 | 156516 |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 2.38 | 7/15/2031 | 90000 | 70106 |
| AvalonBay Communities Inc., Sr. Unscd. Notes | 3.30 | 6/1/2029 | 215000 | 193852 |
| Crown Castle Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 740000 | 599175 |
| Equinix Inc., Sr. Unscd. Notes | 2.50 | 5/15/2031 | 310000<br> <sup>c</sup>  | 249912 |

---

#### 17
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Real Estate - 1.1% (continued)** | **Real Estate - 1.1% (continued)** | **Real Estate - 1.1% (continued)** |  |  |
| Healthcare Realty Holdings LP, Gtd. Notes | 3.10 | 2/15/2030 | 235000 | 197500 |
| Prologis LP, Sr. Unscd. Notes | 2.13 | 4/15/2027 | 40000 | 36090 |
| Prologis LP, Sr. Unscd. Notes | 2.25 | 4/15/2030 | 120000 | 100501 |
| Realty Income Corp., Sr. Unscd. Notes | 2.85 | 12/15/2032 | 225000 | 184975 |
| SBA Tower Trust, Asset Backed Notes | 2.84 | 1/15/2025 | 210000<br> <sup>a</sup>  | 197908 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.50 | 9/1/2025 | 230000 | 221433 |
| Spirit Realty LP, Gtd. Notes | 2.10 | 3/15/2028 | 340000 | 276807 |
| WP Carey Inc., Sr. Unscd. Notes | 2.25 | 4/1/2033 | 295000 | 218321 |
| WP Carey Inc., Sr. Unscd. Notes | 2.40 | 2/1/2031 | 175000 | 139298 |
|  |  |  |  | **3059989** |
| **Retailing - .3%**  | **Retailing - .3%**  | **Retailing - .3%**  |  |  |
| 7-Eleven Inc., Sr. Unscd. Notes | 2.80 | 2/10/2051 | 280000<br> <sup>a</sup>  | 175306 |
| Dollar General Corp., Sr. Unscd. Notes | 3.50 | 4/3/2030 | 200000 | 181776 |
| Dollar Tree Inc., Sr. Unscd. Notes | 4.20 | 5/15/2028 | 110000 | 105136 |
| McDonald's Corp., Sr. Unscd. Notes | 3.50 | 7/1/2027 | 100000 | 95728 |
| McDonald's Corp., Sr. Unscd. Notes | 3.60 | 7/1/2030 | 80000 | 74875 |
| Target Corp., Sr. Unscd. Notes | 3.38 | 4/15/2029 | 250000 | 232271 |
|  |  |  |  | **865092** |
| **Semiconductors & Semiconductor Equipment - .2%**  | **Semiconductors & Semiconductor Equipment - .2%**  | **Semiconductors & Semiconductor Equipment - .2%**  |  |  |
| Broadcom Inc., Sr. Unscd. Notes | 3.42 | 4/15/2033 | 225000<br> <sup>a</sup>  | 183017 |
| NXP BV, Gtd. Notes | 2.65 | 2/15/2032 | 410000 | 322264 |
|  |  |  |  | **505281** |
| **Supranational Bank - .1%**  | **Supranational Bank - .1%**  | **Supranational Bank - .1%**  |  |  |
| Inter-American Development Bank, Sr. Unscd. Notes | 2.50 | 1/18/2023 | 300000<br> <sup>c</sup>  | **299337** |
| **Technology Hardware & Equipment - .2%**  | **Technology Hardware & Equipment - .2%**  | **Technology Hardware & Equipment - .2%**  |  |  |
| Apple Inc., Sr. Unscd. Notes | 2.05 | 9/11/2026 | 425000 | 391623 |
| Dell International LLC, Sr. Scd. Notes | 6.02 | 6/15/2026 | 130000 | 132833 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 4.90 | 10/15/2025 | 105000 | 104964 |
|  |  |  |  | **629420** |
| **Telecommunication Services - .6%**  | **Telecommunication Services - .6%**  | **Telecommunication Services - .6%**  |  |  |
| AT&T Inc., Sr. Unscd. Notes | 2.55 | 12/1/2033 | 438000 | 344505 |
| Sprint Spectrum Co., Sr. Scd. Notes | 4.74 | 3/20/2025 | 125000<br> <sup>a</sup>  | 123447 |
| Telefonica Emisiones SA, Gtd. Notes | 5.21 | 3/8/2047 | 150000 | 122726 |
| T-Mobile USA Inc., Gtd. Notes | 5.20 | 1/15/2033 | 180000 | 181095 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 2.55 | 2/15/2031 | 155000 | 128673 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 3.88 | 4/15/2030 | 270000 | 248238 |

---

#### 18

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Telecommunication Services - .6% (continued)** | **Telecommunication Services - .6% (continued)** | **Telecommunication Services - .6% (continued)** |  |  |
| Verizon Communications Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 51000 | 40981 |
| Verizon Communications Inc., Sr. Unscd. Notes | 3.88 | 2/8/2029 | 140000 | 132521 |
| Verizon Communications Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 495000 | 467584 |
|  |  |  |  | **1789770** |
| **Transportation - .4%**  | **Transportation - .4%**  | **Transportation - .4%**  |  |  |
| Canadian Pacific Railway Co., Gtd. Notes | 2.45 | 12/2/2031 | 130000 | 108462 |
| Canadian Pacific Railway Co., Gtd. Notes | 3.00 | 12/2/2041 | 125000 | 94284 |
| CSX Corp., Sr. Unscd. Notes | 2.60 | 11/1/2026 | 380000 | 354594 |
| CSX Corp., Sr. Unscd. Notes | 3.35 | 11/1/2025 | 205000 | 197737 |
| FedEx Corp., Gtd. Notes | 4.40 | 1/15/2047 | 205000 | 165196 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.15 | 3/1/2024 | 145000 | 142396 |
|  |  |  |  | **1062669** |
| **U.S. Government Agencies Collateralized Mortgage Obligations - .4%**  | **U.S. Government Agencies Collateralized Mortgage Obligations - .4%**  | **U.S. Government Agencies Collateralized Mortgage Obligations - .4%**  |  |  |
| Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-2, Cl. A2C | 2.75 | 9/25/2029 | 265000<br> <sup>d</sup>  | 233268 |
| Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-3, Cl. A2C | 2.75 | 11/25/2029 | 255000<br> <sup>d</sup>  | 224189 |
| Government National Mortgage Association, Ser. 2022-173, Cl. PQ | 5.00 | 6/20/2051 | 518437 | 524418 |
| Government National Mortgage Association, Ser. 2022-177, CI. PL | 6.00 | 6/20/2051 | 259599 | 267084 |
|  |  |  |  | **1248959** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities - .6%**  | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .6%**  | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .6%**  |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K089, Cl. A2 | 3.56 | 1/25/2029 | 560000<br> <sup>d</sup>  | 536168 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K090, Cl. A2 | 3.42 | 2/25/2029 | 545000<br> <sup>d</sup>  | 517554 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K095, Cl. A2 | 2.79 | 6/25/2029 | 775000<br> <sup>d</sup>  | 706575 |
|  |  |  |  | **1760297** |

---

#### 19
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) |  | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |  |
| **U.S. Government Agencies Mortgage-Backed - 11.1%**  | **U.S. Government Agencies Mortgage-Backed - 11.1%**  | **U.S. Government Agencies Mortgage-Backed - 11.1%**  |  |  |  |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 9/1/2050-12/1/2051 |  |  | 2555330  | <sup>d</sup>  | 2114527 |
| &nbsp;&nbsp;&nbsp;2.50%, 11/1/2027-9/1/2050 |  |  | 1412293  | <sup>d</sup>  | 1225681 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/2031-12/1/2046 |  |  | 546625  | <sup>d</sup>  | 498544 |
| &nbsp;&nbsp;&nbsp;3.50%, 4/1/2035-7/1/2052 |  |  | 2526301  | <sup>d</sup>  | 2360864 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/2036 |  |  | 25440  | <sup>d</sup>  | 26757 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/1/2051 |  |  | 514808  | <sup>d</sup>  | 402946 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/2036-12/1/2051 |  |  | 6247440  | <sup>d</sup>  | 5216409 |
| &nbsp;&nbsp;&nbsp;2.50%, 9/1/2028-1/1/2052 |  |  | 4291311  | <sup>d</sup>  | 3730645 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/2028-12/1/2050 |  |  | 3646340  | <sup>d</sup>  | 3337955 |
| &nbsp;&nbsp;&nbsp;3.50%, 8/1/2034-10/1/2050 |  |  | 3439407  | <sup>d</sup>  | 3223644 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/2042-8/1/2052 |  |  | 4229459  | <sup>d</sup>  | 4040265 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/2039-10/1/2052 |  |  | 2351759  | <sup>d</sup>  | 2326047 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/2035-12/1/2048 |  |  | 286390  | <sup>d</sup>  | 290443 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/2034-5/1/2039 |  |  | 23027  | <sup>d</sup>  | 23548 |
| &nbsp;&nbsp;&nbsp;8.00%, 3/1/2030 |  |  | 79  | <sup>d</sup>  | 78 |
| Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/2033 |  |  | 8318  |  | 8831 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 1/20/2045-9/20/2051 |  |  | 1388402  |  | 1269389 |
| &nbsp;&nbsp;&nbsp;3.50%, 7/20/2047-2/20/2052 |  |  | 869869  |  | 818951 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/20/2047-1/20/2048 |  |  | 214982  |  | 208459 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/20/2048 |  |  | 69993  |  | 69356 |
|  |  |  |  | **31193339** | **31193339** |
| **U.S. Government Agencies Obligations - .2%**  | **U.S. Government Agencies Obligations - .2%**  | **U.S. Government Agencies Obligations - .2%**  |  |  |  |
| Federal National Mortgage Association, Notes | 2.38 | 1/19/2023 | 575000 | <sup>d</sup>  | **573383** |
| **U.S. Treasury Securities - 5.9%**  | **U.S. Treasury Securities - 5.9%**  | **U.S. Treasury Securities - 5.9%**  |  |  |  |
| U.S. Treasury Bonds | 1.75 | 8/15/2041 | 4415000 | <sup>c</sup>  | 3082567 |
| U.S. Treasury Bonds | 2.38 | 5/15/2051 | 3498000 |  | 2602936 |
| U.S. Treasury Floating Rate Notes, 3 Month U.S. T-BILL +0.03% | 4.36 | 7/31/2023 | 500000 | <sup>b,c</sup>  | 500363 |
| U.S. Treasury Floating Rate Notes, 3 Month U.S. T-BILL +0.03% | 4.37 | 4/30/2023 | 2800000 | <sup>b</sup>  | 2802461 |
| U.S. Treasury Notes | 0.88 | 9/30/2026 | 7335000 |  | 6535027 |
| U.S. Treasury Notes | 1.38 | 6/30/2023 | 1000000 |  | 980977 |
|  |  |  |  | **16504331** | **16504331** |
| **Utilities - 1.1%**  | **Utilities - 1.1%**  | **Utilities - 1.1%**  |  |  |  |
| American Electric Power Co., Sr. Unscd. Notes | 3.25 | 3/1/2050 | 155000 |  | 105150 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.25 | 4/15/2028 | 95000 |  | 88527 |

---

#### 20

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** | **Bonds and Notes - 34.9% (continued)** |  |  |
| **Utilities - 1.1% (continued)** | **Utilities - 1.1% (continued)** | **Utilities - 1.1% (continued)** |  |  |
| Consolidated Edison Company of New York Inc., Sr. Unscd. Debs., Ser. 20A | 3.35 | 4/1/2030 | 170000 | 153803 |
| Dominion Energy Inc., Sr. Unscd. Notes | 3.90 | 10/1/2025 | 165000 | 160816 |
| Duke Energy Corp., Sr. Unscd. Notes | 3.15 | 8/15/2027 | 275000 | 255191 |
| Duke Energy Progress LLC, First Mortgage Bonds | 3.45 | 3/15/2029 | 245000 | 227398 |
| Eversource Energy, Sr. Unscd. Notes, Ser. O | 4.25 | 4/1/2029 | 215000 | 204715 |
| Kentucky Utilities Co., First Mortgage Bonds | 4.38 | 10/1/2045 | 105000 | 89925 |
| Louisville Gas & Electric Co., First Mortgage Bonds | 4.38 | 10/1/2045 | 125000 | 107359 |
| NiSource Inc., Sr. Unscd. Notes | 5.65 | 2/1/2045 | 230000 | 227683 |
| NRG Energy Inc., Sr. Scd. Notes | 2.45 | 12/2/2027 | 440000<br> <sup>a</sup>  | 376782 |
| PacifiCorp, First Mortgage Bonds | 5.35 | 12/1/2053 | 490000 | 494021 |
| Sempra Energy, Sr. Unscd. Notes | 3.40 | 2/1/2028 | 100000 | 92557 |
| Sierra Pacific Power Co., Mortgage Notes, Ser. P | 6.75 | 7/1/2037 | 25000 | 27689 |
| Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 40000 | 29963 |
| Southern California Edison Co., First Mortgage Bonds, Ser. A | 4.20 | 3/1/2029 | 235000 | 223667 |
| Xcel Energy Inc., Sr. Unscd. Notes | 2.60 | 12/1/2029 | 260000 | 222402 |
|  |  |  |  | **3087648** |
| **Total Bonds and Notes**<br> (cost $110,538,717) | **Total Bonds and Notes**<br> (cost $110,538,717) | **Total Bonds and Notes**<br> (cost $110,538,717) | **97959167** | **97959167** |
| Description |  |  | Shares | Value ($) |
| **Common Stocks - 56.9%** | **Common Stocks - 56.9%** | **Common Stocks - 56.9%** |  |  |
| **Advertising - .5%**  | **Advertising - .5%**  | **Advertising - .5%**  |  |  |
| Publicis Groupe SA |  |  | 7278<br> <sup>e</sup>  | 481362 |
| The Interpublic Group of Companies |  |  | 23494 | 807254 |
|  |  |  |  | **1288616** |
| **Aerospace & Defense - 1.8%**  | **Aerospace & Defense - 1.8%**  | **Aerospace & Defense - 1.8%**  |  |  |
| BAE Systems PLC |  |  | 21560 | 214024 |
| Howmet Aerospace Inc. |  |  | 25849 | 973732 |
| L3Harris Technologies Inc. |  |  | 1645 | 373547 |
| Northrop Grumman Corp. |  |  | 2094 | 1116709 |
| Raytheon Technologies Corp. |  |  | 14371 | 1418705 |
| The Boeing Company |  |  | 5844<br> <sup>e</sup>  | 1045375 |
|  |  |  |  | **5142092** |
| **Agriculture - .0%**  | **Agriculture - .0%**  | **Agriculture - .0%**  |  |  |
| Imperial Brands PLC |  |  | 3924 | **100799** |

---

#### 21
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 56.9% (continued)** |  |  |  |
| **Automobiles & Components - .5%**  |  |  |  |
| Cie Generale des Etablissements Michelin SCA | 10708 |  | 302668 |
| Daimler Truck Holding AG | 2279 | <sup>e</sup>  | 74366 |
| General Motors Co. | 24269 |  | 984351 |
| Mercedes-Benz Group AG | 2182 |  | 146569 |
|  |  | **1507954** | **1507954** |
| **Banks - 2.1%**  |  |  |  |
| Bank of America Corp. | 39054 |  | 1478194 |
| BNP Paribas SA | 7269 |  | 411534 |
| ING Groep NV | 18601 |  | 226166 |
| JPMorgan Chase & Co. | 16824 |  | 2324740 |
| Macquarie Group Ltd. | 1274 |  | 157608 |
| Mizuho Financial Group Inc. | 6300 |  | 78566 |
| Sumitomo Mitsui Financial Group Inc. | 9100 |  | 308475 |
| Wells Fargo & Co. | 17968 |  | 861566 |
|  |  | **5846849** | **5846849** |
| **Beverage Products - .1%**  |  |  |  |
| Diageo PLC | 4852 |  | **225450** |
| **Building Materials - .0%**  |  |  |  |
| HeidelbergCement AG | 1151 |  | **62374** |
| **Chemicals - .1%**  |  |  |  |
| Evonik Industries AG | 11173 |  | 217926 |
| Yara International ASA | 2525 |  | 115597 |
|  |  | **333523** | **333523** |
| **Commercial & Professional Services - 1.3%**  |  |  |  |
| Ashtead Group PLC | 1725 |  | 105136 |
| Block Inc. | 27998 | <sup>e</sup>  | 1897424 |
| Brambles Ltd. | 10236 |  | 83764 |
| Cintas Corp. | 2731 |  | 1261121 |
| Recruit Holdings Co. | 6000 |  | 191510 |
|  |  | **3538955** | **3538955** |
| **Consumer Discretionary - 1.3%**  |  |  |  |
| Aristocrat Leisure Ltd. | 2074 |  | 50161 |
| Bunzl PLC | 2364 |  | 86829 |
| Dolby Laboratories Inc., Cl. A | 5591 |  | 418598 |
| Ferguson PLC | 1367 |  | 154999 |
| International Game Technology PLC | 23308 |  | 571978 |
| ITOCHU Corp. | 10800 |  | 340262 |
| Las Vegas Sands Corp. | 26102 | <sup>e</sup>  | 1222618 |
| Nintendo Co. | 2000 |  | 86071 |
| Peloton Interactive Inc., Cl. A | 49030 | <sup>c,e</sup>  | 557961 |
| Sony Group Corp. | 2400 |  | 198654 |
|  |  | **3688131** | **3688131** |

---

#### 22

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 56.9% (continued)** |  |  |
| **Consumer Durables & Apparel - .2%**  |  |  |
| Burberry Group PLC | 10282 | 271361 |
| LVMH SE | 580 | 449071 |
|  |  | **720432** |
| **Consumer Staples - .3%**  |  |  |
| Haleon PLC | 21596<br> <sup>e</sup>  | 74366 |
| The Estee Lauder Companies, Cl. A | 3343 | 788246 |
| Unilever PLC | 1638 | 82235 |
|  |  | **944847** |
| **Diversified Financials - 3.1%**  |  |  |
| Ameriprise Financial Inc. | 2484 | 824564 |
| ASX Ltd. | 8611 | 416066 |
| CME Group Inc. | 10568 | 1865252 |
| Melrose Industries PLC | 48355 | 78788 |
| Morgan Stanley | 18880 | 1757162 |
| Singapore Exchange Ltd. | 10700 | 71720 |
| The Charles Schwab Corp. | 11843 | 977521 |
| The Goldman Sachs Group Inc. | 4208 | 1624919 |
| Voya Financial Inc. | 14772<br> <sup>c</sup>  | 974657 |
|  |  | **8590649** |
| **Electronic Components - .7%**  |  |  |
| AMETEK Inc. | 9968 | 1419643 |
| Casio Computer Co. | 7300 | 72251 |
| Quanta Services Inc. | 3991 | 598171 |
|  |  | **2090065** |
| **Energy - 4.7%**  |  |  |
| BP PLC | 19153 | 114586 |
| ConocoPhillips | 10729 | 1325139 |
| Eni SPA | 20073 | 297971 |
| EOG Resources Inc. | 6238 | 885359 |
| EQT Corp. | 68960 | 2924594 |
| Exxon Mobil Corp. | 27823 | 3097813 |
| Hess Corp. | 5096 | 733365 |
| Marathon Petroleum Corp. | 12261 | 1493512 |
| OMV AG | 4276 | 226827 |
| Schlumberger Ltd. | 41197 | 2123705 |
|  |  | **13222871** |
| **Food & Staples Retailing - .2%**  |  |  |
| Sysco Corp. | 5144 | **445007** |
| **Food Products - .1%**  |  |  |
| Koninklijke Ahold Delhaize NV | 8404 | 243657 |
| Tate & Lyle PLC | 8361 | 74506 |
|  |  | **318163** |

---

#### 23
*STATEMENT OF INVESTMENTS (continued)*

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 56.9% (continued)** |  |  |
| **Health Care - 12.4%**  |  |  |
| AbbVie Inc. | 4683 | 754806 |
| Alcon Inc. | 11084<br> <sup>c</sup>  | 763577 |
| Align Technology Inc. | 4442<br> <sup>e</sup>  | 873564 |
| Bayer AG | 6744 | 389861 |
| Becton Dickinson and Co. | 7388 | 1842124 |
| Biogen Inc. | 2444<br> <sup>e</sup>  | 745835 |
| BioMarin Pharmaceutical Inc. | 6169<br> <sup>e</sup>  | 622946 |
| Bio-Techne Corp. | 8728 | 741793 |
| Boston Scientific Corp. | 31551<br> <sup>e</sup>  | 1428314 |
| Centene Corp. | 9226<br> <sup>e</sup>  | 803123 |
| Danaher Corp. | 9884 | 2702384 |
| DexCom Inc. | 19573<br> <sup>e</sup>  | 2275948 |
| Edwards Lifesciences Corp. | 13222<br> <sup>e</sup>  | 1021399 |
| Eli Lilly & Co. | 10269 | 3810621 |
| Euroapi SA | 191<br> <sup>e</sup>  | 3403 |
| Gilead Sciences Inc. | 13125 | 1152769 |
| GSK PLC | 17449 | 296410 |
| Horizon Therapeutics PLC | 16035<br> <sup>e</sup>  | 1608150 |
| Humana Inc. | 4628 | 2544937 |
| Illumina Inc. | 3416<br> <sup>e</sup>  | 744961 |
| Intuitive Surgical Inc. | 4715<br> <sup>e</sup>  | 1274889 |
| Laboratory Corp. of America Holdings | 1846 | 444332 |
| McKesson Corp. | 2451 | 935498 |
| Medtronic PLC | 13713 | 1083876 |
| Merck & Co. | 12857 | 1415813 |
| Novartis AG | 979 | 87284 |
| Regeneron Pharmaceuticals Inc. | 479<br> <sup>e</sup>  | 360064 |
| Repligen Corp. | 4061<br> <sup>e</sup>  | 726269 |
| Roche Holding AG | 1532 | 497957 |
| Sanofi | 6094 | 550572 |
| Sanofi, ADR | 16538 | 749998 |
| Seagen Inc. | 3598<br> <sup>e</sup>  | 436761 |
| Shionogi & Co. | 3800 | 193173 |
| Sonova Holding AG | 231 | 59202 |
| The Cooper Companies | 2349 | 743106 |
|  |  | **34685719** |
| **Industrial - 2.4%**  |  |  |
| ACS Actividades de Construccion y Servicios SA | 3356<br> <sup>c</sup>  | 95145 |
| Caterpillar Inc. | 3736 | 883228 |
| Eaton Corp. | 8514 | 1391613 |
| FUJIFILM Holdings Corp. | 1900 | 102786 |
| Ingersoll Rand Inc. | 41720 | 2251628 |

---

#### 24

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 56.9% (continued)** |  |  |  |
| **Industrial - 2.4% (continued)** |  |  |  |
| Mitsubishi Electric Corp. | 6700 |  | 67666 |
| Trane Technologies PLC | 9292 |  | 1657879 |
| Vinci SA | 2283 |  | 232443 |
|  |  | **6682388** | **6682388** |
| **Information Technology - 4.6%**  |  |  |  |
| Ansys Inc. | 3339 | <sup>e</sup>  | 849108 |
| Bill.com Holdings Inc. | 4166 | <sup>e</sup>  | 501670 |
| Datadog Inc., Cl. A | 4992 | <sup>e</sup>  | 378294 |
| Fidelity National Information Services Inc. | 8216 |  | 596317 |
| Fiserv Inc. | 3847 | <sup>e</sup>  | 401473 |
| HubSpot Inc. | 2389 | <sup>e</sup>  | 723939 |
| Microsoft Corp. | 24418 |  | 6230009 |
| Roper Technologies Inc. | 1770 |  | 776835 |
| Salesforce Inc. | 7446 | <sup>e</sup>  | 1193221 |
| Twilio Inc., Cl. A | 20725 | <sup>e</sup>  | 1015939 |
| Zoom Video Communications Inc., CI. A | 3229 | <sup>e</sup>  | 243563 |
|  |  | **12910368** | **12910368** |
| **Insurance - 4.0%**  |  |  |  |
| Ageas SA | 6674 |  | 269269 |
| Allianz SE | 850 |  | 181308 |
| Aon PLC, Cl. A | 2429 |  | 748812 |
| Assurant Inc. | 10480 |  | 1343746 |
| AXA SA | 4700 |  | 134452 |
| Berkshire Hathaway Inc., Cl. B | 11179 | <sup>e</sup>  | 3561629 |
| Chubb Ltd. | 5043 |  | 1107392 |
| Everest Re Group Ltd. | 1253 |  | 423439 |
| MetLife Inc. | 17199 |  | 1319163 |
| RenaissanceRe Holdings Ltd. | 2182 | <sup>c</sup>  | 412202 |
| The Allstate Corp. | 3873 |  | 518595 |
| The Progressive Corp. | 8774 |  | 1159484 |
|  |  | **11179491** | **11179491** |
| **Internet Software & Services - 5.4%**  |  |  |  |
| Alphabet Inc., Cl. A | 11864 | <sup>e</sup>  | 1198145 |
| Alphabet Inc., Cl. C | 48666 | <sup>e</sup>  | 4937166 |
| Amazon.com Inc. | 47473 | <sup>e</sup>  | 4583043 |
| Booking Holdings Inc. | 653 | <sup>e</sup>  | 1357881 |
| Chewy Inc., Cl. A | 14912 | <sup>c,e</sup>  | 643155 |
| Farfetch Ltd., Cl. A | 17378 | <sup>e</sup>  | 147713 |
| Match Group Inc. | 5316 | <sup>e</sup>  | 268777 |
| Shopify Inc., Cl. A | 33925 | <sup>e</sup>  | 1386854 |
| Trend Micro Inc. | 1100 |  | 54609 |

---

#### 25
*STATEMENT OF INVESTMENTS (continued)*

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 56.9% (continued)** |  |  |
| **Internet Software & Services - 5.4% (continued)** |  |  |
| Uber Technologies Inc. | 22770<br> <sup>e</sup>  | 663518 |
|  |  | **15240861** |
| **Media - .4%**  |  |  |
| Netflix Inc. | 1653<br> <sup>e</sup>  | 505041 |
| The Walt Disney Company | 5133<br> <sup>e</sup>  | 502367 |
|  |  | **1007408** |
| **Metals & Mining - 1.2%**  |  |  |
| Alcoa Corp. | 27985 | 1402888 |
| Fortescue Metals Group Ltd. | 11616 | 154605 |
| Freeport-McMoRan Inc. | 39071 | 1555026 |
| Rio Tinto PLC | 3983 | 270584 |
|  |  | **3383103** |
| **Real Estate - .1%**  |  |  |
| Klepierre SA | 4781 | 111400 |
| Sun Hung Kai Properties Ltd. | 15500 | 187435 |
|  |  | **298835** |
| **Retailing - .2%**  |  |  |
| Lululemon Athletica Inc. | 1308<br> <sup>e</sup>  | **497445** |
| **Semiconductors & Semiconductor Equipment - 2.4%**  |  |  |
| Advantest Corp. | 3300 | 226897 |
| Applied Materials Inc. | 12806 | 1403538 |
| ASML Holding NV | 931 | 566300 |
| Marvell Technology Inc. | 15661 | 728550 |
| Micron Technology Inc. | 12337 | 711228 |
| NVIDIA Corp. | 15337 | 2595480 |
| Renesas Electronics Corp. | 23400<br> <sup>e</sup>  | 231750 |
| STMicroelectronics NV | 1848 | 71508 |
| Tokyo Electron Ltd. | 400 | 137063 |
|  |  | **6672314** |
| **Technology Hardware & Equipment - 3.6%**  |  |  |
| Apple Inc. | 35983 | 5326563 |
| Check Point Software Technologies Ltd. | 5668<br> <sup>e</sup>  | 752880 |
| Ciena Corp. | 9099<br> <sup>e</sup>  | 409091 |
| Corning Inc. | 13689 | 467206 |
| CrowdStrike Holdings Inc., CI. A | 3796<br> <sup>e</sup>  | 446599 |
| Fujitsu Ltd. | 1100 | 149366 |
| Hewlett Packard Enterprise Co. | 62715 | 1052358 |
| Qualcomm Inc. | 4432 | 560604 |
| Teleperformance | 248 | 56179 |
| Zebra Technologies Corp., Cl. A | 3410<br> <sup>e</sup>  | 921655 |
|  |  | **10142501** |

---

#### 26

---

| | | | |
|:---|:---|:---|:---|
| Description |  | Shares | Value ($) |
| **Common Stocks - 56.9% (continued)** | **Common Stocks - 56.9% (continued)** |  |  |
| **Telecommunication Services - .9%**  | **Telecommunication Services - .9%**  |  |  |
| Cisco Systems Inc. |  | 36154 | 1797577 |
| Nippon Telegraph & Telephone Corp. |  | 13300 | 368543 |
| Vodafone Group PLC |  | 224269 | 249191 |
|  |  |  | **2415311** |
| **Transportation - .5%**  | **Transportation - .5%**  |  |  |
| AP Moller - Maersk A/S, Cl. B |  | 39 | 85093 |
| Deutsche Post AG |  | 9786 | 385997 |
| FedEx Corp. |  | 3124 | 569255 |
| Kuehne + Nagel International AG |  | 1510<br> <sup>c</sup>  | 367125 |
|  |  |  | **1407470** |
| **Utilities - 1.8%**  | **Utilities - 1.8%**  |  |  |
| AGL Energy Ltd. |  | 12664<br> <sup>c</sup>  | 69135 |
| Centrica PLC |  | 99791 | 114788 |
| Constellation Energy Corp. |  | 20582 | 1978342 |
| Enel SPA |  | 78782 | 429245 |
| Exelon Corp. |  | 22502 | 930908 |
| PPL Corp. |  | 22461 | 663049 |
| SSE PLC |  | 7785 | 161817 |
| The AES Corp. |  | 21960 | 635083 |
|  |  |  | **4982367** |
| **Total Common Stocks**<br> (cost $132,587,123) | **Total Common Stocks**<br> (cost $132,587,123) | **159572358** | **159572358** |
|  | Preferred Dividend<br> Yield (%) |  |  |
| **Preferred Stocks - .1%** | **Preferred Stocks - .1%** |  |  |
| **Automobiles & Components - .1%**  | **Automobiles & Components - .1%**  |  |  |
| Volkswagen AG<br>(cost $262,276) | 5.53 | 1687 | **245735** |
| **Exchange-Traded Funds - 1.9%** | **Exchange-Traded Funds - 1.9%** |  |  |
| **Registered Investment Companies - 1.9%**  | **Registered Investment Companies - 1.9%**  |  |  |
| iShares Core U.S. Aggregate Bond ETF |  | 18452<br> <sup>c</sup>  | 1813647 |
| iShares MSCI EAFE ETF |  | 4132<br> <sup>c</sup>  | 277340 |
| SPDR S&P 500 ETF Trust |  | 8048<br> <sup>c</sup>  | 3281009 |
| **Total Exchange-Traded Funds**<br> (cost $5,063,627) | **Total Exchange-Traded Funds**<br> (cost $5,063,627) | **5371996** | **5371996** |

---

#### 27
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br>Yield (%) | Shares | Value ($) |
| **Investment Companies - 6.2%** | **Investment Companies - 6.2%** |  |  |
| **Registered Investment Companies - 6.2%**  | **Registered Investment Companies - 6.2%**  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $17,486,986) | 3.94 | 17486986<br> <sup>f</sup>  | **17486986** |
| **Investment of Cash Collateral for Securities Loaned - 1.7%** | **Investment of Cash Collateral for Securities Loaned - 1.7%** |  |  |
| **Registered Investment Companies - 1.7%**  | **Registered Investment Companies - 1.7%**  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares<br>(cost $4,696,375) | 3.94 | 4696375<br> <sup>f</sup>  | **4696375** |
| **Total Investments** (cost $270,635,104) | **Total Investments** (cost $270,635,104) | **101.7%** | **285332617** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.7%)** | **(4725199)** |
| **Net Assets** | **Net Assets** | **100.0%** | **280607418** |

---

*ADR—American Depository Receipt* 

*ETF—Exchange-Traded Fund* 

*GO—General Obligation* 

*LIBOR—London Interbank Offered Rate* 

*SPDR—Standard & Poor's Depository Receipt* 

*U.S. T-BILL—U.S. Treasury Bill Money Market Yield* 

*<sup>a</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities were valued at $9,483,078 or 3.38% of net assets.*

*<sup>b</sup> Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.*

*<sup>c</sup> Security, or portion thereof, on loan. At November 30, 2022, the value of the fund's securities on loan was $9,165,358 and the value of the collateral was $9,161,104, consisting of cash collateral of $4,696,375 and U.S. Government & Agency securities valued at $4,464,729. In addition, the value of collateral may include pending sales that are also on loan.*

*<sup>d</sup> The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.*

*<sup>e</sup> Non-income producing security.*

*<sup>f</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus.*

#### 28

---

| | |
|:---|:---|
| Portfolio Summary (Unaudited) <sup>†</sup> | Value (%) |
| Consumer, Non-cyclical | 16.5 |
| Financial | 14.4 |
| Mortgage Securities | 13.2 |
| Technology | 10.8 |
| Investment Companies | 9.8 |
| Communications | 8.6 |
| Government | 7.3 |
| Industrial | 6.3 |
| Energy | 5.6 |
| Consumer, Cyclical | 3.1 |
| Utilities | 2.9 |
| Basic Materials | 1.7 |
| Asset Backed Securities | 1.4 |
| Beverages | .1 |
|  | 101.7 |

---

*<sup>†</sup> Based on net assets.*

*See notes to financial statements.*

#### 29

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |  |  |  |
| Description | Value ($) 11/30/2021 | Purchases ($)<sup>†</sup> | Sales ($) | Value ($) 11/30/2022 | Dividends/<br>Distributions ($) |  |
| **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 6.2% | 4692514 | 128326538 | (115532066) | 17486986 | 70651 |  |
| **Investment of Cash Collateral for Securities Loaned - 1.7%** | **Investment of Cash Collateral for Securities Loaned - 1.7%** | **Investment of Cash Collateral for Securities Loaned - 1.7%** | **Investment of Cash Collateral for Securities Loaned - 1.7%** | **Investment of Cash Collateral for Securities Loaned - 1.7%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - 1.7% | 3906074 | 134289386 | (133499085) | 4696375 | 13986 | <sup>††</sup>  |
| **Total - 7.9%** | **8598588** | **262615924** | **(249031151)** | **22183361** | **84637** |  |

---

*<sup>†</sup> Includes reinvested dividends/distributions.*

*<sup>††</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.*

*See notes to financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** |  |  |
| Description | Number of<br>Contracts | Expiration  | Notional<br>Value ($) | Market<br>Value ($) | Unrealized Appreciation (Depreciation) ($) |
| **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** |  |
| U.S. Treasury 2 Year Notes | 29 | 3/31/2023 | 5939882 | 5955422 | 15540 |
| U.S. Treasury 5 Year Notes | 23 | 3/31/2023 | 2482060 | 2497117 | 15057 |
| U.S. Treasury Ultra Long Bond | 19 | 3/22/2023 | 2572160 | 2589344 | 17184 |
| **Futures Short** | **Futures Short** | **Futures Short** | **Futures Short** | **Futures Short** |  |
| U.S. Treasury 10 Year Notes | 20 | 3/22/2023 | 2256133 | 2270000 | (13867) |
| Ultra 10 Year U.S. Treasury Notes | 4 | 3/22/2023 | 477328 | 478625 | (1297) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  | **47781** | **47781** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  | **(15164)** | **(15164)** |

---

*See notes to financial statements.*

#### 30
STATEMENT OF ASSETS AND LIABILITIES

November 30, 2022

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):**  |  |  |
| Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $9,165,358)—Note 1(c): | Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $9,165,358)—Note 1(c): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 248451743  | 263149256  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 22183361  | 22183361  |
| Cash denominated in foreign currency  | 91898  | 93557  |
| Receivable for investment securities sold | Receivable for investment securities sold | 1937162  |
| Dividends, interest and securities lending income receivable | Dividends, interest and securities lending income receivable | 766325  |
| Cash collateral held by broker—Note 4 | Cash collateral held by broker—Note 4 | 178964  |
| Tax reclaim receivable—Note 1(b) | Tax reclaim receivable—Note 1(b) | 31241  |
| Receivable for shares of Beneficial Interest subscribed | Receivable for shares of Beneficial Interest subscribed | 30335  |
| Receivable for futures variation margin—Note 4 | Receivable for futures variation margin—Note 4 | 5137  |
| Prepaid expenses |  | 66332  |
|  |  | **288441670**  |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c) | Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c) | 241053  |
| Liability for securities on loan—Note 1(c) | Liability for securities on loan—Note 1(c) | 4696375  |
| Payable for investment securities purchased  | Payable for investment securities purchased  | 2472797  |
| Payable for shares of Beneficial Interest redeemed | Payable for shares of Beneficial Interest redeemed | 271938  |
| Trustees' fees and expenses payable | Trustees' fees and expenses payable | 3627  |
| Other accrued expenses |  | 148462  |
|  |  | **7834252**  |
| **Net Assets ($)** |  | **280607418**  |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital  |  | 256789243  |
| Total distributable earnings (loss) |  | 23818175  |
| **Net Assets ($)** |  | **280607418**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class J | Class Y | Class Z |
| Net Assets ($) | 215327501  | 8981704  | 12004021  | 12449438  | 2382945  | 29461809  |
| Shares Outstanding | 9994155  | 421379  | 559462  | 576588  | 110515  | 1375366  |
| **Net Asset Value Per Share ($)** | 21.55 | 21.32 | 21.46 | 21.59 | 21.56 | 21.42 |
| *See notes to financial statements.* |  |  |  |  |  |  |

---

#### 31
STATEMENT OF OPERATIONS

Year Ended November 30, 2022

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest | 2716567  |
| Dividends (net of $56,935 foreign taxes withheld at source): | Dividends (net of $56,935 foreign taxes withheld at source): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 2557758  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 70651  |
| Income from securities lending—Note 1(c) | 13986  |
| **Total Income** | **5358962**  |
| **Expenses:** |  |
| Management fee—Note 3(a) | 2447841  |
| Shareholder servicing costs—Note 3(c) | 858794  |
| Professional fees | 106442  |
| Registration fees | 104003  |
| Distribution fees—Note 3(b) | 78348  |
| Prospectus and shareholders' reports | 52583  |
| Custodian fees—Note 3(c) | 28629  |
| Chief Compliance Officer fees—Note 3(c) | 20433  |
| Trustees' fees and expenses—Note 3(d) | 14509  |
| Loan commitment fees—Note 2 | 6474  |
| Miscellaneous | 47018  |
| **Total Expenses** | **3765074**  |
| Less—reduction in expenses due to undertaking—Note 3(a) | (293947) |
| Less—reduction in fees due to earnings credits—Note 3(c) | (3728) |
| **Net Expenses** | **3467399**  |
| **Net Investment Income** | **1891563**  |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | 9333532  |
| Net realized gain (loss) on futures | (569736) |
| **Net Realized Gain (Loss)** | **8763796**  |
| Net change in unrealized appreciation (depreciation) on investments <br> and foreign currency transactions | (49467117) |
| Net change in unrealized appreciation (depreciation) on futures | (55513) |
| **Net Change in Unrealized Appreciation (Depreciation)** | **(49522630)** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(40758834)** |
| **Net (Decrease) in Net Assets Resulting from Operations** | **(38867271)** |
| *See notes to financial statements.* |  |

---

#### 32
STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  |
|  | 2022 | 2021 |
| **Operations ($):** |  |  |
| Net investment income | 1891563  | 826038  |
| Net realized gain (loss) on investments | 8763796  | 44534670  |
| Net change in unrealized appreciation <br> (depreciation) on investments | (49522630) | 2303018  |
| **Net Increase (Decrease) in Net Assets <br> Resulting from Operations** | **(38867271)** | **47663726**  |
| **Distributions ($):** | **Distributions ($):** | **Distributions ($):** |
| Distributions to shareholders: |  |  |
| Class A | (31807038) | (9829567) |
| Class C | (1447367) | (419951) |
| Class I | (1999524) | (577336) |
| Class J | (1799186) | (586026) |
| Class Y | (747510) | (301733) |
| Class Z | (4321966) | (1405862) |
| **Total Distributions** | **(42122591)** | **(13120475)** |
| **Beneficial Interest Transactions ($):** | **Beneficial Interest Transactions ($):** | **Beneficial Interest Transactions ($):** |
| Net proceeds from shares sold: |  |  |
| Class A | 8989661  | 17951974  |
| Class C | 618498  | 2661356  |
| Class I | 5201109  | 3841005  |
| Class J | 41136  | 53672  |
| Class Z | 645049  | 1370343  |
| Distributions reinvested: |  |  |
| Class A | 29859381  | 9319630  |
| Class C | 1441372  | 413471  |
| Class I | 1886183  | 542433  |
| Class J | 1736746  | 565527  |
| Class Y | 747510  | 301733  |
| Class Z | 4132487  | 1327439  |
| Cost of shares redeemed: |  |  |
| Class A | (34227526) | (29534671) |
| Class C | (3018461) | (4265088) |
| Class I | (7399919) | (2938333) |
| Class J | (844816) | (1203421) |
| Class Y | (3917605) | (1768143) |
| Class Z | (2747327) | (4424657) |
| **Increase (Decrease) in Net Assets <br> from Beneficial Interest Transactions** | **3143478**  | **(5785730)** |
| **Total Increase (Decrease) in Net Assets** | **(77846384)** | **28757521**  |
| **Net Assets ($):** | **Net Assets ($):** | **Net Assets ($):** |
| Beginning of Period | 358453802  | 329696281  |
| **End of Period** | **280607418**  | **358453802**  |

---

#### 33
*STATEMENT OF CHANGES IN NET ASSETS (continued)*

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  |
|  |  | 2022 | 2021 |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| **Class A<sup>a,b</sup>** | **Class A<sup>a,b</sup>** |  |  |
| Shares sold | Shares sold | 387537  | 686951  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 1205330  | 381897  |
| Shares redeemed | Shares redeemed | (1539428) | (1133350) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **53439**  | **(64502)** |
| **Class C<sup>a</sup>** | **Class C<sup>a</sup>** |  |  |
| Shares sold | Shares sold | 26573  | 102214  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 58418  | 16906  |
| Shares redeemed | Shares redeemed | (134278) | (163708) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **(49287)** | **(44588)** |
| **Class I<sup>b</sup>** | **Class I<sup>b</sup>** |  |  |
| Shares sold | Shares sold | 226337  | 149393  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 76513  | 22310  |
| Shares redeemed | Shares redeemed | (337657) | (114562) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **(34807)** | **57141**  |
| **Class J** | **Class J** |  |  |
| Shares sold | Shares sold | 1789  | 2061  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 70013  | 23129  |
| Shares redeemed | Shares redeemed | (37301) | (46038) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **34501**  | **(20848)** |
| **Class Y** | **Class Y** |  |  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 30109  | 12362  |
| Shares redeemed | Shares redeemed | (156266) | (71303) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **(126157)** | **(58941)** |
| **Class Z** | **Class Z** |  |  |
| Shares sold | Shares sold | 28932  | 54317  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 167847  | 54644  |
| Shares redeemed | Shares redeemed | (126030) | (173017) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **70749**  | **(64056)** |
| *<sup>a</sup>* | *During the period ended November 30, 2022, 8,120 Class C shares representing $217,284 were automatically converted to 8,077 Class A shares and during the period ended November 30, 2021, 8,092 Class C shares representing $210,186 were automatically converted to 8,074 Class A shares.* | *During the period ended November 30, 2022, 8,120 Class C shares representing $217,284 were automatically converted to 8,077 Class A shares and during the period ended November 30, 2021, 8,092 Class C shares representing $210,186 were automatically converted to 8,074 Class A shares.* | *During the period ended November 30, 2022, 8,120 Class C shares representing $217,284 were automatically converted to 8,077 Class A shares and during the period ended November 30, 2021, 8,092 Class C shares representing $210,186 were automatically converted to 8,074 Class A shares.* |
| *<sup>b</sup>* | *During the period ended November 30, 2022, 4,285 Class A shares representing $89,851 were exchanged for 4,310 Class I shares.* | *During the period ended November 30, 2022, 4,285 Class A shares representing $89,851 were exchanged for 4,310 Class I shares.* | *During the period ended November 30, 2022, 4,285 Class A shares representing $89,851 were exchanged for 4,310 Class I shares.* |
| *See notes to financial statements.* | *See notes to financial statements.* |  |  |

---

#### 34
FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund's financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, |
| **Class A Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.39 | 24.82 | 23.32 | 23.22 | 23.61 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .13 | .06 | .16 | .29 | .24 |
| Net realized and unrealized<br>gain (loss) on investments | (2.78) | 3.49 | 2.16 | 1.76 | .50 |
| Total from Investment Operations | (2.65) | 3.55 | 2.32 | 2.05 | .74 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (.07) | (.16) | (.30) | (.26) | (.20) |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.19) | (.98) | (.82) | (1.95) | (1.13) |
| Net asset value, end of period | 21.55 | 27.39 | 24.82 | 23.32 | 23.22 |
| **Total Return (%)<sup>b</sup>** | (11.11) | 14.83 | 10.32 | 10.23 | 3.24 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | 1.24 | 1.22 | 1.24 | 1.24 | 1.24 |
| Ratio of net expenses<br>to average net assets | 1.15 | 1.17 | 1.20 | 1.20 | 1.20 |
| Ratio of net investment income<br>to average net assets | .60 | .22 | .72 | 1.32 | 1.01 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>c</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 215328 | 272320 | 248370 | 246554 | 240418 |

---

*<sup>a</sup> Based on average shares outstanding.* 

*<sup>b</sup> Exclusive of sales charge.* 

*<sup>c</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 35
*FINANCIAL HIGHLIGHTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, |
| **Class C Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.25 | 24.72 | 23.24 | 23.16 | 23.52 |
| Investment Operations: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | (.03) | (.14) | (.01) | .12 | .05 |
| Net realized and unrealized<br>gain (loss) on investments | (2.78) | 3.49 | 2.15 | 1.78 | .52 |
| Total from Investment Operations | (2.81) | 3.35 | 2.14 | 1.90 | .57 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | - | - | (.14) | (.13) | - |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.12) | (.82) | (.66) | (1.82) | (.93) |
| Net asset value, end of period | 21.32 | 27.25 | 24.72 | 23.24 | 23.16 |
| **Total Return (%)<sup>b</sup>** | (11.82) | 13.96 | 9.48 | 9.46 | 2.43 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | 2.02 | 1.99 | 2.01 | 2.01 | 1.99 |
| Ratio of net expenses<br>to average net assets | 1.90 | 1.92 | 1.95 | 1.95 | 1.95 |
| Ratio of net investment income (loss)<br>to average net assets | (.15) | (.53) | (.02) | .57 | .22 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>c</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 8982 | 12826 | 12737 | 12838 | 11805 |

---

*<sup>a</sup> Based on average shares outstanding.* 

*<sup>b</sup> Exclusive of sales charge.* 

*<sup>c</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 36

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, |
| **Class I Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.36 | 24.79 | 23.29 | 23.30 | 23.68 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .19 | .12 | .21 | .33 | .27 |
| Net realized and unrealized<br>gain (loss) on investments | (2.78) | 3.49 | 2.17 | 1.77 | .54 |
| Total from Investment Operations | (2.59) | 3.61 | 2.38 | 2.10 | .81 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (.19) | (.22) | (.36) | (.42) | (.26) |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.31) | (1.04) | (.88) | (2.11) | (1.19) |
| Net asset value, end of period | 21.46 | 27.36 | 24.79 | 23.29 | 23.30 |
| **Total Return (%)** | (10.90) | 15.13 | 10.61 | 10.55 | 3.51 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | 1.01 | .98 | 1.00 | 1.01 | 1.00 |
| Ratio of net expenses<br>to average net assets | .90 | .92 | .95 | .95 | .95 |
| Ratio of net investment income<br>to average net assets | .85 | .47 | .96 | 1.59 | 1.22 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>b</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 12004 | 16259 | 13317 | 11251 | 21301 |

---

*<sup>a</sup> Based on average shares outstanding.* 

*<sup>b</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 37
*FINANCIAL HIGHLIGHTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, |
| **Class J Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.51 | 24.92 | 23.41 | 23.30 | 23.68 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .19 | .12 | .22 | .35 | .29 |
| Net realized and unrealized<br>gain (loss) on investments | (2.80) | 3.51 | 2.17 | 1.76 | .51 |
| Total from Investment Operations | (2.61) | 3.63 | 2.39 | 2.11 | .80 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (.19) | (.22) | (.36) | (.31) | (.25) |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.31) | (1.04) | (.88) | (2.00) | (1.18) |
| Net asset value, end of period | 21.59 | 27.51 | 24.92 | 23.41 | 23.30 |
| **Total Return (%)** | (10.92) | 15.13 | 10.59 | 10.55 | 3.46 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | .99 | .97 | .99 | 1.00 | .99 |
| Ratio of net expenses<br>to average net assets | .90 | .92 | .95 | .95 | .95 |
| Ratio of net investment income<br>to average net assets | .85 | .47 | .97 | 1.58 | 1.25 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>b</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 12449 | 14914 | 14031 | 13810 | 16415 |

---

*<sup>a</sup> Based on average shares outstanding.* 

*<sup>b</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 38

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, |
| **Class Y Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.48 | 24.90 | 23.39 | 23.31 | 23.69 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .20 | .12 | .22 | .35 | . 29 |
| Net realized and unrealized<br>gain (loss) on investments | (2.81) | 3.50 | 2.17 | 1.75 | .52 |
| Total from Investment Operations | (2.61) | 3.62 | 2.39 | 2.10 | .81 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (.19) | (.22) | (.36) | (.33) | (.26) |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.31) | (1.04) | (.88) | (2.02) | (1.19) |
| Net asset value, end of period | 21.56 | 27.48 | 24.90 | 23.39 | 23.31 |
| **Total Return (%)** | (10.94) | 15.12 | 10.62 | 10.51 | 3.52 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | .94 | .92 | .94 | .96 | 1.09 |
| Ratio of net expenses<br>to average net assets | .90 | .92 | .94 | .95 | .95 |
| Ratio of net investment income<br>to average net assets | .85 | .47 | .96 | 1.49 | 1.26 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>b</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 2383 | 6505 | 7362 | 5392 | 11 |

---

*<sup>a</sup> Based on average shares outstanding.*

*<sup>b</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 39
*FINANCIAL HIGHLIGHTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30, |
| **Class Z Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 27.31 | 24.75 | 23.24 | 23.16 | 23.54 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .17 | .10 | .21 | .32 | .28 |
| Net realized and unrealized<br>gain (loss) on investments | (2.78) | 3.49 | 2.15 | 1.75 | .50 |
| Total from Investment Operations | (2.61) | 3.59 | 2.36 | 2.07 | .78 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | (.16) | (.21) | (.33) | (.30) | (.23) |
| Dividends from net realized<br>gain on investments | (3.12) | (.82) | (.52) | (1.69) | (.93) |
| Total Distributions | (3.28) | (1.03) | (.85) | (1.99) | (1.16) |
| Net asset value, end of period | 21.42 | 27.31 | 24.75 | 23.24 | 23.16 |
| **Total Return (%)** | (10.99) | 15.05 | 10.55 | 10.41 | 3.44 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses<br>to average net assets | 1.09 | 1.05 | 1.07 | 1.11 | 1.07 |
| Ratio of net expenses<br>to average net assets | .98 | .99 | 1.02 | 1.05 | 1.01 |
| Ratio of net investment income<br>to average net assets | .78 | .40 | .93 | 1.47 | 1.19 |
| Portfolio Turnover Rate | 68.43 | 79.60 | 95.62<sup>b</sup> | 109.36 | 98.95 |
| Net Assets, end of period ($ x 1,000) | 29462 | 35630 | 33881 | 32989 | 33129 |

---

*<sup>a</sup> Based on average shares outstanding.* 

*<sup>b</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended November 30, 2020 was 86.13%.* 

*See notes to financial statements.*

#### 40
NOTES TO FINANCIAL STATEMENTS

#### NOTE 1—Significant Accounting Policies:
BNY Mellon Balanced Opportunity Fund (the "fund") is the sole series of BNY Mellon Investment Funds VI (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified open-end management investment company. The fund's investment objective is to seek a high total return through a combination of capital appreciation and current income. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), serves as the fund's investment adviser. Newton Investment Management North America, LLC ("NIMNA") and Insight North America LLC ("INA") (collectively the "Sub-Advisers"), each a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serve as the fund's sub-advisers.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class C, Class I, Class J, Class Y and Class Z. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class J and Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class J and Class Z shares generally are not available for new accounts and Class Z shares bear Shareholder Services Plan fees. Class I, Class Y, Class J and Class Z shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency

#### 41
NOTES TO FINANCIAL STATEMENTS *(continued)*

costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

**(a) Portfolio valuation:** The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund's investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

**Level 1**—unadjusted quoted prices in active markets for identical investments.

#### 42
**Level 2**—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee, effective September 8, 2022, to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills), and futures are valued each business day by one or more independent pricing services (each, a "Service") approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

#### 43
NOTES TO FINANCIAL STATEMENTS *(continued)*

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by a Service. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a Service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

Futures which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of November 30, 2022 in valuing the fund's investments:

#### 44

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Asset-Backed Securities | - | 3896418 |  | - | **3896418** |
| Commercial Mortgage-Backed | - | 2763563 |  | - | **2763563** |
| Corporate Bonds | - | 37020909 |  | - | **37020909** |
| Equity Securities - Common Stocks | 145068522 | 14503836 | <sup>††</sup>  | - | **159572358** |
| Equity Securities - Preferred Stocks | - | 245735 | <sup>††</sup>  | - | **245735** |
| Exchange-Traded Funds | 5371996 | - |  | - | **5371996** |
| Foreign Governmental | - | 1241636 |  | - | **1241636** |
| Investment Companies | 22183361 | - |  | - | **22183361** |
| Municipal Securities | - | 1756332 |  | - | **1756332** |
| U.S. Government Agencies Collateralized Mortgage Obligations | - | 1248959 |  | - | **1248959** |
| U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 1760297 |  | - | **1760297** |
| U.S. Government Agencies Mortgage-Backed | - | 31193339 |  | - | **31193339** |
| U.S. Government Agencies Obligations | - | 573383 |  | - | **573383** |
| U.S. Treasury Securities | - | 16504331 |  | - | **16504331** |

---

#### 45
NOTES TO FINANCIAL STATEMENTS *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)(continued)** | **Assets ($)(continued)** | **Assets ($)(continued)** | **Assets ($)(continued)** | **Assets ($)(continued)** |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Futures<sup>†††</sup> | 47781 | - | - | **47781** |
| **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** |  |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Futures<sup>†††</sup> | (15164) | - | - | **(15164)** |

---

*<sup>†</sup> See Statement of Investments for additional detailed categorizations, if any.*

*<sup>††</sup> Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures.*

*<sup>†††</sup> Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.*

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of November 30, 2022, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest

#### 46
income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY Mellon, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. At November 30, 2022, the market value of the collateral was 99.95% of the market value of the securities on loan. The fund received additional collateral subsequent to year end which resulted in the market value of the collateral to be at least 100% of the market value of the securities on loan. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended November 30, 2022, BNY Mellon earned $1,904 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country,

#### 47
NOTES TO FINANCIAL STATEMENTS *(continued)*

region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

The fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security's price to fall, potentially lowering the fund's share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Such values may also decline because of factors that affect a particular industry.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(g) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended November 30, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended November 30, 2022, the fund did not incur any interest or penalties.

#### 48
Each tax year in the four-year period ended November 30, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At November 30, 2022, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,722,536, undistributed capital gains $11,747,007, other accumulated losses $305 and unrealized appreciation $10,348,937.

The tax character of distributions paid to shareholders during the fiscal years ended November 30, 2022 and November 30, 2021 were as follows: ordinary income $9,200,306 and $5,259,318, and long-term capital gains $32,922,285 and $7,861,157, respectively.

**(h) New accounting pronouncements:** In 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024 ("FASB Sunset Date"), after which entities will no longer be permitted to apply the relief in Topic 848.

Management had evaluated the impact of Topic 848 on the fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the Reference Rate Reform. Management has no concerns in adopting Topic 848 by FASB Sunset Date. Management will continue to work with other financial

#### 49
NOTES TO FINANCIAL STATEMENTS *(continued)*

institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

#### NOTE 2—Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY Mellon (the "BNYM Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended November 30, 2022 the fund did not borrow under the Facilities.

#### NOTE 3—Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .80% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from December 1, 2021 through March 31, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of the fund's classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expense) exceed .90% of the value of the fund's average daily net assets. On or after March 31, 2023, the Adviser may terminate this expense limitation at any time. The reduction in expenses, pursuant to the undertaking, amounted to $293,947 during the period ended November 30, 2022.

Pursuant to a sub-investment advisory agreements between the Adviser and the Sub-Advisers, the Adviser pays NIMNA a monthly fee at an annual rate of .30% and INA a monthly fee at an annual rate of .04% of the value of it's portion of the fund's average daily net assets.

During the period ended November 30, 2022, the Distributor retained $3,370 from commissions earned on sales of the fund's Class A shares and

#### 50
$15,295 and $1,097 from CDSC fees on redemptions of the fund's Class A and Class C shares, respectively.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended November 30, 2022, Class C shares were charged $78,348 pursuant to the Distribution Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended November 30, 2022, Class A and Class C shares were charged $585,042 and $26,116, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of Class Z shares' average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class Z shares, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2022, Class Z shares were charged $25,443 pursuant to the Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees

#### 51
NOTES TO FINANCIAL STATEMENTS *(continued)*

when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2022, the fund was charged $93,067 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $3,728.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended November 30, 2022, the fund was charged $28,629 pursuant to the custody agreement.

During the period ended November 30, 2022, the fund was charged $20,433 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $180,014, Distribution Plan fees of $5,545, Shareholder Services Plan fees of $46,995, Custodian fees of $14,400, Chief Compliance Officer fees of $3,266 and Transfer Agent fees of $21,905, which are offset against an expense reimbursement currently in effect in the amount of $31,072.

**(d)** Each Board Member also serves as a Board Member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

#### NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities and futures during the period ended November 30, 2022, amounted to $204,730,704 and $257,323,308, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. The SEC recently adopted Rule 18f-4 under the Act, which, effective August 18, 2022, regulates the use of derivatives transactions for certain funds registered under the Act.

#### 52
The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of derivatives does not exceed 10% of fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended November 30, 2022 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at November 30, 2022 are set forth in the Statement of Investments.

The following summarizes the average market value of derivatives outstanding during the period ended November 30, 2022:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| Interest rate futures | 18857987  |

---

At November 30, 2022, the cost of investments for federal income tax purposes was $274,986,404; accordingly, accumulated net unrealized appreciation on investments was $10,346,213, consisting of $38,072,090 gross unrealized appreciation and $27,725,877 gross unrealized depreciation.

#### 53

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of BNY Mellon Balanced Opportunity Fund

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of BNY Mellon Balanced Opportunity Fund (the "Fund") (the sole fund constituting BNY Mellon Investment Funds VI), including the statement of investments, as of November 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (the sole fund constituting BNY Mellon Investment Funds VI) at November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_fb58a0db894c4.jpg)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York<br>January 23, 2023

#### 54
IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes the fund hereby reports 27.83% of the ordinary dividends paid during the fiscal year ended November 30, 2022 as qualifying for the corporate dividends received deduction. Also certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, $2,797,496 represents the maximum amount that may be considered qualified dividend income. Shareholders will receive notification in early 2023 of the percentage applicable to the preparation of their 2022 income tax returns. Also, the fund hereby reports $.2173 per share as a long-term capital gain distribution paid on March 29, 2022 and also $.6163 per share as a short-term capital gain distribution and $2.2887 per share as a long-term capital gain distribution paid on December 15, 2021.

#### 55
BOARD MEMBERS INFORMATION (Unaudited)

*Independent Board Members*

#### Joseph S. DiMartino (79)

#### Chairman of the Board (2003)
*Principal Occupation During Past 5 Years:*

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund's Statement of Additional Information) (1995-Present)

*Other Public Company Board Memberships During Past 5 Years:*

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (1997-Present)

*No. of Portfolios for which Board Member Serves:* 92*

———————

#### Peggy C. Davis (79)

#### Board Member (2006)
*Principal Occupation During Past 5 Years:*

· Shad Professor of Law, New York University School of Law (1983-Present)

*No. of Portfolios for which Board Member Serves:* 32

———————

#### Gina D. France (64)

#### Board Member (2019)
*Principal Occupation During Past 5 Years:*

· France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States, *Founder, President and Chief Executive Officer* (2003-Present)

*Other Public Company Board Memberships During Past 5 Years:*

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio, *Director* (2016-Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada, *Director* (2011-Present)

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (2015-Present)

· FirstMerit Corporation, a diversified financial services company, *Director* (2004-2016)

*No. of Portfolios for which Board Member Serves:* 22*

———————

#### 56

#### Joan Gulley (75)

#### Board Member (2017)
*Principal Occupation During Past 5 Years:*

· Nantucket Atheneum, public library, *Chair* (2018-June 2021) and *Director* (2015-June 2021)

· Orchard Island Club, golf and beach club, *Governor* (2016-Present)

*No. of Portfolios for which Board Member Serves:* 39*

———————

#### Robin A. Melvin (59)

#### Board Member (2012)
*Principal Occupation During Past 5 Years:*

· Westover School, a private girls' boarding school in Middlebury, Connecticut, *Trustee* (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, *Co-Chair* (2014–2020); *Board Member*, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, *Board Member* (June 2021-June 2022)

*Other Public Company Board Memberships During Past 5 Years:*

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, *Trustee* (August 2021-Present)

*No. of Portfolios for which Board Member Serves:* 71*

———————

#### Michael D. DiLecce (60)

#### Advisory Board Member (2022)
*Principal Occupation During Past 5 Years:*

· Retired since July 2022. Global Asset Management Assurance Leader, Ernst & Young LLP (2015-2022)

· Americas Regional Talent Managing Partner for Ernst & Young's Financial Service Practice (2017-2021)

· Partner, Ernst & Young LLP (1997-2022)

*No. of Portfolios for which Board Member Serves:* 22*

———————

*The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York, New York 10286. Additional information about each Board Member is available in the fund's Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.*

#### 57
OFFICERS OF THE FUND (Unaudited)

#### DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 44 years old and has been an employee of BNY Mellon since 2005.

#### JAMES WINDELS, Treasurer since September 2003.
Vice President of the Adviser since September 2020; and Director–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 64 years old and has been an employee of the Adviser since April 1985.

#### PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of BNY Mellon since April 2004.

#### JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the Adviser. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since December 1996.

#### DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 32 years old and has been an employee of the Adviser since August 2018.

#### SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 47 years old and has been an employee of the Adviser since March 2013.

#### JEFF PRUSNOFSKY, Vice President and Assistant Secretary since September 2003.
Senior Managing Counsel of BNY Mellon. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since October 1990.

#### AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of the Adviser since June 2019.

#### 58

#### NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of BNY Mellon since May 2016.

#### DANIEL GOLDSTEIN, Vice President since March 2022.
Vice President and Head of Product Development of North America Product, BNY Mellon Investment Management since January 2018; Co-Head of Product Management, Development & Oversight of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Distributor since 1991.

#### JOSEPH MARTELLA, Vice President since March 2022.
Vice President and Head of Product Management of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 46 years old and has been an employee of the Distributor since 1999.

#### GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since April 1991.

#### ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since June 1989.

#### ROBERT SVAGNA, Assistant Treasurer since September 2002.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since November 1990.

#### JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of the Adviser from 2004 until June 2021. He is the Chief Compliance Officer of 54 investment companies (comprised of 112 portfolios) managed by the Adviser. He is 65 years old.

#### CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 48 investment companies (comprised of 120 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 54 years old and has been an employee of the Distributor since 1997.

#### 59
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#### 60
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#### 61
For More Information

#### BNY Mellon Balanced Opportunity Fund
240 Greenwich Street

New York, NY 10286

#### Adviser
BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

#### Sub-Advisers
Newton Investment Management North America, LLC<br>BNY Mellon Center,<br>201 Washington Street,<br>Boston, MA 02108

Insight North America LLC<br>200 Park Avenue, 7<sup>th</sup> Floor<br>New York, NY 10166

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Transfer Agent & <br> Dividend Disbursing Agent
BNY Mellon Transfer, Inc.

240 Greenwich Street

New York, NY 10286

#### Distributor
BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

---

| | |
|:---|:---|
| **Ticker Symbols:** | Class A: DBOAX Class C: DBOCX Class I: DBORX<br>Class J: THPBX Class Y: DBOYX Class Z: DBOZX |

---

**Telephone** Call your financial representative or 1-800-373-9387

**Mail** The BNY Mellon Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

**E-mail** Send your request to info@bnymellon.com

#### Internet Information can be viewed online or downloaded at www.im.bnymellon.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. The fund's Forms N-PORT are available on the SEC's website at <u>www.sec.gov</u>.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.com and on the SEC's website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

---

| | |
|:---|:---|
|© 2023 BNY Mellon Securities Corporation<br>6000AR1122 | ![](img_b9873e99c9354.jpg) |

---

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board has determined that Gina D. France, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Ms. France is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $42,156 in 2021 and $42,999 in 2022.

(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $12,924 in 2021 and $13,413 in 2022. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2021 and $0 in 2022.

(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $5,222 in 2021 and $4,763 in 2022. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $6,737 in 2021 and $6,737 in 2022.

(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $4,015 in 2021 and $2,117 in 2022. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2021 and $0 in 2022.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $2,747,329 in 2021 and $2,144,335 in 2022.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.**

Not applicable.

**Item 10.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures applicable to Item 10.

**Item 11.** **Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Exhibits.**

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exh-302_6000.htm).

(a)(3) Not applicable.

(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exh-906_6000.htm).

**SIGNATURES<br>** 

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Investment Funds VI

By: <u>/s/ David J. DiPetrillo</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. DiPetrillo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)

Date: January 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ David J. DiPetrillo</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. DiPetrillo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)

Date: January 21, 2023

By: <u>/s/ James Windels</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Windels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial Officer)

Date: January 20, 2023

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

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**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

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**Exhibit A**

**Persons Covered by the Code of Ethics**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Patrick T. Crowe | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds VI;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: January 21, 2023

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds VI;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: January 20, 2023

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: January 21, 2023

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: January 20, 2023

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*