# EDGAR Filing Document

**Accession Number:** 0000881773
**File Stem:** 0000881773-25-000005
**Filing Date:** 2025-6
**Character Count:** 127159
**Document Hash:** b5364d530f2f74d7693aa99dfdd6fb70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000881773-25-000005.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0000881773-25-000005

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**EFFECTIVENESS DATE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds V, Inc.
- **CENTRAL INDEX KEY:** 0000881773

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06490
- **FILM NUMBER:** 251089866

**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:** 2129226400

**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 PREMIER INVESTMENT FUNDS, INC.
- **DATE OF NAME CHANGE:** 20170522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 20080401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS PREMIER INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020517

## Series and Classes Contracts Data

### BNY Mellon Developed Markets Real Estate Securities Fund (Series ID: S000019790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000055458 | Class A      | DRLAX           |
| C000055459 | Class C      | DGBCX           |
| C000055460 | Class I      | DRLIX           |
| C000130451 | Class Y      | DRLYX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06490

#### BNY Mellon Investment Funds V, Inc.
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 4/30/25
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Developed Markets Real Estate Securities Fund

ITEM 1 - Reports to Stockholders

BNY Mellon Developed Markets Real Estate Securities Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class A – DRLAX
This semi-annual shareholder report contains important information about BNY Mellon Developed Markets Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class A<sup>\*</sup> | $64 1.30%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

**KEY FUND STATISTICS (AS OF 4/30/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $296 | 104 | 19.76% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 4/30/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_9998876.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Country Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998852.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6593SA0425A ![TSR- BNY Investment Logo](images_27961.jpg)

**Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Developed Markets Real Estate Securities Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class C – DGBCX
This semi-annual shareholder report contains important information about BNY Mellon Developed Markets Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class C<sup>\*</sup> | $100 2.05%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

**KEY FUND STATISTICS (AS OF 4/30/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $296 | 104 | 19.76% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 4/30/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_9998926.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Country Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998902.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6517SA0425A ![TSR- BNY Investment Logo](images_27961.jpg)

**Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Developed Markets Real Estate Securities Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class I – DRLIX
This semi-annual shareholder report contains important information about BNY Mellon Developed Markets Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class I<sup>\*</sup> | $52 1.05%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

**KEY FUND STATISTICS (AS OF 4/30/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $296 | 104 | 19.76% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 4/30/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_9998976.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Country Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998952.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6594SA0425A ![TSR- BNY Investment Logo](images_27961.jpg)

**Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

BNY Mellon Developed Markets Real Estate Securities Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class Y – DRLYX
This semi-annual shareholder report contains important information about BNY Mellon Developed Markets Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class Y<sup>\*</sup> | $52 1.05%<sup>\*\*</sup> |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. <br> \*\* Annualized.

**KEY FUND STATISTICS (AS OF 4/30/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $296 | 104 | 19.76% |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 4/30/25)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_9999026.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Country Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999002.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit** bny.com/investments/literaturecenter **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0985SA0425A ![TSR- BNY Investment Logo](images_27961.jpg)

**Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**

------

**Item 2.** **Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6.** **Investments.**

Not applicable.

BNY Mellon Developed Markets Real Estate Securities Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DRLAX |
| C | DGBCX |
| I | DRLIX |
| Y | DRLYX |

---

![](img56da21571.gif)

------

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

------

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

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_SOI-Commoncontent-4732_1)**<br> **[Investment Companies](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_SOI-Commoncontent-4732_1)**<br>| 3 |
| [Statement of Investments](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_SOI-Commoncontent-4732_1) | 3 |
| [Statement of Assets and Liabilities](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_FS-Commoncontent-4732_1) | 7 |
| [Statement of Operations](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_FS-Commoncontent-4732_2) | 8 |
| [Statement of Changes in Net Assets](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_FS-Commoncontent-4732_3) | 9 |
| [Financial Highlights](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_FIHI-Commoncontent-4732_1) | 11 |
| [Notes to Financial Statements](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_NTF-Commoncontent-4732_1) | 15 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_CDA-Commoncontent-4732_1)**<br> **[Investment Companies](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_CDA-Commoncontent-4732_1)**<br>| 22 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_PRXD-Commoncontent-4732_1)** | 23 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_RMNP-Commoncontent-4732_1)**<br> **[Management Investment Companies](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_RMNP-Commoncontent-4732_1)**<br>| 24 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_9657e2dd-cda8-431d-8d28-a20d9498dc82_AAA-Commoncontent-4732_1)** | 25 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Developed Markets Real Estate Securities Fund

STATEMENT OF INVESTMENTS

April 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Australia — 6.4%** | **Australia — 6.4%** | **Australia — 6.4%** |
| Dexus | 389320 | 1875329 |
| DigiCo Infrastructure REIT<sup>(a)</sup> <br>| 151763 | 261500 |
| Goodman Group | 365950 | 7027590 |
| Mirvac Group | 1944100 | 2839269 |
| National Storage REIT | 679110 | 1000509 |
| NEXTDC Ltd.<sup>(a)</sup> <br>| 40760 | 308867 |
| Region RE Ltd. | 1016200 | 1510150 |
| Scentre Group | 977156 | 2265821 |
| The GPT Group | 639010 | 1895142 |
|  |  | **18984177** |
| **Belgium — 1.7%** | **Belgium — 1.7%** | **Belgium — 1.7%** |
| Aedifica SA | 22130 | 1771194 |
| Cofinimmo SA | 13069 | 1043768 |
| Warehouses De Pauw, CVA | 83762 | 2133122 |
|  |  | **4948084** |
| **Canada — 2.3%** | **Canada — 2.3%** | **Canada — 2.3%** |
| Allied Properties Real Estate Investment Trust | 54880 | 610662 |
| Chartwell Retirement Residences | 151070 | 1896867 |
| First Capital Real Estate Investment Trust | 88080 | 1091257 |
| H&R Real Estate Investment Trust | 147530 | 1049811 |
| RioCan Real Estate Investment Trust | 168760 | 2107970 |
|  |  | **6756567** |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| Gecina SA | 26380 | 2704555 |
| Klepierre SA | 33900 | 1238132 |
| Unibail-Rodamco-Westfield | 21450 | 1810809 |
|  |  | **5753496** |
| **Germany — 2.8%** | **Germany — 2.8%** | **Germany — 2.8%** |
| LEG Immobilien SE | 34665 | 2927597 |
| Vonovia SE | 160550 | 5318144 |
|  |  | **8245741** |
| **Hong Kong — 2.7%** | **Hong Kong — 2.7%** | **Hong Kong — 2.7%** |
| Hongkong Land Holdings Ltd. | 273700 | 1338393 |
| Link REIT | 621100 | 2911056 |
| Sun Hung Kai Properties Ltd. | 288000 | 2734953 |
| Wharf Real Estate Investment Co. Ltd. | 451000 | 1081618 |
|  |  | **8066020** |
| **Japan — 9.1%** | **Japan — 9.1%** | **Japan — 9.1%** |
| Activia Properties, Inc. | 558 | 1336655 |
| Comforia Residential REIT, Inc. | 941 | 1828296 |
| Daiwa Office Investment Corp. | 551 | 1179228 |
| GLP J-REIT | 1697 | 1462235 |
| Invincible Investment Corp. | 2281 | 941244 |
| Japan Prime Realty Investment Corp. | 310 | 765352 |
| KDX Realty Investment Corp. | 1298 | 1349019 |
| Mitsubishi Estate Co. Ltd. | 182000 | 3188628 |
| Mitsui Fudosan Co. Ltd. | 559000 | 5508680 |
| Mitsui Fudosan Logistics Park, Inc. | 862 | 614336 |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Japan — 9.1% (continued)** | **Japan — 9.1% (continued)** | **Japan — 9.1% (continued)** |
| Nippon Building Fund, Inc. | 1867 | 1731460 |
| Nippon Prologis REIT, Inc. | 389 | 642348 |
| Nomura Real Estate Master Fund, Inc. | 2294 | 2281486 |
| Orix JREIT, Inc. | 536 | 674030 |
| Sumitomo Realty & Development Co. Ltd. | 93100 | 3451042 |
|  |  | **26954039** |
| **Mexico — .5%** | **Mexico — .5%** | **Mexico — .5%** |
| Corp Inmobiliaria Vesta SAB de CV, ADR<sup>(b)</sup> <br>| 52260 | **1432969** |
| **Singapore — 2.4%** | **Singapore — 2.4%** | **Singapore — 2.4%** |
| CapitaLand Integrated Commercial Trust | 1173600 | 1931889 |
| CapitaLand Investment Ltd. | 290700 | 612070 |
| City Developments Ltd. | 117500 | 447114 |
| Digital Core REIT Management Pte Ltd. | 1674000 | 837000 |
| Frasers Centrepoint Trust | 712963 | 1233670 |
| Frasers Logistics & Commercial Trust | 1413200 | 968390 |
| Mapletree Logistics Trust | 1110800 | 952527 |
|  |  | **6982660** |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Cellnex Telecom SA<sup>(c)</sup> <br>| 33400 | 1348517 |
| Merlin Properties Socimi SA | 138760 | 1565655 |
|  |  | **2914172** |
| **Sweden — .8%** | **Sweden — .8%** | **Sweden — .8%** |
| Castellum AB<sup>(a)</sup> <br>| 137115 | 1660474 |
| Fabege AB | 68710 | 586120 |
|  |  | **2246594** |
| **United Kingdom — 4.1%** | **United Kingdom — 4.1%** | **United Kingdom — 4.1%** |
| Assura PLC | 1381503 | 894052 |
| Empiric Student Property PLC | 541500 | 658151 |
| Grainger PLC | 572148 | 1639379 |
| LondonMetric Property PLC | 704892 | 1806485 |
| Safestore Holdings PLC | 128838 | 1080869 |
| The British Land Company PLC | 480940 | 2521492 |
| The UNITE Group PLC | 119310 | 1368233 |
| Tritax Big Box REIT PLC | 1204050 | 2294632 |
|  |  | **12263293** |
| **United States — 63.8%** | **United States — 63.8%** | **United States — 63.8%** |
| Agree Realty Corp.<sup>(b),(d)</sup> <br>| 56900 | 4416009 |
| American Healthcare REIT, Inc.<sup>(d)</sup> <br>| 95362 | 3078285 |
| American Homes 4 Rent, Cl. A<sup>(d)</sup> <br>| 23720 | 886891 |
| Americold Realty Trust, Inc.<sup>(d)</sup> <br>| 89620 | 1733251 |
| Brixmor Property Group, Inc.<sup>(d)</sup> <br>| 186780 | 4652690 |
| Broadstone Net Lease, Inc.<sup>(d)</sup> <br>| 111950 | 1811351 |
| BXP, Inc.<sup>(d)</sup> <br>| 46030 | 2933492 |
| Camden Property Trust<sup>(d)</sup> <br>| 60300 | 6862140 |
| Cousins Properties, Inc.<sup>(d)</sup> <br>| 127350 | 3507219 |
| CubeSmart<sup>(d)</sup> <br>| 83580 | 3399199 |
| DiamondRock Hospitality Co.<sup>(d)</sup> <br>| 123030 | 903040 |
| Digital Realty Trust, Inc.<sup>(d)</sup> <br>| 61370 | 9852340 |
| Equinix, Inc.<sup>(d)</sup> <br>| 19820 | 17060065 |
| Equity Residential<sup>(d)</sup> <br>| 75540 | 5307440 |
| Extra Space Storage, Inc.<sup>(d)</sup> <br>| 62880 | 9213178 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **United States — 63.8% (continued)** | **United States — 63.8% (continued)** | **United States — 63.8% (continued)** |
| Federal Realty Investment Trust<sup>(d)</sup> <br>| 26010 | 2445460 |
| First Industrial Realty Trust, Inc.<sup>(d)</sup> <br>| 47880 | 2278130 |
| Healthcare Realty Trust, Inc.<sup>(d)</sup> <br>| 83100 | 1290543 |
| Healthpeak Properties, Inc.<sup>(d)</sup> <br>| 335774 | 5990208 |
| Host Hotels & Resorts, Inc.<sup>(d)</sup> <br>| 301010 | 4250261 |
| Invitation Homes, Inc.<sup>(d)</sup> <br>| 211678 | 7237271 |
| Iron Mountain, Inc.<sup>(d)</sup> <br>| 40381 | 3620964 |
| Kimco Realty Corp.<sup>(d)</sup> <br>| 239330 | 4781813 |
| Kite Realty Group Trust<sup>(d)</sup> <br>| 175730 | 3804554 |
| Lineage, Inc.<sup>(b),(d)</sup> <br>| 37350 | 1801391 |
| LXP Industrial Trust<sup>(d)</sup> <br>| 118410 | 934255 |
| NNN REIT, Inc.<sup>(d)</sup> <br>| 63220 | 2598974 |
| Omega Healthcare Investors, Inc.<sup>(d)</sup> <br>| 53970 | 2107529 |
| Pebblebrook Hotel Trust<sup>(d)</sup> <br>| 38446 | 347936 |
| Prologis, Inc.<sup>(d)</sup> <br>| 122330 | 12502126 |
| Public Storage<sup>(d)</sup> <br>| 11460 | 3442928 |
| Realty Income Corp.<sup>(d)</sup> <br>| 109910 | 6359393 |
| Rexford Industrial Realty, Inc.<sup>(d)</sup> <br>| 110020 | 3641662 |
| Simon Property Group, Inc.<sup>(d)</sup> <br>| 30550 | 4807959 |
| Sun Communities, Inc.<sup>(d)</sup> <br>| 16040 | 1995857 |
| UDR, Inc.<sup>(d)</sup> <br>| 172571 | 7227273 |
| Ventas, Inc.<sup>(d)</sup> <br>| 146970 | 10299658 |
| VICI Properties, Inc.<sup>(d)</sup> <br>| 60220 | 1928244 |
| Vornado Realty Trust<sup>(d)</sup> <br>| 63170 | 2228638 |
| Welltower, Inc.<sup>(d)</sup> <br>| 96840 | 14776816 |
| Xenia Hotels & Resorts, Inc.<sup>(d)</sup> <br>| 17743 | 189495 |
|  |  | **188505928** |
| **Total Common Stocks** <br>(cost $256,124,835)<br>|  | **294053740** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>|  |  |
| **Investment Companies — .4%** |  |  |  |
| **Registered Investment Companies — .4%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(e)</sup> <br>(cost $1,145,162)<br>| 4.45 | 1145162 | **1145162** |
| **Investment of Cash Collateral for Securities Loaned — .7%** |  |  |  |
| **Registered Investment Companies — .7%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(e)</sup> <br>(cost $2,012,439)<br>| 4.45 | 2012439 | **2012439** |
| **Total Investments** (cost $259,282,436) |  | **100.6%**<br>| **297211341** |
| **Liabilities, Less Cash and Receivables** |  | **(.6**<br> **%)**<br>| **(1668576)**<br>|
| **Net Assets** |  | **100.0%**<br>| **295542765** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR—American Depositary Receipt <br> CVA—Company Voluntary Arrangement

**5**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

REIT—Real Estate Investment Trust<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security, or portion thereof, on loan. At April 30, 2025, the value of the fund's securities on loan was $7,070,194 and the value of the collateral was $7,459,530, consisting of cash collateral of $2,012,439 and U.S. Government & Agency securities valued at $5,447,091. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(c)</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 April 30, 2025, these securities amounted to $1,348,517 or 0.5% of net assets. 

<sup>(d)</sup> Investment in real estate investment trust within the United States.

<sup>(e)</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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>4/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** | **Registered Investment Companies - .4%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .4%<br>| 1823455 | 29036043 | (29714336) | 1145162 | 38222 |
| **Investment of Cash Collateral for Securities Loaned - .7%** | **Investment of Cash Collateral for Securities Loaned - .7%** | **Investment of Cash Collateral for Securities Loaned - .7%** | **Investment of Cash Collateral for Securities Loaned - .7%** | **Investment of Cash Collateral for Securities Loaned - .7%** | **Investment of Cash Collateral for Securities Loaned - .7%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .7%<br>| 244008 | 18835498 | (17067067) | 2012439 | 8039<sup>††</sup> <br>|
| **Total - 1.1%** | **2067463** | **47871541** | **(46781403)** | **3157601** | **46261** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

See notes to financial statements.

**6**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments <br>(including securities on loan, valued at $7,070,194)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 256124835 | &nbsp;&nbsp;&nbsp;&nbsp; 294053740 |
| Affiliated issuers | 3157601 | &nbsp;&nbsp;&nbsp;&nbsp; 3157601 |
| Cash denominated in foreign currency | 3676 | &nbsp;&nbsp;&nbsp;&nbsp; 3666 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 463187 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 399343 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109957 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 35524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **298223018** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 241173 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2012439 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 263782 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 81307 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 4051 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 77501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2680253** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **295542765** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 298489252 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (2946487)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **295542765** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 8812786 | &nbsp;&nbsp;&nbsp;&nbsp; 209196 | &nbsp;&nbsp;&nbsp;&nbsp; 46214982 | &nbsp;&nbsp;&nbsp;&nbsp; 240305801 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 1044105 | &nbsp;&nbsp;&nbsp;&nbsp; 25373 | &nbsp;&nbsp;&nbsp;&nbsp; 5594856 | &nbsp;&nbsp;&nbsp;&nbsp; 29079791 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**8.44** | &nbsp;&nbsp;&nbsp;&nbsp;**8.24** | &nbsp;&nbsp;&nbsp;&nbsp;**8.26** | &nbsp;&nbsp;&nbsp;&nbsp;**8.26** |

---

See notes to financial statements.

**7**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $191,632 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 5644913 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 38222 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 8039 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5691174** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1415721 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 51721 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 44019 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 36033 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 20824 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 17515 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 13727 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 11762 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3662 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 19503 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1635717** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (55175)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (220)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1580322** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **4110852** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 380594 |
| Net realized gain (loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2929 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **383523** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (11553499)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(11169976)**<br>|
| **Net (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(7059124)**<br>|

---

See notes to financial statements.

**8**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4110852 | &nbsp;&nbsp;&nbsp;&nbsp; 7940004 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 383523 | &nbsp;&nbsp;&nbsp;&nbsp; (5997254) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (11553499) | &nbsp;&nbsp;&nbsp;&nbsp; 80414436 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(7059124)** | &nbsp;&nbsp;&nbsp;&nbsp; **82357186** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (227168) | &nbsp;&nbsp;&nbsp;&nbsp; (236652) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (4929) | &nbsp;&nbsp;&nbsp;&nbsp; (4861) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (1268014) | &nbsp;&nbsp;&nbsp;&nbsp; (1080407) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (6625643) | &nbsp;&nbsp;&nbsp;&nbsp; (6858656) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(8125754)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8180576)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 771755 | &nbsp;&nbsp;&nbsp;&nbsp; 1298476 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 6430059 | &nbsp;&nbsp;&nbsp;&nbsp; 18116183 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 21788862 | &nbsp;&nbsp;&nbsp;&nbsp; 57974898 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 219238 | &nbsp;&nbsp;&nbsp;&nbsp; 232748 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 4929 | &nbsp;&nbsp;&nbsp;&nbsp; 4861 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 1236981 | &nbsp;&nbsp;&nbsp;&nbsp; 1049801 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 1399395 | &nbsp;&nbsp;&nbsp;&nbsp; 1412127 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1703045) | &nbsp;&nbsp;&nbsp;&nbsp; (3003809) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (88386) | &nbsp;&nbsp;&nbsp;&nbsp; (38441) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (8137525) | &nbsp;&nbsp;&nbsp;&nbsp; (12996215) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (36158923) | &nbsp;&nbsp;&nbsp;&nbsp; (72238086) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(14236660)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8187457)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(29421538)** | &nbsp;&nbsp;&nbsp;&nbsp; **65989153** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 324964303 | &nbsp;&nbsp;&nbsp;&nbsp; 258975150 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **295542765** | &nbsp;&nbsp;&nbsp;&nbsp; **324964303** |

---

**9**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> October 31, 2024 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 89268 | &nbsp;&nbsp;&nbsp;&nbsp; 162309 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 26510 | &nbsp;&nbsp;&nbsp;&nbsp; 28770 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (200756) | &nbsp;&nbsp;&nbsp;&nbsp; (371077) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(84978)** | &nbsp;&nbsp;&nbsp;&nbsp; **(179998)** |
| **Class C** |  |  |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp;&nbsp; 613 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10874) | &nbsp;&nbsp;&nbsp;&nbsp; (4930) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(10265)** | &nbsp;&nbsp;&nbsp;&nbsp; **(4317)** |
| **Class I**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 783377 | &nbsp;&nbsp;&nbsp;&nbsp; 2297957 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 152902 | &nbsp;&nbsp;&nbsp;&nbsp; 132551 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1001313) | &nbsp;&nbsp;&nbsp;&nbsp; (1651529) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(65034)** | &nbsp;&nbsp;&nbsp;&nbsp; **778979** |
| **Class Y**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2634616 | &nbsp;&nbsp;&nbsp;&nbsp; 7387479 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 172978 | &nbsp;&nbsp;&nbsp;&nbsp; 178299 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4361373) | &nbsp;&nbsp;&nbsp;&nbsp; (9267698) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1553779)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1701920)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> During the period ended April 30, 2025, 11,603 Class Y shares representing $100,715 were exchanged for 11,393 Class A shares and 260,433 Class Y shares representing $2,185,006 were exchanged for 260,512 Class I shares. During the period ended October 31, 2024, 4,000 Class I shares representing $35,162 were exchanged for 3,920 Class A shares, 40,883 Class Y shares representing $328,496 were exchanged for 40,059 Class A shares and 610,665 Class Y shares representing $4,892,829 were exchanged for 610,916 Class I shares. 

See notes to financial statements.

**10**

------

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .11 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp; (1.68)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.99)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.20 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;32.54 | &nbsp;&nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;43.44 | &nbsp;&nbsp;&nbsp;&nbsp; (17.72)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| Ratio of net expenses to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Ratio of net investment income to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 19.76 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | &nbsp;&nbsp;&nbsp;&nbsp;74.59 | &nbsp;&nbsp;&nbsp;&nbsp;84.48 | &nbsp;&nbsp;&nbsp;&nbsp;116.78 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 8813 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 | &nbsp;&nbsp;&nbsp;&nbsp; 8944 | &nbsp;&nbsp;&nbsp;&nbsp; 17007 | &nbsp;&nbsp;&nbsp;&nbsp; 22767 | &nbsp;&nbsp;&nbsp;&nbsp; 17764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Exclusive of sales charge.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(f)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**11**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .07 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .12 | &nbsp;&nbsp;&nbsp;&nbsp; .07 | &nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp; .06 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.77)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp; (1.71)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.92)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| **Total Return (%)**<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.66 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;31.53 | &nbsp;&nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;42.42 | &nbsp;&nbsp;&nbsp;&nbsp; (18.37)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Ratio of net expenses to average net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br><sup>(e),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Ratio of net investment income to average net assets<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76 <br><sup>(e),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 19.76 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | &nbsp;&nbsp;&nbsp;&nbsp;74.59 | &nbsp;&nbsp;&nbsp;&nbsp;84.48 | &nbsp;&nbsp;&nbsp;&nbsp;116.78 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $.01 per share.

<sup>(c)</sup> Exclusive of sales charge.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(g)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**12**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .15 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp; (1.77)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp; (1.62)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (2.10 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;32.83 | &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;43.93 | &nbsp;&nbsp;&nbsp;&nbsp; (17.56)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Ratio of net expenses to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Ratio of net investment income to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 19.76 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | &nbsp;&nbsp;&nbsp;&nbsp;74.59 | &nbsp;&nbsp;&nbsp;&nbsp;84.48 | &nbsp;&nbsp;&nbsp;&nbsp;116.78 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 46215 | &nbsp;&nbsp;&nbsp;&nbsp; 49056 | &nbsp;&nbsp;&nbsp;&nbsp; 32745 | &nbsp;&nbsp;&nbsp;&nbsp; 36804 | &nbsp;&nbsp;&nbsp;&nbsp; 55310 | &nbsp;&nbsp;&nbsp;&nbsp; 32044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**13**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .16 | &nbsp;&nbsp;&nbsp;&nbsp; .14 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp; (1.77)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp; (1.63)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (2.10 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;32.83 | &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;43.77 | &nbsp;&nbsp;&nbsp;&nbsp; (17.50)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net expenses to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 19.76 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;47.81 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | &nbsp;&nbsp;&nbsp;&nbsp;74.59 | &nbsp;&nbsp;&nbsp;&nbsp;84.48 | &nbsp;&nbsp;&nbsp;&nbsp;116.78 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 240306 | &nbsp;&nbsp;&nbsp;&nbsp; 265621 | &nbsp;&nbsp;&nbsp;&nbsp; 217020 | &nbsp;&nbsp;&nbsp;&nbsp; 305166 | &nbsp;&nbsp;&nbsp;&nbsp; 451611 | &nbsp;&nbsp;&nbsp;&nbsp; 353495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Developed Markets Real Estate Securities Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds V, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering two series, including the fund. The fund's investment objective is to seek to maximize total return consisting 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"), serves as the fund's investment adviser. CenterSquare Investment Management LLC (the "Sub-Adviser"), serves as the fund's sub-adviser.

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 750 million shares of $.001 par value of Common Stock. The fund currently has authorized four classes of shares: Class A (100 million shares authorized), Class C (50 million shares authorized), Class I (400 million shares authorized) and Class Y (200 million shares authorized). 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 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 I and Class Y 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 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 Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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 Company 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.

**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).

**15**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Company's Board of Directors (the "Board") has designated the Adviser as the fund's valuation designee 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 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.

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. 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 pricing 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.

The following is a summary of the inputs used as of April 30, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 294053740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **294053740** |
| Investment Companies | &nbsp;&nbsp; 3157601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **3157601** |
|  | &nbsp;&nbsp; **297211341** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **297211341** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**(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

**16**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 April 30, 2025, 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 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, 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. 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. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. 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 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 April 30, 2025, BNY earned $1,144 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of April 30, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | | |
|:---|:---|:---|
|  | **Assets ($)** | **Liabilities ($)** |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7070194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7070194 )<sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amount | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, <br> the value of collateral may include pending sales that are also on loan. See Statement of Investments for detailed information regarding collateral received for open <br> securities lending.<br>|

---

**(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. 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, 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

**17**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

risks might affect companies world-wide.

**Foreign Investment Risk**: To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.

**Real Estate Sector Risk:**The securities of issuers that are principally engaged in the real estate sector may be subject to risks similar to those associated with the direct ownership of real estate. These include: declines in real estate values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and operating expenses; overbuilding; fluctuations in rental income; changes in interest rates; possible lack of availability of mortgage funds or financing; extended vacancies of properties; changes in tax and regulatory requirements (including zoning laws and environmental restrictions); losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; and casualty or condemnation losses. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a portfolio company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values.

**(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 April 30, 2025, 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 April 30, 2025, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $30,298,911 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2024. The fund has $12,880,432 of short-term capital losses and $17,418,479 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2024 were as follows: ordinary income $8,180,576. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the Adviser, comprising Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Statement of

**18**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY 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 $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 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 BNY 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 April 30, 2025, the fund was charged $273 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended April 30, 2025 was approximately $9,945 with a related weighted average annualized interest rate of 5.54%. As of April 30, 2025, the fund has no outstanding loan balance from either Facility.

**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 .95% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from November 1, 2024 through February 28, 2026, 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 share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.05% of the value of the fund's average daily net assets. On or after February 28, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $55,175 during the period ended April 30, 2025.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .46% of the value of the fund's average daily net assets.

During the period ended April 30, 2025, the Distributor retained $670 from commissions earned on sales of the fund's Class A shares.

**(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 April 30, 2025, Class C shares were charged $957 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 April 30, 2025, Class A and Class C shares were charged $11,633 and $319, respectively, pursuant to the Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY 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 and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees 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

**19**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

fees are related to fund subscriptions and redemptions. During the period ended April 30, 2025, the fund was charged $3,017 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 $220.

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 April 30, 2025, the fund was charged $20,824 pursuant to the custody agreement.

During the period ended April 30, 2025, the fund was charged $17,515 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 $222,695, Distribution Plan fees of $124, Shareholder Services Plan fees of $1,798, Custodian fees of $22,032, Chief Compliance Officer fees of $3,295 and Transfer Agent fees of $1,195, which are offset against an expense reimbursement currently in effect in the amount of $9,966.

**(d)** Each board member of the fund 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 of investment securities, excluding short-term securities and derivatives, during the period ended April 30, 2025, amounted to $59,849,588 and $78,007,571, respectively.

**Derivatives**: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, "Master Agreements") with its over-the counter ("OTC") derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. 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 applicable derivatives does not exceed 10% of the 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 April 30, 2025 is discussed below.

**Forward Foreign Currency Exchange Contracts**: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund's exposure to the counterparty. As of April 30, 2025, there were no forward contracts outstanding.

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2025 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| Underlying risk | Forward Contracts<sup>(1)</sup> <br>| Total |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp; 2929 | &nbsp;&nbsp;&nbsp;&nbsp; **2929** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **2929** | &nbsp;&nbsp;&nbsp;&nbsp; **2929** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on forward foreign currency exchange contracts.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Forward Contracts:** |  |
| Forward Contracts Purchased in USD | &nbsp;&nbsp; 15400 |
| Forward Contracts Sold in USD | &nbsp;&nbsp; 48490 |

---

At April 30, 2025, accumulated net unrealized appreciation on investments was $37,928,905, consisting of $50,526,571 gross unrealized appreciation and $12,597,666 gross unrealized depreciation.

At April 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

**21**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**22**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**23**

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $31,242.

**24**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting of the fund's Board of Directors (the "Board") held on March 4-5, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which CenterSquare Investment Management LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered portfolio management's brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Class I shares with the performance of a group of institutional global real estate funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional global real estate funds (the "Performance Universe"), all for various periods ended December 31, 2024, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all institutional global real estate funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was above the Performance Group median and the Performance Universe median for all periods. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's performance benchmark index, and it was noted that the fund's returns were above the returns of the index in all calendar years shown. The Board noted that the fund had a five-star overall rating from Morningstar, a five-star rating for each of the three- and five-year periods and a four-star rating for the ten-year period based on Morningstar's risk-adjusted return measures.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year, which included reductions for an expense limitation arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was higher than the Expense Group median contractual management fee, the fund's actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until February 28, 2026, 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 share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.05%.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid to the Adviser or the Sub-Adviser for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund

**25**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

(the "Similar Clients"), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since the Adviser, and not the fund, pays the Sub-Adviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Sub-Adviser's profitability to be relevant to its deliberations. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund's investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactory and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was satisfied with the fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**26**

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Code-6593NCSRSA0425

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers for Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.** 

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

There have been no materials changes to the procedures applicable to Item 15.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable.

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](cert302-092.htm).

(a)(3) Not applicable.

&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;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](cert906-092.htm).

**SIGNATURES** 

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 V, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 18, 2025

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: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 18, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 18, 2025

**EXHIBIT INDEX**

(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)&nbsp;&nbsp;&nbsp;&nbsp; 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.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 V, Inc.;

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: June 18, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

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

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: June 18, 2025

## 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)

Date: June 18, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 18, 2025

*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.*