# EDGAR Filing Document

**Accession Number:** 0000819940
**File Stem:** 0000819940-25-000020
**Filing Date:** 2025-6
**Character Count:** 319590
**Document Hash:** 26b80eaf3fa97d279c57385d683ef778
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819940-25-000020.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0000819940-25-000020

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**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 IV, Inc.
- **CENTRAL INDEX KEY:** 0000819940

**ORGANIZATION NAME:**
- **EIN:** 134024319
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05202
- **FILM NUMBER:** 251089709

**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/LAUREL FUNDS, INC.
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS/LAUREL FUNDS, INC
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS/LAUREL FUNDS INC
- **DATE OF NAME CHANGE:** 20040419

## Series and Classes Contracts Data

### BNY Mellon Institutional S&P 500 Stock Index Fund (Series ID: S000000299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000734 | Class I      | DSPIX           |

### BNY Mellon Bond Market Index Fund (Series ID: S000000307)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000000765 | Investor Shares | DBMIX           |
| C000000766 | Class I         | DBIRX           |

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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

#### 811-05202

#### BNY Mellon Investment Funds IV, 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 Bond Market Index Fund

BNY Mellon Institutional S&P 500 Stock Index Fund

ITEM 1 - Reports to Stockholders

BNY Mellon Bond Market Index Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class I – DBIRX
This semi-annual shareholder report contains important information about BNY Mellon Bond Market Index 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> | $8 0.15%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $507 | 2610 | 93.01% |

---

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

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_9998618.jpg)

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

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998594.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-0710SA0425

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

BNY Mellon Bond Market Index Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Investor Shares – DBMIX
This semi-annual shareholder report contains important information about BNY Mellon Bond Market Index 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** |
| Investor Shares<sup>\*</sup> | $20 0.40%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $507 | 2610 | 93.01% |

---

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

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_9998668.jpg)

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

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998644.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-0310SA0425

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

BNY Mellon Institutional S&P 500 Stock Index Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2025

#### Class I – DSPIX
This semi-annual shareholder report contains important information about BNY Mellon Institutional S&P 500 Stock Index 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> | $10 0.20%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1422 | 505 | 1.05% |

---

&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_9998568.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_9998544.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-0713SA0425

 **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 Bond Market Index Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2025

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| I | DBIRX |
| Investor | DBMIX |

---

![](img9033cefc1.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_59d130a8-15bb-4817-9c7e-047f2aec5e3b_SOI-Commoncontent-4775_1)**<br> **[Investment Companies](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_SOI-Commoncontent-4775_1)**<br>| 3 |
| [Statement of Investments](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_SOI-Commoncontent-4775_1) | 3 |
| [Statement of Assets and Liabilities](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_FS-Commoncontent-4775_1) | 33 |
| [Statement of Operations](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_FS-Commoncontent-4775_2) | 34 |
| [Statement of Changes in Net Assets](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_FS-Commoncontent-4775_3) | 35 |
| [Financial Highlights](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_FIHI-Commoncontent-4775_1) | 36 |
| [Notes to Financial Statements](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_NTF-Commoncontent-4775_1) | 38 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_CDA-Commoncontent-4775_1)**<br> **[Investment Companies](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_CDA-Commoncontent-4775_1)**<br>| 44 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_PRXD-Commoncontent-4775_1)** | 45 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_RMNP-Commoncontent-4775_1)**<br> **[Management Investment Companies](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_RMNP-Commoncontent-4775_1)**<br>| 46 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_59d130a8-15bb-4817-9c7e-047f2aec5e3b_AAA-Commoncontent-4775_1)** | 47 |

---

------

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

BNY Mellon Bond Market Index Fund

STATEMENT OF INVESTMENTS

April 30, 2025 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4%** | **Bonds and Notes — 101.4%** | **Bonds and Notes — 101.4%** | **Bonds and Notes — 101.4%** | **Bonds and Notes — 101.4%** |
| **Aerospace & Defense — .4%** | **Aerospace & Defense — .4%** | **Aerospace & Defense — .4%** | **Aerospace & Defense — .4%** | **Aerospace & Defense — .4%** |
| GE Capital International Funding Co., Gtd. Notes | 4.42 | 11/15/2035 | 100000 | 95303 |
| General Dynamics Corp., Gtd. Notes | 4.25 | 4/1/2050 | 150000 | 125182 |
| General Electric Co., Sr. Unscd. Notes | 4.35 | 5/1/2050 | 100000 | 83268 |
| HEICO Corp., Gtd. Notes | 5.35 | 8/1/2033 | 100000 | 101210 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 5.05 | 4/27/2045 | 100000 | 91710 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.07 | 12/15/2042 | 250000 | 207161 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.03 | 10/15/2047 | 160000 | 125502 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.70 | 3/15/2033 | 100000 | 98859 |
| RTX Corp., Sr. Unscd. Notes | 3.13 | 5/4/2027 | 110000 | 107560 |
| RTX Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 210000 | 208389 |
| RTX Corp., Sr. Unscd. Notes | 4.63 | 11/16/2048 | 105000 | 88833 |
| RTX Corp., Sr. Unscd. Notes | 6.10 | 3/15/2034 | 75000 | 80657 |
| RTX Corp., Sr. Unscd. Notes | 6.40 | 3/15/2054 | 75000 | 80615 |
| RTX Corp., Sr. Unscd. Notes | 7.20 | 8/15/2027 | 150000 | 159069 |
| The Boeing Company, Sr. Unscd. Notes | 3.50 | 3/1/2039 | 200000 | 150824 |
| The Boeing Company, Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.75 | 2/1/2050 | 125000 | 86642 |
| The Boeing Company, Sr. Unscd. Notes | 5.15 | 5/1/2030 | 250000 | 252483 |
| The Boeing Company, Sr. Unscd. Notes | 5.93 | 5/1/2060 | 100000 | 92342 |
|  |  |  |  | **2235609** |
| **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** |
| Altria Group, Inc., Gtd. Notes | 3.40 | 2/4/2041 | 80000 | 57622 |
| Altria Group, Inc., Gtd. Notes | 3.70 | 2/4/2051 | 200000 | 134898 |
| Altria Group, Inc., Gtd. Notes | 4.80 | 2/14/2029 | 150000 | 150954 |
| BAT Capital Corp., Gtd. Notes | 3.56 | 8/15/2027 | 43000 | 42214 |
| BAT Capital Corp., Gtd. Notes | 4.39 | 8/15/2037 | 180000 | 157936 |
| BAT Capital Corp., Gtd. Notes | 5.63 | 8/15/2035 | 200000 | 200915 |
| BAT Capital Corp., Gtd. Notes | 5.65 | 3/16/2052 | 200000 | 180245 |
| Bunge Ltd. Finance Corp., Gtd. Notes | 4.20 | 9/17/2029 | 300000 | 296328 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.50 | 3/20/2042 | 150000 | 129803 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.75 | 2/12/2027 | 100000 | 101085 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 5.13 | 11/17/2027 | 150000 | 153226 |
|  |  |  |  | **1605226** |
| **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** |
| American Airlines Pass Through Trust, Ser. 2016-1, Cl. AA | 3.58 | 1/15/2028 | 324641 | 313133 |
| JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. AA | 2.75 | 5/15/2032 | 230501 | 199751 |
| Southwest Airlines Co., Sr. Unscd. Notes | 5.13 | 6/15/2027 | 125000 | 125377 |
|  |  |  |  | **638261** |
| **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** |
| Ally Auto Receivables Trust, Ser. 2024-2, Cl. A3 | 4.14 | 7/16/2029 | 100000 | 99888 |
| CarMax Auto Owner Trust, Ser. 2023-4, Cl. A3 | 6.00 | 7/17/2028 | 200000 | 203319 |
| GM Financial Automobile Leasing Trust, Ser. 2024-2, Cl. A3 | 5.39 | 7/20/2027 | 150000 | 151558 |
| Hyundai Auto Receivables Trust, Ser. 2023-C, Cl. A3 | 5.54 | 10/16/2028 | 325000 | 329408 |
| Hyundai Auto Receivables Trust, Ser. 2024-B, Cl. A3 | 4.84 | 3/15/2029 | 100000 | 101156 |
| Mercedes-Benz Auto Receivables Trust, Ser. 2025-1, Cl. A4 | 4.92 | 4/15/2031 | 100000 | 102410 |
| Nissan Auto Receivables Owner Trust, Ser. 2024-A, Cl. A3 | 5.28 | 12/15/2028 | 100000 | 101175 |
| Toyota Auto Receivables Owner Trust, Ser. 2022-C, Cl. A4 | 3.77 | 2/15/2028 | 100000 | 99417 |
|  |  |  |  | **1188331** |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** |
| American Express Credit Account Master Trust, Ser. 2023-2, Cl. A | 4.80 | 5/15/2030 | 250000 | 255454 |
| Capital One Multi-Asset Execution Trust, Ser. 2021-A2, Cl. A2 | 1.39 | 7/15/2030 | 300000 | 275479 |
|  |  |  |  | **530933** |
| **Automobiles & Components — .8%** | **Automobiles & Components — .8%** | **Automobiles & Components — .8%** | **Automobiles & Components — .8%** | **Automobiles & Components — .8%** |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.40 | 10/5/2026 | 200000 | 199939 |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.60 | 4/17/2030 | 100000 | 100116 |
| American Honda Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.65 | 11/15/2028 | 100000 | 103971 |
| Aptiv Swiss Holdings Ltd., Gtd. Notes | 5.75 | 9/13/2054 | 200000 | 171662 |
| Cummins, Inc., Sr. Unscd. Notes | 2.60 | 9/1/2050 | 100000 | 58871 |
| Cummins, Inc., Sr. Unscd. Notes | 4.90 | 2/20/2029 | 100000 | 102190 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 4.95 | 5/28/2027 | 200000 | 195810 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 5.13 | 11/5/2026 | 200000 | 198194 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 6.80 | 11/7/2028 | 200000 | 204138 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 7.12 | 11/7/2033 | 200000 | 201523 |
| General Motors Co., Sr. Unscd. Notes | 4.20 | 10/1/2027 | 180000 | 177080 |
| General Motors Co., Sr. Unscd. Notes | 5.20 | 4/1/2045 | 190000 | 155940 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.35 | 1/8/2031 | 100000 | 85001 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.40 | 4/10/2028 | 300000 | 278818 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.70 | 6/10/2031 | 30000 | 25691 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.40 | 5/8/2027 | 100000 | 101033 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.80 | 1/7/2029 | 100000 | 102093 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.85 | 4/6/2030 | 100000 | 101758 |
| Magna International, Inc., Sr. Unscd. Notes | 2.45 | 6/15/2030 | 200000 | 178294 |
| Mercedes-Benz Finance North America LLC, Gtd. Notes | 8.50 | 1/18/2031 | 200000 | 236461 |
| PACCAR Financial Corp., Sr. Unscd. Notes | 5.05 | 8/10/2026 | 200000 | 202644 |
| Toyota Motor Corp., Sr. Unscd. Bonds | 3.67 | 7/20/2028 | 200000 | 198554 |
| Toyota Motor Corp., Sr. Unscd. Notes | 5.12 | 7/13/2033 | 100000 | 102824 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 1.65 | 1/10/2031 | 150000 | 128783 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 4.63 | 1/12/2028 | 200000 | 202386 |
|  |  |  |  | **3813774** |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| Banco Santander SA, Sr. Notes | 3.80 | 2/23/2028 | 400000 | 391015 |
| Bank of America Corp., Sr. Unscd. Notes | 1.90 | 7/23/2031 | 200000 | 173486 |
| Bank of America Corp., Sr. Unscd. Notes | 2.30 | 7/21/2032 | 260000 | 223523 |
| Bank of America Corp., Sr. Unscd. Notes | 2.50 | 2/13/2031 | 270000 | 244469 |
| Bank of America Corp., Sr. Unscd. Notes | 2.57 | 10/20/2032 | 125000 | 108671 |
| Bank of America Corp., Sr. Unscd. Notes | 2.68 | 6/19/2041 | 145000 | 102852 |
| Bank of America Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.97 | 7/21/2052 | 85000 | 53578 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 2/4/2033 | 120000 | 105544 |
| Bank of America Corp., Sr. Unscd. Notes | 3.19 | 7/23/2030 | 130000 | 122689 |
| Bank of America Corp., Sr. Unscd. Notes | 4.27 | 7/23/2029 | 180000 | 178897 |
| Bank of America Corp., Sr. Unscd. Notes | 4.98 | 1/24/2029 | 100000 | 101348 |
| Bank of America Corp., Sr. Unscd. Notes | 5.00 | 1/21/2044 | 250000 | 231329 |
| Bank of America Corp., Sr. Unscd. Notes | 5.16 | 1/24/2031 | 100000 | 101895 |
| Bank of America Corp., Sr. Unscd. Notes | 5.47 | 1/23/2035 | 100000 | 101466 |
| Bank of America Corp., Sr. Unscd. Notes | 5.51 | 1/24/2036 | 100000 | 101399 |
| Bank of America Corp., Sr. Unscd. Notes | 5.87 | 9/15/2034 | 150000 | 156354 |
| Bank of America Corp., Sr. Unscd. Notes | 6.20 | 11/10/2028 | 300000 | 312334 |
| Bank of America Corp., Sr. Unscd. Notes, Ser. N | 3.48 | 3/13/2052 | 50000 | 34986 |
| Bank of America Corp., Sub. Notes | 3.85 | 3/8/2037 | 200000 | 178403 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** |
| Bank of America Corp., Sub. Notes, Ser. L | 4.18 | 11/25/2027 | 250000 | 248736 |
| Bank of Montreal, Sr. Unscd. Notes | 5.27 | 12/11/2026 | 100000 | 101553 |
| BankUnited, Inc., Sub. Notes | 5.13 | 6/11/2030 | 90000 | 86480 |
| Barclays PLC, Sr. Unscd. Notes | 4.34 | 1/10/2028 | 200000 | 198672 |
| Barclays PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.25 | 8/17/2045 | 300000 | 281868 |
| Barclays PLC, Sr. Unscd. Notes | 5.83 | 5/9/2027 | 200000 | 202111 |
| Barclays PLC, Sr. Unscd. Notes | 6.22 | 5/9/2034 | 200000 | 208596 |
| Citibank NA, Sr. Unscd. Notes | 4.88 | 11/19/2027 | 250000 | 251764 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.67 | 7/24/2028 | 250000 | 245414 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.88 | 1/24/2039 | 60000 | 50435 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.08 | 4/23/2029 | 100000 | 98869 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.28 | 4/24/2048 | 200000 | 160299 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.65 | 7/23/2048 | 150000 | 126193 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.91 | 5/24/2033 | 70000 | 68804 |
| Citigroup, Inc., Sr. Unscd. Notes | 6.27 | 11/17/2033 | 300000 | 318084 |
| Citigroup, Inc., Sr. Unscd. Notes | 6.63 | 1/15/2028 | 100000 | 106135 |
| Citigroup, Inc., Sub. Notes | 5.83 | 2/13/2035 | 100000 | 99445 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes | 5.84 | 1/23/2030 | 100000 | 102391 |
| Cooperatieve Rabobank UA, Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 8/4/2045 | 250000 | 230061 |
| Deutsche Bank AG, Sub. Notes | 7.08 | 2/10/2034 | 200000 | 209002 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 2.55 | 5/5/2027 | 200000 | 192570 |
| First Citizens BancShares, Inc., Sr. Unscd. Notes | 5.23 | 3/12/2031 | 100000 | 99796 |
| Goldman Sachs Bank USA, Sr. Unscd. Notes | 5.41 | 5/21/2027 | 200000 | 201906 |
| Goldman Sachs Capital I, Ltd. Gtd. Notes | 6.35 | 2/15/2034 | 100000 | 102297 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 4.95 | 3/31/2030 | 400000 | 404429 |
| HSBC Holdings PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.40 | 8/11/2033 | 300000 | 303409 |
| HSBC Holdings PLC, Sub. Notes | 7.40 | 11/13/2034 | 250000 | 274909 |
| JPMorgan Chase & Co., Sr. Unscd. Bonds | 5.50 | 1/24/2036 | 50000 | 50892 |
| JPMorgan Chase & Co., Sr. Unscd. Bonds | 5.57 | 4/22/2036 | 100000 | 102322 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.76 | 11/19/2031 | 75000 | 64271 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.53 | 11/19/2041 | 80000 | 55318 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.58 | 4/22/2032 | 300000 | 265969 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.96 | 1/25/2033 | 110000 | 97546 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.90 | 1/23/2049 | 105000 | 81180 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.26 | 2/22/2048 | 200000 | 164302 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.49 | 3/24/2031 | 300000 | 298055 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.60 | 10/22/2030 | 100000 | 99969 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.85 | 7/25/2028 | 200000 | 202190 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.92 | 1/24/2029 | 100000 | 101435 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.95 | 10/22/2035 | 400000 | 390818 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.01 | 1/23/2030 | 100000 | 101700 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.04 | 1/23/2028 | 100000 | 100994 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.14 | 1/24/2031 | 100000 | 102157 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.29 | 7/22/2035 | 200000 | 200397 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.34 | 1/23/2035 | 100000 | 100874 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.77 | 4/22/2035 | 65000 | 67396 |
| JPMorgan Chase Bank NA, Sr. Unscd. Notes | 5.11 | 12/8/2026 | 250000 | 253840 |
| KeyBank NA, Sub. Notes | 6.95 | 2/1/2028 | 100000 | 105643 |
| KeyCorp, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.40 | 3/6/2035 | 200000 | 209618 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds | 3.75 | 2/15/2028 | 105000 | 105519 |

---

**5**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes<sup>(a)</sup> <br>| 4.13 | 7/15/2033 | 200000 | 199698 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 4.38 | 3/1/2027 | 200000 | 202580 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes, Ser. GLOB | 3.88 | 5/15/2028 | 200000 | 201772 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 4.55 | 8/16/2028 | 300000 | 299869 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 5.59 | 11/26/2035 | 200000 | 200365 |
| M&T Bank Corp., Sr. Unscd. Notes | 4.55 | 8/16/2028 | 200000 | 199236 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 2.05 | 7/17/2030 | 200000 | 175435 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 4.29 | 7/26/2038 | 200000 | 182318 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.24 | 4/19/2029 | 200000 | 204256 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.35 | 9/13/2028 | 300000 | 306300 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.62 | 4/24/2036 | 200000 | 204454 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.42 | 5/13/2036 | 200000 | 200733 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.67 | 5/27/2029 | 300000 | 309788 |
| Morgan Stanley, Sr. Unscd. Notes | 1.51 | 7/20/2027 | 140000 | 135195 |
| Morgan Stanley, Sr. Unscd. Notes | 1.59 | 5/4/2027 | 300000 | 291337 |
| Morgan Stanley, Sr. Unscd. Notes | 1.79 | 2/13/2032 | 375000 | 316385 |
| Morgan Stanley, Sr. Unscd. Notes | 2.51 | 10/20/2032 | 95000 | 82049 |
| Morgan Stanley, Sr. Unscd. Notes | 2.70 | 1/22/2031 | 175000 | 159886 |
| Morgan Stanley, Sr. Unscd. Notes | 2.94 | 1/21/2033 | 85000 | 74684 |
| Morgan Stanley, Sr. Unscd. Notes | 3.77 | 1/24/2029 | 180000 | 176788 |
| Morgan Stanley, Sr. Unscd. Notes | 4.38 | 1/22/2047 | 250000 | 208409 |
| Morgan Stanley, Sr. Unscd. Notes | 5.12 | 2/1/2029 | 200000 | 203206 |
| Morgan Stanley, Sr. Unscd. Notes | 5.42 | 7/21/2034 | 100000 | 101087 |
| Morgan Stanley, Sr. Unscd. Notes | 5.47 | 1/18/2035 | 100000 | 101051 |
| Morgan Stanley, Sr. Unscd. Notes | 5.66 | 4/17/2036 | 200000 | 204291 |
| Morgan Stanley, Sr. Unscd. Notes | 6.34 | 10/18/2033 | 100000 | 107117 |
| Morgan Stanley, Sr. Unscd. Notes | 7.25 | 4/1/2032 | 300000 | 342540 |
| Morgan Stanley, Sub. Notes | 3.95 | 4/23/2027 | 250000 | 248076 |
| Morgan Stanley, Sub. Notes | 5.95 | 1/19/2038 | 100000 | 100843 |
| National Australia Bank Ltd., Sr. Unscd. Notes | 2.50 | 7/12/2026 | 250000 | 245587 |
| National Bank of Canada, Gtd. Notes | 5.60 | 12/18/2028 | 250000 | 259114 |
| NatWest Group PLC, Sr. Unscd. Notes | 4.96 | 8/15/2030 | 200000 | 201094 |
| Royal Bank of Canada, Sr. Unscd. Notes | 4.51 | 10/18/2027 | 200000 | 200275 |
| Royal Bank of Canada, Sr. Unscd. Notes | 5.15 | 2/1/2034 | 100000 | 101471 |
| State Street Corp., Sr. Unscd. Notes | 3.15 | 3/30/2031 | 300000 | 281452 |
| State Street Corp., Sr. Unscd. Notes | 5.27 | 8/3/2026 | 100000 | 101425 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 3.45 | 1/11/2027 | 160000 | 157971 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.52 | 1/13/2028 | 200000 | 206106 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.56 | 7/9/2034 | 200000 | 204793 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.78 | 7/13/2033 | 200000 | 207883 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.80 | 7/13/2028 | 200000 | 208225 |
| Sumitomo Mitsui Financial Group, Inc., Sub. Notes<sup>(a)</sup> <br>| 6.18 | 7/13/2043 | 100000 | 105687 |
| Synovus Bank/Columbus GA, Sr. Unscd. Notes | 5.63 | 2/15/2028 | 250000 | 250923 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 1.30 | 9/15/2026 | 300000 | 288114 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 4.74 | 11/10/2032 | 200000 | 198143 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Bonds | 4.22 | 5/1/2029 | 200000 | 198139 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 1.54 | 9/10/2027 | 140000 | 134458 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 1.95 | 10/21/2027 | 130000 | 125250 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.62 | 4/22/2032 | 150000 | 131934 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.64 | 2/24/2028 | 100000 | 96731 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** | **Banks — 5.6% (continued)** |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.65 | 10/21/2032 | 120000 | 104167 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.10 | 2/24/2033 | 130000 | 114688 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.44 | 2/24/2043 | 65000 | 48369 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 150000 | 147179 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.94 | 4/23/2028 | 200000 | 201879 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.21 | 1/28/2031 | 100000 | 101733 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.33 | 7/23/2035 | 200000 | 198838 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.54 | 1/28/2036 | 100000 | 101024 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.73 | 1/28/2056 | 200000 | 194957 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.75 | 10/1/2037 | 100000 | 107499 |
| The Korea Development Bank, Sr. Unscd. Bonds | 0.80 | 7/19/2026 | 300000 | 288283 |
| The Korea Development Bank, Sr. Unscd. Notes | 4.63 | 2/15/2027 | 300000 | 302804 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 3.45 | 4/23/2029 | 200000 | 193257 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.35 | 12/2/2028 | 300000 | 306661 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.68 | 1/22/2035 | 100000 | 101959 |
| Truist Financial Corp., Sr. Unscd. Notes | 1.95 | 6/5/2030 | 200000 | 174316 |
| U.S. Bancorp, Sr. Unscd. Notes | 1.38 | 7/22/2030 | 100000 | 85194 |
| U.S. Bancorp, Sr. Unscd. Notes | 4.84 | 2/1/2034 | 200000 | 194299 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.42 | 2/12/2036 | 200000 | 200720 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.68 | 1/23/2035 | 100000 | 101930 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.57 | 2/11/2031 | 545000 | 493996 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 135000 | 133705 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.50 | 1/23/2035 | 100000 | 100804 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.56 | 7/25/2034 | 100000 | 101398 |
| Wells Fargo & Co., Sub. Notes | 4.10 | 6/3/2026 | 500000 | 498404 |
| Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 500000 | 499587 |
| Wells Fargo & Co., Sub. Notes | 4.65 | 11/4/2044 | 250000 | 208814 |
| Wells Fargo Bank NA, Sr. Unscd. Notes | 5.25 | 12/11/2026 | 250000 | 254068 |
| Wells Fargo Bank NA, Sr. Unscd. Notes | 5.45 | 8/7/2026 | 250000 | 253637 |
| Westpac Banking Corp., Sr. Unscd. Notes | 2.85 | 5/13/2026 | 200000 | 197419 |
| Westpac Banking Corp., Sr. Unscd. Notes | 4.60 | 10/20/2026 | 200000 | 201730 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.05 | 4/16/2029 | 200000 | 206215 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.46 | 11/18/2027 | 200000 | 206734 |
| Westpac Banking Corp., Sub. Notes | 2.96 | 11/16/2040 | 200000 | 145959 |
| Westpac Banking Corp., Sub. Notes | 6.82 | 11/17/2033 | 100000 | 108863 |
| Zions Bancorp NA, Sub. Notes | 6.82 | 11/19/2035 | 250000 | 246710 |
|  |  |  |  | **28093193** |
| **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** | **Beverage Products — .4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.70 | 2/1/2036 | 290000 | 280472 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 3.50 | 6/1/2030 | 100000 | 96053 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.00 | 6/15/2034 | 100000 | 100908 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.45 | 1/23/2039 | 120000 | 121658 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.80 | 1/23/2059 | 150000 | 151992 |
| Constellation Brands, Inc., Sr. Unscd. Notes | 2.88 | 5/1/2030 | 200000 | 183447 |
| Diageo Capital PLC, Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 10/5/2033 | 200000 | 207942 |
| Keurig Dr. Pepper, Inc., Gtd. Notes | 4.50 | 4/15/2052 | 100000 | 81764 |
| Molson Coors Beverage Co., Gtd. Notes | 4.20 | 7/15/2046 | 150000 | 119866 |
| PepsiCo, Inc., Sr. Unscd. Notes | 2.63 | 7/29/2029 | 200000 | 188568 |
| PepsiCo, Inc., Sr. Unscd. Notes | 2.75 | 10/21/2051 | 40000 | 24868 |

---

**7**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** | **Beverage Products — .4% (continued)** |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.88 | 5/5/2041 | 150000 | 111294 |
| The Coca-Cola Company, Sr. Unscd. Notes | 5.20 | 1/14/2055 | 100000 | 95708 |
|  |  |  |  | **1764540** |
| **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** |
| Carrier Global Corp., Sr. Unscd. Notes | 2.49 | 2/15/2027 | 34000 | 33024 |
| Carrier Global Corp., Sr. Unscd. Notes | 6.20 | 3/15/2054 | 50000 | 52525 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Sr. Unscd. <br> Notes<br>| 4.90 | 12/1/2032 | 100000 | 98721 |
| Martin Marietta Materials, Inc., Sr. Unscd. Notes | 5.50 | 12/1/2054 | 100000 | 92956 |
| Owens Corning, Sr. Unscd. Notes | 7.00 | 12/1/2036 | 69000 | 77140 |
|  |  |  |  | **354366** |
| **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** |
| DuPont de Nemours, Inc., Sr. Unscd. Notes | 4.73 | 11/15/2028 | 100000 | 101152 |
| DuPont de Nemours, Inc., Sr. Unscd. Notes | 5.42 | 11/15/2048 | 125000 | 122184 |
| Ecolab, Inc., Sr. Unscd. Notes | 1.30 | 1/30/2031 | 150000 | 126024 |
| Ecolab, Inc., Sr. Unscd. Notes | 2.13 | 8/15/2050 | 175000 | 93824 |
| NewMarket Corp., Sr. Unscd. Notes | 2.70 | 3/18/2031 | 200000 | 176348 |
| Nutrien Ltd., Sr. Unscd. Notes | 4.50 | 3/12/2027 | 100000 | 100285 |
| Nutrien Ltd., Sr. Unscd. Notes | 5.25 | 1/15/2045 | 191000 | 173969 |
| The Dow Chemical Company, Sr. Unscd. Notes | 3.60 | 11/15/2050 | 200000 | 130950 |
| The Dow Chemical Company, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.30 | 3/15/2033 | 100000 | 106614 |
| The Mosaic Company, Sr. Unscd. Notes | 5.38 | 11/15/2028 | 100000 | 102326 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.50 | 6/1/2047 | 100000 | 82963 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.55 | 3/1/2028 | 200000 | 201213 |
| Westlake Corp., Sr. Unscd. Notes | 3.38 | 8/15/2061 | 100000 | 58337 |
|  |  |  |  | **1576189** |
| **Commercial & Professional Services — .2%** | **Commercial & Professional Services — .2%** | **Commercial & Professional Services — .2%** | **Commercial & Professional Services — .2%** | **Commercial & Professional Services — .2%** |
| California Institute of Technology, Unscd. Bonds | 4.32 | 8/1/2045 | 110000 | 94264 |
| Duke University, Unscd. Bonds, Ser. 2020 | 2.76 | 10/1/2050 | 100000 | 63479 |
| Equifax, Inc., Sr. Unscd. Notes | 5.10 | 12/15/2027 | 200000 | 202561 |
| Moody's Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.00 | 8/19/2031 | 200000 | 171548 |
| PayPal Holdings, Inc., Sr. Unscd. Notes | 2.85 | 10/1/2029 | 95000 | 89354 |
| President & Fellows of Harvard College, Unscd. Bonds | 3.15 | 7/15/2046 | 125000 | 88944 |
| S&P Global, Inc., Gtd. Notes | 2.30 | 8/15/2060 | 100000 | 50834 |
| S&P Global, Inc., Gtd. Notes | 2.70 | 3/1/2029 | 50000 | 47213 |
| The Georgetown University, Sr. Unscd. Bonds<sup>(a)</sup> <br>| 5.12 | 4/1/2053 | 100000 | 92767 |
| The Leland Stanford Junior University, Unscd. Bonds | 3.65 | 5/1/2048 | 105000 | 80896 |
| The Washington University, Sr. Unscd. Bonds, Ser. 2022 | 3.52 | 4/15/2054 | 100000 | 71219 |
| University of Southern California, Sr. Unscd. Notes | 5.25 | 10/1/2111 | 40000 | 37018 |
| William Marsh Rice University, Unscd. Bonds | 3.57 | 5/15/2045 | 100000 | 79906 |
|  |  |  |  | **1170003** |
| **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** |
| Bank, Ser. 2019-BN21, Cl. A5 | 2.85 | 10/17/2052 | 400000 | 367693 |
| Bank, Ser. 2020-BN27, Cl. AS | 2.55 | 4/15/2063 | 150000 | 129739 |
| BBCMS Mortgage Trust, Ser. 2020-C7, Cl. AS | 2.44 | 4/15/2053 | 200000 | 174295 |
| BBCMS Mortgage Trust, Ser. 2022-C15, Cl. A5 | 3.66 | 4/15/2055 | 300000 | 276775 |
| Benchmark Mortgage Trust, Ser. 2019-B10, Cl. A4 | 3.72 | 3/15/2062 | 300000 | 290210 |
| Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS | 2.91 | 9/15/2043 | 500000 | 412357 |
| Benchmark Mortgage Trust, Ser. 2022-B35, Cl. A5 | 4.59 | 5/15/2055 | 150000 | 144113 |
| CFCRE Commercial Mortgage Trust, Ser. 2017-C8, Cl. A4 | 3.57 | 6/15/2050 | 250000 | 243876 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Commercial Mortgage Pass-Through Certificates — .8% (continued)** | **Commercial Mortgage Pass-Through Certificates — .8% (continued)** | **Commercial Mortgage Pass-Through Certificates — .8% (continued)** | **Commercial Mortgage Pass-Through Certificates — .8% (continued)** | **Commercial Mortgage Pass-Through Certificates — .8% (continued)** |
| GS Mortgage Securities Trust, Ser. 2019-GC42, Cl. A4 | 3.00 | 9/10/2052 | 250000 | 232046 |
| GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AS | 3.17 | 2/13/2053 | 200000 | 184105 |
| SG Commercial Mortgage Securities Trust, Ser. 2016-C5, Cl. A4 | 3.06 | 10/10/2048 | 300000 | 292806 |
| UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A5 | 4.30 | 8/15/2051 | 500000 | 494276 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2018-C44, Cl. A5 | 4.21 | 5/15/2051 | 600000 | 592387 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. ASB | 3.64 | 5/15/2052 | 163133 | 160819 |
|  |  |  |  | **3995497** |
| **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** | **Consumer Discretionary — .2%** |
| D.R. Horton, Inc., Gtd. Notes | 5.00 | 10/15/2034 | 100000 | 97127 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.38 | 12/15/2031 | 100000 | 99469 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.75 | 3/30/2032 | 200000 | 200505 |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 3.50 | 8/18/2026 | 100000 | 97842 |
| Marriott International, Inc., Sr. Unscd. Notes | 5.00 | 10/15/2027 | 200000 | 202869 |
| Warnermedia Holdings, Inc., Gtd. Notes | 4.28 | 3/15/2032 | 100000 | 85664 |
| Warnermedia Holdings, Inc., Gtd. Notes | 5.14 | 3/15/2052 | 100000 | 68407 |
| Warnermedia Holdings, Inc., Gtd. Notes | 5.39 | 3/15/2062 | 100000 | 68079 |
|  |  |  |  | **919962** |
| **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** |
| NIKE, Inc., Sr. Unscd. Notes | 3.38 | 3/27/2050 | 100000 | 69506 |
| Ralph Lauren Corp., Sr. Unscd. Notes | 2.95 | 6/15/2030 | 200000 | 185244 |
|  |  |  |  | **254750** |
| **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** |
| Church & Dwight Co., Inc., Sr. Unscd. Notes | 3.95 | 8/1/2047 | 150000 | 116278 |
| Colgate-Palmolive Co., Sr. Unscd. Notes | 3.70 | 8/1/2047 | 100000 | 77851 |
| Haleon US Capital LLC, Gtd. Notes | 3.63 | 3/24/2032 | 250000 | 232113 |
| Kenvue, Inc., Gtd. Notes | 5.20 | 3/22/2063 | 100000 | 92740 |
| The Estee Lauder Companies, Inc., Sr. Unscd. Notes | 2.60 | 4/15/2030 | 150000 | 136743 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.95 | 4/23/2031 | 200000 | 177064 |
| Unilever Capital Corp., Gtd. Notes | 1.38 | 9/14/2030 | 150000 | 129096 |
|  |  |  |  | **961885** |
| **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** |
| Apollo Global Management, Inc. , Gtd. Notes | 5.80 | 5/21/2054 | 100000 | 95952 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 299000 | 264316 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 5.38 | 12/15/2031 | 150000 | 150681 |
| Ally Financial, Inc., Sr. Unscd. Notes | 6.85 | 1/3/2030 | 100000 | 103844 |
| American Express Co., Sr. Unscd. Notes | 3.30 | 5/3/2027 | 300000 | 294970 |
| Ares Capital Corp., Sr. Unscd. Bonds | 5.80 | 3/8/2032 | 150000 | 146635 |
| BlackRock Funding, Inc., Gtd. Notes | 5.00 | 3/14/2034 | 100000 | 101441 |
| Blue Owl Capital Corp., Sr. Unscd. Notes | 3.40 | 7/15/2026 | 100000 | 97232 |
| Blue Owl Capital Corp. II, Sr. Unscd. Notes | 8.45 | 11/15/2026 | 150000 | 156321 |
| Capital One Financial Corp., Sr. Unscd. Notes | 3.27 | 3/1/2030 | 200000 | 188530 |
| Capital One Financial Corp., Sub. Notes | 3.75 | 7/28/2026 | 200000 | 197661 |
| Golub Capital BDC, Inc., Sr. Unscd. Notes | 7.05 | 12/5/2028 | 100000 | 104359 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 2.65 | 9/15/2040 | 75000 | 54201 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.00 | 6/15/2050 | 200000 | 129689 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 4.60 | 3/15/2033 | 50000 | 49370 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 5.20 | 6/15/2062 | 65000 | 58790 |
| Jefferies Financial Group, Inc., Sr. Unscd. Debs. | 6.45 | 6/8/2027 | 35000 | 36200 |
| Lazard Group LLC, Sr. Unscd. Notes | 6.00 | 3/15/2031 | 100000 | 103035 |
| Legg Mason, Inc., Gtd. Notes | 5.63 | 1/15/2044 | 100000 | 96460 |

---

**9**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** |
| Mastercard, Inc., Sr. Unscd. Notes | 3.35 | 3/26/2030 | 200000 | 192392 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.85 | 3/26/2050 | 100000 | 78165 |
| Nasdaq, Inc., Sr. Unscd. Notes | 3.95 | 3/7/2052 | 103000 | 76283 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 2.17 | 7/14/2028 | 300000 | 277872 |
| Nuveen Churchill Direct Lending Corp., Sr. Unscd. Notes | 6.65 | 3/15/2030 | 150000 | 152538 |
| Oaktree Specialty Lending Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 7.10 | 2/15/2029 | 100000 | 101852 |
| Sixth Street Lending Partners, Sr. Unscd. Notes | 6.50 | 3/11/2029 | 150000 | 152589 |
| Sixth Street Specialty Lending, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.95 | 8/14/2028 | 100000 | 103875 |
| Synchrony Financial, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.88 | 10/28/2031 | 100000 | 84792 |
| The Charles Schwab Corp., Sr. Unscd. Notes | 2.90 | 3/3/2032 | 200000 | 176384 |
| TPG Operating Group II LP, Gtd. Notes | 5.88 | 3/5/2034 | 100000 | 100968 |
| Visa, Inc., Sr. Unscd. Notes | 2.00 | 8/15/2050 | 140000 | 75974 |
| Visa, Inc., Sr. Unscd. Notes | 3.65 | 9/15/2047 | 55000 | 42141 |
|  |  |  |  | **4045512** |
| **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** |
| Honeywell International, Inc., Sr. Unscd. Notes | 1.10 | 3/1/2027 | 200000 | 189388 |
| Jabil, Inc., Sr. Unscd. Notes | 3.00 | 1/15/2031 | 200000 | 179003 |
| Jabil, Inc., Sr. Unscd. Notes | 5.45 | 2/1/2029 | 100000 | 101664 |
| Keysight Technologies, Inc., Sr. Unscd. Notes | 5.35 | 7/30/2030 | 100000 | 102692 |
|  |  |  |  | **572747** |
| **Energy — 1.6%** | **Energy — 1.6%** | **Energy — 1.6%** | **Energy — 1.6%** | **Energy — 1.6%** |
| Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes | 4.49 | 5/1/2030 | 200000 | 198305 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.94 | 9/21/2028 | 300000 | 296445 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.23 | 11/6/2028 | 100000 | 99700 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.81 | 2/13/2033 | 100000 | 98193 |
| Canadian Natural Resources Ltd., Sr. Unscd. Notes | 6.25 | 3/15/2038 | 200000 | 201623 |
| Cenovus Energy, Inc., Sr. Unscd. Notes | 6.75 | 11/15/2039 | 34000 | 35805 |
| Chevron Corp., Sr. Unscd. Notes | 3.08 | 5/11/2050 | 150000 | 98652 |
| ConocoPhillips Co., Gtd. Notes<sup>(a)</sup> <br>| 5.05 | 9/15/2033 | 100000 | 100156 |
| ConocoPhillips Co., Gtd. Notes | 5.70 | 9/15/2063 | 100000 | 93640 |
| Coterra Energy, Inc., Sr. Unscd. Notes | 5.90 | 2/15/2055 | 100000 | 91035 |
| Diamondback Energy, Inc., Gtd. Notes | 5.15 | 1/30/2030 | 200000 | 203032 |
| Diamondback Energy, Inc., Gtd. Notes | 5.90 | 4/18/2064 | 100000 | 88782 |
| Enbridge, Inc., Gtd. Notes | 4.25 | 12/1/2026 | 250000 | 249193 |
| Enbridge, Inc., Gtd. Notes | 6.70 | 11/15/2053 | 150000 | 158008 |
| Energy Transfer LP, Gtd. Notes | 5.00 | 5/15/2044 | 100000 | 82416 |
| Energy Transfer LP, Sr. Unscd. Notes | 3.75 | 5/15/2030 | 200000 | 189029 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.95 | 1/15/2043 | 100000 | 82837 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.70 | 4/1/2035 | 200000 | 198111 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.10 | 12/1/2028 | 100000 | 104640 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.25 | 4/15/2049 | 95000 | 90340 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.55 | 12/1/2033 | 100000 | 105336 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.95 | 1/31/2060 | 95000 | 67045 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.25 | 2/15/2048 | 75000 | 59741 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.90 | 5/15/2046 | 200000 | 176609 |
| Enterprise Products Operating LLC, Gtd. Notes | 5.35 | 1/31/2033 | 200000 | 204276 |
| EOG Resources, Inc., Sr. Unscd. Notes | 3.90 | 4/1/2035 | 200000 | 181075 |
| Equinor ASA, Gtd. Notes | 3.63 | 4/6/2040 | 200000 | 163077 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.10 | 8/16/2049 | 230000 | 151692 |
| Halliburton Co., Sr. Unscd. Bonds | 7.45 | 9/15/2039 | 200000 | 228358 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Energy — 1.6% (continued)** | **Energy — 1.6% (continued)** | **Energy — 1.6% (continued)** | **Energy — 1.6% (continued)** | **Energy — 1.6% (continued)** |
| Hess Corp., Sr. Unscd. Notes | 5.60 | 2/15/2041 | 150000 | 148036 |
| Kinder Morgan, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.60 | 2/15/2051 | 200000 | 132994 |
| Kinder Morgan, Inc., Gtd. Notes | 5.00 | 2/1/2029 | 400000 | 404225 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 4.75 | 9/15/2044 | 150000 | 120487 |
| MPLX LP, Sr. Unscd. Notes | 5.00 | 3/1/2033 | 100000 | 96676 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 4.40 | 4/15/2046 | 200000 | 142186 |
| ONEOK Partners LP, Gtd. Notes | 6.85 | 10/15/2037 | 60000 | 63550 |
| ONEOK, Inc., Gtd. Notes | 5.05 | 11/1/2034 | 100000 | 94883 |
| ONEOK, Inc., Gtd. Notes | 5.55 | 11/1/2026 | 100000 | 101259 |
| ONEOK, Inc., Gtd. Notes | 5.80 | 11/1/2030 | 100000 | 103596 |
| ONEOK, Inc., Gtd. Notes | 5.85 | 11/1/2064 | 100000 | 89301 |
| ONEOK, Inc., Gtd. Notes | 6.63 | 9/1/2053 | 100000 | 99682 |
| Plains All American Pipeline LP, Sr. Unscd. Notes | 5.95 | 6/15/2035 | 100000 | 100116 |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | 4.90 | 2/15/2045 | 100000 | 81778 |
| Sabine Pass Liquefaction LLC, Sr. Scd. Notes | 5.00 | 3/15/2027 | 300000 | 302177 |
| Shell Finance US, Inc., Gtd. Notes | 2.38 | 11/7/2029 | 200000 | 185162 |
| Shell Finance US, Inc., Gtd. Notes | 2.75 | 4/6/2030 | 100000 | 92832 |
| Shell Finance US, Inc., Gtd. Notes | 3.25 | 4/6/2050 | 250000 | 167975 |
| Shell Finance US, Inc., Gtd. Notes | 4.13 | 5/11/2035 | 260000 | 242916 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.91 | 9/1/2027 | 100000 | 100536 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.18 | 10/1/2054 | 100000 | 92605 |
| Suncor Energy, Inc., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 50000 | 35977 |
| Targa Resources Corp., Gtd. Notes | 6.15 | 3/1/2029 | 200000 | 208598 |
| Tennessee Gas Pipeline Co. LLC, Gtd. Debs. | 7.63 | 4/1/2037 | 70000 | 79561 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 5.30 | 8/15/2028 | 100000 | 102332 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 6.30 | 4/15/2040 | 200000 | 208219 |
| TotalEnergies Capital International SA, Gtd. Notes<sup>(a)</sup> <br>| 2.83 | 1/10/2030 | 170000 | 160087 |
| TotalEnergies Capital International SA, Gtd. Notes | 3.46 | 7/12/2049 | 50000 | 34841 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 6.20 | 10/15/2037 | 75000 | 76842 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 7.63 | 1/15/2039 | 100000 | 114885 |
| Valero Energy Corp., Sr. Unscd. Notes | 6.63 | 6/15/2037 | 165000 | 171481 |
|  |  |  |  | **8252946** |
| **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** |
| Republic Services, Inc., Sr. Unscd. Notes | 5.00 | 4/1/2034 | 100000 | 100608 |
| Republic Services, Inc., Sr. Unscd. Notes | 5.15 | 3/15/2035 | 100000 | 101164 |
| Waste Connections, Inc., Sr. Unscd. Notes | 5.00 | 3/1/2034 | 200000 | 200821 |
| Waste Management, Inc., Gtd. Notes | 4.15 | 7/15/2049 | 100000 | 81266 |
| Waste Management, Inc., Gtd. Notes | 4.63 | 2/15/2030 | 100000 | 101508 |
| Waste Management, Inc., Gtd. Notes | 4.63 | 2/15/2033 | 100000 | 99632 |
|  |  |  |  | **684999** |
| **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** |
| Conagra Brands, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.85 | 11/1/2028 | 100000 | 100692 |
| Conagra Brands, Inc., Sr. Unscd. Notes | 5.30 | 10/1/2026 | 100000 | 100872 |
| Conagra Brands, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.40 | 11/1/2048 | 60000 | 53421 |
| General Mills, Inc., Sr. Unscd. Notes | 2.88 | 4/15/2030 | 150000 | 138575 |
| General Mills, Inc., Sr. Unscd. Notes | 3.00 | 2/1/2051 | 150000 | 93995 |
| Hormel Foods Corp., Sr. Unscd. Notes | 1.80 | 6/11/2030 | 200000 | 177073 |
| JBS USA Holding LUX Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 2.50 | 1/15/2027 | 100000 | 96532 |
| JBS USA Holding LUX Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 5.75 | 4/1/2033 | 146000 | 149134 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.38 | 6/1/2046 | 100000 | 81074 |

---

**11**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** |
| Kraft Heinz Foods Co., Gtd. Notes | 5.20 | 3/15/2032 | 200000 | 203087 |
| McCormick & Co., Inc., Sr. Unscd. Notes | 2.50 | 4/15/2030 | 150000 | 135590 |
| Mondelez International, Inc., Sr. Unscd. Notes | 2.75 | 4/13/2030 | 138000 | 126923 |
| Pilgrim's Pride Corp., Gtd. Notes | 6.25 | 7/1/2033 | 100000 | 104276 |
| Sysco Corp., Gtd. Notes | 5.38 | 9/21/2035 | 200000 | 201236 |
| The Campbell's Company, Sr. Unscd. Notes | 4.15 | 3/15/2028 | 80000 | 79524 |
| The Campbell's Company, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.40 | 3/21/2034 | 100000 | 100872 |
| The Hershey Company, Sr. Unscd. Notes | 4.55 | 2/24/2028 | 200000 | 203486 |
| The Hershey Company, Sr. Unscd. Notes | 4.95 | 2/24/2032 | 200000 | 203136 |
| The Kroger Company, Sr. Unscd. Notes | 3.70 | 8/1/2027 | 150000 | 148396 |
| Tyson Foods, Inc., Sr. Unscd. Bonds | 5.15 | 8/15/2044 | 250000 | 224250 |
|  |  |  |  | **2722144** |
| **Foreign Governmental — 1.2%** | **Foreign Governmental — 1.2%** | **Foreign Governmental — 1.2%** | **Foreign Governmental — 1.2%** | **Foreign Governmental — 1.2%** |
| Canada, Sr. Unscd. Notes | 4.00 | 3/18/2030 | 200000 | 202294 |
| Hungary, Sr. Unscd. Notes, Ser. 30Y | 7.63 | 3/29/2041 | 300000 | 332116 |
| Indonesia, Sr. Unscd. Notes | 3.50 | 1/11/2028 | 300000 | 294065 |
| Israel, Sr. Unscd. Bonds, Ser. 30Y | 3.88 | 7/3/2050 | 250000 | 173486 |
| Israel, Sr. Unscd. Notes, Ser. 10Y | 5.63 | 2/19/2035 | 200000 | 198830 |
| Israel, Sr. Unscd. Notes, Ser. 30Y | 3.38 | 1/15/2050 | 300000 | 191804 |
| Japan Bank for International Cooperation, Govt. Gtd. Bonds | 1.88 | 7/21/2026 | 500000 | 487913 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 2.00 | 10/17/2029 | 300000 | 276470 |
| Mexico, Sr. Unscd. Notes | 4.28 | 8/14/2041 | 300000 | 223959 |
| Mexico, Sr. Unscd. Notes | 5.00 | 4/27/2051 | 250000 | 187030 |
| Mexico, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.55 | 1/21/2045 | 350000 | 303885 |
| Mexico, Sr. Unscd. Notes | 6.40 | 5/7/2054 | 200000 | 177694 |
| Panama, Sr. Unscd. Bonds | 3.88 | 3/17/2028 | 250000 | 239582 |
| Panama, Sr. Unscd. Bonds | 4.50 | 4/16/2050 | 200000 | 128926 |
| Panama, Sr. Unscd. Notes | 6.40 | 2/14/2035 | 100000 | 94798 |
| Peru, Sr. Unscd. Bonds | 6.55 | 3/14/2037 | 370000 | 393356 |
| Philippines, Sr. Unscd. Bonds | 3.70 | 2/2/2042 | 400000 | 318366 |
| Philippines, Sr. Unscd. Notes | 5.17 | 10/13/2027 | 200000 | 203515 |
| Philippines, Sr. Unscd. Notes | 5.61 | 4/13/2033 | 200000 | 208175 |
| Poland, Bonds | 5.38 | 2/12/2035 | 200000 | 202403 |
| Poland, Sr. Unscd. Notes | 5.13 | 9/18/2034 | 60000 | 59923 |
| Poland, Sr. Unscd. Notes | 5.50 | 11/16/2027 | 300000 | 309436 |
| Poland, Sr. Unscd. Notes | 5.50 | 3/18/2054 | 75000 | 69846 |
| Province of Alberta Canada, Sr. Unscd. Notes | 3.30 | 3/15/2028 | 80000 | 78996 |
| Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD | 7.50 | 9/15/2029 | 100000 | 114375 |
| Province of Quebec Canada, Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.63 | 4/13/2028 | 100000 | 99634 |
| Uruguay, Sr. Unscd. Bonds | 4.98 | 4/20/2055 | 105000 | 92663 |
| Uruguay, Sr. Unscd. Bonds | 7.63 | 3/21/2036 | 300000 | 354540 |
|  |  |  |  | **6018080** |
| **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** |
| Abbott Laboratories, Sr. Unscd. Notes<sup>(a)</sup> <br>| 1.40 | 6/30/2030 | 100000 | 87788 |
| Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 100000 | 93879 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/14/2028 | 110000 | 110597 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/21/2049 | 290000 | 235465 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2045 | 200000 | 179111 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.80 | 3/15/2027 | 300000 | 303977 |
| Aetna, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2044 | 100000 | 83408 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** |
| Aetna, Inc., Sr. Unscd. Notes | 6.63 | 6/15/2036 | 150000 | 159232 |
| Agilent Technologies, Inc., Sr. Unscd. Notes | 4.75 | 9/9/2034 | 100000 | 96239 |
| Amgen, Inc., Sr. Unscd. Notes | 2.45 | 2/21/2030 | 70000 | 63684 |
| Amgen, Inc., Sr. Unscd. Notes | 2.80 | 8/15/2041 | 200000 | 141369 |
| Amgen, Inc., Sr. Unscd. Notes | 3.00 | 1/15/2052 | 200000 | 124942 |
| Amgen, Inc., Sr. Unscd. Notes | 3.38 | 2/21/2050 | 60000 | 41031 |
| Amgen, Inc., Sr. Unscd. Notes | 4.66 | 6/15/2051 | 100000 | 83919 |
| AstraZeneca Finance LLC, Gtd. Notes | 4.80 | 2/26/2027 | 100000 | 101392 |
| AstraZeneca Finance LLC, Gtd. Notes | 5.00 | 2/26/2034 | 200000 | 202040 |
| AstraZeneca PLC, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 270000 | 232675 |
| Banner Health, Unscd. Bonds | 2.34 | 1/1/2030 | 300000 | 274697 |
| Baxalta, Inc., Gtd. Notes | 5.25 | 6/23/2045 | 200000 | 185528 |
| Becton, Dickinson and Co., Sr. Unscd. Notes | 4.69 | 2/13/2028 | 100000 | 100726 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.35 | 11/13/2040 | 200000 | 135322 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.95 | 3/15/2032 | 55000 | 49328 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.40 | 7/26/2029 | 78000 | 75489 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.55 | 3/15/2042 | 40000 | 31136 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.90 | 2/20/2028 | 90000 | 89803 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.35 | 11/15/2047 | 90000 | 73979 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.55 | 2/20/2048 | 70000 | 59427 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.90 | 2/22/2027 | 100000 | 101653 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 5.20 | 2/22/2034 | 100000 | 101447 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 5.55 | 2/22/2054 | 100000 | 96421 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 4.60 | 3/15/2043 | 200000 | 168310 |
| Cencora, Inc., Sr. Unscd. Notes | 2.80 | 5/15/2030 | 100000 | 92197 |
| Centene Corp., Sr. Unscd. Notes | 2.45 | 7/15/2028 | 230000 | 211623 |
| Centene Corp., Sr. Unscd. Notes | 2.63 | 8/1/2031 | 190000 | 160626 |
| CommonSpirit Health, Sr. Scd. Notes | 5.55 | 12/1/2054 | 150000 | 137573 |
| CVS Health Corp., Sr. Unscd. Notes | 1.75 | 8/21/2030 | 85000 | 72681 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 300000 | 297783 |
| CVS Health Corp., Sr. Unscd. Notes | 4.78 | 3/25/2038 | 250000 | 225588 |
| CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 200000 | 170092 |
| CVS Health Corp., Sr. Unscd. Notes | 5.55 | 6/1/2031 | 200000 | 205589 |
| Danaher Corp., Sr. Unscd. Notes | 4.38 | 9/15/2045 | 250000 | 214060 |
| Dignity Health, Scd. Bonds | 5.27 | 11/1/2064 | 154000 | 133768 |
| Elevance Health, Inc., Sr. Unscd. Notes | 2.25 | 5/15/2030 | 200000 | 179485 |
| Elevance Health, Inc., Sr. Unscd. Notes | 3.60 | 3/15/2051 | 60000 | 42006 |
| Elevance Health, Inc., Sr. Unscd. Notes | 3.65 | 12/1/2027 | 300000 | 295226 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.15 | 8/14/2027 | 200000 | 201598 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.50 | 2/9/2027 | 100000 | 101096 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.75 | 2/12/2030 | 100000 | 102567 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.00 | 2/9/2054 | 100000 | 92961 |
| Gilead Sciences, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 1.20 | 10/1/2027 | 80000 | 74758 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 4.15 | 3/1/2047 | 220000 | 178800 |
| GlaxoSmithKline Capital, Inc., Gtd. Bonds | 6.38 | 5/15/2038 | 150000 | 165223 |
| HCA, Inc., Gtd. Notes | 4.13 | 6/15/2029 | 110000 | 107045 |
| HCA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 3/1/2028 | 200000 | 202337 |
| HCA, Inc., Gtd. Notes | 5.13 | 6/15/2039 | 50000 | 46149 |
| HCA, Inc., Gtd. Notes | 5.25 | 6/15/2049 | 100000 | 86839 |
| HCA, Inc., Gtd. Notes | 5.25 | 3/1/2030 | 200000 | 203481 |

---

**13**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** |
| Humana, Inc., Sr. Unscd. Notes | 5.75 | 3/1/2028 | 150000 | 154539 |
| Humana, Inc., Sr. Unscd. Notes | 5.75 | 4/15/2054 | 100000 | 91807 |
| Humana, Inc., Sr. Unscd. Notes | 5.95 | 3/15/2034 | 100000 | 102651 |
| Johnson & Johnson, Sr. Unscd. Notes | 2.10 | 9/1/2040 | 200000 | 136812 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.50 | 1/15/2048 | 50000 | 38081 |
| Johnson & Johnson, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.95 | 6/1/2034 | 200000 | 206137 |
| Kaiser Foundation Hospitals, Gtd. Notes | 3.15 | 5/1/2027 | 300000 | 294893 |
| Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | 3.00 | 6/1/2051 | 70000 | 44709 |
| Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes, Ser. 2015 | 4.20 | 7/1/2055 | 100000 | 80775 |
| Merck & Co., Inc., Sr. Unscd. Notes | 1.45 | 6/24/2030 | 200000 | 173884 |
| Merck & Co., Inc., Sr. Unscd. Notes | 2.35 | 6/24/2040 | 50000 | 34835 |
| Merck & Co., Inc., Sr. Unscd. Notes | 2.45 | 6/24/2050 | 60000 | 34618 |
| Merck & Co., Inc., Sr. Unscd. Notes | 3.90 | 3/7/2039 | 55000 | 47762 |
| Merck & Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 5/17/2033 | 200000 | 198239 |
| Mylan, Inc., Gtd. Notes | 5.40 | 11/29/2043 | 150000 | 119644 |
| Northwell Healthcare, Inc., Scd. Notes | 3.98 | 11/1/2046 | 250000 | 190545 |
| Novartis Capital Corp., Gtd. Notes | 2.20 | 8/14/2030 | 240000 | 217271 |
| Novartis Capital Corp., Gtd. Notes | 2.75 | 8/14/2050 | 60000 | 38007 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 4.45 | 5/19/2028 | 200000 | 201607 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 4.75 | 5/19/2033 | 200000 | 197565 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 5.30 | 5/19/2053 | 200000 | 185356 |
| Pfizer, Inc., Sr. Unscd. Notes | 2.55 | 5/28/2040 | 300000 | 210113 |
| Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I | 3.74 | 10/1/2047 | 250000 | 183713 |
| Stryker Corp., Sr. Unscd. Notes | 4.38 | 5/15/2044 | 100000 | 85140 |
| Stryker Corp., Sr. Unscd. Notes | 4.85 | 12/8/2028 | 100000 | 101909 |
| Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes | 5.00 | 11/26/2028 | 200000 | 203719 |
| The Cigna Group, Gtd. Notes | 3.88 | 10/15/2047 | 75000 | 55403 |
| The Cigna Group, Gtd. Notes | 4.38 | 10/15/2028 | 230000 | 229658 |
| The Cigna Group, Sr. Unscd. Notes | 2.38 | 3/15/2031 | 80000 | 70277 |
| The Cigna Group, Sr. Unscd. Notes | 5.60 | 2/15/2054 | 100000 | 94319 |
| The Mount Sinai Hospital, Scd. Bonds, Ser. 2019 | 3.74 | 7/1/2049 | 200000 | 132716 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 2.80 | 10/15/2041 | 200000 | 140998 |
| Trinity Health Corp., Scd. Bonds | 4.13 | 12/1/2045 | 200000 | 166719 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 2.30 | 5/15/2031 | 75000 | 66001 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.05 | 5/15/2041 | 75000 | 54461 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.20 | 5/15/2032 | 45000 | 43326 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.25 | 6/15/2048 | 80000 | 63934 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.45 | 12/15/2048 | 60000 | 49410 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.95 | 5/15/2062 | 75000 | 63485 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.25 | 2/15/2028 | 150000 | 154466 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.30 | 2/15/2030 | 150000 | 155764 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.35 | 2/15/2033 | 100000 | 102508 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.38 | 4/15/2054 | 100000 | 92865 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.05 | 2/15/2063 | 100000 | 101305 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.88 | 2/15/2038 | 210000 | 238695 |
| UPMC, Scd. Bonds | 5.04 | 5/15/2033 | 100000 | 99427 |
| Viatris, Inc., Gtd. Notes | 2.70 | 6/22/2030 | 150000 | 129909 |
| Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes | 4.70 | 2/19/2027 | 200000 | 200893 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** | **Health Care — 2.8% (continued)** |
| Zoetis, Inc., Sr. Unscd. Notes | 3.00 | 5/15/2050 | 150000 | 96697 |
| Zoetis, Inc., Sr. Unscd. Notes | 5.60 | 11/16/2032 | 100000 | 104783 |
|  |  |  |  | **14167515** |
| **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.40 | 10/15/2027 | 200000 | 201473 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.45 | 10/16/2026 | 200000 | 201560 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.60 | 11/15/2027 | 200000 | 202668 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 5.00 | 5/14/2027 | 100000 | 102005 |
| Caterpillar, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.25 | 4/9/2050 | 150000 | 103847 |
| CNH Industrial Capital LLC, Gtd. Notes | 4.55 | 4/10/2028 | 100000 | 99847 |
| Eaton Corp., Gtd. Notes | 4.15 | 11/2/2042 | 200000 | 169560 |
| GATX Corp., Sr. Unscd. Notes | 6.90 | 5/1/2034 | 100000 | 110071 |
| Huntington Ingalls Industries, Inc., Gtd. Notes | 5.75 | 1/15/2035 | 200000 | 203943 |
| Illinois Tool Works, Inc., Sr. Unscd. Notes | 3.90 | 9/1/2042 | 170000 | 138850 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.18 | 6/15/2029 | 100000 | 102013 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.45 | 6/15/2034 | 100000 | 100797 |
| Jacobs Engineering Group, Inc., Gtd. Notes | 6.35 | 8/18/2028 | 100000 | 104513 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.15 | 9/15/2027 | 200000 | 200668 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.20 | 7/15/2027 | 100000 | 100524 |
| John Deere Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.95 | 7/14/2028 | 100000 | 102680 |
| Otis Worldwide Corp., Sr. Unscd. Notes | 5.13 | 11/19/2031 | 200000 | 203579 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 3.25 | 6/14/2029 | 300000 | 287564 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 4.00 | 6/14/2049 | 40000 | 31023 |
| Regal Rexnord Corp., Gtd. Notes | 6.05 | 4/15/2028 | 150000 | 153931 |
| Stanley Black & Decker, Inc., Sr. Unscd. Notes | 2.30 | 3/15/2030 | 150000 | 130700 |
| Xylem, Inc., Sr. Unscd. Notes | 4.38 | 11/1/2046 | 150000 | 122138 |
|  |  |  |  | **3173954** |
| **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** | **Information Technology — .7%** |
| Adobe, Inc., Sr. Unscd. Notes | 4.75 | 1/17/2028 | 250000 | 255494 |
| Cadence Design Systems, Inc., Sr. Unscd. Notes | 4.30 | 9/10/2029 | 100000 | 99837 |
| Concentrix Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.85 | 8/2/2033 | 100000 | 101400 |
| Electronic Arts, Inc., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 200000 | 171894 |
| Fiserv, Inc., Sr. Unscd. Notes | 4.40 | 7/1/2049 | 100000 | 78632 |
| Fiserv, Inc., Sr. Unscd. Notes | 5.63 | 8/21/2033 | 100000 | 101918 |
| Intuit, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 9/15/2028 | 200000 | 206953 |
| Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 361000 | 223897 |
| Microsoft Corp., Sr. Unscd. Notes | 2.68 | 6/1/2060 | 200000 | 118234 |
| Microsoft Corp., Sr. Unscd. Notes | 3.40 | 6/15/2027 | 100000 | 99490 |
| Oracle Corp., Sr. Unscd. Notes | 2.88 | 3/25/2031 | 205000 | 184514 |
| Oracle Corp., Sr. Unscd. Notes | 2.95 | 4/1/2030 | 150000 | 138720 |
| Oracle Corp., Sr. Unscd. Notes | 3.25 | 11/15/2027 | 250000 | 243498 |
| Oracle Corp., Sr. Unscd. Notes | 3.85 | 7/15/2036 | 250000 | 215337 |
| Oracle Corp., Sr. Unscd. Notes | 4.10 | 3/25/2061 | 210000 | 147289 |
| Oracle Corp., Sr. Unscd. Notes | 4.50 | 5/6/2028 | 100000 | 100557 |
| Oracle Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.65 | 5/6/2030 | 100000 | 100287 |
| Oracle Corp., Sr. Unscd. Notes | 5.55 | 2/6/2053 | 100000 | 91680 |
| Oracle Corp., Sr. Unscd. Notes | 6.25 | 11/9/2032 | 150000 | 160019 |
| Oracle Corp., Sr. Unscd. Notes | 6.90 | 11/9/2052 | 65000 | 69988 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 3.80 | 12/15/2026 | 250000 | 247799 |
| Salesforce, Inc., Sr. Unscd. Notes | 2.90 | 7/15/2051 | 100000 | 63545 |

---

**15**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** | **Information Technology — .7% (continued)** |
| Take-Two Interactive Software, Inc., Sr. Unscd. Notes | 4.95 | 3/28/2028 | 100000 | 101758 |
| Take-Two Interactive Software, Inc., Sr. Unscd. Notes | 5.40 | 6/12/2029 | 100000 | 102915 |
|  |  |  |  | **3425655** |
| **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** |
| American International Group, Inc., Sr. Unscd. Notes | 4.75 | 4/1/2048 | 200000 | 173390 |
| American International Group, Inc., Sr. Unscd. Notes | 5.13 | 3/27/2033 | 150000 | 149994 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 5.00 | 9/12/2032 | 200000 | 200397 |
| Aon Global Ltd., Gtd. Notes | 4.60 | 6/14/2044 | 200000 | 169270 |
| Arthur J. Gallagher & Co., Sr. Unscd. Notes | 3.50 | 5/20/2051 | 40000 | 27110 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 2.85 | 10/15/2050 | 150000 | 95394 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.20 | 8/15/2048 | 135000 | 111960 |
| Corebridge Financial, Inc., Jr. Sub. Notes | 6.38 | 9/15/2054 | 100000 | 96592 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 3.65 | 4/5/2027 | 100000 | 98556 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 3.90 | 4/5/2032 | 100000 | 92157 |
| Corebridge Financial, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.40 | 4/5/2052 | 100000 | 78265 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 6.35 | 3/22/2054 | 100000 | 100347 |
| Markel Group, Inc., Sr. Unscd. Notes | 6.00 | 5/16/2054 | 100000 | 99185 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.38 | 3/15/2029 | 70000 | 70185 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.90 | 3/15/2049 | 65000 | 58148 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.15 | 3/15/2034 | 200000 | 202726 |
| MetLife, Inc., Sr. Unscd. Notes | 4.05 | 3/1/2045 | 200000 | 160895 |
| NMI Holdings, Inc., Sr. Unscd. Notes | 6.00 | 8/15/2029 | 100000 | 101271 |
| Principal Financial Group, Inc., Gtd. Notes | 2.13 | 6/15/2030 | 150000 | 132532 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.70 | 3/13/2051 | 75000 | 54413 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 4.60 | 5/15/2044 | 200000 | 172592 |
| Reinsurance Group of America, Inc., Sr. Unscd. Notes | 3.15 | 6/15/2030 | 150000 | 138892 |
| Reinsurance Group of America, Inc., Sr. Unscd. Notes | 5.75 | 9/15/2034 | 100000 | 101419 |
| The Chubb Corp., Gtd. Notes | 6.00 | 5/11/2037 | 200000 | 214362 |
| The Progressive Corp., Sr. Unscd. Notes | 4.13 | 4/15/2047 | 70000 | 56337 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 4.05 | 3/7/2048 | 150000 | 120088 |
|  |  |  |  | **3076477** |
| **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** |
| Alphabet, Inc., Sr. Unscd. Notes | 1.10 | 8/15/2030 | 100000 | 86276 |
| Alphabet, Inc., Sr. Unscd. Notes | 2.00 | 8/15/2026 | 150000 | 146674 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.50 | 6/3/2030 | 100000 | 87896 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.65 | 5/12/2028 | 150000 | 140460 |
| Amazon.com, Inc., Sr. Unscd. Notes | 2.50 | 6/3/2050 | 200000 | 119090 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.30 | 4/13/2027 | 100000 | 99014 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.60 | 4/13/2032 | 100000 | 94897 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.10 | 4/13/2062 | 100000 | 77986 |
| eBay, Inc., Sr. Unscd. Notes | 1.40 | 5/10/2026 | 300000 | 290666 |
| eBay, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.65 | 5/10/2051 | 13000 | 9128 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.75 | 8/15/2034 | 200000 | 199280 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.95 | 5/15/2033 | 50000 | 50957 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.40 | 8/15/2054 | 100000 | 96304 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.75 | 5/15/2063 | 100000 | 100104 |
|  |  |  |  | **1598732** |
| **Materials — .0%** | **Materials — .0%** | **Materials — .0%** | **Materials — .0%** | **Materials — .0%** |
| Amcor Flexibles North America, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.10 | 3/17/2030 | 200000 | **201704** |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Bonds<br>| 6.65 | 2/1/2034 | 100000 | 103563 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<sup>(a)</sup> <br>| 5.25 | 4/1/2053 | 200000 | 158235 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.50 | 4/1/2063 | 100000 | 78633 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 6.48 | 10/23/2045 | 250000 | 233040 |
| Comcast Corp., Gtd. Bonds | 4.00 | 8/15/2047 | 60000 | 45718 |
| Comcast Corp., Gtd. Notes | 1.50 | 2/15/2031 | 150000 | 126793 |
| Comcast Corp., Gtd. Notes | 2.45 | 8/15/2052 | 250000 | 135195 |
| Comcast Corp., Gtd. Notes | 3.90 | 3/1/2038 | 75000 | 64299 |
| Comcast Corp., Gtd. Notes | 4.00 | 3/1/2048 | 60000 | 45728 |
| Comcast Corp., Gtd. Notes | 4.60 | 10/15/2038 | 200000 | 183676 |
| Comcast Corp., Gtd. Notes | 4.65 | 2/15/2033 | 100000 | 98301 |
| Comcast Corp., Gtd. Notes | 5.50 | 5/15/2064 | 70000 | 64454 |
| Comcast Corp., Gtd. Notes | 6.45 | 3/15/2037 | 150000 | 163862 |
| Discovery Communications LLC, Gtd. Notes | 3.95 | 3/20/2028 | 100000 | 95669 |
| Fox Corp., Sr. Unscd. Notes | 6.50 | 10/13/2033 | 200000 | 212837 |
| Paramount Global, Sr. Unscd. Debs. | 7.88 | 7/30/2030 | 150000 | 164457 |
| Paramount Global, Sr. Unscd. Notes | 4.90 | 8/15/2044 | 100000 | 75343 |
| The Walt Disney Company, Gtd. Notes | 2.00 | 9/1/2029 | 100000 | 91383 |
| The Walt Disney Company, Gtd. Notes | 3.50 | 5/13/2040 | 200000 | 162193 |
| The Walt Disney Company, Gtd. Notes | 3.80 | 5/13/2060 | 250000 | 179423 |
| Time Warner Cable LLC, Sr. Scd. Debs. | 6.55 | 5/1/2037 | 250000 | 246111 |
|  |  |  |  | **2728913** |
| **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** |
| Barrick PD Australia Finance Pty Ltd., Gtd. Notes | 5.95 | 10/15/2039 | 100000 | 101721 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.25 | 9/8/2033 | 45000 | 45527 |
| Freeport-McMoRan, Inc., Gtd. Notes | 5.45 | 3/15/2043 | 65000 | 60142 |
| Kinross Gold Corp., Sr. Unscd. Notes | 6.25 | 7/15/2033 | 100000 | 105209 |
| Newmont Corp., Gtd. Notes | 6.25 | 10/1/2039 | 126000 | 135357 |
| Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes | 5.35 | 3/15/2034 | 200000 | 203469 |
| Nucor Corp., Sr. Unscd. Notes | 2.98 | 12/15/2055 | 100000 | 59416 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 4.88 | 3/14/2030 | 100000 | 101555 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.13 | 3/9/2053 | 100000 | 90646 |
| Southern Copper Corp., Sr. Unscd. Notes | 5.25 | 11/8/2042 | 150000 | 136730 |
| Steel Dynamics, Inc., Sr. Unscd. Notes | 3.25 | 10/15/2050 | 60000 | 38780 |
| Vale Overseas Ltd., Gtd. Notes | 3.75 | 7/8/2030 | 100000 | 93337 |
|  |  |  |  | **1171889** |
| **Municipal Securities — .7%** | **Municipal Securities — .7%** | **Municipal Securities — .7%** | **Municipal Securities — .7%** | **Municipal Securities — .7%** |
| American Municipal Power, Inc., Revenue Bonds (Combined Hydroelectric <br> Projects) Ser. B<br>| 8.08 | 2/15/2050 | 100000 | 125413 |
| Bay Area Toll Authority, Revenue Bonds (Build America Bond) Ser. F2 | 6.26 | 4/1/2049 | 150000 | 159491 |
| California, GO | 3.50 | 4/1/2028 | 100000 | 98870 |
| California, GO | 4.88 | 9/1/2030 | 200000 | 206613 |
| California, GO (Build America Bonds) | 7.55 | 4/1/2039 | 300000 | 362764 |
| Connecticut, GO, Ser. A | 5.85 | 3/15/2032 | 200000 | 215544 |
| Illinois, GO | 5.10 | 6/1/2033 | 216471 | 216522 |
| Massachusetts, GO (Build America Bond) Ser. D | 4.50 | 8/1/2031 | 200000 | 197047 |
| Massachusetts School Building Authority, Revenue Bonds (Build America Bond) | 5.72 | 8/15/2039 | 100000 | 104038 |

---

**17**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Municipal Securities — .7% (continued)** | **Municipal Securities — .7% (continued)** | **Municipal Securities — .7% (continued)** | **Municipal Securities — .7% (continued)** | **Municipal Securities — .7% (continued)** |
| Metropolitan Transportation Authority, Revenue Bonds (Build America Bond) | 7.34 | 11/15/2039 | 265000 | 312099 |
| New Jersey Turnpike Authority, Revenue Bonds (Build America Bond) Ser. F | 7.41 | 1/1/2040 | 200000 | 241562 |
| New York City, GO (Sustainable Bond) Ser. B1 | 5.83 | 10/1/2053 | 20000 | 20718 |
| New York City Municipal Water Finance Authority, Revenue Bonds (Build <br> America Bond)<br>| 5.95 | 6/15/2042 | 345000 | 356572 |
| Oklahoma Development Finance Authority, Revenue Bonds (Natural Gas <br> Company)<br>| 4.71 | 5/1/2052 | 200000 | 185247 |
| Pennsylvania Turnpike Commission, Revenue Bonds (Build America Bond) Ser. B | 5.51 | 12/1/2045 | 200000 | 194467 |
| Port Authority of New York & New Jersey, Revenue Bonds, Ser. 192 | 4.81 | 10/15/2065 | 150000 | 134488 |
| Texas, GO (Build America Bond) | 5.52 | 4/1/2039 | 100000 | 102508 |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds | 5.17 | 4/1/2041 | 100000 | 101009 |
|  |  |  |  | **3334972** |
| **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** | **Real Estate — .9%** |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 2.00 | 5/18/2032 | 100000 | 80834 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 4.75 | 4/15/2035 | 100000 | 93807 |
| American Tower Corp., Sr. Unscd. Notes | 2.70 | 4/15/2031 | 150000 | 133489 |
| American Tower Corp., Sr. Unscd. Notes | 3.80 | 8/15/2029 | 90000 | 87051 |
| American Tower Corp., Sr. Unscd. Notes | 5.00 | 1/31/2030 | 250000 | 254080 |
| Boston Properties LP, Sr. Unscd. Notes | 4.50 | 12/1/2028 | 100000 | 98583 |
| COPT Defense Properties LP, Gtd. Notes | 2.00 | 1/15/2029 | 200000 | 179082 |
| Crown Castle, Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 200000 | 172782 |
| Crown Castle, Inc., Sr. Unscd. Notes | 3.70 | 6/15/2026 | 230000 | 227473 |
| Crown Castle, Inc., Sr. Unscd. Notes | 5.80 | 3/1/2034 | 100000 | 102412 |
| Equifax, Inc., Sr. Unscd. Notes | 3.40 | 2/15/2052 | 200000 | 131108 |
| Essex Portfolio LP, Gtd. Notes | 2.65 | 3/15/2032 | 150000 | 128387 |
| Federal Realty OP LP, Sr. Unscd. Notes | 5.38 | 5/1/2028 | 100000 | 102281 |
| Host Hotels & Resorts LP, Sr. Unscd. Notes | 5.70 | 7/1/2034 | 100000 | 98469 |
| Invitation Homes Operating Partnership LP, Gtd. Notes | 5.45 | 8/15/2030 | 100000 | 102682 |
| Invitation Homes Operating Partnership LP, Gtd. Notes | 5.50 | 8/15/2033 | 100000 | 100095 |
| Kimco Realty OP LLC, Gtd. Notes<sup>(a)</sup> <br>| 2.70 | 10/1/2030 | 200000 | 181884 |
| Mid-America Apartments LP, Sr. Unscd. Notes | 5.30 | 2/15/2032 | 100000 | 102480 |
| NNN REIT, Inc., Sr. Unscd. Notes | 5.60 | 10/15/2033 | 100000 | 101338 |
| Prologis LP, Sr. Unscd. Notes | 2.25 | 4/15/2030 | 170000 | 153298 |
| Prologis LP, Sr. Unscd. Notes | 3.00 | 4/15/2050 | 35000 | 22457 |
| Realty Income Corp., Sr. Unscd. Notes | 3.95 | 8/15/2027 | 250000 | 247972 |
| Realty Income Corp., Sr. Unscd. Notes | 4.70 | 12/15/2028 | 100000 | 100984 |
| Realty Income Corp., Sr. Unscd. Notes | 4.90 | 7/15/2033 | 100000 | 98347 |
| Rexford Industrial Realty LP, Gtd. Notes | 2.15 | 9/1/2031 | 200000 | 167201 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.65 | 7/15/2030 | 200000 | 182692 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.25 | 9/13/2049 | 65000 | 42924 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.80 | 7/15/2050 | 200000 | 145758 |
| Simon Property Group LP, Sr. Unscd. Notes | 6.25 | 1/15/2034 | 50000 | 53595 |
| Tanger Properties LP, Sr. Unscd. Notes | 2.75 | 9/1/2031 | 100000 | 86160 |
| UDR, Inc., Gtd. Notes | 2.10 | 8/1/2032 | 200000 | 162492 |
| Ventas Realty LP, Gtd. Notes | 4.00 | 3/1/2028 | 150000 | 147973 |
| Ventas Realty LP, Gtd. Notes | 4.88 | 4/15/2049 | 100000 | 85586 |
| Welltower OP LLC, Gtd. Notes | 4.13 | 3/15/2029 | 200000 | 197734 |
|  |  |  |  | **4373490** |
| **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** |
| AutoZone, Inc., Sr. Unscd. Notes | 5.05 | 7/15/2026 | 100000 | 100678 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** |
| AutoZone, Inc., Sr. Unscd. Notes | 5.13 | 6/15/2030 | 100000 | 102322 |
| AutoZone, Inc., Sr. Unscd. Notes | 5.20 | 8/1/2033 | 100000 | 99924 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 1.60 | 4/20/2030 | 100000 | 88669 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 3.00 | 5/18/2027 | 100000 | 98472 |
| Dollar Tree, Inc., Sr. Unscd. Notes | 4.20 | 5/15/2028 | 95000 | 93718 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 2.80 | 9/15/2041 | 100000 | 67866 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.00 | 10/15/2050 | 100000 | 61107 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.65 | 4/5/2029 | 80000 | 77603 |
| Lowe's Companies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 4/15/2033 | 100000 | 99712 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 5.80 | 9/15/2062 | 150000 | 141653 |
| McDonald's Corp., Sr. Unscd. Notes | 3.63 | 9/1/2049 | 50000 | 35974 |
| McDonald's Corp., Sr. Unscd. Notes | 5.45 | 8/14/2053 | 200000 | 190279 |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 1.75 | 3/15/2031 | 300000 | 253237 |
| Starbucks Corp., Sr. Unscd. Notes | 4.45 | 8/15/2049 | 100000 | 79730 |
| Starbucks Corp., Sr. Unscd. Notes | 4.80 | 2/15/2033 | 100000 | 98694 |
| Starbucks Corp., Sr. Unscd. Notes | 4.85 | 2/8/2027 | 100000 | 100895 |
| Target Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 9/15/2032 | 75000 | 73950 |
| The Home Depot, Inc., Sr. Unscd. Notes | 3.35 | 4/15/2050 | 250000 | 173157 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.75 | 6/25/2029 | 200000 | 204406 |
| The Home Depot, Inc., Sr. Unscd. Notes | 5.88 | 12/16/2036 | 150000 | 159856 |
| Walmart, Inc., Sr. Unscd. Notes | 3.90 | 4/15/2028 | 100000 | 100265 |
| Walmart, Inc., Sr. Unscd. Notes | 3.95 | 6/28/2038 | 90000 | 81769 |
| Walmart, Inc., Sr. Unscd. Notes | 4.00 | 4/15/2030 | 100000 | 100263 |
| Walmart, Inc., Sr. Unscd. Notes | 4.50 | 9/9/2052 | 150000 | 130629 |
|  |  |  |  | **2814828** |
| **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes | 3.50 | 1/15/2028 | 110000 | 107667 |
| Broadcom, Inc., Gtd. Notes<sup>(b)</sup> <br>| 2.60 | 2/15/2033 | 200000 | 168721 |
| Broadcom, Inc., Gtd. Notes<sup>(b)</sup> <br>| 3.50 | 2/15/2041 | 200000 | 155286 |
| Broadcom, Inc., Gtd. Notes | 4.75 | 4/15/2029 | 210000 | 211951 |
| Broadcom, Inc., Sr. Unscd. Notes | 5.05 | 7/12/2029 | 200000 | 203974 |
| Intel Corp., Sr. Unscd. Notes | 3.25 | 11/15/2049 | 150000 | 91750 |
| Intel Corp., Sr. Unscd. Notes | 4.10 | 5/11/2047 | 80000 | 57614 |
| Intel Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 2/10/2028 | 100000 | 100936 |
| Intel Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 2/21/2031 | 200000 | 200417 |
| Intel Corp., Sr. Unscd. Notes | 5.05 | 8/5/2062 | 65000 | 51000 |
| Intel Corp., Sr. Unscd. Notes | 5.13 | 2/10/2030 | 100000 | 100987 |
| Intel Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.20 | 2/10/2033 | 100000 | 98299 |
| Intel Corp., Sr. Unscd. Notes | 5.70 | 2/10/2053 | 100000 | 89162 |
| KLA Corp., Sr. Unscd. Notes | 5.25 | 7/15/2062 | 200000 | 183353 |
| Microchip Technology, Inc., Gtd. Notes | 5.05 | 3/15/2029 | 100000 | 100200 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.88 | 2/9/2033 | 100000 | 102136 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.88 | 9/15/2033 | 100000 | 102411 |
| NVIDIA Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 1.55 | 6/15/2028 | 300000 | 279363 |
| Qualcomm, Inc., Sr. Unscd. Notes | 4.30 | 5/20/2047 | 120000 | 98757 |
| Qualcomm, Inc., Sr. Unscd. Notes | 4.50 | 5/20/2052 | 25000 | 20725 |
| Qualcomm, Inc., Sr. Unscd. Notes | 5.40 | 5/20/2033 | 200000 | 209208 |
| Texas Instruments, Inc., Sr. Unscd. Notes | 4.15 | 5/15/2048 | 80000 | 65148 |

---

**19**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** | **Semiconductors & Semiconductor Equipment — .6% (continued)** |
| Texas Instruments, Inc., Sr. Unscd. Notes | 4.60 | 2/8/2027 | 200000 | 202266 |
| Texas Instruments, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.60 | 2/8/2029 | 200000 | 203192 |
|  |  |  |  | **3204523** |
| **Supranational Bank — 1.4%** | **Supranational Bank — 1.4%** | **Supranational Bank — 1.4%** | **Supranational Bank — 1.4%** | **Supranational Bank — 1.4%** |
| African Development Bank, Sr. Unscd. Bonds | 4.00 | 3/18/2030 | 200000 | 201759 |
| African Development Bank, Sr. Unscd. Notes | 4.13 | 2/25/2027 | 200000 | 201434 |
| Asian Development Bank, Sr. Unscd. Notes | 1.50 | 3/4/2031 | 200000 | 175565 |
| Asian Development Bank, Sr. Unscd. Notes | 1.88 | 1/24/2030 | 100000 | 91856 |
| Asian Development Bank, Sr. Unscd. Notes | 2.75 | 1/19/2028 | 90000 | 87969 |
| Asian Development Bank, Sr. Unscd. Notes | 3.88 | 9/28/2032 | 100000 | 99017 |
| Asian Development Bank, Sr. Unscd. Notes | 4.00 | 1/12/2033 | 55000 | 54876 |
| Asian Development Bank, Sr. Unscd. Notes | 4.13 | 1/12/2027 | 300000 | 302090 |
| Asian Development Bank, Sr. Unscd. Notes | 4.38 | 1/14/2028 | 300000 | 305732 |
| Asian Development Bank, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 3/22/2035 | 200000 | 202460 |
| Corporación Andina de Fomento, Sr. Unscd. Notes | 4.13 | 1/7/2028 | 100000 | 100637 |
| Corporación Andina de Fomento, Sr. Unscd. Notes | 5.00 | 1/24/2029 | 100000 | 102863 |
| European Investment Bank, Sr. Unscd. Bonds | 1.63 | 10/9/2029 | 150000 | 137208 |
| European Investment Bank, Sr. Unscd. Bonds | 3.75 | 2/14/2033 | 100000 | 98259 |
| European Investment Bank, Sr. Unscd. Bonds | 4.38 | 10/10/2031 | 300000 | 307306 |
| European Investment Bank, Sr. Unscd. Notes | 2.38 | 5/24/2027 | 500000 | 487296 |
| European Investment Bank, Sr. Unscd. Notes | 3.88 | 3/15/2028 | 130000 | 130881 |
| European Investment Bank, Sr. Unscd. Notes | 4.00 | 2/15/2029 | 200000 | 202238 |
| European Investment Bank, Sr. Unscd. Notes | 4.38 | 3/19/2027 | 300000 | 303824 |
| Export Development Canada, Govt. Gtd. Notes | 3.88 | 2/14/2028 | 100000 | 100574 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 4.63 | 1/11/2027 | 200000 | 201529 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 5.00 | 1/11/2028 | 300000 | 306610 |
| Inter-American Development Bank, Sr. Unscd. Notes | 2.00 | 7/23/2026 | 80000 | 78302 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.13 | 9/18/2028 | 150000 | 147492 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 9/14/2029 | 100000 | 98963 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 4/12/2033 | 100000 | 95869 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.63 | 9/17/2031 | 100000 | 98104 |
| Inter-American Development Bank, Sr. Unscd. Notes | 4.38 | 2/1/2027 | 100000 | 101119 |
| Inter-American Investment Corp., Sr. Unscd. Notes | 4.13 | 2/15/2028 | 100000 | 101057 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 1.25 | 2/10/2031 | 175000 | 151476 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.88 | 2/14/2030 | 100000 | 100476 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.88 | 10/16/2029 | 300000 | 301517 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 0.88 | 5/14/2030 | 200000 | 173499 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 3.50 | 7/12/2028 | 100000 | 99553 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.00 | 1/10/2031 | 300000 | 302184 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.50 | 4/10/2031 | 300000 | 309982 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.63 | 1/15/2032 | 115000 | 119201 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes, Ser. GDIF | 1.38 | 4/20/2028 | 300000 | 280491 |
| Nordic Investment Bank, Sr. Unscd. Notes | 3.38 | 9/8/2027 | 200000 | 198734 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | 3.75 | 9/14/2027 | 100000 | 100230 |
|  |  |  |  | **7060232** |
| **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** |
| Amdocs Ltd., Sr. Unscd. Notes | 2.54 | 6/15/2030 | 200000 | 177886 |
| Apple, Inc., Sr. Unscd. Notes | 1.65 | 2/8/2031 | 175000 | 152973 |
| Apple, Inc., Sr. Unscd. Notes | 2.65 | 5/11/2050 | 120000 | 74848 |
| Apple, Inc., Sr. Unscd. Notes | 2.80 | 2/8/2061 | 100000 | 59169 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** |
| Apple, Inc., Sr. Unscd. Notes | 2.95 | 9/11/2049 | 75000 | 50187 |
| Apple, Inc., Sr. Unscd. Notes | 3.20 | 5/11/2027 | 200000 | 197685 |
| Apple, Inc., Sr. Unscd. Notes | 3.35 | 2/9/2027 | 100000 | 99202 |
| Apple, Inc., Sr. Unscd. Notes | 3.35 | 8/8/2032 | 45000 | 42479 |
| Apple, Inc., Sr. Unscd. Notes | 4.10 | 8/8/2062 | 75000 | 59431 |
| Apple, Inc., Sr. Unscd. Notes | 4.15 | 5/10/2030 | 100000 | 101522 |
| Apple, Inc., Sr. Unscd. Notes | 4.25 | 2/9/2047 | 150000 | 128107 |
| Apple, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.85 | 5/10/2053 | 200000 | 188544 |
| Booz Allen Hamilton, Inc., Gtd. Notes | 5.95 | 8/4/2033 | 100000 | 100902 |
| Dell International LLC/EMC Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.45 | 12/15/2051 | 17000 | 11243 |
| Dell International LLC/EMC Corp., Gtd. Notes | 5.40 | 4/15/2034 | 100000 | 100017 |
| Dell International LLC/EMC Corp., Gtd. Notes | 5.75 | 2/1/2033 | 200000 | 206903 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 6.02 | 6/15/2026 | 144000 | 145705 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 8.35 | 7/15/2046 | 28000 | 34024 |
| DXC Technology Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.38 | 9/15/2028 | 150000 | 137533 |
| International Business Machines Corp., Sr. Unscd. Notes | 1.70 | 5/15/2027 | 100000 | 95244 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.50 | 5/15/2029 | 220000 | 213017 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.15 | 5/15/2039 | 105000 | 91160 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.25 | 5/15/2049 | 160000 | 127197 |
| Leidos, Inc., Gtd. Notes | 2.30 | 2/15/2031 | 200000 | 173027 |
| NetApp, Inc., Sr. Unscd. Notes | 2.70 | 6/22/2030 | 200000 | 179820 |
|  |  |  |  | **2947825** |
| **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** |
| America Movil SAB de CV, Gtd. Notes | 6.38 | 3/1/2035 | 100000 | 108080 |
| America Movil SAB de CV, Sr. Unscd. Notes | 4.38 | 4/22/2049 | 100000 | 81902 |
| AT&T, Inc., Sr. Unscd. Notes | 3.50 | 9/15/2053 | 165000 | 110552 |
| AT&T, Inc., Sr. Unscd. Notes | 3.80 | 12/1/2057 | 300000 | 206734 |
| AT&T, Inc., Sr. Unscd. Notes | 4.35 | 3/1/2029 | 360000 | 359549 |
| AT&T, Inc., Sr. Unscd. Notes | 4.50 | 5/15/2035 | 150000 | 141595 |
| AT&T, Inc., Sr. Unscd. Notes | 4.50 | 3/9/2048 | 341000 | 278400 |
| AT&T, Inc., Sr. Unscd. Notes | 4.85 | 3/1/2039 | 110000 | 102191 |
| British Telecommunications PLC, Sr. Unscd. Notes | 9.63 | 12/15/2030 | 175000 | 214256 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 4.80 | 2/26/2027 | 100000 | 101604 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.05 | 2/26/2034 | 100000 | 101252 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.50 | 1/15/2040 | 250000 | 255586 |
| Corning, Inc., Sr. Unscd. Notes | 3.90 | 11/15/2049 | 150000 | 110114 |
| Deutsche Telekom International Finance BV, Gtd. Bonds | 8.75 | 6/15/2030 | 300000 | 353094 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 5.00 | 4/15/2029 | 100000 | 101657 |
| Orange SA, Sr. Unscd. Notes | 9.00 | 3/1/2031 | 150000 | 182454 |
| Rogers Communications, Inc., Gtd. Bonds | 7.50 | 8/15/2038 | 125000 | 143556 |
| Telefonica Emisiones SA, Gtd. Notes | 5.21 | 3/8/2047 | 150000 | 131687 |
| Telefonica Emisiones SA, Gtd. Notes | 7.05 | 6/20/2036 | 100000 | 110835 |
| T-Mobile USA, Inc., Gtd. Notes | 2.05 | 2/15/2028 | 150000 | 141082 |
| T-Mobile USA, Inc., Gtd. Notes | 2.55 | 2/15/2031 | 200000 | 177528 |
| T-Mobile USA, Inc., Gtd. Notes | 4.50 | 4/15/2050 | 100000 | 81201 |
| T-Mobile USA, Inc., Gtd. Notes | 4.95 | 3/15/2028 | 100000 | 101639 |
| T-Mobile USA, Inc., Gtd. Notes | 5.05 | 7/15/2033 | 100000 | 99393 |
| T-Mobile USA, Inc., Gtd. Notes | 5.65 | 1/15/2053 | 200000 | 191120 |
| T-Mobile USA, Inc., Gtd. Notes | 5.80 | 9/15/2062 | 100000 | 96470 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 125000 | 106735 |

---

**21**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Telecommunication Services — 1.1% (continued)** | **Telecommunication Services — 1.1% (continued)** | **Telecommunication Services — 1.1% (continued)** | **Telecommunication Services — 1.1% (continued)** | **Telecommunication Services — 1.1% (continued)** |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.88 | 11/20/2050 | 200000 | 122872 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.70 | 3/22/2061 | 200000 | 136046 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 427000 | 419429 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.33 | 9/21/2028 | 250000 | 250892 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.78 | 2/15/2035 | 300000 | 291820 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.63 | 2/10/2053 | 100000 | 92847 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.75 | 2/10/2063 | 30000 | 27396 |
| Vodafone Group PLC, Sr. Unscd. Notes | 7.88 | 2/15/2030 | 13000 | 14970 |
|  |  |  |  | **5546538** |
| **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 6.15 | 5/1/2037 | 300000 | 325098 |
| Canadian National Railway Co., Sr. Unscd. Notes | 4.38 | 9/18/2034 | 150000 | 142523 |
| Canadian Pacific Railway Co., Gtd. Notes | 4.95 | 8/15/2045 | 150000 | 135986 |
| CSX Corp., Sr. Unscd. Notes | 3.80 | 3/1/2028 | 200000 | 198390 |
| CSX Corp., Sr. Unscd. Notes | 4.30 | 3/1/2048 | 50000 | 41254 |
| CSX Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.90 | 3/15/2055 | 200000 | 178235 |
| FedEx Corp., Gtd. Notes<sup>(b)</sup> <br>| 4.10 | 2/1/2045 | 100000 | 73985 |
| FedEx Corp., Gtd. Notes<sup>(b)</sup> <br>| 4.95 | 10/17/2048 | 100000 | 82951 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 5.05 | 8/1/2030 | 100000 | 102969 |
| Norfolk Southern Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.35 | 8/1/2054 | 100000 | 94264 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.80 | 4/6/2071 | 55000 | 37281 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.84 | 3/20/2060 | 243000 | 173025 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.85 | 2/14/2072 | 50000 | 34328 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.95 | 9/10/2028 | 105000 | 104539 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 3.75 | 11/15/2047 | 80000 | 60358 |
| United Parcel Service, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 3/3/2033 | 100000 | 100565 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 6.20 | 1/15/2038 | 100000 | 107827 |
|  |  |  |  | **1993578** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K056, Cl. A2<sup>(c)</sup> <br>| 2.53 | 5/25/2026 | 249962 | 245724 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K103, Cl. A2<sup>(c)</sup> <br>| 2.65 | 11/25/2029 | 400000 | 376324 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K104, Cl. A2<sup>(c)</sup> <br>| 2.25 | 1/25/2030 | 400000 | 369196 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K106, Cl. A1<sup>(c)</sup> <br>| 1.78 | 10/25/2029 | 162707 | 154304 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K112, Cl. A2<sup>(c)</sup> <br>| 1.31 | 5/25/2030 | 200000 | 174537 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K126, Cl. A2<sup>(c)</sup> <br>| 2.07 | 1/25/2031 | 400000 | 356936 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K1514, Cl. A2<sup>(c)</sup> <br>| 2.86 | 10/25/2034 | 400000 | 347200 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K1516, Cl. A2<sup>(c)</sup> <br>| 1.72 | 5/25/2035 | 200000 | 153896 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through <br> Certificates, Ser. K1521, Cl. A2<sup>(c)</sup> <br>| 2.18 | 8/25/2036 | 300000 | 234776 |
| Federal National Mortgage Association, ACES, Ser. 2017-M12, Cl. A2<sup>(c)</sup> <br>| 3.16 | 6/25/2027 | 572870 | 561816 |
| Federal National Mortgage Association, ACES, Ser. 2018-M1, Cl. A2<sup>(c)</sup> <br>| 3.09 | 12/25/2027 | 254906 | 248941 |
| Federal National Mortgage Association, ACES, Ser. 2018-M10, Cl. A2<sup>(c)</sup> <br>| 3.47 | 7/25/2028 | 195482 | 192067 |
| Federal National Mortgage Association, ACES, Ser. 2019-M12, Cl. A2<sup>(c)</sup> <br>| 2.89 | 6/25/2029 | 241668 | 231442 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)** |
| Federal National Mortgage Association, ACES, Ser. 2020-M1, Cl. A2<sup>(c)</sup> <br>| 2.44 | 10/25/2029 | 200000 | 186368 |
| Federal National Mortgage Association, ACES, Ser. 2020-M14, Cl. A2<sup>(c)</sup> <br>| 1.78 | 5/25/2030 | 289349 | 259578 |
| Federal National Mortgage Association, ACES, Ser. 2022-M1, Cl. A2<sup>(c)</sup> <br>| 1.72 | 10/25/2031 | 200000 | 170073 |
|  |  |  |  | **4263178** |
| **U.S. Government Agencies Mortgage-Backed — 27.0%** | **U.S. Government Agencies Mortgage-Backed — 27.0%** | **U.S. Government Agencies Mortgage-Backed — 27.0%** | **U.S. Government Agencies Mortgage-Backed — 27.0%** | **U.S. Government Agencies Mortgage-Backed — 27.0%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 2.00%, 8/1/2028-3/1/2032<sup>(c)</sup> <br>|  |  | 77495 | 75023 |
| 2.50%, 5/1/2028-2/1/2047<sup>(c)</sup> <br>|  |  | 595716 | 565058 |
| 3.00%, 10/1/2026-3/1/2048<sup>(c)</sup> <br>|  |  | 1330586 | 1246700 |
| 3.50%, 11/1/2025-11/1/2048<sup>(c)</sup> <br>|  |  | 1747084 | 1633273 |
| 4.00%, 9/1/2035-9/1/2048<sup>(c)</sup> <br>|  |  | 556922 | 533991 |
| 4.50%, 1/1/2026-12/1/2048<sup>(c)</sup> <br>|  |  | 1040118 | 1028837 |
| 5.00%, 7/1/2028-2/1/2048<sup>(c)</sup> <br>|  |  | 393866 | 398464 |
| 5.50%, 5/1/2027-1/1/2039<sup>(c)</sup> <br>|  |  | 152456 | 156291 |
| 6.00%, 6/1/2028-7/1/2039<sup>(c)</sup> <br>|  |  | 187124 | 194719 |
| 6.50%, 4/1/2026-9/1/2037<sup>(c)</sup> <br>|  |  | 42045 | 43795 |
| 7.00%, 1/1/2028-9/1/2031<sup>(c)</sup> <br>|  |  | 3810 | 3987 |
| 7.38%, 8/1/2034, (1 Year U.S. Treasury Yield Curve Constant Rate +2.25%)<sup>(c),(d)</sup> <br>|  |  | 187 | 192 |
| 7.50%, 8/1/2025-7/1/2030<sup>(c)</sup> <br>|  |  | 405 | 416 |
| 8.00%, 5/1/2026-10/1/2031<sup>(c)</sup> <br>|  |  | 630 | 652 |
| 8.50%, 6/1/2030<sup>(c)</sup> <br>|  |  | 50 | 52 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 1.50%<sup>(c),(e)</sup> <br>|  |  | 100000 | 88292 |
| 1.50%, 9/1/2035-3/1/2052<sup>(c)</sup> <br>|  |  | 6824764 | 5546683 |
| 2.00%, 7/1/2028-6/1/2052<sup>(c)</sup> <br>|  |  | 29441549 | 24067565 |
| 2.50%, 7/1/2027-5/1/2052<sup>(c)</sup> <br>|  |  | 22456073 | 19084199 |
| 3.00%<sup>(c),(e)</sup> <br>|  |  | 50000 | 43401 |
| 3.00%, 10/1/2026-3/1/2052<sup>(c)</sup> <br>|  |  | 13167227 | 11819483 |
| 3.50%<sup>(c),(e)</sup> <br>|  |  | 25000 | 24090 |
| 3.50%, 8/1/2025-7/1/2052<sup>(c)</sup> <br>|  |  | 6335231 | 5871890 |
| 4.00%<sup>(c),(e)</sup> <br>|  |  | 525000 | 497163 |
| 4.00%, 6/1/2025-9/1/2052<sup>(c)</sup> <br>|  |  | 5068706 | 4831073 |
| 4.50%<sup>(c),(e)</sup> <br>|  |  | 1350000 | 1297604 |
| 4.50%, 9/1/2030-11/1/2052<sup>(c)</sup> <br>|  |  | 1978752 | 1931173 |
| 5.00%<sup>(c),(e)</sup> <br>|  |  | 4600000 | 4510210 |
| 5.00%, 11/1/2028-6/1/2049<sup>(c)</sup> <br>|  |  | 582989 | 589364 |
| 5.50%<sup>(c),(e)</sup> <br>|  |  | 6475000 | 6464179 |
| 5.50%, 1/1/2032-2/1/2053<sup>(c)</sup> <br>|  |  | 433128 | 440272 |
| 6.00%<sup>(c),(e)</sup> <br>|  |  | 5900000 | 5986961 |
| 6.00%, 12/1/2028-11/1/2038<sup>(c)</sup> <br>|  |  | 395494 | 412124 |
| 6.50%<sup>(c),(e)</sup> <br>|  |  | 3125000 | 3218396 |
| 6.50%, 2/1/2028-10/1/2037<sup>(c)</sup> <br>|  |  | 92876 | 96364 |
| 7.00%<sup>(c),(e)</sup> <br>|  |  | 775000 | 810260 |
| 7.00%, 9/1/2026-7/1/2032<sup>(c)</sup> <br>|  |  | 6689 | 6986 |
| 7.50%, 4/1/2026-6/1/2031<sup>(c)</sup> <br>|  |  | 3702 | 3764 |
| 8.00%, 5/1/2027-8/1/2030<sup>(c)</sup> <br>|  |  | 534 | 548 |
| 8.50%, 7/1/2030<sup>(c)</sup> <br>|  |  | 79 | 83 |
| Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: |
| 2.50%, 2/15/2028-9/15/2046 |  |  | 77762 | 68025 |
| 3.00%, 9/15/2042-8/15/2045 |  |  | 361753 | 326417 |

---

**23**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 27.0% (continued)** | **U.S. Government Agencies Mortgage-Backed — 27.0% (continued)** | **U.S. Government Agencies Mortgage-Backed — 27.0% (continued)** | **U.S. Government Agencies Mortgage-Backed — 27.0% (continued)** | **U.S. Government Agencies Mortgage-Backed — 27.0% (continued)** |
| 3.50%, 2/15/2026-8/15/2045 |  |  | 282074 | 263647 |
| 4.00%, 2/15/2041-9/15/2045 |  |  | 316417 | 299527 |
| 4.50%, 3/15/2039-2/15/2041 |  |  | 316450 | 310914 |
| 5.00%, 7/15/2033-4/15/2040 |  |  | 363056 | 366378 |
| 5.50%, 2/15/2033-11/15/2038 |  |  | 153896 | 157012 |
| Government National Mortgage Association I (continued): | Government National Mortgage Association I (continued): | Government National Mortgage Association I (continued): | Government National Mortgage Association I (continued): | Government National Mortgage Association I (continued): |
| 6.00%, 1/15/2029-10/15/2036 |  |  | 49516 | 51229 |
| 6.50%, 8/15/2029-11/15/2033 |  |  | 14824 | 15210 |
| 7.00%, 10/15/2027-8/15/2032 |  |  | 15044 | 15374 |
| 7.50%, 12/15/2026-11/15/2030 |  |  | 4080 | 4099 |
| 8.00%, 12/15/2029-3/15/2032 |  |  | 2167 | 2288 |
| 8.25%, 6/15/2027 |  |  | 129 | 129 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 2.00%<sup>(e)</sup> <br>|  |  | 375000 | 306032 |
| 2.00%, 9/20/2050-5/20/2052 |  |  | 5057407 | 4130584 |
| 2.50%<sup>(e)</sup> <br>|  |  | 200000 | 170484 |
| 2.50%, 3/20/2027-7/20/2052 |  |  | 6591973 | 5636093 |
| 3.00%, 1/20/2028-5/20/2052 |  |  | 5500483 | 4942753 |
| 3.50%<sup>(e)</sup> <br>|  |  | 75000 | 68142 |
| 3.50%, 9/20/2028-9/20/2052 |  |  | 4051271 | 3736956 |
| 4.00%<sup>(e)</sup> <br>|  |  | 100000 | 93096 |
| 4.00%, 9/20/2043-9/20/2052 |  |  | 1761372 | 1670529 |
| 4.50%<sup>(e)</sup> <br>|  |  | 600000 | 574452 |
| 4.50%, 7/20/2041-8/20/2052 |  |  | 1457221 | 1424833 |
| 5.00%<sup>(e)</sup> <br>|  |  | 2450000 | 2403827 |
| 5.00%, 9/20/2040-2/20/2049 |  |  | 112067 | 113026 |
| 5.50%<sup>(e)</sup> <br>|  |  | 2950000 | 2949214 |
| 5.50%, 10/20/2031-6/20/2041 |  |  | 27538 | 28250 |
| 6.00%<sup>(e)</sup> <br>|  |  | 2025000 | 2048553 |
| 6.50%<sup>(e)</sup> <br>|  |  | 825000 | 843592 |
| 6.50%, 2/20/2028 |  |  | 59 | 60 |
| 7.00%<sup>(e)</sup> <br>|  |  | 225000 | 231863 |
|  |  |  |  | **136776165** |
| **U.S. Government Agencies Obligations — .7%** | **U.S. Government Agencies Obligations — .7%** | **U.S. Government Agencies Obligations — .7%** | **U.S. Government Agencies Obligations — .7%** | **U.S. Government Agencies Obligations — .7%** |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.65 | 7/23/2035 | 200000 | 151968 |
| Federal Farm Credit Banks Funding Corp., Bonds | 4.82 | 6/23/2026 | 1000000 | 1000782 |
| Federal Home Loan Banks, Bonds | 3.25 | 11/16/2028 | 500000 | 495312 |
| Federal Home Loan Banks, Bonds | 5.50 | 7/15/2036 | 480000 | 523324 |
| Federal Home Loan Mortgage Corp., Notes<sup>(c)</sup> <br>| 0.80 | 10/27/2026 | 125000 | 119566 |
| Federal National Mortgage Association, Notes<sup>(c)</sup> <br>| 0.88 | 12/18/2026 | 325000 | 310261 |
| Federal National Mortgage Association, Notes<sup>(c)</sup> <br>| 6.25 | 5/15/2029 | 540000 | 591591 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 5.25 | 9/15/2039 | 150000 | 157877 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 6.15 | 1/15/2038 | 165000 | 186828 |
|  |  |  |  | **3537509** |
| **U.S. Treasury Securities — 44.6%** | **U.S. Treasury Securities — 44.6%** | **U.S. Treasury Securities — 44.6%** | **U.S. Treasury Securities — 44.6%** | **U.S. Treasury Securities — 44.6%** |
| U.S. Treasury Bonds | 1.13 | 5/15/2040 | 600000 | 375691 |
| U.S. Treasury Bonds | 1.38 | 8/15/2050 | 125000 | 62383 |
| U.S. Treasury Bonds | 1.38 | 11/15/2040 | 125000 | 80342 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 1.63 | 11/15/2050 | 1715000 | 914879 |
| U.S. Treasury Bonds | 1.75 | 8/15/2041 | 70000 | 46884 |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** |
| U.S. Treasury Bonds | 1.88 | 2/15/2051 | 670000 | 380775 |
| U.S. Treasury Bonds | 1.88 | 11/15/2051 | 1995000 | 1123473 |
| U.S. Treasury Bonds | 2.00 | 8/15/2051 | 1990000 | 1161662 |
| U.S. Treasury Bonds | 2.00 | 11/15/2041 | 1130000 | 784313 |
| U.S. Treasury Bonds | 2.25 | 8/15/2046 | 975000 | 645347 |
| U.S. Treasury Bonds | 2.25 | 8/15/2049 | 705000 | 446835 |
| U.S. Treasury Bonds | 2.25 | 5/15/2041 | 500000 | 366309 |
| U.S. Treasury Bonds | 2.25 | 2/15/2052 | 1220000 | 754708 |
| U.S. Treasury Bonds | 2.38 | 11/15/2049 | 250000 | 162524 |
| U.S. Treasury Bonds | 2.38 | 5/15/2051 | 2195000 | 1407887 |
| U.S. Treasury Bonds | 2.38 | 2/15/2042 | 135000 | 99025 |
| U.S. Treasury Bonds | 2.50 | 5/15/2046 | 675000 | 471129 |
| U.S. Treasury Bonds | 2.50 | 2/15/2045 | 95000 | 67569 |
| U.S. Treasury Bonds | 2.75 | 11/15/2042 | 982000 | 755143 |
| U.S. Treasury Bonds | 2.75 | 8/15/2042 | 175000 | 135201 |
| U.S. Treasury Bonds | 2.75 | 8/15/2047 | 1420000 | 1023260 |
| U.S. Treasury Bonds | 2.75 | 11/15/2047 | 85000 | 61102 |
| U.S. Treasury Bonds | 2.88 | 5/15/2043 | 2040000 | 1586419 |
| U.S. Treasury Bonds | 2.88 | 11/15/2046 | 385000 | 286562 |
| U.S. Treasury Bonds | 2.88 | 5/15/2049 | 2386000 | 1730223 |
| U.S. Treasury Bonds | 2.88 | 5/15/2052 | 1415000 | 1008547 |
| U.S. Treasury Bonds | 3.00 | 5/15/2042 | 320000 | 257850 |
| U.S. Treasury Bonds | 3.00 | 2/15/2047 | 925000 | 701753 |
| U.S. Treasury Bonds | 3.00 | 8/15/2048 | 560000 | 418578 |
| U.S. Treasury Bonds | 3.00 | 2/15/2049 | 185000 | 137749 |
| U.S. Treasury Bonds | 3.00 | 8/15/2052 | 1160000 | 848499 |
| U.S. Treasury Bonds | 3.13 | 11/15/2041 | 290000 | 239862 |
| U.S. Treasury Bonds | 3.13 | 8/15/2044 | 106000 | 84438 |
| U.S. Treasury Bonds | 3.13 | 2/15/2042 | 175000 | 144156 |
| U.S. Treasury Bonds | 3.13 | 2/15/2043 | 365000 | 296235 |
| U.S. Treasury Bonds | 3.25 | 5/15/2042 | 365000 | 304918 |
| U.S. Treasury Bonds | 3.38 | 5/15/2044 | 915000 | 760647 |
| U.S. Treasury Bonds | 3.38 | 11/15/2048 | 1415000 | 1130812 |
| U.S. Treasury Bonds | 3.38 | 8/15/2042 | 540000 | 457840 |
| U.S. Treasury Bonds | 3.63 | 2/15/2044 | 1918000 | 1659557 |
| U.S. Treasury Bonds | 3.63 | 8/15/2043 | 615000 | 534413 |
| U.S. Treasury Bonds | 3.63 | 2/15/2053 | 375000 | 310488 |
| U.S. Treasury Bonds | 3.63 | 5/15/2053 | 1670000 | 1382643 |
| U.S. Treasury Bonds | 3.75 | 8/15/2041 | 1485000 | 1342011 |
| U.S. Treasury Bonds | 3.75 | 11/15/2043 | 1730000 | 1527840 |
| U.S. Treasury Bonds | 3.88 | 8/15/2040 | 95000 | 88112 |
| U.S. Treasury Bonds | 3.88 | 2/15/2043 | 1060000 | 959755 |
| U.S. Treasury Bonds | 3.88 | 5/15/2043 | 1055000 | 952859 |
| U.S. Treasury Bonds | 4.00 | 11/15/2042 | 385000 | 355117 |
| U.S. Treasury Bonds | 4.00 | 11/15/2052 | 620000 | 550117 |
| U.S. Treasury Bonds | 4.13 | 8/15/2053 | 1665000 | 1509557 |
| U.S. Treasury Bonds | 4.13 | 8/15/2044 | 600000 | 556312 |
| U.S. Treasury Bonds | 4.25 | 5/15/2039 | 880000 | 863156 |
| U.S. Treasury Bonds | 4.25 | 11/15/2040 | 330000 | 319159 |
| U.S. Treasury Bonds | 4.25 | 2/15/2054 | 420000 | 389025 |

---

**25**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.25 | 8/15/2054 | 1280000 | 1187000 |
| U.S. Treasury Bonds | 4.38 | 11/15/2039 | 655000 | 647670 |
| U.S. Treasury Bonds | 4.38 | 5/15/2041 | 1160000 | 1134444 |
| U.S. Treasury Bonds | 4.38 | 2/15/2038 | 40000 | 40211 |
| U.S. Treasury Bonds | 4.38 | 5/15/2040 | 130000 | 128141 |
| U.S. Treasury Bonds | 4.38 | 8/15/2043 | 560000 | 540137 |
| U.S. Treasury Bonds | 4.50 | 8/15/2039 | 100000 | 100418 |
| U.S. Treasury Bonds | 4.50 | 2/15/2036 | 160000 | 165281 |
| U.S. Treasury Bonds | 4.50 | 5/15/2038 | 105000 | 106833 |
| U.S. Treasury Bonds | 4.50 | 2/15/2044 | 335000 | 327443 |
| U.S. Treasury Bonds | 4.50 | 11/15/2054 | 640000 | 619700 |
| U.S. Treasury Bonds | 4.63 | 5/15/2054 | 1300000 | 1281922 |
| U.S. Treasury Bonds | 4.63 | 5/15/2044 | 335000 | 332468 |
| U.S. Treasury Bonds | 4.63 | 11/15/2044 | 315000 | 311948 |
| U.S. Treasury Bonds | 4.63 | 2/15/2055 | 1150000 | 1138141 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.75 | 2/15/2041 | 505000 | 516481 |
| U.S. Treasury Bonds | 4.75 | 11/15/2053 | 1750000 | 1760254 |
| U.S. Treasury Bonds | 5.38 | 2/15/2031 | 220000 | 237630 |
| U.S. Treasury Bonds | 6.13 | 11/15/2027 | 85000 | 90259 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 6.50 | 11/15/2026 | 1225000 | 1282135 |
| U.S. Treasury Bonds | 6.75 | 8/15/2026 | 1405000 | 1459938 |
| U.S. Treasury Notes | 0.38 | 7/31/2027 | 1400000 | 1303422 |
| U.S. Treasury Notes | 0.50 | 4/30/2027 | 935000 | 879594 |
| U.S. Treasury Notes | 0.50 | 5/31/2027 | 270000 | 253336 |
| U.S. Treasury Notes | 0.50 | 10/31/2027 | 1000000 | 926719 |
| U.S. Treasury Notes | 0.63 | 5/15/2030 | 1200000 | 1029984 |
| U.S. Treasury Notes | 0.63 | 8/15/2030 | 3031000 | 2578363 |
| U.S. Treasury Notes | 0.63 | 7/31/2026 | 1585000 | 1524324 |
| U.S. Treasury Notes | 0.75 | 1/31/2028 | 400000 | 370562 |
| U.S. Treasury Notes | 0.75 | 8/31/2026 | 165000 | 158606 |
| U.S. Treasury Notes | 0.88 | 6/30/2026 | 1155000 | 1116515 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 0.88 | 9/30/2026 | 290000 | 278695 |
| U.S. Treasury Notes | 1.00 | 7/31/2028 | 1145000 | 1054384 |
| U.S. Treasury Notes | 1.13 | 2/15/2031 | 320000 | 276119 |
| U.S. Treasury Notes | 1.13 | 8/31/2028 | 2115000 | 1951253 |
| U.S. Treasury Notes | 1.13 | 10/31/2026 | 2660000 | 2560770 |
| U.S. Treasury Notes | 1.25 | 5/31/2028 | 820000 | 764314 |
| U.S. Treasury Notes | 1.25 | 6/30/2028 | 230000 | 213976 |
| U.S. Treasury Notes | 1.25 | 8/15/2031 | 4045000 | 3455710 |
| U.S. Treasury Notes | 1.25 | 9/30/2028 | 2500000 | 2311475 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 1.25 | 12/31/2026 | 920000 | 884386 |
| U.S. Treasury Notes | 1.38 | 10/31/2028 | 1650000 | 1529279 |
| U.S. Treasury Notes | 1.38 | 11/15/2031 | 3630000 | 3102941 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 1.38 | 12/31/2028 | 1500000 | 1384746 |
| U.S. Treasury Notes | 1.50 | 8/15/2026 | 150000 | 145729 |
| U.S. Treasury Notes | 1.50 | 2/28/2030 | 355000 | 342145 |
| U.S. Treasury Notes | 1.50 | 2/15/2030 | 1340000 | 1211234 |
| U.S. Treasury Notes | 1.50 | 11/30/2028 | 1100000 | 1021947 |
| U.S. Treasury Notes | 1.63 | 5/15/2026 | 465000 | 454446 |
| U.S. Treasury Notes | 1.63 | 8/15/2029 | 215000 | 198010 |

---

**26**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 1.63 | 10/31/2026 | 290000 | 281300 |
| U.S. Treasury Notes | 1.75 | 1/31/2029 | 2455000 | 2293555 |
| U.S. Treasury Notes | 1.88 | 6/30/2026 | 846000 | 827378 |
| U.S. Treasury Notes | 1.88 | 7/31/2026 | 975000 | 952529 |
| U.S. Treasury Notes | 1.88 | 2/15/2032 | 1650000 | 1449003 |
| U.S. Treasury Notes | 1.88 | 2/28/2027 | 2220000 | 2151492 |
| U.S. Treasury Notes | 2.00 | 11/15/2026 | 1065000 | 1038001 |
| U.S. Treasury Notes | 2.25 | 2/15/2027 | 1510000 | 1473843 |
| U.S. Treasury Notes | 2.25 | 8/15/2027 | 1075000 | 1043779 |
| U.S. Treasury Notes | 2.25 | 11/15/2027 | 500000 | 483906 |
| U.S. Treasury Notes | 2.38 | 5/15/2027 | 1825000 | 1781264 |
| U.S. Treasury Notes | 2.38 | 5/15/2029 | 1300000 | 1237971 |
| U.S. Treasury Notes | 2.38 | 3/31/2029 | 1585000 | 1511849 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 2.50 | 3/31/2027 | 895000 | 876785 |
| U.S. Treasury Notes | 2.63 | 2/15/2029 | 1450000 | 1397891 |
| U.S. Treasury Notes | 2.63 | 7/31/2029 | 845000 | 810375 |
| U.S. Treasury Notes | 2.75 | 4/30/2027 | 1465000 | 1441222 |
| U.S. Treasury Notes | 2.75 | 5/31/2029 | 210000 | 202794 |
| U.S. Treasury Notes | 2.75 | 7/31/2027 | 800000 | 785422 |
| U.S. Treasury Notes | 2.75 | 8/15/2032 | 3080000 | 2844789 |
| U.S. Treasury Notes | 2.88 | 4/30/2029 | 1480000 | 1437277 |
| U.S. Treasury Notes | 2.88 | 5/15/2032 | 1580000 | 1476652 |
| U.S. Treasury Notes | 3.13 | 11/15/2028 | 1095000 | 1076885 |
| U.S. Treasury Notes | 3.13 | 8/31/2027 | 600000 | 593801 |
| U.S. Treasury Notes | 3.25 | 6/30/2027 | 2190000 | 2174944 |
| U.S. Treasury Notes | 3.38 | 5/15/2033 | 1055000 | 1007649 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.38 | 9/15/2027 | 1180000 | 1174722 |
| U.S. Treasury Notes | 3.50 | 1/31/2028 | 670000 | 668469 |
| U.S. Treasury Notes | 3.50 | 1/31/2030 | 135000 | 133745 |
| U.S. Treasury Notes | 3.50 | 2/15/2033 | 1245000 | 1203103 |
| U.S. Treasury Notes | 3.50 | 4/30/2030 | 225000 | 222627 |
| U.S. Treasury Notes | 3.50 | 4/30/2028 | 1325000 | 1321558 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.50 | 9/30/2029 | 2020000 | 2004850 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.50 | 9/30/2026 | 1980000 | 1973696 |
| U.S. Treasury Notes | 3.63 | 3/31/2028 | 1060000 | 1061553 |
| U.S. Treasury Notes | 3.63 | 5/31/2028 | 800000 | 800641 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.63 | 8/31/2029 | 1435000 | 1432113 |
| U.S. Treasury Notes | 3.75 | 6/30/2030 | 1250000 | 1250195 |
| U.S. Treasury Notes | 3.75 | 12/31/2028 | 555000 | 557103 |
| U.S. Treasury Notes | 3.75 | 8/15/2027 | 1190000 | 1194184 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.75 | 8/31/2026 | 2005000 | 2004413 |
| U.S. Treasury Notes | 3.75 | 12/31/2030 | 90000 | 89724 |
| U.S. Treasury Notes | 3.75 | 4/15/2028 | 1000000 | 1004648 |
| U.S. Treasury Notes | 3.75 | 4/30/2027 | 1190000 | 1193533 |
| U.S. Treasury Notes | 3.88 | 9/30/2029 | 370000 | 372818 |
| U.S. Treasury Notes | 3.88 | 11/30/2027 | 795000 | 800559 |
| U.S. Treasury Notes | 3.88 | 12/31/2027 | 580000 | 584554 |
| U.S. Treasury Notes | 3.88 | 8/15/2033 | 1520000 | 1501148 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.88 | 8/15/2034 | 2395000 | 2346539 |
| U.S. Treasury Notes | 3.88 | 10/15/2027 | 1290000 | 1298692 |

---

**27**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.88 | 3/15/2028 | 1030000 | 1038570 |
| U.S. Treasury Notes | 3.88 | 3/31/2027 | 1225000 | 1230790 |
| U.S. Treasury Notes | 3.88 | 4/30/2030 | 1210000 | 1218697 |
| U.S. Treasury Notes | 4.00 | 10/31/2029 | 700000 | 708723 |
| U.S. Treasury Notes | 4.00 | 2/29/2028 | 1130000 | 1142359 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.00 | 2/28/2030 | 1265000 | 1281603 |
| U.S. Treasury Notes | 4.00 | 6/30/2028 | 1800000 | 1822289 |
| U.S. Treasury Notes | 4.00 | 7/31/2030 | 655000 | 662599 |
| U.S. Treasury Notes | 4.00 | 1/31/2029 | 1600000 | 1619812 |
| U.S. Treasury Notes | 4.00 | 1/15/2027 | 240000 | 241345 |
| U.S. Treasury Notes | 4.00 | 7/31/2029 | 1555000 | 1574802 |
| U.S. Treasury Notes | 4.00 | 12/15/2027 | 1090000 | 1101773 |
| U.S. Treasury Notes | 4.00 | 3/31/2030 | 1240000 | 1255597 |
| U.S. Treasury Notes | 4.00 | 4/30/2032 | 1500000 | 1506680 |
| U.S. Treasury Notes | 4.13 | 9/30/2027 | 965000 | 977439 |
| U.S. Treasury Notes | 4.13 | 10/31/2027 | 1410000 | 1428093 |
| U.S. Treasury Notes | 4.13 | 11/15/2032 | 1460000 | 1474686 |
| U.S. Treasury Notes | 4.13 | 7/31/2028 | 785000 | 797465 |
| U.S. Treasury Notes | 4.13 | 8/31/2030 | 85000 | 86456 |
| U.S. Treasury Notes | 4.13 | 2/15/2027 | 930000 | 937556 |
| U.S. Treasury Notes | 4.13 | 3/31/2029 | 1290000 | 1311920 |
| U.S. Treasury Notes | 4.13 | 3/31/2031 | 2300000 | 2334725 |
| U.S. Treasury Notes | 4.13 | 7/31/2031 | 295000 | 299062 |
| U.S. Treasury Notes | 4.13 | 10/31/2029 | 1850000 | 1883062 |
| U.S. Treasury Notes | 4.13 | 10/31/2026 | 1200000 | 1206984 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.13 | 11/15/2027 | 1135000 | 1149653 |
| U.S. Treasury Notes | 4.13 | 11/30/2029 | 805000 | 819779 |
| U.S. Treasury Notes | 4.13 | 1/31/2027 | 1290000 | 1300154 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.13 | 2/28/2027 | 1250000 | 1260693 |
| U.S. Treasury Notes | 4.13 | 2/29/2032 | 2150000 | 2175867 |
| U.S. Treasury Notes | 4.13 | 3/31/2032 | 1480000 | 1497806 |
| U.S. Treasury Notes | 4.25 | 2/28/2029 | 1335000 | 1363629 |
| U.S. Treasury Notes | 4.25 | 2/28/2031 | 1295000 | 1323353 |
| U.S. Treasury Notes | 4.25 | 3/15/2027 | 515000 | 520764 |
| U.S. Treasury Notes | 4.25 | 6/30/2031 | 2050000 | 2093082 |
| U.S. Treasury Notes | 4.25 | 11/15/2034 | 2585000 | 2605195 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.25 | 11/30/2026 | 1355000 | 1366406 |
| U.S. Treasury Notes | 4.25 | 12/31/2026 | 1295000 | 1306888 |
| U.S. Treasury Notes | 4.25 | 1/15/2028 | 1080000 | 1098204 |
| U.S. Treasury Notes | 4.25 | 1/31/2030 | 1100000 | 1125824 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.25 | 2/15/2028 | 1050000 | 1068457 |
| U.S. Treasury Notes | 4.38 | 8/31/2028 | 675000 | 690939 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.38 | 8/15/2026 | 920000 | 926882 |
| U.S. Treasury Notes | 4.38 | 11/30/2028 | 1080000 | 1106662 |
| U.S. Treasury Notes | 4.38 | 11/30/2030 | 1405000 | 1445421 |
| U.S. Treasury Notes | 4.38 | 12/15/2026 | 315000 | 318402 |
| U.S. Treasury Notes | 4.38 | 5/15/2034 | 2415000 | 2461838 |
| U.S. Treasury Notes | 4.38 | 7/15/2027 | 1090000 | 1107798 |
| U.S. Treasury Notes | 4.38 | 7/31/2026 | 2495000 | 2512494 |
| U.S. Treasury Notes | 4.38 | 12/31/2029 | 1215000 | 1249765 |

---

**28**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** | **U.S. Treasury Securities — 44.6% (continued)** |
| U.S. Treasury Notes | 4.38 | 1/31/2032 | 1465000 | 1504257 |
| U.S. Treasury Notes | 4.50 | 7/15/2026 | 1985000 | 2000934 |
| U.S. Treasury Notes | 4.50 | 11/15/2033 | 690000 | 711360 |
| U.S. Treasury Notes | 4.50 | 5/15/2027 | 1210000 | 1230986 |
| U.S. Treasury Notes | 4.50 | 5/31/2029 | 1355000 | 1397555 |
| U.S. Treasury Notes | 4.50 | 4/15/2027 | 1300000 | 1321658 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.63 | 9/15/2026 | 1315000 | 1330436 |
| U.S. Treasury Notes | 4.63 | 9/30/2028 | 975000 | 1006478 |
| U.S. Treasury Notes | 4.63 | 9/30/2030 | 450000 | 468519 |
| U.S. Treasury Notes | 4.63 | 4/30/2031 | 2215000 | 2306931 |
| U.S. Treasury Notes | 4.63 | 4/30/2029 | 2050000 | 2123031 |
| U.S. Treasury Notes | 4.63 | 5/31/2031 | 1000000 | 1041309 |
| U.S. Treasury Notes | 4.63 | 6/15/2027 | 1400000 | 1429531 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.63 | 2/15/2035 | 1805000 | 1872829 |
| U.S. Treasury Notes | 4.88 | 10/31/2028 | 900000 | 936562 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.88 | 10/31/2030 | 1365000 | 1437969 |
|  |  |  |  | **225720018** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| AEP Texas, Inc., Sr. Unscd. Notes, Ser. H | 3.45 | 1/15/2050 | 100000 | 67129 |
| Alabama Power Co., Sr. Unscd. Notes | 3.13 | 7/15/2051 | 150000 | 98057 |
| Alabama Power Co., Sr. Unscd. Notes, Ser. B | 3.70 | 12/1/2047 | 100000 | 75034 |
| Ameren Illinois Co., First Mortgage Bonds | 1.55 | 11/15/2030 | 100000 | 86397 |
| Ameren Illinois Co., First Mortgage Bonds | 4.50 | 3/15/2049 | 100000 | 84084 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.75 | 9/1/2047 | 110000 | 81998 |
| Arizona Public Service Co., Sr. Unscd. Notes | 4.25 | 3/1/2049 | 150000 | 115937 |
| Atmos Energy Corp., Sr. Unscd. Notes | 1.50 | 1/15/2031 | 150000 | 127346 |
| Atmos Energy Corp., Sr. Unscd. Notes | 5.90 | 11/15/2033 | 100000 | 106427 |
| Atmos Energy Corp., Sr. Unscd. Notes | 6.20 | 11/15/2053 | 100000 | 106406 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.80 | 7/15/2048 | 200000 | 145755 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 5.15 | 11/15/2043 | 100000 | 93290 |
| Commonwealth Edison Co., First Mortgage Bonds | 4.00 | 3/1/2049 | 100000 | 77135 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. 6-B | 6.20 | 6/15/2036 | 200000 | 216534 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 5.50 | 3/15/2034 | 100000 | 103646 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.75 | 3/15/2054 | 100000 | 94577 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.25 | 10/1/2039 | 100000 | 104075 |
| Consumers Energy Co., First Mortgage Bonds | 2.65 | 8/15/2052 | 58000 | 33960 |
| Consumers Energy Co., First Mortgage Bonds | 4.90 | 2/15/2029 | 100000 | 101997 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C | 3.38 | 4/1/2030 | 200000 | 187899 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. E | 6.30 | 3/15/2033 | 100000 | 105140 |
| DTE Electric Co., First Mortgage Bonds, Ser. C | 2.63 | 3/1/2031 | 150000 | 135696 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 3.20 | 8/15/2049 | 100000 | 66531 |
| Duke Energy Corp., Sr. Unscd. Notes | 4.50 | 8/15/2032 | 200000 | 193506 |
| Duke Energy Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.45 | 6/15/2034 | 200000 | 203442 |
| Duke Energy Florida LLC, First Mortgage Bonds | 6.40 | 6/15/2038 | 150000 | 163522 |
| Duke Energy Ohio, Inc., First Mortgage Bonds | 5.65 | 4/1/2053 | 200000 | 192614 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.10 | 3/15/2034 | 100000 | 100339 |
| Duke Energy Progress NC Storm Funding LLC, Sr. Scd. Notes, Ser. A2 | 2.39 | 7/1/2037 | 150000 | 125433 |
| Emera US Finance LP, Gtd. Notes | 4.75 | 6/15/2046 | 100000 | 80672 |
| Entergy Arkansas LLC, First Mortgage Bonds | 5.45 | 6/1/2034 | 100000 | 102867 |
| Entergy Louisiana LLC, First Mortgage Bonds | 1.60 | 12/15/2030 | 100000 | 85626 |

---

**29**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** |
| Entergy Texas, Inc., First Mortgage Bonds | 5.80 | 9/1/2053 | 100000 | 98251 |
| Evergy Kansas Central, Inc., First Mortgage Bonds | 3.45 | 4/15/2050 | 150000 | 102635 |
| Exelon Corp., Sr. Unscd. Notes | 5.88 | 3/15/2055 | 100000 | 97410 |
| FirstEnergy Transmission LLC, Sr. Unscd. Notes | 5.00 | 1/15/2035 | 100000 | 98638 |
| Florida Power & Light Co., First Mortgage Bonds | 3.99 | 3/1/2049 | 100000 | 78268 |
| Florida Power & Light Co., First Mortgage Bonds | 4.05 | 10/1/2044 | 200000 | 163673 |
| Georgia Power Co., Sr. Unscd. Notes | 3.25 | 3/30/2027 | 250000 | 245544 |
| Hydro-Quebec, Govt. Gtd. Debs., Ser. HK | 9.38 | 4/15/2030 | 20000 | 24575 |
| Idaho Power Co., First Mortgage Notes, Ser. K | 4.20 | 3/1/2048 | 117000 | 94368 |
| Indiana Michigan Power Co., Sr. Unscd. Notes | 6.05 | 3/15/2037 | 150000 | 158325 |
| Interstate Power & Light Co., Sr. Unscd. Debs. | 3.70 | 9/15/2046 | 150000 | 110986 |
| Interstate Power & Light Co., Sr. Unscd. Notes | 4.10 | 9/26/2028 | 150000 | 148514 |
| National Fuel Gas Co., Sr. Unscd. Notes | 5.95 | 3/15/2035 | 200000 | 200639 |
| National Rural Utilities Cooperative Finance Corp., Scd. Notes | 4.15 | 12/15/2032 | 100000 | 94707 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 4.12 | 9/16/2027 | 100000 | 100079 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 5.15 | 6/15/2029 | 100000 | 102763 |
| NextEra Energy Capital Holdings, Inc., Gtd. Debs. | 5.65 | 5/1/2079 | 150000 | 145271 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 4.90 | 2/28/2028 | 100000 | 101405 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.05 | 2/28/2033 | 100000 | 99537 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.25 | 2/28/2053 | 30000 | 26888 |
| NiSource, Inc., Sr. Unscd. Notes | 1.70 | 2/15/2031 | 150000 | 126879 |
| Northern States Power Co., First Mortgage Bonds | 5.65 | 6/15/2054 | 100000 | 99115 |
| Ohio Power Co., Sr. Unscd. Notes | 5.65 | 6/1/2034 | 100000 | 101445 |
| Oncor Electric Delivery Co. LLC, Scd. Notes<sup>(b)</sup> <br>| 5.80 | 4/1/2055 | 100000 | 98909 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes<sup>(a)</sup> <br>| 4.95 | 9/15/2052 | 100000 | 88252 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 5.75 | 3/15/2029 | 170000 | 178064 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.50 | 7/1/2040 | 215000 | 178415 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.95 | 7/1/2050 | 245000 | 197643 |
| PacifiCorp, First Mortgage Bonds | 4.15 | 2/15/2050 | 150000 | 112519 |
| PacifiCorp, First Mortgage Bonds | 5.30 | 2/15/2031 | 100000 | 102760 |
| PacifiCorp, First Mortgage Bonds | 5.80 | 1/15/2055 | 100000 | 95495 |
| PECO Energy Co., First Mortgage Bonds | 2.85 | 9/15/2051 | 100000 | 61414 |
| PECO Energy Co., First Mortgage Bonds | 5.25 | 9/15/2054 | 100000 | 93812 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 4.72 | 6/1/2037 | 100000 | 97455 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A4 | 5.21 | 12/1/2047 | 100000 | 94968 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 3.00 | 10/1/2049 | 100000 | 65418 |
| Progress Energy, Inc., Sr. Unscd. Notes | 7.75 | 3/1/2031 | 280000 | 320884 |
| Public Service Electric & Gas Co., First Mortgage Bonds | 5.45 | 8/1/2053 | 100000 | 96992 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes | 1.60 | 8/15/2030 | 200000 | 170991 |
| Puget Sound Energy, Inc., Sr. Scd. Notes | 3.25 | 9/15/2049 | 150000 | 99103 |
| San Diego Gas & Electric Co., First Mortgage Bonds | 4.95 | 8/15/2028 | 100000 | 101994 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU<sup>(a)</sup> <br>| 3.32 | 4/15/2050 | 100000 | 66659 |
| Sempra, Sr. Unscd. Notes | 4.00 | 2/1/2048 | 50000 | 36139 |
| Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 150000 | 99626 |
| Southern California Edison Co., First Mortgage Bonds | 5.95 | 11/1/2032 | 200000 | 203912 |
| Southern California Edison Co., First Mortgage Bonds | 6.20 | 9/15/2055 | 100000 | 97425 |
| Southern California Edison Co., Sr. Unscd. Notes | 6.65 | 4/1/2029 | 200000 | 207816 |
| Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A | 3.15 | 9/30/2051 | 200000 | 124626 |
| Southwestern Electric Power Co., Sr. Unscd. Notes, Ser. M | 4.10 | 9/15/2028 | 150000 | 147521 |
| Southwestern Public Service Co., First Mortgage Bonds | 3.40 | 8/15/2046 | 200000 | 138674 |

---

**30**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** | **Bonds and Notes — 101.4% (continued)** |
| **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** | **Utilities — 2.2% (continued)** |
| Tampa Electric Co., Sr. Unscd. Notes | 4.35 | 5/15/2044 | 100000 | 83596 |
| The Connecticut Light and Power Company, First Mortgage Bonds | 4.95 | 8/15/2034 | 200000 | 197451 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 4.00 | 6/15/2050 | 150000 | 112288 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.15 | 3/15/2035 | 100000 | 98842 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.30 | 8/15/2033 | 100000 | 101047 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B | 3.75 | 5/15/2027 | 150000 | 148895 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. C | 4.63 | 5/15/2052 | 100000 | 81928 |
| Washington Gas Light Co., Sr. Unscd. Notes, Ser. K | 3.80 | 9/15/2046 | 150000 | 113297 |
| WEC Energy Group, Inc., Sr. Unscd. Notes | 5.15 | 10/1/2027 | 200000 | 203295 |
| Wisconsin Electric Power Co., Sr. Unscd. Debs.<sup>(a)</sup> <br>| 4.75 | 9/30/2032 | 100000 | 100854 |
| Wisconsin Electric Power Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.60 | 10/1/2034 | 100000 | 97681 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 5.45 | 8/15/2033 | 100000 | 100441 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 6.50 | 7/1/2036 | 200000 | 212749 |
|  |  |  |  | **11312836** |
| **Total Bonds and Notes** <br>(cost $542,802,683)<br>|  |  |  | **513829478** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** |
| **Registered Investment Companies — 4.3%** | **Registered Investment Companies — 4.3%** | **Registered Investment Companies — 4.3%** | **Registered Investment Companies — 4.3%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(f)</sup> <br>(cost $21,697,751)<br>| 4.45 | 21697751 | **21697751** |
| **Investment of Cash Collateral for Securities Loaned — .7%** |  |  |  |
| **Registered Investment Companies — .7%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(f)</sup> <br>(cost $3,505,015)<br>| 4.45 | 3505015 | **3505015** |
| **Total Investments** (cost $568,005,449) | **Total Investments** (cost $568,005,449) | **106.4%** | **539032244** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(6.4%)** | **(32384913)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **506647331** |

---

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

---

| |
|:---|
| ACES—Alterntaive Credit Enhancement Securities |
| GO—Government Obligation |
| REIT—Real Estate Investment Trust |
| TBA—To Be Announced |

---

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

<sup>(a)</sup> Security, or portion thereof, on loan. At April 30, 2025, the value of the fund's securities on loan was $37,528,018 and the value of the collateral was $38,610,046, consisting of cash collateral of $3,505,015 and U.S. Government & Agency securities valued at $35,105,031. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(b)</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 $974,697 or 0.2% of net assets. 

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

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

<sup>(e)</sup> Purchased on a forward commitment basis.

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

**31**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

**TBA Sale Commitments**<br>

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

---

| | | |
|:---|:---|:---|
| Description | Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — (2.4%)** | **U.S. Government Agencies Mortgage-Backed — (2.4%)** | **U.S. Government Agencies Mortgage-Backed — (2.4%)** |
| **Federal National Mortgage Association** |  |  |
| 1.50%<sup>(a),(b)</sup> <br>| (575000)<br>| (433221)<br>|
| 2.00%<sup>(a),(b)</sup> <br>| (575000)<br>| (456262)<br>|
| 2.50%<sup>(a),(b)</sup> <br>| (3725000)<br>| (3178181)<br>|
| 3.00%<sup>(a),(b)</sup> <br>| (3700000)<br>| (3232048)<br>|
| 3.50%<sup>(a),(b)</sup> <br>| (850000)<br>| (767193)<br>|
| 4.00%<sup>(a),(b)</sup> <br>| (250000)<br>| (233020)<br>|
| **Government National Mortgage Association II** |  |  |
| 2.50%<sup>(b)</sup> <br>| (1175000)<br>| (1001594)<br>|
| 3.00%<sup>(b)</sup> <br>| (1750000)<br>| (1549642)<br>|
| 3.50%<sup>(b)</sup> <br>| (1175000)<br>| (1067557)<br>|
| **Total Sale Commitments** (Proceeds $11,877,200) |  | **(11918718)**<br>|

---

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

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

<sup>(b)</sup> Sold on a delayed delivery basis.

&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 - 4.3%** | **Registered Investment Companies - 4.3%** | **Registered Investment Companies - 4.3%** | **Registered Investment Companies - 4.3%** | **Registered Investment Companies - 4.3%** | **Registered Investment Companies - 4.3%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 4.3%<br>| 29192201 | 56988058 | (64482508) | 21697751 | 524732 |
| **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>| 4309145 | 17317201 | (18121331) | 3505015 | 24917<sup>††</sup> <br>|
| **Total - 5.0%** | **33501346** | **74305259** | **(82603839)** | **25202766** | **549649** |

---

&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.

**32**

------

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 $37,528,018)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 542802683 | &nbsp;&nbsp;&nbsp;&nbsp; 513829478 |
| Affiliated issuers | 25202766 | &nbsp;&nbsp;&nbsp;&nbsp; 25202766 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 20747214 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 4058842 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 531138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **564369438** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 90772 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 61564 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 41718639 |
| TBA sale commitments, at value (proceeds $11,877,200)—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11918718 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3505015 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 418830 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 8569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **57722107** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **506647331** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 590481913 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (83834582)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **506647331** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Class I | Investor Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 348551289 | &nbsp;&nbsp;&nbsp;&nbsp; 158096042 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 38586010 | &nbsp;&nbsp;&nbsp;&nbsp; 17507961 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.03** | &nbsp;&nbsp;&nbsp;&nbsp;**9.03** |

---

See notes to financial statements.

**33**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $442 foreign taxes withheld at source) | &nbsp;&nbsp;&nbsp;&nbsp; 9931092 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 524732 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 24917 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **10480741** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 393513 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 223027 |
| Directors' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 31000 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 5048 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **652588** |
| Less—Directors' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (31000)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **621588** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **9859153** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5747953)<br>|
| Net realized gain (loss) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; 127544 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5620409)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 8613012 |
| Net change in unrealized appreciation (depreciation) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (212656)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **8400356** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **2779947** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **12639100** |

---

See notes to financial statements.

**34**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 (Unaudited) | Year Ended October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2025 (Unaudited) | Year Ended October 31, 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 9859153 | &nbsp;&nbsp;&nbsp;&nbsp; 20460810 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5620409) | &nbsp;&nbsp;&nbsp;&nbsp; (9268243) |
| Net change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8400356 | &nbsp;&nbsp;&nbsp;&nbsp; 44269517 |
| **Net Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12639100** | &nbsp;&nbsp;&nbsp;&nbsp; **55462084** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (6631136) | &nbsp;&nbsp;&nbsp;&nbsp; (12554952) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (3193100) | &nbsp;&nbsp;&nbsp;&nbsp; (7726878) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(9824236)** | &nbsp;&nbsp;&nbsp;&nbsp; **(20281830)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 50465025 | &nbsp;&nbsp;&nbsp;&nbsp; 104760547 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 16130538 | &nbsp;&nbsp;&nbsp;&nbsp; 50452562 |
| Distributions reinvested: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 6297872 | &nbsp;&nbsp;&nbsp;&nbsp; 11432206 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3075800 | &nbsp;&nbsp;&nbsp;&nbsp; 7504874 |
| Cost of shares redeemed: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (57694558) | &nbsp;&nbsp;&nbsp;&nbsp; (136924628) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (75037972) | &nbsp;&nbsp;&nbsp;&nbsp; (67163336) |
| **Increase (Decrease) in Net Assets from Capital Stock** <br> **Transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(56763295)** | &nbsp;&nbsp;&nbsp;&nbsp; **(29937775)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(53948431)** | &nbsp;&nbsp;&nbsp;&nbsp; **5242479** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 560595762 | &nbsp;&nbsp;&nbsp;&nbsp; 555353283 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **506647331** | &nbsp;&nbsp;&nbsp;&nbsp; **560595762** |
| **Capital Share Transactions (Shares):** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5662637 | &nbsp;&nbsp;&nbsp;&nbsp; 11650525 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 701095 | &nbsp;&nbsp;&nbsp;&nbsp; 1274919 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6447293) | &nbsp;&nbsp;&nbsp;&nbsp; (15252859) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(83561)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2327415)** |
| **Investor Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1800894 | &nbsp;&nbsp;&nbsp;&nbsp; 5644122 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 342621 | &nbsp;&nbsp;&nbsp;&nbsp; 837554 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8390086) | &nbsp;&nbsp;&nbsp;&nbsp; (7459839) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(6246571)** | &nbsp;&nbsp;&nbsp;&nbsp; **(978163)** |

---

See notes to financial statements.

**35**

------

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>April 30, 2025 <br>(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | Six Months Ended <br>April 30, 2025 <br>(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** |  |  |  |  |  |  |
| Net asset value, beginning of period | 8.98 | 8.45 | 8.71 | 10.70 | 11.01 | 10.64 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp; .17 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .24 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; .40 |
| Total from Investment Operations | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .64 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.27)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp; (.00 )<sup>(b)</sup><br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.27)<br>|
| Net asset value, end of period | 9.03 | 8.98 | 8.45 | 8.71 | 10.70 | 11.01 |
| **Total Return (%)** | 2.47 <br><sup>(c)</sup><br>| 10.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (15.94)<br>| &nbsp;&nbsp; (.51)<br>| 6.02 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .16 <br><sup>(d)</sup><br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .16 |
| Ratio of net expenses to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp; .15 <br><sup>(d)</sup><br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 |
| Ratio of net investment income to average net assets<sup>(e)</sup> <br>| 3.84 <br><sup>(d)</sup><br>| 3.71 | 3.28 | 2.15 | 1.71 | 2.23 |
| Portfolio Turnover Rate<sup>(f)</sup> <br>| 93.01 <br><sup>(c)</sup><br>| 169.29 | 160.90 | 248.23 | 183.21 | 133.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 348551 | &nbsp;&nbsp; 347311 | &nbsp;&nbsp; 346431 | &nbsp;&nbsp; 422862 | &nbsp;&nbsp; 734596 | &nbsp;&nbsp; 897174 |

---

&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> Not annualized.

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

<sup>(e)</sup> Amount inclusive of Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc.

<sup>(f)</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended April 30, 2025, October 31, 2024, 2023, 2022, 2021 and 2020 were 56.44%, 108.26%, 95.89%, 143.06%, 145.54% and 113.32%, respectively. 

See notes to financial statements.

**36**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>April 30, 2025 <br>(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Investor Shares** | Six Months Ended <br>April 30, 2025 <br>(Unaudited)  | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per Share Data ($):** |  |  |  |  |  |  |
| Net asset value, beginning of period | 8.98 | 8.45 | 8.71 | 10.70 | 11.00 | 10.64 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; .38 |
| Total from Investment Operations | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .60 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.24)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp; (.00 )<sup>(b)</sup><br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.24)<br>|
| Net asset value, end of period | 9.03 | 8.98 | 8.45 | 8.71 | 10.70 | 11.00 |
| **Total Return (%)** | 2.35 <br><sup>(c)</sup><br>| 9.97 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (16.15)<br>| &nbsp;&nbsp; (.67)<br>| 5.67 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .41 <br><sup>(d)</sup><br>| &nbsp;&nbsp; .41 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .41 |
| Ratio of net expenses to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp; .40 <br><sup>(d)</sup><br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 |
| Ratio of net investment income to average net assets<sup>(e)</sup> <br>| 3.59 <br><sup>(d)</sup><br>| 3.46 | 3.05 | 1.91 | 1.46 | 2.01 |
| Portfolio Turnover Rate<sup>(f)</sup> <br>| 93.01 <br><sup>(c)</sup><br>| 169.29 | 160.90 | 248.23 | 183.21 | 133.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 158096 | &nbsp;&nbsp; 213285 | &nbsp;&nbsp; 208922 | &nbsp;&nbsp; 211706 | &nbsp;&nbsp; 277722 | &nbsp;&nbsp; 335180 |

---

&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> Not annualized.

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

<sup>(e)</sup> Amount inclusive of Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc.

<sup>(f)</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended April 30, 2025, October 31, 2024, 2023, 2022, 2021 and 2020 were 56.44%, 108.26%, 95.89%, 143.06%, 145.54% and 113.32%, respectively. 

See notes to financial statements.

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Bond Market Index Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds IV, 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 three series, including the fund. The fund's investment objective is to seek to match the total return of the Bloomberg U.S. Aggregate Bond Index. 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.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold to the public without a sales charge. The fund is authorized to issue 500 million shares of $.001 par value Common Stock in each of the following classes of shares: Class I and Investor. 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 Plan fees. Investor shares are sold primarily to retail investors through financial intermediaries and bear Distribution Plan fees. Differences between the classes include the services offered to and the expenses borne by each class, as well as their minimum purchase and account balance requirements. 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).

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.

**38**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.

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

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, 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.

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 ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1719264 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1719264** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 3995497 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3995497** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 128464795 | &nbsp;&nbsp; — | &nbsp;&nbsp; **128464795** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 6018080 | &nbsp;&nbsp; — | &nbsp;&nbsp; **6018080** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3334972 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3334972** |
| U.S. Government Agencies Collateralized Municipal-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4263178 | &nbsp;&nbsp; — | &nbsp;&nbsp; **4263178** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 136776165 | &nbsp;&nbsp; — | &nbsp;&nbsp; **136776165** |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 3537509 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3537509** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 225720018 | &nbsp;&nbsp; — | &nbsp;&nbsp; **225720018** |
| Investment Companies | &nbsp;&nbsp; 25202766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **25202766** |
|  | &nbsp;&nbsp; **25202766** | &nbsp;&nbsp; **513829478** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **539032244** |
| **Liabilities ($)** |  |  |  |  |
| Investments in Securities† <br>U.S. Government Agencies Mortgage-Backed<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11918718) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(11918718)** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(11918718)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(11918718)** |

---

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

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

**(b) 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,

**39**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 $3,439 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; 37528018 | &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; (37528018 )<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; - |
| 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;

---

| | |
|:---|:---|
| <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 risks might affect companies world-wide.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. Interest rates in the United States have recently been rising. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of

**40**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates.

**Government Securities Risk:** Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by each relevant fund does not apply to the market value of such security or to shares of the fund itself.

**Fixed-Income Market Risk**: The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in fund redemption requests, including requests from shareholders who may own a significant percentage of the fund's shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund's share price and increase the fund's liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

**Mortgage-Related Securities Risk:** Mortgage-related securities are complex derivative instruments, subject to credit, prepayment and extension risk, and may be more volatile, less liquid and more difficult to price accurately than more traditional debt securities. The fund is subject to the credit risk associated with these securities, including the market's perception of the creditworthiness of the issuing federal agency, as well as the credit quality of the underlying assets. Although certain mortgage-related securities are guaranteed as to the timely payment of interest and principal by a third party (such as a U.S. government agency or instrumentality with respect to government-related mortgage securities) the market prices for such securities are not guaranteed and will fluctuate. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the security are more likely to be prepaid causing the fund to purchase new securities at current market rates, which usually will be lower. The loss of higher yielding underlying mortgages and the reinvestment of proceeds at lower interest rates, known as prepayment risk, can reduce the fund's potential price gain in response to falling interest rates, reduce the fund's yield and/or cause the fund's share price to fall. When interest rates rise, the effective duration of the fund's mortgage-related and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets. This is known as extension risk and would increase the fund's sensitivity to rising interest rates and it potential for price declines.

**Indexing Strategy Risk:** The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund's expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid monthly. 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

**41**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 $47,600,264 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 $22,499,634 of short-term capital losses and $25,100,630 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 $20,281,830. 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 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 did not borrow under either Facility.

**NOTE 3—**

**Management Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .15% of the value of the fund's average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, Rule 12b-1 Distribution Plan fees, interest expenses, brokerage commissions, commitment fees on borrowings and extraordinary expenses not incurred in the ordinary course of the fund's business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interested board

**42**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended April 30, 2025, fees reimbursed by the Adviser amounted to $31,000.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Investor shares may pay annually up to .25% of the value of its average daily net assets to compensate the Distributor for shareholder servicing activities primarily intended to result in the sale of Investor shares. During the period ended April 30, 2025, Investor shares were charged $223,027 pursuant to the Distribution Plan.

Under its terms, the Distribution Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not "interested persons" of the Company and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan.

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 components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $62,281, Distribution Plan fees of $32,491, which are offset against an expense reimbursement currently in effect in the amount of $4,000.

**(c)** 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 (including paydowns) of investment securities, excluding short-term securities, during the period ended April 30, 2025, amounted to $501,733,801 and $556,007,637, respectively, of which $197,277,710 in purchases and $197,411,738 in sales were from mortgage dollar transactions.

**Mortgage Dollar Rolls:** A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The fund accounts for mortgage dollar rolls as purchases and sales transactions. The fund executes mortgage dollar rolls entirely in the To-Be-Announced ("TBA") market.

**TBA Securities:** During the period ended April 30, 2025, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund's Statement of Investments. The proceeds and value of these commitments are reflected in the fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold) and TBA sale commitments, at value, respectively.

At April 30, 2025, accumulated net unrealized depreciation on investments was $29,014,723, consisting of $3,877,080 gross unrealized appreciation and $32,891,803 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).

**43**

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

N/A

**44**

------

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

N/A

**45**

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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 Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors' and Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.

**46**

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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 February 26-27, 2025, the Board considered the renewal of the fund's Investment Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the "Agreement"). 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. In considering the renewal of the Agreement, 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.

<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 two other institutional core bond index 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 core bond 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 core bond 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 the results of the comparisons and considered that the fund's total return performance was at the Performance Group median for the three-, four- and five-year periods and was slightly below the Performance Group median for the one-, two- and ten-year periods, and was below the Performance Universe median for all periods. The Board also considered that the fund's yield performance was at or above the Performance Group medians for seven of the ten one-year periods ended December 31st and at or above the Performance Universe medians for five of the ten one-year periods ended December 31st. It was noted that there were no more than two other funds in the Performance Group during the periods under review (except for the ten-year period when there was only one other fund in the Performance Group). The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index.

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 provided by the Adviser. 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 waiver agreement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range

**47**

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

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 noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund's "unitary fee" structure, the Board recognized that the fund's fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third-party services covered by the Agreement. Taking into account the fund's "unitary" fee structure, the Board considered that the fund's contractual management fee was approximately equivalent to the Expense Group median contractual management fee, the fund's actual management fee was approximately equivalent to the Expense Group median and slightly higher than the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and equal to the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by one other fund advised by the Adviser that is in the same Lipper category as the fund and (2) paid to the Adviser or its affiliates 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 (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, noting the fund's "unitary" fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund's management fee.

<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 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 fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement 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. 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 from acting as investment adviser and took into consideration that there were no 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 Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board generally 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 continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

**48**

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

&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 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 Agreement, 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, of the Adviser and the services provided to the fund by the 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 Agreement, 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 Agreement 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 Agreement.

**49**

------© 2025 BNY Mellon Securities Corporation

Code-0310NCSRSA0425

![](img9033cefc1.gif)

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BNY Mellon Institutional S&P 500 Stock Index Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2025

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

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| | |
|:---|:---|
| **Class** | **Ticker** |
| I | DSPIX |

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![](img3c9da3a91.gif)

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**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.**

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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

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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").

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

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_946149e9-731d-407c-b035-8147a006e0d3_SOI-Commoncontent-4730_1)**<br> **[Investment Companies](#xx_946149e9-731d-407c-b035-8147a006e0d3_SOI-Commoncontent-4730_1)**<br>| 3 |
| [Statement of Investments](#xx_946149e9-731d-407c-b035-8147a006e0d3_SOI-Commoncontent-4730_1) | 3 |
| [Statement of Assets and Liabilities](#xx_946149e9-731d-407c-b035-8147a006e0d3_FS-Commoncontent-4730_1) | 15 |
| [Statement of Operations](#xx_946149e9-731d-407c-b035-8147a006e0d3_FS-Commoncontent-4730_2) | 16 |
| [Statement of Changes in Net Assets](#xx_946149e9-731d-407c-b035-8147a006e0d3_FS-Commoncontent-4730_3) | 17 |
| [Financial Highlights](#xx_946149e9-731d-407c-b035-8147a006e0d3_FIHI-Commoncontent-4730_1) | 18 |
| [Notes to Financial Statements](#xx_946149e9-731d-407c-b035-8147a006e0d3_NTF-Commoncontent-4730_1) | 19 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_946149e9-731d-407c-b035-8147a006e0d3_CDA-Commoncontent-4730_1)**<br> **[Investment Companies](#xx_946149e9-731d-407c-b035-8147a006e0d3_CDA-Commoncontent-4730_1)**<br>| 24 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_946149e9-731d-407c-b035-8147a006e0d3_PRXD-Commoncontent-4730_1)** | 25 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_946149e9-731d-407c-b035-8147a006e0d3_RMNP-Commoncontent-4730_1)**<br> **[Management Investment Companies](#xx_946149e9-731d-407c-b035-8147a006e0d3_RMNP-Commoncontent-4730_1)**<br>| 26 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_946149e9-731d-407c-b035-8147a006e0d3_AAA-Commoncontent-4730_1)** | 27 |

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

BNY Mellon Institutional S&P 500 Stock Index Fund

STATEMENT OF INVESTMENTS

April 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** |
| Aptiv PLC <sup>(a)</sup> <br>| 6962 | 397252 |
| Ford Motor Co. | 117425 | 1175424 |
| General Motors Co. | 29882 | 1351862 |
| Tesla, Inc. <sup>(a)</sup> <br>| 83915 | 23677456 |
|  |  | **26601994** |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| Bank of America Corp. | 198558 | 7918493 |
| Citigroup, Inc. | 56289 | 3849042 |
| Citizens Financial Group, Inc. | 13498 | 497941 |
| Fifth Third Bancorp | 19695 | 707838 |
| Huntington Bancshares, Inc. | 43891 | 637736 |
| JPMorgan Chase & Co. | 83847 | 20510653 |
| KeyCorp | 28730 | 426353 |
| M&T Bank Corp. | 5004 | 849479 |
| Regions Financial Corp. | 26640 | 543723 |
| The PNC Financial Services Group, Inc. | 11851 | 1904337 |
| Truist Financial Corp. | 39528 | 1515504 |
| U.S. Bancorp | 46296 | 1867581 |
| Wells Fargo & Co. | 98625 | 7003361 |
|  |  | **48232041** |
| **Capital Goods — 5.8%** | **Capital Goods — 5.8%** | **Capital Goods — 5.8%** |
| 3M Co. | 16362 | 2272845 |
| A.O. Smith Corp. | 3595 | 243957 |
| Allegion PLC | 2707 | 376814 |
| AMETEK, Inc. | 6810 | 1154840 |
| Axon Enterprise, Inc. <sup>(a)</sup> <br>| 2207 | 1353553 |
| Builders FirstSource, Inc. <sup>(a)</sup> <br>| 3611 | 431984 |
| Carrier Global Corp. | 24491 | 1531667 |
| Caterpillar, Inc. | 14332 | 4432458 |
| Cummins, Inc. | 4097 | 1203862 |
| Deere & Co. | 7595 | 3520738 |
| Dover Corp. | 4030 | 687720 |
| Eaton Corp. PLC | 11851 | 3488579 |
| Emerson Electric Co. | 16928 | 1779302 |
| Fastenal Co. | 17052 | 1380700 |
| Fortive Corp. | 10403 | 724985 |
| GE Vernova, Inc. | 8251 | 3059636 |
| Generac Holdings, Inc. <sup>(a)</sup> <br>| 1710 | 195590 |
| General Dynamics Corp. | 7558 | 2056683 |
| General Electric Co. | 32185 | 6486565 |
| Honeywell International, Inc. | 19499 | 4104539 |
| Howmet Aerospace, Inc. | 12297 | 1704118 |
| Hubbell, Inc. | 1565 | 568377 |
| Huntington Ingalls Industries, Inc. | 1183 | 272492 |
| IDEX Corp. | 2274 | 395608 |
| Illinois Tool Works, Inc. | 8111 | 1945910 |
| Ingersoll Rand, Inc. | 11817 | 891356 |
| Johnson Controls International PLC | 19819 | 1662814 |

---

**3**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Capital Goods — 5.8% (continued)** | **Capital Goods — 5.8% (continued)** | **Capital Goods — 5.8% (continued)** |
| L3Harris Technologies, Inc. | 5674 | 1248393 |
| Lennox International, Inc. | 957 | 523240 |
| Lockheed Martin Corp. | 6341 | 3029413 |
| Masco Corp. | 6139 | 372085 |
| Nordson Corp. | 1647 | 312222 |
| Northrop Grumman Corp. | 4055 | 1972758 |
| Otis Worldwide Corp. | 11722 | 1128477 |
| PACCAR, Inc. | 15925 | 1436594 |
| Parker-Hannifin Corp. | 3904 | 2362154 |
| Pentair PLC | 5081 | 460999 |
| Quanta Services, Inc. | 4499 | 1316812 |
| Rockwell Automation, Inc. | 3470 | 859450 |
| RTX Corp. | 39946 | 5038389 |
| Snap-on, Inc. | 1606 | 503979 |
| Stanley Black & Decker, Inc. | 4374 | 262527 |
| Textron, Inc. | 5794 | 407724 |
| The Boeing Company <sup>(a)</sup> <br>| 22493 | 4121617 |
| Trane Technologies PLC | 6692 | 2565111 |
| TransDigm Group, Inc. | 1682 | 2376784 |
| United Rentals, Inc. | 1938 | 1223750 |
| W.W. Grainger, Inc. | 1315 | 1346968 |
| Westinghouse Air Brake Technologies Corp. | 5085 | 939403 |
| Xylem, Inc. | 7299 | 880040 |
|  |  | **82616581** |
| **Commercial & Professional Services — 1.3%** | **Commercial & Professional Services — 1.3%** | **Commercial & Professional Services — 1.3%** |
| Automatic Data Processing, Inc. | 12201 | 3667621 |
| Broadridge Financial Solutions, Inc. | 3559 | 862702 |
| Cintas Corp. | 10220 | 2163370 |
| Copart, Inc. <sup>(a)</sup> <br>| 26490 | 1616685 |
| Dayforce, Inc. <sup>(a)</sup> <br>| 4682 | 270947 |
| Equifax, Inc. | 3761 | 978349 |
| Jacobs Solutions, Inc. | 3529 | 436890 |
| Leidos Holdings, Inc. | 3994 | 587837 |
| Paychex, Inc. | 9575 | 1408674 |
| Paycom Software, Inc. | 1436 | 325096 |
| Republic Services, Inc. | 6075 | 1523306 |
| Rollins, Inc. | 8377 | 478578 |
| Veralto Corp. | 7195 | 690000 |
| Verisk Analytics, Inc. | 4173 | 1237002 |
| Waste Management, Inc. | 10914 | 2546891 |
|  |  | **18793948** |
| **Consumer Discretionary Distribution & Retail — 5.7%** | **Consumer Discretionary Distribution & Retail — 5.7%** | **Consumer Discretionary Distribution & Retail — 5.7%** |
| Amazon.com, Inc. <sup>(a)</sup> <br>| 282838 | 52160984 |
| AutoZone, Inc. <sup>(a)</sup> <br>| 506 | 1903876 |
| Best Buy Co., Inc. | 5881 | 392204 |
| CarMax, Inc. <sup>(a)</sup> <br>| 4521 | 292373 |
| eBay, Inc. | 14605 | 995477 |
| Genuine Parts Co. | 4096 | 481485 |
| LKQ Corp. | 7515 | 287148 |
| Lowe's Companies, Inc. | 16932 | 3785318 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> <br>| 1736 | 2456787 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Consumer Discretionary Distribution & Retail — 5.7% (continued)** | **Consumer Discretionary Distribution & Retail — 5.7% (continued)** | **Consumer Discretionary Distribution & Retail — 5.7% (continued)** |
| Pool Corp. | 1186 | 347664 |
| Ross Stores, Inc. | 9929 | 1380131 |
| The Home Depot, Inc. | 29788 | 10738276 |
| The TJX Companies, Inc. | 33710 | 4337803 |
| Tractor Supply Co. | 15546 | 786938 |
| Ulta Beauty, Inc. <sup>(a)</sup> <br>| 1408 | 557061 |
| Williams-Sonoma, Inc. | 3643 | 562734 |
|  |  | **81466259** |
| **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** | **Consumer Durables & Apparel — .6%** |
| D.R. Horton, Inc. | 8500 | 1073890 |
| Deckers Outdoor Corp. <sup>(a)</sup> <br>| 4598 | 509596 |
| Garmin Ltd. | 4619 | 863153 |
| Hasbro, Inc. | 3918 | 242524 |
| Lennar Corp., Cl. A | 7004 | 760704 |
| Lululemon Athletica, Inc. <sup>(a)</sup> <br>| 3363 | 910600 |
| Mohawk Industries, Inc. <sup>(a)</sup> <br>| 1557 | 165587 |
| NIKE, Inc., Cl. B | 35717 | 2014439 |
| NVR, Inc. <sup>(a)</sup> <br>| 90 | 641317 |
| PulteGroup, Inc. | 5929 | 608197 |
| Ralph Lauren Corp. | 1087 | 244521 |
| Tapestry, Inc. | 6494 | 458801 |
|  |  | **8493329** |
| **Consumer Services — 2.1%** | **Consumer Services — 2.1%** | **Consumer Services — 2.1%** |
| Airbnb, Inc., Cl. A <sup>(a)</sup> <br>| 12821 | 1563136 |
| Booking Holdings, Inc. | 992 | 5058486 |
| Caesars Entertainment, Inc. <sup>(a)</sup> <br>| 5699 | 154215 |
| Carnival Corp. <sup>(a)</sup> <br>| 32179 | 590163 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> <br>| 40643 | 2053284 |
| Darden Restaurants, Inc. | 3395 | 681173 |
| Domino's Pizza, Inc. | 1032 | 506062 |
| DoorDash, Inc., Cl. A <sup>(a)</sup> <br>| 10159 | 1959570 |
| Expedia Group, Inc. | 3613 | 566988 |
| Hilton Worldwide Holdings, Inc. | 7251 | 1634955 |
| Las Vegas Sands Corp. | 10559 | 387199 |
| Marriott International, Inc., Cl. A | 6847 | 1633557 |
| McDonald's Corp. | 21489 | 6868959 |
| MGM Resorts International <sup>(a)</sup> <br>| 7257 | 228305 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> <br>| 14150 | 226824 |
| Royal Caribbean Cruises Ltd. | 7419 | 1594417 |
| Starbucks Corp. | 34012 | 2722661 |
| Wynn Resorts Ltd. | 2393 | 192182 |
| Yum! Brands, Inc. | 8473 | 1274678 |
|  |  | **29896814** |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Costco Wholesale Corp. | 13311 | 13237790 |
| Dollar General Corp. | 6621 | 620321 |
| Dollar Tree, Inc. <sup>(a)</sup> <br>| 5956 | 487022 |
| Sysco Corp. | 14920 | 1065288 |
| Target Corp. | 13583 | 1313476 |
| The Kroger Company | 20217 | 1459870 |

---

**5**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Consumer Staples Distribution & Retail — 2.2% (continued)** | **Consumer Staples Distribution & Retail — 2.2% (continued)** | **Consumer Staples Distribution & Retail — 2.2% (continued)** |
| Walgreens Boots Alliance, Inc. | 21900 | 240243 |
| Walmart, Inc. | 130085 | 12650766 |
|  |  | **31074776** |
| **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** |
| APA Corp. | 11439 | 177762 |
| Baker Hughes Co. | 29292 | 1036937 |
| Chevron Corp. | 50117 | 6818919 |
| ConocoPhillips | 38260 | 3409731 |
| Coterra Energy, Inc. | 22925 | 563038 |
| Devon Energy Corp. | 19423 | 590653 |
| Diamondback Energy, Inc. | 5614 | 741104 |
| EOG Resources, Inc. | 16698 | 1842290 |
| EQT Corp. | 17978 | 888832 |
| Expand Energy Corp. | 6249 | 649271 |
| Exxon Mobil Corp. | 130534 | 13788306 |
| Halliburton Co. | 26723 | 529650 |
| Hess Corp. | 8242 | 1063630 |
| Kinder Morgan, Inc. | 58142 | 1529135 |
| Marathon Petroleum Corp. | 9554 | 1312815 |
| Occidental Petroleum Corp. | 20406 | 804201 |
| ONEOK, Inc. | 18842 | 1548059 |
| Phillips 66 | 12441 | 1294611 |
| Schlumberger NV | 41935 | 1394339 |
| Targa Resources Corp. | 6433 | 1099400 |
| Texas Pacific Land Corp. | 561 | 723056 |
| The Williams Companies, Inc. | 36300 | 2126091 |
| Valero Energy Corp. | 9333 | 1083468 |
|  |  | **45015298** |
| **Equity Real Estate Investment Trusts — 2.1%** | **Equity Real Estate Investment Trusts — 2.1%** | **Equity Real Estate Investment Trusts — 2.1%** |
| Alexandria Real Estate Equities, Inc. <sup>(b)</sup> <br>| 4839 | 351602 |
| American Tower Corp. <sup>(b)</sup> <br>| 13990 | 3153486 |
| AvalonBay Communities, Inc. <sup>(b)</sup> <br>| 4314 | 905854 |
| BXP, Inc. <sup>(b)</sup> <br>| 4385 | 279456 |
| Camden Property Trust <sup>(b)</sup> <br>| 3271 | 372240 |
| Crown Castle, Inc. <sup>(b)</sup> <br>| 12928 | 1367265 |
| Digital Realty Trust, Inc. <sup>(b)</sup> <br>| 9414 | 1511324 |
| Equinix, Inc. <sup>(b)</sup> <br>| 2897 | 2493593 |
| Equity Residential <sup>(b)</sup> <br>| 10135 | 712085 |
| Essex Property Trust, Inc. <sup>(b)</sup> <br>| 1927 | 537922 |
| Extra Space Storage, Inc. <sup>(b)</sup> <br>| 6399 | 937582 |
| Federal Realty Investment Trust <sup>(b)</sup> <br>| 2263 | 212767 |
| Healthpeak Properties, Inc. <sup>(b)</sup> <br>| 20006 | 356907 |
| Host Hotels & Resorts, Inc. <sup>(b)</sup> <br>| 21237 | 299866 |
| Invitation Homes, Inc. <sup>(b)</sup> <br>| 16802 | 574460 |
| Iron Mountain, Inc. <sup>(b)</sup> <br>| 8718 | 781743 |
| Kimco Realty Corp. <sup>(b)</sup> <br>| 21347 | 426513 |
| Mid-America Apartment Communities, Inc. <sup>(b)</sup> <br>| 3576 | 570908 |
| Prologis, Inc. <sup>(b)</sup> <br>| 27727 | 2833699 |
| Public Storage <sup>(b)</sup> <br>| 4693 | 1409918 |
| Realty Income Corp. <sup>(b)</sup> <br>| 26409 | 1528025 |
| Regency Centers Corp. <sup>(b)</sup> <br>| 4694 | 338813 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Equity Real Estate Investment Trusts — 2.1% (continued)** | **Equity Real Estate Investment Trusts — 2.1% (continued)** | **Equity Real Estate Investment Trusts — 2.1% (continued)** |
| SBA Communications Corp. <sup>(b)</sup> <br>| 3275 | 797135 |
| Simon Property Group, Inc. <sup>(b)</sup> <br>| 9303 | 1464106 |
| UDR, Inc. <sup>(b)</sup> <br>| 9109 | 381485 |
| Ventas, Inc. <sup>(b)</sup> <br>| 13346 | 935288 |
| VICI Properties, Inc. <sup>(b)</sup> <br>| 31796 | 1018108 |
| Welltower, Inc. <sup>(b)</sup> <br>| 18187 | 2775154 |
| Weyerhaeuser Co. <sup>(b)</sup> <br>| 21927 | 568129 |
|  |  | **29895433** |
| **Financial Services — 8.7%** | **Financial Services — 8.7%** | **Financial Services — 8.7%** |
| American Express Co. | 16643 | 4433862 |
| Ameriprise Financial, Inc. | 2920 | 1375378 |
| Apollo Global Management, Inc. | 13523 | 1845619 |
| Berkshire Hathaway, Inc., Cl. B <sup>(a)</sup> <br>| 54965 | 29310086 |
| BlackRock, Inc. | 4366 | 3991659 |
| Blackstone, Inc. | 21886 | 2882605 |
| Capital One Financial Corp. | 11308 | 2038380 |
| Cboe Global Markets, Inc. | 3170 | 703106 |
| CME Group, Inc. | 10787 | 2988862 |
| Corpay, Inc. <sup>(a)</sup> <br>| 2098 | 682626 |
| Discover Financial Services | 7541 | 1377515 |
| FactSet Research Systems, Inc. | 1133 | 489705 |
| Fidelity National Information Services, Inc. | 16167 | 1275253 |
| Fiserv, Inc. <sup>(a)</sup> <br>| 17060 | 3148764 |
| Franklin Resources, Inc. | 10019 | 187957 |
| Global Payments, Inc. | 7381 | 563244 |
| Intercontinental Exchange, Inc. | 17397 | 2922174 |
| Invesco Ltd. | 13383 | 186425 |
| Jack Henry & Associates, Inc. | 2147 | 372354 |
| KKR & Co., Inc. | 20100 | 2296827 |
| MarketAxess Holdings, Inc. | 1214 | 269010 |
| Mastercard, Inc., Cl. A | 24422 | 13384721 |
| Moody's Corp. | 4669 | 2115617 |
| Morgan Stanley | 37106 | 4282775 |
| MSCI, Inc. | 2324 | 1266836 |
| Nasdaq, Inc. | 12239 | 932734 |
| Northern Trust Corp. | 5817 | 546682 |
| PayPal Holdings, Inc. <sup>(a)</sup> <br>| 29868 | 1966509 |
| Raymond James Financial, Inc. | 5579 | 764546 |
| S&P Global, Inc. | 9446 | 4723472 |
| State Street Corp. | 8427 | 742419 |
| Synchrony Financial | 11802 | 613114 |
| T. Rowe Price Group, Inc. | 6626 | 586732 |
| The Bank of New York Mellon Corp. | 21687 | 1743852 |
| The Charles Schwab Corp. | 51101 | 4159622 |
| The Goldman Sachs Group, Inc. | 9357 | 5123425 |
| Visa, Inc., Cl. A | 51679 | 17855095 |
|  |  | **124149562** |
| **Food, Beverage & Tobacco — 2.7%** | **Food, Beverage & Tobacco — 2.7%** | **Food, Beverage & Tobacco — 2.7%** |
| Altria Group, Inc. | 50747 | 3001685 |
| Archer-Daniels-Midland Co. | 14148 | 675567 |
| Brown-Forman Corp., Cl. B | 5171 | 180158 |

---

**7**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Food, Beverage & Tobacco — 2.7% (continued)** | **Food, Beverage & Tobacco — 2.7% (continued)** | **Food, Beverage & Tobacco — 2.7% (continued)** |
| Bunge Global SA | 3894 | 306536 |
| Conagra Brands, Inc. | 14395 | 355700 |
| Constellation Brands, Inc., Cl. A | 4709 | 883126 |
| General Mills, Inc. | 16398 | 930423 |
| Hormel Foods Corp. | 8376 | 250442 |
| Kellanova | 8297 | 686743 |
| Keurig Dr. Pepper, Inc. | 35965 | 1244029 |
| Lamb Weston Holdings, Inc. | 4041 | 213405 |
| McCormick & Co., Inc. | 7747 | 593885 |
| Molson Coors Beverage Co., Cl. B | 5003 | 287823 |
| Mondelez International, Inc., Cl. A | 38678 | 2635132 |
| Monster Beverage Corp. <sup>(a)</sup> <br>| 21264 | 1278392 |
| PepsiCo, Inc. | 41127 | 5575999 |
| Philip Morris International, Inc. | 46626 | 7989831 |
| The Campbell's Company | 6318 | 230354 |
| The Coca-Cola Company | 116104 | 8423345 |
| The Hershey Company | 4450 | 743995 |
| The J.M. Smucker Company | 3160 | 367413 |
| The Kraft Heinz Company | 26203 | 762507 |
| Tyson Foods, Inc., Cl. A | 8665 | 530645 |
|  |  | **38147135** |
| **Health Care Equipment & Services — 4.6%** | **Health Care Equipment & Services — 4.6%** | **Health Care Equipment & Services — 4.6%** |
| Abbott Laboratories | 52011 | 6800438 |
| Align Technology, Inc. <sup>(a)</sup> <br>| 2230 | 386459 |
| Baxter International, Inc. | 15399 | 479987 |
| Becton, Dickinson and Co. | 8720 | 1805825 |
| Boston Scientific Corp. <sup>(a)</sup> <br>| 44196 | 4546443 |
| Cardinal Health, Inc. | 7255 | 1025059 |
| Cencora, Inc. | 5158 | 1509592 |
| Centene Corp. <sup>(a)</sup> <br>| 15032 | 899665 |
| CVS Health Corp. | 38123 | 2543185 |
| DaVita, Inc. <sup>(a)</sup> <br>| 1240 | 175522 |
| DexCom, Inc. <sup>(a)</sup> <br>| 11957 | 853491 |
| Edwards Lifesciences Corp. <sup>(a)</sup> <br>| 17501 | 1321150 |
| Elevance Health, Inc. | 6949 | 2922610 |
| GE HealthCare Technologies, Inc. | 13682 | 962255 |
| HCA Healthcare, Inc. | 5309 | 1832030 |
| Henry Schein, Inc. <sup>(a)</sup> <br>| 3614 | 234802 |
| Hologic, Inc. <sup>(a)</sup> <br>| 6566 | 382141 |
| Humana, Inc. | 3598 | 943540 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> <br>| 2419 | 1046580 |
| Insulet Corp. <sup>(a)</sup> <br>| 2105 | 531070 |
| Intuitive Surgical, Inc. <sup>(a)</sup> <br>| 10695 | 5516481 |
| Labcorp Holdings, Inc. | 2591 | 624457 |
| McKesson Corp. | 3746 | 2670111 |
| Medtronic PLC | 38451 | 3259107 |
| Molina Healthcare, Inc. <sup>(a)</sup> <br>| 1694 | 553955 |
| Quest Diagnostics, Inc. | 3385 | 603275 |
| ResMed, Inc. | 4363 | 1032242 |
| Solventum Corp. <sup>(a)</sup> <br>| 4129 | 273009 |
| STERIS PLC | 2988 | 671523 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Health Care Equipment & Services — 4.6% (continued)** | **Health Care Equipment & Services — 4.6% (continued)** | **Health Care Equipment & Services — 4.6% (continued)** |
| Stryker Corp. | 10298 | 3850628 |
| The Cigna Group | 8189 | 2784588 |
| The Cooper Companies, Inc. <sup>(a)</sup> <br>| 5849 | 477688 |
| UnitedHealth Group, Inc. | 27597 | 11354510 |
| Universal Health Services, Inc., Cl. B | 1723 | 305092 |
| Zimmer Biomet Holdings, Inc. | 5845 | 602327 |
|  |  | **65780837** |
| **Household & Personal Products — 1.3%** | **Household & Personal Products — 1.3%** | **Household & Personal Products — 1.3%** |
| Church & Dwight Co., Inc. | 7367 | 731838 |
| Colgate-Palmolive Co. | 24336 | 2243536 |
| Kenvue, Inc. | 57306 | 1352422 |
| Kimberly-Clark Corp. | 9861 | 1299482 |
| The Clorox Company | 3739 | 532060 |
| The Estee Lauder Companies, Inc., Cl. A | 7166 | 429673 |
| The Procter & Gamble Company | 70315 | 11431109 |
|  |  | **18020120** |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Aflac, Inc. | 14805 | 1609007 |
| American International Group, Inc. | 17915 | 1460431 |
| Aon PLC, Cl. A | 6460 | 2291943 |
| Arch Capital Group Ltd. | 11433 | 1036744 |
| Arthur J. Gallagher & Co. | 7603 | 2438206 |
| Assurant, Inc. | 1499 | 288917 |
| Brown & Brown, Inc. | 7226 | 799196 |
| Chubb Ltd. | 11174 | 3196658 |
| Cincinnati Financial Corp. | 4606 | 641201 |
| Erie Indemnity Co., Cl. A | 722 | 258924 |
| Everest Group Ltd. | 1300 | 466479 |
| Globe Life, Inc. | 2474 | 305143 |
| Loews Corp. | 5387 | 467753 |
| Marsh & McLennan Cos., Inc. | 14728 | 3320722 |
| MetLife, Inc. | 17422 | 1313096 |
| Principal Financial Group, Inc. | 6242 | 462844 |
| Prudential Financial, Inc. | 10750 | 1104133 |
| The Allstate Corp. | 8033 | 1593667 |
| The Hartford Insurance Group, Inc. | 8496 | 1042204 |
| The Progressive Corp. | 17567 | 4949327 |
| The Travelers Companies, Inc. | 6776 | 1789745 |
| W. R. Berkley Corp. | 8853 | 634672 |
| Willis Towers Watson PLC | 2980 | 917244 |
|  |  | **32388256** |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| Air Products and Chemicals, Inc. | 6595 | 1787839 |
| Albemarle Corp. | 3655 | 214000 |
| Amcor PLC | 61212 | 563150 |
| Avery Dennison Corp. | 2500 | 427775 |
| Ball Corp. | 8820 | 458111 |
| CF Industries Holdings, Inc. | 4988 | 390910 |
| Corteva, Inc. | 20382 | 1263480 |
| Dow, Inc. | 21289 | 651231 |
| DuPont de Nemours, Inc. | 12505 | 825205 |

---

**9**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Materials — 2.0% (continued)** | **Materials — 2.0% (continued)** | **Materials — 2.0% (continued)** |
| Eastman Chemical Co. | 3449 | 265573 |
| Ecolab, Inc. | 7529 | 1893017 |
| Freeport-McMoRan, Inc. | 42726 | 1539418 |
| International Flavors & Fragrances, Inc. | 7862 | 616853 |
| International Paper Co. | 15943 | 728276 |
| Linde PLC | 14279 | 6471671 |
| LyondellBasell Industries NV, Cl. A | 7571 | 440708 |
| Martin Marietta Materials, Inc. | 1842 | 965171 |
| Newmont Corp. | 34383 | 1811296 |
| Nucor Corp. | 6987 | 834038 |
| Packaging Corp. of America | 2786 | 517109 |
| PPG Industries, Inc. | 7047 | 767136 |
| Smurfit WestRock PLC | 14508 | 609626 |
| Steel Dynamics, Inc. | 4249 | 551138 |
| The Mosaic Company | 9776 | 297190 |
| The Sherwin-Williams Company | 6915 | 2440442 |
| Vulcan Materials Co. | 4042 | 1060338 |
|  |  | **28390701** |
| **Media & Entertainment — 8.2%** | **Media & Entertainment — 8.2%** | **Media & Entertainment — 8.2%** |
| Alphabet, Inc., Cl. A | 174915 | 27776502 |
| Alphabet, Inc., Cl. C | 141762 | 22808088 |
| Charter Communications, Inc., Cl. A <sup>(a)</sup> <br>| 2854 | 1118368 |
| Comcast Corp., Cl. A | 113099 | 3867986 |
| Electronic Arts, Inc. | 7091 | 1028833 |
| Fox Corp., Cl. A | 6691 | 333145 |
| Fox Corp., Cl. B | 4002 | 185053 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> <br>| 4631 | 613376 |
| Match Group, Inc. | 6953 | 206226 |
| Meta Platforms, Inc., Cl. A | 65669 | 36052281 |
| Netflix, Inc. <sup>(a)</sup> <br>| 12827 | 14516573 |
| News Corp., Cl. A | 11558 | 313453 |
| News Corp., Cl. B | 3394 | 106640 |
| Omnicom Group, Inc. | 5886 | 448278 |
| Paramount Global, Cl. B | 16145 | 189542 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> <br>| 4925 | 1149101 |
| The Interpublic Group of Companies, Inc. | 11545 | 290010 |
| The Walt Disney Company | 54210 | 4930400 |
| TKO Group Holdings, Inc. | 2096 | 341459 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> <br>| 65932 | 571630 |
|  |  | **116846944** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** |
| AbbVie, Inc. | 52938 | 10328204 |
| Agilent Technologies, Inc. | 8368 | 900397 |
| Amgen, Inc. | 16109 | 4686430 |
| Biogen, Inc. <sup>(a)</sup> <br>| 4531 | 548613 |
| Bio-Techne Corp. | 4646 | 233926 |
| Bristol-Myers Squibb Co. | 60824 | 3053365 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> <br>| 1671 | 198214 |
| Danaher Corp. | 19192 | 3825541 |
| Eli Lilly & Co. | 23628 | 21240391 |
| Gilead Sciences, Inc. | 37372 | 3981613 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.1% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1% (continued)** |
| Incyte Corp. <sup>(a)</sup> <br>| 4629 | 290053 |
| IQVIA Holdings, Inc. <sup>(a)</sup> <br>| 5002 | 775660 |
| Johnson & Johnson | 72197 | 11285113 |
| Merck & Co., Inc. | 75856 | 6462931 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> <br>| 624 | 668036 |
| Moderna, Inc. <sup>(a)</sup> <br>| 9624 | 274669 |
| Pfizer, Inc. | 169937 | 4148162 |
| Regeneron Pharmaceuticals, Inc. | 3122 | 1869329 |
| Revvity, Inc. | 3699 | 345598 |
| Thermo Fisher Scientific, Inc. | 11470 | 4920630 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> <br>| 7700 | 3923150 |
| Viatris, Inc. | 35538 | 299230 |
| Waters Corp. <sup>(a)</sup> <br>| 1833 | 637389 |
| West Pharmaceutical Services, Inc. | 2247 | 474769 |
| Zoetis, Inc. | 13428 | 2100139 |
|  |  | **87471552** |
| **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** |
| CBRE Group, Inc., Cl. A <sup>(a)</sup> <br>| 8717 | 1065043 |
| CoStar Group, Inc. <sup>(a)</sup> <br>| 12865 | 954197 |
|  |  | **2019240** |
| **Semiconductors & Semiconductor Equipment — 10.1%** | **Semiconductors & Semiconductor Equipment — 10.1%** | **Semiconductors & Semiconductor Equipment — 10.1%** |
| Advanced Micro Devices, Inc. <sup>(a)</sup> <br>| 48593 | 4730529 |
| Analog Devices, Inc. | 15029 | 2929453 |
| Applied Materials, Inc. | 24371 | 3672953 |
| Broadcom, Inc. | 140560 | 27053583 |
| Enphase Energy, Inc. <sup>(a)</sup> <br>| 4280 | 190845 |
| First Solar, Inc. <sup>(a)</sup> <br>| 3157 | 397214 |
| Intel Corp. | 129350 | 2599935 |
| KLA Corp. | 3985 | 2800220 |
| Lam Research Corp. | 38375 | 2750336 |
| Microchip Technology, Inc. | 15985 | 736589 |
| Micron Technology, Inc. | 33161 | 2551739 |
| Monolithic Power Systems, Inc. | 1407 | 834492 |
| NVIDIA Corp. | 734384 | 79989105 |
| NXP Semiconductors NV | 7696 | 1418450 |
| ON Semiconductor Corp. <sup>(a)</sup> <br>| 13024 | 517053 |
| QUALCOMM, Inc. | 33166 | 4923824 |
| Skyworks Solutions, Inc. | 4454 | 286303 |
| Teradyne, Inc. | 5059 | 375428 |
| Texas Instruments, Inc. | 27298 | 4369045 |
|  |  | **143127096** |
| **Software & Services — 11.6%** | **Software & Services — 11.6%** | **Software & Services — 11.6%** |
| Accenture PLC, Cl. A | 18756 | 5610857 |
| Adobe, Inc. <sup>(a)</sup> <br>| 13054 | 4894989 |
| Akamai Technologies, Inc. <sup>(a)</sup> <br>| 4225 | 340451 |
| ANSYS, Inc. <sup>(a)</sup> <br>| 2672 | 860063 |
| Autodesk, Inc. <sup>(a)</sup> <br>| 6465 | 1773026 |
| Cadence Design Systems, Inc. <sup>(a)</sup> <br>| 8270 | 2462310 |
| Cognizant Technology Solutions Corp., Cl. A | 14948 | 1099724 |
| CrowdStrike Holdings, Inc., Cl. A <sup>(a)</sup> <br>| 7452 | 3195939 |
| EPAM Systems, Inc. <sup>(a)</sup> <br>| 1776 | 278672 |

---

**11**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Software & Services — 11.6% (continued)** | **Software & Services — 11.6% (continued)** | **Software & Services — 11.6% (continued)** |
| Fair Isaac Corp. <sup>(a)</sup> <br>| 727 | 1446497 |
| Fortinet, Inc. <sup>(a)</sup> <br>| 19258 | 1998210 |
| Gartner, Inc. <sup>(a)</sup> <br>| 2292 | 965115 |
| Gen Digital, Inc. | 16666 | 431150 |
| GoDaddy, Inc., Cl. A <sup>(a)</sup> <br>| 4166 | 784583 |
| International Business Machines Corp. | 27727 | 6704943 |
| Intuit, Inc. | 8394 | 5266983 |
| Microsoft Corp. | 222924 | 88112940 |
| Oracle Corp. | 48646 | 6845465 |
| Palantir Technologies, Inc., Cl. A <sup>(a)</sup> <br>| 61468 | 7280270 |
| Palo Alto Networks, Inc. <sup>(a)</sup> <br>| 19854 | 3711308 |
| PTC, Inc. <sup>(a)</sup> <br>| 3498 | 542085 |
| Roper Technologies, Inc. | 3219 | 1802898 |
| Salesforce, Inc. | 28698 | 7711440 |
| ServiceNow, Inc. <sup>(a)</sup> <br>| 6177 | 5899097 |
| Synopsys, Inc. <sup>(a)</sup> <br>| 4672 | 2144495 |
| Tyler Technologies, Inc. <sup>(a)</sup> <br>| 1300 | 706290 |
| VeriSign, Inc. <sup>(a)</sup> <br>| 2414 | 681038 |
| Workday, Inc., Cl. A <sup>(a)</sup> <br>| 6469 | 1584905 |
|  |  | **165135743** |
| **Technology Hardware & Equipment — 8.5%** | **Technology Hardware & Equipment — 8.5%** | **Technology Hardware & Equipment — 8.5%** |
| Amphenol Corp., Cl. A | 36143 | 2781204 |
| Apple, Inc. | 450468 | 95724450 |
| Arista Networks, Inc. <sup>(a)</sup> <br>| 31142 | 2562052 |
| CDW Corp. | 3925 | 630198 |
| Cisco Systems, Inc. | 119431 | 6894752 |
| Corning, Inc. | 22846 | 1013906 |
| Dell Technologies, Inc., Cl. C | 9365 | 859332 |
| F5, Inc. <sup>(a)</sup> <br>| 1794 | 474944 |
| Hewlett Packard Enterprise Co. | 38674 | 627292 |
| HP, Inc. | 27957 | 714861 |
| Jabil, Inc. | 3236 | 474268 |
| Juniper Networks, Inc. | 9972 | 362183 |
| Keysight Technologies, Inc. <sup>(a)</sup> <br>| 5301 | 770765 |
| Motorola Solutions, Inc. | 5011 | 2206794 |
| NetApp, Inc. | 6320 | 567220 |
| Seagate Technology Holdings PLC | 6046 | 550367 |
| Super Micro Computer, Inc. <sup>(a)</sup> <br>| 15001 | 477932 |
| TE Connectivity PLC | 8877 | 1299415 |
| Teledyne Technologies, Inc. <sup>(a)</sup> <br>| 1366 | 636597 |
| Trimble, Inc. <sup>(a)</sup> <br>| 7170 | 445544 |
| Western Digital Corp. <sup>(a)</sup> <br>| 10596 | 464741 |
| Zebra Technologies Corp., Cl. A <sup>(a)</sup> <br>| 1457 | 364716 |
|  |  | **120903533** |
| **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** |
| AT&T, Inc. | 215253 | 5962508 |
| T-Mobile US, Inc. | 14380 | 3551141 |
| Verizon Communications, Inc. | 126237 | 5562002 |
|  |  | **15075651** |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| C.H. Robinson Worldwide, Inc. | 3486 | 311021 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** | **Common Stocks — 99.5% (continued)** |
| **Transportation — 1.4% (continued)** | **Transportation — 1.4% (continued)** | **Transportation — 1.4% (continued)** |
| CSX Corp. | 57926 | 1625983 |
| Delta Air Lines, Inc. | 18984 | 790304 |
| Expeditors International of Washington, Inc. | 4053 | 445465 |
| FedEx Corp. | 6596 | 1387337 |
| J.B. Hunt Transport Services, Inc. | 2411 | 314828 |
| Norfolk Southern Corp. | 6876 | 1540568 |
| Old Dominion Freight Line, Inc. | 5577 | 854843 |
| Southwest Airlines Co. | 17076 | 477445 |
| Uber Technologies, Inc. <sup>(a)</sup> <br>| 62643 | 5074709 |
| Union Pacific Corp. | 18121 | 3907975 |
| United Airlines Holdings, Inc. <sup>(a)</sup> <br>| 10166 | 699624 |
| United Parcel Service, Inc., Cl. B | 21793 | 2076873 |
|  |  | **19506975** |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| Alliant Energy Corp. | 7577 | 462500 |
| Ameren Corp. | 8161 | 809898 |
| American Electric Power Co., Inc. | 15806 | 1712422 |
| American Water Works Co., Inc. | 5924 | 870887 |
| Atmos Energy Corp. | 4870 | 782268 |
| CenterPoint Energy, Inc. | 20027 | 776647 |
| CMS Energy Corp. | 8958 | 659757 |
| Consolidated Edison, Inc. | 10256 | 1156364 |
| Constellation Energy Corp. | 9300 | 2077992 |
| Dominion Energy, Inc. | 25122 | 1366134 |
| DTE Energy Co. | 6056 | 829672 |
| Duke Energy Corp. | 23224 | 2833793 |
| Edison International | 11452 | 612797 |
| Entergy Corp. | 13097 | 1089278 |
| Evergy, Inc. | 7019 | 485013 |
| Eversource Energy | 11073 | 658622 |
| Exelon Corp. | 29956 | 1404936 |
| FirstEnergy Corp. | 15713 | 673773 |
| NextEra Energy, Inc. | 61666 | 4124222 |
| NiSource, Inc. | 13923 | 544529 |
| NRG Energy, Inc. | 6264 | 686409 |
| PG&E Corp. | 66967 | 1106295 |
| Pinnacle West Capital Corp. | 3413 | 324849 |
| PPL Corp. | 21504 | 784896 |
| Public Service Enterprise Group, Inc. | 15026 | 1201028 |
| Sempra | 18961 | 1408233 |
| The AES Corp. | 21781 | 217810 |
| The Southern Company | 32821 | 3015922 |
| Vistra Corp. | 10098 | 1309004 |
| WEC Energy Group, Inc. | 9647 | 1056539 |
| Xcel Energy, Inc. | 17220 | 1217454 |
|  |  | **36259943** |
| **Total Common Stocks** <br>(cost $283,126,882)<br>|  | **1415309761** |

---

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

**13**

------

STATEMENT OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — .7%** | **Investment Companies — .7%** | **Investment Companies — .7%** | **Investment Companies — .7%** |
| **Registered Investment Companies — .7%** | **Registered Investment Companies — .7%** | **Registered Investment Companies — .7%** | **Registered Investment Companies — .7%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(c)</sup> <br>(cost $9,738,091)<br>| 4.45 | 9738091 | **9738091** |
| **Total Investments** (cost $292,864,973) | **Total Investments** (cost $292,864,973) | **100.2%** | **1425047852** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.2%)** | **(2581893)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **1422465959** |

---

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

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

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

<sup>(c)</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 - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** | **Registered Investment Companies - .7%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .7%<br>| 10673495 | 259658479 | (260593883) | 9738091 | 374541 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| S&P 500 E-mini | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp; 10858038 | &nbsp;&nbsp; 11174000 | &nbsp;&nbsp; 315962 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **315962** |

---

See notes to financial statements.

**14**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments: |  |  |
| Unaffiliated issuers | 283126882 | &nbsp;&nbsp;&nbsp;&nbsp; 1415309761 |
| Affiliated issuers | 9738091 | &nbsp;&nbsp;&nbsp;&nbsp; 9738091 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 939000 |
| Dividends receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 846513 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 253332 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1427087520** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc.—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 211846 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 4212765 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 173714 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 22947 |
| Interest payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4621561** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1422465959** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 2020040 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1420445919 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1422465959** |
| **Shares Outstanding** |  |  |
| (150 million shares of $.001 par value Common Stock authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 29368893 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48.43** |

---

See notes to financial statements.

**15**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $2,649 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 11223833 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 374541 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 5242 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **11603616** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 1659306 |
| Directors' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 105550 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 16400 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1781545** |
| Less—Directors' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (105550)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1675995** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **9927621** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 285662073 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (86000)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **285576073** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (314163633)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 365882 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(313797751)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(28221678)**<br>|
| **Net (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(18294057)**<br>|

---

See notes to financial statements.

**16**

------

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 ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 9927621 | &nbsp;&nbsp;&nbsp;&nbsp; 23788221 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 285576073 | &nbsp;&nbsp;&nbsp;&nbsp; 446521990 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (313797751) | &nbsp;&nbsp;&nbsp;&nbsp; 120436485 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(18294057)** | &nbsp;&nbsp;&nbsp;&nbsp; **590746696** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(389608909)** | &nbsp;&nbsp;&nbsp;&nbsp; **(423200340)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 66060200 | &nbsp;&nbsp;&nbsp;&nbsp; 103935582 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 324269977 | &nbsp;&nbsp;&nbsp;&nbsp; 337164778 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (371057852) | &nbsp;&nbsp;&nbsp;&nbsp; (601553336) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **19272325** | &nbsp;&nbsp;&nbsp;&nbsp; **(160452976)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(388630641)** | &nbsp;&nbsp;&nbsp;&nbsp; **7093380** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1811096600 | &nbsp;&nbsp;&nbsp;&nbsp; 1804003220 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1422465959** | &nbsp;&nbsp;&nbsp;&nbsp; **1811096600** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1227670 | &nbsp;&nbsp;&nbsp;&nbsp; 1801707 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 6250148 | &nbsp;&nbsp;&nbsp;&nbsp; 6464382 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7028157) | &nbsp;&nbsp;&nbsp;&nbsp; (10428670) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **449661** | &nbsp;&nbsp;&nbsp;&nbsp; **(2162581)** |

---

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. 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 I** | &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;62.63 | &nbsp;&nbsp;&nbsp;&nbsp;58.04 | &nbsp;&nbsp;&nbsp;&nbsp;62.55 | &nbsp;&nbsp;&nbsp;&nbsp;83.14 | &nbsp;&nbsp;&nbsp;&nbsp;60.98 | &nbsp;&nbsp;&nbsp;&nbsp;58.54 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp; (10.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (13.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.98)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (13.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.01)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;48.43 | &nbsp;&nbsp;&nbsp;&nbsp;62.63 | &nbsp;&nbsp;&nbsp;&nbsp;58.04 | &nbsp;&nbsp;&nbsp;&nbsp;62.55 | &nbsp;&nbsp;&nbsp;&nbsp;83.14 | &nbsp;&nbsp;&nbsp;&nbsp;60.98 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (1.87 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;37.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;42.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .21 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Ratio of net expenses to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .20 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .20 |
| Ratio of net investment income to average net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1422466 | &nbsp;&nbsp;&nbsp;&nbsp; 1811097 | &nbsp;&nbsp;&nbsp;&nbsp; 1804003 | &nbsp;&nbsp;&nbsp;&nbsp; 2301210 | &nbsp;&nbsp;&nbsp;&nbsp; 3274123 | &nbsp;&nbsp;&nbsp;&nbsp; 2766097 |

---

&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 Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc.

See notes to financial statements.

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Institutional S&P 500 Stock Index Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds IV, 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 three series, including the fund. The fund's investment objective is to seek to match the total return of the S&P 500® Index. 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. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

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 Service Plan fees. Class I shares are offered without a front-end sales charge or a contingent deferred sales charge.

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).

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.

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. 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 American Depositary Receipts 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, 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.

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

The following is a summary of the inputs used as of 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; 1415309761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1415309761** |
| Investment Companies | &nbsp;&nbsp; 9738091 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **9738091** |
|  | &nbsp;&nbsp; **1425047852** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1425047852** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 315962 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **315962** |
|  | &nbsp;&nbsp; **315962** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **315962** |

---

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

---

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

---

**(b) 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.

**(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

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 risks might affect companies world-wide.

**Indexing Strategy Risk:** The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund's expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. 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 tax character of distributions paid to shareholders during the fiscal year ended October 31, 2024 were as follows: ordinary income $25,499,781 and long-term capital gains $397,700,559. 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 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

**21**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 $289 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 $11,050 with a related weighted average annualized interest rate of 5.27%. As of April 30, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

**Management Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .20% of the value of the fund's average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions, commitment fees on borrowings and extraordinary expenses not incurred in the ordinary course of the fund's business, and the fees and expenses of the non-interested board members and their counsel. The Adviser has further agreed to reduce its fees in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended April 30, 2025, fees reimbursed by the Adviser amounted to $105,550.

**(b)** 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 components of "Due to BNY Mellon Investment Adviser, Inc." in the Statement of Assets and Liabilities consist of: Management fee of $228,346, which are offset against an expense reimbursement currently in effect in the amount of $16,500.

**(c)** 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 $17,304,064 and $374,930,845, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. 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 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.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at April 30, 2025 are set forth in the Statement of Investments.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**22**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Fair value of derivative instruments as of April 30, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Derivative <br>Assets ($)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Derivative <br>Liabilities ($)<br>|
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 315962 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **315962** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |

---

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

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Statement of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|

---

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 | Futures<sup>(1)</sup> <br>| Total |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; (86000) | &nbsp;&nbsp;&nbsp;&nbsp; **(86000)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(86000)** | &nbsp;&nbsp;&nbsp;&nbsp; **(86000)** |

---

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| Underlying risk | Futures<sup>(2)</sup> <br>| Total |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 365882 | &nbsp;&nbsp;&nbsp;&nbsp; **365882** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **365882** | &nbsp;&nbsp;&nbsp;&nbsp; **365882** |

---

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

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

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

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 15873875 |

---

At April 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $1,132,498,841, consisting of $1,147,224,272 gross unrealized appreciation and $14,725,431 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).

**23**

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

N/A

**24**

------

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

N/A

**25**

------

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 Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors' and Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.

**26**

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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 February 26-27, 2025, the Board considered the renewal of the fund's Investment Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services (the "Agreement"). 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. In considering the renewal of the Agreement, 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. 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 S&P 500 index 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 S&P 500 index 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 S&P 500 index 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 the results of the comparisons and considered that the fund's total return performance was slightly below the Performance Group median for all periods and slightly above 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 benchmark index. The Board noted that the fund had a four star rating for each of the three-, five- and ten-year periods and a four star overall rating from Morningstar 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 provided by the Adviser. 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 waiver agreement 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.

**27**

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

The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund's "unitary" fee structure, the Board recognized that the fund's fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third party services covered by the Agreement. Taking into account the fund's "unitary" fee structure, 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 slightly 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 approximately equivalent to the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by one other fund advised by the Adviser that is in the same Lipper category as the fund and (2) paid to the Adviser or its affiliates 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 (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, noting the fund's "unitary" fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund's management fee.

<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 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 fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement 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. 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 from acting as investment adviser and took into consideration that there were no 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 Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board generally 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 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 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.

**28**

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In evaluating the Agreement, 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, of the Adviser and the services provided to the fund by the 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 Agreement, 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 Agreement 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 Agreement.

**29**

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Code-0713NCSRSA0425

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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](cert302-310.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](cert906-310.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 IV, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 26, 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 26, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 26, 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 IV, 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 26, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds IV, 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 26, 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)<br>

Date: June 26, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 26, 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.*