# EDGAR Filing Document

**Accession Number:** 0001057861
**File Stem:** 0000030146-25-000139
**Filing Date:** 2025-12
**Character Count:** 153534
**Document Hash:** 5c1c71758d4cfe1ee6391a7cdcafecce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000139.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000030146-25-000139

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON HIGH YIELD STRATEGIES FUND
- **CENTRAL INDEX KEY:** 0001057861

**ORGANIZATION NAME:**
- **EIN:** 134001109
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08703
- **FILM NUMBER:** 251538116

**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 HIGH YIELD STRATEGIES FUND
- **DATE OF NAME CHANGE:** 19980316

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-08703 | &nbsp;&nbsp;811-08703 |
| &nbsp;&nbsp;BNY Mellon High Yield Strategies Fund | &nbsp;&nbsp;BNY Mellon High Yield Strategies Fund | &nbsp;&nbsp;BNY Mellon High Yield Strategies Fund | &nbsp;&nbsp;BNY Mellon High Yield Strategies Fund |
| &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(212) 922-6400 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp;3/31 | &nbsp;&nbsp;3/31 | &nbsp;&nbsp;3/31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 09/30/2025 |

---

**FORM N-CSR**

**Item 1. Reports to Stockholders.** 

BNY Mellon High Yield Strategies Fund

**SEMI-ANNUAL REPORT**

September 30, 2025

![](img46e0ff321.gif)

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

---

| |
|:---|
| **BNY Mellon High Yield Strategies Fund** |
| &nbsp;&nbsp;&nbsp; **Protecting Your Privacy** <br>**Our Pledge to You**<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND IS COMMITTED TO YOUR PRIVACY.** On this page, you <br> will find the fund's policies and practices for collecting, disclosing, and <br> safeguarding "nonpublic personal information," which may include <br> financial, biometric or other customer information. These policies apply to <br> individuals who purchase fund shares for personal, family, or household <br> purposes, or have done so in the past. This notification replaces all previous <br> statements of the fund's consumer privacy policy, and may be amended at <br> any time. We'll keep you informed of changes as required by law.<br>|
| &nbsp;&nbsp;&nbsp; **YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT**. <br> The fund maintains physical, electronic and procedural safeguards that <br> comply with federal regulations to guard nonpublic personal information. <br> The fund's agents and service providers have limited access to customer <br> information based on their role in servicing your account.<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE** <br> **AND ADMINISTER YOUR ACCOUNT.** The fund collects a variety of <br> nonpublic personal information, which may include:<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information we receive from you, such as your name, address, and <br> social security number.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information about your transactions with us, such as the purchase or <br> sale of fund shares.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information we receive from agents and service providers, such as proxy <br> voting information.<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND DOES NOT SHARE NONPUBLIC PERSONAL** <br> **INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY** <br> **LAW.**<br>|
| ***Thank you for this opportunity to serve you.*** |

---

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

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Discussion of Fund Performance and Distribution](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_DFP-Commoncontent-4746_1)<br> [Information](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_DFP-Commoncontent-4746_1)<br>| 2 |
| [Portfolio Summary](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_PSS-Commoncontent-4746_1) | 3 |
| [Schedule of Investments](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_SOI-Commoncontent-4746_1) | 4 |
| [Statement of Assets and Liabilities](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_FS-Commoncontent-4746_1) | 28 |
| [Statement of Operations](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_FS-Commoncontent-4746_2) | 29 |
| [Statement of Cash Flows](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_FS-Commoncontent-4746_3) | 30 |
| [Statement of Changes in Net Assets](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_FS-Commoncontent-4746_4) | 31 |
| [Financial Highlights](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_FIHI-Commoncontent-4746_1) | 32 |
| [Notes to Financial Statements](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_NTF-Commoncontent-4746_1) | 34 |
| [Additional Information](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_OFI-Commoncontent-4746_1) | 48 |
| [Officers and Trustees](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_OATD-Commoncontent-4746_1) | 49 |
| [FOR MORE INFORMATION](#xx_06071d0c-8eab-4e1e-bcc1-c807a8368f28_BC-Commoncontent-4746_1) |  |

---

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Back Cover

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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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DISCUSSION OF FUND PERFORMANCE AND DISTRIBUTION INFORMATION (Unaudited)

**How did the Fund perform last six months?**

For the 6-month period ended September 30, 2025, BNY Mellon High Yield Strategies Fund (the "fund") produced a total return of 7.30% on a net-asset-value basis and 5.86% on a market price basis.<sup>1</sup> Over the same period, the fund provided aggregate income dividends of $.105 per share, which reflects an annualized distribution rate of 8.09%.<sup>2</sup> In comparison, the ICE BofA U.S. High Yield Constrained Index (the "Index"), the fund's performance benchmark, posted a total return of 6.06% for the same period.<sup>3</sup>

<sup>1</sup>

*Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share or market price per share, as applicable. Past performance is no guarantee of future results. Market price per share, net asset value per share and investment return fluctuate.*

<sup>2</sup>

*Distribution rate per share is based upon dividends per share paid from undistributed net investment income during the period, divided by the market price per share at the end of the period, adjusted for any capital gain distributions.*

<sup>3</sup>

*Source: FactSet — The Index contains all securities in the ICE BofA US High Yield Index but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. Investors cannot invest directly in any Index.*

**2**

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PORTFOLIO SUMMARY (Unaudited)

**Allocation of Holdings (Based on Total Investments)** ![](imgc3e8630c2.gif)

*\**

*Amount represents less than .1%.*

**3**

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SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Bonds and Notes — 119.7%** | **Bonds and Notes — 119.7%** | **Bonds and Notes — 119.7%** | **Bonds and Notes — 119.7%** | **Bonds and Notes — 119.7%** |
| **Advertising — .7%** | **Advertising — .7%** | **Advertising — .7%** | **Advertising — .7%** | **Advertising — .7%** |
| &nbsp;&nbsp;&nbsp; Dotdash Meredith, Inc., Sr. Scd. <br> Bonds<sup>(b),(c)</sup> <br>| 7.63 | 6/15/2032 | 648000 | 642525 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 9.29 | 4/15/2029 | 757000 | 743828 |
|  |  |  |  | **1386353** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 3/15/2029 | 737000 | 759213 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 6/15/2033 | 950000 | 992568 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 2/1/2032 | 1469000 | 1507039 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.38 | 5/31/2033 | 867000 | 878915 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 6.38 | 3/1/2029 | 650000 | 665373 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 8/15/2028 | 478000 | 487708 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 6.88 | 12/15/2030 | 870000 | 902216 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>| 7.13 | 12/1/2031 | 220000 | 229755 |
|  |  |  |  | **6422787** |
| **Airlines — 1.7%** | **Airlines — 1.7%** | **Airlines — 1.7%** | **Airlines — 1.7%** | **Airlines — 1.7%** |
| &nbsp;&nbsp;&nbsp; American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd., Sr. Scd. Notes<sup>(b),(c)</sup> <br>| 5.75 | 4/20/2029 | 1275121 | 1280955 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue <br> Loyalty LP, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 9.88 | 9/20/2031 | 1143000 | 1160290 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 4.63 | 4/15/2029 | 1016000 | 1001211 |
|  |  |  |  | **3442456** |
| **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US <br> Finance Co., Gtd. Notes<sup>(b)</sup> <br>| 6.75 | 9/15/2032 | 335000 | 342633 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US <br> Finance Co., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 2/15/2030 | 1325000 | 1369792 |

---

**4**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Automobiles & Components — 2.4% (continued)** | **Automobiles & Components — 2.4% (continued)** | **Automobiles & Components — 2.4% (continued)** | **Automobiles & Components — 2.4% (continued)** | **Automobiles & Components — 2.4% (continued)** | **Automobiles & Components — 2.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Forvia SE, Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 9/15/2033 | 1100000 | 1116702 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Sr. <br> Unscd. Bonds<sup>(b)</sup> <br>| EUR | 6.38 | 7/17/2033 | 173000 | 209296 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 4.35 | 9/17/2027 | 500000 | 490943 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 7.50 | 7/17/2030 | 353000 | 370730 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 5.75 | 8/15/2032 | 533000 | 537732 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 6.25 | 8/15/2033 | 370000 | 378301 |
|  |  |  |  |  | **4816129** |
| **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., Jr. Sub. Notes, <br> Ser. X<sup>(c),(d)</sup> <br>|  | 3.88 | 2/18/2026 | 1171000 | **1161476** |
| **Building Materials — 3.3%** | **Building Materials — 3.3%** | **Building Materials — 3.3%** | **Building Materials — 3.3%** | **Building Materials — 3.3%** | **Building Materials — 3.3%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 4.25 | 2/1/2032 | 724000 | 681481 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, <br> Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.75 | 8/1/2028 | 1311000 | 1269632 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, <br> Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.50 | 8/15/2029 | 638000 | 620519 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald <br> Co-Issuer, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.63 | 12/15/2030 | 1721000 | 1771252 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD <br> Finance Corp., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 5.50 | 2/1/2030 | 850000 | 830121 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.38 | 3/1/2032 | 851000 | 882167 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 6.75 | 3/1/2033 | 170000 | 176876 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 4.75 | 1/15/2028 | 497000 | 493135 |
|  |  |  |  |  | **6725183** |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 7.25 | 3/31/2031 | 330000 | 387369 |
| &nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, <br> Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 8/1/2032 | 810000 | 798448 |

---

**5**

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*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Chemicals — 2.3% (continued)** | **Chemicals — 2.3% (continued)** | **Chemicals — 2.3% (continued)** | **Chemicals — 2.3% (continued)** | **Chemicals — 2.3% (continued)** | **Chemicals — 2.3% (continued)** |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding <br> Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 2/15/2033 | 693000 | 694155 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding <br> Corp., Sr. Scd. Notes<sup>(b)</sup> <br>| EUR | 9.63 | 11/15/2028 | 460000 | 566699 |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding <br> Corp., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 9.75 | 11/15/2028 | 387000 | 406398 |
| &nbsp;&nbsp;&nbsp; Rain Carbon, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 12.25 | 9/1/2029 | 716000 | 767637 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 5.63 | 8/15/2029 | 1207000 | 1122857 |
|  |  |  |  |  | **4743563** |
| **Collateralized Loan Obligations Debt — 2.2%** | **Collateralized Loan Obligations Debt — 2.2%** | **Collateralized Loan Obligations Debt — 2.2%** | **Collateralized Loan Obligations Debt — 2.2%** | **Collateralized Loan Obligations Debt — 2.2%** | **Collateralized Loan Obligations Debt — 2.2%** |
| &nbsp;&nbsp;&nbsp; ASSURANT II Ltd. CLO, Ser. <br> 2018-2A, Cl. E, (3 Month <br> TSFR +5.86%)<sup>(b),(e)</sup> <br>|  | 10.19 | 4/20/2031 | 500000 | 500187 |
| &nbsp;&nbsp;&nbsp; Crown Point 8 Ltd. CLO, Ser. <br> 2019-8A, Cl. ER, (3 Month <br> TSFR +7.39%)<sup>(b),(e)</sup> <br>|  | 11.72 | 10/20/2034 | 2375000 | 2384474 |
| &nbsp;&nbsp;&nbsp; Diameter Capital 3 Ltd. CLO, <br> Ser. 2022-3A, Cl. DR, <br> (3 Month TSFR <br> +5.25%)<sup>(b),(e)</sup> <br>|  | 9.57 | 1/15/2038 | 400000 | 406853 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Ltd. CLO, Ser. <br> 2022-2A, Cl. ER, (3 Month <br> TSFR +8.12%)<sup>(b),(e)</sup> <br>|  | 12.45 | 10/20/2035 | 500000 | 496313 |
| &nbsp;&nbsp;&nbsp; Trimaran Cavu Ltd. CLO, Ser. <br> 2019-1A, Cl. ER, (3 Month <br> TSFR +6.00%)<sup>(b),(e)</sup> <br>|  | 10.33 | 1/20/2037 | 700000 | 699196 |
|  |  |  |  |  | **4487023** |
| **Commercial & Professional Services — 7.5%** | **Commercial & Professional Services — 7.5%** | **Commercial & Professional Services — 7.5%** | **Commercial & Professional Services — 7.5%** | **Commercial & Professional Services — 7.5%** | **Commercial & Professional Services — 7.5%** |
| &nbsp;&nbsp;&nbsp; Albion Financing <br> 1 Sarl/Aggreko Holdings, <br> Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.00 | 5/21/2030 | 1147000 | 1189210 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco <br> LLC/Allied Universal <br> Finance Corp., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 6.88 | 6/15/2030 | 540000 | 555490 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco <br> LLC/Allied Universal <br> Finance Corp., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.00 | 6/1/2029 | 710000 | 698611 |

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**6**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Commercial & Professional Services — 7.5% (continued)** | **Commercial & Professional Services — 7.5% (continued)** | **Commercial & Professional Services — 7.5% (continued)** | **Commercial & Professional Services — 7.5% (continued)** | **Commercial & Professional Services — 7.5% (continued)** | **Commercial & Professional Services — 7.5% (continued)** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco <br> LLC/Allied Universal <br> Finance Corp./Atlas Luxco <br> 4 Sarl, Sr. Scd. Bonds<sup>(b)</sup> <br>| GBP | 4.88 | 6/1/2028 | 520000 | 687062 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental <br> LLC/Avis Budget Finance, <br> Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 5.75 | 7/15/2027 | 574000 | 573539 |
| &nbsp;&nbsp;&nbsp; Belron UK Finance PLC, Sr. <br> Scd. Notes<sup>(b)</sup> <br>|  | 5.75 | 10/15/2029 | 570000 | 577945 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.00 | 6/15/2030 | 651000 | 676741 |
| &nbsp;&nbsp;&nbsp; House of HR Group BV, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 9.00 | 11/3/2029 | 595000 | 692661 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc., <br> Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.88 | 9/30/2032 | 555000 | 551354 |
| &nbsp;&nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc., Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.25 | 1/15/2028 | 1429000 | 1429799 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings <br> LLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.88 | 11/15/2031 | 1392000 | 1433994 |
| &nbsp;&nbsp;&nbsp; The ADT Security Corp., Sr. <br> Scd. Bonds<sup>(b)</sup> <br>|  | 5.88 | 10/15/2033 | 691000 | 691000 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, <br> Inc., Gtd. Notes<br>|  | 3.75 | 1/15/2032 | 998000 | 925267 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB, Gtd. <br> Notes<sup>(b)</sup> <br>| EUR | 5.25 | 2/15/2029 | 2200000 | 2605484 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 10.50 | 11/30/2030 | 591000 | 635016 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.63 | 1/30/2032 | 1225000 | 1291640 |
|  |  |  |  |  | **15214813** |
| **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment <br> Financing UK PLC, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 4/30/2029 | 710000 | 737227 |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 5.25 | 1/15/2029 | 548000 | 545930 |
| Carnival Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 5.75 | 8/1/2032 | 570000 | 580789 |
| Carnival Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.00 | 5/1/2029 | 921000 | 935336 |
| Carnival Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.13 | 2/15/2033 | 855000 | 876944 |

---

**7**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Consumer Discretionary — 8.0% (continued)** | **Consumer Discretionary — 8.0% (continued)** | **Consumer Discretionary — 8.0% (continued)** | **Consumer Discretionary — 8.0% (continued)** | **Consumer Discretionary — 8.0% (continued)** |
| &nbsp;&nbsp;&nbsp; Dealer Tire LLC/DT <br> Issuer LLC, Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 8.00 | 2/1/2028 | 1106000 | 1094811 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., <br> Inc., Gtd. Notes<sup>(b),(c)</sup> <br>| 4.00 | 5/1/2031 | 650000 | 615612 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, <br> Inc., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 6.25 | 10/1/2033 | 976000 | 978313 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower <br> LLC/Midwest Gaming <br> Finance Corp., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 4.88 | 5/1/2029 | 985000 | 958179 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming <br> Authority/MS Digital <br> Entertainment Holdings <br> LLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>| 8.25 | 4/15/2030 | 795000 | 826629 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 5.88 | 1/15/2031 | 533000 | 533364 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 2/1/2032 | 1341000 | 1379965 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 4.00 | 9/1/2029 | 887000 | 848074 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender <br> LLC/Rivers Enterprise <br> Lender Corp., Sr. Scd. <br> Notes<sup>(b)</sup> <br>| 6.25 | 10/15/2030 | 356000 | 359397 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 6.00 | 2/1/2033 | 1078000 | 1105900 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings <br> LP/Scientific Games US <br> FinCo, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 6.63 | 3/1/2030 | 1170000 | 1088595 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 4.63 | 12/1/2031 | 637000 | 601452 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 5.88 | 10/15/2033 | 534000 | 535042 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br> Gtd. Notes<sup>(c)</sup> <br>| 4.28 | 3/15/2032 | 814000 | 746845 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br> Gtd. Notes<sup>(c)</sup> <br>| 5.05 | 3/15/2042 | 631000 | 504134 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, Sr. <br> Scd. Notes<sup>(b)</sup> <br>| 8.50 | 6/15/2030 | 470000 | 497429 |
|  |  |  |  | **16349967** |

---

**8**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Consumer Durables & Apparel — 1.1%** | **Consumer Durables & Apparel — 1.1%** | **Consumer Durables & Apparel — 1.1%** | **Consumer Durables & Apparel — 1.1%** | **Consumer Durables & Apparel — 1.1%** | **Consumer Durables & Apparel — 1.1%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, <br> Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 5.25 | 7/15/2032 | 470000 | 566991 |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, <br> Sr. Unscd. Notes<sup>(b),(c),(f)</sup> <br>|  | 10.00 | 7/15/2033 | 1018000 | 1100623 |
| &nbsp;&nbsp;&nbsp; S&S Holdings LLC, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 8.38 | 10/1/2031 | 540000 | 529872 |
|  |  |  |  |  | **2197486** |
| **Diversified Financials — 7.5%** | **Diversified Financials — 7.5%** | **Diversified Financials — 7.5%** | **Diversified Financials — 7.5%** | **Diversified Financials — 7.5%** | **Diversified Financials — 7.5%** |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., Sr. <br> Scd. Notes<sup>(b)</sup> <br>| GBP | 4.25 | 6/1/2028 | 805000 | 1038983 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.50 | 5/15/2030 | 1030000 | 1094680 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, Sr. <br> Scd. Bonds<sup>(b)</sup> <br>| EUR | 9.00 | 9/1/2028 | 150406 | 180257 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, Sr. <br> Scd. Bonds<sup>(b)</sup> <br>| EUR | 9.50 | 11/1/2028 | 594557 | 448618 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 4 SA, <br> Unscd. Bonds<sup>(b),(f)</sup> <br>| EUR | 10.50 | 5/1/2030 | 121274 | 16155 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn <br> Enterprises Finance Corp., <br> Sr. Scd. Notes<sup>(c)</sup> <br>|  | 9.75 | 1/15/2029 | 1098000 | 1109529 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn <br> Enterprises Finance Corp., <br> Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.00 | 11/15/2029 | 524000 | 526970 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.13 | 11/1/2032 | 907000 | 919978 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG <br> Finance, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.13 | 4/30/2031 | 1050000 | 1102161 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Gtd. <br> Notes<sup>(c)</sup> <br>|  | 7.50 | 5/15/2031 | 99000 | 103578 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Gtd. <br> Notes<sup>(c)</sup> <br>|  | 7.88 | 3/15/2030 | 773000 | 818568 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 8.00 | 8/1/2033 | 670000 | 694955 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, <br> Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.75 | 2/15/2034 | 790000 | 806512 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, <br> Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 7.13 | 11/15/2030 | 334000 | 348079 |

---

**9**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Diversified Financials — 7.5% (continued)** | **Diversified Financials — 7.5% (continued)** | **Diversified Financials — 7.5% (continued)** | **Diversified Financials — 7.5% (continued)** | **Diversified Financials — 7.5% (continued)** |
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH <br> Corp., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 9.88 | 11/1/2029 | 691000 | 701013 |
| Rocket Cos., Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.13 | 8/1/2030 | 522000 | 536123 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> Gtd. Notes<sup>(b),(c)</sup> <br>| 4.00 | 10/15/2033 | 962000 | 879281 |
| &nbsp;&nbsp;&nbsp; UWM Holdings LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 6.25 | 3/15/2031 | 710000 | 707062 |
| &nbsp;&nbsp;&nbsp; UWM Holdings LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 6.63 | 2/1/2030 | 950000 | 967255 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-<br> Issuer, Inc., Sr. Scd. <br> Bonds<sup>(b),(c)</sup> <br>| 7.50 | 6/15/2031 | 2087000 | 2159865 |
|  |  |  |  | **15159622** |
| **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** | **Electronic Components — .6%** |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 6.38 | 3/15/2033 | 354000 | 367218 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.63 | 3/15/2032 | 747000 | 777231 |
|  |  |  |  | **1144449** |
| **Energy — 13.0%** | **Energy — 13.0%** | **Energy — 13.0%** | **Energy — 13.0%** | **Energy — 13.0%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon <br> United Finance Corp., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>| 7.50 | 10/1/2029 | 698000 | 728462 |
| &nbsp;&nbsp;&nbsp; Aris Water Holdings LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 7.25 | 4/1/2030 | 1248000 | 1318541 |
| &nbsp;&nbsp;&nbsp; BKV Upstream Midstream <br> LLC, Gtd. Notes<sup>(b)</sup> <br>| 7.50 | 10/15/2030 | 895000 | 895037 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream <br> LLC/Blue Racer Finance <br> Corp., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 7.00 | 7/15/2029 | 522000 | 541681 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 5.88 | 1/15/2030 | 1070000 | 1031320 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.75 | 3/1/2029 | 777000 | 776271 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook <br> Holdco LLC, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 5.50 | 6/15/2031 | 1450000 | 1437471 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Jr. Sub. <br> Notes, Ser. B<sup>(c),(d)</sup> <br>| 6.63 | 2/15/2028 | 1730000 | 1729073 |

---

**10**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Energy — 13.0% (continued)** | **Energy — 13.0% (continued)** | **Energy — 13.0% (continued)** | **Energy — 13.0% (continued)** | **Energy — 13.0% (continued)** | **Energy — 13.0% (continued)** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating <br> Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 9/1/2029 | 1466000 | 1506232 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 4/15/2032 | 805000 | 813267 |
| &nbsp;&nbsp;&nbsp; Moss Creek Resources <br> Holdings, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 8.25 | 9/1/2031 | 677000 | 663892 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 8.00 | 4/15/2030 | 683000 | 707454 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 7.88 | 10/15/2033 | 447000 | 445511 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 8.13 | 3/1/2028 | 475000 | 483345 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 8.75 | 6/15/2031 | 1873000 | 1937328 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance <br> LP, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 7/15/2032 | 690000 | 706060 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 4.80 | 5/15/2030 | 1179000 | 1152016 |
| &nbsp;&nbsp;&nbsp; SM Energy Co., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 8/1/2029 | 950000 | 955294 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings <br> LLC, Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 5.50 | 10/15/2029 | 2354000 | 2305318 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass <br> LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.13 | 8/15/2031 | 597000 | 563880 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., Jr. <br> Sub. Notes<sup>(b),(c),(d)</sup> <br>|  | 9.00 | 9/30/2029 | 1741000 | 1726688 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.13 | 6/1/2028 | 1042000 | 1079272 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines <br> LNG LLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 1/15/2034 | 1703000 | 1793740 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 6.50 | 10/15/2033 | 1118000 | 1118000 |
|  |  |  |  |  | **26415153** |
| **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** |
| Luna 2.5 Sarl, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 5.50 | 7/1/2032 | 268000 | 321157 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 4.13 | 6/30/2028 | 376000 | 367305 |
| &nbsp;&nbsp;&nbsp; Waste Pro USA, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.00 | 2/1/2033 | 1038000 | 1077752 |
|  |  |  |  |  | **1766214** |

---

**11**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Food Products — 3.2%** | **Food Products — 3.2%** | **Food Products — 3.2%** | **Food Products — 3.2%** | **Food Products — 3.2%** | **Food Products — 3.2%** |
| &nbsp;&nbsp;&nbsp; Bellis Acquisition Co. PLC, Sr. <br> Scd. Bonds<sup>(b)</sup> <br>| GBP | 8.13 | 5/14/2030 | 630000 | 811901 |
| &nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 3/1/2031 | 470000 | 496615 |
| &nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 9.63 | 9/15/2032 | 722000 | 781270 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo Sarl, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.00 | 8/1/2032 | 950000 | 952289 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 4.63 | 4/15/2030 | 1523000 | 1469950 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 5.50 | 12/15/2029 | 760000 | 757787 |
| &nbsp;&nbsp;&nbsp; Simmons Foods, <br> Inc./Simmons Prepared <br> Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed, <br> Scd. Notes<sup>(b)</sup> <br>|  | 4.63 | 3/1/2029 | 1186000 | 1138783 |
|  |  |  |  |  | **6408595** |
| **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc., Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 12.88 | 10/1/2028 | 257000 | **234206** |
| **Health Care — 8.6%** | **Health Care — 8.6%** | **Health Care — 8.6%** | **Health Care — 8.6%** | **Health Care — 8.6%** | **Health Care — 8.6%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 10.00 | 4/15/2032 | 1324000 | 1358215 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., <br> Gtd. Notes<sup>(b)</sup> <br>|  | 8.50 | 1/31/2027 | 353000 | 349805 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 11.00 | 9/30/2028 | 781000 | 812973 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel <br> GmbH, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.50 | 1/15/2028 | 309000 | 302040 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health <br> Systems, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 5.25 | 5/15/2030 | 762000 | 690028 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health <br> Systems, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 9.75 | 1/15/2034 | 518000 | 531338 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health <br> Systems, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 10.88 | 1/15/2032 | 1264000 | 1340279 |
| &nbsp;&nbsp;&nbsp; Cidron Aida Finco Sarl, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 7.00 | 10/27/2031 | 360000 | 431206 |

---

**12**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Health Care — 8.6% (continued)** | **Health Care — 8.6% (continued)** | **Health Care — 8.6% (continued)** | **Health Care — 8.6% (continued)** | **Health Care — 8.6% (continued)** | **Health Care — 8.6% (continued)** |
| &nbsp;&nbsp;&nbsp; Insulet Corp., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 4/1/2033 | 658000 | 684670 |
| IQVIA, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.25 | 6/1/2032 | 698000 | 718515 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 10.00 | 6/1/2032 | 484000 | 508785 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 3.88 | 4/1/2029 | 780000 | 752840 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 5.25 | 10/1/2029 | 554000 | 549620 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 4.38 | 10/31/2029 | 1159000 | 1118812 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon <br> Foreign Debt Co-Issuer BV, <br> Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 5/15/2034 | 579000 | 555919 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.50 | 7/15/2032 | 873000 | 904503 |
| &nbsp;&nbsp;&nbsp; RAY Financing LLC, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 6.50 | 7/15/2031 | 710000 | 852104 |
| &nbsp;&nbsp;&nbsp; Select Medical Corp., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 6.25 | 12/1/2032 | 392000 | 392529 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, <br> Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.38 | 6/1/2031 | 664000 | 698042 |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., Sr. <br> Scd. Notes<sup>(b)</sup> <br>|  | 8.38 | 6/30/2028 | 812000 | 830205 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Sr. <br> Scd. Notes<sup>(c)</sup> <br>|  | 4.25 | 6/1/2029 | 692000 | 676396 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Sr. <br> Scd. Notes<sup>(c)</sup> <br>|  | 4.63 | 6/15/2028 | 828000 | 821173 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Sr. <br> Scd. Notes<sup>(c)</sup> <br>|  | 6.75 | 5/15/2031 | 890000 | 922106 |
| &nbsp;&nbsp;&nbsp; US Acute Care Solutions LLC, <br> Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 9.75 | 5/15/2029 | 670000 | 686906 |
|  |  |  |  |  | **17489009** |
| **Industrial — 3.0%** | **Industrial — 3.0%** | **Industrial — 3.0%** | **Industrial — 3.0%** | **Industrial — 3.0%** | **Industrial — 3.0%** |
| Arcosa, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.88 | 8/15/2032 | 680000 | 710816 |
| &nbsp;&nbsp;&nbsp; Artera Services LLC, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 8.50 | 2/15/2031 | 528000 | 467002 |
| &nbsp;&nbsp;&nbsp; Assemblin Caverion Group AB, <br> Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 6.25 | 7/1/2030 | 360000 | 442990 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.50 | 1/1/2030 | 652000 | 679374 |

---

**13**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Industrial — 3.0% (continued)** | **Industrial — 3.0% (continued)** | **Industrial — 3.0% (continued)** | **Industrial — 3.0% (continued)** | **Industrial — 3.0% (continued)** | **Industrial — 3.0% (continued)** |
| &nbsp;&nbsp;&nbsp; CTEC II GmbH, Sr. Unscd. <br> Bonds<sup>(b)</sup> <br>| EUR | 5.25 | 2/15/2030 | 489000 | 534915 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 4.50 | 4/15/2029 | 874000 | 854378 |
| &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 4.63 | 12/23/2029 | 1009000 | 711664 |
| &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, <br> Inc., Scd. Notes<sup>(b)</sup> <br>|  | 9.88 | 12/23/2029 | 179000 | 153493 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding <br> Systems Ltd./Titan Co-<br> Borrower LLC, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 9.00 | 2/15/2029 | 602000 | 629958 |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 5.25 | 7/15/2027 | 1000000 | 997229 |
|  |  |  |  |  | **6181819** |
| **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 2/15/2030 | 2398000 | 2380430 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 9.00 | 9/30/2029 | 756000 | 784986 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 3/31/2029 | 950000 | 959614 |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 4.50 | 5/1/2028 | 627000 | 609963 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 9.25 | 6/1/2030 | 719000 | 743449 |
| &nbsp;&nbsp;&nbsp; Elastic NV, Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 4.13 | 7/15/2029 | 1712000 | 1645383 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 12/1/2029 | 813000 | 827974 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 6.50 | 6/1/2032 | 480000 | 496789 |
| UKG, Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.88 | 2/1/2031 | 1127000 | 1163729 |
|  |  |  |  |  | **9612317** |
| **Insurance — 6.4%** | **Insurance — 6.4%** | **Insurance — 6.4%** | **Insurance — 6.4%** | **Insurance — 6.4%** | **Insurance — 6.4%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, <br> Inc., Sr. Scd. Bonds<sup>(b),(c)</sup> <br>|  | 6.75 | 7/1/2032 | 1550000 | 1597281 |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, <br> Inc., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 8.25 | 2/1/2029 | 786000 | 820975 |

---

**14**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Insurance — 6.4% (continued)** | **Insurance — 6.4% (continued)** | **Insurance — 6.4% (continued)** | **Insurance — 6.4% (continued)** | **Insurance — 6.4% (continued)** | **Insurance — 6.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate <br> LLC/Alliant Holdings Co-<br> Issuer, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 4/15/2028 | 666000 | 678334 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate <br> LLC/Alliant Holdings Co-<br> Issuer, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.00 | 1/15/2031 | 972000 | 1005066 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate <br> LLC/Alliant Holdings Co-<br> Issuer, Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 7.38 | 10/1/2032 | 703000 | 725273 |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor <br> 2 LLC/APH2 Somerset <br> Investor <br> 2 LLC/APH3 Somerset <br> Investor 2 LLC, Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 11/1/2029 | 584000 | 609959 |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 6.88 | 2/15/2031 | 980000 | 1194015 |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.75 | 2/15/2031 | 1050000 | 1099527 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 8.88 | 2/15/2032 | 789000 | 830094 |
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.95 | 6/15/2033 | 674000 | 781629 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance <br> PLC/Howden UK Refinance <br> 2 PLC/Howden US <br> Refinance LLC, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 7.25 | 2/15/2031 | 530000 | 546086 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance <br> PLC/Howden UK Refinance <br> 2 PLC/Howden US <br> Refinance LLC, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 8.13 | 2/15/2032 | 380000 | 394591 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 6.88 | 10/1/2033 | 1057000 | 1052120 |
| &nbsp;&nbsp;&nbsp; The Nassau Companies of New <br> York, Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 7/15/2030 | 1616000 | 1651811 |
|  |  |  |  |  | **12986761** |
| **Internet Software & Services — 3.5%** | **Internet Software & Services — 3.5%** | **Internet Software & Services — 3.5%** | **Internet Software & Services — 3.5%** | **Internet Software & Services — 3.5%** | **Internet Software & Services — 3.5%** |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.13 | 12/1/2028 | 1258000 | 1234327 |

---

**15**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Internet Software & Services — 3.5% (continued)** | **Internet Software & Services — 3.5% (continued)** | **Internet Software & Services — 3.5% (continued)** | **Internet Software & Services — 3.5% (continued)** | **Internet Software & Services — 3.5% (continued)** | **Internet Software & Services — 3.5% (continued)** |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 3.88 | 9/15/2027 | 790000 | 767624 |
| &nbsp;&nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent Finance, <br> Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 7.00 | 6/15/2027 | 581000 | 579948 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.25 | 4/1/2033 | 1520000 | 1555536 |
| Gen Digital, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.75 | 9/30/2027 | 472000 | 479656 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 4.13 | 8/1/2030 | 907000 | 857467 |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>|  | 9.75 | 4/15/2029 | 625000 | 703353 |
| &nbsp;&nbsp;&nbsp; United Group BV, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 5.25 | 2/1/2030 | 360000 | 418836 |
| &nbsp;&nbsp;&nbsp; United Group BV, Sr. Scd. <br> Bonds<sup>(b)</sup> <br>| EUR | 6.50 | 10/31/2031 | 510000 | 608280 |
|  |  |  |  |  | **7205027** |
| **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 8.75 | 4/15/2030 | 1378000 | 1416850 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition <br> Holdings, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 6.88 | 1/15/2030 | 573000 | 588505 |
| LABL, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.50 | 11/1/2028 | 450000 | 382855 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions <br> Holding Co., Sr. Scd. <br> Bonds<sup>(b),(c)</sup> <br>|  | 7.88 | 4/15/2027 | 668000 | 675383 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., Gtd. <br> Notes<sup>(b),(c)</sup> <br>|  | 5.00 | 4/15/2029 | 620000 | 617046 |
|  |  |  |  |  | **3680639** |
| **Media — 9.3%** | **Media — 9.3%** | **Media — 9.3%** | **Media — 9.3%** | **Media — 9.3%** | **Media — 9.3%** |
| &nbsp;&nbsp;&nbsp; Block Communications, Inc., <br> Gtd. Notes<sup>(b)</sup> <br>|  | 4.88 | 3/1/2028 | 705000 | 675792 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 4.25 | 1/15/2034 | 1378000 | 1192229 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., Sr. <br> Unscd. Notes<sup>(c)</sup> <br>|  | 4.50 | 5/1/2032 | 2108000 | 1919737 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Media — 9.3% (continued)** | **Media — 9.3% (continued)** | **Media — 9.3% (continued)** | **Media — 9.3% (continued)** | **Media — 9.3% (continued)** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>| 5.00 | 2/1/2028 | 1557000 | 1543291 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO <br> Holdings Capital Corp., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>| 5.38 | 6/1/2029 | 799000 | 794275 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 11.25 | 5/15/2028 | 725000 | 671733 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 11.75 | 1/31/2029 | 1447000 | 1217750 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> Sr. Scd. Notes<sup>(b),(c)</sup> <br>| 10.00 | 2/15/2031 | 1501000 | 1499922 |
| &nbsp;&nbsp;&nbsp; Discovery Communications <br> LLC, Gtd. Notes<br>| 3.95 | 3/20/2028 | 354000 | 345888 |
| &nbsp;&nbsp;&nbsp; Discovery Communications <br> LLC, Gtd. Notes<sup>(c)</sup> <br>| 4.13 | 5/15/2029 | 885000 | 852631 |
| DISH DBS Corp., Gtd. Notes | 5.13 | 6/1/2029 | 527000 | 451120 |
| DISH DBS Corp., Gtd. Notes | 7.38 | 7/1/2028 | 967000 | 892058 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Sr. Scd. <br> Notes<sup>(b)</sup> <br>| 5.75 | 12/1/2028 | 737000 | 707144 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 7.25 | 8/15/2033 | 983000 | 974721 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., <br> Sr. Scd. Bonds<sup>(b),(c)</sup> <br>| 8.13 | 2/15/2033 | 1079000 | 1108214 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 4.00 | 7/15/2028 | 1010000 | 976770 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 5.00 | 8/1/2027 | 1100000 | 1095609 |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I BV, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 4.88 | 7/15/2031 | 770000 | 734095 |
| &nbsp;&nbsp;&nbsp; The EW Scripps Company, Sr. <br> Scd. Notes<sup>(b)</sup> <br>| 9.88 | 8/15/2030 | 541000 | 508304 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance <br> PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.50 | 5/15/2029 | 667000 | 659943 |
|  |  |  |  | **18821226** |
| **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>| 8.00 | 10/1/2030 | 1140000 | 1208454 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.88 | 11/1/2029 | 530000 | 540558 |

---

**17**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Metals & Mining — 1.9% (continued)** | **Metals & Mining — 1.9% (continued)** | **Metals & Mining — 1.9% (continued)** | **Metals & Mining — 1.9% (continued)** | **Metals & Mining — 1.9% (continued)** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 7.38 | 5/1/2033 | 670000 | 684519 |
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd., <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 6.13 | 4/15/2032 | 690000 | 713534 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, Sr. <br> Unscd. Notes<sup>(b),(f)</sup> <br>| 9.50 | 6/30/2031 | 139051 | 139859 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, Sr. <br> Unscd. Notes<sup>(f)</sup> <br>| 9.50 | 6/30/2031 | 657219 | 661041 |
|  |  |  |  | **3947965** |
| **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 4.88 | 9/15/2029 | 705000 | 694603 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>| 5.00 | 7/15/2028 | 686000 | 682346 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings <br> LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer, <br> Sr. Scd. Notes<sup>(b)</sup> <br>| 4.88 | 5/15/2029 | 742000 | 724037 |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 8.00 | 4/1/2029 | 1547000 | 1584649 |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 8.00 | 7/15/2030 | 659000 | 675215 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 4.00 | 9/15/2029 | 882000 | 833604 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., <br> Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.38 | 1/15/2027 | 331000 | 328433 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., <br> Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.50 | 7/1/2030 | 351000 | 363334 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., <br> Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 7.25 | 4/1/2029 | 663000 | 697009 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Fiber <br> Holdings, Inc./CSL Capital <br> LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.00 | 1/15/2030 | 611000 | 553786 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.50 | 2/15/2029 | 865000 | 813117 |
|  |  |  |  | **7950133** |
| **Retailing — 3.1%** | **Retailing — 3.1%** | **Retailing — 3.1%** | **Retailing — 3.1%** | **Retailing — 3.1%** |
| &nbsp;&nbsp;&nbsp; Carvana Co., Sr. Scd. <br> Notes<sup>(b),(c),(f)</sup> <br>| 9.00 | 6/1/2031 | 920200 | 1042557 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Retailing — 3.1% (continued)** | **Retailing — 3.1% (continued)** | **Retailing — 3.1% (continued)** | **Retailing — 3.1% (continued)** | **Retailing — 3.1% (continued)** |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment <br> LLC/Fertitta Entertainment <br> Finance Co., Inc., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 4.63 | 1/15/2029 | 461000 | 439127 |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.25 | 1/15/2029 | 1030000 | 954382 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart <br> Finance Corp., Gtd. Notes<sup>(b)</sup> <br>| 10.00 | 9/15/2033 | 381000 | 385442 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart <br> Finance Corp., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 7.50 | 9/15/2032 | 1086000 | 1090329 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., <br> Sr. Scd. Bonds<sup>(b),(c)</sup> <br>| 6.75 | 4/30/2032 | 660000 | 685012 |
| Staples, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 10.75 | 9/1/2029 | 515000 | 511791 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>| 6.88 | 10/15/2028 | 1235000 | 1232455 |
|  |  |  |  | **6341095** |
| **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
| Entegris, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>| 5.95 | 6/15/2030 | 1360000 | 1380720 |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp., Gtd. <br> Notes<sup>(b)</sup> <br>| 6.63 | 7/24/2033 | 1054000 | 1084729 |
|  |  |  |  | **2465449** |
| **Technology Hardware & Equipment — .9%** | **Technology Hardware & Equipment — .9%** | **Technology Hardware & Equipment — .9%** | **Technology Hardware & Equipment — .9%** | **Technology Hardware & Equipment — .9%** |
| &nbsp;&nbsp;&nbsp; Virtusa Corp., Sr. Unscd. <br> Notes<sup>(b),(c)</sup> <br>| 7.13 | 12/15/2028 | 1879000 | **1842585** |
| **Telecommunication Services — 6.4%** | **Telecommunication Services — 6.4%** | **Telecommunication Services — 6.4%** | **Telecommunication Services — 6.4%** | **Telecommunication Services — 6.4%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, Sr. Scd. <br> Notes<sup>(b),(c),(g)</sup> <br>| 8.13 | 2/1/2027 | 1913000 | 1830196 |
| &nbsp;&nbsp;&nbsp; CommScope Technologies <br> LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 3/15/2027 | 294000 | 291942 |
| &nbsp;&nbsp;&nbsp; Consolidated <br> Communications, Inc., Sr. <br> Scd. Notes<sup>(b)</sup> <br>| 6.50 | 10/1/2028 | 763000 | 775399 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Sr. Scd. <br> Notes<sup>(c)</sup> <br>| 10.75 | 11/30/2029 | 1880000 | 2069786 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>| 7.72 | 6/4/2038 | 546000 | 553484 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems <br> Corp., Gtd. Notes<br>| 6.63 | 8/1/2026 | 573000 | 545451 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems <br> Corp., Sr. Scd. Notes<br>| 5.25 | 8/1/2026 | 351000 | 344508 |

---

**19**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Telecommunication Services — 6.4% (continued)** | **Telecommunication Services — 6.4% (continued)** | **Telecommunication Services — 6.4% (continued)** | **Telecommunication Services — 6.4% (continued)** | **Telecommunication Services — 6.4% (continued)** | **Telecommunication Services — 6.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Gtd. <br> Notes<sup>(b)</sup> <br>|  | 3.75 | 7/15/2029 | 556000 | 476730 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Sr. Scd. <br> Bonds<sup>(b),(c)</sup> <br>|  | 6.88 | 6/30/2033 | 826000 | 842532 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 7.00 | 3/31/2034 | 814000 | 828716 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Sr. <br> Scd. Notes<sup>(b)</sup> <br>|  | 4.13 | 4/15/2029 | 232175 | 228804 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 10.00 | 10/15/2032 | 380000 | 384905 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Sr. <br> Unscd. Bonds, Ser. P<sup>(c)</sup> <br>|  | 7.60 | 9/15/2039 | 914000 | 856875 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 5.38 | 6/15/2029 | 676000 | 620092 |
| &nbsp;&nbsp;&nbsp; Maya SAS/Paris France, Sr. <br> Scd. Notes<sup>(b)</sup> <br>|  | 7.00 | 10/15/2028 | 531000 | 539956 |
| &nbsp;&nbsp;&nbsp; Maya SAS/Paris France, Sr. <br> Scd. Notes<sup>(b)</sup> <br>|  | 7.00 | 4/15/2032 | 400000 | 408422 |
| &nbsp;&nbsp;&nbsp; Maya SAS/Paris France, Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.50 | 4/15/2031 | 509000 | 546322 |
| &nbsp;&nbsp;&nbsp; Windstream Services <br> LLC/Windstream Escrow <br> Finance Corp., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 8.25 | 10/1/2031 | 817000 | 846944 |
|  |  |  |  |  | **12991064** |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., Sr. Scd. <br> Notes<sup>(b),(c)</sup> <br>|  | 7.25 | 8/1/2030 | 1035000 | 1076818 |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, Sr. Scd. Bonds, <br> (3 Month EURIBOR <br> +4.25%)<sup>(e)</sup> <br>| EUR | 6.28 | 2/24/2031 | 405000 | 464836 |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, Sr. <br> Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.25 | 3/15/2032 | 843000 | 888401 |
|  |  |  |  |  | **2430055** |
| **Utilities — 5.5%** | **Utilities — 5.5%** | **Utilities — 5.5%** | **Utilities — 5.5%** | **Utilities — 5.5%** | **Utilities — 5.5%** |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 10/15/2032 | 1060000 | 1094980 |
| &nbsp;&nbsp;&nbsp; California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC, Sr. <br> Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.38 | 2/15/2032 | 1420000 | 1456424 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** | **Bonds and Notes — 119.7% (continued)** |
| **Utilities — 5.5% (continued)** | **Utilities — 5.5% (continued)** | **Utilities — 5.5% (continued)** | **Utilities — 5.5% (continued)** | **Utilities — 5.5% (continued)** |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power <br> Holdings SA, Sr. Scd. <br> Bonds<sup>(b),(c)</sup> <br>| 6.75 | 2/28/2030 | 1331000 | 1384227 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 3.88 | 2/15/2032 | 650000 | 599473 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 6.25 | 11/1/2034 | 589000 | 604147 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., Jr. Sub. <br> Bonds<sup>(b),(d)</sup> <br>| 10.25 | 3/15/2028 | 490000 | 535654 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 5.75 | 1/15/2034 | 356000 | 355859 |
| PG&E Corp., Sr. Scd. Notes<sup>(c)</sup> <br>| 5.00 | 7/1/2028 | 325000 | 322239 |
| PG&E Corp., Sr. Scd. Notes | 5.25 | 7/1/2030 | 694000 | 684818 |
| &nbsp;&nbsp;&nbsp; Vistra Corp., Jr. Sub. <br> Notes<sup>(b),(d)</sup> <br>| 7.00 | 12/15/2026 | 447000 | 454152 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 4.38 | 5/1/2029 | 76000 | 74464 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 6.88 | 4/15/2032 | 474000 | 496092 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Gtd. <br> Notes<sup>(b),(c)</sup> <br>| 7.75 | 10/15/2031 | 1171000 | 1239992 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating <br> Partners LP, Gtd. Notes<sup>(b),(c)</sup> <br>| 3.88 | 10/15/2026 | 827000 | 815757 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating <br> Partners LP, Gtd. Notes<sup>(b),(c)</sup> <br>| 8.38 | 1/15/2031 | 919000 | 963829 |
|  |  |  |  | **11082107** |
| &nbsp;&nbsp;&nbsp; **Total Bonds and Notes** <br>(cost $234,289,205)<br>|  |  |  | **243102726** |
| **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** |
| **Media — .1%** | **Media — .1%** | **Media — .1%** | **Media — .1%** | **Media — .1%** |
| Cable One, Inc., Gtd. Notes | 1.13 | 3/15/2028 | 321000 | **274776** |
| **Utilities — .3%** | **Utilities — .3%** | **Utilities — .3%** | **Utilities — .3%** | **Utilities — .3%** |
| PG&E Corp., Sr. Scd. Notes | 4.25 | 12/1/2027 | 541000 | **548466** |
| &nbsp;&nbsp;&nbsp; **Total Convertible Bonds and Notes** <br>(cost $817,061) | &nbsp;&nbsp;&nbsp; **Total Convertible Bonds and Notes** <br>(cost $817,061) |  |  | **823242** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Exchange-Traded Funds — 2.8%** | **Exchange-Traded Funds — 2.8%** | **Exchange-Traded Funds — 2.8%** |
| **Registered Investment Companies — 2.8%** | **Registered Investment Companies — 2.8%** | **Registered Investment Companies — 2.8%** |
| Invesco Senior Loan ETF | 39206 | 820582 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 25295 | 2053701 |

---

**21**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Exchange-Traded Funds — 2.8% (continued)** | **Exchange-Traded Funds — 2.8% (continued)** | **Exchange-Traded Funds — 2.8% (continued)** |
| **Registered Investment Companies — 2.8% (continued)** | **Registered Investment Companies — 2.8% (continued)** | **Registered Investment Companies — 2.8% (continued)** |
| Janus Henderson B-BBB CLO ETF | 17003 | 819034 |
| SPDR Bloomberg High Yield Bond ETF | 21003 | 2058084 |
| &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br>(cost $5,638,172)<br>|  | **5751401** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>|  |
| **Fixed Rate Loan Interests — 1.5%** | **Fixed Rate Loan Interests — 1.5%** | **Fixed Rate Loan Interests — 1.5%** | **Fixed Rate Loan Interests — 1.5%** | **Fixed Rate Loan Interests — 1.5%** |
| **Information Technology — .3%** | **Information Technology — .3%** | **Information Technology — .3%** | **Information Technology — .3%** | **Information Technology — .3%** |
| &nbsp;&nbsp;&nbsp; X.AI LLC, Initial Fixed Rate <br> Term Loan<br>| 12.50 | 6/28/2030 | 530421 | **551163** |
| **Technology Hardware & Equipment — 1.2%** | **Technology Hardware & Equipment — 1.2%** | **Technology Hardware & Equipment — 1.2%** | **Technology Hardware & Equipment — 1.2%** | **Technology Hardware & Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; X Corp., Tranche Term Loan <br> B-3<br>| 9.50 | 10/29/2029 | 2514221 | **2525572** |
| &nbsp;&nbsp;&nbsp; **Total Fixed Rate Loan Interests** <br>(cost $3,028,869) | &nbsp;&nbsp;&nbsp; **Total Fixed Rate Loan Interests** <br>(cost $3,028,869) |  |  | **3076735** |
| **Floating Rate Loan Interests — 8.8%** | **Floating Rate Loan Interests — 8.8%** | **Floating Rate Loan Interests — 8.8%** | **Floating Rate Loan Interests — 8.8%** | **Floating Rate Loan Interests — 8.8%** |
| **Automobiles & Components — .7%** | **Automobiles & Components — .7%** | **Automobiles & Components — .7%** |  |  |
| &nbsp;&nbsp;&nbsp; Burgess Point Purchaser <br> Corp., Initial Term Loan, <br> (1 Month TSFR +5.35%)<sup>(e)</sup> <br>| 9.51 | 7/25/2029 | 354090 | 308972 |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, <br> 2021 First Lien Term Loan, <br> (3 Month TSFR <br> +5.26%)<sup>(e),(g)</sup> <br>| 9.57 | 3/30/2027 | 265154 | 120645 |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, <br> 2022 Incremental Term <br> Loan, (3 Month TSFR <br> +5.26%)<sup>(e),(g)</sup> <br>| 9.57 | 3/30/2027 | 782333 | 355962 |
| &nbsp;&nbsp;&nbsp; IXS Holdings, Inc., Initial Term <br> Loan, (3 Month TSFR <br> +5.50%)<sup>(e)</sup> <br>| 8.04 | 9/21/2029 | 555000 | 554539 |
|  |  |  |  | **1340118** |
| **Chemicals — .2%** | **Chemicals — .2%** | **Chemicals — .2%** |  |  |
| &nbsp;&nbsp;&nbsp; Geon Performance Solutions <br> LLC, 2024 Refinancing Term <br> Loan, (3 Month TSFR <br> +4.51%)<sup>(e)</sup> <br>| 8.51 | 8/18/2028 | 440938 | **414592** |
| **Commercial & Professional Services — .4%** | **Commercial & Professional Services — .4%** | **Commercial & Professional Services — .4%** |  |  |
| &nbsp;&nbsp;&nbsp; Vaco Holdings LLC, Initial <br> Term Loan, (3 Month TSFR <br> +5.15%)<sup>(e)</sup> <br>| 9.15 | 1/22/2029 | 820095 | **708505** |

---

**22**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** |
| **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** |  |  |
| &nbsp;&nbsp;&nbsp; Crown Finance US, Inc., Term <br> Loan B, (1 Month TSFR <br> +4.50%)<sup>(e)</sup> <br>|  | 8.78 | 12/2/2031 | 544635 | **544194** |
| **Diversified Financials — .4%** | **Diversified Financials — .4%** | **Diversified Financials — .4%** | **Diversified Financials — .4%** |  |  |
| &nbsp;&nbsp;&nbsp; OID-OL Intermediate I LLC, <br> Initial Second Out Term <br> Loan, (3 Month TSFR <br> +4.40%)<sup>(e)</sup> <br>|  | 8.71 | 2/1/2029 | 360000 | 303226 |
| &nbsp;&nbsp;&nbsp; Russell Investments US <br> Institutional Holdco, Inc., <br> 2027 Term Loan, (3 Month <br> TSFR +5.00%)<sup>(e),(f)</sup> <br>|  | 10.81 | 5/28/2027 | 496880 | 478337 |
|  |  |  |  |  | **781563** |
| **Energy — .3%** | **Energy — .3%** | **Energy — .3%** | **Energy — .3%** |  |  |
| &nbsp;&nbsp;&nbsp; WaterBridge Midstream <br> Operating LLC, Term Loan <br> B, (1 Month TSFR <br> +4.86%)<sup>(e)</sup> <br>|  | 9.03 | 6/27/2029 | 583213 | **584709** |
| **Food Products — .4%** | **Food Products — .4%** | **Food Products — .4%** | **Food Products — .4%** |  |  |
| &nbsp;&nbsp;&nbsp; Max US BidCo, Inc., Initial <br> Term Loan, (3 Month TSFR <br> +5.00%)<sup>(e)</sup> <br>|  | 9.00 | 10/2/2030 | 823331 | **806020** |
| **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., Initial Term <br> Loan, (1 Month TSFR <br> +6.25%)<sup>(e)</sup> <br>|  | 8.04 | 10/8/2030 | 569572 | 562629 |
| &nbsp;&nbsp;&nbsp; Inovie Group, Senior Facility <br> Term Loan B, (3 Month <br> EURIBOR +4.00%)<sup>(e)</sup> <br>| EUR | 6.00 | 3/3/2028 | 1000000 | 1028873 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., Term <br> Loan B, (3 Month TSFR <br> +3.75%)<sup>(e)</sup> <br>|  | 8.07 | 5/19/2031 | 410965 | 410731 |
| &nbsp;&nbsp;&nbsp; US Anesthesia Partners, Inc., <br> Initial Term Loan, (1 Month <br> TSFR +4.36%)<sup>(e)</sup> <br>|  | 8.64 | 10/2/2028 | 691003 | 690895 |
|  |  |  |  |  | **2693128** |
| **Industrial — .5%** | **Industrial — .5%** | **Industrial — .5%** | **Industrial — .5%** |  |  |
| &nbsp;&nbsp;&nbsp; Optimus Bidco SAS, Term <br> Loan B, (3 Month EURIBOR <br> +5.00%)<sup>(e)</sup> <br>| EUR | 7.00 | 1/2/2029 | 1000000 | **1043437** |

---

**23**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Flash Charm, Inc., 2024 Term <br> Loan B-2, (3 Month TSFR <br> +3.50%)<sup>(e)</sup> <br>|  | 7.80 | 3/2/2028 | 400942 | 352829 |
| &nbsp;&nbsp;&nbsp; HS Purchaser LLC, First Lien <br> 7th Amendment <br> Refinancing Term Loan, <br> (3 Month TSFR +3.85%)<sup>(e)</sup> <br>|  | 8.16 | 11/30/2026 | 650098 | 616336 |
| &nbsp;&nbsp;&nbsp; Inmar, Inc., 2025 First Lien <br> Term Loan, (1-3 Month <br> TSFR +4.50%)<sup>(e)</sup> <br>|  | 8.66 | 10/30/2031 | 441551 | 441690 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, First Lien <br> Dollar Term Loan, (3 Month <br> TSFR +4.00%)<sup>(e)</sup> <br>|  | 6.03 | 6/5/2028 | 718130 | 693645 |
| &nbsp;&nbsp;&nbsp; Starlight Parent LLC, Term <br> Loan, (3 Month TSFR <br> +4.00%)<sup>(e)</sup> <br>|  | 8.03 | 4/16/2032 | 800000 | 787000 |
|  |  |  |  |  | **2891500** |
| **Internet Software & Services — .9%** | **Internet Software & Services — .9%** | **Internet Software & Services — .9%** | **Internet Software & Services — .9%** |  |  |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 May New <br> Term Loan, (3 Month TSFR <br> +4.25%)<sup>(e)</sup> <br>|  | 8.25 | 5/3/2028 | 849786 | 819513 |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, Second Lien <br> Term Loan, (1 Month TSFR <br> +6.25%)<sup>(e)</sup> <br>|  | 10.41 | 2/23/2029 | 570000 | 497903 |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, <br> Extended USD Term Loan B, <br> (1 Month TSFR +4.75%)<sup>(e)</sup> <br>|  | 8.91 | 3/15/2030 | 606131 | 602343 |
|  |  |  |  |  | **1919759** |
| **Media — .2%** | **Media — .2%** | **Media — .2%** | **Media — .2%** |  |  |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc., Term Loan F, <br> (1 Month TSFR +5.25%)<sup>(e)</sup> <br>|  | 9.53 | 6/4/2029 | 10226 | 10246 |
| &nbsp;&nbsp;&nbsp; The E.W. Scripps Co., New <br> Tranche Term Loan B-2, <br> (1 Month TSFR +5.75%)<sup>(e)</sup> <br>|  | 6.59 | 6/30/2028 | 439351 | 444935 |
|  |  |  |  |  | **455181** |
| **Real Estate — .5%** | **Real Estate — .5%** | **Real Estate — .5%** | **Real Estate — .5%** |  |  |
| &nbsp;&nbsp;&nbsp; Emeria SASU, Facility Term <br> Loan B, (3 Month EURIBOR <br> +3.50%)<sup>(e)</sup> <br>| EUR | 5.50 | 3/27/2028 | 1000000 | **1014350** |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** | **Floating Rate Loan Interests — 8.8% (continued)** |
| **Retailing — .2%** | **Retailing — .2%** | **Retailing — .2%** |  |  |
| &nbsp;&nbsp;&nbsp; Foundation Building <br> Materials, Inc., <br> 2024 Incremental Term <br> Loan, (3 Month TSFR <br> +4.00%)<sup>(e)</sup> <br>| 8.31 | 1/29/2031 | 432803 | **434082** |
| **Technology Hardware & Equipment — .4%** | **Technology Hardware & Equipment — .4%** | **Technology Hardware & Equipment — .4%** |  |  |
| &nbsp;&nbsp;&nbsp; Peraton Corp., First Lien Term <br> Loan B, (1 Month TSFR <br> +3.85%)<sup>(e)</sup> <br>| 8.01 | 2/1/2028 | 954978 | **807854** |
| **Telecommunication Services — .7%** | **Telecommunication Services — .7%** | **Telecommunication Services — .7%** |  |  |
| &nbsp;&nbsp;&nbsp; Altice France SA, USD Term <br> Loan B-14, (3 Month TSFR <br> +5.50%)<sup>(e)</sup> <br>| 9.82 | 8/31/2028 | 880420 | 854008 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., <br> Dollar Term Loan, (1 Month <br> TSFR +3.61%)<sup>(e),(f)</sup> <br>| 7.77 | 3/11/2030 | 641527 | 624420 |
|  |  |  |  | **1478428** |
| &nbsp;&nbsp;&nbsp; **Total Floating Rate Loan Interests** <br>(cost $19,079,839) |  |  |  | **17917420** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 3.1%** | **Investment Companies — 3.1%** | **Investment Companies — 3.1%** | **Investment Companies — 3.1%** |
| **Registered Investment Companies — 3.1%** | **Registered Investment Companies — 3.1%** | **Registered Investment Companies — 3.1%** | **Registered Investment Companies — 3.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government <br> Plus Money Market Fund, Institutional <br> Shares<sup>(h)</sup> <br>(cost $6,228,482)<br>| 4.28 | 6228482 | **6228482** |
| **Total Investments** (cost $269,081,628) | **Total Investments** (cost $269,081,628) | **136.3%** | **276900006** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(36.3%)** | **(73806874)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **203093132** |

---

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

---

| |
|:---|
| *ETF—Exchange-Traded Fund* |
| *EUR—Euro* |
| *EURIBOR—Euro Interbank Offered Rate* |
| *GBP—British Pound* |
| *SPDR—Standard & Poor's Depository Receipt* |
| *TSFR—Term Secured Overnight Financing Rate Reference Rates* |

---

**25**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

*USD—United States Dollar*<br>

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

<sup>(a)</sup> *Amount stated in U.S. Dollars unless otherwise noted above.*

<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* *September 30, 2025, these securities amounted to $223,173,593 or 109.9% of net assets.* 

<sup>(c)</sup> *Security, or a portion thereof, has been pledged as collateral for the fund's Revolving Credit and Security* *Agreement.* 

<sup>(d)</sup> *Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the* *bond.* 

<sup>(e)</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>(f)</sup> *Payment-in-kind security and interest may be paid in additional par.*

<sup>(g)</sup> *Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The* *aggregate value of these securities at September 30, 2025 was $2,306,803, which represented .0% of net* *assets.* 

<sup>(h)</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 ($) <br>3/31/2025<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>9/30/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 3.1%** | **Registered Investment Companies - 3.1%** | **Registered Investment Companies - 3.1%** | **Registered Investment Companies - 3.1%** | **Registered Investment Companies - 3.1%** | **Registered Investment Companies - 3.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus <br> Institutional <br> Preferred <br> Government <br> Plus Money <br> Market <br> Fund, <br> Institutional <br> Shares - <br> 3.1%<br>| 6748490 | 66542156 | (67062164) | 6228482 | 148468 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| Counterparty/ <br>Purchased <br>Currency<br>| Purchased <br>Currency <br>Amounts<br>| Currency <br>Sold<br>| Sold <br>Currency <br>Amounts<br>| Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** |
| &nbsp;&nbsp;&nbsp; United States <br>Dollar<br>| 235093 | Euro | 200000 | 10/21/2025 | (26) |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| &nbsp;&nbsp;&nbsp; United States <br>Dollar<br>| 4411146 | British Pound | 3265000 | 10/21/2025 | 19519 |

---

**26**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| Counterparty/<br> Purchased<br> Currency<br>| Purchased<br> Currency<br> Amounts<br>| Currency<br> Sold<br>| Sold<br> Currency<br> Amounts<br>| Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** |
| Euro | 600000 | United States <br>Dollar<br>| 708943 | 10/21/2025 | (3587) |
| British Pound | 400000 | United States <br>Dollar<br>| 541202 | 10/21/2025 | (3178) |
| Euro | 500000 | United States <br>Dollar<br>| 589407 | 10/21/2025 | (1610) |
| &nbsp;&nbsp;&nbsp; United States <br>Dollar<br>| 16246734 | Euro | 13870000 | 10/21/2025 | (58736) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **19519** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(67137)** |

---

*See notes to financial statements.*

**27**

------

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers | 262853146 | &nbsp;&nbsp; 270671524 |
| &nbsp;&nbsp;&nbsp; Affiliated issuers | 6228482 | &nbsp;&nbsp; 6228482 |
| Cash |  | &nbsp;&nbsp; 489882 |
| Cash denominated in foreign currency | 1331318 | &nbsp;&nbsp; 1334488 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 5084515 |
| Dividends and interest receivable |  | &nbsp;&nbsp; 4243297 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency <br> exchange contracts—Note 4 <br>|  | &nbsp;&nbsp; 19519 |
| Prepaid expenses |  | &nbsp;&nbsp; 29835 |
|  |  | &nbsp;&nbsp; **288101542** |
| **Liabilities ($):** |  |  |
| &nbsp;&nbsp;&nbsp; Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates—Note 3(b) <br>|  | &nbsp;&nbsp; 182259 |
| Loan payable—Note 2 |  | &nbsp;&nbsp; 74000000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 10308596 |
| Interest payable—Note 2 |  | &nbsp;&nbsp; 326880 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br> contracts—Note 4 <br>|  | &nbsp;&nbsp; 67137 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp; 20252 |
| Other accrued expenses |  | &nbsp;&nbsp; 103286 |
|  |  | &nbsp;&nbsp; **85008410** |
| **Net Assets ($)** |  | &nbsp;&nbsp; **203093132** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp; 277571081 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp; (74477949) |
| **Net Assets ($)** |  | &nbsp;&nbsp; **203093132** |
| **Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp; (unlimited number of $.001 par value shares of Beneficial <br> Interest authorized)<br>|  | &nbsp;&nbsp; 72736534 |
| **Net Asset Value Per Share ($)** |  | **2.79** |

---

*See notes to financial statements.*

**28**

------

STATEMENT OF OPERATIONS

Six Months Ended September 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $5,731 foreign taxes withheld at source) | 10315461 |
| Dividends: |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers | 132902 |
| &nbsp;&nbsp;&nbsp; Affiliated issuers | 148468 |
| **Total Income** | **10596831** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | 1029571 |
| Interest expense—Note 2 | 2003546 |
| Professional fees | 88391 |
| Registration fees | 35414 |
| Shareholders' reports | 34764 |
| Trustees' fees and expenses—Note 3(c)  | 17617 |
| Shareholder servicing costs | 9051 |
| Shareholder and regulatory reports service fees—Note 3(b)  | 7292 |
| Chief Compliance Officer fees—Note 3(b)  | 5639 |
| Custodian fees—Note 3(b)  | 4233 |
| Miscellaneous | 23677 |
| **Total Expenses** | **3259195** |
| **Net Investment Income** | **7337636** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | 1585792 |
| Net realized gain (loss) on forward foreign currency exchange contracts | (979415) |
| **Net Realized Gain (Loss)** | **606377** |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and <br> foreign currency transactions<br>| 5770298 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward foreign <br> currency exchange contracts<br>| (32997) |
| **Net Change in Unrealized Appreciation (Depreciation)** | **5737301** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **6343678** |
| **Net Increase in Net Assets Resulting from Operations** | **13681314** |

---

*See notes to financial statements.*

**29**

------

STATEMENT OF CASH FLOWS

Six Months Ended September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Cash Flows from Operating Activities ($):** |  |  |
| Purchases of long term portfolio securities | (160225520) |  |
| Proceeds from sales of long term portfolio securities | 162104168 |  |
| Net purchase (sales) of short-term securities | (376754) |  |
| Dividends and interest income received | 10779492 |  |
| Interest expense paid | (2016803) |  |
| &nbsp;&nbsp;&nbsp; Expenses paid to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| (1049041) |  |
| Operating expenses paid | (120800) |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from forward foreign currency <br> exchange contracts transactions<br>| (979415) |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **8115327** |
| **Cash Flows From Financing Activities ($):** |  |  |
| Dividends paid to shareholders | (8910376) |  |
| **Net Cash Provided (or Used) in Financing Activities** |  | &nbsp;&nbsp; **(8910376)** |
| **Effect of Foreign Exchange Rate Changes on Cash** |  | &nbsp;&nbsp; **(1791)** |
| **Net Increase (Decrease) in Cash** |  | &nbsp;&nbsp; **(796840)** |
| &nbsp;&nbsp;&nbsp; Cash, cash denominated in foreign currency and cash <br>collateral held by broker at beginning of period<br>|  | &nbsp;&nbsp; 2621210 |
| **Cash and Cash Denominated in Foreign Currency at End** <br> **of Period**<br>|  | &nbsp;&nbsp; **1824370** |
| **Reconciliation of Net Increase (Decrease) in Net Assets** <br> **Resulting from Operations to Net Cash Provided by** <br> **(or Used) in Operating Activities ($):**<br>|  |  |
| Net Increase in Net Assets Resulting From Operations | 13681314 |  |
| **Adjustments to Reconcile Net Increase (Decrease) in** <br> **Net Assets Resulting from Operations to Net Cash** <br> **Provided (or Used) in Operating Activities ($):**<br>|  |  |
| Increase in investments in securities at cost | (3813757) |  |
| Decrease in dividends and interest receivable | 182661 |  |
| Decrease in receivable for investment securities sold | 2829699 |  |
| Decrease in prepaid expenses | 42274 |  |
| &nbsp;&nbsp;&nbsp; Decrease in Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| (2306) |  |
| Increase in payable for investment securities purchased | 900160 |  |
| Decrease in interest payable | (13257) |  |
| Increase in Trustees' fees and expenses payable | 5810 |  |
| Increase in other accrued expenses | 40030 |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on <br> investments<br>| (5737301) |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **8115327** |

---

*See notes to financial statements.*

**30**

------

STATEMENT OF CHANGES IN NET ASSETS

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>September 30, 2025 <br>(Unaudited) | Year Ended <br>March 31, 2025 |
|  | Six Months Ended <br>September 30, 2025 <br>(Unaudited) | Year Ended <br>March 31, 2025 |
| **Operations ($):** |  |  |
| Net investment income | 7337636 | &nbsp;&nbsp; 15257468 |
| Net realized gain (loss) on investments | 606377 | &nbsp;&nbsp; 3908328 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| 5737301 | &nbsp;&nbsp; (3338951) |
| **Net Increase (Decrease) in Net Assets Resulting** <br> **from Operations**<br>| **13681314** | &nbsp;&nbsp; **15826845** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | **(7637336)** | &nbsp;&nbsp; **(15274672)** |
| **Total Increase (Decrease) in Net Assets** | **6043978** | &nbsp;&nbsp; **552173** |
| **Net Assets ($):** |  |  |
| Beginning of Period | 197049154 | &nbsp;&nbsp; 196496981 |
| **End of Period** | **203093132** | &nbsp;&nbsp; **197049154** |

---

*See notes to financial statements.*

**31**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>September 30, 2025 <br>(Unaudited) | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | Six Months Ended <br>September 30, 2025 <br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, <br> beginning of period<br>| 2.71 | 2.70 | 2.55 | 3.05 | 3.30 | 2.59 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment <br> income<sup>(a)</sup> <br>| .10 | .21 | .22 | .20 | .24 | .24 |
| &nbsp;&nbsp;&nbsp; Net realized and <br> unrealized gain <br> (loss) on <br> investments<br>| .09 | .01 | .11 | (.49) | (.24) | .73 |
| &nbsp;&nbsp;&nbsp; Total from Investment <br> Operations<br>| .19 | .22 | .33 | (.29) | (.00) <br><sup>(b)</sup><br>| .97 |
| Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net <br> investment income<br>| (.11) | (.21) | (.18) | (.21) | (.26) | (.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of <br> period<br>| 2.79 | 2.71 | 2.70 | 2.55 | 3.05 | 3.30 |
| &nbsp;&nbsp;&nbsp; Market value, end of <br> period<br>| 2.59 | 2.55 | 2.42 | 2.17 | 2.78 | 3.09 |
| **Market Price Total** <br> **Return (%)**<br>| 5.86 | 14.47 | 20.93 | (14.49) | (2.72) | 49.32 |

---

**32**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> September 30, 2025 <br> (Unaudited) | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | Six Months Ended<br> September 30, 2025 <br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses <br> to average net <br> assets<br>| 3.25 <br><sup>(c),(d)</sup><br>| 3.52 <br><sup>(c)</sup><br>| 3.96 <br><sup>(c)</sup><br>| 2.90 <br><sup>(c)</sup><br>| 1.71 <br><sup>(c)</sup><br>| 1.85 |
| &nbsp;&nbsp;&nbsp; Ratio of interest <br> expense and loan <br> fees to average net <br> assets<br>| 2.00 <br><sup>(d)</sup><br>| 2.25 | 2.65 | 1.60 | .42 | .58 |
| &nbsp;&nbsp;&nbsp; Ratio of net <br> investment income <br> to average net <br> assets<br>| 7.32 <br><sup>(c),(d)</sup><br>| 7.67 <br><sup>(c)</sup><br>| 8.37 <br><sup>(c)</sup><br>| 7.48 <br><sup>(c)</sup><br>| 7.27 <br><sup>(c)</sup><br>| 7.87 |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover <br> Rate<br>| 58.99 <br><sup>(e)</sup><br>| 105.16 | 111.68 | 119.01 | 78.09 | 85.59 |
| **Net Assets, end of** <br> **period ($ x 1,000)**<br>| 203093 | 197049 | 196497 | 185457 | 221624 | 239727 |
| **Average borrowings** <br> **outstanding** <br> **($ x 1,000)**<br>| 74000 | 74630 | 79000 | 79847 | 96000 | 92800 |
| **Weighted average** <br> **number of fund** <br> **shares outstanding** <br> **($ x 1,000)**<br>| 72737 | 72737 | 72737 | 72737 | 72724 | 72708 |
| **Average amount of** <br> **debt per share ($)**<br>| 1.02 | 1.03 | 1.09 | 1.10 | 1.32 | 1.28 |

---

&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> *Amount does not include the expenses of the underlying funds.*

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

<sup>(e)</sup> *Not annualized.*

*See notes to financial statements.*

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—Significant Accounting Policies:**

BNY Mellon High Yield Strategies Fund (the "fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, closed-end management investment company. The fund's primary investment objective is to seek high current income. Under normal market conditions, the fund invests at least 65% of its total assets in income securities of U.S. issuers rated below investment grade quality or unrated income securities that Alcentra NY, LLC, the fund's sub-adviser ("Alcentra" or the "Sub-Adviser") determines to be of comparable quality. The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Corporation ("BNY"). The fund's shares of beneficial interest trade on the New York Stock Exchange (the "NYSE") under the ticker symbol DHF.

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 Securities and Exchange Commission ("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 fund 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.

**34**

------

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 fund's Board of Trustees (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 debt securities and floating rate loan interests, excluding short-term investments (other than U.S. Treasury Bills) and forward foreign currency exchange contracts ("forward contracts"), are valued each business day by one or more independent pricing services (each, a "Service"). 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 the Adviser based on values supplied 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 Adviser. These securities are generally categorized within Level 2 of the fair value hierarchy.

Investments in exchange-traded funds 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.

**35**

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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 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 (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

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

Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

**36**

------

The following is a summary of the inputs used as of September 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 ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in <br> Securities:<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan <br> Obligations<br>|  | 4487023 |  | **4487023** |
| &nbsp;&nbsp;&nbsp; Convertible <br> Corporate Bonds <br> and Notes<br>|  | 823242 |  | **823242** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and <br> Notes<br>|  | 238615703 |  | **238615703** |
| &nbsp;&nbsp;&nbsp; Exchange-Traded <br> Funds<br>| 5751401 |  |  | **5751401** |
| &nbsp;&nbsp;&nbsp; Fixed Rate Loan <br> Interests<br>|  | 3076735 |  | **3076735** |
| &nbsp;&nbsp;&nbsp; Floating Rate Loan <br> Interests<br>|  | 17917420 |  | **17917420** |
| &nbsp;&nbsp;&nbsp; Investment <br> Companies<br>| 6228482 |  |  | **6228482** |
|  | **11979883** | **264920123** | **—** | **276900006** |
| &nbsp;&nbsp;&nbsp; Other Financial <br> Instruments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<sup>††</sup> <br>|  | 19519 |  | **19519** |
|  | **—** | **19519** | **—** | **19519** |
| **Liabilities ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Financial <br> Instruments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<sup>††</sup> <br>|  | (67137) |  | **(67137)** |
|  | **—** | **(67137)** | **—** | **(67137)** |

---

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

---

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

---

**37**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

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

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

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

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of September 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. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally.

**High Yield Risk:** The fund invests primarily in high yield debt securities. Below investment grade instruments are commonly referred to as "junk" or "high yield" instruments and are regarded as predominantly speculative with respect to the issuer's

**38**

------

capacity to pay interest and repay principal. Below investment grade instruments, though generally higher yielding, are characterized by higher risk. These instruments are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. The secondary market for below investment grade instruments may not be as liquid as the secondary market for more highly rated instruments, a factor which may have an adverse effect on the fund's ability to dispose of a particular security. There are fewer dealers in the market for high yield instruments than for investment grade instruments. The prices quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally much larger for high yield securities than for higher quality instruments. Under adverse market or economic conditions, the secondary market for below investment grade instruments could contract, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of below investment grade instruments, especially in a market characterized by a low volume of trading.

**Collateralized Loan Obligation Risk**: The fund invests in collateralized loan obligations ("CLO"). Holders of CLOs and other types of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. Collateralized debt obligations ("CDO"), such as CLOs, may be thinly traded or have a limited trading market. CLOs are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CLOs and CDOs may be characterized by the fund as illiquid securities, especially investments in mezzanine and subordinated/equity tranches of CLOs; however, an active dealer market may exist for certain investments and more senior CLO tranches, which would allow such securities to be considered liquid in some circumstances. In addition to the general risks associated with credit instruments, CLOs and CDOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the class of CLO held by the fund is subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**39**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

**Floating Rate Loan Risk**: The fund is permitted to invest up to 20% of the fund's total assets in floating rate loans. Unlike publicly-traded common stocks which trade on national exchanges, there is no central market or exchange for loans to trade. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. The lack of an active trading market for certain floating rate loans may impair the ability of the fund to realize full value in the event of the need to sell a floating rate loan and may make it difficult to value such loans. There may be less readily available, reliable information about certain floating rate loans than is the case for many other types of securities, and the fund's portfolio managers may be required to rely primarily on their own evaluation of a borrower's credit quality rather than on any available independent sources. The value of collateral, if any, securing a floating rate loan can decline, and may be insufficient to meet the issuer's obligations in the event of non-payment of scheduled interest or principal or may be difficult to readily liquidate. The floating rate loans in which the fund invests typically will be below investment grade quality and, like other below investment grade securities, are inherently speculative. As a result, the risks associated with such floating rate loans are similar to the risks of below investment grade securities, although senior loans are typically senior and secured in contrast to other below investment grade securities, which are often subordinated and unsecured. Floating rate loans may not be considered to be "securities" for purposes of the anti-fraud protections of the federal securities laws, including those with respect to the use of material non-public information, so that purchasers, such as the fund, may not have the benefit of these protections.

The Additional Information section within the annual report dated March 31, 2025, provides more details about the fund's principal risk factors.

**(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.

Shareholders will have their distributions reinvested in additional shares of the fund, unless such shareholders elect to receive cash, at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent, will buy fund shares in the open market and reinvest those shares accordingly.

**40**

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On September 24, 2025, the Board declared a cash dividend of $.0175 per share from undistributed net investment income, payable on October 23, 2025 to shareholders of record as of the close of business on October 8, 2025, with an ex-dividend date of October 8, 2025.

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

Each tax year in the three-year period ended March 31, 2025 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 $83,635,872 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to March 31, 2025. The fund has $26,825,740 of short-term capital losses and $56,810,132 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 March 31, 2025 was as follows: ordinary income $15,274,672. 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

**41**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. 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 Schedule 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—Borrowings:**

The fund has a $125,000,000 Committed Facility Agreement with BNP Paribas Prime Brokerage International, Limited (the "BNPP Agreement"), which is an evergreen facility with a lock-up term of 179 days. Under the terms of the BNPP Agreement, the fund may make "Borrowings" on a collateralized basis with certain fund assets used as collateral, which amounted to $146,439,762 at September 30, 2025. The interest to be paid by the fund on such Borrowings is determined with reference to the principal amount of each such Borrowings outstanding from time to time. Any commitment fees with respect to the BNPP Agreement have been waived and there is no fee in connection with any renewal thereof.

During the period ended September 30, 2025, total fees pursuant to the BNPP Agreement amounted to $2,003,546 of interest expense. These fees are included in Interest expense in the Statement of Operations.

The average amount of Borrowings outstanding under the BNPP Agreement during the period ended September 30, 2025 was $74,000,000 with a related weighted average annualized interest rate of 5.40%.

**NOTE 3—Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management and administration agreement with the Adviser, the management and administration fee is computed at the annual rate of .75% of the value of the fund's average weekly total assets minus the sum of accrued liabilities (other than the aggregate indebtedness constituting financial leverage) (the "Managed Assets") and is payable monthly.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .36% of the value of the fund's average daily Managed Assets.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"),

**42**

------

a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended September 30, 2025, the fund was charged $4,233 pursuant to the custody agreement.

During the period ended September 30, 2025, the fund was charged $5,639 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended September 30, 2025, the Custodian was compensated $7,292 for financial reporting and regulatory services.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $171,033, Custodian fees of $3,200, Chief Compliance Officer fees of $2,693 and Shareholder and regulatory reports service fees of $5,333.

**(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 and derivatives, during the period ended September 30, 2025, amounted to $157,821,108 and $157,025,486, respectively.

**Floating Rate Loan Interests:** Floating rate instruments are loans and other securities with interest rates that adjust or "float" periodically. Floating rate loans are made by banks and other financial institutions to their corporate clients. The rates of interest on the loans adjust periodically by reference to a base lending rate, plus a premium or credit spread. Floating rate loans reset on periodic set dates, typically 30 to 90 days, but not to exceed one year. The fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

**Derivatives**: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, "Master Agreements") with its over-the counter ("OTC") derivative contract counterparties in

**43**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act.

Each type of derivative instrument that was held by the fund during the period ended September 30, 2025 is discussed below.

**Forward Foreign Currency Exchange Contracts**: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund's exposure to the counterparty. Forward contracts open at September 30, 2025 are set forth in the Schedule 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.

**44**

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

---

| | | |
|:---|:---|:---|
|  | Derivative <br>Assets ($)<br>| Derivative <br>Liabilities ($)<br>|
| Foreign Exchange Risk | &nbsp;&nbsp; 19519 <br><sup>(1)</sup><br>| &nbsp;&nbsp; (67137) <br><sup>(1)</sup><br>|
| **Gross fair value of derivative** <br> **contracts**<br>| &nbsp;&nbsp; **19519** | &nbsp;&nbsp; **(67137)** |

---

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

Statement of Assets and Liabilities location: <br> <sup>(1)</sup> *Unrealized appreciation (depreciation) on forward foreign currency exchange contracts.*

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

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| Underlying risk | Forward Contracts<sup>(1)</sup> <br>| Total |
| Foreign Exchange | &nbsp;&nbsp; (979415) | &nbsp;&nbsp; **(979415)** |
| **Total** | &nbsp;&nbsp; **(979415)** | &nbsp;&nbsp; **(979415)** |

---

&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 | Forward Contracts<sup>(2)</sup> <br>| Total |
| Foreign Exchange | &nbsp;&nbsp; (32997) | &nbsp;&nbsp; **(32997)** |
| **Total** | &nbsp;&nbsp; **(32997)** | &nbsp;&nbsp; **(32997)** |

---

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

---

| | |
|:---|:---|
| Statement of Operations location: | Statement of Operations location: |
| <sup>(1)</sup> <br>| *Net realized gain (loss) on forward foreign currency exchange contracts.* |
| <sup>(2)</sup> <br>| *Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts.* |

---

The provisions of ASC Topic 210 "Disclosures about Offsetting Assets and Liabilities" require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

**45**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

At September 30, 2025, derivative assets and liabilities (by type) on a gross basis are as follows:

---

| | | |
|:---|:---|:---|
| Derivative Financial Instruments: | Assets ($) | Liabilities ($) |
| Forward contracts | &nbsp;&nbsp; 19519 | &nbsp;&nbsp; (67137) |
| &nbsp;&nbsp;&nbsp; Total gross amount of derivative assets and liabilities in the <br> Statement of Assets and Liabilities<br>| &nbsp;&nbsp; 19519 | &nbsp;&nbsp; (67137) |
| Derivatives not subject to Master Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp; Total gross amount of assets and liabilities subject to Master <br> Agreements<br>| &nbsp;&nbsp; 19519 | &nbsp;&nbsp; (67137) |

---

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross Amount <br>of Assets ($)<sup>(1)</sup> <br>| Financial <br>Instruments <br>and Derivatives <br>Available <br>for Offset ($)<br>| Collateral <br>Received ($)<br>| Net Amount <br>of Assets ($)<br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 19519 | &nbsp;&nbsp; (19519) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross Amount <br>of Liabilities($)<sup>(1)</sup> <br>| Financial <br>Instruments <br>and Derivatives <br>Available <br>for Offset ($)<br>| Collateral <br>Pledged ($)<br>| Net Amount <br>of Liabilities ($)<br>|
| Barclays Capital, Inc. | (26) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | (26) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs & Co. <br> LLC<br>| &nbsp;&nbsp; (67111) | &nbsp;&nbsp; 19519 | &nbsp;&nbsp; - | &nbsp;&nbsp; (47592) |
| **Total** | &nbsp;&nbsp; **(67137)** | &nbsp;&nbsp; **19519** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **(47618)** |

---

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

<sup>(1)</sup> *Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross* *amounts and are not offset in the Statement of Assets and Liabilities.* 

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

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Forward Contracts:** |  |
| Forward Contracts Purchased in USD | 463442 |
| Forward Contracts Sold in USD | 19755796 |

---

**46**

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At September 30, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $7,770,760, consisting of $9,447,501 gross unrealized appreciation and $1,676,741 gross unrealized depreciation.

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

**47**

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ADDITIONAL INFORMATION (Unaudited)

**Portfolio Holdings**

The fund will disclose its complete schedule of portfolio holdings, as reported on a month-end basis, at www.bny.com/investments, under Investments. The information will be posted with a one-month lag and will remain accessible until the fund files a report on Form N-PORT or Form N-CSR for the period that includes the date as of which the information was current.

**48**

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OFFICERS AND TRUSTEES

BNY Mellon High Yield Strategies Fund

240 Greenwich Street <br>New York, NY 10286

**Trustees**

Independent Board Members:

Joseph S. DiMartino, Chairman

Francine J. Bovich

Andrew J. Donohue

Bradley Skapyak

Roslyn M. Watson

Benaree Pratt Wiley

**Officers**

President

David DiPetrillo

Chief Legal Officer

Peter M. Sullivan

Vice President and Secretary

Sarah S. Kelleher

Vice Presidents and Assistant Secretaries

Deirdre Cunnane

Lisa M. King

Jeff Prusnofsky

Amanda Quinn

Treasurer

James Windels

Vice Presidents

Daniel Goldstein

Joseph Martella

Assistant Treasurers

Roberto G. Mazzeo

Gavin C. Reilly

Robert Salviolo

Robert Svagna

Chief Compliance Officer

Joseph W. Connolly

**Portfolio Managers**

Chris Barris

Kevin Cronk

**Adviser**

BNY Mellon Investment Adviser, Inc.

**Sub-Adviser**

Alcentra NY, LLC

**Custodian**

The Bank of New York Mellon

**Counsel**

K&L Gates LLP

**Transfer Agent, Registar and Dividend Disbursing Agent**

Computershare Inc.

**Stock Exchange Listing**

NYSE Symbol: DHF

**Initial SEC Effective Date**

4/23/98

*The fund's net asset value per share appears in the following publications: Barron's, Closed-End Bond Funds section under the heading "Municipal Bond Funds" every Monday; The Wall Street Journal, Mutual Funds section under the heading "Closed-End Bond Funds" every Monday.*

*Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its beneficial interest in the open market when it can do so at prices below the then current net asset value per share.*

**49**

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For More Information

**BNY Mellon High Yield Strategies Fund**

240 Greenwich Street <br>New York, NY 10286

**Adviser**

BNY Mellon Investment Adviser, Inc. <br>240 Greenwich Street <br>New York, NY 10286

**Sub-Adviser**

Alcentra NY, LLC <br>One Madison Avenue <br>Suite 1600 <br>New York, NY 10010

**Custodian**

The Bank of New York Mellon <br>240 Greenwich Street <br>New York, NY 10286

**Transfer Agent & Registrar**

Computershare Inc. <br>480 Washington Boulevard <br>Jersey City, NJ 07310

**Dividend Disbursing Agent**

Computershare Inc. <br>P.O. Box 30170 <br>College Station, TX 77842

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**Ticker Symbol:** DHF

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&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; <br>For more information about the fund, visit https://bny.com/closed-end-funds. Here you will find the fund's most recently available quarterly fact sheets and other information about the fund. The information posted on the fund's website is subject to change without notice.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The fund's Forms N-PORT are available on the SEC's website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30, 2025 is available at www.bny.com/investments and on the SEC's website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

&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; <br>0430SA0925

![](img46e0ff321.gif)

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**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.

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

Not applicable.

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

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**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](ex_99-302cert0430.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](ex_99-906cert0430.htm).

**SIGNATURES<br>** 

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

BNY Mellon High Yield Strategies Fund

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: November 20, 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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: November 20, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: November 20, 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) 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 High Yield Strategies Fund;

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: November 20, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon High Yield Strategies Fund;

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: November 20, 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: November 20, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: November 20, 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.*