# EDGAR Filing Document

**Accession Number:** 0000819940
**File Stem:** 0000030146-25-000221
**Filing Date:** 2025-12
**Character Count:** 338067
**Document Hash:** bf8578b8b034a2a97db8e928be786503
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000221.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000030146-25-000221

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds IV, Inc.
- **CENTRAL INDEX KEY:** 0000819940

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05202
- **FILM NUMBER:** 251614120

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-05202

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

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 10/31/25
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Bond Market Index Fund

BNY Mellon Institutional S&P 500 Stock Index Fund

ITEM 1 - Reports to Stockholders

BNY Mellon Bond Market Index Fund

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Class I – DBIRX
This annual shareholder report contains important information about BNY Mellon Bond Market Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>\*</sup> | $15 | 0.15% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's Class I shares returned 6.10%.

* In comparison, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 6.16% for the same period.

**What affected the Fund's performance?**

* The U.S. bond market advanced during the reporting period, with all areas producing positive returns supported by attractive income levels, falling Treasury yields, easing inflation and expectations for Federal Reserve rate cuts.

* The strongest-performing areas included U.S. mortgages, securitized issues and financial corporates.

* The weakest-performing areas included U.S. Treasury securities and utility and industrial corporates.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses not reflected in Index results.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from November 1 , 2015 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10932199.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Aggregate Bond Index on 10/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | 6.10% | -0.39% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/literaturecenter .** 

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $480 | 2574 | $704451 | 181.20% |

---

**Portfolio Holdings (as of 10/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10932228.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10932204.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0710AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Bond Market Index Fund

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Shares – DBMIX
This annual shareholder report contains important information about BNY Mellon Bond Market Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares<sup>\*</sup> | $41 | 0.40% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's Investor Shares returned 5.72%.

* In comparison, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 6.16% for the same period.

**What affected the Fund's performance?**

* The U.S. bond market advanced during the reporting period, with all areas producing positive returns supported by attractive income levels, falling Treasury yields, easing inflation and expectations for Federal Reserve rate cuts.

* The strongest-performing areas included U.S. mortgages, securitized issues and financial corporates.

* The weakest-performing areas included U.S. Treasury securities and utility and industrial corporates.

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses not reflected in Index results.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from November 1 , 2015 through October 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10932249.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Investor Shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Aggregate Bond Index on 10/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Investor Shares | 5.72% | -0.65% | 1.46% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/literaturecenter .** 

**KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $480 | 2574 | $704451 | 181.20% |

---

**Portfolio Holdings (as of 10/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10932278.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10932254.jpg)

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0310AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

BNY Mellon Institutional S&P 500 Stock Index Fund

#### ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Class I – DSPIX
This annual shareholder report contains important information about BNY Mellon Institutional S&P 500 Stock Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

 **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>\*</sup> | $22 | 0.20% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.

#### How did the Fund perform last year ?
* For the 12-month period ended October 31, 2025, the Fund's shares returned 21.18%. 

* In comparison, the S&P 500<sup>®</sup> Index (the "Index") returned 21.45% for the same period. 

#### What affected the Fund's performance?
* The U.S. large-cap market advanced during the reporting period, supported by strong earnings growth, heavy investment in artificial intelligence and infrastructure, and resilient consumer and business spending. U.S. stocks generally advanced during the reporting period, supported by moderating inflation, relatively low unemployment and a positive corporate backdrop amid Federal Reserve rate-cut expectations. 

* Large-cap stocks outperformed their mid- and small-cap counterparts, reflecting continued investor preference for multinational companies with strong balance sheets and diversified revenue streams. 

* Relatively strong-performing areas included information technology, communication services and consumer discretionary, driven by robust results from the Magnificent Seven and other large-cap technology firms. 

* Relatively weak-performing areas included materials, real estate and health care. 

* The difference in returns between the Fund and the Index resulted primarily from transaction costs and operating expenses not reflected in Index results. 

#### How did the Fund perform over the past 10 years?
 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

 **Cumulative Performance from November 1 , 2015 through October 31, 2025** 

 **Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10932149.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in the S&P 500<sup>®</sup> Index on 10/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

 **AVERAGE ANNUAL TOTAL RETURNS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | 21.18% | 17.39% | 14.41% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.63% |

---

 **The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit bny.com/investments/literaturecenter .**

 **KEY FUND STATISTICS (AS OF 10/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** | **<br> Annual Portfolio Turnover** |
| $1565 | 505 | $3006545 | 2.69% |

---

 **Portfolio Holdings (as of 10/31/25)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_10932178.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_10932154.jpg)

 **How has the Fund changed?**

* Effective November 14, 2025, the fund may operate as a non-diversified fund, as defined under the Investment Company Act of 1940, as amended, to the approximate extent the S&P 500<sup>®</sup> Index is non-diversified, without shareholder approval. The fund may therefore operate as non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index. 

 **This is a summary of certain changes to the Fund since November 1, 2024 . For more complete information, you may review the Fund's current prospectus dated February 28, 2025 as supplemented on November 14, 2025 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

 **For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0713AR1025

![TSR- BNY Investment Logo](images_30017.jpg)

------

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $115,600 in 2024 and $79,400 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $17,200 in 2024 and $12,300 in 2025. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $0 in 2024 and $0 in 2025. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

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

services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

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

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

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $5,102,266 in 2024 and $5,175,452 in 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

Not applicable.

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

Not applicable.

BNY Mellon Bond Market Index Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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

---

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

---

![](img39ae33d11.gif)

------

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

------

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

Family of Funds.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_SOI-Commoncontent-4775_1)**<br> **[Investment Companies](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_SOI-Commoncontent-4775_1)**<br>| 3 |
| [Schedule of Investments](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_SOI-Commoncontent-4775_1) | 3 |
| [Statement of Assets and Liabilities](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_FS-Commoncontent-4775_1) | 33 |
| [Statement of Operations](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_FS-Commoncontent-4775_2) | 34 |
| [Statement of Changes in Net Assets](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_FS-Commoncontent-4775_3) | 35 |
| [Financial Highlights](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_FIHI-Commoncontent-4775_1) | 36 |
| [Notes to Financial Statements](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_NTF-Commoncontent-4775_1) | 38 |
| [Report of Independent Registered Public Accounting Firm](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_AUD-Commoncontent-4775_1) | 45 |
| [Important Tax Information](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_ITI-Commoncontent-4775_1) | 46 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_CDA-Commoncontent-4775_1)**<br> **[Investment Companies](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_CDA-Commoncontent-4775_1)**<br>| 47 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_PRXD-Commoncontent-4775_1)** | 48 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_RMNP-Commoncontent-4775_1)**<br> **[Management Investment Companies](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_RMNP-Commoncontent-4775_1)**<br>| 49 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_03927ed7-3c58-40ee-8247-f43895787a1a_AAA-Commoncontent-4775_1)** | 50 |

---

------

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

BNY Mellon Bond Market Index Fund

SCHEDULE OF INVESTMENTS

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5%** | **Bonds and Notes — 101.5%** | **Bonds and Notes — 101.5%** | **Bonds and Notes — 101.5%** | **Bonds and Notes — 101.5%** |
| **Aerospace & Defense — .6%** | **Aerospace & Defense — .6%** | **Aerospace & Defense — .6%** | **Aerospace & Defense — .6%** | **Aerospace & Defense — .6%** |
| GE Capital International Funding Co. Unlimited Co., Gtd. Notes | 4.42 | 11/15/2035 | 100000 | 98117 |
| General Dynamics Corp., Gtd. Notes | 4.25 | 4/1/2050 | 150000 | 129586 |
| General Electric Co., Sr. Unscd. Notes | 4.30 | 7/29/2030 | 100000 | 100780 |
| General Electric Co., Sr. Unscd. Notes | 4.35 | 5/1/2050 | 100000 | 87365 |
| General Electric Co., Sr. Unscd. Notes | 4.90 | 1/29/2036 | 100000 | 101903 |
| HEICO Corp., Gtd. Notes | 5.35 | 8/1/2033 | 100000 | 104221 |
| L3Harris Technologies, Inc., Sr. Unscd. Notes | 5.05 | 4/27/2045 | 100000 | 96718 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.07 | 12/15/2042 | 250000 | 217710 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 5.00 | 8/15/2035 | 100000 | 102154 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.03 | 10/15/2047 | 160000 | 131457 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.70 | 3/15/2033 | 100000 | 100925 |
| RTX Corp., Sr. Unscd. Notes | 3.13 | 5/4/2027 | 110000 | 108534 |
| RTX Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 210000 | 210291 |
| RTX Corp., Sr. Unscd. Notes | 4.63 | 11/16/2048 | 105000 | 93367 |
| RTX Corp., Sr. Unscd. Notes | 6.10 | 3/15/2034 | 75000 | 82458 |
| RTX Corp., Sr. Unscd. Notes | 6.40 | 3/15/2054 | 75000 | 84357 |
| RTX Corp., Sr. Unscd. Notes | 7.20 | 8/15/2027 | 150000 | 158000 |
| The Boeing Company, Sr. Unscd. Notes | 3.50 | 3/1/2039 | 200000 | 163271 |
| The Boeing Company, Sr. Unscd. Notes | 3.75 | 2/1/2050 | 125000 | 92731 |
| The Boeing Company, Sr. Unscd. Notes | 5.15 | 5/1/2030 | 250000 | 257225 |
| The Boeing Company, Sr. Unscd. Notes | 5.93 | 5/1/2060 | 100000 | 99487 |
|  |  |  |  | **2620657** |
| **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** |
| Altria Group, Inc., Gtd. Notes | 3.40 | 2/4/2041 | 80000 | 61706 |
| Altria Group, Inc., Gtd. Notes | 3.70 | 2/4/2051 | 200000 | 143220 |
| Altria Group, Inc., Gtd. Notes | 4.80 | 2/14/2029 | 150000 | 152300 |
| Altria Group, Inc., Gtd. Notes | 5.25 | 8/6/2035 | 100000 | 100901 |
| BAT Capital Corp., Gtd. Notes | 3.56 | 8/15/2027 | 43000 | 42591 |
| BAT Capital Corp., Gtd. Notes | 4.39 | 8/15/2037 | 180000 | 165462 |
| BAT Capital Corp., Gtd. Notes | 5.63 | 8/15/2035 | 100000 | 103927 |
| BAT Capital Corp., Gtd. Notes | 5.65 | 3/16/2052 | 100000 | 95830 |
| Bunge Ltd. Finance Corp., Gtd. Notes | 4.20 | 9/17/2029 | 200000 | 199855 |
| Bunge Ltd. Finance Corp., Gtd. Notes | 4.55 | 8/4/2030 | 100000 | 100830 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 4.50 | 3/20/2042 | 150000 | 134807 |
| Philip Morris International, Inc., Sr. Unscd. Notes | 5.13 | 11/17/2027 | 150000 | 153073 |
|  |  |  |  | **1454502** |
| **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** | **Airlines — .1%** |
| American Airlines Pass-Through Trust, Ser. 2016-1, Cl. AA | 3.58 | 1/15/2028 | 311705 | 306418 |
| JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. AA | 2.75 | 5/15/2032 | 223185 | 198536 |
| Southwest Airlines Co., Sr. Unscd. Notes | 5.13 | 6/15/2027 | 125000 | 126352 |
|  |  |  |  | **631306** |
| **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** | **Asset-Backed Certificates/Auto Receivables — .2%** |
| Ford Credit Floorplan Master Owner Trust, Ser. 2018-4, Cl. A | 4.06 | 11/15/2030 | 200000 | 200054 |
| Hyundai Auto Receivables Trust, Ser. 2024-B, Cl. A3 | 4.84 | 3/15/2029 | 100000 | 100969 |
| Mercedes-Benz Auto Lease Trust, Ser. 2025-A, Cl. A4 | 4.69 | 2/18/2031 | 150000 | 152398 |
| Mercedes-Benz Auto Receivables Trust, Ser. 2025-1, Cl. A4 | 4.92 | 4/15/2031 | 100000 | 102428 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Asset-Backed Certificates/Auto Receivables — .2% (continued)** | **Asset-Backed Certificates/Auto Receivables — .2% (continued)** | **Asset-Backed Certificates/Auto Receivables — .2% (continued)** | **Asset-Backed Certificates/Auto Receivables — .2% (continued)** | **Asset-Backed Certificates/Auto Receivables — .2% (continued)** |
| Santander Drive Auto Receivables Trust, Ser. 2025-2, Cl. A3 | 4.67 | 8/15/2029 | 200000 | 201129 |
| Volkswagen Auto Loan Enhanced Trust, Ser. 2025-1, Cl. A4 | 4.61 | 7/21/2031 | 150000 | 152188 |
|  |  |  |  | **909166** |
| **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** | **Asset-Backed Certificates/Credit Cards — .1%** |
| American Express Credit Account Master Trust, Ser. 2023-2, Cl. A | 4.80 | 5/15/2030 | 250000 | 255915 |
| Capital One Multi-Asset Execution Trust, Ser. 2021-A2, Cl. A2 | 1.39 | 7/15/2030 | 300000 | 281221 |
|  |  |  |  | **537136** |
| **Automobiles & Components — .7%** | **Automobiles & Components — .7%** | **Automobiles & Components — .7%** | **Automobiles & Components — .7%** | **Automobiles & Components — .7%** |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.50 | 9/4/2030 | 200000 | 200545 |
| American Honda Finance Corp., Sr. Unscd. Notes | 4.60 | 4/17/2030 | 100000 | 101083 |
| American Honda Finance Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.65 | 11/15/2028 | 100000 | 104323 |
| Aptiv Swiss Holdings Ltd., Gtd. Notes | 5.75 | 9/13/2054 | 200000 | 194334 |
| Cummins, Inc., Sr. Unscd. Notes | 2.60 | 9/1/2050 | 100000 | 62147 |
| Cummins, Inc., Sr. Unscd. Notes | 4.90 | 2/20/2029 | 100000 | 102806 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 4.95 | 5/28/2027 | 200000 | 200242 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 6.80 | 11/7/2028 | 200000 | 209026 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 7.12 | 11/7/2033 | 200000 | 214983 |
| General Motors Co., Sr. Unscd. Notes | 4.20 | 10/1/2027 | 180000 | 180034 |
| General Motors Co., Sr. Unscd. Notes | 5.20 | 4/1/2045 | 190000 | 172529 |
| General Motors Co., Sr. Unscd. Notes | 6.25 | 4/15/2035 | 100000 | 106362 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.40 | 4/10/2028 | 300000 | 286905 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 2.70 | 6/10/2031 | 30000 | 27019 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.40 | 5/8/2027 | 100000 | 101638 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.80 | 1/7/2029 | 100000 | 104203 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.85 | 4/6/2030 | 100000 | 104968 |
| Magna International, Inc., Sr. Unscd. Notes | 2.45 | 6/15/2030 | 200000 | 184263 |
| Mercedes-Benz Finance North America LLC, Gtd. Notes | 8.50 | 1/18/2031 | 200000 | 238133 |
| Toyota Motor Corp., Sr. Unscd. Notes | 5.12 | 7/13/2033 | 100000 | 104452 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 1.65 | 1/10/2031 | 150000 | 132086 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 4.63 | 1/12/2028 | 200000 | 202931 |
|  |  |  |  | **3335012** |
| **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** |
| Australia & New Zealand Banking Group Ltd., Sr. Unscd. Notes | 4.36 | 6/18/2028 | 250000 | 253085 |
| Banco Santander SA, Sr. Notes | 3.80 | 2/23/2028 | 400000 | 396080 |
| Bank of America Corp., Sr. Unscd. Notes | 1.90 | 7/23/2031 | 200000 | 179250 |
| Bank of America Corp., Sr. Unscd. Notes | 2.50 | 2/13/2031 | 270000 | 250757 |
| Bank of America Corp., Sr. Unscd. Notes | 2.57 | 10/20/2032 | 125000 | 112452 |
| Bank of America Corp., Sr. Unscd. Notes | 2.68 | 6/19/2041 | 145000 | 107676 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 2/4/2033 | 120000 | 109472 |
| Bank of America Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.97 | 7/21/2052 | 85000 | 56748 |
| Bank of America Corp., Sr. Unscd. Notes | 3.19 | 7/23/2030 | 130000 | 125410 |
| Bank of America Corp., Sr. Unscd. Notes | 4.27 | 7/23/2029 | 180000 | 180701 |
| Bank of America Corp., Sr. Unscd. Notes | 4.98 | 1/24/2029 | 100000 | 101797 |
| Bank of America Corp., Sr. Unscd. Notes | 5.00 | 1/21/2044 | 250000 | 244642 |
| Bank of America Corp., Sr. Unscd. Notes | 5.16 | 1/24/2031 | 100000 | 103276 |
| Bank of America Corp., Sr. Unscd. Notes | 5.47 | 1/23/2035 | 100000 | 104500 |
| Bank of America Corp., Sr. Unscd. Notes | 5.51 | 1/24/2036 | 100000 | 104735 |
| Bank of America Corp., Sr. Unscd. Notes | 5.87 | 9/15/2034 | 150000 | 160843 |
| Bank of America Corp., Sr. Unscd. Notes | 6.20 | 11/10/2028 | 300000 | 312050 |
| Bank of America Corp., Sub. Notes | 3.85 | 3/8/2037 | 200000 | 187724 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** |
| Bank of America Corp., Sub. Notes, Ser. L | 4.18 | 11/25/2027 | 250000 | 250184 |
| Bank of Montreal, Sr. Unscd. Notes | 4.06 | 9/22/2028 | 200000 | 199757 |
| BankUnited, Inc., Sub. Notes | 5.13 | 6/11/2030 | 90000 | 89744 |
| Barclays PLC, Sr. Unscd. Notes | 4.34 | 1/10/2028 | 200000 | 200169 |
| Barclays PLC, Sr. Unscd. Notes | 5.86 | 8/11/2046 | 200000 | 207302 |
| Barclays PLC, Sr. Unscd. Notes | 6.22 | 5/9/2034 | 200000 | 215623 |
| Citibank NA, Sr. Unscd. Notes | 4.88 | 11/19/2027 | 250000 | 251775 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.67 | 7/24/2028 | 250000 | 247926 |
| Citigroup, Inc., Sr. Unscd. Notes | 3.88 | 1/24/2039 | 60000 | 53062 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.08 | 4/23/2029 | 100000 | 99775 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.28 | 4/24/2048 | 200000 | 170996 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.65 | 7/23/2048 | 150000 | 133839 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.91 | 5/24/2033 | 70000 | 70865 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.95 | 5/7/2031 | 100000 | 102038 |
| Citigroup, Inc., Sr. Unscd. Notes | 6.27 | 11/17/2033 | 300000 | 327435 |
| Citigroup, Inc., Sr. Unscd. Notes | 6.63 | 1/15/2028 | 100000 | 105777 |
| Citigroup, Inc., Sub. Notes | 4.75 | 5/18/2046 | 100000 | 89106 |
| Citigroup, Inc., Sub. Notes | 5.83 | 2/13/2035 | 100000 | 103957 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.84 | 1/23/2030 | 100000 | 103988 |
| Cooperatieve Rabobank UA, Gtd. Notes | 5.25 | 8/4/2045 | 250000 | 240657 |
| Deutsche Bank AG, Sub. Notes | 7.08 | 2/10/2034 | 200000 | 219300 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 2.55 | 5/5/2027 | 200000 | 195431 |
| First Citizens BancShares, Inc., Sr. Unscd. Notes | 5.23 | 3/12/2031 | 100000 | 101247 |
| Goldman Sachs Capital I, Ltd. Gtd. Notes | 6.35 | 2/15/2034 | 100000 | 107169 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 4.95 | 3/31/2030 | 400000 | 410109 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.40 | 8/11/2033 | 300000 | 311641 |
| HSBC Holdings PLC, Sub. Notes | 7.40 | 11/13/2034 | 250000 | 285233 |
| JPMorgan Chase & Co., Sr. Unscd. Bonds | 5.50 | 1/24/2036 | 50000 | 52489 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.76 | 11/19/2031 | 75000 | 66386 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.53 | 11/19/2041 | 80000 | 57909 |
| JPMorgan Chase & Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.58 | 4/22/2032 | 300000 | 273554 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.96 | 1/25/2033 | 110000 | 100825 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.90 | 1/23/2049 | 105000 | 85363 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.26 | 2/22/2048 | 200000 | 173124 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.49 | 3/24/2031 | 300000 | 303018 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.60 | 10/22/2030 | 100000 | 101356 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.81 | 10/22/2036 | 50000 | 49860 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.85 | 7/25/2028 | 200000 | 202579 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.92 | 1/24/2029 | 100000 | 101790 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.95 | 10/22/2035 | 200000 | 202313 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.01 | 1/23/2030 | 100000 | 102448 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.04 | 1/23/2028 | 100000 | 101060 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.14 | 1/24/2031 | 100000 | 103347 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.29 | 7/22/2035 | 200000 | 206885 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.34 | 1/23/2035 | 100000 | 103853 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.77 | 4/22/2035 | 65000 | 69345 |
| KeyBank NA, Sub. Notes | 6.95 | 2/1/2028 | 100000 | 105532 |
| KeyCorp, Sr. Unscd. Notes | 6.40 | 3/6/2035 | 100000 | 108433 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds | 3.75 | 2/15/2028 | 105000 | 105369 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 3.50 | 8/9/2028 | 200000 | 199537 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 4.00 | 6/28/2027 | 100000 | 100599 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 4.13 | 7/15/2033 | 200000 | 201890 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes | 4.38 | 3/1/2027 | 200000 | 201814 |
| Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes, Ser. GLOB | 3.88 | 5/15/2028 | 200000 | 201369 |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes | 3.63 | 10/8/2030 | 200000 | 199092 |
| Landwirtschaftliche Rentenbank, Govt. Gtd. Notes | 4.13 | 5/28/2030 | 100000 | 101762 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 4.55 | 8/16/2028 | 300000 | 303049 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.59 | 11/26/2035 | 200000 | 208743 |
| M&T Bank Corp., Sr. Unscd. Notes | 4.55 | 8/16/2028 | 200000 | 200776 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 4.29 | 7/26/2038 | 200000 | 192627 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.24 | 4/19/2029 | 200000 | 205173 |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.35 | 9/13/2028 | 300000 | 306964 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.42 | 5/13/2036 | 200000 | 207593 |
| Mizuho Financial Group, Inc., Sr. Unscd. Notes | 5.67 | 5/27/2029 | 300000 | 311000 |
| Morgan Stanley, Sr. Unscd. Notes | 1.79 | 2/13/2032 | 375000 | 328076 |
| Morgan Stanley, Sr. Unscd. Notes | 2.51 | 10/20/2032 | 95000 | 84966 |
| Morgan Stanley, Sr. Unscd. Notes | 2.70 | 1/22/2031 | 175000 | 163849 |
| Morgan Stanley, Sr. Unscd. Notes | 2.94 | 1/21/2033 | 85000 | 77398 |
| Morgan Stanley, Sr. Unscd. Notes | 3.77 | 1/24/2029 | 180000 | 178488 |
| Morgan Stanley, Sr. Unscd. Notes | 4.38 | 1/22/2047 | 250000 | 220005 |
| Morgan Stanley, Sr. Unscd. Notes | 5.12 | 2/1/2029 | 200000 | 204167 |
| Morgan Stanley, Sr. Unscd. Notes | 5.47 | 1/18/2035 | 100000 | 104057 |
| Morgan Stanley, Sr. Unscd. Notes | 5.66 | 4/17/2036 | 200000 | 210673 |
| Morgan Stanley, Sr. Unscd. Notes | 6.34 | 10/18/2033 | 100000 | 110009 |
| Morgan Stanley, Sr. Unscd. Notes | 7.25 | 4/1/2032 | 300000 | 347160 |
| Morgan Stanley, Sub. Notes | 3.95 | 4/23/2027 | 250000 | 249500 |
| Morgan Stanley, Sub. Notes | 5.95 | 1/19/2038 | 100000 | 104925 |
| Morgan Stanley Private Bank NA, Sr. Unscd. Notes | 4.73 | 7/18/2031 | 250000 | 253978 |
| National Australia Bank Ltd., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.31 | 6/13/2028 | 250000 | 252436 |
| National Bank of Canada, Gtd. Notes | 5.60 | 12/18/2028 | 250000 | 260686 |
| NatWest Group PLC, Sr. Unscd. Notes | 4.96 | 8/15/2030 | 200000 | 203899 |
| PNC Bank NA, Sr. Unscd. Notes | 4.43 | 7/21/2028 | 250000 | 251288 |
| Royal Bank of Canada, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.15 | 2/1/2034 | 100000 | 104344 |
| State Street Corp., Sr. Unscd. Notes | 3.15 | 3/30/2031 | 300000 | 288169 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 3.45 | 1/11/2027 | 160000 | 158993 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.56 | 7/9/2034 | 200000 | 211058 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.78 | 7/13/2033 | 200000 | 214497 |
| Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | 5.80 | 7/13/2028 | 200000 | 208984 |
| Sumitomo Mitsui Financial Group, Inc., Sub. Notes<sup>(a)</sup> <br>| 6.18 | 7/13/2043 | 100000 | 109880 |
| Synovus Bank/Columbus GA, Sr. Unscd. Notes | 5.63 | 2/15/2028 | 250000 | 255209 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 4.74 | 11/10/2032 | 200000 | 202558 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Bonds | 4.22 | 5/1/2029 | 200000 | 200113 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.62 | 4/22/2032 | 150000 | 136167 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.64 | 2/24/2028 | 100000 | 98056 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 2.65 | 10/21/2032 | 120000 | 107979 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.10 | 2/24/2033 | 130000 | 119312 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.44 | 2/24/2043 | 65000 | 51291 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 150000 | 148577 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.94 | 4/23/2028 | 200000 | 202194 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.94 | 10/21/2036 | 75000 | 74663 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** | **Banks — 5.4% (continued)** |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.21 | 1/28/2031 | 100000 | 103217 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.54 | 1/28/2036 | 100000 | 104108 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.73 | 1/28/2056 | 200000 | 207201 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.75 | 10/1/2037 | 100000 | 112182 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 3.45 | 4/23/2029 | 180000 | 176640 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.35 | 12/2/2028 | 300000 | 307313 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.68 | 1/22/2035 | 100000 | 105663 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.11 | 10/13/2028 | 100000 | 99950 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 4.57 | 12/17/2026 | 300000 | 301718 |
| Truist Financial Corp., Sr. Unscd. Notes | 1.95 | 6/5/2030 | 200000 | 180452 |
| Truist Financial Corp., Sr. Unscd. Notes | 5.07 | 5/20/2031 | 100000 | 102422 |
| U.S. Bancorp, Sr. Unscd. Notes | 1.38 | 7/22/2030 | 100000 | 88012 |
| U.S. Bancorp, Sr. Unscd. Notes | 4.84 | 2/1/2034 | 200000 | 201024 |
| U.S. Bancorp, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.42 | 2/12/2036 | 200000 | 207584 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.68 | 1/23/2035 | 100000 | 105450 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.57 | 2/11/2031 | 545000 | 508291 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 335000 | 335236 |
| Wells Fargo & Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.89 | 9/15/2036 | 200000 | 199963 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.50 | 1/23/2035 | 100000 | 104425 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.56 | 7/25/2034 | 100000 | 105045 |
| Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 500000 | 501458 |
| Wells Fargo & Co., Sub. Notes | 4.65 | 11/4/2044 | 250000 | 222430 |
| Wells Fargo Bank NA, Sr. Unscd. Notes | 5.25 | 12/11/2026 | 250000 | 253376 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.05 | 4/16/2029 | 200000 | 206964 |
| Westpac Banking Corp., Sr. Unscd. Notes | 5.46 | 11/18/2027 | 100000 | 103124 |
| Westpac Banking Corp., Sub. Notes | 2.96 | 11/16/2040 | 200000 | 154375 |
| Westpac Banking Corp., Sub. Notes | 6.82 | 11/17/2033 | 100000 | 112383 |
| Zions Bancorp NA, Sub. Notes | 6.82 | 11/19/2035 | 250000 | 265504 |
|  |  |  |  | **25877243** |
| **Beverage Products — .3%** | **Beverage Products — .3%** | **Beverage Products — .3%** | **Beverage Products — .3%** | **Beverage Products — .3%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.70 | 2/1/2036 | 100000 | 99068 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 3.50 | 6/1/2030 | 100000 | 97681 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 6/15/2034 | 100000 | 103416 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.45 | 1/23/2039 | 120000 | 124686 |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 5.80 | 1/23/2059 | 150000 | 156961 |
| Constellation Brands, Inc., Sr. Unscd. Notes | 2.88 | 5/1/2030 | 200000 | 187220 |
| Diageo Capital PLC, Gtd. Notes<sup>(a)</sup> <br>| 5.63 | 10/5/2033 | 200000 | 212941 |
| Keurig Dr. Pepper, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.50 | 4/15/2052 | 100000 | 81762 |
| Molson Coors Beverage Co., Gtd. Notes | 4.20 | 7/15/2046 | 150000 | 122715 |
| PepsiCo, Inc., Sr. Unscd. Notes | 2.63 | 7/29/2029 | 200000 | 190540 |
| PepsiCo, Inc., Sr. Unscd. Notes | 2.75 | 10/21/2051 | 40000 | 25929 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.88 | 5/5/2041 | 150000 | 115851 |
| The Coca-Cola Company, Sr. Unscd. Notes | 5.20 | 1/14/2055 | 100000 | 98287 |
|  |  |  |  | **1617057** |
| **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** | **Building Materials — .1%** |
| Carrier Global Corp., Sr. Unscd. Notes | 2.49 | 2/15/2027 | 34000 | 33332 |
| Carrier Global Corp., Sr. Unscd. Notes | 6.20 | 3/15/2054 | 50000 | 55209 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Sr. Unscd. <br> Notes<br>| 4.90 | 12/1/2032 | 100000 | 101891 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** | **Building Materials — .1% (continued)** |
| Martin Marietta Materials, Inc., Sr. Unscd. Notes | 5.50 | 12/1/2054 | 100000 | 100245 |
| Owens Corning, Sr. Unscd. Notes | 7.00 | 12/1/2036 | 69000 | 79275 |
|  |  |  |  | **369952** |
| **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** |
| DuPont de Nemours, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.73 | 11/15/2028 | 150000 | 152600 |
| Ecolab, Inc., Sr. Unscd. Notes | 1.30 | 1/30/2031 | 150000 | 129485 |
| Ecolab, Inc., Sr. Unscd. Notes | 2.13 | 8/15/2050 | 175000 | 98808 |
| LYB International Finance III LLC, Gtd. Notes | 6.15 | 5/15/2035 | 100000 | 103508 |
| NewMarket Corp., Sr. Unscd. Notes | 2.70 | 3/18/2031 | 200000 | 182227 |
| Nutrien Ltd., Sr. Unscd. Notes | 4.50 | 3/12/2027 | 100000 | 100514 |
| Nutrien Ltd., Sr. Unscd. Notes | 5.25 | 1/15/2045 | 191000 | 182350 |
| The Dow Chemical Company, Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.60 | 11/15/2050 | 200000 | 135243 |
| The Dow Chemical Company, Sr. Unscd. Notes | 6.30 | 3/15/2033 | 100000 | 107049 |
| The Mosaic Company, Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.38 | 11/15/2028 | 100000 | 103101 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.50 | 6/1/2047 | 100000 | 87084 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.55 | 3/1/2028 | 100000 | 100914 |
| Westlake Corp., Sr. Unscd. Notes | 3.38 | 8/15/2061 | 100000 | 61807 |
|  |  |  |  | **1544690** |
| **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** | **Commercial & Professional Services — .3%** |
| Automatic Data Processing, Inc., Sr. Unscd. Notes | 4.75 | 5/8/2032 | 100000 | 102528 |
| California Institute of Technology, Unscd. Bonds | 4.32 | 8/1/2045 | 110000 | 98064 |
| Duke University, Unscd. Bonds, Ser. 2020 | 2.76 | 10/1/2050 | 100000 | 66563 |
| Moody's Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.00 | 8/19/2031 | 200000 | 176347 |
| PayPal Holdings, Inc., Sr. Unscd. Notes | 2.85 | 10/1/2029 | 95000 | 90615 |
| S&P Global, Inc., Gtd. Notes | 2.30 | 8/15/2060 | 100000 | 52314 |
| S&P Global, Inc., Gtd. Notes | 2.70 | 3/1/2029 | 50000 | 47904 |
| The Georgetown University, Sr. Unscd. Bonds | 5.12 | 4/1/2053 | 100000 | 94703 |
| The Leland Stanford Junior University, Unscd. Bonds | 3.65 | 5/1/2048 | 105000 | 83958 |
| The Washington University, Sr. Unscd. Bonds, Ser. 2022 | 3.52 | 4/15/2054 | 100000 | 74872 |
| University of Southern California, Sr. Unscd. Notes | 5.25 | 10/1/2111 | 40000 | 39338 |
| Verisk Analytics, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 2/15/2036 | 100000 | 100655 |
| William Marsh Rice University, Unscd. Bonds | 3.57 | 5/15/2045 | 100000 | 81658 |
| Yale University, Sr. Unscd. Bonds, Ser. 2025 | 4.70 | 4/15/2032 | 75000 | 76887 |
|  |  |  |  | **1186406** |
| **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** | **Commercial Mortgage Pass-Through Certificates — .8%** |
| Bank Trust, Ser. 2019-BN21, Cl. A5 | 2.85 | 10/17/2052 | 400000 | 377343 |
| Bank Trust, Ser. 2020-BN27, Cl. AS | 2.55 | 4/15/2063 | 150000 | 132257 |
| BBCMS Mortgage Trust, Ser. 2020-C7, Cl. AS | 2.44 | 4/15/2053 | 200000 | 175690 |
| BBCMS Mortgage Trust, Ser. 2022-C15, Cl. A5 | 3.66 | 4/15/2055 | 300000 | 280088 |
| Benchmark Mortgage Trust, Ser. 2019-B10, Cl. A4 | 3.72 | 3/15/2062 | 300000 | 292747 |
| Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS | 2.91 | 9/15/2043 | 500000 | 419756 |
| Benchmark Mortgage Trust, Ser. 2022-B35, Cl. A5 | 4.44 | 5/15/2055 | 150000 | 147201 |
| CFCRE Commercial Mortgage Trust, Ser. 2017-C8, Cl. A4 | 3.57 | 6/15/2050 | 250000 | 246668 |
| GS Mortgage Securities Trust, Ser. 2019-GC42, Cl. A4 | 3.00 | 9/10/2052 | 250000 | 234953 |
| GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AS | 3.17 | 2/13/2053 | 200000 | 185542 |
| UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A5 | 4.30 | 8/15/2051 | 500000 | 494688 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2018-C44, Cl. A5 | 4.21 | 5/15/2051 | 600000 | 596653 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. ASB | 3.64 | 5/15/2052 | 144506 | 143370 |
|  |  |  |  | **3726956** |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** |
| D.R. Horton, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 10/15/2034 | 100000 | 101195 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.38 | 12/15/2031 | 100000 | 102467 |
| Hyatt Hotels Corp., Sr. Unscd. Notes | 5.75 | 3/30/2032 | 200000 | 208927 |
| Marriott International, Inc., Sr. Unscd. Notes | 5.00 | 10/15/2027 | 200000 | 203307 |
|  |  |  |  | **615896** |
| **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** | **Consumer Durables & Apparel — .1%** |
| NIKE, Inc., Sr. Unscd. Notes | 3.38 | 3/27/2050 | 100000 | 73156 |
| Ralph Lauren Corp., Sr. Unscd. Notes | 2.95 | 6/15/2030 | 200000 | 189145 |
|  |  |  |  | **262301** |
| **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** | **Consumer Staples — .2%** |
| Church & Dwight Co., Inc., Sr. Unscd. Notes | 3.95 | 8/1/2047 | 150000 | 121153 |
| Colgate-Palmolive Co., Sr. Unscd. Notes | 3.70 | 8/1/2047 | 100000 | 80348 |
| Haleon US Capital LLC, Gtd. Notes | 3.63 | 3/24/2032 | 250000 | 236829 |
| Kenvue, Inc., Gtd. Notes | 5.20 | 3/22/2063 | 100000 | 91503 |
| The Estee Lauder Companies, Inc., Sr. Unscd. Notes | 2.60 | 4/15/2030 | 150000 | 140159 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.95 | 4/23/2031 | 200000 | 180478 |
| Unilever Capital Corp., Gtd. Notes | 1.38 | 9/14/2030 | 150000 | 132616 |
|  |  |  |  | **983086** |
| **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** | **Diversified Financials — .8%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 299000 | 276029 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 5.38 | 12/15/2031 | 150000 | 155302 |
| Ally Financial, Inc., Sr. Unscd. Notes | 5.74 | 5/15/2029 | 100000 | 102037 |
| American Express Co., Sr. Unscd. Notes | 3.30 | 5/3/2027 | 300000 | 297365 |
| Apollo Global Management, Inc., Gtd. Notes | 5.15 | 8/12/2035 | 100000 | 100727 |
| Ares Capital Corp., Sr. Unscd. Bonds<sup>(a)</sup> <br>| 5.80 | 3/8/2032 | 150000 | 151776 |
| BlackRock Funding, Inc., Gtd. Notes | 5.00 | 3/14/2034 | 100000 | 103597 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.25 | 4/1/2030 | 100000 | 99624 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.00 | 11/22/2034 | 100000 | 101464 |
| Capital One Financial Corp., Sr. Unscd. Notes | 3.27 | 3/1/2030 | 200000 | 193162 |
| Capital One Financial Corp., Sr. Unscd. Notes | 5.20 | 9/11/2036 | 100000 | 99380 |
| Golub Capital BDC, Inc., Sr. Unscd. Notes | 7.05 | 12/5/2028 | 100000 | 104943 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 3.00 | 6/15/2050 | 200000 | 135912 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.60 | 3/15/2033 | 50000 | 50491 |
| Intercontinental Exchange, Inc., Sr. Unscd. Notes | 5.20 | 6/15/2062 | 65000 | 61722 |
| Jefferies Financial Group, Inc., Sr. Unscd. Debs. | 6.45 | 6/8/2027 | 35000 | 35940 |
| Lazard Group LLC, Sr. Unscd. Notes | 6.00 | 3/15/2031 | 100000 | 105889 |
| Legg Mason, Inc., Gtd. Notes | 5.63 | 1/15/2044 | 100000 | 101206 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.35 | 3/26/2030 | 200000 | 194991 |
| Mastercard, Inc., Sr. Unscd. Notes | 3.85 | 3/26/2050 | 100000 | 80062 |
| Nasdaq, Inc., Sr. Unscd. Notes | 3.95 | 3/7/2052 | 103000 | 80738 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 2.17 | 7/14/2028 | 300000 | 284151 |
| Nomura Holdings, Inc., Sr. Unscd. Notes | 2.33 | 1/22/2027 | 200000 | 195495 |
| Nuveen Churchill Direct Lending Corp., Sr. Unscd. Notes | 6.65 | 3/15/2030 | 50000 | 51456 |
| Oaktree Specialty Lending Corp., Sr. Unscd. Notes | 7.10 | 2/15/2029 | 100000 | 102905 |
| Sixth Street Lending Partners, Sr. Unscd. Notes | 6.50 | 3/11/2029 | 150000 | 155636 |
| Sixth Street Specialty Lending, Inc., Sr. Unscd. Notes | 6.95 | 8/14/2028 | 100000 | 105066 |
| Synchrony Financial, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.88 | 10/28/2031 | 100000 | 88832 |
| The Charles Schwab Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.90 | 3/3/2032 | 200000 | 183027 |
| TPG Operating Group II LP, Gtd. Notes | 5.88 | 3/5/2034 | 100000 | 105070 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** | **Diversified Financials — .8% (continued)** |
| Visa, Inc., Sr. Unscd. Notes | 2.00 | 8/15/2050 | 140000 | 78379 |
| Visa, Inc., Sr. Unscd. Notes | 3.65 | 9/15/2047 | 55000 | 43756 |
|  |  |  |  | **4026130** |
| **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** |
| Jabil, Inc., Sr. Unscd. Notes | 3.00 | 1/15/2031 | 100000 | 92435 |
| Jabil, Inc., Sr. Unscd. Notes | 5.45 | 2/1/2029 | 100000 | 103275 |
| Keysight Technologies, Inc., Sr. Unscd. Notes | 5.35 | 7/30/2030 | 100000 | 103953 |
| TD SYNNEX Corp., Sr. Unscd. Notes | 4.30 | 1/17/2029 | 100000 | 99741 |
|  |  |  |  | **399404** |
| **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** |
| APA Corp., Sr. Unscd. Notes | 4.25 | 1/15/2030 | 100000 | 97506 |
| APA Corp., Sr. Unscd. Notes | 5.35 | 7/1/2049 | 100000 | 83139 |
| Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes | 4.49 | 5/1/2030 | 100000 | 101072 |
| BP Capital Markets America, Inc., Gtd. Notes | 3.94 | 9/21/2028 | 150000 | 149771 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.23 | 11/6/2028 | 100000 | 100615 |
| BP Capital Markets America, Inc., Gtd. Notes | 4.81 | 2/13/2033 | 100000 | 101333 |
| Canadian Natural Resources Ltd., Sr. Unscd. Notes | 6.25 | 3/15/2038 | 200000 | 213690 |
| Cenovus Energy, Inc., Sr. Unscd. Notes | 6.75 | 11/15/2039 | 34000 | 37584 |
| Chevron Corp., Sr. Unscd. Notes | 3.08 | 5/11/2050 | 100000 | 69707 |
| Chevron USA, Inc., Gtd. Notes | 4.50 | 10/15/2032 | 100000 | 101092 |
| ConocoPhillips Co., Gtd. Notes<sup>(a)</sup> <br>| 5.05 | 9/15/2033 | 100000 | 103147 |
| ConocoPhillips Co., Gtd. Notes | 5.70 | 9/15/2063 | 100000 | 99004 |
| Coterra Energy, Inc., Sr. Unscd. Notes | 5.90 | 2/15/2055 | 100000 | 96103 |
| Diamondback Energy, Inc., Gtd. Notes | 5.15 | 1/30/2030 | 200000 | 205314 |
| Diamondback Energy, Inc., Gtd. Notes | 5.90 | 4/18/2064 | 100000 | 95926 |
| Enbridge, Inc., Gtd. Notes | 6.70 | 11/15/2053 | 150000 | 167431 |
| Energy Transfer LP, Sr. Unscd. Notes | 3.75 | 5/15/2030 | 200000 | 194105 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.95 | 1/15/2043 | 100000 | 89365 |
| Energy Transfer LP, Sr. Unscd. Notes | 5.70 | 4/1/2035 | 200000 | 206232 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.10 | 12/1/2028 | 100000 | 105132 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.25 | 4/15/2049 | 95000 | 94897 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.55 | 12/1/2033 | 100000 | 109341 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.95 | 1/31/2060 | 95000 | 71599 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.25 | 2/15/2048 | 75000 | 62922 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.90 | 5/15/2046 | 200000 | 184230 |
| Enterprise Products Operating LLC, Gtd. Notes | 5.35 | 1/31/2033 | 100000 | 104725 |
| EOG Resources, Inc., Sr. Unscd. Notes | 3.90 | 4/1/2035 | 200000 | 186077 |
| Equinor ASA, Gtd. Notes | 3.63 | 4/6/2040 | 200000 | 171111 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.10 | 8/16/2049 | 230000 | 161066 |
| Halliburton Co., Sr. Unscd. Bonds | 7.45 | 9/15/2039 | 200000 | 240227 |
| Hess Corp., Sr. Unscd. Notes | 5.60 | 2/15/2041 | 150000 | 157485 |
| Kinder Morgan, Inc., Gtd. Notes<sup>(a)</sup> <br>| 3.60 | 2/15/2051 | 200000 | 141625 |
| Kinder Morgan, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.00 | 2/1/2029 | 400000 | 409097 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 4.75 | 9/15/2044 | 150000 | 130754 |
| MPLX LP, Sr. Unscd. Notes | 5.00 | 3/1/2033 | 100000 | 100248 |
| MPLX LP, Sr. Unscd. Notes | 6.20 | 9/15/2055 | 100000 | 100704 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 4.40 | 4/15/2046 | 200000 | 158678 |
| ONEOK Partners LP, Gtd. Notes | 6.85 | 10/15/2037 | 60000 | 66299 |
| ONEOK, Inc., Gtd. Notes | 5.05 | 11/1/2034 | 100000 | 98611 |
| ONEOK, Inc., Gtd. Notes | 5.80 | 11/1/2030 | 100000 | 105223 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** | **Energy — 1.7% (continued)** |
| ONEOK, Inc., Gtd. Notes | 5.85 | 11/1/2064 | 100000 | 94443 |
| ONEOK, Inc., Gtd. Notes | 6.25 | 10/15/2055 | 100000 | 100228 |
| Plains All American Pipeline LP, Sr. Unscd. Notes | 5.95 | 6/15/2035 | 100000 | 104485 |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | 4.90 | 2/15/2045 | 100000 | 87626 |
| Sabine Pass Liquefaction LLC, Sr. Scd. Notes | 5.00 | 3/15/2027 | 300000 | 301788 |
| Shell Finance US, Inc., Gtd. Notes | 2.38 | 11/7/2029 | 200000 | 188273 |
| Shell Finance US, Inc., Gtd. Notes | 2.75 | 4/6/2030 | 100000 | 94780 |
| Shell Finance US, Inc., Gtd. Notes | 3.25 | 4/6/2050 | 150000 | 106570 |
| Shell Finance US, Inc., Gtd. Notes | 4.13 | 5/11/2035 | 100000 | 96475 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes | 4.91 | 9/1/2027 | 100000 | 100766 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes | 5.03 | 10/1/2029 | 100000 | 101072 |
| Suncor Energy, Inc., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 50000 | 38534 |
| Targa Resources Corp., Gtd. Notes | 6.15 | 3/1/2029 | 200000 | 210626 |
| Tennessee Gas Pipeline Co. LLC, Gtd. Debs. | 7.63 | 4/1/2037 | 70000 | 83175 |
| The Williams Companies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.30 | 8/15/2028 | 100000 | 103040 |
| The Williams Companies, Inc., Sr. Unscd. Notes | 6.30 | 4/15/2040 | 200000 | 216366 |
| TotalEnergies Capital International SA, Gtd. Notes | 2.83 | 1/10/2030 | 170000 | 161974 |
| TotalEnergies Capital International SA, Gtd. Notes | 3.46 | 7/12/2049 | 50000 | 36883 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 6.20 | 10/15/2037 | 75000 | 80816 |
| TransCanada PipeLines Ltd., Sr. Unscd. Notes | 7.63 | 1/15/2039 | 100000 | 119895 |
| Valero Energy Corp., Sr. Unscd. Notes | 6.63 | 6/15/2037 | 165000 | 182585 |
| Woodside Finance Ltd., Gtd. Notes | 4.90 | 5/19/2028 | 100000 | 101506 |
|  |  |  |  | **7984093** |
| **Environmental Control — .2%** | **Environmental Control — .2%** | **Environmental Control — .2%** | **Environmental Control — .2%** | **Environmental Control — .2%** |
| Republic Services, Inc., Sr. Unscd. Notes | 5.00 | 4/1/2034 | 100000 | 102815 |
| Republic Services, Inc., Sr. Unscd. Notes | 5.15 | 3/15/2035 | 100000 | 103511 |
| Waste Connections, Inc., Sr. Unscd. Notes | 5.00 | 3/1/2034 | 200000 | 204641 |
| Waste Management, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.15 | 7/15/2049 | 100000 | 84114 |
| Waste Management, Inc., Gtd. Notes | 4.63 | 2/15/2030 | 100000 | 101884 |
| Waste Management, Inc., Gtd. Notes | 4.63 | 2/15/2033 | 100000 | 101267 |
|  |  |  |  | **698232** |
| **Financials — .0%** | **Financials — .0%** | **Financials — .0%** | **Financials — .0%** | **Financials — .0%** |
| The Carlyle Group, Inc., Gtd. Notes | 5.05 | 9/19/2035 | 100000 | **99169** |
| **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** | **Food Products — .5%** |
| Conagra Brands, Inc., Sr. Unscd. Notes | 4.85 | 11/1/2028 | 100000 | 101129 |
| Conagra Brands, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.40 | 11/1/2048 | 60000 | 55000 |
| General Mills, Inc., Sr. Unscd. Notes | 2.88 | 4/15/2030 | 150000 | 141370 |
| General Mills, Inc., Sr. Unscd. Notes | 3.00 | 2/1/2051 | 150000 | 98732 |
| Hormel Foods Corp., Sr. Unscd. Notes | 1.80 | 6/11/2030 | 200000 | 179957 |
| JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | 5.75 | 4/1/2033 | 146000 | 152184 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.38 | 6/1/2046 | 100000 | 83601 |
| Kraft Heinz Foods Co., Gtd. Notes<sup>(a)</sup> <br>| 5.20 | 3/15/2032 | 200000 | 205313 |
| McCormick & Co., Inc., Sr. Unscd. Notes | 2.50 | 4/15/2030 | 150000 | 139121 |
| Mondelez International, Inc., Sr. Unscd. Notes | 2.75 | 4/13/2030 | 138000 | 129781 |
| Mondelez International, Inc., Sr. Unscd. Notes | 5.13 | 5/6/2035 | 100000 | 102170 |
| Pilgrim's Pride Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.25 | 7/1/2033 | 100000 | 106753 |
| Sysco Corp., Gtd. Notes | 5.38 | 9/21/2035 | 200000 | 206436 |
| The Campbell's Comapny, Sr. Unscd. Notes | 5.40 | 3/21/2034 | 100000 | 102773 |
| The Campbell's Company, Sr. Unscd. Notes | 4.15 | 3/15/2028 | 80000 | 79920 |
| The Hershey Company, Sr. Unscd. Notes | 4.55 | 2/24/2028 | 100000 | 101688 |

---

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** | **Food Products — .5% (continued)** |
| The Hershey Company, Sr. Unscd. Notes | 4.95 | 2/24/2032 | 100000 | 103464 |
| The Kroger Company, Sr. Unscd. Notes | 3.70 | 8/1/2027 | 150000 | 149407 |
| Tyson Foods, Inc., Sr. Unscd. Bonds | 5.15 | 8/15/2044 | 100000 | 95109 |
|  |  |  |  | **2333908** |
| **Foreign Governmental — 1.5%** | **Foreign Governmental — 1.5%** | **Foreign Governmental — 1.5%** | **Foreign Governmental — 1.5%** | **Foreign Governmental — 1.5%** |
| Canada, Sr. Unscd. Notes | 4.00 | 3/18/2030 | 200000 | 202479 |
| Export Development Canada, Govt. Gtd. Bonds | 4.00 | 6/20/2030 | 100000 | 101160 |
| Export Development Canada, Govt. Gtd. Notes | 3.88 | 2/14/2028 | 100000 | 100563 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 4.63 | 1/11/2027 | 200000 | 201636 |
| Export-Import Bank of Korea, Sr. Unscd. Notes | 5.00 | 1/11/2028 | 300000 | 307007 |
| Hungary, Sr. Unscd. Notes, Ser. 30Y | 7.63 | 3/29/2041 | 300000 | 361746 |
| Indonesia, Sr. Unscd. Bonds | 4.90 | 4/16/2036 | 200000 | 201081 |
| Indonesia, Sr. Unscd. Notes | 3.50 | 1/11/2028 | 300000 | 297024 |
| Israel, Sr. Unscd. Bonds, Ser. 30Y | 3.88 | 7/3/2050 | 250000 | 186470 |
| Israel, Sr. Unscd. Notes, Ser. 10Y<sup>(a)</sup> <br>| 5.63 | 2/19/2035 | 200000 | 210938 |
| Japan Bank for International Cooperation, Govt. Gtd. Notes | 2.00 | 10/17/2029 | 300000 | 279757 |
| Mexico, Sr. Unscd. Notes | 4.28 | 8/14/2041 | 300000 | 246465 |
| Mexico, Sr. Unscd. Notes | 5.00 | 4/27/2051 | 250000 | 209338 |
| Mexico, Sr. Unscd. Notes | 5.55 | 1/21/2045 | 350000 | 330435 |
| Mexico, Sr. Unscd. Notes | 6.40 | 5/7/2054 | 200000 | 200687 |
| Panama, Sr. Unscd. Bonds | 3.88 | 3/17/2028 | 250000 | 245750 |
| Panama, Sr. Unscd. Bonds | 4.50 | 4/16/2050 | 200000 | 156922 |
| Panama, Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.40 | 2/14/2035 | 100000 | 105295 |
| Peru, Sr. Unscd. Bonds | 6.55 | 3/14/2037 | 370000 | 415011 |
| Philippines, Sr. Unscd. Bonds | 3.70 | 2/2/2042 | 400000 | 336485 |
| Philippines, Sr. Unscd. Notes | 5.17 | 10/13/2027 | 200000 | 204334 |
| Philippines, Sr. Unscd. Notes | 5.61 | 4/13/2033 | 200000 | 213996 |
| Poland, Bonds | 5.38 | 2/12/2035 | 200000 | 209544 |
| Poland, Sr. Unscd. Notes | 5.13 | 9/18/2034 | 60000 | 61777 |
| Province of Alberta Canada, Sr. Unscd. Notes | 3.30 | 3/15/2028 | 80000 | 79279 |
| Province of Ontario Canada, Unscd. Bonds | 4.85 | 6/11/2035 | 250000 | 258925 |
| Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD | 7.50 | 9/15/2029 | 100000 | 113277 |
| Province of Quebec Canada, Sr. Unscd. Notes | 3.63 | 4/13/2028 | 100000 | 99850 |
| Republic of Poland, Sr. Unscd. Notes, Ser. 30Y | 5.50 | 3/18/2054 | 75000 | 74200 |
| Republic of Poland, Sr. Unscd. Notes, Ser. 5Y | 5.50 | 11/16/2027 | 300000 | 309839 |
| The Korea Development Bank, Sr. Unscd. Notes | 4.63 | 2/15/2027 | 300000 | 302722 |
| Uruguay, Sr. Unscd. Bonds | 4.98 | 4/20/2055 | 105000 | 98044 |
| Uruguay, Sr. Unscd. Bonds | 7.63 | 3/21/2036 | 300000 | 366600 |
|  |  |  |  | **7088636** |
| **Health Care — 2.9%** | **Health Care — 2.9%** | **Health Care — 2.9%** | **Health Care — 2.9%** | **Health Care — 2.9%** |
| Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 100000 | 96058 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/14/2028 | 110000 | 110865 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.25 | 11/21/2049 | 290000 | 244280 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2045 | 200000 | 185479 |
| AbbVie, Inc., Sr. Unscd. Notes | 4.80 | 3/15/2027 | 300000 | 303136 |
| Aetna, Inc., Sr. Unscd. Notes | 4.75 | 3/15/2044 | 100000 | 86963 |
| Aetna, Inc., Sr. Unscd. Notes | 6.63 | 6/15/2036 | 150000 | 164556 |
| Agilent Technologies, Inc., Sr. Unscd. Notes | 4.75 | 9/9/2034 | 100000 | 99791 |
| Amgen, Inc., Sr. Unscd. Notes | 2.45 | 2/21/2030 | 70000 | 65000 |
| Amgen, Inc., Sr. Unscd. Notes | 2.80 | 8/15/2041 | 200000 | 147595 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** |
| Amgen, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.00 | 1/15/2052 | 200000 | 132968 |
| Amgen, Inc., Sr. Unscd. Notes | 3.38 | 2/21/2050 | 60000 | 43545 |
| Amgen, Inc., Sr. Unscd. Notes | 4.66 | 6/15/2051 | 100000 | 87245 |
| AstraZeneca Finance LLC, Gtd. Notes | 4.80 | 2/26/2027 | 100000 | 101197 |
| AstraZeneca Finance LLC, Gtd. Notes | 5.00 | 2/26/2034 | 200000 | 206973 |
| AstraZeneca PLC, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 100000 | 88442 |
| Banner Health, Unscd. Bonds | 2.34 | 1/1/2030 | 200000 | 185898 |
| Baxalta, Inc., Gtd. Notes | 5.25 | 6/23/2045 | 200000 | 194021 |
| Becton, Dickinson & Co., Sr. Unscd. Notes | 4.69 | 2/13/2028 | 100000 | 101084 |
| Biogen, Inc., Sr. Unscd. Bonds | 6.45 | 5/15/2055 | 100000 | 106692 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.95 | 3/15/2032 | 55000 | 50658 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.40 | 7/26/2029 | 78000 | 76211 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.55 | 3/15/2042 | 40000 | 32440 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.90 | 2/20/2028 | 90000 | 89979 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.35 | 11/15/2047 | 90000 | 77009 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.55 | 2/20/2048 | 70000 | 61426 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.90 | 2/22/2027 | 100000 | 101288 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.20 | 2/22/2034 | 100000 | 103926 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 5.55 | 2/22/2054 | 100000 | 99574 |
| Cardinal Health, Inc., Sr. Unscd. Notes | 4.60 | 3/15/2043 | 200000 | 177225 |
| Cencora, Inc., Sr. Unscd. Notes | 2.80 | 5/15/2030 | 100000 | 94028 |
| Centene Corp., Sr. Unscd. Notes | 2.45 | 7/15/2028 | 230000 | 214565 |
| Centene Corp., Sr. Unscd. Notes | 2.63 | 8/1/2031 | 190000 | 163160 |
| CommonSpirit Health, Sr. Scd. Notes | 5.55 | 12/1/2054 | 150000 | 147428 |
| CommonSpirit Health, Sr. Unscd. Notes | 4.98 | 9/1/2035 | 200000 | 199170 |
| CVS Health Corp., Sr. Unscd. Notes | 1.75 | 8/21/2030 | 85000 | 75133 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 300000 | 300438 |
| CVS Health Corp., Sr. Unscd. Notes | 4.78 | 3/25/2038 | 100000 | 94010 |
| CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 200000 | 178958 |
| CVS Health Corp., Sr. Unscd. Notes | 5.55 | 6/1/2031 | 100000 | 105020 |
| CVS Health Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.20 | 9/15/2055 | 100000 | 102785 |
| Danaher Corp., Sr. Unscd. Notes | 4.38 | 9/15/2045 | 100000 | 88524 |
| Elevance Health, Inc., Sr. Unscd. Notes | 2.25 | 5/15/2030 | 200000 | 182923 |
| Elevance Health, Inc., Sr. Unscd. Notes | 3.60 | 3/15/2051 | 60000 | 43313 |
| Elevance Health, Inc., Sr. Unscd. Notes | 3.65 | 12/1/2027 | 300000 | 297783 |
| Elevance Health, Inc., Sr. Unscd. Notes | 4.00 | 9/15/2028 | 100000 | 99564 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.15 | 8/14/2027 | 200000 | 201442 |
| Eli Lilly & Co., Sr. Unscd. Notes | 4.75 | 2/12/2030 | 100000 | 102731 |
| Eli Lilly & Co., Sr. Unscd. Notes | 5.00 | 2/9/2054 | 100000 | 94987 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 1.20 | 10/1/2027 | 80000 | 76163 |
| Gilead Sciences, Inc., Sr. Unscd. Notes | 4.15 | 3/1/2047 | 220000 | 185662 |
| GlaxoSmithKline Capital, Inc., Gtd. Bonds | 6.38 | 5/15/2038 | 150000 | 169242 |
| HCA, Inc., Gtd. Notes | 4.13 | 6/15/2029 | 110000 | 109247 |
| HCA, Inc., Gtd. Notes | 5.00 | 3/1/2028 | 200000 | 203746 |
| HCA, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.13 | 6/15/2039 | 50000 | 48653 |
| HCA, Inc., Gtd. Notes | 5.25 | 3/1/2030 | 200000 | 206781 |
| HCA, Inc., Gtd. Notes | 5.25 | 6/15/2049 | 100000 | 91869 |
| Humana, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.75 | 4/15/2054 | 100000 | 95842 |
| Humana, Inc., Sr. Unscd. Notes | 5.95 | 3/15/2034 | 100000 | 105475 |
| Johnson & Johnson, Sr. Unscd. Notes | 2.10 | 9/1/2040 | 200000 | 141900 |

---

**13**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** | **Health Care — 2.9% (continued)** |
| Johnson & Johnson, Sr. Unscd. Notes | 3.50 | 1/15/2048 | 50000 | 39222 |
| Johnson & Johnson, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.95 | 6/1/2034 | 200000 | 211003 |
| Kaiser Foundation Hospitals, Gtd. Notes | 3.15 | 5/1/2027 | 200000 | 197959 |
| Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | 3.00 | 6/1/2051 | 70000 | 47057 |
| Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes, Ser. 2015 | 4.20 | 7/1/2055 | 100000 | 84293 |
| Merck & Co., Inc., Gtd. Notes | 3.85 | 9/15/2027 | 300000 | 300609 |
| Merck & Co., Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.55 | 9/15/2032 | 100000 | 100962 |
| Merck & Co., Inc., Gtd. Notes | 5.70 | 9/15/2055 | 250000 | 258006 |
| Merck & Co., Inc., Sr. Unscd. Notes | 2.35 | 6/24/2040 | 50000 | 36191 |
| Merck & Co., Inc., Sr. Unscd. Notes | 2.45 | 6/24/2050 | 60000 | 36311 |
| Merck & Co., Inc., Sr. Unscd. Notes | 3.90 | 3/7/2039 | 55000 | 49363 |
| Mylan, Inc., Gtd. Notes | 5.40 | 11/29/2043 | 50000 | 43453 |
| Northwell Healthcare, Inc., Scd. Notes | 3.98 | 11/1/2046 | 250000 | 200495 |
| Novartis Capital Corp., Gtd. Notes | 2.20 | 8/14/2030 | 240000 | 221342 |
| Novartis Capital Corp., Gtd. Notes | 2.75 | 8/14/2050 | 60000 | 39600 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 4.45 | 5/19/2028 | 200000 | 202120 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 5/19/2033 | 200000 | 202482 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 5.30 | 5/19/2053 | 200000 | 193597 |
| Pfizer, Inc., Sr. Unscd. Notes | 2.55 | 5/28/2040 | 300000 | 221494 |
| Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I | 3.74 | 10/1/2047 | 250000 | 192874 |
| Stryker Corp., Sr. Unscd. Notes | 4.38 | 5/15/2044 | 100000 | 88444 |
| Stryker Corp., Sr. Unscd. Notes | 4.85 | 12/8/2028 | 100000 | 102461 |
| Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes | 5.00 | 11/26/2028 | 200000 | 204555 |
| The Cigna Group, Gtd. Notes | 3.88 | 10/15/2047 | 75000 | 58598 |
| The Cigna Group, Gtd. Notes | 4.38 | 10/15/2028 | 230000 | 231479 |
| The Cigna Group, Sr. Unscd. Notes | 2.38 | 3/15/2031 | 80000 | 72072 |
| The Cigna Group, Sr. Unscd. Notes | 4.88 | 9/15/2032 | 200000 | 201869 |
| The Cigna Group, Sr. Unscd. Notes | 5.60 | 2/15/2054 | 100000 | 98046 |
| Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | 2.80 | 10/15/2041 | 200000 | 148654 |
| Trinity Health Corp., Scd. Bonds | 4.13 | 12/1/2045 | 200000 | 171530 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 2.30 | 5/15/2031 | 75000 | 67538 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.05 | 5/15/2041 | 75000 | 57283 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.20 | 5/15/2032 | 45000 | 44396 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.25 | 6/15/2048 | 80000 | 66459 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.45 | 12/15/2048 | 60000 | 51259 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.95 | 5/15/2062 | 75000 | 66367 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.25 | 2/15/2028 | 150000 | 154037 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.30 | 2/15/2030 | 150000 | 156288 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.35 | 2/15/2033 | 100000 | 104449 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 5.38 | 4/15/2054 | 100000 | 96281 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.05 | 2/15/2063 | 100000 | 104872 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 6.88 | 2/15/2038 | 210000 | 244342 |
| UPMC, Scd. Bonds | 5.04 | 5/15/2033 | 100000 | 102217 |
| Viatris, Inc., Gtd. Notes | 2.70 | 6/22/2030 | 150000 | 135756 |
| Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes | 4.70 | 2/19/2027 | 200000 | 201333 |
| Zoetis, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.00 | 5/15/2050 | 150000 | 101560 |
| Zoetis, Inc., Sr. Unscd. Notes | 5.60 | 11/16/2032 | 100000 | 106475 |
|  |  |  |  | **13959119** |
| **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** | **Industrial — .6%** |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.40 | 10/15/2027 | 200000 | 202184 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Industrial — .6% (continued)** | **Industrial — .6% (continued)** | **Industrial — .6% (continued)** | **Industrial — .6% (continued)** | **Industrial — .6% (continued)** |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 4.60 | 11/15/2027 | 200000 | 202884 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 5.00 | 5/14/2027 | 100000 | 101706 |
| CNH Industrial Capital LLC, Gtd. Notes | 4.55 | 4/10/2028 | 100000 | 100710 |
| Eaton Corp., Gtd. Notes | 4.15 | 11/2/2042 | 100000 | 88410 |
| GATX Corp., Sr. Unscd. Notes | 6.90 | 5/1/2034 | 100000 | 112844 |
| Huntington Ingalls Industries, Inc., Gtd. Notes | 5.75 | 1/15/2035 | 200000 | 211033 |
| Illinois Tool Works, Inc., Sr. Unscd. Notes | 3.90 | 9/1/2042 | 170000 | 145809 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.18 | 6/15/2029 | 100000 | 103360 |
| Ingersoll Rand, Inc., Sr. Unscd. Notes | 5.45 | 6/15/2034 | 100000 | 104194 |
| Jacobs Engineering Group, Inc., Gtd. Notes | 6.35 | 8/18/2028 | 100000 | 105524 |
| John Deere Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.15 | 9/15/2027 | 200000 | 201177 |
| John Deere Capital Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.20 | 7/15/2027 | 100000 | 100618 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.95 | 7/14/2028 | 100000 | 102701 |
| Otis Worldwide Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.13 | 11/19/2031 | 200000 | 207378 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 3.25 | 6/14/2029 | 200000 | 194402 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 4.00 | 6/14/2049 | 40000 | 32766 |
| Regal Rexnord Corp., Gtd. Notes | 6.05 | 4/15/2028 | 150000 | 155200 |
| Stanley Black & Decker, Inc., Sr. Unscd. Notes | 2.30 | 3/15/2030 | 150000 | 136849 |
| Xylem, Inc., Sr. Unscd. Notes | 4.38 | 11/1/2046 | 150000 | 128735 |
|  |  |  |  | **2738484** |
| **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** |
| Adobe, Inc., Sr. Unscd. Notes | 4.75 | 1/17/2028 | 250000 | 254810 |
| Cadence Design Systems, Inc., Sr. Unscd. Notes | 4.30 | 9/10/2029 | 100000 | 100423 |
| Concentrix Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 6.85 | 8/2/2033 | 100000 | 102036 |
| Electronic Arts, Inc., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 200000 | 192365 |
| Fiserv, Inc., Sr. Unscd. Notes | 4.40 | 7/1/2049 | 100000 | 80224 |
| Fiserv, Inc., Sr. Unscd. Notes | 4.55 | 2/15/2031 | 100000 | 99283 |
| Fiserv, Inc., Sr. Unscd. Notes | 5.63 | 8/21/2033 | 100000 | 103134 |
| Intuit, Inc., Sr. Unscd. Notes | 5.13 | 9/15/2028 | 200000 | 206392 |
| Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 361000 | 226821 |
| Microsoft Corp., Sr. Unscd. Notes | 2.68 | 6/1/2060 | 200000 | 118443 |
| Microsoft Corp., Sr. Unscd. Notes | 3.40 | 6/15/2027 | 100000 | 99704 |
| Oracle Corp., Sr. Unscd. Notes | 2.88 | 3/25/2031 | 205000 | 186923 |
| Oracle Corp., Sr. Unscd. Notes | 2.95 | 4/1/2030 | 150000 | 140418 |
| Oracle Corp., Sr. Unscd. Notes | 3.85 | 7/15/2036 | 250000 | 218580 |
| Oracle Corp., Sr. Unscd. Notes | 4.10 | 3/25/2061 | 210000 | 144801 |
| Oracle Corp., Sr. Unscd. Notes | 4.50 | 5/6/2028 | 100000 | 100676 |
| Oracle Corp., Sr. Unscd. Notes | 4.65 | 5/6/2030 | 100000 | 100756 |
| Oracle Corp., Sr. Unscd. Notes | 6.25 | 11/9/2032 | 150000 | 160759 |
| Oracle Corp., Sr. Unscd. Notes | 6.90 | 11/9/2052 | 65000 | 69357 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 4.25 | 9/15/2028 | 100000 | 100316 |
| Roper Technologies, Inc., Sr. Unscd. Notes | 5.10 | 9/15/2035 | 100000 | 100694 |
| Salesforce, Inc., Sr. Unscd. Notes | 2.90 | 7/15/2051 | 100000 | 65305 |
| Take-Two Interactive Software, Inc., Sr. Unscd. Notes | 4.95 | 3/28/2028 | 100000 | 101783 |
|  |  |  |  | **3074003** |
| **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** | **Insurance — .6%** |
| American International Group, Inc., Sr. Unscd. Notes | 4.75 | 4/1/2048 | 100000 | 90398 |
| American International Group, Inc., Sr. Unscd. Notes | 5.13 | 3/27/2033 | 150000 | 154148 |
| Aon Corp./Aon Global Holdings PLC, Gtd. Notes | 5.00 | 9/12/2032 | 200000 | 205279 |
| Aon Global Ltd., Gtd. Notes | 4.60 | 6/14/2044 | 100000 | 89328 |

---

**15**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Insurance — .6% (continued)** | **Insurance — .6% (continued)** | **Insurance — .6% (continued)** | **Insurance — .6% (continued)** | **Insurance — .6% (continued)** |
| Arthur J. Gallagher & Co., Sr. Unscd. Notes | 3.50 | 5/20/2051 | 40000 | 28478 |
| Athene Holding Ltd., Sr. Unscd. Notes | 6.63 | 5/19/2055 | 100000 | 104824 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 2.85 | 10/15/2050 | 150000 | 99184 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.20 | 8/15/2048 | 135000 | 115611 |
| Corebridge Financial, Inc., Jr. Sub. Notes | 6.38 | 9/15/2054 | 100000 | 103050 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 3.65 | 4/5/2027 | 100000 | 99181 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 4.40 | 4/5/2052 | 100000 | 82749 |
| Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | 6.35 | 3/22/2054 | 100000 | 105946 |
| Markel Group, Inc., Sr. Unscd. Notes | 6.00 | 5/16/2054 | 100000 | 103406 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.38 | 3/15/2029 | 70000 | 70653 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 4.90 | 3/15/2049 | 65000 | 59977 |
| Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | 5.15 | 3/15/2034 | 200000 | 206626 |
| MetLife, Inc., Sr. Unscd. Notes | 4.05 | 3/1/2045 | 200000 | 168209 |
| NMI Holdings, Inc., Sr. Unscd. Notes | 6.00 | 8/15/2029 | 100000 | 103230 |
| Principal Financial Group, Inc., Gtd. Notes | 2.13 | 6/15/2030 | 150000 | 136097 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 3.70 | 3/13/2051 | 75000 | 56915 |
| Prudential Financial, Inc., Sr. Unscd. Notes | 4.60 | 5/15/2044 | 100000 | 90301 |
| Reinsurance Group of America, Inc., Sr. Unscd. Notes | 3.15 | 6/15/2030 | 150000 | 142048 |
| Reinsurance Group of America, Inc., Sr. Unscd. Notes | 5.75 | 9/15/2034 | 100000 | 104521 |
| The Chubb Corp., Gtd. Notes<sup>(a)</sup> <br>| 6.00 | 5/11/2037 | 200000 | 219080 |
| The Progressive Corp., Sr. Unscd. Notes | 4.13 | 4/15/2047 | 70000 | 59460 |
| The Travelers Companies, Inc., Sr. Unscd. Notes | 4.05 | 3/7/2048 | 150000 | 124516 |
|  |  |  |  | **2923215** |
| **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** |
| Alphabet, Inc., Sr. Unscd. Notes | 1.10 | 8/15/2030 | 100000 | 87747 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.50 | 6/3/2030 | 100000 | 89706 |
| Amazon.com, Inc., Sr. Unscd. Notes | 1.65 | 5/12/2028 | 150000 | 142221 |
| Amazon.com, Inc., Sr. Unscd. Notes | 2.50 | 6/3/2050 | 200000 | 123303 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.30 | 4/13/2027 | 100000 | 99311 |
| Amazon.com, Inc., Sr. Unscd. Notes | 3.60 | 4/13/2032 | 100000 | 96630 |
| Amazon.com, Inc., Sr. Unscd. Notes | 4.10 | 4/13/2062 | 100000 | 79682 |
| eBay, Inc., Sr. Unscd. Notes | 3.65 | 5/10/2051 | 13000 | 9785 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.75 | 8/15/2034 | 200000 | 201013 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 4.95 | 5/15/2033 | 50000 | 51363 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.40 | 8/15/2054 | 100000 | 96363 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.75 | 5/15/2063 | 100000 | 99774 |
| Uber Technologies, Inc., Sr. Unscd. Notes | 4.15 | 1/15/2031 | 75000 | 74324 |
|  |  |  |  | **1251222** |
| **Materials — .0%** | **Materials — .0%** | **Materials — .0%** | **Materials — .0%** | **Materials — .0%** |
| Amcor Flexibles North America, Inc., Gtd. Notes | 5.10 | 3/17/2030 | 200000 | **205311** |
| **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** | **Media — .5%** |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Bonds<br>| 6.65 | 2/1/2034 | 100000 | 105745 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.25 | 4/1/2053 | 100000 | 81474 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.50 | 4/1/2063 | 100000 | 81320 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 6.48 | 10/23/2045 | 250000 | 241645 |
| Comcast Corp., Gtd. Bonds | 4.00 | 8/15/2047 | 60000 | 46628 |
| Comcast Corp., Gtd. Notes<sup>(a)</sup> <br>| 1.50 | 2/15/2031 | 150000 | 129700 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** | **Media — .5% (continued)** |
| Comcast Corp., Gtd. Notes | 2.45 | 8/15/2052 | 100000 | 54301 |
| Comcast Corp., Gtd. Notes | 3.90 | 3/1/2038 | 75000 | 65522 |
| Comcast Corp., Gtd. Notes | 4.00 | 3/1/2048 | 60000 | 46142 |
| Comcast Corp., Gtd. Notes | 4.60 | 10/15/2038 | 200000 | 185954 |
| Comcast Corp., Gtd. Notes | 4.65 | 2/15/2033 | 100000 | 100111 |
| Comcast Corp., Gtd. Notes | 5.30 | 5/15/2035 | 100000 | 101998 |
| Comcast Corp., Gtd. Notes<sup>(a)</sup> <br>| 5.50 | 5/15/2064 | 70000 | 64664 |
| Comcast Corp., Gtd. Notes | 6.05 | 5/15/2055 | 100000 | 101099 |
| Comcast Corp., Gtd. Notes | 6.45 | 3/15/2037 | 150000 | 166038 |
| Fox Corp., Sr. Unscd. Notes | 6.50 | 10/13/2033 | 200000 | 219891 |
| Paramount Global, Sr. Unscd. Debs. | 7.88 | 7/30/2030 | 150000 | 166133 |
| Paramount Global, Sr. Unscd. Notes | 4.90 | 8/15/2044 | 100000 | 79444 |
| The Walt Disney Company, Gtd. Notes | 2.00 | 9/1/2029 | 100000 | 93027 |
| The Walt Disney Company, Gtd. Notes | 3.50 | 5/13/2040 | 200000 | 168265 |
| The Walt Disney Company, Gtd. Notes | 3.80 | 5/13/2060 | 100000 | 75343 |
|  |  |  |  | **2374444** |
| **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** | **Metals & Mining — .2%** |
| Barrick PD Australia Finance Pty Ltd., Gtd. Notes | 5.95 | 10/15/2039 | 100000 | 106426 |
| BHP Billiton Finance USA Ltd., Gtd. Notes | 5.25 | 9/8/2033 | 45000 | 46894 |
| Freeport-McMoRan, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.45 | 3/15/2043 | 65000 | 63111 |
| Kinross Gold Corp., Sr. Unscd. Notes | 6.25 | 7/15/2033 | 100000 | 109079 |
| Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes | 5.35 | 3/15/2034 | 100000 | 104080 |
| Nucor Corp., Sr. Unscd. Notes | 2.98 | 12/15/2055 | 100000 | 63460 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 4.88 | 3/14/2030 | 100000 | 102675 |
| Rio Tinto Finance USA PLC, Gtd. Notes | 5.13 | 3/9/2053 | 100000 | 95141 |
| Southern Copper Corp., Sr. Unscd. Notes | 5.25 | 11/8/2042 | 150000 | 146073 |
| Steel Dynamics, Inc., Sr. Unscd. Notes | 3.25 | 10/15/2050 | 60000 | 42037 |
| Vale Overseas Ltd., Gtd. Notes | 3.75 | 7/8/2030 | 100000 | 96715 |
|  |  |  |  | **975691** |
| **Municipal Securities — .6%** | **Municipal Securities — .6%** | **Municipal Securities — .6%** | **Municipal Securities — .6%** | **Municipal Securities — .6%** |
| American Municipal Power, Inc., Revenue Bonds (Combined Hydroelectric <br> Projects) Ser. B<br>| 8.08 | 2/15/2050 | 100000 | 128814 |
| Bay Area Toll Authority, Revenue Bonds (Build America Bond) Ser. F2 | 6.26 | 4/1/2049 | 150000 | 161181 |
| California, GO | 3.50 | 4/1/2028 | 100000 | 99550 |
| California, GO (Build America Bonds) | 7.55 | 4/1/2039 | 150000 | 183487 |
| California, GO, Refunding | 4.88 | 9/1/2030 | 200000 | 208996 |
| Connecticut, GO, Ser. A | 5.85 | 3/15/2032 | 200000 | 215213 |
| Illinois, GO | 5.10 | 6/1/2033 | 200686 | 205111 |
| Massachusetts, GO (Build America Bond) Ser. D | 4.50 | 8/1/2031 | 200000 | 199725 |
| Massachusetts School Building Authority, Revenue Bonds (Build America Bond) | 5.72 | 8/15/2039 | 100000 | 105684 |
| Metropolitan Transportation Authority, Revenue Bonds (Build America Bond) | 7.34 | 11/15/2039 | 265000 | 315504 |
| New Jersey Turnpike Authority, Revenue Bonds, Ser. F | 7.41 | 1/1/2040 | 200000 | 242126 |
| New York City, GO (Sustainable Bond) Ser. B1 | 5.83 | 10/1/2053 | 20000 | 21304 |
| New York City Municipal Water Finance Authority, Revenue Bonds (Build <br> America Bond)<br>| 5.95 | 6/15/2042 | 200000 | 210598 |
| Oklahoma Development Finance Authority, Revenue Bonds (Oklahoma Natural <br> Gas Company)<br>| 4.71 | 5/1/2052 | 200000 | 188066 |
| Port Authority of New York & New Jersey, Revenue Bonds, Ser. 192 | 4.81 | 10/15/2065 | 150000 | 138716 |
| Texas, GO (Build America Bond) | 5.52 | 4/1/2039 | 100000 | 104248 |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds | 5.17 | 4/1/2041 | 100000 | 102834 |
|  |  |  |  | **2831157** |

---

**17**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Real Estate — .8%** | **Real Estate — .8%** | **Real Estate — .8%** | **Real Estate — .8%** | **Real Estate — .8%** |
| Alexandria Real Estate Equities, Inc., Gtd. Notes | 2.00 | 5/18/2032 | 100000 | 84322 |
| Alexandria Real Estate Equities, Inc., Gtd. Notes<sup>(a)</sup> <br>| 4.75 | 4/15/2035 | 100000 | 96924 |
| American Tower Corp., Sr. Unscd. Notes | 3.80 | 8/15/2029 | 90000 | 88382 |
| American Tower Corp., Sr. Unscd. Notes | 5.00 | 1/31/2030 | 250000 | 256415 |
| Boston Properties LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 12/1/2028 | 100000 | 100157 |
| COPT Defense Properties LP, Gtd. Notes<sup>(a)</sup> <br>| 2.00 | 1/15/2029 | 100000 | 93093 |
| Crown Castle, Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 200000 | 178287 |
| Crown Castle, Inc., Sr. Unscd. Notes | 5.80 | 3/1/2034 | 100000 | 105548 |
| Equinix, Inc., Sr. Unscd. Notes | 3.40 | 2/15/2052 | 200000 | 140173 |
| Essex Portfolio LP, Gtd. Notes | 2.65 | 3/15/2032 | 150000 | 134172 |
| Federal Realty OP LP, Sr. Unscd. Notes | 5.38 | 5/1/2028 | 100000 | 102639 |
| First Industrial LP, Gtd. Notes | 5.25 | 1/15/2031 | 100000 | 102368 |
| Host Hotels & Resorts LP, Sr. Unscd. Notes | 5.70 | 6/15/2032 | 100000 | 103527 |
| Host Hotels & Resorts LP, Sr. Unscd. Notes | 5.70 | 7/1/2034 | 100000 | 102621 |
| Invitation Homes Operating Partnership LP, Gtd. Notes | 5.45 | 8/15/2030 | 100000 | 103896 |
| Invitation Homes Operating Partnership LP, Gtd. Notes | 5.50 | 8/15/2033 | 100000 | 104200 |
| Kimco Realty OP LLC, Gtd. Notes | 2.70 | 10/1/2030 | 200000 | 185237 |
| Mid-America Apartments LP, Sr. Unscd. Notes | 5.30 | 2/15/2032 | 100000 | 104062 |
| NNN REIT, Inc., Sr. Unscd. Notes | 5.60 | 10/15/2033 | 100000 | 104808 |
| Prologis LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.25 | 4/15/2030 | 170000 | 157109 |
| Prologis LP, Sr. Unscd. Notes | 3.00 | 4/15/2050 | 35000 | 23691 |
| Prologis LP, Sr. Unscd. Notes | 4.75 | 1/15/2031 | 100000 | 102115 |
| Realty Income Corp., Sr. Unscd. Notes | 3.95 | 8/15/2027 | 100000 | 99858 |
| Realty Income Corp., Sr. Unscd. Notes | 4.70 | 12/15/2028 | 100000 | 101801 |
| Realty Income Corp., Sr. Unscd. Notes | 4.90 | 7/15/2033 | 100000 | 101457 |
| Rexford Industrial Realty LP, Gtd. Notes | 2.15 | 9/1/2031 | 200000 | 174688 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.65 | 7/15/2030 | 200000 | 186788 |
| Simon Property Group LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.25 | 9/13/2049 | 65000 | 45683 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.80 | 7/15/2050 | 100000 | 77107 |
| Simon Property Group LP, Sr. Unscd. Notes | 6.25 | 1/15/2034 | 50000 | 54924 |
| Tanger Properties LP, Sr. Unscd. Notes<sup>(a)</sup> <br>| 2.75 | 9/1/2031 | 100000 | 89933 |
| UDR, Inc., Gtd. Notes | 2.10 | 8/1/2032 | 100000 | 85505 |
| Ventas Realty LP, Gtd. Notes | 4.00 | 3/1/2028 | 150000 | 149423 |
| Ventas Realty LP, Gtd. Notes | 4.88 | 4/15/2049 | 100000 | 89323 |
| Welltower OP LLC, Gtd. Notes | 4.13 | 3/15/2029 | 200000 | 199962 |
|  |  |  |  | **4030198** |
| **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** | **Retailing — .7%** |
| AutoZone, Inc., Sr. Unscd. Notes | 5.13 | 6/15/2030 | 100000 | 103315 |
| AutoZone, Inc., Sr. Unscd. Notes | 5.20 | 8/1/2033 | 100000 | 103012 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 1.60 | 4/20/2030 | 100000 | 90426 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 3.00 | 5/18/2027 | 100000 | 98981 |
| Dollar Tree, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.20 | 5/15/2028 | 95000 | 94651 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 2.80 | 9/15/2041 | 100000 | 72443 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.00 | 10/15/2050 | 100000 | 64926 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 3.65 | 4/5/2029 | 80000 | 78693 |
| Lowe's Companies, Inc., Sr. Unscd. Notes | 4.00 | 10/15/2028 | 255000 | 254495 |
| Lowe's Companies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.00 | 4/15/2033 | 100000 | 102207 |
| Lowe's Companies, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.80 | 9/15/2062 | 150000 | 150152 |
| McDonald's Corp., Sr. Unscd. Notes | 3.63 | 9/1/2049 | 50000 | 37388 |
| McDonald's Corp., Sr. Unscd. Notes | 5.45 | 8/14/2053 | 200000 | 197822 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** | **Retailing — .7% (continued)** |
| O'Reilly Automotive, Inc., Sr. Unscd. Notes | 1.75 | 3/15/2031 | 300000 | 261624 |
| Starbucks Corp., Sr. Unscd. Notes | 4.45 | 8/15/2049 | 100000 | 84398 |
| Starbucks Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.80 | 2/15/2033 | 100000 | 101556 |
| Starbucks Corp., Sr. Unscd. Notes | 4.85 | 2/8/2027 | 100000 | 100864 |
| Target Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 9/15/2032 | 75000 | 75518 |
| The Home Depot, Inc., Sr. Unscd. Notes | 3.35 | 4/15/2050 | 250000 | 180530 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.65 | 9/15/2035 | 100000 | 99053 |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.75 | 6/25/2029 | 200000 | 204851 |
| The Home Depot, Inc., Sr. Unscd. Notes | 5.88 | 12/16/2036 | 150000 | 163000 |
| Walmart, Inc., Sr. Unscd. Notes | 3.90 | 4/15/2028 | 100000 | 100438 |
| Walmart, Inc., Sr. Unscd. Notes | 3.95 | 6/28/2038 | 90000 | 84393 |
| Walmart, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.00 | 4/15/2030 | 100000 | 100818 |
| Walmart, Inc., Sr. Unscd. Notes | 4.50 | 9/9/2052 | 150000 | 134925 |
|  |  |  |  | **3140479** |
| **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** | **Semiconductors & Semiconductor Equipment — .6%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes | 3.50 | 1/15/2028 | 110000 | 108913 |
| Broadcom, Inc., Gtd. Notes | 2.60 | 2/15/2033 | 200000 | 176631 |
| Broadcom, Inc., Gtd. Notes | 3.50 | 2/15/2041 | 200000 | 165505 |
| Broadcom, Inc., Sr. Unscd. Notes | 4.80 | 2/15/2036 | 275000 | 273070 |
| Broadcom, Inc., Sr. Unscd. Notes | 5.05 | 7/12/2029 | 200000 | 206004 |
| Intel Corp., Sr. Unscd. Notes | 3.25 | 11/15/2049 | 150000 | 100029 |
| Intel Corp., Sr. Unscd. Notes | 5.00 | 2/21/2031 | 200000 | 204903 |
| Intel Corp., Sr. Unscd. Notes | 5.05 | 8/5/2062 | 65000 | 55045 |
| Intel Corp., Sr. Unscd. Notes | 5.13 | 2/10/2030 | 100000 | 102773 |
| Intel Corp., Sr. Unscd. Notes | 5.20 | 2/10/2033 | 100000 | 101883 |
| Intel Corp., Sr. Unscd. Notes | 5.70 | 2/10/2053 | 100000 | 96205 |
| KLA Corp., Sr. Unscd. Notes | 5.25 | 7/15/2062 | 200000 | 192638 |
| Microchip Technology, Inc., Gtd. Notes | 5.05 | 3/15/2029 | 100000 | 101969 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.88 | 2/9/2033 | 100000 | 106155 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.88 | 9/15/2033 | 100000 | 106546 |
| NVIDIA Corp., Sr. Unscd. Notes | 1.55 | 6/15/2028 | 300000 | 283843 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 4.30 | 8/19/2028 | 100000 | 100182 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 4.30 | 5/20/2047 | 120000 | 102994 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 4.50 | 5/20/2030 | 50000 | 50744 |
| QUALCOMM, Inc., Sr. Unscd. Notes | 4.50 | 5/20/2052 | 25000 | 21676 |
| QUALCOMM, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.40 | 5/20/2033 | 100000 | 106236 |
| Texas Instruments, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.60 | 2/8/2029 | 200000 | 204304 |
|  |  |  |  | **2968248** |
| **Supranational Bank — 1.3%** | **Supranational Bank — 1.3%** | **Supranational Bank — 1.3%** | **Supranational Bank — 1.3%** | **Supranational Bank — 1.3%** |
| African Development Bank, Sr. Unscd. Bonds | 4.00 | 3/18/2030 | 200000 | 202164 |
| African Development Bank, Sr. Unscd. Notes | 4.13 | 2/25/2027 | 200000 | 200953 |
| Asian Development Bank, Sr. Unscd. Notes | 1.50 | 3/4/2031 | 200000 | 178005 |
| Asian Development Bank, Sr. Unscd. Notes | 1.88 | 1/24/2030 | 100000 | 92898 |
| Asian Development Bank, Sr. Unscd. Notes | 2.75 | 1/19/2028 | 90000 | 88347 |
| Asian Development Bank, Sr. Unscd. Notes | 3.88 | 9/28/2032 | 100000 | 99619 |
| Asian Development Bank, Sr. Unscd. Notes | 4.00 | 1/12/2033 | 55000 | 55100 |
| Asian Development Bank, Sr. Unscd. Notes | 4.13 | 1/12/2027 | 300000 | 301284 |
| Asian Development Bank, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 1/14/2028 | 150000 | 152380 |
| Asian Development Bank, Sr. Unscd. Notes | 4.38 | 3/22/2035 | 200000 | 204122 |
| Corp Andina de Fomento, Sr. Unscd. Notes | 4.13 | 1/7/2028 | 100000 | 100475 |

---

**19**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Supranational Bank — 1.3% (continued)** | **Supranational Bank — 1.3% (continued)** | **Supranational Bank — 1.3% (continued)** | **Supranational Bank — 1.3% (continued)** | **Supranational Bank — 1.3% (continued)** |
| Corp Andina de Fomento, Sr. Unscd. Notes | 5.00 | 1/24/2029 | 100000 | 103089 |
| Council of Europe Development Bank, Sr. Unscd. Notes | 3.63 | 5/8/2028 | 100000 | 99940 |
| European Investment Bank, Sr. Unscd. Bonds | 1.63 | 10/9/2029 | 150000 | 138879 |
| European Investment Bank, Sr. Unscd. Bonds | 3.75 | 2/14/2033 | 100000 | 98756 |
| European Investment Bank, Sr. Unscd. Notes | 2.38 | 5/24/2027 | 500000 | 490352 |
| European Investment Bank, Sr. Unscd. Notes | 3.88 | 3/15/2028 | 130000 | 130738 |
| European Investment Bank, Sr. Unscd. Notes | 4.00 | 2/15/2029 | 200000 | 202142 |
| European Investment Bank, Sr. Unscd. Notes | 4.38 | 3/19/2027 | 300000 | 302709 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.13 | 9/18/2028 | 150000 | 147916 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 9/14/2029 | 100000 | 99318 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 4/12/2033 | 100000 | 96731 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.63 | 9/17/2031 | 100000 | 98738 |
| Inter-American Development Bank, Sr. Unscd. Notes | 4.38 | 2/1/2027 | 100000 | 100736 |
| Inter-American Development Bank, Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.38 | 7/16/2035 | 200000 | 203549 |
| Inter-American Investment Corp., Sr. Unscd. Notes | 4.13 | 2/15/2028 | 100000 | 100806 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds<sup>(a)</sup> <br>| 1.25 | 2/10/2031 | 175000 | 153875 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.88 | 10/16/2029 | 300000 | 301965 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 3.88 | 2/14/2030 | 100000 | 100623 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 0.88 | 5/14/2030 | 200000 | 176398 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 3.50 | 7/12/2028 | 100000 | 99648 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.00 | 1/10/2031 | 300000 | 302966 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.50 | 4/10/2031 | 300000 | 310176 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 4.63 | 1/15/2032 | 115000 | 119604 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes, Ser. GDIF | 1.38 | 4/20/2028 | 300000 | 284207 |
| Nordic Investment Bank, Sr. Unscd. Notes | 3.38 | 9/8/2027 | 200000 | 198884 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | 3.75 | 9/14/2027 | 100000 | 100153 |
|  |  |  |  | **6238245** |
| **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** | **Technology Hardware & Equipment — .6%** |
| Amdocs Ltd., Sr. Unscd. Notes | 2.54 | 6/15/2030 | 200000 | 183580 |
| Apple, Inc., Sr. Unscd. Bonds | 4.75 | 5/12/2035 | 100000 | 102242 |
| Apple, Inc., Sr. Unscd. Notes | 1.65 | 2/8/2031 | 175000 | 155197 |
| Apple, Inc., Sr. Unscd. Notes | 2.65 | 5/11/2050 | 120000 | 76434 |
| Apple, Inc., Sr. Unscd. Notes | 2.80 | 2/8/2061 | 100000 | 60317 |
| Apple, Inc., Sr. Unscd. Notes | 2.95 | 9/11/2049 | 75000 | 51368 |
| Apple, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.20 | 5/11/2027 | 200000 | 198505 |
| Apple, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 3.35 | 8/8/2032 | 45000 | 42970 |
| Apple, Inc., Sr. Unscd. Notes | 4.00 | 5/12/2028 | 100000 | 100482 |
| Apple, Inc., Sr. Unscd. Notes | 4.10 | 8/8/2062 | 75000 | 60278 |
| Apple, Inc., Sr. Unscd. Notes | 4.15 | 5/10/2030 | 100000 | 101087 |
| Apple, Inc., Sr. Unscd. Notes | 4.85 | 5/10/2053 | 200000 | 194204 |
| Booz Allen Hamilton, Inc., Gtd. Notes<sup>(a)</sup> <br>| 5.95 | 8/4/2033 | 100000 | 104585 |
| Dell International LLC/EMC Corp., Gtd. Notes<sup>(a)</sup> <br>| 3.45 | 12/15/2051 | 17000 | 11923 |
| Dell International LLC/EMC Corp., Gtd. Notes | 5.40 | 4/15/2034 | 100000 | 103107 |
| Dell International LLC/EMC Corp., Gtd. Notes | 5.75 | 2/1/2033 | 200000 | 211373 |
| Dell International LLC/EMC Corp., Sr. Unscd. Notes | 8.35 | 7/15/2046 | 28000 | 36251 |
| DXC Technology Co., Sr. Unscd. Notes | 2.38 | 9/15/2028 | 150000 | 141687 |
| International Business Machines Corp., Sr. Unscd. Notes | 1.70 | 5/15/2027 | 100000 | 96689 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.50 | 5/15/2029 | 220000 | 215642 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.15 | 5/15/2039 | 105000 | 94491 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.25 | 5/15/2049 | 160000 | 132702 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** | **Technology Hardware & Equipment — .6% (continued)** |
| Leidos, Inc., Gtd. Notes | 2.30 | 2/15/2031 | 200000 | 179241 |
| NetApp, Inc., Sr. Unscd. Notes | 2.70 | 6/22/2030 | 200000 | 185867 |
|  |  |  |  | **2840222** |
| **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** |
| America Movil SAB de CV, Gtd. Notes | 6.38 | 3/1/2035 | 100000 | 111055 |
| America Movil SAB de CV, Sr. Unscd. Notes | 4.38 | 4/22/2049 | 100000 | 85955 |
| AT&T, Inc., Sr. Unscd. Notes | 3.50 | 9/15/2053 | 165000 | 113000 |
| AT&T, Inc., Sr. Unscd. Notes | 3.80 | 12/1/2057 | 300000 | 212003 |
| AT&T, Inc., Sr. Unscd. Notes | 4.35 | 3/1/2029 | 200000 | 200669 |
| AT&T, Inc., Sr. Unscd. Notes | 4.50 | 5/15/2035 | 150000 | 144321 |
| AT&T, Inc., Sr. Unscd. Notes | 4.50 | 3/9/2048 | 341000 | 287812 |
| AT&T, Inc., Sr. Unscd. Notes | 5.55 | 11/1/2045 | 75000 | 73627 |
| British Telecommunications PLC, Sr. Unscd. Notes | 9.63 | 12/15/2030 | 175000 | 214145 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.05 | 2/26/2034 | 100000 | 103129 |
| Cisco Systems, Inc., Sr. Unscd. Notes | 5.50 | 1/15/2040 | 250000 | 260778 |
| Corning, Inc., Sr. Unscd. Notes | 3.90 | 11/15/2049 | 150000 | 119094 |
| Deutsche Telekom International Finance BV, Gtd. Bonds | 8.75 | 6/15/2030 | 300000 | 353071 |
| Motorola Solutions, Inc., Sr. Unscd. Notes | 5.00 | 4/15/2029 | 100000 | 102490 |
| Orange SA, Sr. Unscd. Notes | 9.00 | 3/1/2031 | 150000 | 181578 |
| Rogers Communications, Inc., Gtd. Bonds | 7.50 | 8/15/2038 | 125000 | 145621 |
| Telefonica Emisiones SA, Gtd. Notes | 5.21 | 3/8/2047 | 150000 | 134578 |
| Telefonica Emisiones SA, Gtd. Notes | 7.05 | 6/20/2036 | 100000 | 112792 |
| T-Mobile USA, Inc., Gtd. Notes | 2.05 | 2/15/2028 | 150000 | 143305 |
| T-Mobile USA, Inc., Gtd. Notes | 2.55 | 2/15/2031 | 200000 | 181957 |
| T-Mobile USA, Inc., Gtd. Notes | 4.50 | 4/15/2050 | 100000 | 83677 |
| T-Mobile USA, Inc., Gtd. Notes | 4.63 | 1/15/2033 | 100000 | 99259 |
| T-Mobile USA, Inc., Gtd. Notes | 4.95 | 11/15/2035 | 100000 | 99347 |
| T-Mobile USA, Inc., Gtd. Notes | 5.05 | 7/15/2033 | 100000 | 101728 |
| T-Mobile USA, Inc., Gtd. Notes | 5.65 | 1/15/2053 | 200000 | 196854 |
| T-Mobile USA, Inc., Gtd. Notes | 5.80 | 9/15/2062 | 100000 | 100009 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 125000 | 109343 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 2.88 | 11/20/2050 | 200000 | 126306 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 3.70 | 3/22/2061 | 200000 | 139462 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 227000 | 224917 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.33 | 9/21/2028 | 250000 | 251402 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.78 | 2/15/2035 | 300000 | 294079 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.63 | 2/10/2053 | 100000 | 97378 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.75 | 2/10/2063 | 30000 | 29121 |
| Vodafone Group PLC, Sr. Unscd. Notes | 7.88 | 2/15/2030 | 13000 | 14850 |
|  |  |  |  | **5248712** |
| **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 6.15 | 5/1/2037 | 300000 | 334837 |
| Canadian National Railway Co., Sr. Unscd. Notes | 4.38 | 9/18/2034 | 150000 | 147059 |
| Canadian Pacific Railway Co., Gtd. Notes | 4.95 | 8/15/2045 | 150000 | 141589 |
| CSX Corp., Sr. Unscd. Notes | 3.80 | 3/1/2028 | 200000 | 199175 |
| CSX Corp., Sr. Unscd. Notes | 4.30 | 3/1/2048 | 50000 | 42696 |
| CSX Corp., Sr. Unscd. Notes | 4.90 | 3/15/2055 | 100000 | 91736 |
| FedEx Corp., Gtd. Notes | 4.10 | 2/1/2045 | 200000 | 160633 |
| FedEx Corp., Gtd. Notes | 4.55 | 4/1/2046 | 100000 | 84064 |
| FedEx Corp., Gtd. Notes | 4.95 | 10/17/2048 | 100000 | 88181 |

---

**21**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Transportation — .4% (continued)** | **Transportation — .4% (continued)** | **Transportation — .4% (continued)** | **Transportation — .4% (continued)** | **Transportation — .4% (continued)** |
| Norfolk Southern Corp., Sr. Unscd. Notes | 5.05 | 8/1/2030 | 100000 | 103670 |
| Norfolk Southern Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 5.35 | 8/1/2054 | 100000 | 97973 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.80 | 4/6/2071 | 55000 | 38738 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.84 | 3/20/2060 | 143000 | 105980 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.85 | 2/14/2072 | 50000 | 35820 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.95 | 9/10/2028 | 105000 | 104912 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 3.75 | 11/15/2047 | 80000 | 62920 |
| United Parcel Service, Inc., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.88 | 3/3/2033 | 100000 | 103229 |
| United Parcel Service, Inc., Sr. Unscd. Notes | 6.05 | 5/14/2065 | 100000 | 105045 |
|  |  |  |  | **2048257** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K103, Cl. A2<sup>(c)</sup> <br>| 2.65 | 11/25/2029 | 400000 | 380930 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K104, Cl. A2<sup>(c)</sup> <br>| 2.25 | 1/25/2030 | 400000 | 374524 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K106, Cl. A1<sup>(c)</sup> <br>| 1.78 | 10/25/2029 | 147707 | 141257 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K112, Cl. A2<sup>(c)</sup> <br>| 1.31 | 5/25/2030 | 200000 | 178190 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K126, Cl. A2<sup>(c)</sup> <br>| 2.07 | 1/25/2031 | 400000 | 363675 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1514, Cl. A2<sup>(c)</sup> <br>| 2.86 | 10/25/2034 | 400000 | 354558 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1516, Cl. A2<sup>(c)</sup> <br>| 1.72 | 5/25/2035 | 200000 | 158713 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. K1521, Cl. A2<sup>(c)</sup> <br>| 2.18 | 8/25/2036 | 300000 | 241980 |
| Federal National Mortgage Association, ACES, Ser. 2017-M12, Cl. A2<sup>(c)</sup> <br>| 3.06 | 6/25/2027 | 519753 | 511620 |
| Federal National Mortgage Association, ACES, Ser. 2018-M1, Cl. A2<sup>(c)</sup> <br>| 2.99 | 12/25/2027 | 248865 | 244395 |
| Federal National Mortgage Association, ACES, Ser. 2018-M10, Cl. A2<sup>(c)</sup> <br>| 3.35 | 7/25/2028 | 193315 | 190963 |
| Federal National Mortgage Association, ACES, Ser. 2019-M12, Cl. A2<sup>(c)</sup> <br>| 2.89 | 6/25/2029 | 239455 | 230424 |
| Federal National Mortgage Association, ACES, Ser. 2020-M1, Cl. A2<sup>(c)</sup> <br>| 2.44 | 10/25/2029 | 200000 | 187569 |
| Federal National Mortgage Association, ACES, Ser. 2020-M14, Cl. A2<sup>(c)</sup> <br>| 1.78 | 5/25/2030 | 278469 | 253035 |
| Federal National Mortgage Association, ACES, Ser. 2022-M1, Cl. A2<sup>(c)</sup> <br>| 1.67 | 10/25/2031 | 200000 | 173280 |
|  |  |  |  | **3985113** |
| **U.S. Government Agencies Mortgage-Backed — 26.4%** | **U.S. Government Agencies Mortgage-Backed — 26.4%** | **U.S. Government Agencies Mortgage-Backed — 26.4%** | **U.S. Government Agencies Mortgage-Backed — 26.4%** | **U.S. Government Agencies Mortgage-Backed — 26.4%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 1.50%, 2/1/2036-3/1/2052<sup>(c)</sup> <br>|  |  | 2169083 | 1820188 |
| 2.00%, 8/1/2028-4/1/2052<sup>(c)</sup> <br>|  |  | 10892943 | 9075989 |
| 2.50%, 3/1/2028-5/1/2052<sup>(c)</sup> <br>|  |  | 7502204 | 6500195 |
| 3.00%, 10/1/2026-3/1/2052<sup>(c)</sup> <br>|  |  | 4388449 | 4047177 |
| 3.50%, 11/1/2025-7/1/2052<sup>(c)</sup> <br>|  |  | 1795490 | 1696606 |
| 4.00%, 9/1/2035-7/1/2052<sup>(c)</sup> <br>|  |  | 1399190 | 1354787 |
| 4.50%, 8/1/2030-11/1/2052<sup>(c)</sup> <br>|  |  | 1722825 | 1713065 |
| 5.00%, 7/1/2028-2/1/2048<sup>(c)</sup> <br>|  |  | 366273 | 375782 |
| 5.50%, 5/1/2027-2/1/2053<sup>(c)</sup> <br>|  |  | 245278 | 250721 |
| 6.00%, 8/1/2028-7/1/2039<sup>(c)</sup> <br>|  |  | 172735 | 180755 |
| 6.33%, 8/1/2034, (1 Year U.S. Treasury Yield Curve Constant Rate +2.25%)<sup>(c),(d)</sup> <br>|  |  | 165 | 169 |
| 6.50%, 4/1/2026-9/1/2037<sup>(c)</sup> <br>|  |  | 37903 | 40027 |
| 7.00%, 1/1/2028-9/1/2031<sup>(c)</sup> <br>|  |  | 3413 | 3571 |
| 7.50%, 8/1/2027-7/1/2030<sup>(c)</sup> <br>|  |  | 231 | 236 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** |
| 8.00%, 5/1/2026-10/1/2031<sup>(c)</sup> <br>|  |  | 468 | 483 |
| 8.50%, 6/1/2030<sup>(c)</sup> <br>|  |  | 45 | 47 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 1.50%, 9/1/2035-9/1/2051<sup>(c)</sup> <br>|  |  | 3468542 | 2876891 |
| 2.00%, 7/1/2028-6/1/2052<sup>(c)</sup> <br>|  |  | 15718147 | 13137000 |
| 2.50%, 7/1/2027-5/1/2052<sup>(c)</sup> <br>|  |  | 11491979 | 9950037 |
| 3.00%, 10/1/2026-3/1/2052<sup>(c)</sup> <br>|  |  | 8927140 | 8178727 |
| 3.50%, 11/1/2040<sup>(c),(e)</sup> <br>|  |  | 25000 | 24219 |
| 3.50%, 11/1/2025-6/1/2052<sup>(c)</sup> <br>|  |  | 4548278 | 4310539 |
| 4.00%, 11/1/2040<sup>(c),(e)</sup> <br>|  |  | 150000 | 147642 |
| 4.00%, 3/1/2026-9/1/2052<sup>(c)</sup> <br>|  |  | 3774319 | 3675380 |
| 4.50%, 11/1/2040-11/1/2055<sup>(c),(e)</sup> <br>|  |  | 1025000 | 1003333 |
| 4.50%, 9/1/2030-4/1/2049<sup>(c)</sup> <br>|  |  | 1142260 | 1145693 |
| 5.00%, 11/1/2040-12/15/2055<sup>(c),(e)</sup> <br>|  |  | 4375000 | 4357958 |
| 5.00%, 11/1/2028-6/1/2049<sup>(c)</sup> <br>|  |  | 529250 | 542520 |
| 5.50%, 11/1/2040-12/1/2055<sup>(c),(e)</sup> <br>|  |  | 7125000 | 7201481 |
| 5.50%, 1/1/2032-12/1/2038<sup>(c)</sup> <br>|  |  | 287183 | 296907 |
| 6.00%, 11/1/2040-12/1/2055<sup>(c),(e)</sup> <br>|  |  | 7075000 | 7236627 |
| 6.00%, 12/1/2028-11/1/2038<sup>(c)</sup> <br>|  |  | 369684 | 387215 |
| 6.50%, 11/1/2055-12/1/2055<sup>(c),(e)</sup> <br>|  |  | 3100000 | 3210513 |
| 6.50%, 2/1/2028-10/1/2037<sup>(c)</sup> <br>|  |  | 86819 | 90538 |
| 7.00%, 11/1/2055<sup>(c),(e)</sup> <br>|  |  | 725000 | 758899 |
| 7.00%, 9/1/2026-7/1/2032<sup>(c)</sup> <br>|  |  | 5780 | 6040 |
| 7.50%, 4/1/2026-6/1/2031<sup>(c)</sup> <br>|  |  | 3029 | 3084 |
| 8.00%, 5/1/2027-8/1/2030<sup>(c)</sup> <br>|  |  | 334 | 343 |
| 8.50%, 7/1/2030<sup>(c)</sup> <br>|  |  | 72 | 76 |
| Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: |
| 2.50%, 2/15/2028-9/15/2046 |  |  | 74047 | 65469 |
| 3.00%, 9/15/2042-8/15/2045 |  |  | 352227 | 321513 |
| 3.50%, 2/15/2026-8/15/2045 |  |  | 265761 | 250206 |
| 4.00%, 2/15/2041-9/15/2045 |  |  | 296710 | 286621 |
| 4.50%, 3/15/2039-2/15/2041 |  |  | 298358 | 300038 |
| 5.00%, 7/15/2033-4/15/2040 |  |  | 349876 | 358774 |
| 5.50%, 2/15/2033-11/15/2038 |  |  | 144315 | 148410 |
| 6.00%, 1/15/2029-10/15/2036 |  |  | 43179 | 44665 |
| 6.50%, 9/15/2031-11/15/2033 |  |  | 13699 | 14141 |
| 7.00%, 10/15/2027-8/15/2032 |  |  | 9710 | 9951 |
| 7.50%, 12/15/2026-11/15/2030 |  |  | 3126 | 3155 |
| 8.00%, 12/15/2029-3/15/2032 |  |  | 1834 | 1928 |
| 8.25%, 6/15/2027 |  |  | 100 | 101 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 2.00%, 9/20/2050-5/20/2052 |  |  | 4745159 | 3951852 |
| 2.50%, 3/20/2027-7/20/2052 |  |  | 5363850 | 4659105 |
| 3.00%, 1/20/2028-5/20/2052 |  |  | 4766958 | 4349862 |
| 3.50%, 9/20/2028-9/20/2052 |  |  | 3836615 | 3599691 |
| 4.00%, 9/20/2043-9/20/2052 |  |  | 1667501 | 1610210 |
| 4.50%, 11/20/2055<sup>(e)</sup> <br>|  |  | 550000 | 536879 |
| 4.50%, 7/20/2041-8/20/2052 |  |  | 1372830 | 1369665 |
| 5.00%, 11/20/2055-12/20/2055<sup>(e)</sup> <br>|  |  | 2425000 | 2417854 |
| 5.00%, 9/20/2040-2/20/2049 |  |  | 103468 | 106149 |

---

**23**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** | **U.S. Government Agencies Mortgage-Backed — 26.4% (continued)** |
| 5.50%, 11/20/2055-12/20/2055<sup>(e)</sup> <br>|  |  | 3350000 | 3378057 |
| 5.50%, 10/20/2031-6/20/2041 |  |  | 25450 | 26335 |
| 6.00%, 11/20/2055-12/15/2055<sup>(e)</sup> <br>|  |  | 2175000 | 2213833 |
| 6.50%, 11/20/2055-12/20/2055<sup>(e)</sup> <br>|  |  | 775000 | 799098 |
| 6.50%, 2/20/2028 |  |  | 42 | 43 |
| 7.00%, 11/20/2055<sup>(e)</sup> <br>|  |  | 175000 | 180059 |
|  |  |  |  | **126605124** |
| **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** | **U.S. Government Agencies Obligations — .6%** |
| Federal Farm Credit Banks Funding Corp., Bonds | 1.65 | 7/23/2035 | 200000 | 156031 |
| Federal Home Loan Banks, Bonds | 3.25 | 11/16/2028 | 500000 | 494809 |
| Federal Home Loan Banks, Bonds | 5.50 | 7/15/2036 | 480000 | 528459 |
| Federal National Mortgage Association, Notes<sup>(c)</sup> <br>| 0.88 | 12/18/2026 | 325000 | 314575 |
| Federal National Mortgage Association, Notes<sup>(c)</sup> <br>| 6.25 | 5/15/2029 | 540000 | 586362 |
| Federal National Mortgage Association, Unscd. Notes<sup>(c)</sup> <br>| 0.75 | 10/8/2027 | 500000 | 473229 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 5.25 | 9/15/2039 | 150000 | 160414 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 6.15 | 1/15/2038 | 165000 | 193773 |
|  |  |  |  | **2907652** |
| **U.S. Treasury Securities — 45.1%** | **U.S. Treasury Securities — 45.1%** | **U.S. Treasury Securities — 45.1%** | **U.S. Treasury Securities — 45.1%** | **U.S. Treasury Securities — 45.1%** |
| U.S. Treasury Bonds | 1.13 | 5/15/2040 | 800000 | 514937 |
| U.S. Treasury Bonds | 1.63 | 11/15/2050 | 465000 | 252953 |
| U.S. Treasury Bonds | 1.75 | 8/15/2041 | 120000 | 82223 |
| U.S. Treasury Bonds | 1.88 | 2/15/2041 | 85000 | 60284 |
| U.S. Treasury Bonds | 1.88 | 11/15/2051 | 1995000 | 1142488 |
| U.S. Treasury Bonds | 2.00 | 11/15/2041 | 960000 | 680756 |
| U.S. Treasury Bonds | 2.00 | 8/15/2051 | 1350000 | 800719 |
| U.S. Treasury Bonds | 2.25 | 8/15/2049 | 705000 | 455496 |
| U.S. Treasury Bonds | 2.25 | 2/15/2052 | 1220000 | 765860 |
| U.S. Treasury Bonds | 2.38 | 2/15/2042 | 295000 | 220645 |
| U.S. Treasury Bonds | 2.38 | 11/15/2049 | 425000 | 281297 |
| U.S. Treasury Bonds | 2.38 | 5/15/2051 | 2195000 | 1428679 |
| U.S. Treasury Bonds | 2.50 | 2/15/2045 | 125000 | 90561 |
| U.S. Treasury Bonds | 2.50 | 5/15/2046 | 225000 | 160022 |
| U.S. Treasury Bonds | 2.75 | 8/15/2042 | 310000 | 243302 |
| U.S. Treasury Bonds | 2.75 | 11/15/2042 | 1022000 | 798358 |
| U.S. Treasury Bonds | 2.75 | 8/15/2047 | 1470000 | 1077751 |
| U.S. Treasury Bonds | 2.75 | 11/15/2047 | 85000 | 62160 |
| U.S. Treasury Bonds | 2.88 | 5/15/2043 | 2040000 | 1612317 |
| U.S. Treasury Bonds | 2.88 | 11/15/2046 | 385000 | 291615 |
| U.S. Treasury Bonds | 2.88 | 5/15/2049 | 2386000 | 1759023 |
| U.S. Treasury Bonds | 2.88 | 5/15/2052 | 2415000 | 1742290 |
| U.S. Treasury Bonds | 3.00 | 5/15/2042 | 320000 | 261700 |
| U.S. Treasury Bonds | 3.00 | 11/15/2044 | 185000 | 146287 |
| U.S. Treasury Bonds | 3.00 | 11/15/2045 | 120000 | 93923 |
| U.S. Treasury Bonds | 3.00 | 2/15/2047 | 1140000 | 880383 |
| U.S. Treasury Bonds | 3.00 | 5/15/2047 | 90000 | 69318 |
| U.S. Treasury Bonds | 3.00 | 2/15/2048 | 140000 | 106898 |
| U.S. Treasury Bonds | 3.00 | 8/15/2048 | 560000 | 425644 |
| U.S. Treasury Bonds | 3.00 | 2/15/2049 | 185000 | 139993 |
| U.S. Treasury Bonds | 3.00 | 8/15/2052 | 1160000 | 857720 |
| U.S. Treasury Bonds | 3.13 | 11/15/2041 | 430000 | 361066 |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** |
| U.S. Treasury Bonds | 3.13 | 2/15/2042 | 175000 | 146207 |
| U.S. Treasury Bonds | 3.13 | 2/15/2043 | 365000 | 300483 |
| U.S. Treasury Bonds | 3.13 | 5/15/2048 | 180000 | 140309 |
| U.S. Treasury Bonds | 3.25 | 5/15/2042 | 365000 | 309430 |
| U.S. Treasury Bonds | 3.38 | 8/15/2042 | 540000 | 464189 |
| U.S. Treasury Bonds | 3.38 | 5/15/2044 | 1000000 | 842930 |
| U.S. Treasury Bonds | 3.38 | 11/15/2048 | 1285000 | 1042757 |
| U.S. Treasury Bonds | 3.63 | 8/15/2043 | 615000 | 541008 |
| U.S. Treasury Bonds | 3.63 | 2/15/2044 | 1798000 | 1574795 |
| U.S. Treasury Bonds | 3.63 | 2/15/2053 | 375000 | 313169 |
| U.S. Treasury Bonds | 3.63 | 5/15/2053 | 1770000 | 1476740 |
| U.S. Treasury Bonds | 3.75 | 8/15/2041 | 1340000 | 1225053 |
| U.S. Treasury Bonds | 3.75 | 11/15/2043 | 1730000 | 1545917 |
| U.S. Treasury Bonds | 3.88 | 8/15/2040 | 95000 | 89144 |
| U.S. Treasury Bonds | 3.88 | 2/15/2043 | 1060000 | 970583 |
| U.S. Treasury Bonds | 3.88 | 5/15/2043 | 1055000 | 964130 |
| U.S. Treasury Bonds | 4.00 | 11/15/2042 | 455000 | 424207 |
| U.S. Treasury Bonds | 4.00 | 11/15/2052 | 220000 | 196685 |
| U.S. Treasury Bonds | 4.13 | 8/15/2044 | 710000 | 664765 |
| U.S. Treasury Bonds | 4.13 | 8/15/2053 | 1665000 | 1519833 |
| U.S. Treasury Bonds | 4.25 | 5/15/2039 | 880000 | 871441 |
| U.S. Treasury Bonds | 4.25 | 2/15/2054 | 720000 | 671259 |
| U.S. Treasury Bonds | 4.25 | 8/15/2054 | 1280000 | 1193900 |
| U.S. Treasury Bonds | 4.38 | 2/15/2038 | 140000 | 142144 |
| U.S. Treasury Bonds | 4.38 | 11/15/2039 | 655000 | 653618 |
| U.S. Treasury Bonds | 4.38 | 5/15/2040 | 130000 | 129340 |
| U.S. Treasury Bonds | 4.38 | 5/15/2041 | 550000 | 543426 |
| U.S. Treasury Bonds | 4.38 | 8/15/2043 | 650000 | 632442 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.50 | 2/15/2036 | 30000 | 31131 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.50 | 5/15/2038 | 15000 | 15409 |
| U.S. Treasury Bonds | 4.50 | 8/15/2039 | 360000 | 364774 |
| U.S. Treasury Bonds | 4.50 | 2/15/2044 | 335000 | 330341 |
| U.S. Treasury Bonds | 4.50 | 11/15/2054 | 640000 | 622612 |
| U.S. Treasury Bonds | 4.63 | 5/15/2044 | 335000 | 335327 |
| U.S. Treasury Bonds | 4.63 | 11/15/2044 | 150000 | 149865 |
| U.S. Treasury Bonds | 4.63 | 5/15/2054 | 1300000 | 1289742 |
| U.S. Treasury Bonds | 4.63 | 2/15/2055 | 600000 | 595781 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.75 | 2/15/2041 | 590000 | 608829 |
| U.S. Treasury Bonds | 4.75 | 11/15/2043 | 85000 | 86609 |
| U.S. Treasury Bonds | 4.75 | 11/15/2053 | 1750000 | 1770508 |
| U.S. Treasury Bonds | 4.75 | 8/15/2055 | 1400000 | 1419250 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 4.88 | 8/15/2045 | 265000 | 272991 |
| U.S. Treasury Bonds | 5.00 | 5/15/2037 | 230000 | 247897 |
| U.S. Treasury Bonds | 5.00 | 5/15/2045 | 400000 | 418750 |
| U.S. Treasury Bonds | 5.25 | 11/15/2028 | 5000 | 5235 |
| U.S. Treasury Bonds<sup>(a)</sup> <br>| 5.25 | 2/15/2029 | 205000 | 215819 |
| U.S. Treasury Bonds | 5.38 | 2/15/2031 | 25000 | 26945 |
| U.S. Treasury Bonds | 6.13 | 11/15/2027 | 85000 | 89243 |
| U.S. Treasury Bonds | 6.25 | 5/15/2030 | 175000 | 193607 |
| U.S. Treasury Bonds | 6.63 | 2/15/2027 | 95000 | 98785 |

---

**25**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** |
| U.S. Treasury Notes | 0.38 | 7/31/2027 | 400000 | 378320 |
| U.S. Treasury Notes | 0.38 | 9/30/2027 | 110000 | 103529 |
| U.S. Treasury Notes | 0.50 | 4/30/2027 | 935000 | 892779 |
| U.S. Treasury Notes | 0.50 | 5/31/2027 | 270000 | 257238 |
| U.S. Treasury Notes | 0.50 | 10/31/2027 | 1000000 | 941035 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 0.63 | 3/31/2027 | 105000 | 100693 |
| U.S. Treasury Notes | 0.63 | 12/31/2027 | 775000 | 727683 |
| U.S. Treasury Notes | 0.63 | 5/15/2030 | 1710000 | 1493378 |
| U.S. Treasury Notes | 0.63 | 8/15/2030 | 1906000 | 1650775 |
| U.S. Treasury Notes | 0.75 | 1/31/2028 | 500000 | 469658 |
| U.S. Treasury Notes | 0.88 | 11/15/2030 | 660000 | 574973 |
| U.S. Treasury Notes | 1.13 | 2/28/2027 | 200000 | 193516 |
| U.S. Treasury Notes | 1.13 | 2/15/2031 | 3320000 | 2914921 |
| U.S. Treasury Notes | 1.25 | 11/30/2026 | 105000 | 102308 |
| U.S. Treasury Notes | 1.25 | 12/31/2026 | 1765000 | 1716394 |
| U.S. Treasury Notes | 1.25 | 5/31/2028 | 820000 | 773058 |
| U.S. Treasury Notes | 1.25 | 6/30/2028 | 230000 | 216438 |
| U.S. Treasury Notes | 1.25 | 9/30/2028 | 585000 | 547363 |
| U.S. Treasury Notes | 1.25 | 8/15/2031 | 2175000 | 1890381 |
| U.S. Treasury Notes | 1.38 | 10/31/2028 | 250000 | 234302 |
| U.S. Treasury Notes | 1.50 | 11/30/2028 | 1280000 | 1201975 |
| U.S. Treasury Notes | 1.50 | 2/15/2030 | 1340000 | 1226309 |
| U.S. Treasury Notes | 1.63 | 8/15/2029 | 215000 | 200076 |
| U.S. Treasury Notes | 1.75 | 1/31/2029 | 2455000 | 2315899 |
| U.S. Treasury Notes | 1.88 | 2/28/2027 | 970000 | 947758 |
| U.S. Treasury Notes | 1.88 | 2/28/2029 | 110000 | 104029 |
| U.S. Treasury Notes | 1.88 | 2/15/2032 | 1650000 | 1470724 |
| U.S. Treasury Notes | 2.25 | 2/15/2027 | 1510000 | 1483398 |
| U.S. Treasury Notes | 2.25 | 8/15/2027 | 775000 | 756957 |
| U.S. Treasury Notes | 2.25 | 11/15/2027 | 500000 | 486924 |
| U.S. Treasury Notes | 2.38 | 5/15/2027 | 1825000 | 1790959 |
| U.S. Treasury Notes | 2.38 | 3/31/2029 | 1585000 | 1521940 |
| U.S. Treasury Notes | 2.38 | 5/15/2029 | 1400000 | 1342141 |
| U.S. Treasury Notes | 2.50 | 3/31/2027 | 895000 | 880946 |
| U.S. Treasury Notes | 2.63 | 2/15/2029 | 1470000 | 1425153 |
| U.S. Treasury Notes | 2.63 | 7/31/2029 | 950000 | 916342 |
| U.S. Treasury Notes | 2.75 | 4/30/2027 | 1465000 | 1446401 |
| U.S. Treasury Notes | 2.75 | 7/31/2027 | 800000 | 788359 |
| U.S. Treasury Notes | 2.75 | 5/31/2029 | 210000 | 203811 |
| U.S. Treasury Notes | 2.75 | 8/15/2032 | 2740000 | 2556869 |
| U.S. Treasury Notes | 2.88 | 4/30/2029 | 1480000 | 1443752 |
| U.S. Treasury Notes | 2.88 | 5/15/2032 | 1595000 | 1505001 |
| U.S. Treasury Notes | 3.13 | 11/15/2028 | 890000 | 877849 |
| U.S. Treasury Notes | 3.25 | 6/30/2027 | 2190000 | 2177211 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.38 | 9/15/2027 | 1280000 | 1274775 |
| U.S. Treasury Notes | 3.38 | 9/15/2028 | 925000 | 919472 |
| U.S. Treasury Notes | 3.38 | 5/15/2033 | 1165000 | 1123451 |
| U.S. Treasury Notes | 3.50 | 9/30/2027 | 1105000 | 1102971 |
| U.S. Treasury Notes | 3.50 | 10/31/2027 | 1080000 | 1077996 |
| U.S. Treasury Notes | 3.50 | 1/31/2028 | 670000 | 668718 |

---

**26**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** |
| U.S. Treasury Notes | 3.50 | 4/30/2028 | 1225000 | 1222392 |
| U.S. Treasury Notes | 3.50 | 10/15/2028 | 910000 | 907547 |
| U.S. Treasury Notes | 3.50 | 9/30/2029 | 2020000 | 2008756 |
| U.S. Treasury Notes | 3.50 | 1/31/2030 | 35000 | 34764 |
| U.S. Treasury Notes | 3.50 | 4/30/2030 | 120000 | 119095 |
| U.S. Treasury Notes | 3.50 | 2/15/2033 | 1630000 | 1588168 |
| U.S. Treasury Notes | 3.63 | 8/31/2027 | 495000 | 495135 |
| U.S. Treasury Notes | 3.63 | 3/31/2028 | 910000 | 910800 |
| U.S. Treasury Notes | 3.63 | 5/31/2028 | 700000 | 700602 |
| U.S. Treasury Notes | 3.63 | 8/15/2028 | 910000 | 910746 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.63 | 8/31/2029 | 1435000 | 1433515 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.63 | 8/31/2030 | 1360000 | 1355431 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.63 | 9/30/2030 | 1750000 | 1743711 |
| U.S. Treasury Notes | 3.63 | 10/31/2030 | 1100000 | 1096004 |
| U.S. Treasury Notes | 3.75 | 4/30/2027 | 1190000 | 1191999 |
| U.S. Treasury Notes | 3.75 | 6/30/2027 | 1330000 | 1332676 |
| U.S. Treasury Notes | 3.75 | 8/15/2027 | 1190000 | 1192719 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.75 | 4/15/2028 | 800000 | 802859 |
| U.S. Treasury Notes | 3.75 | 5/15/2028 | 1000000 | 1003809 |
| U.S. Treasury Notes | 3.75 | 12/31/2028 | 555000 | 557255 |
| U.S. Treasury Notes | 3.75 | 6/30/2030 | 950000 | 952097 |
| U.S. Treasury Notes | 3.75 | 10/31/2032 | 690000 | 684232 |
| U.S. Treasury Notes | 3.88 | 3/31/2027 | 1025000 | 1028123 |
| U.S. Treasury Notes | 3.88 | 5/31/2027 | 1190000 | 1194277 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 3.88 | 7/31/2027 | 1140000 | 1144943 |
| U.S. Treasury Notes | 3.88 | 10/15/2027 | 540000 | 542763 |
| U.S. Treasury Notes | 3.88 | 11/30/2027 | 795000 | 799487 |
| U.S. Treasury Notes | 3.88 | 12/31/2027 | 785000 | 789646 |
| U.S. Treasury Notes | 3.88 | 3/15/2028 | 1530000 | 1540250 |
| U.S. Treasury Notes | 3.88 | 6/15/2028 | 1095000 | 1102892 |
| U.S. Treasury Notes | 3.88 | 7/15/2028 | 1160000 | 1168202 |
| U.S. Treasury Notes | 3.88 | 9/30/2029 | 370000 | 372956 |
| U.S. Treasury Notes | 3.88 | 4/30/2030 | 1160000 | 1169108 |
| U.S. Treasury Notes | 3.88 | 6/30/2030 | 1300000 | 1310004 |
| U.S. Treasury Notes | 3.88 | 7/31/2030 | 1800000 | 1813711 |
| U.S. Treasury Notes | 3.88 | 8/31/2032 | 1730000 | 1729730 |
| U.S. Treasury Notes | 3.88 | 9/30/2032 | 405000 | 404810 |
| U.S. Treasury Notes | 3.88 | 8/15/2033 | 1730000 | 1722060 |
| U.S. Treasury Notes | 3.88 | 8/15/2034 | 2290000 | 2264014 |
| U.S. Treasury Notes | 4.00 | 1/15/2027 | 440000 | 441616 |
| U.S. Treasury Notes | 4.00 | 1/31/2027 | 355000 | 345633 |
| U.S. Treasury Notes | 4.00 | 12/15/2027 | 1090000 | 1099218 |
| U.S. Treasury Notes | 4.00 | 2/29/2028 | 1130000 | 1140219 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.00 | 6/30/2028 | 1210000 | 1222549 |
| U.S. Treasury Notes | 4.00 | 1/31/2029 | 1600000 | 1618500 |
| U.S. Treasury Notes | 4.00 | 7/31/2029 | 1455000 | 1472761 |
| U.S. Treasury Notes | 4.00 | 10/31/2029 | 1000000 | 1012578 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.00 | 2/28/2030 | 1265000 | 1281307 |
| U.S. Treasury Notes | 4.00 | 3/31/2030 | 1040000 | 1053325 |
| U.S. Treasury Notes | 4.00 | 5/31/2030 | 1250000 | 1266455 |

---

**27**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** |
| U.S. Treasury Notes | 4.00 | 7/31/2030 | 555000 | 562122 |
| U.S. Treasury Notes | 4.00 | 1/31/2031 | 90000 | 91127 |
| U.S. Treasury Notes | 4.00 | 4/30/2032 | 2000000 | 2017148 |
| U.S. Treasury Notes | 4.00 | 7/31/2032 | 1885000 | 1898953 |
| U.S. Treasury Notes | 4.00 | 2/15/2034 | 200000 | 200180 |
| U.S. Treasury Notes | 4.13 | 1/31/2027 | 1200000 | 1206211 |
| U.S. Treasury Notes | 4.13 | 2/15/2027 | 930000 | 935195 |
| U.S. Treasury Notes | 4.13 | 2/28/2027 | 1250000 | 1257300 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.13 | 9/30/2027 | 675000 | 681434 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.13 | 10/31/2027 | 1650000 | 1666693 |
| U.S. Treasury Notes | 4.13 | 11/15/2027 | 1335000 | 1348767 |
| U.S. Treasury Notes | 4.13 | 7/31/2028 | 785000 | 795748 |
| U.S. Treasury Notes | 4.13 | 3/31/2029 | 1290000 | 1310484 |
| U.S. Treasury Notes | 4.13 | 10/31/2029 | 1850000 | 1881616 |
| U.S. Treasury Notes | 4.13 | 11/30/2029 | 805000 | 818899 |
| U.S. Treasury Notes | 4.13 | 8/31/2030 | 85000 | 86539 |
| U.S. Treasury Notes | 4.13 | 7/31/2031 | 295000 | 300191 |
| U.S. Treasury Notes | 4.13 | 10/31/2031 | 625000 | 635608 |
| U.S. Treasury Notes | 4.13 | 11/30/2031 | 75000 | 76244 |
| U.S. Treasury Notes | 4.13 | 2/29/2032 | 2010000 | 2042388 |
| U.S. Treasury Notes | 4.13 | 11/15/2032 | 2095000 | 2125648 |
| U.S. Treasury Notes | 4.25 | 11/30/2026 | 1355000 | 1362494 |
| U.S. Treasury Notes | 4.25 | 12/31/2026 | 1295000 | 1302841 |
| U.S. Treasury Notes | 4.25 | 3/15/2027 | 515000 | 519064 |
| U.S. Treasury Notes | 4.25 | 1/15/2028 | 1330000 | 1348158 |
| U.S. Treasury Notes | 4.25 | 2/15/2028 | 1150000 | 1166329 |
| U.S. Treasury Notes | 4.25 | 2/28/2029 | 1335000 | 1361100 |
| U.S. Treasury Notes | 4.25 | 1/31/2030 | 1100000 | 1124643 |
| U.S. Treasury Notes | 4.25 | 2/28/2031 | 1380000 | 1413557 |
| U.S. Treasury Notes | 4.25 | 6/30/2031 | 1050000 | 1075327 |
| U.S. Treasury Notes | 4.25 | 11/15/2034 | 2605000 | 2645042 |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.25 | 8/15/2035 | 1165000 | 1179653 |
| U.S. Treasury Notes | 4.38 | 12/15/2026 | 15000 | 15107 |
| U.S. Treasury Notes | 4.38 | 7/15/2027 | 745000 | 754196 |
| U.S. Treasury Notes | 4.38 | 8/31/2028 | 530000 | 540890 |
| U.S. Treasury Notes | 4.38 | 11/30/2028 | 1080000 | 1103878 |
| U.S. Treasury Notes | 4.38 | 12/31/2029 | 1120000 | 1150297 |
| U.S. Treasury Notes | 4.38 | 11/30/2030 | 1360000 | 1400720 |
| U.S. Treasury Notes | 4.38 | 1/31/2032 | 2710000 | 2791141 |
| U.S. Treasury Notes | 4.38 | 5/15/2034 | 2320000 | 2381670 |
| U.S. Treasury Notes | 4.50 | 4/15/2027 | 1445000 | 1462216 |
| U.S. Treasury Notes | 4.50 | 5/15/2027 | 2210000 | 2238100 |
| U.S. Treasury Notes | 4.50 | 5/31/2029 | 1355000 | 1393930 |
| U.S. Treasury Notes | 4.50 | 11/15/2033 | 690000 | 715484 |
| U.S. Treasury Notes | 4.63 | 11/15/2026 | 1115000 | 1124967 |
| U.S. Treasury Notes | 4.63 | 6/15/2027 | 1400000 | 1421820 |
| U.S. Treasury Notes | 4.63 | 9/30/2028 | 715000 | 735207 |
| U.S. Treasury Notes | 4.63 | 4/30/2029 | 2050000 | 2116505 |
| U.S. Treasury Notes | 4.63 | 9/30/2030 | 165000 | 171710 |
| U.S. Treasury Notes | 4.63 | 5/31/2031 | 1000000 | 1042871 |

---

**28**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** | **U.S. Treasury Securities — 45.1% (continued)** |
| U.S. Treasury Notes<sup>(a)</sup> <br>| 4.63 | 2/15/2035 | 2610000 | 2723168 |
| U.S. Treasury Notes | 4.88 | 10/31/2028 | 660000 | 683577 |
| U.S. Treasury Notes | 4.88 | 10/31/2030 | 1255000 | 1320863 |
|  |  |  |  | **216083399** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| AEP Texas, Inc., Sr. Unscd. Notes, Ser. H | 3.45 | 1/15/2050 | 100000 | 69833 |
| Alabama Power Co., Sr. Unscd. Notes | 3.13 | 7/15/2051 | 150000 | 102481 |
| Ameren Illinois Co., First Mortgage Bonds | 1.55 | 11/15/2030 | 100000 | 87952 |
| Ameren Illinois Co., First Mortgage Bonds | 4.50 | 3/15/2049 | 100000 | 87625 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.75 | 9/1/2047 | 110000 | 86646 |
| American Water Capital Corp., Sr. Unscd. Notes | 5.70 | 9/1/2055 | 100000 | 101741 |
| Arizona Public Service Co., Sr. Unscd. Notes | 4.25 | 3/1/2049 | 150000 | 123964 |
| Atmos Energy Corp., Sr. Unscd. Notes | 1.50 | 1/15/2031 | 150000 | 130833 |
| Atmos Energy Corp., Sr. Unscd. Notes | 6.20 | 11/15/2053 | 100000 | 110380 |
| Baltimore Gas & Electric Co., Sr. Unscd. Notes | 5.45 | 6/1/2035 | 100000 | 104316 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.80 | 7/15/2048 | 100000 | 77415 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 5.15 | 11/15/2043 | 100000 | 97150 |
| Commonwealth Edison Co., First Mortgage Bonds | 4.00 | 3/1/2049 | 100000 | 80550 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. 6-B | 6.20 | 6/15/2036 | 200000 | 220526 |
| Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | 5.50 | 3/15/2034 | 100000 | 105523 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.75 | 3/15/2054 | 100000 | 101578 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.25 | 10/1/2039 | 50000 | 54758 |
| Consumers Energy Co., First Mortgage Bonds | 2.65 | 8/15/2052 | 58000 | 37229 |
| Consumers Energy Co., First Mortgage Bonds<sup>(a)</sup> <br>| 4.90 | 2/15/2029 | 100000 | 102725 |
| Dominion Energy, Inc., Jr. Sub. Notes | 6.00 | 2/15/2056 | 100000 | 101351 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C | 3.38 | 4/1/2030 | 200000 | 192338 |
| Dominion Energy, Inc., Sr. Unscd. Notes, Ser. E | 6.30 | 3/15/2033 | 100000 | 108509 |
| DTE Electric Co., First Mortgage Bonds, Ser. C | 2.63 | 3/1/2031 | 150000 | 138139 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 3.20 | 8/15/2049 | 100000 | 70083 |
| Duke Energy Corp., Sr. Unscd. Notes<sup>(a)</sup> <br>| 4.50 | 8/15/2032 | 200000 | 199183 |
| Duke Energy Corp., Sr. Unscd. Notes | 5.45 | 6/15/2034 | 200000 | 208676 |
| Duke Energy Florida LLC, First Mortgage Bonds | 6.40 | 6/15/2038 | 150000 | 169167 |
| Duke Energy Ohio, Inc., First Mortgage Bonds | 5.65 | 4/1/2053 | 200000 | 203376 |
| Duke Energy Progress LLC, First Mortgage Bonds | 5.10 | 3/15/2034 | 100000 | 103338 |
| Duke Energy Progress NC Storm Funding LLC, Sr. Scd. Notes, Ser. A2 | 2.39 | 7/1/2037 | 150000 | 129410 |
| Emera US Finance LP, Gtd. Notes | 4.75 | 6/15/2046 | 100000 | 86739 |
| Entergy Arkansas LLC, First Mortgage Bonds | 5.45 | 6/1/2034 | 100000 | 104628 |
| Entergy Louisiana LLC, First Mortgage Bonds | 1.60 | 12/15/2030 | 100000 | 88468 |
| Entergy Texas, Inc., First Mortgage Bonds | 5.80 | 9/1/2053 | 100000 | 102258 |
| Evergy Kansas Central, Inc., First Mortgage Bonds | 3.45 | 4/15/2050 | 150000 | 108885 |
| Eversource Energy, Sr. Unscd. Notes | 4.45 | 12/15/2030 | 100000 | 99691 |
| Exelon Corp., Sr. Unscd. Notes | 5.88 | 3/15/2055 | 100000 | 102508 |
| FirstEnergy Transmission LLC, Sr. Unscd. Notes | 5.00 | 1/15/2035 | 100000 | 100320 |
| Florida Power & Light Co., First Mortgage Bonds | 3.99 | 3/1/2049 | 100000 | 81297 |
| Florida Power & Light Co., First Mortgage Bonds | 4.05 | 10/1/2044 | 200000 | 169229 |
| Georgia Power Co., Sr. Unscd. Notes | 3.25 | 3/30/2027 | 250000 | 247775 |
| Hydro-Quebec, Govt. Gtd. Debs., Ser. HK | 9.38 | 4/15/2030 | 20000 | 24223 |
| Idaho Power Co., First Mortgage Notes, Ser. K | 4.20 | 3/1/2048 | 117000 | 98113 |
| Indiana Michigan Power Co., Sr. Unscd. Notes | 6.05 | 3/15/2037 | 150000 | 164153 |
| Interstate Power & Light Co., Sr. Unscd. Debs. | 3.70 | 9/15/2046 | 75000 | 57245 |

---

**29**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Interstate Power & Light Co., Sr. Unscd. Notes | 4.10 | 9/26/2028 | 150000 | 149964 |
| Jersey Central Power & Light Co., Sr. Unscd. Notes | 5.10 | 1/15/2035 | 100000 | 101530 |
| National Fuel Gas Co., Sr. Unscd. Notes | 5.95 | 3/15/2035 | 200000 | 209041 |
| National Rural Utilities Cooperative Finance Corp., Scd. Notes | 4.15 | 12/15/2032 | 100000 | 98034 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 4.12 | 9/16/2027 | 100000 | 100354 |
| National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | 5.15 | 6/15/2029 | 100000 | 103638 |
| NextEra Energy Capital Holdings, Inc., Gtd. Debs.<sup>(a)</sup> <br>| 5.65 | 5/1/2079 | 150000 | 151810 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 4.90 | 2/28/2028 | 100000 | 101759 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.05 | 2/28/2033 | 100000 | 102315 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 5.25 | 2/28/2053 | 30000 | 28384 |
| NiSource, Inc., Sr. Unscd. Notes | 1.70 | 2/15/2031 | 150000 | 130544 |
| Northern States Power Co., First Mortgage Bonds | 5.65 | 6/15/2054 | 100000 | 104339 |
| Oglethorpe Power Corp., First Mortgage Bonds | 5.80 | 6/1/2054 | 100000 | 99689 |
| Ohio Power Co., Sr. Unscd. Notes | 5.65 | 6/1/2034 | 100000 | 104666 |
| Oncor Electric Delivery Co. LLC, Scd. Notes<sup>(b)</sup> <br>| 5.80 | 4/1/2055 | 100000 | 103287 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 4.95 | 9/15/2052 | 100000 | 91703 |
| Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | 5.75 | 3/15/2029 | 170000 | 178302 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.50 | 7/1/2040 | 215000 | 187063 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.95 | 7/1/2050 | 245000 | 211084 |
| PacifiCorp, First Mortgage Bonds | 4.15 | 2/15/2050 | 150000 | 117539 |
| PacifiCorp, First Mortgage Bonds | 5.30 | 2/15/2031 | 100000 | 103898 |
| PacifiCorp, First Mortgage Bonds | 5.80 | 1/15/2055 | 100000 | 97820 |
| PECO Energy Co., First Mortgage Bonds | 2.85 | 9/15/2051 | 100000 | 65000 |
| PECO Energy Co., First Mortgage Bonds | 5.25 | 9/15/2054 | 100000 | 97239 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 4.72 | 6/1/2037 | 100000 | 99838 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A4 | 5.21 | 12/1/2047 | 100000 | 98125 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 3.00 | 10/1/2049 | 100000 | 67992 |
| Progress Energy, Inc., Sr. Unscd. Notes | 7.75 | 3/1/2031 | 280000 | 321821 |
| Public Service Co. of Colorado, First Mortgage | 5.15 | 9/15/2035 | 100000 | 101583 |
| Public Service Electric & Gas Co., First Mortgage Bonds | 5.45 | 8/1/2053 | 100000 | 100648 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes | 1.60 | 8/15/2030 | 200000 | 176303 |
| Puget Sound Energy, Inc., Sr. Scd. Notes | 3.25 | 9/15/2049 | 100000 | 69545 |
| San Diego Gas & Electric Co., First Mortgage Bonds | 4.95 | 8/15/2028 | 100000 | 102358 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU | 3.32 | 4/15/2050 | 100000 | 70584 |
| Sempra, Sr. Unscd. Notes | 4.00 | 2/1/2048 | 50000 | 38827 |
| Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 150000 | 105932 |
| Southern California Edison Co., First Mortgage Bonds | 5.95 | 11/1/2032 | 100000 | 105582 |
| Southern California Edison Co., First Mortgage Bonds | 6.20 | 9/15/2055 | 100000 | 102214 |
| Southern California Edison Co., Sr. Unscd. Notes | 6.65 | 4/1/2029 | 100000 | 105625 |
| Southern California Gas Co., First Mortgage Bonds | 6.00 | 6/15/2055 | 100000 | 105034 |
| Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A | 3.15 | 9/30/2051 | 200000 | 131975 |
| Southern Co. Gas Capital Corp., Gtd. Notes, Ser. A | 4.05 | 9/15/2028 | 75000 | 74892 |
| Southern Power Co., Sr. Unscd. Notes, Ser. A | 4.25 | 10/1/2030 | 120000 | 119358 |
| Southwestern Electric Power Co., Sr. Unscd. Notes, Ser. M | 4.10 | 9/15/2028 | 150000 | 149824 |
| Southwestern Public Service Co., First Mortgage Bonds | 3.40 | 8/15/2046 | 100000 | 72531 |
| Tampa Electric Co., Sr. Unscd. Notes | 4.35 | 5/15/2044 | 100000 | 86764 |
| The Connecticut Light and Power Company, First Mortgage Bonds | 4.95 | 8/15/2034 | 200000 | 203084 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 4.00 | 6/15/2050 | 75000 | 58234 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.15 | 3/15/2035 | 100000 | 102073 |
| Virginia Electric & Power Co., Sr. Unscd. Notes | 5.30 | 8/15/2033 | 100000 | 103998 |

---

**30**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** | **Bonds and Notes — 101.5% (continued)** |
| **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** | **Utilities — 2.4% (continued)** |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B | 3.75 | 5/15/2027 | 150000 | 149332 |
| Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. C | 4.63 | 5/15/2052 | 100000 | 86758 |
| Washington Gas Light Co., Sr. Unscd. Notes, Ser. K | 3.80 | 9/15/2046 | 150000 | 117332 |
| WEC Energy Group, Inc., Sr. Unscd. Notes | 5.15 | 10/1/2027 | 200000 | 203875 |
| Wisconsin Electric Power Co., Sr. Unscd. Debs. | 4.75 | 9/30/2032 | 100000 | 102434 |
| Wisconsin Electric Power Co., Sr. Unscd. Notes | 4.60 | 10/1/2034 | 100000 | 99885 |
| Xcel Energy, Inc., Sr. Unscd. Notes | 5.45 | 8/15/2033 | 100000 | 103735 |
|  |  |  |  | **11719424** |
| **Total Bonds and Notes** <br>(cost $505,362,691)<br>|  |  |  | **486448657** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 4.9%** | **Investment Companies — 4.9%** | **Investment Companies — 4.9%** | **Investment Companies — 4.9%** |
| **Registered Investment Companies — 4.9%** | **Registered Investment Companies — 4.9%** | **Registered Investment Companies — 4.9%** | **Registered Investment Companies — 4.9%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(f)</sup> <br>(cost $23,587,060)<br>| 4.22 | 23587060 | **23587060** |
| **Investment of Cash Collateral for Securities Loaned — .9%** |  |  |  |
| **Registered Investment Companies — .9%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(f)</sup> <br>(cost $4,298,190)<br>| 4.22 | 4298190 | **4298190** |
| **Total Investments** (cost $533,247,941) | **Total Investments** (cost $533,247,941) | **107.3%** | **514333907** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(7.3%)** | **(34774037)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **479559870** |

---

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

---

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

---

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

<sup>(a)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $28,266,206 and the value of the collateral was $29,078,340, consisting of cash collateral of $4,298,190 and U.S. Government & Agency securities valued at $24,780,150. In addition, the value of collateral may include pending sales that are also on loan. 

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, these securities amounted to $255,887 or .1% of net assets. 

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

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

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

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

**31**

------

SCHEDULE OF INVESTMENTS (continued)

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

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| Description | Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — (2.1%)** | **U.S. Government Agencies Mortgage-Backed — (2.1%)** | **U.S. Government Agencies Mortgage-Backed — (2.1%)** |
| **Federal National Mortgage Association:** | **Federal National Mortgage Association:** | **Federal National Mortgage Association:** |
| 1.50%, 12/1/2040-12/1/2055<sup>(a),(b)</sup> <br>| (100000) | (83474) |
| 2.00%, 12/1/2040-12/1/2055<sup>(a),(b)</sup> <br>| (1475000) | (1202027) |
| 2.50%, 11/1/2040-12/15/2055<sup>(a),(b)</sup> <br>| (2275000) | (1950245) |
| 3.00%, 11/1/2040-12/1/2055<sup>(a),(b)</sup> <br>| (4100000) | (3646226) |
| 3.50%, 11/1/2055-12/1/2055<sup>(a),(b)</sup> <br>| (125000) | (115183) |
| 4.00%, 11/1/2055-12/15/2055<sup>(a),(b)</sup> <br>| (175000) | (166022) |
| **Government National Mortgage Association II:** | **Government National Mortgage Association II:** | **Government National Mortgage Association II:** |
| 2.00%, 12/20/2055<sup>(b)</sup> <br>| (25000) | (20798) |
| 2.50%, 11/20/2055-12/20/2055<sup>(b)</sup> <br>| (525000) | (454512) |
| 3.00%, 11/20/2055-12/15/2055<sup>(b)</sup> <br>| (1575000) | (1415524) |
| 3.50%, 11/20/2055<sup>(b)</sup> <br>| (1275000) | (1167304) |
| 4.00%, 12/20/2054<sup>(b)</sup> <br>| (25000) | (23642) |
| **Total Sale Commitments** (Proceeds $10,213,155) |  | **(10244957)** |

---

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 4.9%** | **Registered Investment Companies - 4.9%** | **Registered Investment Companies - 4.9%** | **Registered Investment Companies - 4.9%** | **Registered Investment Companies - 4.9%** | **Registered Investment Companies - 4.9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 4.9%<br>| 29192201 | 112208058 | (117813199) | 23587060 | 994643 |
| **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .9%<br>| 4309145 | 49699104 | (49710059) | 4298190 | 44527<sup>††</sup> <br>|
| **Total - 5.8%** | **33501346** | **161907162** | **(167523258)** | **27885250** | **1039170** |

---

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

---

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

---

See notes to financial statements.

**32**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $28,266,206)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 505362691 | &nbsp;&nbsp;&nbsp;&nbsp; 486448657 |
| Affiliated issuers | 27885250 | &nbsp;&nbsp;&nbsp;&nbsp; 27885250 |
| Receivable for investment securities sold—TBA |  | &nbsp;&nbsp;&nbsp;&nbsp; 15939661 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 14515518 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 3993546 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 566868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **549349500** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92203 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 1122748 |
| Payable for investment securities purchased—TBA |  | &nbsp;&nbsp;&nbsp;&nbsp; 39225980 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 14099930 |
| TBA sale commitments, at value (proceeds $10,213,155)—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10244957 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4298190 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 694461 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 11161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **69789630** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **479559870** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 556341088 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (76781218)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **479559870** |

---

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

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Class I | Investor Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 314545644 | &nbsp;&nbsp;&nbsp;&nbsp; 165014226 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 34319873 | &nbsp;&nbsp;&nbsp;&nbsp; 18011283 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.17** | &nbsp;&nbsp;&nbsp;&nbsp;**9.16** |

---

See notes to financial statements.

**33**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $442 foreign taxes withheld at source) | &nbsp;&nbsp;&nbsp;&nbsp; 19435934 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 994643 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 44527 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **20475104** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 767451 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 423085 |
| Directors' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 63000 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 11997 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1265533** |
| Less—Directors' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (63000)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1202533** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **19272571** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8595609)<br>|
| Net realized gain (loss) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (144577)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8740186)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 18672216 |
| Net change in unrealized appreciation (depreciation) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (202940)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **18469276** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **9729090** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **29001661** |

---

See notes to financial statements.

**34**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 19272571 | &nbsp;&nbsp;&nbsp;&nbsp; 20460810 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8740186) | &nbsp;&nbsp;&nbsp;&nbsp; (9268243) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 18469276 | &nbsp;&nbsp;&nbsp;&nbsp; 44269517 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **29001661** | &nbsp;&nbsp;&nbsp;&nbsp; **55462084** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (13088958) | &nbsp;&nbsp;&nbsp;&nbsp; (12554952) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (6044475) | &nbsp;&nbsp;&nbsp;&nbsp; (7726878) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(19133433)** | &nbsp;&nbsp;&nbsp;&nbsp; **(20281830)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 84749830 | &nbsp;&nbsp;&nbsp;&nbsp; 104760547 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 39866868 | &nbsp;&nbsp;&nbsp;&nbsp; 50452562 |
| Distributions reinvested: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 11821924 | &nbsp;&nbsp;&nbsp;&nbsp; 11432206 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 5508390 | &nbsp;&nbsp;&nbsp;&nbsp; 7504874 |
| Cost of shares redeemed: |  |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (136240471) | &nbsp;&nbsp;&nbsp;&nbsp; (136924628) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (96610661) | &nbsp;&nbsp;&nbsp;&nbsp; (67163336) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(90904120)** | &nbsp;&nbsp;&nbsp;&nbsp; **(29937775)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(81035892)** | &nbsp;&nbsp;&nbsp;&nbsp; **5242479** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 560595762 | &nbsp;&nbsp;&nbsp;&nbsp; 555353283 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **479559870** | &nbsp;&nbsp;&nbsp;&nbsp; **560595762** |
| **Capital Share Transactions (Shares):** |  |  |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 9461487 | &nbsp;&nbsp;&nbsp;&nbsp; 11650525 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1311977 | &nbsp;&nbsp;&nbsp;&nbsp; 1274919 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (15123162) | &nbsp;&nbsp;&nbsp;&nbsp; (15252859) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4349698)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2327415)** |
| **Investor Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4422055 | &nbsp;&nbsp;&nbsp;&nbsp; 5644122 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 611681 | &nbsp;&nbsp;&nbsp;&nbsp; 837554 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10776985) | &nbsp;&nbsp;&nbsp;&nbsp; (7459839) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(5743249)** | &nbsp;&nbsp;&nbsp;&nbsp; **(978163)** |

---

See notes to financial statements.

**35**

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 8.98 | 8.45 | 8.71 | 10.70 | 11.01 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp; .35 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (.25)<br>|
| Total from Investment Operations | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (.06)<br>|
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.21)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.04)<br>|
| Total Distributions | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.25)<br>|
| Net asset value, end of period | 9.17 | 8.98 | 8.45 | 8.71 | 10.70 |
| **Total Return (%)** | 6.10 | 10.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (15.94)<br>| &nbsp;&nbsp; (.51)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .16 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| 3.85 | 3.71 | 3.28 | 2.15 | 1.71 |
| Portfolio Turnover Rate<sup>(c)</sup> <br>| 181.20 | 169.29 | 160.90 | 248.23 | 183.21 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 314546 | &nbsp;&nbsp; 347311 | &nbsp;&nbsp; 346431 | &nbsp;&nbsp; 422862 | &nbsp;&nbsp; 734596 |

---

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

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

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

<sup>(c)</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2025, 2024, 2023, 2022 and 2021 were 106.88%, 108.26%, 95.89%, 143.06% and 145.54%, respectively. 

See notes to financial statements.

**36**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Investor Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 8.98 | 8.45 | 8.71 | 10.70 | 11.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (.24)<br>|
| Total from Investment Operations | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (.08)<br>|
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.18)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.04)<br>|
| Total Distributions | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.22)<br>|
| Net asset value, end of period | 9.16 | 8.98 | 8.45 | 8.71 | 10.70 |
| **Total Return (%)** | 5.72 | 9.97 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (16.15)<br>| &nbsp;&nbsp; (.67)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .41 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| 3.60 | 3.46 | 3.05 | 1.91 | 1.46 |
| Portfolio Turnover Rate<sup>(c)</sup> <br>| 181.20 | 169.29 | 160.90 | 248.23 | 183.21 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 165014 | &nbsp;&nbsp; 213285 | &nbsp;&nbsp; 208922 | &nbsp;&nbsp; 211706 | &nbsp;&nbsp; 277722 |

---

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

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

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

<sup>(c)</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2025, 2024, 2023, 2022 and 2021 were 106.88%, 108.26%, 95.89%, 143.06% and 145.54%, respectively. 

See notes to financial statements.

**37**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Bond Market Index Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund's investment objective is to seek to match the total return of the Bloomberg U.S. Aggregate Bond Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold to the public without a sales charge. The fund is authorized to issue 500 million shares of $.001 par value Common Stock in each of the following classes of shares: Class I and Investor. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution Plan fees. Investor shares are sold primarily to retail investors through financial intermediaries and bear Distribution Plan fees. Differences between the classes include the services offered to and the expenses borne by each class, as well as their minimum purchase and account balance requirements. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

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

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

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

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

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

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

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

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

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

**38**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a "Service"). 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.

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1446302 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1446302** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 3726956 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3726956** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 121774318 | &nbsp;&nbsp; — | &nbsp;&nbsp; **121774318** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 7088636 | &nbsp;&nbsp; — | &nbsp;&nbsp; **7088636** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2831157 | &nbsp;&nbsp; — | &nbsp;&nbsp; **2831157** |
| U.S. Government Agencies Collateralized Municipal-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3985113 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3985113** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 126605124 | &nbsp;&nbsp; — | &nbsp;&nbsp; **126605124** |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907652 | &nbsp;&nbsp; — | &nbsp;&nbsp; **2907652** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 216083399 | &nbsp;&nbsp; — | &nbsp;&nbsp; **216083399** |
| Investment Companies | &nbsp;&nbsp; 27885250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **27885250** |
|  | &nbsp;&nbsp; **27885250** | &nbsp;&nbsp; **486448657** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **514333907** |
| **Liabilities ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; (10244957) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(10244957)** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(10244957)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(10244957)** |

---

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

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

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

**39**

------

NOTES TO FINANCIAL STATEMENTS (continued)

subject to reclaims as of October 31, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2025, BNY earned $6,108 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of October 31, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 28266206 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; (28266206 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

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

**40**

------

NOTES TO FINANCIAL STATEMENTS (continued)

rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates.

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

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

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

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

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

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

**41**

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NOTES TO FINANCIAL STATEMENTS (continued)

As of and during the period ended October 31, 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 October 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $379,174, accumulated capital losses $56,836,894 and unrealized depreciation $20,323,498.

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 accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $22,414,296 of short-term capital losses and $34,422,598 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 years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $19,133,433 and $20,281,830, respectively.

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

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The 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—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2025, the fund did not borrow under either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .15% of the value of the fund's average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions, and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fee in an amount

**42**

------

NOTES TO FINANCIAL STATEMENTS (continued)

equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended October 31, 2025, fees reimbursed by the Adviser amounted to $63,000.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Investor shares may pay annually up to .25% of the value of its average daily net assets to compensate the Distributor for shareholder servicing activities primarily intended to result in the sale of Investor shares. During the period ended October 31, 2025, Investor shares were charged $423,085 pursuant to the Distribution Plan.

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

The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $61,863, Distribution Plan fees of $35,340, which are offset against an expense reimbursement currently in effect in the amount of $5,000.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended October 31, 2025, amounted to $945,868,412 and $1,035,275,703, respectively, of which $387,964,817 in purchases and $388,216,378 in sales were from mortgage dollar transactions.

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

**TBA Securities:** During the period ended October 31, 2025, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund's Schedule of Investments. The proceeds and value of these commitments are reflected in the fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold-TBA) and TBA sale commitments, at value, respectively.

The fund enters into forward-settling mortgage-backed securities transactions (including TBA trades) pursuant to Master Securities Forward Transaction Agreements ("MSFTAs") with approved counterparties. The MSFTAs provide for rights of setoff and close-out netting of covered transactions with the same counterparty upon an event of default and require posting or receipt of collateral (including cash) based on changes in the fair value of open positions.

The fund does not offset TBA-related assets and liabilities in the statement of assets and liabilities because the criteria for offsetting under GAAP are not met in the ordinary course of business. However, the fund's TBA positions are subject to enforceable master netting arrangements. Collateral posted or received under MSFTAs is presented separately as "Cash pledged as collateral" or "Cash received as collateral, if any." Collateral amounts are not offset against the related assets or liabilities except where offsetting criteria are met.

**43**

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2025, the amounts are as follows:

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments:** | **Assets ($)** | **Liabilities ($)** |
| TBA forward receivables/payables (fair <br> value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15939661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39225980)<br>|
| Amounts offset in the statement of <br> financial position<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amounts presented | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15939661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39225980)<br>|
| Financial instruments subject to MSFTA <br> (not offset)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10244957)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33466452 |
| Financial collateral (including cash) <br> subject to MSFTA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5694704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5759528)<br>|

---

At October 31, 2025, the cost of investments for federal income tax purposes was $524,412,481; accordingly, accumulated net unrealized depreciation on investments was $20,323,531, consisting of $4,585,515 gross unrealized appreciation and $24,909,046 gross unrealized depreciation.

**44**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BNY Mellon Bond Market Index Fund and Board of Directors of BNY Mellon Investment Funds IV, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Bond Market Index Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion. ![](img04bbdb1f2.gif)

We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.

New York, New York

December 22, 2025

**45**

------

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable but not less than 92.69% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. The fund also hereby reports $.0009 per share as a short-term capital gain distribution paid on December 12, 2024.

**46**

------

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

N/A

**47**

------

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

N/A

**48**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors' and Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.

**49**

------

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

N/A

**50**

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

Code-0310NCSRAR1025

![](img39ae33d11.gif)

------

BNY Mellon Institutional S&P 500 Stock Index Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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

---

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

---

![](img95b935c61.gif)

------

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

------

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

Family of Funds.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_SOI-Commoncontent-4730_1)**<br> **[Investment Companies](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_SOI-Commoncontent-4730_1)**<br>| 3 |
| [Schedule of Investments](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_SOI-Commoncontent-4730_1) | 3 |
| [Statement of Assets and Liabilities](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_FS-Commoncontent-4730_1) | 15 |
| [Statement of Operations](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_FS-Commoncontent-4730_2) | 16 |
| [Statement of Changes in Net Assets](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_FS-Commoncontent-4730_3) | 17 |
| [Financial Highlights](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_FIHI-Commoncontent-4730_1) | 18 |
| [Notes to Financial Statements](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_NTF-Commoncontent-4730_1) | 19 |
| [Report of Independent Registered Public Accounting Firm](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_AUD-Commoncontent-4730_1) | 25 |
| [Important Tax Information](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_ITI-Commoncontent-4730_1) | 26 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_CDA-Commoncontent-4730_1)**<br> **[Investment Companies](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_CDA-Commoncontent-4730_1)**<br>| 27 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_PRXD-Commoncontent-4730_1)** | 28 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_RMNP-Commoncontent-4730_1)**<br> **[Management Investment Companies](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_RMNP-Commoncontent-4730_1)**<br>| 29 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_733e3361-70cf-44c4-b5eb-97fb2d8193a3_AAA-Commoncontent-4730_1)** | 30 |

---

------

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

BNY Mellon Institutional S&P 500 Stock Index Fund

SCHEDULE OF INVESTMENTS

October 31, 2025

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** | **Automobiles & Components — 2.4%** |
| Aptiv PLC<sup>(a)</sup> <br>| 5753 | 466568 |
| Ford Motor Co. | 105212 | 1381433 |
| General Motors Co. | 25511 | 1762555 |
| Tesla, Inc.<sup>(a)</sup> <br>| 74578 | 34049332 |
|  |  | **37659888** |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| Bank of America Corp. | 181104 | 9680009 |
| Citigroup, Inc. | 48925 | 4952678 |
| Citizens Financial Group, Inc. | 11529 | 586480 |
| Fifth Third Bancorp<sup>(b)</sup> <br>| 17566 | 731097 |
| Huntington Bancshares, Inc. | 38384 | 592649 |
| JPMorgan Chase & Co. | 73080 | 22736649 |
| KeyCorp | 23896 | 420331 |
| M&T Bank Corp. | 4113 | 756257 |
| Regions Financial Corp. | 23025 | 557205 |
| The PNC Financial Services Group, Inc. | 10432 | 1904362 |
| Truist Financial Corp. | 34714 | 1549286 |
| U.S. Bancorp | 41289 | 1927370 |
| Wells Fargo & Co. | 85137 | 7404365 |
|  |  | **53798738** |
| **Capital Goods — 5.9%** | **Capital Goods — 5.9%** | **Capital Goods — 5.9%** |
| 3M Co. | 14301 | 2381117 |
| A.O. Smith Corp. | 2902 | 191503 |
| Allegion PLC | 2400 | 397848 |
| AMETEK, Inc. | 6147 | 1242370 |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| 2086 | 1527432 |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>| 3043 | 353505 |
| Carrier Global Corp. | 21384 | 1272134 |
| Caterpillar, Inc. | 12451 | 7187464 |
| Cummins, Inc. | 3614 | 1581776 |
| Deere & Co. | 6652 | 3070763 |
| Dover Corp. | 3782 | 686282 |
| Eaton Corp. PLC | 10302 | 3930831 |
| EMCOR Group, Inc. | 1158 | 782553 |
| Emerson Electric Co. | 14910 | 2080989 |
| Fastenal Co. | 30102 | 1238697 |
| Fortive Corp. | 8788 | 442388 |
| GE Vernova, Inc. | 7231 | 4231147 |
| Generac Holdings, Inc.<sup>(a)</sup> <br>| 1460 | 245309 |
| General Dynamics Corp. | 6711 | 2314624 |
| General Electric Co. | 28183 | 8707138 |
| Honeywell International, Inc. | 16942 | 3410933 |
| Howmet Aerospace, Inc. | 10777 | 2219523 |
| Hubbell, Inc. | 1459 | 685730 |
| Huntington Ingalls Industries, Inc. | 1071 | 344883 |
| IDEX Corp. | 2089 | 358180 |
| Illinois Tool Works, Inc. | 7008 | 1709391 |
| Ingersoll Rand, Inc. | 9671 | 738187 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Capital Goods — 5.9% (continued)** | **Capital Goods — 5.9% (continued)** | **Capital Goods — 5.9% (continued)** |
| Johnson Controls International PLC | 17241 | 1972198 |
| L3Harris Technologies, Inc. | 5038 | 1456486 |
| Lennox International, Inc. | 887 | 447935 |
| Lockheed Martin Corp. | 5441 | 2676319 |
| Masco Corp. | 5398 | 349575 |
| Nordson Corp. | 1436 | 333080 |
| Northrop Grumman Corp. | 3569 | 2082333 |
| Otis Worldwide Corp. | 10408 | 965446 |
| PACCAR, Inc. | 13722 | 1350245 |
| Parker-Hannifin Corp. | 3383 | 2614484 |
| Pentair PLC | 4218 | 448584 |
| Quanta Services, Inc. | 3918 | 1759691 |
| Rockwell Automation, Inc. | 3036 | 1118341 |
| RTX Corp. | 35574 | 6349959 |
| Snap-on, Inc. | 1331 | 446617 |
| Stanley Black & Decker, Inc. | 4374 | 296207 |
| Textron, Inc. | 4633 | 374393 |
| The Boeing Company<sup>(a)</sup> <br>| 20078 | 4036080 |
| Trane Technologies PLC | 5968 | 2677543 |
| TransDigm Group, Inc. | 1508 | 1973233 |
| United Rentals, Inc.<sup>(b)</sup> <br>| 1722 | 1500172 |
| W.W. Grainger, Inc. | 1181 | 1156199 |
| Westinghouse Air Brake Technologies Corp. | 4636 | 947784 |
| Xylem, Inc. | 6422 | 968759 |
|  |  | **91634360** |
| **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** |
| Automatic Data Processing, Inc. | 10815 | 2815144 |
| Broadridge Financial Solutions, Inc. | 3073 | 677289 |
| Cintas Corp. | 9166 | 1679853 |
| Copart, Inc.<sup>(a)</sup> <br>| 23850 | 1025789 |
| Dayforce, Inc.<sup>(a)</sup> <br>| 4008 | 275510 |
| Equifax, Inc. | 3215 | 678687 |
| Jacobs Solutions, Inc. | 3027 | 471637 |
| Leidos Holdings, Inc. | 3460 | 659026 |
| Paychex, Inc. | 8608 | 1007394 |
| Paycom Software, Inc.<sup>(b)</sup> <br>| 1436 | 268661 |
| Republic Services, Inc. | 5313 | 1106379 |
| Rollins, Inc. | 7599 | 437778 |
| Veralto Corp. | 6478 | 639249 |
| Verisk Analytics, Inc. | 3721 | 814006 |
| Waste Management, Inc. | 9776 | 1952952 |
|  |  | **14509354** |
| **Consumer Discretionary Distribution & Retail — 5.8%** | **Consumer Discretionary Distribution & Retail — 5.8%** | **Consumer Discretionary Distribution & Retail — 5.8%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 257929 | 62991420 |
| AutoZone, Inc.<sup>(a)</sup> <br>| 447 | 1642470 |
| Best Buy Co., Inc. | 5255 | 431646 |
| eBay, Inc. | 12365 | 1005398 |
| Genuine Parts Co. | 3527 | 449022 |
| LKQ Corp. | 7515 | 240180 |
| Lowe's Companies, Inc. | 14851 | 3536469 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| 22501 | 2124995 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Consumer Discretionary Distribution & Retail — 5.8% (continued)** | **Consumer Discretionary Distribution & Retail — 5.8% (continued)** | **Consumer Discretionary Distribution & Retail — 5.8% (continued)** |
| Pool Corp. | 836 | 223262 |
| Ross Stores, Inc. | 8674 | 1378472 |
| The Home Depot, Inc. | 26442 | 10037119 |
| The TJX Companies, Inc. | 29831 | 4180516 |
| Tractor Supply Co. | 13974 | 756133 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>| 1168 | 607220 |
| Williams-Sonoma, Inc.<sup>(b)</sup> <br>| 3174 | 616835 |
|  |  | **90221157** |
| **Consumer Durables & Apparel — .5%** | **Consumer Durables & Apparel — .5%** | **Consumer Durables & Apparel — .5%** |
| D.R. Horton, Inc. | 7518 | 1120783 |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 4157 | 338796 |
| Garmin Ltd. | 4285 | 916733 |
| Hasbro, Inc. | 3541 | 270214 |
| Lennar Corp., Cl. A | 5871 | 726654 |
| Lululemon Athletica, Inc.<sup>(a),(b)</sup> <br>| 2812 | 479559 |
| Mohawk Industries, Inc.<sup>(a)</sup> <br>| 1557 | 176937 |
| NIKE, Inc., Cl. B | 31738 | 2049957 |
| NVR, Inc.<sup>(a)</sup> <br>| 77 | 555233 |
| PulteGroup, Inc. | 5071 | 607861 |
| Ralph Lauren Corp. | 1087 | 347470 |
| Tapestry, Inc. | 5489 | 602802 |
|  |  | **8192999** |
| **Consumer Services — 1.7%** | **Consumer Services — 1.7%** | **Consumer Services — 1.7%** |
| Airbnb, Inc., Cl. A<sup>(a)</sup> <br>| 11548 | 1461284 |
| Booking Holdings, Inc. | 861 | 4371934 |
| Carnival Corp.<sup>(a)</sup> <br>| 28939 | 834311 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| 35619 | 1128766 |
| Darden Restaurants, Inc. | 2998 | 540090 |
| Domino's Pizza, Inc. | 832 | 331519 |
| DoorDash, Inc., Cl. A<sup>(a)</sup> <br>| 9755 | 2481379 |
| Expedia Group, Inc. | 3124 | 687280 |
| Hilton Worldwide Holdings, Inc. | 6157 | 1582103 |
| Las Vegas Sands Corp. | 8302 | 492724 |
| Marriott International, Inc., Cl. A | 5936 | 1546803 |
| McDonald's Corp. | 18965 | 5659725 |
| MGM Resorts International<sup>(a)</sup> <br>| 5874 | 188144 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> <br>| 12084 | 270923 |
| Royal Caribbean Cruises Ltd. | 6695 | 1920327 |
| Starbucks Corp. | 30467 | 2463866 |
| Wynn Resorts Ltd.<sup>(b)</sup> <br>| 2393 | 284743 |
| Yum! Brands, Inc. | 7369 | 1018470 |
|  |  | **27264391** |
| **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| Costco Wholesale Corp. | 11786 | 10742350 |
| Dollar General Corp. | 5767 | 568972 |
| Dollar Tree, Inc.<sup>(a),(b)</sup> <br>| 5045 | 500060 |
| Sysco Corp. | 12589 | 935111 |
| Target Corp. | 12140 | 1125621 |
| The Kroger Company | 16355 | 1040669 |
| Walmart, Inc. | 116651 | 11802748 |
|  |  | **26715531** |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| APA Corp.<sup>(b)</sup> <br>| 9265 | 209852 |
| Baker Hughes Co. | 26540 | 1284801 |
| Chevron Corp. | 51148 | 8067063 |
| ConocoPhillips | 33346 | 2963126 |
| Coterra Energy, Inc. | 20953 | 495748 |
| Devon Energy Corp. | 16762 | 544597 |
| Diamondback Energy, Inc. | 5048 | 722823 |
| EOG Resources, Inc. | 14767 | 1562939 |
| EQT Corp. | 16600 | 889428 |
| Expand Energy Corp. | 6147 | 635047 |
| Exxon Mobil Corp. | 113303 | 12957331 |
| Halliburton Co. | 22416 | 601646 |
| Kinder Morgan, Inc. | 52133 | 1365363 |
| Marathon Petroleum Corp. | 8154 | 1589296 |
| Occidental Petroleum Corp. | 18652 | 768462 |
| ONEOK, Inc. | 16741 | 1121647 |
| Phillips 66 | 10702 | 1456970 |
| SLB Ltd. | 39192 | 1413264 |
| Targa Resources Corp. | 5618 | 865397 |
| Texas Pacific Land Corp. | 513 | 483954 |
| The Williams Companies, Inc. | 32343 | 1871690 |
| Valero Energy Corp. | 8181 | 1387170 |
|  |  | **43257614** |
| **Equity Real Estate Investment Trusts — 1.7%** | **Equity Real Estate Investment Trusts — 1.7%** | **Equity Real Estate Investment Trusts — 1.7%** |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> <br>| 4200 | 244524 |
| American Tower Corp.<sup>(c)</sup> <br>| 12424 | 2223647 |
| AvalonBay Communities, Inc.<sup>(c)</sup> <br>| 3717 | 646461 |
| BXP, Inc.<sup>(b),(c)</sup> <br>| 3763 | 267888 |
| Camden Property Trust<sup>(c)</sup> <br>| 2890 | 287497 |
| Crown Castle, Inc.<sup>(c)</sup> <br>| 11679 | 1053679 |
| Digital Realty Trust, Inc.<sup>(c)</sup> <br>| 8612 | 1467571 |
| Equinix, Inc.<sup>(c)</sup> <br>| 2608 | 2206394 |
| Equity Residential<sup>(c)</sup> <br>| 9410 | 559330 |
| Essex Property Trust, Inc.<sup>(c)</sup> <br>| 1766 | 444626 |
| Extra Space Storage, Inc.<sup>(c)</sup> <br>| 5563 | 742883 |
| Federal Realty Investment Trust<sup>(c)</sup> <br>| 2263 | 217678 |
| Healthpeak Properties, Inc.<sup>(c)</sup> <br>| 17606 | 316028 |
| Host Hotels & Resorts, Inc.<sup>(c)</sup> <br>| 15713 | 251722 |
| Invitation Homes, Inc.<sup>(c)</sup> <br>| 15297 | 430611 |
| Iron Mountain, Inc.<sup>(c)</sup> <br>| 7825 | 805584 |
| Kimco Realty Corp.<sup>(c)</sup> <br>| 17087 | 353017 |
| Mid-America Apartment Communities, Inc.<sup>(c)</sup> <br>| 3286 | 421364 |
| Prologis, Inc.<sup>(c)</sup> <br>| 24665 | 3060680 |
| Public Storage<sup>(c)</sup> <br>| 4219 | 1175245 |
| Realty Income Corp.<sup>(c)</sup> <br>| 24374 | 1413205 |
| Regency Centers Corp.<sup>(c)</sup> <br>| 4051 | 279316 |
| SBA Communications Corp.<sup>(c)</sup> <br>| 2879 | 551271 |
| Simon Property Group, Inc.<sup>(c)</sup> <br>| 8683 | 1526124 |
| UDR, Inc.<sup>(b),(c)</sup> <br>| 8026 | 270396 |
| Ventas, Inc.<sup>(c)</sup> <br>| 12084 | 891678 |
| VICI Properties, Inc.<sup>(c)</sup> <br>| 28097 | 842629 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Equity Real Estate Investment Trusts — 1.7% (continued)** | **Equity Real Estate Investment Trusts — 1.7% (continued)** | **Equity Real Estate Investment Trusts — 1.7% (continued)** |
| Welltower, Inc.<sup>(c)</sup> <br>| 17775 | 3217986 |
| Weyerhaeuser Co.<sup>(c)</sup> <br>| 18275 | 420325 |
|  |  | **26589359** |
| **Financial Services — 7.6%** | **Financial Services — 7.6%** | **Financial Services — 7.6%** |
| American Express Co. | 14426 | 5203891 |
| Ameriprise Financial, Inc. | 2463 | 1115172 |
| Apollo Global Management, Inc. | 12106 | 1504897 |
| Berkshire Hathaway, Inc., Cl. B<sup>(a)</sup> <br>| 48735 | 23272912 |
| Blackrock, Inc. | 3853 | 4172067 |
| Blackstone, Inc. | 19718 | 2891447 |
| Block, Inc.<sup>(a)</sup> <br>| 14371 | 1091334 |
| Capital One Financial Corp. | 16906 | 3719151 |
| Cboe Global Markets, Inc. | 2792 | 685827 |
| CME Group, Inc. | 9598 | 2548173 |
| Coinbase Global, Inc., Cl. A<sup>(a)</sup> <br>| 6059 | 2082963 |
| Corpay, Inc.<sup>(a)</sup> <br>| 1954 | 508724 |
| FactSet Research Systems, Inc. | 1027 | 274004 |
| Fidelity National Information Services, Inc. | 13938 | 871404 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 14475 | 965338 |
| Franklin Resources, Inc. | 8175 | 184837 |
| Global Payments, Inc. | 6271 | 487633 |
| Interactive Brokers Group, Inc., Cl. A | 12154 | 855155 |
| Intercontinental Exchange, Inc. | 15196 | 2223023 |
| Invesco Ltd. | 11303 | 267881 |
| Jack Henry & Associates, Inc. | 1866 | 277922 |
| KKR & Co., Inc. | 18144 | 2146979 |
| Mastercard, Inc., Cl. A | 21939 | 12110109 |
| Moody's Corp. | 4093 | 1965868 |
| Morgan Stanley | 32243 | 5287852 |
| MSCI, Inc. | 2086 | 1227715 |
| Nasdaq, Inc. | 12162 | 1039729 |
| Northern Trust Corp. | 5059 | 650942 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 25301 | 1752600 |
| Raymond James Financial, Inc. | 4737 | 751620 |
| Robinhood Markets, Inc., Cl. A<sup>(a)</sup> <br>| 20569 | 3019118 |
| S&P Global, Inc. | 8305 | 4046279 |
| State Street Corp. | 7607 | 879826 |
| Synchrony Financial | 10021 | 745362 |
| T. Rowe Price Group, Inc. | 5700 | 584421 |
| The Bank of New York Mellon Corp. | 18879 | 2037610 |
| The Charles Schwab Corp. | 45325 | 4284119 |
| The Goldman Sachs Group, Inc. | 8045 | 6350482 |
| Visa, Inc., Cl. A | 45145 | 15382707 |
|  |  | **119467093** |
| **Food, Beverage & Tobacco — 2.0%** | **Food, Beverage & Tobacco — 2.0%** | **Food, Beverage & Tobacco — 2.0%** |
| Altria Group, Inc. | 44646 | 2517142 |
| Archer-Daniels-Midland Co. | 12569 | 760802 |
| Brown-Forman Corp., Cl. B<sup>(b)</sup> <br>| 5171 | 140806 |
| Bunge Global SA | 3894 | 368372 |
| Conagra Brands, Inc. | 12793 | 219912 |
| Constellation Brands, Inc., Cl. A<sup>(b)</sup> <br>| 3778 | 496354 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Food, Beverage & Tobacco — 2.0% (continued)** | **Food, Beverage & Tobacco — 2.0% (continued)** | **Food, Beverage & Tobacco — 2.0% (continued)** |
| General Mills, Inc. | 14499 | 675798 |
| Hormel Foods Corp. | 6499 | 140313 |
| Kellanova | 7404 | 614976 |
| Keurig Dr. Pepper, Inc. | 36523 | 991965 |
| Lamb Weston Holdings, Inc. | 3214 | 198400 |
| McCormick & Co., Inc. | 7103 | 455728 |
| Molson Coors Beverage Co., Cl. B | 4032 | 176279 |
| Mondelez International, Inc., Cl. A | 34657 | 1991391 |
| Monster Beverage Corp.<sup>(a)</sup> <br>| 19106 | 1276854 |
| PepsiCo, Inc. | 36386 | 5315631 |
| Philip Morris International, Inc. | 41369 | 5970788 |
| The Campbell's Company<sup>(b)</sup> <br>| 5361 | 161527 |
| The Coca-Cola Company | 102940 | 7092566 |
| The Hershey Company | 3925 | 665798 |
| The J.M. Smucker Company | 2869 | 297085 |
| The Kraft Heinz Company | 22807 | 564017 |
| Tyson Foods, Inc., Cl. A | 7809 | 401461 |
|  |  | **31493965** |
| **Health Care Equipment & Services — 3.6%** | **Health Care Equipment & Services — 3.6%** | **Health Care Equipment & Services — 3.6%** |
| Abbott Laboratories | 46256 | 5718167 |
| Align Technology, Inc.<sup>(a)</sup> <br>| 1639 | 225985 |
| Baxter International, Inc. | 14147 | 261295 |
| Becton Dickinson & Co. | 7506 | 1341397 |
| Boston Scientific Corp.<sup>(a)</sup> <br>| 39237 | 3951951 |
| Cardinal Health, Inc. | 6382 | 1217494 |
| Cencora, Inc. | 5134 | 1734316 |
| Centene Corp.<sup>(a)</sup> <br>| 12321 | 435794 |
| CVS Health Corp. | 33503 | 2618259 |
| DaVita, Inc.<sup>(a)</sup> <br>| 917 | 109141 |
| Dexcom, Inc.<sup>(a)</sup> <br>| 10099 | 587964 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| 15735 | 1297351 |
| Elevance Health, Inc. | 6014 | 1907641 |
| GE HealthCare Technologies, Inc. | 12047 | 902923 |
| HCA Healthcare, Inc. | 4352 | 2000527 |
| Henry Schein, Inc.<sup>(a)</sup> <br>| 2517 | 159074 |
| Hologic, Inc.<sup>(a)</sup> <br>| 6106 | 451294 |
| Humana, Inc. | 3263 | 907734 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| 2111 | 1328896 |
| Insulet Corp.<sup>(a)</sup> <br>| 1946 | 609117 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| 9513 | 5082606 |
| Labcorp Holdings, Inc. | 2140 | 543474 |
| McKesson Corp. | 3306 | 2682290 |
| Medtronic PLC | 34244 | 3105931 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| 1545 | 236478 |
| Quest Diagnostics, Inc. | 2889 | 508320 |
| ResMed, Inc. | 3905 | 964066 |
| Solventum Corp.<sup>(a)</sup> <br>| 4129 | 285066 |
| STERIS PLC | 2622 | 618005 |
| Stryker Corp. | 9205 | 3279189 |
| The Cigna Group | 7116 | 1739222 |
| The Cooper Companies, Inc.<sup>(a)</sup> <br>| 5159 | 360666 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Health Care Equipment & Services — 3.6% (continued)** | **Health Care Equipment & Services — 3.6% (continued)** | **Health Care Equipment & Services — 3.6% (continued)** |
| UnitedHealth Group, Inc. | 24070 | 8221349 |
| Universal Health Services, Inc., Cl. B | 1554 | 337234 |
| Zimmer Biomet Holdings, Inc. | 5353 | 538298 |
|  |  | **56268514** |
| **Household & Personal Products — .9%** | **Household & Personal Products — .9%** | **Household & Personal Products — .9%** |
| Church & Dwight Co., Inc. | 6367 | 558322 |
| Colgate-Palmolive Co. | 21327 | 1643245 |
| Kenvue, Inc. | 50887 | 731246 |
| Kimberly-Clark Corp. | 8912 | 1066856 |
| The Clorox Company | 3377 | 379777 |
| The Estee Lauder Companies, Inc., Cl. A | 5979 | 578110 |
| The Procter & Gamble Company | 62253 | 9360984 |
|  |  | **14318540** |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Aflac, Inc. | 12640 | 1354881 |
| American International Group, Inc. | 14882 | 1175083 |
| Aon PLC, Cl. A | 5698 | 1941195 |
| Arch Capital Group Ltd. | 9927 | 856799 |
| Arthur J. Gallagher & Co. | 6865 | 1712749 |
| Assurant, Inc. | 1276 | 270155 |
| Brown & Brown, Inc. | 7834 | 624683 |
| Chubb Ltd. | 9787 | 2710412 |
| Cincinnati Financial Corp. | 4302 | 665046 |
| Erie Indemnity Co., Cl. A | 722 | 211286 |
| Everest Group Ltd. | 1169 | 367674 |
| Globe Life, Inc. | 2106 | 276960 |
| Loews Corp. | 4426 | 440652 |
| Marsh & McLennan Cos., Inc. | 13080 | 2330202 |
| MetLife, Inc. | 14589 | 1164494 |
| Principal Financial Group, Inc. | 5667 | 476255 |
| Prudential Financial, Inc. | 9164 | 953056 |
| The Allstate Corp. | 6939 | 1328957 |
| The Hartford Insurance Group, Inc. | 7563 | 939173 |
| The Progressive Corp. | 15549 | 3203094 |
| The Travelers Companies, Inc. | 5993 | 1609840 |
| W. R. Berkley Corp. | 8208 | 585559 |
| Willis Towers Watson PLC | 2558 | 800910 |
|  |  | **25999115** |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Air Products and Chemicals, Inc. | 6004 | 1456510 |
| Albemarle Corp. | 2992 | 293904 |
| Amcor PLC | 60714 | 479641 |
| Avery Dennison Corp. | 1970 | 344533 |
| Ball Corp. | 6872 | 322984 |
| CF Industries Holdings, Inc. | 4546 | 378636 |
| Corteva, Inc. | 18345 | 1127117 |
| Dow, Inc. | 19812 | 472516 |
| DuPont de Nemours, Inc. | 11255 | 918971 |
| Eastman Chemical Co. | 2800 | 166656 |
| Ecolab, Inc. | 6853 | 1757109 |
| Freeport-McMoRan, Inc. | 37804 | 1576427 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Materials — 1.7% (continued)** | **Materials — 1.7% (continued)** | **Materials — 1.7% (continued)** |
| International Flavors & Fragrances, Inc.<sup>(a)</sup> <br>| 6579 | 414280 |
| International Paper Co. | 14429 | 557537 |
| Linde PLC | 12462 | 5212855 |
| LyondellBasell Industries NV, Cl. A | 7025 | 326100 |
| Martin Marietta Materials, Inc. | 1612 | 988317 |
| Newmont Corp. | 29193 | 2363757 |
| Nucor Corp. | 6209 | 931660 |
| Packaging Corp. of America | 2359 | 461798 |
| PPG Industries, Inc. | 5801 | 567048 |
| Smurfit WestRock PLC | 13835 | 510788 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> <br>| 4236 | 190894 |
| Steel Dynamics, Inc. | 3557 | 557738 |
| The Mosaic Company | 8539 | 234395 |
| The Sherwin-Williams Company | 6155 | 2123106 |
| Vulcan Materials Co. | 3552 | 1028304 |
|  |  | **25763581** |
| **Media & Entertainment — 9.2%** | **Media & Entertainment — 9.2%** | **Media & Entertainment — 9.2%** |
| Alphabet, Inc., Cl. A<sup>(a)</sup> <br>| 154597 | 43471130 |
| Alphabet, Inc., Cl. C | 124108 | 34976117 |
| Charter Communications, Inc., Cl. A<sup>(a),(b)</sup> <br>| 2571 | 601203 |
| Comcast Corp., Cl. A | 97356 | 2709904 |
| Electronic Arts, Inc. | 6007 | 1201760 |
| Fox Corp., Cl. A<sup>(b)</sup> <br>| 4637 | 299782 |
| Fox Corp., Cl. B | 4024 | 235042 |
| Live Nation Entertainment, Inc.<sup>(a),(b)</sup> <br>| 4318 | 645670 |
| Match Group, Inc. | 5714 | 184791 |
| Meta Platforms, Inc., Cl. A | 57644 | 37373487 |
| Netflix, Inc.<sup>(a)</sup> <br>| 11293 | 12635286 |
| News Corp., Cl. A | 8970 | 237705 |
| News Corp., Cl. B<sup>(b)</sup> <br>| 3394 | 103415 |
| Omnicom Group, Inc.<sup>(b)</sup> <br>| 5448 | 408709 |
| Paramount Skydance Corp., Cl. B<sup>(b)</sup> <br>| 8807 | 135540 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| 4702 | 1205452 |
| The Interpublic Group of Companies, Inc. | 9789 | 251186 |
| The Trade Desk, Inc., Cl. A<sup>(a)</sup> <br>| 11713 | 588930 |
| The Walt Disney Company | 47783 | 5381321 |
| TKO Group Holdings, Inc. | 1838 | 346279 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>| 65220 | 1464189 |
|  |  | **144456898** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.3%** |
| AbbVie, Inc. | 46949 | 10236760 |
| Agilent Technologies, Inc. | 7622 | 1115556 |
| Amgen, Inc. | 14299 | 4267251 |
| Biogen, Inc.<sup>(a)</sup> <br>| 3803 | 586689 |
| Bio-Techne Corp.<sup>(b)</sup> <br>| 3749 | 234575 |
| Bristol-Myers Squibb Co. | 53930 | 2484555 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| 1361 | 245075 |
| Danaher Corp. | 17049 | 3672014 |
| Eli Lilly & Co. | 21129 | 18231369 |
| Gilead Sciences, Inc. | 32977 | 3950315 |
| Incyte Corp.<sup>(a)</sup> <br>| 4629 | 432719 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.3% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.3% (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences — 5.3% (continued)** |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| 4449 | 963030 |
| Johnson & Johnson | 64006 | 12088813 |
| Merck & Co., Inc. | 66383 | 5707610 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| 549 | 777543 |
| Moderna, Inc.<sup>(a),(b)</sup> <br>| 9624 | 261388 |
| Pfizer, Inc. | 150768 | 3716431 |
| Regeneron Pharmaceuticals, Inc. | 2681 | 1747476 |
| Revvity, Inc. | 3218 | 301173 |
| Thermo Fisher Scientific, Inc. | 10036 | 5694326 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 6814 | 2899834 |
| Viatris, Inc. | 30456 | 315524 |
| Waters Corp.<sup>(a)</sup> <br>| 1557 | 544327 |
| West Pharmaceutical Services, Inc. | 1857 | 523804 |
| Zoetis, Inc. | 11697 | 1685421 |
|  |  | **82683578** |
| **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** | **Real Estate Management & Development — .1%** |
| CBRE Group, Inc., Cl. A<sup>(a)</sup> <br>| 7917 | 1206788 |
| CoStar Group, Inc.<sup>(a)</sup> <br>| 11250 | 774113 |
|  |  | **1980901** |
| **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** | **Semiconductors & Semiconductor Equipment — 14.9%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| 43130 | 11046456 |
| Analog Devices, Inc. | 13075 | 3061250 |
| Applied Materials, Inc. | 21327 | 4971324 |
| Broadcom, Inc. | 125003 | 46204859 |
| First Solar, Inc.<sup>(a)</sup> <br>| 2909 | 776528 |
| Intel Corp.<sup>(a)</sup> <br>| 116326 | 4651877 |
| KLA Corp. | 3499 | 4229381 |
| Lam Research Corp. | 33636 | 5296324 |
| Microchip Technology, Inc. | 14605 | 911644 |
| Micron Technology, Inc. | 29743 | 6655591 |
| Monolithic Power Systems, Inc. | 1287 | 1293435 |
| NVIDIA Corp. | 648473 | 131309298 |
| NXP Semiconductors NV | 6629 | 1386256 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| 11053 | 553534 |
| QUALCOMM, Inc. | 28664 | 5185318 |
| Skyworks Solutions, Inc. | 3871 | 300854 |
| Teradyne, Inc. | 4158 | 755758 |
| Texas Instruments, Inc. | 24145 | 3898452 |
|  |  | **232488139** |
| **Software & Services — 12.0%** | **Software & Services — 12.0%** | **Software & Services — 12.0%** |
| Accenture PLC, Cl. A | 16519 | 4131402 |
| Adobe, Inc.<sup>(a)</sup> <br>| 11274 | 3836655 |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| 3612 | 271261 |
| AppLovin Corp., Cl. A<sup>(a)</sup> <br>| 7192 | 4583677 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 5724 | 1724870 |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| 7220 | 2445342 |
| Cognizant Technology Solutions Corp., Cl. A | 13070 | 952542 |
| CrowdStrike Holdings, Inc., Cl. A<sup>(a)</sup> <br>| 6624 | 3596898 |
| Datadog, Inc., Cl. A<sup>(a)</sup> <br>| 8486 | 1381606 |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| 1501 | 245473 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| 650 | 1078694 |

---

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Software & Services — 12.0% (continued)** | **Software & Services — 12.0% (continued)** | **Software & Services — 12.0% (continued)** |
| Fortinet, Inc.<sup>(a)</sup> <br>| 17409 | 1504660 |
| Gartner, Inc.<sup>(a)</sup> <br>| 2006 | 498170 |
| Gen Digital, Inc. | 15074 | 397351 |
| GoDaddy, Inc., Cl. A<sup>(a)</sup> <br>| 3535 | 470615 |
| International Business Machines Corp. | 24757 | 7610549 |
| Intuit, Inc. | 7414 | 4949216 |
| Microsoft Corp. | 197549 | 102292848 |
| Oracle Corp. | 44043 | 11566132 |
| Palantir Technologies, Inc., Cl. A<sup>(a)</sup> <br>| 60442 | 12116808 |
| Palo Alto Networks, Inc.<sup>(a),(b)</sup> <br>| 17720 | 3902653 |
| PTC, Inc.<sup>(a)</sup> <br>| 3288 | 652799 |
| Roper Technologies, Inc. | 2864 | 1277774 |
| Salesforce, Inc. | 25407 | 6616237 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| 5528 | 5081780 |
| Synopsys, Inc.<sup>(a)</sup> <br>| 4944 | 2243686 |
| Tyler Technologies, Inc.<sup>(a)</sup> <br>| 1128 | 537221 |
| VeriSign, Inc. | 2255 | 540749 |
| Workday, Inc., Cl. A<sup>(a)</sup> <br>| 5707 | 1369223 |
|  |  | **187876891** |
| **Technology Hardware & Equipment — 8.9%** | **Technology Hardware & Equipment — 8.9%** | **Technology Hardware & Equipment — 8.9%** |
| Amphenol Corp., Cl. A | 32616 | 4544713 |
| Apple, Inc. | 394409 | 106636361 |
| Arista Networks, Inc.<sup>(a)</sup> <br>| 27340 | 4311245 |
| CDW Corp. | 3367 | 536599 |
| Cisco Systems, Inc. | 105244 | 7694389 |
| Corning, Inc. | 20933 | 1864712 |
| Dell Technologies, Inc., Cl. C | 8040 | 1302560 |
| F5, Inc.<sup>(a),(b)</sup> <br>| 1492 | 377551 |
| Hewlett Packard Enterprise Co. | 34533 | 843296 |
| HP, Inc. | 24442 | 676310 |
| Jabil, Inc. | 2814 | 621584 |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| 4556 | 833566 |
| Motorola Solutions, Inc. | 4436 | 1804165 |
| NetApp, Inc. | 5461 | 643196 |
| Seagate Technology Holdings PLC | 5667 | 1450072 |
| Super Micro Computer, Inc.<sup>(a)</sup> <br>| 13252 | 688574 |
| TE Connectivity PLC | 7806 | 1928160 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| 1229 | 647462 |
| Trimble, Inc.<sup>(a)</sup> <br>| 6621 | 528025 |
| Western Digital Corp. | 9337 | 1402511 |
| Zebra Technologies Corp., Cl. A<sup>(a)</sup> <br>| 1312 | 353256 |
|  |  | **139688307** |
| **Telecommunication Services — .8%** | **Telecommunication Services — .8%** | **Telecommunication Services — .8%** |
| AT&T, Inc. | 190034 | 4703341 |
| T-Mobile US, Inc. | 12861 | 2701453 |
| Verizon Communications, Inc. | 112005 | 4451079 |
|  |  | **11855873** |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| C.H. Robinson Worldwide, Inc. | 3246 | 499852 |
| CSX Corp. | 49167 | 1770995 |
| Delta Air Lines, Inc. | 17301 | 992731 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| **Transportation — 1.3% (continued)** | **Transportation — 1.3% (continued)** | **Transportation — 1.3% (continued)** |
| Expeditors International of Washington, Inc. | 3407 | 415313 |
| FedEx Corp. | 5801 | 1472410 |
| J.B. Hunt Transport Services, Inc. | 2098 | 354268 |
| Norfolk Southern Corp. | 6026 | 1707648 |
| Old Dominion Freight Line, Inc. | 5003 | 702521 |
| Southwest Airlines Co.<sup>(b)</sup> <br>| 14306 | 433472 |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| 55424 | 5348416 |
| Union Pacific Corp. | 15716 | 3463335 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| 8588 | 807616 |
| United Parcel Service, Inc., Cl. B | 19418 | 1872284 |
|  |  | **19840861** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Alliant Energy Corp. | 7110 | 475090 |
| Ameren Corp. | 7264 | 741073 |
| American Electric Power Co., Inc. | 14165 | 1703483 |
| American Water Works Co., Inc. | 5072 | 651397 |
| Atmos Energy Corp. | 4161 | 714527 |
| CenterPoint Energy, Inc. | 16959 | 648512 |
| CMS Energy Corp. | 7704 | 566629 |
| Consolidated Edison, Inc. | 9775 | 952183 |
| Constellation Energy Corp. | 8318 | 3135886 |
| Dominion Energy, Inc.<sup>(b)</sup> <br>| 22294 | 1308435 |
| DTE Energy Co. | 5406 | 732729 |
| Duke Energy Corp. | 20591 | 2559461 |
| Edison International | 10530 | 583152 |
| Entergy Corp. | 11618 | 1116374 |
| Evergy, Inc. | 6369 | 489203 |
| Eversource Energy | 9688 | 715071 |
| Exelon Corp. | 27159 | 1252573 |
| FirstEnergy Corp. | 13697 | 627734 |
| NextEra Energy, Inc. | 54683 | 4451196 |
| NiSource, Inc. | 12820 | 539850 |
| NRG Energy, Inc. | 5245 | 901406 |
| PG&E Corp. | 58044 | 926382 |
| Pinnacle West Capital Corp.<sup>(b)</sup> <br>| 3413 | 302119 |
| PPL Corp.<sup>(b)</sup> <br>| 20248 | 739457 |
| Public Service Enterprise Group, Inc. | 13311 | 1072334 |
| Sempra | 17502 | 1609134 |
| The AES Corp. | 19483 | 270229 |
| The Southern Company | 29331 | 2758287 |
| Vistra Corp. | 8520 | 1604316 |
| WEC Energy Group, Inc. | 8453 | 944454 |
| Xcel Energy, Inc. | 15422 | 1251804 |
|  |  | **36344480** |
| **Total Common Stocks** <br>(cost $262,326,698)<br>|  | **1550370127** |

---

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

**13**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — .9%** | **Investment Companies — .9%** | **Investment Companies — .9%** | **Investment Companies — .9%** |
| **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(d)</sup> <br>(cost $14,623,941)<br>| 4.22 | 14623941 | **14623941** |
| **Total Investments** (cost $276,950,639) | **Total Investments** (cost $276,950,639) | **100.0%** | **1564994068** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.0%** | **431214** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **1565425282** |

---

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

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

<sup>(b)</sup> Security, or portion thereof, on loan. At October 31, 2025, the value of the fund's securities on loan was $14,931,405 and the value of the collateral was $15,521,309, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan. 

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** | **Registered Investment Companies - .9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .9%<br>| 10673495 | 418239604 | (414289158) | 14623941 | 710811 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| - | 1108744 | (1108744) | - | 1824<sup>††</sup> <br>|
| **Total - .9%** | **10673495** | **419348348** | **(415397902)** | **14623941** | **712635** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation ($)<br>|
| **Futures Long** |  |  |  |  |  |
| S&P 500 E-mini | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 15498028 | &nbsp;&nbsp; 16153900 | &nbsp;&nbsp; 655872 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **655872** |

---

See notes to financial statements.

**14**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $14,931,405)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 262326698 | &nbsp;&nbsp;&nbsp;&nbsp; 1550370127 |
| Affiliated issuers | 14623941 | &nbsp;&nbsp;&nbsp;&nbsp; 14623941 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1062000 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 776084 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 188375 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1567065513** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc.—Note 3(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 247790 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1363731 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 27275 |
| Interest payable—Note 2 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1640231** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1565425282** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (95601394)<br>|
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1661026676 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1565425282** |
| **Shares Outstanding** |  |  |
| (150 million shares of $.001 par value Common Stock authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 26339042 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**59.43** |

---

See notes to financial statements.

**15**

------

STATEMENT OF OPERATIONS

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $4,828 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 20657473 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 710811 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 8748 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1824 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **21378856** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 3205645 |
| Directors' fees—Notes 3(a) and 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 199100 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 39683 |
| Interest expense—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1724 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3446152** |
| Less—Directors' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (199100)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3247052** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **18131804** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 438128740 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 3399267 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **441528007** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (158303083)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 705792 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(157597291)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **283930716** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **302062520** |

---

See notes to financial statements.

**16**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 18131804 | &nbsp;&nbsp;&nbsp;&nbsp; 23788221 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 441528007 | &nbsp;&nbsp;&nbsp;&nbsp; 446521990 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (157597291) | &nbsp;&nbsp;&nbsp;&nbsp; 120436485 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **302062520** | &nbsp;&nbsp;&nbsp;&nbsp; **590746696** |
| **Distributions ($):** |  |  |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; **(398984883)** | &nbsp;&nbsp;&nbsp;&nbsp; **(423200340)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 104173607 | &nbsp;&nbsp;&nbsp;&nbsp; 103935582 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 331844128 | &nbsp;&nbsp;&nbsp;&nbsp; 337164778 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (584766690) | &nbsp;&nbsp;&nbsp;&nbsp; (601553336) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(148748955)** | &nbsp;&nbsp;&nbsp;&nbsp; **(160452976)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(245671318)** | &nbsp;&nbsp;&nbsp;&nbsp; **7093380** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1811096600 | &nbsp;&nbsp;&nbsp;&nbsp; 1804003220 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1565425282** | &nbsp;&nbsp;&nbsp;&nbsp; **1811096600** |
| **Capital Share Transactions (Shares):** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1935727 | &nbsp;&nbsp;&nbsp;&nbsp; 1801707 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 6396458 | &nbsp;&nbsp;&nbsp;&nbsp; 6464382 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10912375) | &nbsp;&nbsp;&nbsp;&nbsp; (10428670) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(2580190)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2162581)** |

---

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;62.63 | &nbsp;&nbsp;&nbsp;&nbsp;58.04 | &nbsp;&nbsp;&nbsp;&nbsp;62.55 | &nbsp;&nbsp;&nbsp;&nbsp;83.14 | &nbsp;&nbsp;&nbsp;&nbsp;60.98 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp; .94 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.32 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp; (10.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.26 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.97)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (13.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.13)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (14.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.10)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;59.43 | &nbsp;&nbsp;&nbsp;&nbsp;62.63 | &nbsp;&nbsp;&nbsp;&nbsp;58.04 | &nbsp;&nbsp;&nbsp;&nbsp;62.55 | &nbsp;&nbsp;&nbsp;&nbsp;83.14 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;&nbsp;37.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;42.64 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .20 |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1565425 | &nbsp;&nbsp;&nbsp;&nbsp; 1811097 | &nbsp;&nbsp;&nbsp;&nbsp; 1804003 | &nbsp;&nbsp;&nbsp;&nbsp; 2301210 | &nbsp;&nbsp;&nbsp;&nbsp; 3274123 |

---

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

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

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

See notes to financial statements.

**18**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Institutional S&P 500 Stock Index Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund's investment objective is to seek to match the total return of the S&P 500® Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Service Plan fees. Class I shares are offered without a front-end sales charge or a contingent deferred sales charge.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

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

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

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

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

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

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

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

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

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

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

**19**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

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

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

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

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

The following is a summary of the inputs used as of October 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 1550370127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1550370127** |
| Investment Companies | &nbsp;&nbsp; 14623941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **14623941** |
|  | &nbsp;&nbsp; **1564994068** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1564994068** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 655872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **655872** |
|  | &nbsp;&nbsp; **655872** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **655872** |

---

&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 on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|

---

**(b) Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2025, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government

**20**

------

NOTES TO FINANCIAL STATEMENTS (continued)

and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2025, BNY earned $248 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of October 31, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 14931405 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; (14931405 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

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

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

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

As of and during the period ended October 31, 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 October 31, 2025, the fund did not incur any interest or penalties.

**21**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Each tax year in the four-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $5,920,549, undistributed capital gains $369,282,349 and unrealized appreciation $1,285,823,778.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows: ordinary income $22,223,245 and $25,499,781, and long-term capital gains $376,761,638 and $397,700,559, respectively.

During the period ended October 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes, the fund decreased total distributable earnings (loss) by $70,399,846 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

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

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The 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—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

During the period ended October 31, 2025, the fund was charged $1,724 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended October 31, 2025 was approximately $33,699 with a related weighted average annualized interest rate of 5.12%. As of October 31, 2025, the fund has no outstanding loan balance from either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .20% of the value of the fund's average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions, and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fee in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of

**22**

------

NOTES TO FINANCIAL STATEMENTS (continued)

independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended October 31, 2025, fees reimbursed by the Adviser amounted to $199,100.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc." in the Statement of Assets and Liabilities consist of: Management fee of $263,290, which are offset against an expense reimbursement currently in effect in the amount of $15,500.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended October 31, 2025, amounted to $43,010,797 and $573,760,537, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended October 31, 2025 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2025 are set forth in the fund's 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.

Fair value of derivative instruments as of October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 655872 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **655872** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |

---

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

---

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

---

The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 3399267 | &nbsp;&nbsp;&nbsp;&nbsp; **3399267** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **3399267** | &nbsp;&nbsp;&nbsp;&nbsp; **3399267** |

---

**23**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; 705792 | &nbsp;&nbsp;&nbsp;&nbsp; **705792** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **705792** | &nbsp;&nbsp;&nbsp;&nbsp; **705792** |

---

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

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

The following table summarizes the monthly average market value of derivatives outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Equity Futures Long | &nbsp;&nbsp; 16805069 |

---

At October 31, 2025, the cost of investments for federal income tax purposes was $279,162,965; accordingly, accumulated net unrealized appreciation on investments was $1,285,831,103, consisting of $1,299,917,434 gross unrealized appreciation and $14,086,331 gross unrealized depreciation.

**NOTE 5—**

**Subsequent Event:**

Effective November 14, 2025, the fund may operate as a non-diversified fund, as defined under the Act, as amended, to the approximate extent the S&P 500® Index is non-diversified, without shareholder approval. The fund may therefore operate as non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

**24**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BNY Mellon Institutional S&P 500 Stock Index Fund and Board of Directors of BNY Mellon Investment Funds IV, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Institutional S&P 500 Stock Index Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion. ![](img1b71b8bb2.gif)

We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.

New York, New York

December 22, 2025

**25**

------

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $21,806,761 as ordinary income dividends paid during the year ended October 31, 2025 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 93.83% of ordinary income dividends paid during the year ended October 31, 2025 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2026 of the percentage applicable to the preparation of their 2025 income tax returns. The fund also hereby reports $13.4705 per share as a long-term capital gain distribution and $.0753 per share as a short-term capital gain distribution paid on December 23, 2024.

**26**

------

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

N/A

**27**

------

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

N/A

**28**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors' and Directors' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.

**29**

------

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

N/A

**30**

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

Code-0713NCSRAR1025

![](img95b935c61.gif)

**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 material changes to the procedures applicable to Item 15.

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

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

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

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

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert0310.htm).

(a)(3) Not applicable.

&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_99-906cert0310.htm) .

**SIGNATURES** 

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

BNY Mellon Investment Funds IV, Inc.

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 28, 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: December 28, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

**EXHIBIT INDEX**

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

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

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

------

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

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

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

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

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

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

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

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

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

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

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

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

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

------

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

Each Covered Officer must:

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

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

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

**III. Disclosure and Compliance**

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

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

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

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

**IV. Reporting and Accountability**

Each Covered Officer must:

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

------

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

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

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

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

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

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

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

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

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

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

**V. Other Policies and Procedures**

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

**VI. Amendments**

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

**VII. Confidentiality**

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

------

**VIII. Internal Use**

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

Dated as of: January 14, 2021

------

**Exhibit A**

**Persons Covered by the Code of Ethics**

---

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

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## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 28, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: December 28, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 26, 2025

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