# EDGAR Filing Document

**Accession Number:** 0000819940
**File Stem:** 0000819940-23-000001
**Filing Date:** 2023-1
**Character Count:** 443806
**Document Hash:** acbcfb29e9b4573475fe435536a7f334
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819940-23-000001.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0000819940-23-000001

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds IV, Inc.
- **CENTRAL INDEX KEY:** 0000819940
- **IRS NUMBER:** 134024319
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05202
- **FILM NUMBER:** 23502064

**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 Tax Managed Growth Fund (Series ID: S000000305)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000759 | Class A      | DTMGX           |
| C000000761 | Class C      | DPTAX           |
| C000023266 | Class I      | DPTRX           |

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

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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-05202 | &nbsp;&nbsp;811-05202 |
| &nbsp;&nbsp;BNY Mellon Investment Funds IV, Inc. | &nbsp;&nbsp;BNY Mellon Investment Funds IV, Inc. | &nbsp;&nbsp;BNY Mellon Investment Funds IV, Inc. | &nbsp;&nbsp;BNY Mellon Investment Funds IV, Inc. |
| &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(212) 922-6400 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp;10/31 | &nbsp;&nbsp;10/31 | &nbsp;&nbsp;10/31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp; 10/31/22 | &nbsp;&nbsp; 10/31/22 | &nbsp;&nbsp; 10/31/22 |

---

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

BNY Mellon Tax Managed Growth Fund

**FORM N-CSR**

**Item 1. Reports to Stockholders.**

## BNY Mellon Bond Market Index Fund
**ANNUAL REPORT**<br>October 31, 2022<br>

![](img_b275bd4420004.jpg)<br>

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

---

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

---

## Contents
THE FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Discussion of Fund Performance](#1) | [2](#1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Performance](#2) | [4](#2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Understanding Your Fund's Expenses](#3) | [6](#3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Comparing Your Fund's Expenses <br> With Those of Other Funds](#4) | [6](#4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Investments](#5) | [7](#5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#6) | [53](#6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#7) | [54](#7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#8) | [55](#8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#9) | [56](#9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#10) | [58](#10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered <br> Public Accounting Firm](#11) | [68](#11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Tax Information](#12) | [69](#12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Members Information](#13) | [70](#13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers of the Fund](#14) | [73](#14) |

---

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

*For the period from November 1, 2021, through October 31, 2022, as provided by Nancy G. Rogers, CFA and Gregg Lee, CFA, Portfolio Managers* 

#### Market and Fund Performance Overview
For the 12-month period ended October 31, 2022, the BNY Mellon Bond Market Index Fund's (the "fund") Class I shares produced a total return of -15.94%, and its Investor shares produced a total return of -16.15%.<sup>1</sup> In comparison, the Bloomberg U.S. Aggregate Bond Index (the "Index") achieved a total return of -15.68% for the same period.<sup>2</sup>

Returns were negative across the board in the fixed-income market, but spread sectors, including corporate and securitized bonds fared the worst. The difference in returns between the fund and the Index was primarily the result of operating expenses that are not reflected in the Index's results.

#### The Fund's Investment Approach
The fund seeks to match the total return of the Index. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds that are included in the Index (or other instruments with similar economic characteristics). To maintain liquidity, the fund may invest up to 20% of its assets in various short-term, fixed-income securities and money market instruments.

The fund's investments are selected by a "sampling" process, which is a statistical process used to select bonds so that the fund has investment characteristics that closely approximate those of the Index. By using this sampling process, the fund typically will not invest in all of the securities in the Index.

#### Inflation Hampers the Market
Fixed-income markets posted a negative performance during the reporting period, driven primarily by worries about rising inflation. The Federal Reserve (the "Fed") responded with a hawkish stance and a series of hikes in the federal funds rate.

Inflation initially heated up in response to pent-up demand resulting from the COVID-19 pandemic. Pricing pressures were exacerbated by extended lockdowns in China, which caused bottlenecks in supply chains. Finally, the invasion of Ukraine by Russia reduced the supply of oil and other commodities, further adding to inflation pressures.

In March 2022, the Fed began to hike interest rates, hiking the federal funds rate by 25 basis points (bps). This was followed by an increase of 50 bps in May, and hikes of 75 bps in June, July and September, bringing the federal funds target to 3.00% - 3.25%. While some investors began to anticipate that the Fed would pivot and slow the pace of rate increases, the Fed gave little indication that it was ready to make this move.

Treasury yields rose across the yield curve during the reporting period, but especially at the short end, where the Fed's actions have the most effect. The yield on the two-year Treasury rose approximately 400 bps, while the yield on the 10-year Treasury increased by approximately 250 bps.

#### Corporate and Securitized Bonds Perform Worst
The Index lost 15.68%, the weakest performance in decades, with declines occurring across the board. The loss was driven largely by bonds in spread sectors, especially corporate bonds, which declined approximately 19%, and by securitized bonds, which fell about 15%.

On the other hand, Treasuries outperformed the Index, declining about 14%, as did government agency bonds, which fell 10%. In the securitized sector, asset-backed securities, which tend to be of shorter duration, slid only 6%.

#### 2

#### Replicating the Composition of the Index
As an index fund, we attempt to match closely the returns of the Index by approximating its composition and credit quality. Although we do not actively manage the fund's investments in response to the macroeconomic environment, we continue to monitor factors which affect the fund's investments.

November 15, 2022

*¹ *Total return includes reinvestment of dividends and any capital gains paid. The fund's return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement. Had these expenses not been absorbed, returns would have been lower. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.* 

*² *Source: Lipper Inc. — The Bloomberg U.S. Aggregate Bond Index is a broad-based, flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.*

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

*Indexing 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 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.*

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

#### 3
FUND PERFORMANCE (Unaudited)

![](img_d2d62adb44944.jpg)<br> Comparison of change in value of a $10,000 investment in Investor shares and Class I shares of BNY Mellon Bond Market Index Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Aggregate Bond Index (the "Index").

*<sup>†</sup> Source: Lipper Inc.*

*Past performance is not predictive of future performance.* 

*The above graph compares a hypothetical investment of $10,000 made in each of the Investor shares and Class I shares of BNY Mellon Bond Market Index Fund on 10/31/12 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.* 

*The fund's performance shown in the line graph above takes into account all applicable fees and expenses for Investor shares and Class I shares. The Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.*

#### 4

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 10/31/2022**  | **Average Annual Total Returns as of 10/31/2022**  | **Average Annual Total Returns as of 10/31/2022**  | **Average Annual Total Returns as of 10/31/2022**  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **Class I shares** | **-15.94%** | **-.70%** | **.53%** |
| **Investor shares**  | **-16.15%** | **-.93%** | **.29%** |
| **Bloomberg U.S. Aggregate Bond Index** | **-15.68%** | **-.54%** | **.74%** |

---

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

*The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.*

#### 5
UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)

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

#### Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Bond Market Index Fund from May 1, 2022 to October 31, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

---

| | | |
|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Shares** |
| Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $.73 | &nbsp;&nbsp;&nbsp; $1.95 |
| Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $931.00 | &nbsp;&nbsp;&nbsp; $929.80 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Shares** |
| Expenses paid per $1,000<sup>†</sup> | Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $.77 | &nbsp;&nbsp;&nbsp; $2.04 |
| Ending value (after expenses) | Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $1024.45 | &nbsp;&nbsp;&nbsp; $1023.19 |
| *<sup>†</sup>* | *Expenses are equal to the fund's annualized expense ratio of .15% for Class I and .40% for Investor Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of .15% for Class I and .40% for Investor Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of .15% for Class I and .40% for Investor Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* |

---

#### 6
STATEMENT OF INVESTMENTS

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2%**  | **Bonds and Notes - 99.2%**  | **Bonds and Notes - 99.2%**  |  |  |
| **Aerospace & Defense - .3%**  | **Aerospace & Defense - .3%**  | **Aerospace & Defense - .3%**  |  |  |
| L3Harris Technologies Inc., Sr. Unscd. Notes | 5.05 | 4/27/2045 | 200000 | 170861 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 3.55 | 1/15/2026 | 117000 | 112594 |
| Lockheed Martin Corp., Sr. Unscd. Notes | 4.07 | 12/15/2042 | 250000 | 206030 |
| Northrop Grumman Corp., Sr. Unscd. Notes | 4.03 | 10/15/2047 | 160000 | 126163 |
| Raytheon Technologies Corp., Sr. Unscd. Notes | 3.13 | 5/4/2027 | 110000 | 100491 |
| Raytheon Technologies Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 210000 | 195658 |
| Raytheon Technologies Corp., Sr. Unscd. Notes | 4.63 | 11/16/2048 | 105000 | 88490 |
| Raytheon Technologies Corp., Sr. Unscd. Notes | 7.20 | 8/15/2027 | 150000 | 162763 |
| The Boeing Company, Sr. Unscd. Notes | 2.95 | 2/1/2030 | 125000 | 100267 |
| The Boeing Company, Sr. Unscd. Notes | 3.50 | 3/1/2039 | 200000 | 131637 |
| The Boeing Company, Sr. Unscd. Notes | 3.75 | 2/1/2050 | 125000 | 80215 |
| The Boeing Company, Sr. Unscd. Notes | 3.83 | 3/1/2059 | 100000 | 58968 |
| The Boeing Company, Sr. Unscd. Notes | 5.15 | 5/1/2030 | 250000 | 231236 |
|  |  |  |  | **1765373** |
| **Agriculture - .4%**  | **Agriculture - .4%**  | **Agriculture - .4%**  |  |  |
| Altria Group Inc., Gtd. Notes | 2.35 | 5/6/2025 | 500000 | 461622 |
| Altria Group Inc., Gtd. Notes | 3.40 | 2/4/2041 | 80000 | 49061 |
| Altria Group Inc., Gtd. Notes | 4.80 | 2/14/2029 | 300000 | 276474 |
| Archer-Daniels-Midland Co., Sr. Unscd. Notes | 2.50 | 8/11/2026 | 350000 | 320311 |
| BAT Capital Corp., Gtd. Notes | 3.56 | 8/15/2027 | 310000 | 270129 |
| BAT Capital Corp., Gtd. Notes | 4.39 | 8/15/2037 | 180000 | 130673 |
| BAT Capital Corp., Gtd. Notes | 5.65 | 3/16/2052 | 200000 | 151630 |
| BAT International Finance PLC, Gtd. Notes | 1.67 | 3/25/2026 | 200000 | 171916 |
| Philip Morris International Inc., Sr. Unscd. Notes | 4.50 | 3/20/2042 | 300000 | 219738 |
| Reynolds American Inc., Gtd. Notes | 5.70 | 8/15/2035 | 240000 | 203093 |
|  |  |  |  | **2254647** |

---

#### 7
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Airlines - .2%**  | **Airlines - .2%**  | **Airlines - .2%**  |  |  |
| American Airlines Pass Through Trust, Ser. 2016-1, Cl. AA | 3.58 | 1/15/2028 | 389337 | 343069 |
| JetBlue Pass Through Trust, Ser. 2019-1, Cl. AA | 2.75 | 5/15/2032 | 267079 | 212838 |
| Southwest Airlines Co., Sr. Unscd. Notes | 5.13 | 6/15/2027 | 125000 | 122063 |
| Southwest Airlines Co., Sr. Unscd. Notes | 5.25 | 5/4/2025 | 200000 | 199023 |
| United Airlines Pass Through Trust, Ser. 2013-1, Cl. A | 4.30 | 8/15/2025 | 603108 | 560190 |
|  |  |  |  | **1437183** |
| **Asset-Backed Certificates - .0%**  | **Asset-Backed Certificates - .0%**  | **Asset-Backed Certificates - .0%**  |  |  |
| Verizon Master Trust, Ser. 2021-2, CI. A | 0.99 | 4/20/2028 | 200000 | **184441** |
| **Asset-Backed Certificates/Auto Receivables - .2%**  | **Asset-Backed Certificates/Auto Receivables - .2%**  | **Asset-Backed Certificates/Auto Receivables - .2%**  |  |  |
| GM Financial Automobile Leasing Trust, Ser. 2022-2, CI. A3 | 3.42 | 6/20/2025 | 100000 | 97380 |
| Honda Auto Receivables Owner Trust, Ser. 2021-1, CI. A4 | 0.42 | 1/21/2028 | 400000 | 371409 |
| Hyundai Auto Receivables Trust, Ser. 2020-A, Cl. A4 | 1.72 | 6/15/2026 | 100000 | 95614 |
| Santander Drive Auto Receivables Trust, Ser. 2021-1, Cl. D | 1.13 | 11/16/2026 | 300000 | 284289 |
| Toyota Auto Receivables Owner Trust, Ser. 2021-A, Cl. A4 | 0.39 | 6/15/2026 | 300000 | 276140 |
| Toyota Auto Receivables Owner Trust, Ser. 2022-C, CI. A3 | 3.76 | 4/15/2027 | 250000 | 242008 |
| World Omni Automobile Lease Securitization Trust, Ser. 2022-A, CI. A3 | 3.21 | 2/18/2025 | 100000 | 97636 |
|  |  |  |  | **1464476** |
| **Asset-Backed Certificates/Credit Cards - .1%**  | **Asset-Backed Certificates/Credit Cards - .1%**  | **Asset-Backed Certificates/Credit Cards - .1%**  |  |  |
| BA Credit Card Trust, Ser. 2022-A1, Cl. A1 | 3.53 | 11/15/2027 | 200000 | 192949 |
| Barclays Dryrock Issuance Trust, Ser. 2022-1, CI. A | 3.07 | 2/15/2028 | 200000 | 190775 |
| Capital One Multi-Asset Execution Trust, Ser. 2021-A2, CI. A2 | 1.39 | 7/15/2030 | 300000 | 245451 |
| Synchrony Card Funding LLC, Ser. 2022-A1, Cl. A | 3.37 | 4/15/2028 | 250000 | 240912 |
|  |  |  |  | **870087** |
| **Automobiles & Components - .4%**  | **Automobiles & Components - .4%**  | **Automobiles & Components - .4%**  |  |  |
| American Honda Finance Corp., Sr. Unscd. Notes | 1.00 | 9/10/2025 | 200000<br> <sup>a</sup>  | 178387 |
| BorgWarner Inc., Sr. Unscd. Notes | 3.38 | 3/15/2025 | 250000<br> <sup>a</sup>  | 238877 |
| Cummins Inc., Sr. Unscd. Notes | 1.50 | 9/1/2030 | 100000 | 76250 |

---

#### 8

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Automobiles & Components - .4% (continued)** | **Automobiles & Components - .4% (continued)** | **Automobiles & Components - .4% (continued)** |  |  |
| Cummins Inc., Sr. Unscd. Notes | 2.60 | 9/1/2050 | 100000 | 59400 |
| General Motors Co., Sr. Unscd. Notes | 4.20 | 10/1/2027 | 180000<br> <sup>a</sup>  | 164436 |
| General Motors Co., Sr. Unscd. Notes | 5.20 | 4/1/2045 | 340000 | 262981 |
| General Motors Financial Co., Sr. Unscd. Notes | 1.25 | 1/8/2026 | 200000 | 170750 |
| General Motors Financial Co., Sr. Unscd. Notes | 2.35 | 1/8/2031 | 200000 | 146628 |
| General Motors Financial Co., Sr. Unscd. Notes | 2.40 | 4/10/2028 | 300000 | 243208 |
| General Motors Financial Co., Sr. Unscd. Notes | 2.70 | 6/10/2031 | 30000 | 22356 |
| General Motors Financial Co., Sr. Unscd. Notes | 2.75 | 6/20/2025 | 200000 | 184141 |
| Magna International Inc., Sr. Unscd. Notes | 2.45 | 6/15/2030 | 200000 | 160534 |
| Mercedes-Benz Finance North America LLC, Gtd. Notes | 8.50 | 1/18/2031 | 200000 | 233418 |
| Toyota Motor Corp., Sr. Unscd. Bonds | 3.67 | 7/20/2028 | 200000 | 185286 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 1.65 | 1/10/2031 | 300000 | 228444 |
|  |  |  |  | **2555096** |
| **Banks - 5.6%**  | **Banks - 5.6%**  | **Banks - 5.6%**  |  |  |
| Banco Bilbao Vizcaya Argentaria SA, Sr. Unscd. Bonds | 5.86 | 9/14/2026 | 200000 | 193333 |
| Banco Bilbao Vizcaya Argentaria SA, Sr. Unscd. Notes | 6.14 | 9/14/2028 | 200000 | 190376 |
| Banco Santander SA, Sr. Unscd. Notes | 3.80 | 2/23/2028 | 400000 | 340612 |
| Bank of America Corp., Sr. Unscd. Notes | 1.20 | 10/24/2026 | 250000 | 217122 |
| Bank of America Corp., Sr. Unscd. Notes | 1.90 | 7/23/2031 | 200000 | 148554 |
| Bank of America Corp., Sr. Unscd. Notes | 1.92 | 10/24/2031 | 250000 | 183697 |
| Bank of America Corp., Sr. Unscd. Notes | 2.30 | 7/21/2032 | 260000 | 192835 |
| Bank of America Corp., Sr. Unscd. Notes | 2.46 | 10/22/2025 | 200000 | 186713 |
| Bank of America Corp., Sr. Unscd. Notes | 2.50 | 2/13/2031 | 470000 | 369744 |
| Bank of America Corp., Sr. Unscd. Notes | 2.57 | 10/20/2032 | 125000 | 94453 |
| Bank of America Corp., Sr. Unscd. Notes | 2.59 | 4/29/2031 | 250000 | 197648 |

---

#### 9
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| Bank of America Corp., Sr. Unscd. Notes | 2.68 | 6/19/2041 | 145000 | 91978 |
| Bank of America Corp., Sr. Unscd. Notes | 2.83 | 10/24/2051 | 250000 | 146038 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 7/21/2052 | 85000 | 50626 |
| Bank of America Corp., Sr. Unscd. Notes | 2.97 | 2/4/2033 | 120000 | 93153 |
| Bank of America Corp., Sr. Unscd. Notes | 3.19 | 7/23/2030 | 130000 | 108885 |
| Bank of America Corp., Sr. Unscd. Notes | 3.97 | 3/5/2029 | 150000 | 135032 |
| Bank of America Corp., Sr. Unscd. Notes | 4.27 | 7/23/2029 | 180000 | 163533 |
| Bank of America Corp., Sr. Unscd. Notes | 5.00 | 1/21/2044 | 500000 | 427971 |
| Bank of America Corp., Sr. Unscd. Notes, Ser. N | 3.48 | 3/13/2052 | 50000 | 33187 |
| Bank of America Corp., Sub. Notes | 3.85 | 3/8/2037 | 200000 | 160481 |
| Bank of America Corp., Sub. Notes | 4.00 | 1/22/2025 | 250000 | 241068 |
| Bank of America Corp., Sub. Notes, Ser. L | 4.18 | 11/25/2027 | 250000 | 229206 |
| Bank of Montreal, Sr. Unscd. Notes | 0.95 | 1/22/2027 | 600000 | 515749 |
| BankUnited Inc., Sub. Notes | 5.13 | 6/11/2030 | 200000 | 180194 |
| Barclays PLC, Sr. Unscd. Notes | 4.34 | 1/10/2028 | 200000 | 175419 |
| Barclays PLC, Sr. Unscd. Notes | 4.38 | 1/12/2026 | 200000 | 185763 |
| Barclays PLC, Sr. Unscd. Notes | 5.30 | 8/9/2026 | 200000 | 190512 |
| BPCE SA, Gtd. Notes | 4.00 | 4/15/2024 | 200000 | 194684 |
| Citigroup Inc., Sr. Unscd. Notes | 3.06 | 1/25/2033 | 95000 | 74125 |
| Citigroup Inc., Sr. Unscd. Notes | 3.11 | 4/8/2026 | 750000 | 700480 |
| Citigroup Inc., Sr. Unscd. Notes | 3.67 | 7/24/2028 | 500000 | 448871 |
| Citigroup Inc., Sr. Unscd. Notes | 3.79 | 3/17/2033 | 200000 | 165920 |
| Citigroup Inc., Sr. Unscd. Notes | 3.88 | 1/24/2039 | 60000 | 46208 |
| Citigroup Inc., Sr. Unscd. Notes | 4.08 | 4/23/2029 | 100000 | 90152 |
| Citigroup Inc., Sr. Unscd. Notes | 4.28 | 4/24/2048 | 200000 | 153275 |
| Citigroup Inc., Sr. Unscd. Notes | 4.65 | 7/23/2048 | 150000 | 120716 |
| Citigroup Inc., Sr. Unscd. Notes | 4.91 | 5/24/2033 | 70000 | 63687 |
| Citigroup Inc., Sr. Unscd. Notes | 6.63 | 1/15/2028 | 100000 | 103824 |
| Citigroup Inc., Sub. Notes | 5.50 | 9/13/2025 | 500000 | 495952 |
| Citigroup Inc., Sub. Notes | 6.68 | 9/13/2043 | 250000 | 248989 |
| Comerica Bank, Sub. Notes | 5.33 | 8/25/2033 | 200000 | 182912 |
| Cooperatieve Rabobank, Sr. Unscd. Notes | 0.38 | 1/12/2024 | 300000 | 283432 |
| Credit Suisse AG/New York, Sr. Unscd. Notes | 2.95 | 4/9/2025 | 250000 | 223887 |

---

#### 10

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| Credit Suisse Group AG, Sr. Unscd. Notes | 3.75 | 3/26/2025 | 500000 | 448278 |
| Deutsche Bank AG/New York, Sr. Unscd. Notes | 2.13 | 11/24/2026 | 200000 | 168282 |
| Deutsche Bank AG/New York, Sr. Unscd. Notes | 3.96 | 11/26/2025 | 400000 | 369413 |
| Deutsche Bank AG/New York, Sr. Unscd. Notes | 6.12 | 7/14/2026 | 150000 | 143055 |
| Discover Bank, Sr. Unscd. Notes | 4.25 | 3/13/2026 | 400000 | 373257 |
| Fifth Third Bancorp, Sr. Unscd. Notes | 2.55 | 5/5/2027 | 200000 | 174813 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 1.59 | 5/24/2027 | 200000 | 164471 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 2.63 | 11/7/2025 | 400000 | 365741 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 3.90 | 5/25/2026 | 295000 | 269595 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 3.97 | 5/22/2030 | 300000 | 247565 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 4.95 | 3/31/2030 | 400000 | 358543 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 5.40 | 8/11/2033 | 300000 | 260521 |
| ING Groep NV, Sr. Unscd. Notes | 3.55 | 4/9/2024 | 300000 | 291368 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 0.56 | 2/16/2025 | 400000 | 373021 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.05 | 11/19/2026 | 150000 | 129313 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.56 | 12/10/2025 | 300000 | 273728 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.58 | 4/22/2027 | 300000 | 258196 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 1.76 | 11/19/2031 | 75000 | 54656 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.08 | 4/22/2026 | 250000 | 227713 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.30 | 10/15/2025 | 230000 | 214624 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.52 | 4/22/2031 | 390000 | 307971 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.53 | 11/19/2041 | 80000 | 49488 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.58 | 4/22/2032 | 300000 | 231006 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.74 | 10/15/2030 | 220000 | 177708 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.96 | 1/25/2033 | 110000 | 86039 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.30 | 4/1/2026 | 500000 | 466943 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.51 | 1/23/2029 | 135000 | 119279 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 3.90 | 1/23/2049 | 105000 | 76672 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.01 | 4/23/2029 | 200000 | 180451 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.20 | 7/23/2029 | 150000 | 135868 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.26 | 2/22/2048 | 400000 | 310785 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.49 | 3/24/2031 | 300000 | 271359 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 4.85 | 7/25/2028 | 200000 | 190278 |
| KeyBank NA, Sub. Notes | 6.95 | 2/1/2028 | 100000 | 102419 |
| KfW, Gov't Gtd. Notes | 0.63 | 1/22/2026 | 250000 | 221068 |
| KfW, Gov't Gtd. Notes | 2.00 | 5/2/2025 | 1100000 | 1034283 |
| KfW, Govt. Gtd. Bonds | 0.38 | 7/18/2025 | 245000 | 219096 |
| Landwirtschaftliche Rentenbank, Gov't Gtd. Notes | 2.38 | 6/10/2025 | 250000 | 236531 |
| Landwirtschaftliche Rentenbank, Gov't Gtd. Notes | 3.13 | 11/14/2023 | 200000<br> <sup>a</sup>  | 196960 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 4.55 | 8/16/2028 | 500000 | 446595 |
| Lloyds Banking Group PLC, Sr. Unscd. Notes | 4.98 | 8/11/2033 | 300000 | 257099 |
| Lloyds Banking Group PLC, Sub. Notes | 4.58 | 12/10/2025 | 420000 | 385251 |
| M&T Bank Corp., Sr. Unscd. Notes | 4.55 | 8/16/2028 | 200000 | 188724 |
| Mitsubishi UFJ Financial Group Inc., Sr. Unscd. Notes | 1.41 | 7/17/2025 | 200000 | 178645 |
| Mitsubishi UFJ Financial Group Inc., Sr. Unscd. Notes | 2.05 | 7/17/2030 | 200000 | 149374 |
| Mitsubishi UFJ Financial Group Inc., Sr. Unscd. Notes | 4.29 | 7/26/2038 | 200000 | 161653 |
| Mitsubishi UFJ Financial Group Inc., Sr. Unscd. Notes | 5.35 | 9/13/2028 | 300000 | 289448 |
| Mizuho Financial Group Inc., Sr. Unscd. Notes | 2.20 | 7/10/2031 | 200000 | 147328 |
| Morgan Stanley, Sr. Unscd. Notes | 1.51 | 7/20/2027 | 140000 | 118795 |
| Morgan Stanley, Sr. Unscd. Notes | 1.59 | 5/4/2027 | 300000 | 256907 |
| Morgan Stanley, Sr. Unscd. Notes | 1.79 | 2/13/2032 | 75000 | 54167 |
| Morgan Stanley, Sr. Unscd. Notes | 2.24 | 7/21/2032 | 155000 | 114442 |
| Morgan Stanley, Sr. Unscd. Notes | 2.51 | 10/20/2032 | 95000 | 71619 |
| Morgan Stanley, Sr. Unscd. Notes | 2.70 | 1/22/2031 | 175000 | 140317 |
| Morgan Stanley, Sr. Unscd. Notes | 2.94 | 1/21/2033 | 85000 | 66315 |
| Morgan Stanley, Sr. Unscd. Notes | 3.22 | 4/22/2042 | 300000 | 204484 |

---

#### 12

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| Morgan Stanley, Sr. Unscd. Notes | 3.77 | 1/24/2029 | 180000 | 160805 |
| Morgan Stanley, Sr. Unscd. Notes | 4.00 | 7/23/2025 | 200000 | 192337 |
| Morgan Stanley, Sr. Unscd. Notes | 4.38 | 1/22/2047 | 250000 | 194783 |
| Morgan Stanley, Sr. Unscd. Notes | 6.34 | 10/18/2033 | 100000 | 101528 |
| Morgan Stanley, Sr. Unscd. Notes | 7.25 | 4/1/2032 | 300000 | 322661 |
| Morgan Stanley, Sub. Notes | 3.95 | 4/23/2027 | 250000 | 230860 |
| National Australia Bank Ltd./New York, Sr. Unscd. Notes | 2.50 | 7/12/2026 | 250000 | 227399 |
| Natwest Group PLC, Sr. Unscd. Notes | 4.80 | 4/5/2026 | 500000 | 471590 |
| Northern Trust Corp., Sub. Notes | 3.95 | 10/30/2025 | 346000 | 336166 |
| Royal Bank of Canada, Sr. Unscd. Notes | 0.43 | 1/19/2024 | 300000 | 283038 |
| Royal Bank of Canada, Sr. Unscd. Notes | 1.15 | 6/10/2025 | 200000 | 179732 |
| Santander UK Group Holdings PLC, Sr. Unscd. Notes | 1.09 | 3/15/2025 | 300000 | 275240 |
| State Street Corp., Sr. Unscd. Notes | 3.15 | 3/30/2031 | 300000 | 253702 |
| State Street Corp., Sub. Notes | 3.03 | 11/1/2034 | 225000 | 182982 |
| Sumitomo Mitsui Financial Group Inc., Sr. Unscd. Notes | 0.51 | 1/12/2024 | 300000 | 282762 |
| Sumitomo Mitsui Financial Group Inc., Sr. Unscd. Notes | 0.95 | 1/12/2026 | 300000 | 258025 |
| Sumitomo Mitsui Financial Group Inc., Sr. Unscd. Notes | 3.45 | 1/11/2027 | 160000 | 146018 |
| Sumitomo Mitsui Financial Group Inc., Sr. Unscd. Notes | 3.78 | 3/9/2026 | 500000 | 471582 |
| SVB Financial Group, Sr. Unscd. Notes | 3.13 | 6/5/2030 | 200000 | 156140 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 1.30 | 9/15/2026 | 300000 | 255721 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 1.30 | 6/11/2025 | 200000<br> <sup>a</sup>  | 179641 |
| The Bank of Nova Scotia, Sr. Unscd. Notes | 3.40 | 2/11/2024 | 200000 | 195729 |
| The Bank of Nova Scotia, Sub. Notes | 4.50 | 12/16/2025 | 250000 | 240133 |
| The Goldman Sachs Group Inc., Sr. Unscd. Bonds | 4.22 | 5/1/2029 | 200000 | 181114 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 1.43 | 3/9/2027 | 150000 | 128437 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 1.54 | 9/10/2027 | 140000 | 117578 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 1.95 | 10/21/2027 | 130000 | 110538 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 2.38 | 7/21/2032 | 170000 | 126711 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 2.62 | 4/22/2032 | 300000 | 229218 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 2.64 | 2/24/2028 | 100000 | 86504 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 2.65 | 10/21/2032 | 120000 | 90995 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 2.91 | 7/21/2042 | 65000 | 40990 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.10 | 2/24/2033 | 130000 | 101948 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.21 | 4/22/2042 | 300000 | 200189 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.44 | 2/24/2043 | 65000 | 44365 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.63 | 2/20/2024 | 500000 | 488994 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 150000 | 133216 |
| The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.85 | 1/26/2027 | 730000 | 677204 |
| The Goldman Sachs Group Inc., Sub. Notes | 4.25 | 10/21/2025 | 130000 | 124492 |
| The Goldman Sachs Group Inc., Sub. Notes | 6.75 | 10/1/2037 | 250000 | 247650 |
| The PNC Financial Services Group Inc., Sr. Unscd. Notes | 2.20 | 11/1/2024 | 250000 | 235833 |
| The PNC Financial Services Group Inc., Sr. Unscd. Notes | 3.45 | 4/23/2029 | 200000 | 175597 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 0.75 | 1/6/2026 | 300000 | 259025 |
| The Toronto-Dominion Bank, Sr. Unscd. Notes | 1.15 | 6/12/2025 | 200000 | 179263 |
| Truist Financial Corp., Sr. Unscd. Notes | 1.20 | 8/5/2025 | 200000 | 178276 |
| Truist Financial Corp., Sr. Unscd. Notes | 1.95 | 6/5/2030 | 200000 | 153940 |
| U.S. Bancorp, Sr. Unscd. Notes | 1.38 | 7/22/2030 | 200000 | 147712 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.16 | 2/11/2026 | 145000 | 133257 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.19 | 4/30/2026 | 400000 | 364216 |
| Wells Fargo & Co., Sr. Unscd. Notes | 2.57 | 2/11/2031 | 545000 | 434733 |
| Wells Fargo & Co., Sr. Unscd. Notes | 3.55 | 9/29/2025 | 200000 | 189529 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 135000 | 122966 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.54 | 8/15/2026 | 150000 | 144387 |
| Wells Fargo & Co., Sub. Notes | 4.10 | 6/3/2026 | 500000 | 473280 |
| Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 500000 | 468036 |
| Wells Fargo & Co., Sub. Notes | 4.65 | 11/4/2044 | 500000 | 389067 |

---

#### 14

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** | **Banks - 5.6% (continued)** |  |  |
| Westpac Banking Corp., Sr. Unscd. Notes | 2.85 | 5/13/2026 | 200000 | 185162 |
| Westpac Banking Corp., Sub. Notes | 2.67 | 11/15/2035 | 200000 | 141881 |
| Westpac Banking Corp., Sub. Notes | 2.96 | 11/16/2040 | 200000 | 121161 |
| Westpac Banking Corp., Sub. Notes | 5.41 | 8/10/2033 | 200000 | 174198 |
|  |  |  |  | **35452752** |
| **Beverage Products - .4%**  | **Beverage Products - .4%**  | **Beverage Products - .4%**  |  |  |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 3.50 | 6/1/2030 | 100000 | 89483 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 3.65 | 2/1/2026 | 315000 | 301923 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.60 | 4/15/2048 | 250000 | 206556 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.70 | 2/1/2036 | 290000 | 262508 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 5.45 | 1/23/2039 | 120000 | 112934 |
| Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 5.80 | 1/23/2059 | 300000 | 286114 |
| Constellation Brands Inc., Sr. Unscd. Notes | 2.88 | 5/1/2030 | 200000 | 165571 |
| Keurig Dr Pepper Inc., Gtd. Notes | 4.50 | 4/15/2052 | 100000 | 78828 |
| Molson Coors Beverage Co., Gtd. Notes | 4.20 | 7/15/2046 | 150000 | 110925 |
| PepsiCo Inc., Sr. Unscd. Notes | 2.63 | 7/29/2029 | 200000 | 173278 |
| PepsiCo Inc., Sr. Unscd. Notes | 2.75 | 10/21/2051 | 40000<br> <sup>a</sup>  | 26211 |
| PepsiCo Inc., Sr. Unscd. Notes | 2.88 | 10/15/2049 | 150000 | 101900 |
| PepsiCo Inc., Sr. Unscd. Notes | 3.50 | 7/17/2025 | 250000 | 241327 |
| The Coca-Cola Company, Sr. Unscd. Notes | 2.88 | 5/5/2041 | 150000 | 107889 |
| The Coca-Cola Company, Sr. Unscd. Notes | 3.00 | 3/5/2051 | 200000 | 136568 |
|  |  |  |  | **2402015** |
| **Building Materials - .1%**  | **Building Materials - .1%**  | **Building Materials - .1%**  |  |  |
| Carrier Global Corp., Sr. Unscd. Notes | 2.49 | 2/15/2027 | 34000 | 29955 |
| Carrier Global Corp., Sr. Unscd. Notes | 3.58 | 4/5/2050 | 245000 | 164737 |
| Johnson Controls International PLC, Sr. Unscd. Notes | 4.90 | 12/1/2032 | 200000 | 187816 |
| Johnson Controls International PLC, Sr. Unscd. Notes | 5.13 | 9/14/2045 | 10000 | 8434 |
| Owens Corning, Sr. Unscd. Notes | 7.00 | 12/1/2036 | 69000 | 69870 |
|  |  |  |  | **460812** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Chemicals - .3%**  | **Chemicals - .3%**  | **Chemicals - .3%**  |  |  |
| DuPont de Nemours Inc., Sr. Unscd. Notes | 4.21 | 11/15/2023 | 100000 | 98927 |
| DuPont de Nemours Inc., Sr. Unscd. Notes | 4.49 | 11/15/2025 | 100000 | 98029 |
| DuPont de Nemours Inc., Sr. Unscd. Notes | 4.73 | 11/15/2028 | 100000 | 95716 |
| DuPont de Nemours Inc., Sr. Unscd. Notes | 5.42 | 11/15/2048 | 125000 | 109889 |
| Ecolab Inc., Sr. Unscd. Notes | 1.30 | 1/30/2031 | 300000 | 224046 |
| Ecolab Inc., Sr. Unscd. Notes | 2.13 | 8/15/2050 | 175000 | 93788 |
| Ecolab Inc., Sr. Unscd. Notes | 2.75 | 8/18/2055 | 50000 | 28887 |
| NewMarket Corp., Sr. Unscd. Notes | 2.70 | 3/18/2031 | 200000 | 152009 |
| Nutrien Ltd., Sr. Unscd. Notes | 5.25 | 1/15/2045 | 191000 | 164541 |
| The Mosaic Company, Sr. Unscd. Notes | 4.25 | 11/15/2023 | 300000 | 296558 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.05 | 8/8/2024 | 300000 | 294454 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.25 | 8/8/2025 | 300000 | 292043 |
| The Sherwin-Williams Company, Sr. Unscd. Notes | 4.50 | 6/1/2047 | 100000 | 79306 |
| Westlake Corp., Sr. Unscd. Notes | 3.38 | 8/15/2061 | 200000 | 110287 |
|  |  |  |  | **2138480** |
| **Commercial & Professional Services - .3%**  | **Commercial & Professional Services - .3%**  | **Commercial & Professional Services - .3%**  |  |  |
| Duke University, Unscd. Bonds, Ser. 2020 | 2.76 | 10/1/2050 | 100000 | 63433 |
| Equifax Inc., Sr. Unscd. Notes | 5.10 | 12/15/2027 | 200000 | 192955 |
| Global Payments Inc., Sr. Unscd. Notes | 4.80 | 4/1/2026 | 500000 | 480515 |
| Moody's Corp., Sr. Unscd. Notes | 2.00 | 8/19/2031 | 200000 | 151374 |
| Moody's Corp., Sr. Unscd. Notes | 2.55 | 8/18/2060 | 250000 | 128489 |
| PayPal Holdings Inc., Sr. Unscd. Notes | 1.65 | 6/1/2025 | 400000 | 367230 |
| PayPal Holdings Inc., Sr. Unscd. Notes | 2.85 | 10/1/2029 | 95000 | 80863 |
| President & Fellows of Harvard College, Unscd. Bonds | 3.15 | 7/15/2046 | 250000 | 181185 |
| The Leland Stanford Junior University, Unscd. Bonds | 3.65 | 5/1/2048 | 105000 | 81607 |
| The Washington University, Sr. Unscd. Bonds, Ser. 2022 | 3.52 | 4/15/2054 | 100000 | 72018 |
| University of Southern California, Sr. Unscd. Notes | 5.25 | 10/1/2111 | 40000 | 35277 |
| William Marsh Rice University, Unscd. Bonds | 3.57 | 5/15/2045 | 250000 | 196695 |
|  |  |  |  | **2031641** |

---

#### 16

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Commercial Mortgage Pass-Through Certificates - 1.0%**  | **Commercial Mortgage Pass-Through Certificates - 1.0%**  | **Commercial Mortgage Pass-Through Certificates - 1.0%**  |  |  |
| Bank, Ser. 2019-BN21, Cl. A5 | 2.85 | 10/17/2052 | 400000 | 335208 |
| BBCMS Mortgage Trust, Ser. 2020-C7, Cl. AS | 2.44 | 4/15/2053 | 200000 | 153630 |
| Benchmark Mortgage Trust, Ser. 2019-B10, Cl. A4 | 3.72 | 3/15/2062 | 300000 | 267924 |
| Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. A3 | 2.69 | 9/15/2043 | 400000 | 325451 |
| Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS | 2.91 | 9/15/2043 | 500000 | 396055 |
| CFCRE Commercial Mortgage Trust, Ser. 2017-C8, Cl. A4 | 3.57 | 6/15/2050 | 250000 | 226571 |
| Commercial Mortgage Trust, Ser. 2014-CR16, Cl. A4 | 4.05 | 4/10/2047 | 200000 | 194132 |
| Commercial Mortgage Trust, Ser. 2016-CR28, Cl. A4 | 3.76 | 2/10/2049 | 535000 | 502168 |
| GS Mortgage Securities Trust, Ser. 2014-GC18, Cl. A3 | 3.80 | 1/10/2047 | 295585 | 289867 |
| GS Mortgage Securities Trust, Ser. 2019-GC42, Cl. A4 | 3.00 | 9/1/2052 | 250000 | 212426 |
| GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AS | 3.17 | 2/13/2053 | 200000 | 161819 |
| JPMBB Commercial Mortgage Securities Trust, Ser. 2014-C24, Cl. A5 | 3.64 | 11/15/2047 | 225000 | 214901 |
| JPMBB Commercial Mortgage Securities Trust, Ser. 2015-C33, Cl. A4 | 3.77 | 12/15/2048 | 300000 | 281719 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2015-C20, Cl. A4 | 3.25 | 2/15/2048 | 725000 | 685102 |
| SG Commercial Mortgage Securities Trust, Ser. 2016-C5, Cl. A4 | 3.06 | 10/10/2048 | 600000 | 542875 |
| UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A5 | 4.30 | 8/15/2051 | 500000 | 463576 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2018-C44, Cl. A5 | 4.21 | 5/15/2051 | 900000 | 833236 |
| Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. ASB | 3.64 | 5/15/2052 | 200000 | 185145 |
|  |  |  |  | **6271805** |
| **Consumer Discretionary - .1%**  | **Consumer Discretionary - .1%**  | **Consumer Discretionary - .1%**  |  |  |
| Lennar Corp., Gtd. Notes | 4.88 | 12/15/2023 | 100000 | 99073 |
| WarnerMedia Holdings Inc., Gtd. Notes | 4.28 | 3/15/2032 | 100000<br> <sup>b</sup>  | 80882 |
| WarnerMedia Holdings Inc., Gtd. Notes | 5.39 | 3/15/2062 | 200000<br> <sup>b</sup>  | 139873 |
|  |  |  |  | **319828** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Consumer Durables & Apparel - .1%**  | **Consumer Durables & Apparel - .1%**  | **Consumer Durables & Apparel - .1%**  |  |  |
| NIKE Inc., Sr. Unscd. Notes | 3.38 | 3/27/2050 | 300000<br> <sup>a</sup>  | 219278 |
| Ralph Lauren Corp., Sr. Unscd. Notes | 2.95 | 6/15/2030 | 200000 | 167776 |
|  |  |  |  | **387054** |
| **Consumer Staples - .2%**  | **Consumer Staples - .2%**  | **Consumer Staples - .2%**  |  |  |
| Church & Dwight Co., Sr. Unscd. Notes | 3.95 | 8/1/2047 | 150000 | 111131 |
| GSK Consumer Healthcare Capital US LLC, Gtd. Notes | 3.63 | 3/24/2032 | 250000<br> <sup>b</sup>  | 210869 |
| Kimberly-Clark Corp., Sr. Unscd. Notes | 3.10 | 3/26/2030 | 300000 | 263024 |
| The Estee Lauder Companies, Sr. Unscd. Notes | 2.60 | 4/15/2030 | 300000 | 252177 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.00 | 4/23/2026 | 100000 | 88552 |
| The Procter & Gamble Company, Sr. Unscd. Notes | 1.95 | 4/23/2031 | 200000 | 161213 |
| Unilever Capital Corp., Gtd. Notes | 1.38 | 9/14/2030 | 500000 | 378192 |
|  |  |  |  | **1465158** |
| **Diversified Financials - .9%**  | **Diversified Financials - .9%**  | **Diversified Financials - .9%**  |  |  |
| AerCap Global Aviation Trust, Gtd. Notes | 1.65 | 10/29/2024 | 300000 | 272429 |
| AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 299000 | 224766 |
| Affiliated Managers Group Inc., Sr. Unscd. Notes | 3.50 | 8/1/2025 | 250000 | 237945 |
| Air Lease Corp., Sr. Unscd. Notes | 0.70 | 2/15/2024 | 300000 | 280254 |
| Air Lease Corp., Sr. Unscd. Notes | 3.38 | 7/1/2025 | 300000 | 277867 |
| Ally Financial Inc., Sr. Unscd. Notes | 3.88 | 5/21/2024 | 200000 | 193215 |
| Ally Financial Inc., Sr. Unscd. Notes | 5.80 | 5/1/2025 | 250000<br> <sup>a</sup>  | 250158 |
| American Express Co., Sr. Unscd. Notes | 3.30 | 5/3/2027 | 300000 | 271951 |
| American Express Co., Sub. Notes | 3.63 | 12/5/2024 | 250000 | 241397 |
| BlackRock Inc., Sr. Unscd. Notes | 3.50 | 3/18/2024 | 250000 | 245325 |
| Blackstone Secured Lending Fund, Sr. Unscd. Notes | 3.63 | 1/15/2026 | 300000 | 270466 |
| Capital One Financial Corp., Sr. Unscd. Notes | 3.27 | 3/1/2030 | 200000 | 164322 |
| Capital One Financial Corp., Sub. Notes | 3.75 | 7/28/2026 | 450000 | 411744 |
| CI Financial Corp., Sr. Unscd. Notes | 4.10 | 6/15/2051 | 300000 | 169121 |
| CME Group Inc., Sr. Unscd. Notes | 3.00 | 3/15/2025 | 250000 | 238980 |
| FS KKR Capital Corp., Sr. Unscd. Notes | 3.40 | 1/15/2026 | 200000 | 176216 |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 2.10 | 6/15/2030 | 200000 | 158823 |

---

#### 18

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Diversified Financials - .9% (continued)** | **Diversified Financials - .9% (continued)** | **Diversified Financials - .9% (continued)** |  |  |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 2.65 | 9/15/2040 | 75000 | 49413 |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 3.00 | 6/15/2050 | 200000 | 126250 |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 4.60 | 3/15/2033 | 50000 | 46083 |
| Intercontinental Exchange Inc., Sr. Unscd. Notes | 5.20 | 6/15/2062 | 65000 | 58020 |
| Invesco Finance PLC, Gtd. Notes | 4.00 | 1/30/2024 | 250000 | 245860 |
| Jefferies Financial Group LLC, Sr. Unscd. Debs. | 6.45 | 6/8/2027 | 35000 | 35253 |
| Legg Mason Inc., Gtd. Notes | 5.63 | 1/15/2044 | 100000 | 90694 |
| Mastercard Inc., Sr. Unscd. Notes | 3.85 | 3/26/2050 | 250000 | 196575 |
| Owl Rock Capital Corp., Sr. Unscd. Notes | 3.40 | 7/15/2026 | 200000 | 170578 |
| Prospect Capital Corp., Sr. Unscd. Notes | 3.36 | 11/15/2026 | 300000 | 243171 |
| Synchrony Financial, Sr. Unscd. Notes | 4.25 | 8/15/2024 | 250000 | 241473 |
| Visa Inc., Sr. Unscd. Notes | 1.10 | 2/15/2031 | 300000 | 224360 |
| Visa Inc., Sr. Unscd. Notes | 2.00 | 8/15/2050 | 140000 | 77925 |
| Visa Inc., Sr. Unscd. Notes | 3.65 | 9/15/2047 | 55000 | 41940 |
|  |  |  |  | **5932574** |
| **Educational Services - .0%**  | **Educational Services - .0%**  | **Educational Services - .0%**  |  |  |
| California Institute of Technology, Unscd. Bonds | 4.32 | 8/1/2045 | 110000 | **91879** |
| **Electronic Components - .1%**  | **Electronic Components - .1%**  | **Electronic Components - .1%**  |  |  |
| Honeywell International Inc., Sr. Unscd. Notes | 1.10 | 3/1/2027 | 200000 | 171662 |
| Jabil Inc., Sr. Unscd. Notes | 3.00 | 1/15/2031 | 200000 | 155721 |
|  |  |  |  | **327383** |
| **Energy - 1.6%**  | **Energy - 1.6%**  | **Energy - 1.6%**  |  |  |
| Baker Hughes Co-Obligor Inc., Sr. Unscd. Notes | 4.49 | 5/1/2030 | 200000 | 183838 |
| BP Capital Markets America Inc., Gtd. Notes | 3.63 | 4/6/2030 | 300000 | 268127 |
| BP Capital Markets America Inc., Gtd. Notes | 3.80 | 9/21/2025 | 300000<br> <sup>a</sup>  | 291351 |
| BP Capital Markets America Inc., Gtd. Notes | 3.94 | 9/21/2028 | 300000 | 278780 |
| BP Capital Markets America Inc., Gtd. Notes | 4.23 | 11/6/2028 | 100000 | 94227 |
| Canadian Natural Resources Ltd., Sr. Unscd. Notes | 6.25 | 3/15/2038 | 200000 | 192695 |
| Cenovus Energy Inc., Sr. Unscd. Notes | 6.75 | 11/15/2039 | 115000 | 113348 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Energy - 1.6% (continued)** | **Energy - 1.6% (continued)** | **Energy - 1.6% (continued)** |  |  |
| Chevron Corp., Sr. Unscd. Notes | 3.08 | 5/11/2050 | 300000 | 205364 |
| ConocoPhillips Co., Gtd. Notes | 3.76 | 3/15/2042 | 200000 | 155924 |
| ConocoPhillips Co., Gtd. Notes | 5.95 | 3/15/2046 | 250000 | 254890 |
| ConocoPhillips Co., Sr. Unscd. Notes | 6.95 | 4/15/2029 | 125000 | 135824 |
| Devon Energy Corp., Sr. Unscd. Notes | 5.85 | 12/15/2025 | 71000 | 71500 |
| Enbridge Inc., Gtd. Notes | 4.25 | 12/1/2026 | 250000 | 236829 |
| Energy Transfer LP, Gtd. Notes | 5.00 | 5/15/2044 | 250000 | 189985 |
| Energy Transfer LP, Sr. Unscd. Notes | 2.90 | 5/15/2025 | 300000 | 278657 |
| Energy Transfer LP, Sr. Unscd. Notes | 3.75 | 5/15/2030 | 200000 | 170225 |
| Energy Transfer LP, Sr. Unscd. Notes | 4.95 | 1/15/2043 | 200000 | 151507 |
| Energy Transfer LP, Sr. Unscd. Notes | 6.25 | 4/15/2049 | 95000 | 83070 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.13 | 7/31/2029 | 300000 | 258126 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.70 | 2/15/2026 | 200000 | 189758 |
| Enterprise Products Operating LLC, Gtd. Notes | 3.95 | 1/31/2060 | 95000 | 63302 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.25 | 2/15/2048 | 75000 | 55833 |
| Enterprise Products Operating LLC, Gtd. Notes | 4.90 | 5/15/2046 | 200000 | 163935 |
| EOG Resources Inc., Sr. Unscd. Notes | 3.90 | 4/1/2035 | 200000 | 170779 |
| Equinor ASA, Gtd. Notes | 2.65 | 1/15/2024 | 500000 | 486487 |
| Equinor ASA, Gtd. Notes | 3.63 | 4/6/2040 | 200000 | 155902 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 2.99 | 3/19/2025 | 300000 | 287192 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 3.10 | 8/16/2049 | 230000 | 156806 |
| Exxon Mobil Corp., Sr. Unscd. Notes | 4.11 | 3/1/2046 | 250000 | 200758 |
| Halliburton Co., Sr. Unscd. Bonds | 7.45 | 9/15/2039 | 300000 | 320766 |
| Halliburton Co., Sr. Unscd. Notes | 3.80 | 11/15/2025 | 167000 | 160610 |
| Hess Corp., Sr. Unscd. Notes | 5.60 | 2/15/2041 | 250000 | 225811 |
| Kinder Morgan Inc., Gtd. Notes | 3.60 | 2/15/2051 | 200000 | 129843 |
| Marathon Oil Corp., Sr. Unscd. Notes | 6.60 | 10/1/2037 | 150000 | 147356 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 4.75 | 9/15/2044 | 150000 | 118547 |
| MPLX LP, Sr. Unscd. Notes | 4.90 | 4/15/2058 | 115000 | 83617 |
| MPLX LP, Sr. Unscd. Notes | 5.50 | 2/15/2049 | 150000 | 125497 |
| ONEOK Partners LP, Gtd. Notes | 6.85 | 10/15/2037 | 60000 | 57251 |
| Phillips 66, Gtd. Notes | 1.30 | 2/15/2026 | 200000 | 174771 |
| Plains All American Pipeline LP, Sr. Unscd. Notes | 4.90 | 2/15/2045 | 250000 | 181948 |
| Sabine Pass Liquefaction LLC, Sr. Scd. Notes | 5.00 | 3/15/2027 | 300000 | 289398 |

---

#### 20

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Energy - 1.6% (continued)** | **Energy - 1.6% (continued)** | **Energy - 1.6% (continued)** |  |  |
| Shell International Finance BV, Gtd. Notes | 2.38 | 11/7/2029 | 200000 | 168790 |
| Shell International Finance BV, Gtd. Notes | 2.75 | 4/6/2030 | 250000 | 214041 |
| Shell International Finance BV, Gtd. Notes | 3.25 | 4/6/2050 | 250000 | 172221 |
| Shell International Finance BV, Gtd. Notes | 4.13 | 5/11/2035 | 260000 | 229885 |
| Spectra Energy Partners LP, Gtd. Notes | 5.95 | 9/25/2043 | 200000 | 185651 |
| Suncor Energy Inc., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 50000 | 36544 |
| Suncor Energy Inc., Sr. Unscd. Notes | 6.50 | 6/15/2038 | 300000 | 295425 |
| Tennessee Gas Pipeline Co., Gtd. Debs. | 7.63 | 4/1/2037 | 70000 | 72716 |
| The Williams Companies Inc., Sr. Unscd. Notes | 4.00 | 9/15/2025 | 100000 | 95977 |
| The Williams Companies Inc., Sr. Unscd. Notes | 6.30 | 4/15/2040 | 200000 | 193113 |
| TotalEnergies Capital International SA, Gtd. Notes | 2.83 | 1/10/2030 | 170000 | 146052 |
| TotalEnergies Capital International SA, Gtd. Notes | 3.46 | 7/12/2049 | 50000 | 35193 |
| Transcanada Pipelines Ltd., Sr. Unscd. Notes | 4.88 | 5/15/2048 | 60000 | 49559 |
| Transcanada Pipelines Ltd., Sr. Unscd. Notes | 6.20 | 10/15/2037 | 75000 | 73062 |
| Transcanada Pipelines Ltd., Sr. Unscd. Notes | 7.63 | 1/15/2039 | 300000 | 328379 |
| Valero Energy Corp., Sr. Unscd. Notes | 6.63 | 6/15/2037 | 165000 | 165576 |
| Valero Energy Corp., Sr. Unscd. Notes | 7.50 | 4/15/2032 | 170000 | 184418 |
|  |  |  |  | **10207036** |
| **Environmental Control - .0%**  | **Environmental Control - .0%**  | **Environmental Control - .0%**  |  |  |
| Waste Management Inc., Gtd. Notes | 4.15 | 7/15/2049 | 250000 | **201509** |
| **Financials - .0%**  | **Financials - .0%**  | **Financials - .0%**  |  |  |
| Brookfield Asset Management Inc., Sr. Unscd. Notes | 4.00 | 1/15/2025 | 250000 | **242498** |
| **Food Products - .5%**  | **Food Products - .5%**  | **Food Products - .5%**  |  |  |
| Campbell Soup Co., Sr. Unscd. Notes | 3.30 | 3/19/2025 | 200000 | 190323 |
| Campbell Soup Co., Sr. Unscd. Notes | 4.15 | 3/15/2028 | 80000 | 75108 |
| Conagra Brands Inc., Sr. Unscd. Notes | 4.85 | 11/1/2028 | 100000 | 94698 |
| Conagra Brands Inc., Sr. Unscd. Notes | 5.40 | 11/1/2048 | 60000<br> <sup>a</sup>  | 51488 |
| General Mills Inc., Sr. Unscd. Notes | 2.88 | 4/15/2030 | 150000 | 126869 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Food Products - .5% (continued)** | **Food Products - .5% (continued)** | **Food Products - .5% (continued)** |  |  |
| General Mills Inc., Sr. Unscd. Notes | 3.00 | 2/1/2051 | 150000 | 94205 |
| Hormel Foods Corp., Sr. Unscd. Notes | 1.80 | 6/11/2030 | 200000 | 158826 |
| Kellogg Co., Sr. Unscd. Notes | 2.65 | 12/1/2023 | 300000 | 294136 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.38 | 6/1/2046 | 200000 | 156485 |
| Kraft Heinz Foods Co., Gtd. Notes | 6.50 | 2/9/2040 | 200000 | 202266 |
| McCormick & Co., Sr. Unscd. Notes | 0.90 | 2/15/2026 | 200000 | 172647 |
| McCormick & Co., Sr. Unscd. Notes | 2.50 | 4/15/2030 | 300000 | 241867 |
| Mondelez International Inc., Sr. Unscd. Notes | 2.75 | 4/13/2030 | 138000 | 114929 |
| Sysco Corp., Gtd. Notes | 5.38 | 9/21/2035 | 200000 | 189268 |
| The Kroger Company, Sr. Unscd. Notes | 3.70 | 8/1/2027 | 300000<br> <sup>a</sup>  | 277755 |
| The Kroger Company, Sr. Unscd. Notes | 7.50 | 4/1/2031 | 200000 | 220557 |
| Tyson Foods Inc., Sr. Unscd. Bonds | 5.15 | 8/15/2044 | 250000 | 220029 |
|  |  |  |  | **2881456** |
| **Foreign Governmental - 1.2%**  | **Foreign Governmental - 1.2%**  | **Foreign Governmental - 1.2%**  |  |  |
| Canada, Sr. Unscd. Bonds | 1.63 | 1/22/2025 | 200000 | 187741 |
| Chile, Sr. Unscd. Notes | 3.13 | 3/27/2025 | 500000 | 480430 |
| Finland, Sr. Unscd. Bonds | 6.95 | 2/15/2026 | 25000 | 26570 |
| Hungary, Sr. Unscd. Notes | 7.63 | 3/29/2041 | 300000 | 301390 |
| Indonesia, Sr. Unscd. Notes | 3.50 | 1/11/2028 | 300000 | 275525 |
| Indonesia, Sr. Unscd. Notes | 3.85 | 10/15/2030 | 300000<br> <sup>a</sup>  | 269474 |
| Indonesia, Sr. Unscd. Notes | 4.35 | 1/11/2048 | 300000 | 234355 |
| Israel, Sr. Unscd. Bonds | 3.88 | 7/3/2050 | 250000<br> <sup>a</sup>  | 190157 |
| Israel, Sr. Unscd. Notes | 3.38 | 1/15/2050 | 300000 | 208170 |
| Mexico, Sr. Unscd. Notes | 2.66 | 5/24/2031 | 300000 | 232992 |
| Mexico, Sr. Unscd. Notes | 4.28 | 8/14/2041 | 300000 | 217827 |
| Mexico, Sr. Unscd. Notes | 4.60 | 1/23/2046 | 300000 | 219035 |
| Mexico, Sr. Unscd. Notes | 5.00 | 4/27/2051 | 250000 | 191069 |
| Mexico, Sr. Unscd. Notes | 5.55 | 1/21/2045 | 350000<br> <sup>a</sup>  | 296768 |
| Panama, Sr. Unscd. Bonds | 3.88 | 3/17/2028 | 250000 | 227159 |
| Panama, Sr. Unscd. Bonds | 4.50 | 4/16/2050 | 200000 | 136176 |
| Panama, Sr. Unscd. Bonds | 6.70 | 1/26/2036 | 200000 | 195173 |
| Peru, Sr. Unscd. Bonds | 6.55 | 3/14/2037 | 370000 | 371343 |
| Peru, Sr. Unscd. Bonds | 7.35 | 7/21/2025 | 500000 | 521539 |
| Philippines, Sr. Unscd. Bonds | 3.70 | 2/2/2042 | 400000 | 299688 |
| Philippines, Sr. Unscd. Bonds | 10.63 | 3/16/2025 | 400000 | 447387 |
| Philippines, Sr. Unscd. Notes | 5.17 | 10/13/2027 | 200000 | 199470 |
| Philippines, Sr. Unscd. Notes | 5.61 | 4/13/2033 | 200000 | 200532 |
| Province of Alberta Canada, Sr. Unscd. Notes | 3.30 | 3/15/2028 | 80000 | 74865 |

---

#### 22

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Foreign Governmental - 1.2% (continued)** | **Foreign Governmental - 1.2% (continued)** | **Foreign Governmental - 1.2% (continued)** |  |  |
| Province of British Columbia Canada, Sr. Unscd. Bonds, Ser. USD2 | 6.50 | 1/15/2026 | 525000 | 548333 |
| Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD | 7.50 | 9/15/2029 | 300000 | 350255 |
| Uruguay, Sr. Unscd. Bonds | 4.98 | 4/20/2055 | 105000 | 91373 |
| Uruguay, Sr. Unscd. Bonds | 7.63 | 3/21/2036 | 300000 | 355681 |
|  |  |  |  | **7350477** |
| **Health Care - 2.5%**  | **Health Care - 2.5%**  | **Health Care - 2.5%**  |  |  |
| Abbott Laboratories, Sr. Unscd. Notes | 1.40 | 6/30/2030 | 200000 | 154600 |
| Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 200000 | 187030 |
| AbbVie Inc., Sr. Unscd. Notes | 3.60 | 5/14/2025 | 170000 | 163223 |
| AbbVie Inc., Sr. Unscd. Notes | 3.80 | 3/15/2025 | 300000 | 289548 |
| AbbVie Inc., Sr. Unscd. Notes | 4.25 | 11/14/2028 | 110000 | 103634 |
| AbbVie Inc., Sr. Unscd. Notes | 4.25 | 11/21/2049 | 490000 | 380778 |
| AbbVie Inc., Sr. Unscd. Notes | 4.75 | 3/15/2045 | 200000 | 167854 |
| Aetna Inc., Sr. Unscd. Notes | 4.75 | 3/15/2044 | 250000 | 203466 |
| Aetna Inc., Sr. Unscd. Notes | 6.63 | 6/15/2036 | 150000 | 151350 |
| AmerisourceBergen Corp., Sr. Unscd. Notes | 2.80 | 5/15/2030 | 100000 | 81936 |
| Amgen Inc., Sr. Unscd. Notes | 2.45 | 2/21/2030 | 70000 | 57751 |
| Amgen Inc., Sr. Unscd. Notes | 2.60 | 8/19/2026 | 500000 | 457071 |
| Amgen Inc., Sr. Unscd. Notes | 2.80 | 8/15/2041 | 200000 | 134106 |
| Amgen Inc., Sr. Unscd. Notes | 3.00 | 1/15/2052 | 200000 | 123507 |
| Amgen Inc., Sr. Unscd. Notes | 3.38 | 2/21/2050 | 60000 | 40064 |
| Amgen Inc., Sr. Unscd. Notes | 4.66 | 6/15/2051 | 100000 | 82756 |
| AstraZeneca PLC, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 370000 | 283234 |
| AstraZeneca PLC, Sr. Unscd. Notes | 4.38 | 8/17/2048 | 45000 | 38129 |
| AstraZeneca PLC, Sr. Unscd. Notes | 4.38 | 11/16/2045 | 205000 | 173816 |
| Banner Health, Unscd. Bonds | 2.34 | 1/1/2030 | 300000 | 245736 |
| Baxalta Inc., Gtd. Notes | 5.25 | 6/23/2045 | 200000 | 179126 |
| Becton Dickinson & Co., Sr. Unscd. Notes | 3.73 | 12/15/2024 | 386000 | 374456 |
| Biogen Inc., Sr. Unscd. Notes | 4.05 | 9/15/2025 | 500000 | 481308 |
| Boston Scientific Corp., Sr. Unscd. Notes | 1.90 | 6/1/2025 | 300000 | 277013 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 0.75 | 11/13/2025 | 200000 | 176788 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.35 | 11/13/2040 | 200000 | 130299 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 2.95 | 3/15/2032 | 55000 | 46582 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** |  |  |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.40 | 7/26/2029 | 78000 | 70918 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.55 | 3/15/2042 | 40000 | 30590 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.90 | 2/20/2028 | 90000 | 85387 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.35 | 11/15/2047 | 90000 | 74839 |
| Bristol-Myers Squibb Co., Sr. Unscd. Notes | 4.55 | 2/20/2048 | 70000 | 59926 |
| Cardinal Health Inc., Sr. Unscd. Notes | 4.60 | 3/15/2043 | 300000 | 232150 |
| Centene Corp., Sr. Unscd. Notes | 2.45 | 7/15/2028 | 230000 | 189522 |
| Centene Corp., Sr. Unscd. Notes | 2.63 | 8/1/2031 | 190000 | 145662 |
| Cigna Corp., Gtd. Notes | 3.88 | 10/15/2047 | 75000 | 53978 |
| Cigna Corp., Gtd. Notes | 4.13 | 11/15/2025 | 130000 | 125759 |
| Cigna Corp., Gtd. Notes | 4.38 | 10/15/2028 | 230000 | 216705 |
| Cigna Corp., Sr. Unscd. Notes | 2.38 | 3/15/2031 | 80000 | 63497 |
| CVS Health Corp., Sr. Unscd. Notes | 1.75 | 8/21/2030 | 85000 | 64774 |
| CVS Health Corp., Sr. Unscd. Notes | 3.25 | 8/15/2029 | 100000 | 86824 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 300000 | 281765 |
| CVS Health Corp., Sr. Unscd. Notes | 4.78 | 3/25/2038 | 500000 | 434966 |
| CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 200000 | 170259 |
| Danaher Corp., Sr. Unscd. Notes | 4.38 | 9/15/2045 | 250000 | 206567 |
| Dignity Health, Scd. Bonds | 5.27 | 11/1/2064 | 154000 | 123727 |
| Elevance Health Inc., Sr. Unscd. Notes | 2.25 | 5/15/2030 | 200000 | 160772 |
| Elevance Health Inc., Sr. Unscd. Notes | 3.60 | 3/15/2051 | 60000 | 42305 |
| Eli Lilly & Co., Sr. Unscd. Notes | 3.10 | 5/15/2027 | 250000 | 233391 |
| Gilead Sciences Inc., Sr. Unscd. Notes | 1.20 | 10/1/2027 | 80000 | 65870 |
| Gilead Sciences Inc., Sr. Unscd. Notes | 4.15 | 3/1/2047 | 220000 | 172108 |
| GlaxoSmithKline Capital Inc., Gtd. Bonds | 6.38 | 5/15/2038 | 300000 | 322003 |
| HCA Inc., Gtd. Notes | 4.13 | 6/15/2029 | 110000 | 97183 |
| HCA Inc., Gtd. Notes | 5.13 | 6/15/2039 | 50000 | 41503 |
| HCA Inc., Gtd. Notes | 5.25 | 6/15/2049 | 100000 | 81208 |
| Johnson & Johnson, Sr. Unscd. Notes | 2.10 | 9/1/2040 | 400000 | 263313 |
| Johnson & Johnson, Sr. Unscd. Notes | 2.45 | 3/1/2026 | 380000 | 355212 |
| Johnson & Johnson, Sr. Unscd. Notes | 3.50 | 1/15/2048 | 50000 | 38509 |
| Kaiser Foundation Hospitals, Gtd. Notes | 3.15 | 5/1/2027 | 500000 | 459483 |
| Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | 3.00 | 6/1/2051 | 70000 | 43350 |

---

#### 24

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** |  |  |
| Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes, Ser. 2015 | 4.20 | 7/1/2055 | 200000 | 154170 |
| Merck & Co. Inc., Sr. Unscd. Notes | 1.45 | 6/24/2030 | 200000 | 155391 |
| Merck & Co. Inc., Sr. Unscd. Notes | 2.35 | 6/24/2040 | 50000 | 33201 |
| Merck & Co. Inc., Sr. Unscd. Notes | 2.45 | 6/24/2050 | 60000 | 36162 |
| Merck & Co. Inc., Sr. Unscd. Notes | 2.75 | 2/10/2025 | 250000 | 238971 |
| Merck & Co. Inc., Sr. Unscd. Notes | 2.90 | 12/10/2061 | 110000 | 67046 |
| Merck & Co. Inc., Sr. Unscd. Notes | 3.90 | 3/7/2039 | 55000 | 45853 |
| Mount Sinai Hospitals Group Inc., Scd. Bonds, Ser. 2019 | 3.74 | 7/1/2049 | 300000 | 206721 |
| Mylan Inc., Gtd. Notes | 5.40 | 11/29/2043 | 300000 | 214341 |
| Northwell Healthcare Inc., Scd. Notes | 3.98 | 11/1/2046 | 250000 | 178330 |
| Novartis Capital Corp., Gtd. Notes | 2.20 | 8/14/2030 | 390000 | 322977 |
| Novartis Capital Corp., Gtd. Notes | 2.75 | 8/14/2050 | 60000 | 39433 |
| Pfizer Inc., Sr. Unscd. Notes | 0.80 | 5/28/2025 | 300000 | 272168 |
| Pfizer Inc., Sr. Unscd. Notes | 2.55 | 5/28/2040 | 300000 | 208000 |
| Pfizer Inc., Sr. Unscd. Notes | 3.45 | 3/15/2029 | 100000 | 91590 |
| Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I | 3.74 | 10/1/2047 | 250000 | 182787 |
| Quest Diagnostics Inc., Sr. Unscd. Notes | 3.50 | 3/30/2025 | 250000 | 239864 |
| Stryker Corp., Sr. Unscd. Notes | 3.50 | 3/15/2026 | 250000 | 236777 |
| Stryker Corp., Sr. Unscd. Notes | 4.38 | 5/15/2044 | 100000 | 79970 |
| Takeda Pharmaceutical Co., Sr. Unscd. Notes | 5.00 | 11/26/2028 | 200000 | 193186 |
| Thermo Fisher Scientific Inc., Sr. Unscd. Notes | 2.80 | 10/15/2041 | 200000 | 138409 |
| Trinity Health Corp., Scd. Bonds | 4.13 | 12/1/2045 | 200000 | 157526 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 2.30 | 5/15/2031 | 75000 | 60179 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 3.05 | 5/15/2041 | 75000 | 53270 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 3.25 | 5/15/2051 | 100000 | 68031 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 3.75 | 10/15/2047 | 70000 | 52502 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 3.88 | 12/15/2028 | 100000 | 93070 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.20 | 5/15/2032 | 45000 | 41470 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.25 | 6/15/2048 | 80000 | 65299 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** | **Health Care - 2.5% (continued)** |  |  |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.45 | 12/15/2048 | 60000 | 49961 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.75 | 7/15/2045 | 280000 | 245345 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 4.95 | 5/15/2062 | 75000 | 65996 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 5.25 | 2/15/2028 | 150000 | 150534 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 5.30 | 2/15/2030 | 150000 | 150072 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 5.35 | 2/15/2033 | 100000 | 100399 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 5.88 | 2/15/2053 | 100000 | 102199 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 6.05 | 2/15/2063 | 100000 | 102959 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 6.88 | 2/15/2038 | 210000 | 229673 |
| Viatris Inc., Gtd. Notes | 2.70 | 6/22/2030 | 150000 | 112343 |
| Zoetis Inc., Sr. Unscd. Notes | 3.00 | 5/15/2050 | 300000 | 189655 |
|  |  |  |  | **15705016** |
| **Industrial - .7%**  | **Industrial - .7%**  | **Industrial - .7%**  |  |  |
| 3M Co., Sr. Unscd. Notes | 2.25 | 9/19/2026 | 500000<br> <sup>a</sup>  | 451324 |
| 3M Co., Sr. Unscd. Notes | 2.38 | 8/26/2029 | 390000 | 321416 |
| 3M Co., Sr. Unscd. Notes | 3.38 | 3/1/2029 | 300000<br> <sup>a</sup>  | 269423 |
| Caterpillar Financial Services Corp., Sr. Unscd. Notes | 0.80 | 11/13/2025 | 200000 | 177235 |
| Caterpillar Inc., Sr. Unscd. Bonds | 6.05 | 8/15/2036 | 237000 | 248767 |
| Caterpillar Inc., Sr. Unscd. Notes | 3.25 | 4/9/2050 | 150000 | 105564 |
| Eaton Corp., Gtd. Notes | 4.15 | 11/2/2042 | 200000 | 161631 |
| GE Capital International Funding Co., Gtd. Notes | 4.42 | 11/15/2035 | 800000 | 706892 |
| Illinois Tool Works Inc., Sr. Unscd. Notes | 3.90 | 9/1/2042 | 170000 | 136054 |
| John Deere Capital Corp., Sr. Unscd. Notes | 0.70 | 1/15/2026 | 200000 | 174817 |
| John Deere Capital Corp., Sr. Unscd. Notes | 1.45 | 1/15/2031 | 300000 | 226973 |
| John Deere Capital Corp., Sr. Unscd. Notes | 4.15 | 9/15/2027 | 200000 | 192374 |
| Otis Worldwide Corp., Sr. Unscd. Notes | 2.06 | 4/5/2025 | 300000 | 277710 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 3.25 | 6/14/2029 | 300000 | 260442 |
| Parker-Hannifin Corp., Sr. Unscd. Notes | 4.00 | 6/14/2049 | 40000 | 29601 |

---

#### 26

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Industrial - .7% (continued)** | **Industrial - .7% (continued)** | **Industrial - .7% (continued)** |  |  |
| Stanley Black & Decker Inc., Sr. Unscd. Notes | 2.30 | 3/15/2030 | 300000 | 240839 |
| Textron Inc., Sr. Unscd. Notes | 4.00 | 3/15/2026 | 500000 | 477469 |
| Xylem Inc., Sr. Unscd. Notes | 4.38 | 11/1/2046 | 250000 | 196907 |
|  |  |  |  | **4655438** |
| **Information Technology - .7%**  | **Information Technology - .7%**  | **Information Technology - .7%**  |  |  |
| Adobe Inc., Sr. Unscd. Notes | 3.25 | 2/1/2025 | 250000 | 241882 |
| Autodesk Inc., Sr. Unscd. Notes | 4.38 | 6/15/2025 | 250000 | 245154 |
| Broadridge Financial Solutions Inc., Sr. Unscd. Notes | 2.90 | 12/1/2029 | 150000 | 123352 |
| Electronic Arts Inc., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 200000 | 154429 |
| Fiserv Inc., Sr. Unscd. Notes | 3.50 | 7/1/2029 | 190000 | 165000 |
| Fiserv Inc., Sr. Unscd. Notes | 4.40 | 7/1/2049 | 100000 | 75412 |
| Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 361000 | 227052 |
| Microsoft Corp., Sr. Unscd. Notes | 3.04 | 3/17/2062 | 360000 | 235271 |
| Oracle Corp., Sr. Unscd. Notes | 2.88 | 3/25/2031 | 205000 | 161756 |
| Oracle Corp., Sr. Unscd. Notes | 2.95 | 4/1/2030 | 350000 | 285388 |
| Oracle Corp., Sr. Unscd. Notes | 3.25 | 11/15/2027 | 250000 | 222064 |
| Oracle Corp., Sr. Unscd. Notes | 3.85 | 7/15/2036 | 500000 | 374933 |
| Oracle Corp., Sr. Unscd. Notes | 3.90 | 5/15/2035 | 300000 | 232592 |
| Oracle Corp., Sr. Unscd. Notes | 4.00 | 11/15/2047 | 160000 | 106308 |
| Oracle Corp., Sr. Unscd. Notes | 4.10 | 3/25/2061 | 210000 | 130830 |
| Roper Technologies Inc., Sr. Unscd. Notes | 1.00 | 9/15/2025 | 300000 | 265591 |
| Roper Technologies Inc., Sr. Unscd. Notes | 1.40 | 9/15/2027 | 300000 | 246719 |
| Roper Technologies Inc., Sr. Unscd. Notes | 3.80 | 12/15/2026 | 500000 | 468264 |
| Take-Two Interactive Software Inc., Sr. Unscd. Notes | 3.55 | 4/14/2025 | 100000 | 95410 |
|  |  |  |  | **4057407** |
| **Insurance - .7%**  | **Insurance - .7%**  | **Insurance - .7%**  |  |  |
| American International Group Inc., Sr. Unscd. Notes | 3.88 | 1/15/2035 | 250000 | 205881 |
| American International Group Inc., Sr. Unscd. Notes | 4.75 | 4/1/2048 | 200000 | 165564 |
| Aon Corp., Gtd. Notes | 2.80 | 5/15/2030 | 100000 | 82042 |
| Aon Corp., Gtd. Notes | 3.75 | 5/2/2029 | 250000 | 222818 |
| Aon Corp., Gtd. Notes | 5.00 | 9/12/2032 | 200000 | 188779 |
| Aon Global Ltd., Gtd. Notes | 4.60 | 6/14/2044 | 200000 | 161032 |
| Arthur J. Gallagher & Co., Sr. Unscd. Notes | 3.50 | 5/20/2051 | 40000 | 25844 |
| Athene Holding Ltd., Sr. Unscd. Notes | 3.95 | 5/25/2051 | 150000 | 96000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Insurance - .7% (continued)** | **Insurance - .7% (continued)** | **Insurance - .7% (continued)** |  |  |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 2.85 | 10/15/2050 | 250000 | 154274 |
| Berkshire Hathaway Finance Corp., Gtd. Notes | 4.20 | 8/15/2048 | 135000 | 108943 |
| Berkshire Hathaway Inc., Sr. Unscd. Notes | 3.13 | 3/15/2026 | 200000 | 189678 |
| Corebridge Financial Inc., Sr. Unscd. Notes | 3.65 | 4/5/2027 | 100000<br> <sup>b</sup>  | 90637 |
| Corebridge Financial Inc., Sr. Unscd. Notes | 3.90 | 4/5/2032 | 100000<br> <sup>b</sup>  | 83714 |
| Corebridge Financial Inc., Sr. Unscd. Notes | 4.40 | 4/5/2052 | 100000<br> <sup>b</sup>  | 73240 |
| First American Financial Corp., Sr. Unscd. Notes | 4.60 | 11/15/2024 | 500000 | 485776 |
| Marsh & McLennan Inc., Sr. Unscd. Notes | 4.38 | 3/15/2029 | 70000 | 66167 |
| Marsh & McLennan Inc., Sr. Unscd. Notes | 4.90 | 3/15/2049 | 65000 | 55600 |
| Metlife Inc., Sr. Unscd. Notes | 4.05 | 3/1/2045 | 200000 | 153856 |
| Metlife Inc., Sr. Unscd. Notes | 6.38 | 6/15/2034 | 150000 | 156243 |
| Principal Financial Group Inc., Gtd. Notes | 2.13 | 6/15/2030 | 300000 | 232207 |
| Prudential Financial Inc., Jr. Sub. Notes | 5.20 | 3/15/2044 | 300000 | 278919 |
| Prudential Financial Inc., Sr. Unscd. Notes | 3.70 | 3/13/2051 | 75000 | 53286 |
| Prudential Financial Inc., Sr. Unscd. Notes | 4.60 | 5/15/2044 | 200000 | 165489 |
| Reinsurance Group of America Inc., Sr. Unscd. Notes | 3.15 | 6/15/2030 | 300000 | 246147 |
| The Allstate Corp., Sr. Unscd. Notes | 0.75 | 12/15/2025 | 200000 | 173658 |
| The Chubb Corp., Gtd. Notes | 6.00 | 5/11/2037 | 200000 | 204988 |
| The Progressive Corp., Sr. Unscd. Notes | 4.13 | 4/15/2047 | 70000 | 54656 |
| The Progressive Corp., Sr. Unscd. Notes | 6.63 | 3/1/2029 | 100000 | 106022 |
| The Travelers Companies, Sr. Unscd. Notes | 4.05 | 3/7/2048 | 150000 | 114851 |
|  |  |  |  | **4396311** |
| **Internet Software & Services - .4%**  | **Internet Software & Services - .4%**  | **Internet Software & Services - .4%**  |  |  |
| Alphabet Inc., Sr. Unscd. Notes | 0.45 | 8/15/2025 | 250000 | 223452 |
| Alphabet Inc., Sr. Unscd. Notes | 1.10 | 8/15/2030 | 215000 | 165294 |
| Alphabet Inc., Sr. Unscd. Notes | 1.90 | 8/15/2040 | 65000 | 41181 |
| Alphabet Inc., Sr. Unscd. Notes | 2.00 | 8/15/2026 | 300000 | 273146 |
| Amazon.com Inc., Sr. Unscd. Notes | 0.80 | 6/3/2025 | 200000 | 180782 |
| Amazon.com Inc., Sr. Unscd. Notes | 1.50 | 6/3/2030 | 200000 | 156292 |

---

#### 28

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Internet Software & Services - .4% (continued)** | **Internet Software & Services - .4% (continued)** | **Internet Software & Services - .4% (continued)** |  |  |
| Amazon.com Inc., Sr. Unscd. Notes | 1.65 | 5/12/2028 | 300000 | 253650 |
| Amazon.com Inc., Sr. Unscd. Notes | 2.50 | 6/3/2050 | 200000 | 119086 |
| Amazon.com Inc., Sr. Unscd. Notes | 2.73 | 4/13/2024 | 100000 | 97400 |
| Amazon.com Inc., Sr. Unscd. Notes | 2.88 | 5/12/2041 | 250000 | 177790 |
| Amazon.com Inc., Sr. Unscd. Notes | 3.25 | 5/12/2061 | 220000 | 142201 |
| Amazon.com Inc., Sr. Unscd. Notes | 3.30 | 4/13/2027 | 100000 | 93933 |
| Amazon.com Inc., Sr. Unscd. Notes | 3.60 | 4/13/2032 | 100000<br> <sup>a</sup>  | 89640 |
| Amazon.com Inc., Sr. Unscd. Notes | 4.10 | 4/13/2062 | 100000 | 76981 |
| eBay Inc., Sr. Unscd. Notes | 1.40 | 5/10/2026 | 300000 | 261274 |
| eBay Inc., Sr. Unscd. Notes | 3.65 | 5/10/2051 | 13000 | 8583 |
| Meta Platforms Inc., Sr. Unscd. Notes | 3.85 | 8/15/2032 | 200000<br> <sup>b</sup>  | 170392 |
| Meta Platforms Inc., Sr. Unscd. Notes | 4.65 | 8/15/2062 | 110000<br> <sup>b</sup>  | 81324 |
|  |  |  |  | **2612401** |
| **Materials - .0%**  | **Materials - .0%**  | **Materials - .0%**  |  |  |
| Berry Global Inc., Sr. Scd. Notes | 1.57 | 1/15/2026 | 150000 | **130116** |
| **Media - .7%**  | **Media - .7%**  | **Media - .7%**  |  |  |
| Charter Communications Operating LLC, Sr. Scd. Notes | 4.91 | 7/23/2025 | 510000 | 495437 |
| Charter Communications Operating LLC, Sr. Scd. Notes | 5.25 | 4/1/2053 | 200000 | 150776 |
| Charter Communications Operating LLC, Sr. Scd. Notes | 5.50 | 4/1/2063 | 200000 | 151525 |
| Charter Communications Operating LLC, Sr. Scd. Notes | 6.48 | 10/23/2045 | 250000 | 221873 |
| Comcast Corp., Gtd. Bonds | 4.00 | 8/15/2047 | 60000 | 45001 |
| Comcast Corp., Gtd. Notes | 1.50 | 2/15/2031 | 350000 | 261932 |
| Comcast Corp., Gtd. Notes | 2.45 | 8/15/2052 | 750000 | 410751 |
| Comcast Corp., Gtd. Notes | 3.38 | 8/15/2025 | 730000 | 698312 |
| Comcast Corp., Gtd. Notes | 3.90 | 3/1/2038 | 75000 | 60783 |
| Comcast Corp., Gtd. Notes | 4.00 | 3/1/2048 | 60000 | 45245 |
| Comcast Corp., Gtd. Notes | 4.60 | 10/15/2038 | 200000 | 173817 |
| Comcast Corp., Gtd. Notes | 6.45 | 3/15/2037 | 300000 | 311846 |
| Discovery Communications LLC, Gtd. Notes | 3.95 | 3/20/2028 | 350000 | 304098 |
| Fox Corp., Sr. Unscd. Notes | 4.03 | 1/25/2024 | 83000 | 81612 |
| Paramount Global, Sr. Unscd. Debs. | 7.88 | 7/30/2030 | 150000 | 156087 |
| Paramount Global, Sr. Unscd. Notes | 4.90 | 8/15/2044 | 240000 | 168534 |
| The Walt Disney Company, Gtd. Notes | 2.00 | 9/1/2029 | 225000 | 184085 |
| The Walt Disney Company, Gtd. Notes | 3.80 | 5/13/2060 | 350000 | 250087 |
| Time Warner Cable LLC, Sr. Scd. Debs. | 6.55 | 5/1/2037 | 350000 | 312746 |
|  |  |  |  | **4484547** |

---

#### 29
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Metals & Mining - .3%**  | **Metals & Mining - .3%**  | **Metals & Mining - .3%**  |  |  |
| Barrick PD Australia Finance Ltd., Gtd. Notes | 5.95 | 10/15/2039 | 200000 | 192128 |
| Freeport-McMoRan Inc., Gtd. Notes | 5.45 | 3/15/2043 | 65000 | 53494 |
| Newmont Corp., Gtd. Notes | 6.25 | 10/1/2039 | 126000 | 123941 |
| Nucor Corp., Sr. Unscd. Notes | 2.98 | 12/15/2055 | 200000 | 113327 |
| Rio Tinto Alcan Inc., Sr. Unscd. Debs. | 7.25 | 3/15/2031 | 350000 | 388559 |
| Southern Copper Corp., Sr. Unscd. Notes | 5.25 | 11/8/2042 | 300000 | 260497 |
| Steel Dynamics Inc., Sr. Unscd. Notes | 3.25 | 10/15/2050 | 60000 | 35652 |
| Teck Resources Ltd., Sr. Unscd. Notes | 3.90 | 7/15/2030 | 300000<br> <sup>a</sup>  | 255550 |
| Vale Overseas Ltd., Gtd. Notes | 3.75 | 7/8/2030 | 200000 | 164814 |
| Vale Overseas Ltd., Gtd. Notes | 6.88 | 11/21/2036 | 250000 | 243375 |
|  |  |  |  | **1831337** |
| **Municipal Securities - .7%**  | **Municipal Securities - .7%**  | **Municipal Securities - .7%**  |  |  |
| American Municipal Power Inc., Revenue Bonds (Combined Hydroelectric Projects) (Build America Bond) Ser. B | 8.08 | 2/15/2050 | 100000 | 123848 |
| Bay Area Toll Authority, Revenue Bonds (Build America Bond) Ser. F2 | 6.26 | 4/1/2049 | 300000 | 326236 |
| California, GO | 3.50 | 4/1/2028 | 100000 | 92409 |
| California, GO (Build America Bond) | 7.50 | 4/1/2034 | 200000 | 233169 |
| California, GO (Build America Bonds) | 7.55 | 4/1/2039 | 300000 | 359884 |
| Connecticut, GO, Ser. A | 5.85 | 3/15/2032 | 200000 | 207349 |
| District of Columbia, Revenue Bonds (Build America Bond) Ser. E | 5.59 | 12/1/2034 | 200000 | 203283 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Build America Bond) | 6.64 | 4/1/2057 | 337000 | 340130 |
| Illinois, GO | 5.10 | 6/1/2033 | 230000 | 215178 |
| Los Angeles Unified School District, GO (Build America Bond) | 5.75 | 7/1/2034 | 350000 | 355728 |
| Massachusetts School Building Authority, Revenue Bonds (Build America Bond) | 5.72 | 8/15/2039 | 100000 | 102960 |
| Metropolitan Transportation Authority, Revenue Bonds (Build America Bond) | 7.34 | 11/15/2039 | 300000 | 352215 |
| New Jersey Turnpike Authority, Revenue Bonds (Build America Bond) Ser. F | 7.41 | 1/1/2040 | 200000 | 235410 |

---

#### 30

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Municipal Securities - .7% (continued)** | **Municipal Securities - .7% (continued)** | **Municipal Securities - .7% (continued)** |  |  |
| New York City Municipal Water Finance Authority, Revenue Bonds (Build America Bond) | 5.95 | 6/15/2042 | 345000 | 360052 |
| Oklahoma Development Finance Authority, Revenue Bonds | 4.71 | 5/1/2052 | 200000 | 175119 |
| Pennsylvania Turnpike Commission, Revenue Bonds (Build America Bond) Ser. B | 5.51 | 12/1/2045 | 200000 | 196193 |
| Port Authority of New York & New Jersey, Revenue Bonds, Ser. 192 | 4.81 | 10/15/2065 | 300000 | 261513 |
| The Ohio State University, Revenue Bonds, Ser. A | 3.80 | 12/1/2046 | 250000 | 193621 |
|  |  |  |  | **4334297** |
| **Real Estate - .9%**  | **Real Estate - .9%**  | **Real Estate - .9%**  |  |  |
| Alexandria Real Estate Equities Inc., Gtd. Notes | 2.00 | 5/18/2032 | 250000 | 180341 |
| Alexandria Real Estate Equities Inc., Gtd. Notes | 3.00 | 5/18/2051 | 200000 | 114645 |
| American Tower Corp., Sr. Unscd. Notes | 1.50 | 1/31/2028 | 200000 | 158637 |
| American Tower Corp., Sr. Unscd. Notes | 1.60 | 4/15/2026 | 300000 | 259259 |
| American Tower Corp., Sr. Unscd. Notes | 2.70 | 4/15/2031 | 300000 | 234227 |
| American Tower Corp., Sr. Unscd. Notes | 3.80 | 8/15/2029 | 90000 | 78578 |
| Boston Properties LP, Sr. Unscd. Notes | 4.50 | 12/1/2028 | 100000 | 90056 |
| Corporate Office Properties LP, Gtd. Notes | 2.00 | 1/15/2029 | 200000 | 149427 |
| Crown Castle Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 200000 | 152634 |
| Crown Castle Inc., Sr. Unscd. Notes | 3.70 | 6/15/2026 | 430000 | 399495 |
| Equinix Inc., Sr. Unscd. Notes | 1.45 | 5/15/2026 | 200000 | 172050 |
| Equinix Inc., Sr. Unscd. Notes | 3.40 | 2/15/2052 | 200000 | 126330 |
| Essex Portfolio LP, Gtd. Notes | 2.65 | 3/15/2032 | 150000 | 114065 |
| Essex Portfolio LP, Gtd. Notes | 4.00 | 3/1/2029 | 200000 | 177965 |
| Kimco Realty Corp., Sr. Unscd. Notes | 2.70 | 10/1/2030 | 200000 | 157644 |
| Mid-America Apartments LP, Sr. Unscd. Notes | 1.10 | 9/15/2026 | 400000 | 338498 |
| National Retail Properties Inc., Sr. Unscd. Notes | 3.90 | 6/15/2024 | 500000 | 487328 |
| Office Properties Income Trust, Sr. Unscd. Notes | 2.65 | 6/15/2026 | 200000 | 145958 |
| Prologis LP, Sr. Unscd. Notes | 2.25 | 4/15/2030 | 370000 | 298239 |
| Prologis LP, Sr. Unscd. Notes | 3.00 | 4/15/2050 | 35000 | 22062 |

---

#### 31
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Real Estate - .9% (continued)** | **Real Estate - .9% (continued)** | **Real Estate - .9% (continued)** |  |  |
| Realty Income Corp., Sr. Unscd. Notes | 3.88 | 7/15/2024 | 250000 | 244275 |
| Realty Income Corp., Sr. Unscd. Notes | 3.95 | 8/15/2027 | 250000 | 232173 |
| Rexford Industrial Realty LP, Gtd. Notes | 2.15 | 9/1/2031 | 200000 | 146995 |
| Simon Property Group LP, Sr. Unscd. Notes | 2.65 | 7/15/2030 | 200000<br> <sup>a</sup>  | 158345 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.25 | 9/13/2049 | 65000 | 39361 |
| Simon Property Group LP, Sr. Unscd. Notes | 3.80 | 7/15/2050 | 200000 | 135081 |
| Tanger Properties LP, Sr. Unscd. Notes | 2.75 | 9/1/2031 | 400000 | 273848 |
| UDR Inc., Gtd. Notes | 2.10 | 8/1/2032 | 200000 | 141305 |
| Ventas Realty LP, Gtd. Notes | 4.00 | 3/1/2028 | 150000 | 135688 |
| Ventas Realty LP, Gtd. Notes | 4.88 | 4/15/2049 | 200000 | 159958 |
| Welltower Inc., Sr. Unscd. Notes | 4.13 | 3/15/2029 | 200000 | 177950 |
|  |  |  |  | **5702417** |
| **Retailing - .8%**  | **Retailing - .8%**  | **Retailing - .8%**  |  |  |
| Advance Auto Parts Inc., Gtd. Notes | 1.75 | 10/1/2027 | 300000 | 245209 |
| Autozone Inc., Sr. Unscd. Notes | 3.13 | 4/21/2026 | 500000 | 465777 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 1.60 | 4/20/2030 | 200000 | 159805 |
| Costco Wholesale Corp., Sr. Unscd. Notes | 3.00 | 5/18/2027 | 100000 | 93224 |
| Dollar Tree Inc., Sr. Unscd. Notes | 4.20 | 5/15/2028 | 95000 | 88455 |
| Lowe's Cos., Sr. Unscd. Notes | 1.70 | 9/15/2028 | 200000 | 163709 |
| Lowe's Cos., Sr. Unscd. Notes | 2.80 | 9/15/2041 | 200000 | 127593 |
| Lowe's Cos., Sr. Unscd. Notes | 3.00 | 10/15/2050 | 200000 | 120045 |
| Lowe's Cos., Sr. Unscd. Notes | 3.13 | 9/15/2024 | 250000 | 241814 |
| Lowe's Cos., Sr. Unscd. Notes | 3.65 | 4/5/2029 | 80000 | 71985 |
| Lowe's Cos., Sr. Unscd. Notes | 5.00 | 4/15/2033 | 100000 | 94435 |
| Lowe's Cos., Sr. Unscd. Notes | 5.80 | 9/15/2062 | 150000 | 134421 |
| McDonald's Corp., Sr. Unscd. Notes | 3.63 | 9/1/2049 | 50000 | 35354 |
| McDonald's Corp., Sr. Unscd. Notes | 4.88 | 12/9/2045 | 465000 | 403209 |
| O'Reilly Automotive Inc., Sr. Unscd. Notes | 1.75 | 3/15/2031 | 300000 | 223371 |
| Starbucks Corp., Sr. Unscd. Notes | 2.55 | 11/15/2030 | 400000 | 326971 |
| Starbucks Corp., Sr. Unscd. Notes | 4.45 | 8/15/2049 | 250000 | 200041 |
| Target Corp., Sr. Unscd. Notes | 2.50 | 4/15/2026 | 400000 | 370008 |
| The Home Depot Inc., Sr. Unscd. Notes | 1.50 | 9/15/2028 | 300000 | 247755 |
| The Home Depot Inc., Sr. Unscd. Notes | 3.35 | 4/15/2050 | 250000 | 174010 |

---

#### 32

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Retailing - .8% (continued)** | **Retailing - .8% (continued)** | **Retailing - .8% (continued)** |  |  |
| The Home Depot Inc., Sr. Unscd. Notes | 3.35 | 9/15/2025 | 300000 | 287822 |
| The Home Depot Inc., Sr. Unscd. Notes | 5.88 | 12/16/2036 | 300000 | 308954 |
| Walmart Inc., Sr. Unscd. Notes | 3.95 | 6/28/2038 | 90000 | 78839 |
| Walmart Inc., Sr. Unscd. Notes | 4.05 | 6/29/2048 | 180000 | 150741 |
| Walmart Inc., Sr. Unscd. Notes | 4.15 | 9/9/2032 | 100000 | 94722 |
| Walmart Inc., Sr. Unscd. Notes | 4.50 | 9/9/2052 | 150000 | 133479 |
|  |  |  |  | **5041748** |
| **Semiconductors & Semiconductor Equipment - .5%**  | **Semiconductors & Semiconductor Equipment - .5%**  | **Semiconductors & Semiconductor Equipment - .5%**  |  |  |
| Analog Devices Inc., Sr. Unscd. Notes | 4.25 | 10/1/2032 | 200000 | 182831 |
| Applied Materials Inc., Sr. Unscd. Notes | 3.90 | 10/1/2025 | 500000 | 487473 |
| Broadcom Cayman Finance Ltd., Gtd. Notes | 3.50 | 1/15/2028 | 110000 | 96800 |
| Broadcom Inc., Gtd. Notes | 2.45 | 2/15/2031 | 230000<br> <sup>b</sup>  | 172851 |
| Broadcom Inc., Gtd. Notes | 2.60 | 2/15/2033 | 200000<br> <sup>b</sup>  | 142423 |
| Broadcom Inc., Gtd. Notes | 3.50 | 2/15/2041 | 200000<br> <sup>b</sup>  | 132137 |
| Broadcom Inc., Gtd. Notes | 4.11 | 9/15/2028 | 260000 | 233532 |
| Broadcom Inc., Gtd. Notes | 4.75 | 4/15/2029 | 210000 | 195332 |
| Intel Corp., Sr. Unscd. Notes | 3.15 | 5/11/2027 | 110000<br> <sup>a</sup>  | 101675 |
| Intel Corp., Sr. Unscd. Notes | 3.25 | 11/15/2049 | 150000 | 94247 |
| Intel Corp., Sr. Unscd. Notes | 3.73 | 12/8/2047 | 120000 | 83460 |
| Intel Corp., Sr. Unscd. Notes | 3.90 | 3/25/2030 | 300000 | 272179 |
| Intel Corp., Sr. Unscd. Notes | 4.10 | 5/11/2047 | 80000 | 59552 |
| Intel Corp., Sr. Unscd. Notes | 4.75 | 3/25/2050 | 300000 | 243784 |
| Intel Corp., Sr. Unscd. Notes | 5.05 | 8/5/2062 | 65000 | 53001 |
| NVIDIA Corp., Sr. Unscd. Notes | 1.55 | 6/15/2028 | 300000 | 247989 |
| Qualcomm Inc., Sr. Unscd. Notes | 4.30 | 5/20/2047 | 120000 | 98212 |
| Qualcomm Inc., Sr. Unscd. Notes | 4.50 | 5/20/2052 | 25000 | 20784 |
| Qualcomm Inc., Sr. Unscd. Notes | 4.65 | 5/20/2035 | 140000 | 129223 |
| Texas Instruments Inc., Sr. Unscd. Notes | 1.13 | 9/15/2026 | 200000 | 174295 |
| Texas Instruments Inc., Sr. Unscd. Notes | 4.15 | 5/15/2048 | 80000 | 65867 |
|  |  |  |  | **3287647** |
| **Supranational Bank - 1.7%**  | **Supranational Bank - 1.7%**  | **Supranational Bank - 1.7%**  |  |  |
| Asian Development Bank, Sr. Unscd. Bonds | 0.63 | 4/29/2025 | 220000 | 199857 |
| Asian Development Bank, Sr. Unscd. Notes | 1.00 | 4/14/2026 | 200000 | 177721 |
| Asian Development Bank, Sr. Unscd. Notes | 1.50 | 3/4/2031 | 200000 | 161399 |

---

#### 33
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Supranational Bank - 1.7% (continued)** | **Supranational Bank - 1.7% (continued)** | **Supranational Bank - 1.7% (continued)** |  |  |
| Asian Development Bank, Sr. Unscd. Notes | 1.88 | 1/24/2030 | 100000 | 84854 |
| Asian Development Bank, Sr. Unscd. Notes | 2.00 | 1/22/2025 | 500000 | 473130 |
| Asian Development Bank, Sr. Unscd. Notes | 2.75 | 1/19/2028 | 90000 | 83144 |
| Asian Development Bank, Sr. Unscd. Notes | 3.88 | 9/28/2032 | 100000 | 96640 |
| European Investment Bank, Sr. Unscd. Bonds | 0.38 | 12/15/2025 | 200000 | 176158 |
| European Investment Bank, Sr. Unscd. Bonds | 1.63 | 10/9/2029 | 300000<br> <sup>a</sup>  | 253324 |
| European Investment Bank, Sr. Unscd. Bonds | 1.63 | 3/14/2025 | 200000 | 187135 |
| European Investment Bank, Sr. Unscd. Bonds | 2.25 | 6/24/2024 | 160000<br> <sup>a</sup>  | 154191 |
| European Investment Bank, Sr. Unscd. Notes | 0.38 | 3/26/2026 | 250000 | 218159 |
| European Investment Bank, Sr. Unscd. Notes | 1.88 | 2/10/2025 | 500000 | 471616 |
| European Investment Bank, Sr. Unscd. Notes | 2.38 | 5/24/2027 | 500000<br> <sup>a</sup>  | 459753 |
| Export Development Canada, Gov't Gtd. Bonds | 2.63 | 2/21/2024 | 300000 | 292489 |
| Export-Import Bank of Korea, Sr. Unscd. Bonds | 4.00 | 1/14/2024 | 500000 | 494365 |
| FMS Wertmanagement, Gov't Gtd. Notes | 2.75 | 1/30/2024 | 200000 | 195456 |
| Inter-American Development Bank, Sr. Unscd. Bonds | 2.13 | 1/15/2025 | 1000000 | 949311 |
| Inter-American Development Bank, Sr. Unscd. Notes | 0.25 | 11/15/2023 | 400000 | 383350 |
| Inter-American Development Bank, Sr. Unscd. Notes | 1.13 | 1/13/2031 | 200000 | 156649 |
| Inter-American Development Bank, Sr. Unscd. Notes | 1.75 | 3/14/2025 | 150000 | 140650 |
| Inter-American Development Bank, Sr. Unscd. Notes | 2.00 | 7/23/2026 | 80000 | 73193 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.13 | 9/18/2028 | 300000 | 279913 |
| Inter-American Development Bank, Sr. Unscd. Notes | 3.50 | 9/14/2029 | 100000 | 94966 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 0.63 | 4/22/2025 | 390000 | 354475 |

---

#### 34

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Supranational Bank - 1.7% (continued)** | **Supranational Bank - 1.7% (continued)** | **Supranational Bank - 1.7% (continued)** |  |  |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 1.25 | 2/10/2031 | 175000 | 138676 |
| International Bank for Reconstruction & Development, Sr. Unscd. Bonds | 2.50 | 7/29/2025 | 1000000 | 947648 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 0.38 | 7/28/2025 | 300000 | 267994 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 0.88 | 5/14/2030 | 200000 | 156104 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 1.38 | 4/20/2028 | 300000 | 256378 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 1.63 | 1/15/2025 | 300000 | 281658 |
| International Bank for Reconstruction & Development, Sr. Unscd. Notes | 3.63 | 9/21/2029 | 100000 | 96053 |
| International Finance Corp., Sr. Unscd. Notes | 0.38 | 7/16/2025 | 200000 | 179066 |
| International Finance Corp., Sr. Unscd. Notes | 3.63 | 9/15/2025 | 100000 | 97500 |
| Japan Bank for International Cooperation, Gov't Gtd. Bonds | 1.88 | 7/21/2026 | 500000 | 449985 |
| Japan Bank for International Cooperation, Gov't Gtd. Notes | 2.00 | 10/17/2029 | 300000 | 250924 |
| Japan Bank for International Cooperation, Gov't Gtd. Notes | 2.75 | 1/21/2026 | 250000 | 234396 |
| Nordic Investment Bank, Sr. Unscd. Notes | 3.38 | 9/8/2027 | 200000 | 191962 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | 0.50 | 1/27/2026 | 250000 | 218162 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | 3.75 | 9/14/2027 | 100000 | 96488 |
| The Asian Infrastructure Investment Bank, Sr. Unscd. Notes | 0.50 | 5/28/2025 | 200000 | 179693 |
| The Korea Development Bank, Sr. Unscd. Bonds | 0.80 | 7/19/2026 | 300000 | 258626 |
|  |  |  |  | **10913211** |
| **Technology Hardware & Equipment - .8%**  | **Technology Hardware & Equipment - .8%**  | **Technology Hardware & Equipment - .8%**  |  |  |
| Amdocs Ltd., Sr. Unscd. Notes | 2.54 | 6/15/2030 | 200000 | 157005 |
| Apple Inc., Sr. Unscd. Notes | 0.70 | 2/8/2026 | 230000 | 201559 |
| Apple Inc., Sr. Unscd. Notes | 1.13 | 5/11/2025 | 125000 | 114370 |
| Apple Inc., Sr. Unscd. Notes | 1.65 | 5/11/2030 | 100000 | 80085 |

---

#### 35
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Technology Hardware & Equipment - .8% (continued)** | **Technology Hardware & Equipment - .8% (continued)** | **Technology Hardware & Equipment - .8% (continued)** |  |  |
| Apple Inc., Sr. Unscd. Notes | 1.65 | 2/8/2031 | 175000 | 137197 |
| Apple Inc., Sr. Unscd. Notes | 1.80 | 9/11/2024 | 135000 | 128225 |
| Apple Inc., Sr. Unscd. Notes | 2.20 | 9/11/2029 | 120000 | 101445 |
| Apple Inc., Sr. Unscd. Notes | 2.38 | 2/8/2041 | 80000 | 53649 |
| Apple Inc., Sr. Unscd. Notes | 2.65 | 5/11/2050 | 120000 | 75283 |
| Apple Inc., Sr. Unscd. Notes | 2.80 | 2/8/2061 | 215000 | 127853 |
| Apple Inc., Sr. Unscd. Notes | 2.95 | 9/11/2049 | 75000 | 50631 |
| Apple Inc., Sr. Unscd. Notes | 3.20 | 5/11/2027 | 200000 | 187448 |
| Apple Inc., Sr. Unscd. Notes | 3.35 | 8/8/2032 | 45000 | 39716 |
| Apple Inc., Sr. Unscd. Notes | 3.35 | 2/9/2027 | 500000 | 474650 |
| Apple Inc., Sr. Unscd. Notes | 3.45 | 5/6/2024 | 500000 | 491019 |
| Apple Inc., Sr. Unscd. Notes | 3.75 | 11/13/2047 | 90000 | 70919 |
| Apple Inc., Sr. Unscd. Notes | 4.10 | 8/8/2062 | 75000 | 58405 |
| Apple Inc., Sr. Unscd. Notes | 4.25 | 2/9/2047 | 300000 | 258400 |
| Dell International LLC, Gtd. Notes | 3.45 | 12/15/2051 | 45000<br> <sup>b</sup>  | 25538 |
| Dell International LLC, Sr. Unscd. Notes | 6.02 | 6/15/2026 | 200000 | 199795 |
| Dell International LLC, Sr. Unscd. Notes | 8.35 | 7/15/2046 | 65000 | 69143 |
| DXC Technology Co., Sr. Unscd. Notes | 2.38 | 9/15/2028 | 300000 | 247115 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 1.75 | 4/1/2026 | 200000 | 177160 |
| Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 4.90 | 10/15/2025 | 250000 | 245883 |
| HP Inc., Sr. Unscd. Notes | 3.40 | 6/17/2030 | 200000 | 162840 |
| International Business Machines Corp., Sr. Unscd. Notes | 1.70 | 5/15/2027 | 100000 | 85955 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.30 | 5/15/2026 | 250000 | 234150 |
| International Business Machines Corp., Sr. Unscd. Notes | 3.50 | 5/15/2029 | 220000 | 197116 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.15 | 5/15/2039 | 105000 | 85626 |
| International Business Machines Corp., Sr. Unscd. Notes | 4.25 | 5/15/2049 | 160000 | 124462 |
| Leidos Inc., Gtd. Notes | 2.30 | 2/15/2031 | 200000 | 147697 |
| NetApp Inc., Sr. Unscd. Notes | 2.70 | 6/22/2030 | 200000 | 160725 |
|  |  |  |  | **4971064** |
| **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 | 100454 |
| America Movil Sab De Cv, Sr. Unscd. Notes | 4.38 | 4/22/2049 | 200000<br> <sup>a</sup>  | 156515 |
| AT&T Inc., Sr. Unscd. Notes | 3.50 | 9/15/2053 | 615000 | 395397 |
| AT&T Inc., Sr. Unscd. Notes | 3.80 | 12/1/2057 | 300000 | 198333 |

---

#### 36

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Telecommunication Services - 1.1% (continued)** | **Telecommunication Services - 1.1% (continued)** | **Telecommunication Services - 1.1% (continued)** |  |  |
| AT&T Inc., Sr. Unscd. Notes | 4.35 | 3/1/2029 | 360000 | 334912 |
| AT&T Inc., Sr. Unscd. Notes | 4.50 | 3/9/2048 | 341000 | 264142 |
| AT&T Inc., Sr. Unscd. Notes | 4.50 | 5/15/2035 | 500000 | 431586 |
| AT&T Inc., Sr. Unscd. Notes | 4.85 | 3/1/2039 | 110000 | 94575 |
| British Telecommunications PLC, Sr. Unscd. Notes | 9.63 | 12/15/2030 | 175000 | 199875 |
| Cisco Systems Inc., Sr. Unscd. Notes | 2.95 | 2/28/2026 | 250000 | 236361 |
| Cisco Systems Inc., Sr. Unscd. Notes | 5.50 | 1/15/2040 | 250000 | 244756 |
| Corning Inc., Sr. Unscd. Notes | 3.90 | 11/15/2049 | 300000 | 205458 |
| Deutsche Telekom International Finance BV, Gtd. Bonds | 8.75 | 6/15/2030 | 300000 | 343670 |
| Orange SA, Sr. Unscd. Notes | 9.00 | 3/1/2031 | 150000 | 179364 |
| Rogers Communications Inc., Gtd. Bonds | 7.50 | 8/15/2038 | 125000 | 136091 |
| Telefonica Emisiones SA, Gtd. Notes | 5.21 | 3/8/2047 | 150000 | 113056 |
| Telefonica Emisiones SA, Gtd. Notes | 7.05 | 6/20/2036 | 100000 | 97241 |
| T-Mobile USA Inc., Gtd. Notes | 5.65 | 1/15/2053 | 200000 | 184948 |
| T-Mobile USA Inc., Gtd. Notes | 5.80 | 9/15/2062 | 100000 | 92056 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 2.05 | 2/15/2028 | 300000 | 249216 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 3.50 | 4/15/2025 | 310000 | 295912 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 3.60 | 11/15/2060 | 200000 | 129018 |
| T-Mobile USA Inc., Sr. Unscd. Notes | 4.50 | 4/15/2050 | 250000 | 198528 |
| Verizon Communications Inc., Sr. Unscd. Notes | 0.85 | 11/20/2025 | 200000 | 175812 |
| Verizon Communications Inc., Sr. Unscd. Notes | 1.75 | 1/20/2031 | 200000 | 148515 |
| Verizon Communications Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 125000 | 94771 |
| Verizon Communications Inc., Sr. Unscd. Notes | 2.88 | 11/20/2050 | 200000 | 118321 |
| Verizon Communications Inc., Sr. Unscd. Notes | 3.00 | 11/20/2060 | 500000 | 279858 |
| Verizon Communications Inc., Sr. Unscd. Notes | 3.70 | 3/22/2061 | 365000 | 239338 |
| Verizon Communications Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 627000 | 565667 |
| Verizon Communications Inc., Sr. Unscd. Notes | 4.33 | 9/21/2028 | 250000 | 234612 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.00 | 5/30/2038 | 60000 | 51057 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.13 | 6/19/2059 | 110000<br> <sup>a</sup>  | 85342 |
| Vodafone Group PLC, Sr. Unscd. Notes | 5.25 | 5/30/2048 | 180000 | 147566 |

---

#### 37
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Telecommunication Services - 1.1% (continued)** | **Telecommunication Services - 1.1% (continued)** | **Telecommunication Services - 1.1% (continued)** |  |  |
| Vodafone Group PLC, Sr. Unscd. Notes | 7.88 | 2/15/2030 | 125000 | 135833 |
|  |  |  |  | **7158156** |
| **Transportation - .3%**  | **Transportation - .3%**  | **Transportation - .3%**  |  |  |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 4.55 | 9/1/2044 | 300000 | 254607 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 6.15 | 5/1/2037 | 300000 | 313888 |
| Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | 7.00 | 12/15/2025 | 100000 | 105753 |
| Canadian Pacific Railway Co., Gtd. Notes | 6.13 | 9/15/2115 | 100000 | 90813 |
| CSX Corp., Sr. Unscd. Notes | 3.80 | 3/1/2028 | 200000 | 186879 |
| CSX Corp., Sr. Unscd. Notes | 4.30 | 3/1/2048 | 50000 | 40023 |
| CSX Corp., Sr. Unscd. Notes | 4.75 | 11/15/2048 | 100000 | 85110 |
| FedEx Corp., Gtd. Notes | 4.75 | 11/15/2045 | 200000 | 158496 |
| Kansas Southern, Gtd. Notes | 4.95 | 8/15/2045 | 150000 | 127502 |
| Norfolk Southern Corp., Sr. Unscd. Notes | 2.90 | 8/25/2051 | 300000 | 181284 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.80 | 4/6/2071 | 55000 | 37279 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.84 | 3/20/2060 | 243000 | 174035 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.85 | 2/14/2072 | 50000<br> <sup>a</sup>  | 34111 |
| Union Pacific Corp., Sr. Unscd. Notes | 3.95 | 9/10/2028 | 105000 | 98877 |
| United Parcel Service Inc., Sr. Unscd. Notes | 3.75 | 11/15/2047 | 80000 | 61915 |
| United Parcel Service Inc., Sr. Unscd. Notes | 5.30 | 4/1/2050 | 200000 | 196127 |
|  |  |  |  | **2146699** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9%**  | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9%**  | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9%**  |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K043, Cl. A2 | 3.06 | 12/25/2024 | 348000<br> <sup>c</sup>  | 334837 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K047, Cl. A2 | 3.33 | 5/25/2025 | 45000<br> <sup>c</sup>  | 43362 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K056, Cl. A2 | 2.53 | 5/25/2026 | 500000<br> <sup>c</sup>  | 463112 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K103, Cl. A2 | 2.65 | 11/25/2029 | 400000<br> <sup>c</sup>  | 347732 |

---

#### 38

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9% (continued)** | **U.S. Government Agencies Collateralized Municipal-Backed Securities - .9% (continued)** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K104, Cl. A2 | 2.25 | 1/25/2030 | 400000<br> <sup>c</sup>  | 337536 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K106, Cl. A1 | 1.78 | 10/25/2029 | 291411<br> <sup>c</sup>  | 250722 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K112, Cl. A2 | 1.31 | 5/25/2030 | 200000<br> <sup>c</sup>  | 154926 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K126, Cl. A2 | 2.07 | 1/25/2031 | 400000<br> <sup>c</sup>  | 323952 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K-1514, Cl. A2 | 2.86 | 10/25/2034 | 400000<br> <sup>c</sup>  | 323266 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K-1516, Cl. A2 | 1.72 | 5/25/2035 | 400000<br> <sup>c</sup>  | 278134 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K-1521, CI. A2 | 2.18 | 8/25/2036 | 300000<br> <sup>c</sup>  | 215226 |
| Federal National Mortgage Association, Ser. 2017-M12, Cl. A2 | 3.06 | 6/25/2027 | 675170<br> <sup>c</sup>  | 628040 |
| Federal National Mortgage Association, Ser. 2018-M1, Cl. A2 | 2.99 | 12/25/2027 | 301888<br> <sup>c</sup>  | 277591 |
| Federal National Mortgage Association, Ser. 2018-M10, Cl. A2 | 3.36 | 7/25/2028 | 750000<br> <sup>c</sup>  | 700124 |
| Federal National Mortgage Association, Ser. 2019-M12, Cl. A2 | 2.89 | 6/25/2029 | 500000<br> <sup>c</sup>  | 445583 |
| Federal National Mortgage Association, Ser. 2020-M1, Cl. A2 | 2.44 | 10/25/2029 | 400000<br> <sup>c</sup>  | 343387 |
| Federal National Mortgage Association, Ser. 2020-M14, Cl. A2 | 1.78 | 5/25/2030 | 300000<br> <sup>c</sup>  | 245150 |
|  |  |  |  | **5712680** |
| **U.S. Government Agencies Mortgage-Backed - 27.6%**  | **U.S. Government Agencies Mortgage-Backed - 27.6%**  | **U.S. Government Agencies Mortgage-Backed - 27.6%**  |  |  |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/1/2036-3/1/2052 |  |  | 4386759 <br> <sup>c</sup>  | 3439347 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/2028-4/1/2052 |  |  | 14910075 <br> <sup>c</sup>  | 12030435 |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/2028-5/1/2052 |  |  | 11799351 <br> <sup>c</sup>  | 9944741 |

---

#### 39
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) |  | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |  |
| **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** | **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** | **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 10/1/2026-3/1/2052 |  |  | 7216205  | <sup>c</sup>  | 6370161 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/1/2025-5/1/2052 |  |  | 4351618  | <sup>c</sup>  | 3940877 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/2024-7/1/2052 |  |  | 3183572  | <sup>c</sup>  | 2971584 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/2034, 1 Year U.S. Treasury Curve Rate T-Note Constant +2.25% |  |  | 250  | <sup>c,d</sup>  | 248 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/2023-9/1/2052 |  |  | 1909793  | <sup>c</sup>  | 1834605 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/2023-2/1/2048 |  |  | 553242  | <sup>c</sup>  | 553260 |
| &nbsp;&nbsp;&nbsp;5.50%, 2/1/2023-1/1/2039 |  |  | 221542  | <sup>c</sup>  | 223205 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/2028-7/1/2039 |  |  | 268502  | <sup>c</sup>  | 275094 |
| &nbsp;&nbsp;&nbsp;6.50%, 4/1/2026-9/1/2037 |  |  | 61443  | <sup>c</sup>  | 63811 |
| &nbsp;&nbsp;&nbsp;7.00%, 12/1/2024-9/1/2031 |  |  | 6772  | <sup>c</sup>  | 6948 |
| &nbsp;&nbsp;&nbsp;7.50%, 6/1/2024-7/1/2030 |  |  | 1417  | <sup>c</sup>  | 1437 |
| &nbsp;&nbsp;&nbsp;8.00%, 5/1/2026-10/1/2031 |  |  | 1946  | <sup>c</sup>  | 2010 |
| &nbsp;&nbsp;&nbsp;8.50%, 6/1/2030 |  |  | 174  | <sup>c</sup>  | 182 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00% |  |  | 250000  | <sup>c,e</sup>  | 222427 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/2035-9/1/2051 |  |  | 5580793  | <sup>c</sup>  | 4418543 |
| &nbsp;&nbsp;&nbsp;1.50% |  |  | 1900000  | <sup>c,e</sup>  | 1611405 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/1/2028-6/1/2052 |  |  | 21422614  | <sup>c</sup>  | 17353849 |
| &nbsp;&nbsp;&nbsp;2.00% |  |  | 17575000  | <sup>c,e</sup>  | 14110468 |
| &nbsp;&nbsp;&nbsp;2.50% |  |  | 7400000  | <sup>c,e</sup>  | 6058807 |
| &nbsp;&nbsp;&nbsp;2.50%, 7/1/2027-5/1/2052 |  |  | 17979985  | <sup>c</sup>  | 15079004 |
| &nbsp;&nbsp;&nbsp;3.00% |  |  | 825000  | <sup>c,e</sup>  | 717073 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/1/2026-3/1/2052 |  |  | 14234210  | <sup>c</sup>  | 12481601 |
| &nbsp;&nbsp;&nbsp;3.50%, 8/1/2025-6/1/2052 |  |  | 8902110  | <sup>c</sup>  | 8059513 |
| &nbsp;&nbsp;&nbsp;3.50% |  |  | 1300000  | <sup>c,e</sup>  | 1147398 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/2024-9/1/2052 |  |  | 5418840  | <sup>c</sup>  | 5062097 |
| &nbsp;&nbsp;&nbsp;4.00% |  |  | 2050000  | <sup>c,e</sup>  | 1863694 |
| &nbsp;&nbsp;&nbsp;4.50% |  |  | 2400000  | <sup>c,e</sup>  | 2251418 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/2023-4/1/2049 |  |  | 1702212  | <sup>c</sup>  | 1642066 |
| &nbsp;&nbsp;&nbsp;5.00% |  |  | 1575000  | <sup>c,e</sup>  | 1518588 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/2023-6/1/2049 |  |  | 794255  | <sup>c</sup>  | 792044 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/2032-12/1/2038 |  |  | 432793  | <sup>c</sup>  | 437169 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/2024-11/1/2038 |  |  | 545955  | <sup>c</sup>  | 558982 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/1/2028-10/1/2037 |  |  | 136174  | <sup>c</sup>  | 141160 |
| &nbsp;&nbsp;&nbsp;7.00%, 8/1/2023-7/1/2032 |  |  | 15520  | <sup>c</sup>  | 15869 |
| &nbsp;&nbsp;&nbsp;7.50%, 4/1/2026-6/1/2031 |  |  | 8123  | <sup>c</sup>  | 8243 |
| &nbsp;&nbsp;&nbsp;8.00%, 5/1/2027-8/1/2030 |  |  | 1370  | <sup>c</sup>  | 1399 |
| &nbsp;&nbsp;&nbsp;8.50%, 7/1/2030 |  |  | 122  | <sup>c</sup>  | 128 |
| Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 2/15/2028-9/15/2046 |  |  | 105317  |  | 91718 |

---

#### 40

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** | **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** | **U.S. Government Agencies Mortgage-Backed - 27.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/15/2042-8/15/2045 |  |  | 519574  | 461910 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/2026-8/15/2045 |  |  | 371907  | 342245 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/2041-9/15/2045 |  |  | 418149  | 395157 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/15/2039-2/15/2041 |  |  | 401514  | 391290 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/2033-4/15/2040 |  |  | 572308  | 572715 |
| &nbsp;&nbsp;&nbsp;5.50%, 2/15/2033-11/15/2038 |  |  | 212156  | 219026 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/15/2029-10/15/2036 |  |  | 74443  | 77450 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/2024-11/15/2033 |  |  | 24911  | 25690 |
| &nbsp;&nbsp;&nbsp;7.00%, 10/15/2027-8/15/2032 |  |  | 23676  | 24224 |
| &nbsp;&nbsp;&nbsp;7.50%, 12/15/2023-11/15/2030 |  |  | 10416  | 10419 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/15/2024-3/15/2032 |  |  | 3849  | 4041 |
| &nbsp;&nbsp;&nbsp;8.25%, 6/15/2027 |  |  | 377  | 377 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/15/2026 |  |  | 1649  | 1650 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |  |  |
| &nbsp;&nbsp;&nbsp;2.00% |  |  | 4300000 <br> <sup>e</sup>  | 3533359 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/20/2050-5/20/2052 |  |  | 6203717  | 5125906 |
| &nbsp;&nbsp;&nbsp;2.50% |  |  | 2600000 <br> <sup>e</sup>  | 2203913 |
| &nbsp;&nbsp;&nbsp;2.50%, 3/20/2027-7/20/2052 |  |  | 8280493  | 7062081 |
| &nbsp;&nbsp;&nbsp;3.00% |  |  | 125000 <br> <sup>e</sup>  | 108857 |
| &nbsp;&nbsp;&nbsp;3.00%, 1/20/2028-5/20/2052 |  |  | 7438841  | 6599021 |
| &nbsp;&nbsp;&nbsp;3.50% |  |  | 125000 <br> <sup>e</sup>  | 111888 |
| &nbsp;&nbsp;&nbsp;3.50%, 9/20/2028-9/20/2052 |  |  | 5633311  | 5137806 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/20/2043-9/20/2052 |  |  | 2271304  | 2130044 |
| &nbsp;&nbsp;&nbsp;4.00% |  |  | 925000 <br> <sup>e</sup>  | 852497 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/20/2041-6/20/2049 |  |  | 1493453  | 1464489 |
| &nbsp;&nbsp;&nbsp;4.50% |  |  | 325000 <br> <sup>e</sup>  | 307887 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/20/2040-2/20/2049 |  |  | 150342  | 150634 |
| &nbsp;&nbsp;&nbsp;5.00% |  |  | 150000 <br> <sup>e</sup>  | 145805 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/20/2031-6/20/2041 |  |  | 36897  | 37980 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/20/2028 |  |  | 172  | 175 |
| &nbsp;&nbsp;&nbsp;8.50%, 7/20/2025 |  |  | 53  | 53 |
|  |  |  |  | **174801197** |
| **U.S. Government Agencies Obligations - 1.2%**  | **U.S. Government Agencies Obligations - 1.2%**  | **U.S. Government Agencies Obligations - 1.2%**  |  |  |
| Federal Farm Credit Bank Funding Corp., Unscd. Bonds | 1.65 | 7/23/2035 | 200000 | 131431 |
| Federal Farm Credit Bank Funding Corp., Unscd. Bonds | 3.38 | 8/26/2024 | 400000 | 391006 |
| Federal Home Loan Bank, Unscd. Bonds | 2.75 | 6/28/2024 | 900000 | 871487 |
| Federal Home Loan Bank, Unscd. Bonds | 3.25 | 3/8/2024 | 750000 | 735230 |
| Federal Home Loan Bank, Unscd. Bonds | 3.38 | 12/8/2023 | 500000 | 492377 |

---

#### 41
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) |  | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |  |
| **U.S. Government Agencies Obligations - 1.2% (continued)** | **U.S. Government Agencies Obligations - 1.2% (continued)** | **U.S. Government Agencies Obligations - 1.2% (continued)** |  |  |  |
| Federal Home Loan Bank, Unscd. Bonds | 5.50 | 7/15/2036 | 480000 |  | 508374 |
| Federal Home Loan Mortgage Corp., Unscd. Notes | 0.80 | 10/27/2026 | 125000 | <sup>c</sup>  | 107676 |
| Federal Home Loan Mortgage Corp., Unscd. Notes | 1.50 | 2/12/2025 | 500000 | <sup>a,c</sup>  | 467809 |
| Federal National Mortgage Association, Unscd. Notes | 0.38 | 8/25/2025 | 1000000 | <sup>c</sup>  | 891770 |
| Federal National Mortgage Association, Unscd. Notes | 0.88 | 12/18/2026 | 325000 | <sup>c</sup>  | 280114 |
| Federal National Mortgage Association, Unscd. Notes | 1.63 | 10/15/2024 | 500000 | <sup>c</sup>  | 472510 |
| Federal National Mortgage Association, Unscd. Notes | 1.88 | 9/24/2026 | 1000000 | <sup>c</sup>  | 910458 |
| Federal National Mortgage Association, Unscd. Notes | 6.25 | 5/15/2029 | 540000 | <sup>c</sup>  | 596791 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 5.25 | 9/15/2039 | 700000 |  | 701028 |
| Tennessee Valley Authority, Sr. Unscd. Bonds | 6.15 | 1/15/2038 | 165000 |  | 183428 |
|  |  |  |  | **7741489** | **7741489** |
| **U.S. Treasury Securities - 40.8%**  | **U.S. Treasury Securities - 40.8%**  | **U.S. Treasury Securities - 40.8%**  |  |  |  |
| U.S. Treasury Bonds | 1.13 | 5/15/2040 | 2640000 |  | 1577400 |
| U.S. Treasury Bonds | 1.25 | 5/15/2050 | 1706000 |  | 879690 |
| U.S. Treasury Bonds | 1.38 | 8/15/2050 | 1595000 |  | 850895 |
| U.S. Treasury Bonds | 1.63 | 11/15/2050 | 2915000 |  | 1668154 |
| U.S. Treasury Bonds | 1.75 | 8/15/2041 | 900000 | <sup>a</sup>  | 587812 |
| U.S. Treasury Bonds | 1.88 | 2/15/2041 | 580000 |  | 392350 |
| U.S. Treasury Bonds | 1.88 | 2/15/2051 | 660000 |  | 404340 |
| U.S. Treasury Bonds | 1.88 | 11/15/2051 | 2845000 |  | 1734172 |
| U.S. Treasury Bonds | 2.00 | 2/15/2050 | 1145000 |  | 729088 |
| U.S. Treasury Bonds | 2.00 | 8/15/2051 | 2190000 |  | 1380470 |
| U.S. Treasury Bonds | 2.00 | 11/15/2041 | 1595000 |  | 1088089 |
| U.S. Treasury Bonds | 2.25 | 8/15/2049 | 1525000 |  | 1037506 |
| U.S. Treasury Bonds | 2.25 | 2/15/2052 | 775000 |  | 519977 |
| U.S. Treasury Bonds | 2.25 | 8/15/2046 | 875000 |  | 592710 |
| U.S. Treasury Bonds | 2.38 | 5/15/2051 | 3275000 |  | 2269153 |
| U.S. Treasury Bonds | 2.38 | 11/15/2049 | 640000 | <sup>a</sup>  | 447725 |
| U.S. Treasury Bonds | 2.50 | 2/15/2045 | 460000 |  | 331308 |
| U.S. Treasury Bonds | 2.50 | 5/15/2046 | 1230000 |  | 878537 |
| U.S. Treasury Bonds | 2.75 | 11/15/2047 | 1445000 |  | 1085246 |
| U.S. Treasury Bonds | 2.75 | 8/15/2047 | 1375000 |  | 1032056 |
| U.S. Treasury Bonds | 2.75 | 11/15/2042 | 1297000 |  | 1000210 |
| U.S. Treasury Bonds | 2.88 | 11/15/2046 | 76000 |  | 58513 |

---

#### 42

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** |  |  |
| U.S. Treasury Bonds | 2.88 | 5/15/2052 | 590000 | 458080 |
| U.S. Treasury Bonds | 2.88 | 5/15/2049 | 1461000 | 1138581 |
| U.S. Treasury Bonds | 2.88 | 5/15/2043 | 1857000 | 1457020 |
| U.S. Treasury Bonds | 3.00 | 8/15/2052 | 560000 | 448612 |
| U.S. Treasury Bonds | 3.00 | 2/15/2047 | 1490000 | 1172764 |
| U.S. Treasury Bonds | 3.00 | 2/15/2049 | 1295000 | 1034002 |
| U.S. Treasury Bonds | 3.00 | 8/15/2048 | 875000<br> <sup>a</sup>  | 695232 |
| U.S. Treasury Bonds | 3.00 | 2/15/2048 | 840000 | 663633 |
| U.S. Treasury Bonds | 3.00 | 5/15/2042 | 55000 | 44608 |
| U.S. Treasury Bonds | 3.00 | 11/15/2044 | 1592000 | 1260261 |
| U.S. Treasury Bonds | 3.13 | 2/15/2043 | 130000 | 106661 |
| U.S. Treasury Bonds | 3.13 | 5/15/2048 | 1365000 | 1108076 |
| U.S. Treasury Bonds | 3.13 | 8/15/2044 | 1956000 | 1585124 |
| U.S. Treasury Bonds | 3.13 | 11/15/2041 | 145000 | 120407 |
| U.S. Treasury Bonds | 3.13 | 2/15/2042 | 195000 | 162018 |
| U.S. Treasury Bonds | 3.25 | 5/15/2042 | 460000 | 389059 |
| U.S. Treasury Bonds | 3.38 | 8/15/2042 | 585000<br> <sup>a</sup>  | 504837 |
| U.S. Treasury Bonds | 3.38 | 11/15/2048 | 1515000 | 1294999 |
| U.S. Treasury Bonds | 3.38 | 5/15/2044 | 550000 | 465480 |
| U.S. Treasury Bonds | 3.50 | 2/15/2039 | 750000 | 681577 |
| U.S. Treasury Bonds | 3.63 | 2/15/2044 | 1968000 | 1738567 |
| U.S. Treasury Bonds | 3.63 | 8/15/2043 | 1860000<br> <sup>a</sup>  | 1651041 |
| U.S. Treasury Bonds | 3.75 | 8/15/2041 | 1115000 | 1022947 |
| U.S. Treasury Bonds | 3.75 | 11/15/2043 | 1485000 | 1341837 |
| U.S. Treasury Bonds | 3.88 | 8/15/2040 | 50000 | 47020 |
| U.S. Treasury Bonds | 4.25 | 11/15/2040 | 465000 | 459296 |
| U.S. Treasury Bonds | 4.25 | 5/15/2039 | 890000 | 886802 |
| U.S. Treasury Bonds | 4.38 | 5/15/2041 | 70000 | 70163 |
| U.S. Treasury Bonds | 4.38 | 2/15/2038 | 543000 | 552227 |
| U.S. Treasury Bonds | 4.38 | 11/15/2039 | 365000 | 368251 |
| U.S. Treasury Bonds | 4.50 | 5/15/2038 | 210000 | 216419 |
| U.S. Treasury Bonds | 4.75 | 2/15/2041 | 1185000 | 1247467 |
| U.S. Treasury Bonds | 5.25 | 2/15/2029 | 175000 | 184071 |
| U.S. Treasury Bonds | 5.25 | 11/15/2028 | 335000 | 351423 |
| U.S. Treasury Bonds | 6.13 | 11/15/2027 | 1385000 | 1497856 |
| U.S. Treasury Bonds | 6.75 | 8/15/2026 | 215000 | 232729 |
| U.S. Treasury Bonds | 7.50 | 11/15/2024 | 170000 | 179851 |
| U.S. Treasury Notes | 0.13 | 2/15/2024 | 3000000 | 2832305 |
| U.S. Treasury Notes | 0.13 | 1/15/2024 | 210000 | 198934 |
| U.S. Treasury Notes | 0.25 | 3/15/2024 | 2915000 | 2746306 |
| U.S. Treasury Notes | 0.25 | 7/31/2025 | 390000 | 348319 |
| U.S. Treasury Notes | 0.25 | 10/31/2025 | 750000 | 662930 |
| U.S. Treasury Notes | 0.25 | 9/30/2025 | 965000 | 856814 |

---

#### 43
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** |  |  |
| U.S. Treasury Notes | 0.25 | 8/31/2025 | 1500000 | 1334473 |
| U.S. Treasury Notes | 0.38 | 4/30/2025 | 1143000 | 1035129 |
| U.S. Treasury Notes | 0.38 | 12/31/2025 | 1450000 | 1279285 |
| U.S. Treasury Notes | 0.38 | 1/31/2026 | 1440000 | 1265231 |
| U.S. Treasury Notes | 0.38 | 7/31/2027 | 1750000 | 1461182 |
| U.S. Treasury Notes | 0.38 | 9/30/2027 | 1800000 | 1492594 |
| U.S. Treasury Notes | 0.38 | 7/15/2024 | 600000<br> <sup>a</sup>  | 558867 |
| U.S. Treasury Notes | 0.50 | 2/28/2026 | 680000 | 598187 |
| U.S. Treasury Notes | 0.50 | 6/30/2027 | 645000 | 542934 |
| U.S. Treasury Notes | 0.63 | 7/31/2026 | 1595000 | 1389955 |
| U.S. Treasury Notes | 0.63 | 11/30/2027 | 2500000 | 2088477 |
| U.S. Treasury Notes | 0.63 | 8/15/2030 | 3126000 | 2415079 |
| U.S. Treasury Notes | 0.63 | 5/15/2030 | 2460000 | 1912266 |
| U.S. Treasury Notes | 0.63 | 12/31/2027 | 350000 | 291580 |
| U.S. Treasury Notes | 0.63 | 3/31/2027 | 480000 | 409819 |
| U.S. Treasury Notes | 0.63 | 10/15/2024 | 2000000 | 1856445 |
| U.S. Treasury Notes | 0.75 | 3/31/2026 | 1430000 | 1265662 |
| U.S. Treasury Notes | 0.75 | 12/31/2023 | 2870000 | 2744101 |
| U.S. Treasury Notes | 0.75 | 1/31/2028 | 305000<br> <sup>a</sup>  | 255116 |
| U.S. Treasury Notes | 0.75 | 8/31/2026 | 2205000 | 1925757 |
| U.S. Treasury Notes | 0.75 | 11/15/2024 | 2350000 | 2178982 |
| U.S. Treasury Notes | 0.88 | 11/15/2030 | 4025000 | 3166386 |
| U.S. Treasury Notes | 0.88 | 9/30/2026 | 2950000 | 2583555 |
| U.S. Treasury Notes | 0.88 | 6/30/2026 | 1505000 | 1327633 |
| U.S. Treasury Notes | 1.00 | 12/15/2024 | 1800000 | 1674984 |
| U.S. Treasury Notes | 1.00 | 7/31/2028 | 2745000 | 2292826 |
| U.S. Treasury Notes | 1.13 | 2/15/2031 | 4165000<br> <sup>a</sup>  | 3331349 |
| U.S. Treasury Notes | 1.13 | 2/29/2028 | 2825000 | 2405002 |
| U.S. Treasury Notes | 1.13 | 10/31/2026 | 3000000 | 2647266 |
| U.S. Treasury Notes | 1.13 | 8/31/2028 | 1750000 | 1468701 |
| U.S. Treasury Notes | 1.25 | 8/31/2024 | 1975000<br> <sup>a</sup>  | 1860820 |
| U.S. Treasury Notes | 1.25 | 11/30/2026 | 2105000 | 1863912 |
| U.S. Treasury Notes | 1.25 | 12/31/2026 | 2180000 | 1926405 |
| U.S. Treasury Notes | 1.25 | 4/30/2028 | 2250000 | 1919795 |
| U.S. Treasury Notes | 1.25 | 3/31/2028 | 2455000 | 2099217 |
| U.S. Treasury Notes | 1.25 | 8/15/2031 | 4450000 | 3537576 |
| U.S. Treasury Notes | 1.25 | 5/31/2028 | 2325000 | 1980609 |
| U.S. Treasury Notes | 1.38 | 11/15/2031 | 2090000 | 1667918 |
| U.S. Treasury Notes | 1.38 | 10/31/2028 | 2550000 | 2164711 |
| U.S. Treasury Notes | 1.50 | 2/15/2030 | 905000 | 758397 |
| U.S. Treasury Notes | 1.50 | 1/31/2027 | 425000 | 378831 |
| U.S. Treasury Notes | 1.50 | 11/30/2024 | 900000 | 846668 |
| U.S. Treasury Notes | 1.50 | 10/31/2024 | 1300000 | 1226012 |

---

#### 44

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** |  |  |
| U.S. Treasury Notes | 1.50 | 11/30/2028 | 3295000 | 2814007 |
| U.S. Treasury Notes | 1.50 | 2/29/2024 | 1610000<br> <sup>a</sup>  | 1545789 |
| U.S. Treasury Notes | 1.50 | 9/30/2024 | 1750000<br> <sup>a</sup>  | 1653955 |
| U.S. Treasury Notes | 1.63 | 8/15/2029 | 1855000 | 1581460 |
| U.S. Treasury Notes | 1.63 | 5/15/2026 | 2030000 | 1847617 |
| U.S. Treasury Notes | 1.63 | 5/15/2031 | 4225000 | 3492227 |
| U.S. Treasury Notes | 1.63 | 11/30/2026 | 915000 | 823357 |
| U.S. Treasury Notes | 1.63 | 9/30/2026 | 239000<br> <sup>a</sup>  | 216006 |
| U.S. Treasury Notes | 1.75 | 3/15/2025 | 860000 | 808030 |
| U.S. Treasury Notes | 1.75 | 6/30/2024 | 1465000 | 1398331 |
| U.S. Treasury Notes | 1.75 | 7/31/2024 | 2340000<br> <sup>a</sup>  | 2228759 |
| U.S. Treasury Notes | 1.88 | 7/31/2026 | 1535000 | 1403686 |
| U.S. Treasury Notes | 1.88 | 8/31/2024 | 750000 | 714580 |
| U.S. Treasury Notes | 1.88 | 2/28/2027 | 2640000 | 2388891 |
| U.S. Treasury Notes | 1.88 | 6/30/2026 | 1996000 | 1829303 |
| U.S. Treasury Notes | 1.88 | 2/15/2032 | 3390000 | 2819527 |
| U.S. Treasury Notes | 2.00 | 8/15/2025 | 1988000 | 1860877 |
| U.S. Treasury Notes | 2.00 | 4/30/2024 | 1585000 | 1524510 |
| U.S. Treasury Notes | 2.00 | 11/15/2026 | 2015000<br> <sup>a</sup>  | 1840734 |
| U.S. Treasury Notes | 2.00 | 6/30/2024 | 1330000 | 1274774 |
| U.S. Treasury Notes | 2.00 | 5/31/2024 | 1650000 | 1584193 |
| U.S. Treasury Notes | 2.00 | 2/15/2025 | 3000000 | 2839102 |
| U.S. Treasury Notes | 2.13 | 9/30/2024 | 765000 | 731770 |
| U.S. Treasury Notes | 2.13 | 5/31/2026 | 1350000 | 1249541 |
| U.S. Treasury Notes | 2.13 | 11/30/2024 | 2020000 | 1924208 |
| U.S. Treasury Notes | 2.13 | 11/30/2023 | 1850000<br> <sup>a</sup>  | 1801604 |
| U.S. Treasury Notes | 2.13 | 5/15/2025 | 2435000 | 2298412 |
| U.S. Treasury Notes | 2.13 | 7/31/2024 | 1345000 | 1289361 |
| U.S. Treasury Notes | 2.13 | 3/31/2024 | 2144000 | 2071431 |
| U.S. Treasury Notes | 2.13 | 2/29/2024 | 2280000 | 2206791 |
| U.S. Treasury Notes | 2.25 | 4/30/2024 | 2309000<br> <sup>a</sup>  | 2229448 |
| U.S. Treasury Notes | 2.25 | 3/31/2026 | 2300000<br> <sup>a</sup>  | 2144750 |
| U.S. Treasury Notes | 2.25 | 11/15/2027 | 2530000 | 2299632 |
| U.S. Treasury Notes | 2.25 | 11/15/2024 | 2325000 | 2224008 |
| U.S. Treasury Notes | 2.25 | 2/15/2027 | 1725000 | 1585787 |
| U.S. Treasury Notes | 2.25 | 8/15/2027 | 2345000<br> <sup>a</sup>  | 2140728 |
| U.S. Treasury Notes | 2.25 | 3/31/2024 | 2120000 | 2050686 |
| U.S. Treasury Notes | 2.25 | 11/15/2025 | 2630000 | 2467371 |
| U.S. Treasury Notes | 2.25 | 12/31/2023 | 1430000 | 1391904 |
| U.S. Treasury Notes | 2.25 | 1/31/2024 | 345000 | 335068 |
| U.S. Treasury Notes | 2.38 | 5/15/2027 | 2090000 | 1925004 |
| U.S. Treasury Notes | 2.38 | 8/15/2024 | 1520000 | 1462050 |
| U.S. Treasury Notes | 2.38 | 4/30/2026 | 196200 | 183531 |

---

#### 45
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** | **U.S. Treasury Securities - 40.8% (continued)** |  |  |
| U.S. Treasury Notes | 2.38 | 5/15/2029 | 835000 | 747651 |
| U.S. Treasury Notes | 2.50 | 1/31/2025 | 1745000 | 1671042 |
| U.S. Treasury Notes | 2.50 | 4/30/2024 | 1250000 | 1211621 |
| U.S. Treasury Notes | 2.50 | 3/31/2027 | 1500000 | 1392012 |
| U.S. Treasury Notes | 2.50 | 5/15/2024 | 2900000<br> <sup>a</sup>  | 2808016 |
| U.S. Treasury Notes | 2.50 | 1/31/2024 | 1290000 | 1256843 |
| U.S. Treasury Notes | 2.50 | 5/31/2024 | 1265000 | 1224209 |
| U.S. Treasury Notes | 2.63 | 12/31/2023 | 1420000<br> <sup>a</sup>  | 1388827 |
| U.S. Treasury Notes | 2.63 | 2/15/2029 | 2000000 | 1822031 |
| U.S. Treasury Notes | 2.63 | 4/15/2025 | 1095000 | 1048676 |
| U.S. Treasury Notes | 2.63 | 5/31/2027 | 1290000 | 1202623 |
| U.S. Treasury Notes | 2.63 | 7/31/2029 | 560000 | 508517 |
| U.S. Treasury Notes | 2.75 | 5/15/2025 | 2000000 | 1918281 |
| U.S. Treasury Notes | 2.75 | 4/30/2027 | 965000 | 904461 |
| U.S. Treasury Notes | 2.75 | 8/15/2032 | 1540000<br> <sup>a</sup>  | 1378300 |
| U.S. Treasury Notes | 2.75 | 7/31/2027 | 905000 | 846140 |
| U.S. Treasury Notes | 2.75 | 11/15/2023 | 200000<br> <sup>a</sup>  | 196166 |
| U.S. Treasury Notes | 2.75 | 2/15/2024 | 1175000 | 1147140 |
| U.S. Treasury Notes | 2.88 | 6/15/2025 | 1670000 | 1605548 |
| U.S. Treasury Notes | 2.88 | 5/31/2025 | 810000 | 778549 |
| U.S. Treasury Notes | 2.88 | 5/15/2028 | 2111000<br> <sup>a</sup>  | 1965456 |
| U.S. Treasury Notes | 2.88 | 7/31/2025 | 1631000<br> <sup>a</sup>  | 1565250 |
| U.S. Treasury Notes | 2.88 | 4/30/2029 | 2600000 | 2401648 |
| U.S. Treasury Notes | 2.88 | 5/15/2032 | 2510000 | 2274687 |
| U.S. Treasury Notes | 3.00 | 7/31/2024 | 1740000<br> <sup>a</sup>  | 1693815 |
| U.S. Treasury Notes | 3.00 | 7/15/2025 | 480000<br> <sup>a</sup>  | 462366 |
| U.S. Treasury Notes | 3.00 | 6/30/2024 | 1220000<br> <sup>a</sup>  | 1188356 |
| U.S. Treasury Notes | 3.13 | 11/15/2028 | 2200000<br> <sup>a</sup>  | 2068172 |
| U.S. Treasury Notes | 3.13 | 8/31/2027 | 2100000 | 1999102 |
| U.S. Treasury Notes | 3.13 | 8/15/2025 | 1950000<br> <sup>a</sup>  | 1882969 |
| U.S. Treasury Notes | 3.25 | 6/30/2029 | 2200000 | 2077797 |
| U.S. Treasury Notes | 3.25 | 8/31/2024 | 1170000<br> <sup>a</sup>  | 1143446 |
| U.S. Treasury Notes | 3.25 | 6/30/2027 | 2050000 | 1961914 |
| U.S. Treasury Notes | 3.50 | 9/15/2025 | 1090000<br> <sup>a</sup>  | 1062665 |
| U.S. Treasury Notes | 3.88 | 9/30/2029 | 860000 | 844816 |
| U.S. Treasury Notes | 4.00 | 10/31/2029 | 1395000 | 1382031 |
| U.S. Treasury Notes | 4.13 | 10/31/2027 | 1605000 | 1596724 |
| U.S. Treasury Notes | 4.13 | 9/30/2027 | 1170000<br> <sup>a</sup>  | 1163739 |
| U.S. Treasury Notes | 4.25 | 9/30/2024 | 1145000<br> <sup>a</sup>  | 1139275 |
| U.S. Treasury Notes | 4.25 | 10/15/2025 | 1525000 | 1517018 |
| U.S. Treasury Notes | 4.38 | 10/31/2024 | 1580000 | 1576791 |
|  |  |  |  | **258987191** |

---

#### 46

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Utilities - 1.9%**  | **Utilities - 1.9%**  | **Utilities - 1.9%**  |  |  |
| AEP Texas Inc., Sr. Unscd. Notes, Ser. H | 3.45 | 1/15/2050 | 200000 | 131679 |
| Alabama Power Co., Sr. Unscd. Notes | 3.13 | 7/15/2051 | 150000 | 96833 |
| Alabama Power Co., Sr. Unscd. Notes, Ser. B | 3.70 | 12/1/2047 | 100000 | 71746 |
| Ameren Illinois Co., First Mortgage Bonds | 1.55 | 11/15/2030 | 200000 | 151742 |
| Ameren Illinois Co., First Mortgage Bonds | 4.50 | 3/15/2049 | 250000 | 206575 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.75 | 9/1/2047 | 110000 | 79875 |
| American Water Capital Corp., Sr. Unscd. Notes | 3.85 | 3/1/2024 | 250000 | 245606 |
| Arizona Public Service Co., Sr. Unscd. Notes | 4.25 | 3/1/2049 | 250000 | 181786 |
| Atmos Energy Corp., Sr. Unscd. Notes | 1.50 | 1/15/2031 | 300000 | 223979 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.80 | 7/15/2048 | 200000 | 144119 |
| Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 5.15 | 11/15/2043 | 250000 | 221645 |
| Commonwealth Edison Co., First Mortgage Bonds | 4.00 | 3/1/2049 | 250000 | 188006 |
| Consolidated Edison Company of New York Inc., Sr. Unscd. Debs., Ser. 06-B | 6.20 | 6/15/2036 | 200000 | 202193 |
| Consolidated Edison Inc., Sr. Unscd. Notes, Ser. A | 0.65 | 12/1/2023 | 200000 | 190914 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 6.25 | 10/1/2039 | 200000 | 192451 |
| Consumers Energy Co., First Mortgage Bonds | 2.65 | 8/15/2052 | 100000 | 59096 |
| Dominion Energy Inc., Sr. Unscd. Notes, Ser. A | 1.45 | 4/15/2026 | 200000 | 174779 |
| Dominion Energy Inc., Sr. Unscd. Notes, Ser. C | 3.38 | 4/1/2030 | 200000 | 171839 |
| Dominion Energy Inc., Sr. Unscd. Notes, Ser. E | 6.30 | 3/15/2033 | 100000 | 101545 |
| DTE Electric Co., First Mortgage Bonds | 2.95 | 3/1/2050 | 250000 | 159674 |
| DTE Electric Co., First Mortgage Bonds, Ser. C | 2.63 | 3/1/2031 | 250000 | 204981 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 2.45 | 2/1/2030 | 200000 | 165337 |
| Duke Energy Carolinas LLC, First Mortgage Bonds | 3.20 | 8/15/2049 | 200000 | 132159 |
| Duke Energy Corp., Sr. Unscd. Notes | 3.75 | 4/15/2024 | 250000 | 245370 |

---

#### 47
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** |  |  |
| Duke Energy Corp., Sr. Unscd. Notes | 4.50 | 8/15/2032 | 200000 | 180493 |
| Duke Energy Florida LLC, First Mortgage Bonds | 6.40 | 6/15/2038 | 150000 | 155734 |
| Emera US Finance LP, Gtd. Notes | 4.75 | 6/15/2046 | 100000 | 74341 |
| Entergy Louisiana LLC, First Mortgage Bonds | 1.60 | 12/15/2030 | 200000 | 149069 |
| Evergy Kansas Central Inc., First Mortgage Bonds | 3.45 | 4/15/2050 | 150000 | 101487 |
| Florida Power & Light Co., First Mortgage Bonds | 3.70 | 12/1/2047 | 50000 | 37167 |
| Florida Power & Light Co., First Mortgage Bonds | 3.99 | 3/1/2049 | 200000 | 155808 |
| Florida Power & Light Co., First Mortgage Bonds | 4.05 | 10/1/2044 | 200000 | 158241 |
| Georgia Power Co., Sr. Unscd. Notes | 3.25 | 3/30/2027 | 250000 | 226016 |
| Hydro-Quebec, Gov't Gtd. Debs., Ser. HK | 9.38 | 4/15/2030 | 20000 | 25422 |
| Idaho Power Co., First Mortgage Bonds, Ser. K | 4.20 | 3/1/2048 | 217000 | 168432 |
| Indiana Michigan Power Co., Sr. Unscd. Notes | 6.05 | 3/15/2037 | 300000 | 296074 |
| Interstate Power & Light Co., Sr. Unscd. Debs. | 3.70 | 9/15/2046 | 150000 | 104293 |
| Interstate Power & Light Co., Sr. Unscd. Notes | 4.10 | 9/26/2028 | 150000 | 140667 |
| National Rural Utilities Cooperative Finance Corp., Scd. Notes | 4.15 | 12/15/2032 | 200000 | 179726 |
| NextEra Energy Capital Holdings Inc., Gtd. Debs. | 5.65 | 5/1/2079 | 300000 | 253728 |
| NextEra Energy Capital Holdings Inc., Gtd. Notes | 4.26 | 9/1/2024 | 200000 | 196194 |
| NiSource Inc., Sr. Unscd. Notes | 0.95 | 8/15/2025 | 500000 | 443050 |
| NiSource Inc., Sr. Unscd. Notes | 1.70 | 2/15/2031 | 500000 | 366760 |
| Oncor Electric Delivery Co., Sr. Scd. Notes | 4.95 | 9/15/2052 | 200000<br> <sup>b</sup>  | 179656 |
| Oncor Electric Delivery Co., Sr. Scd. Notes | 5.75 | 3/15/2029 | 170000 | 172827 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 3.15 | 1/1/2026 | 310000 | 279486 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.50 | 7/1/2040 | 215000 | 160709 |
| Pacific Gas & Electric Co., First Mortgage Bonds | 4.95 | 7/1/2050 | 245000 | 183131 |
| PacifiCorp, First Mortgage Bonds | 4.15 | 2/15/2050 | 300000 | 229334 |
| PECO Energy Co., First Mortgage Bonds | 2.85 | 9/15/2051 | 200000 | 123044 |

---

#### 48

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** |  |  |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2 | 4.72 | 6/1/2037 | 100000 | 92516 |
| PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A4 | 5.21 | 12/1/2047 | 100000 | 93214 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 3.00 | 10/1/2049 | 100000 | 63841 |
| PPL Electric Utilities Corp., First Mortgage Bonds | 4.75 | 7/15/2043 | 200000 | 171678 |
| Progress Energy Inc., Sr. Unscd. Notes | 7.75 | 3/1/2031 | 280000 | 307618 |
| Public Service Enterprise Group Inc., Sr. Unscd. Notes | 0.80 | 8/15/2025 | 150000 | 131701 |
| Public Service Enterprise Group Inc., Sr. Unscd. Notes | 1.60 | 8/15/2030 | 200000 | 148521 |
| Puget Sound Energy Inc., Sr. Scd. Notes | 3.25 | 9/15/2049 | 150000 | 96970 |
| San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU | 3.32 | 4/15/2050 | 100000 | 66903 |
| San Diego Gas & Electric Co., Sr. Scd. Bonds, Ser. VVV | 1.70 | 10/1/2030 | 100000 | 76705 |
| Sempra Energy, Sr. Unscd. Notes | 4.00 | 2/1/2048 | 50000 | 35759 |
| Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 300000 | 201158 |
| Southern California Edison Co., First Mortgage Notes, Ser. 08-A | 5.95 | 2/1/2038 | 70000 | 66383 |
| Southern California Edison Co., Sr. Unscd. Notes | 6.65 | 4/1/2029 | 200000 | 200706 |
| Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A | 3.15 | 9/30/2051 | 200000 | 121241 |
| Southernwestern Public Service Co., First Mortgage Bonds | 3.40 | 8/15/2046 | 350000 | 239856 |
| Southwestern Electric Power Co., Sr. Unscd. Notes, Ser. M | 4.10 | 9/15/2028 | 150000 | 137349 |
| Tampa Electric Co., Sr. Unscd. Notes | 3.88 | 7/12/2024 | 100000 | 97467 |
| Tampa Electric Co., Sr. Unscd. Notes | 4.35 | 5/15/2044 | 250000 | 196649 |
| Tucson Electric Power Co., Sr. Unscd. Notes | 4.00 | 6/15/2050 | 250000 | 182048 |
| Washington Gas Light Co., Sr. Unscd. Notes, Ser. K | 3.80 | 9/15/2046 | 150000 | 109248 |
| WEC Energy Group Inc., Sr. Unscd. Notes | 5.15 | 10/1/2027 | 200000 | 196993 |
| Wisconsin Electric Power Co., Sr. Unscd. Notes | 4.75 | 9/30/2032 | 200000 | 190420 |

---

#### 49
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** | **Bonds and Notes - 99.2% (continued)** |  |  |
| **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** | **Utilities - 1.9% (continued)** |  |  |
| Xcel Energy Inc., Sr. Unscd. Notes | 6.50 | 7/1/2036 | 200000 | 206373 |
|  |  |  |  | **12116135** |
| **Total Bonds and Notes**<br> (cost $711,795,910) | **Total Bonds and Notes**<br> (cost $711,795,910) | **Total Bonds and Notes**<br> (cost $711,795,910) | **629482164** | **629482164** |
|  | 1-Day<br>Yield (%) |  | Shares |  |
| **Investment Companies - 6.2%** | **Investment Companies - 6.2%** | **Investment Companies - 6.2%** |  |  |
| **Registered Investment Companies - 6.2%**  | **Registered Investment Companies - 6.2%**  | **Registered Investment Companies - 6.2%**  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $39,615,011) | 3.23 |  | 39615011<br> <sup>f</sup>  | **39615011** |
| **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** |  |  |
| **Registered Investment Companies - .9%**  | **Registered Investment Companies - .9%**  | **Registered Investment Companies - .9%**  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares<br>(cost $5,463,708) | 3.23 |  | 5463708<br> <sup>f</sup>  | **5463708** |
| **Total Investments** (cost $756,874,629) | **Total Investments** (cost $756,874,629) | **Total Investments** (cost $756,874,629) | **106.3%** | **674560883** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(6.3%)** | **(39993749)** |
| **Net Assets** | **Net Assets** | **Net Assets** | **100.0%** | **634567134** |

---

*<sup>a</sup> Security, or portion thereof, on loan. At October 31, 2022, the value of the fund's securities on loan was $48,550,037 and the value of the collateral was $52,144,513, consisting of cash collateral of $5,463,708 and U.S. Government & Agency securities valued at $46,680,805. 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, 2022, these securities were valued at $1,583,536 or .25% 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 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.*

#### 50

---

| | |
|:---|:---|
| Portfolio Summary (Unaudited) <sup>†</sup> | Value (%) |
| Government | 45.4 |
| Mortgage Securities | 29.6 |
| Financial | 8.3 |
| Investment Companies | 7.1 |
| Consumer, Non-cyclical | 4.2 |
| Communications | 2.3 |
| Utilities | 1.9 |
| Technology | 1.9 |
| Energy | 1.6 |
| Consumer, Cyclical | 1.5 |
| Industrial | 1.5 |
| Basic Materials | .6 |
| Asset Backed Securities | .4 |
| Banks | .0 |
|  | 106.3 |

---

*<sup>†</sup> Based on net assets.*

*See notes to financial statements.*

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments** |  |  |
| Description  | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes .0%** |  |  |
| **U.S. Government Agencies Mortgage-Backed .0%** |  |  |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | (25000)<br> <sup>a</sup>  | (22532) |
| **Total Sale Commitments** (proceeds $22,508) |  | **(22532)** |

---

*<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.*

*See notes to financial statements.*

#### 51
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |  |  |  |
| Description | Value ($) 10/31/2021 | Purchases ($)<sup>†</sup> | Sales ($) | Value ($) 10/31/2022 | Dividends/<br>Distributions ($) |  |
| **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** | **Registered Investment Companies - 6.2%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 6.2% | 125107114 | 343958589 | (429450692) | 39615011 | 583842 |  |
| **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 Market Fund, SL Shares - .9% | 23856730 | 374680864 | (393073886) | 5463708 | 76266 | <sup>††</sup>  |
| **Total - 7.1%** | **148963844** | **718639453** | **(822524578)** | **45078719** | **660108** |  |

---

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

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

*See notes to financial statements.*

#### 52
STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):**  |  |  |
| Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $48,550,037)—Note 1(c): | Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $48,550,037)—Note 1(c): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 711795910  | 629482164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 45078719  | 45078719  |
| Cash |  | 1322230  |
| Receivable for investment securities sold | Receivable for investment securities sold | 20605660  |
| Dividends, interest and securities lending income receivable | Dividends, interest and securities lending income receivable | 4056397  |
| Receivable for shares of Common Stock subscribed | Receivable for shares of Common Stock subscribed | 1888984  |
| Tax reclaim receivable—Note 1(b) | Tax reclaim receivable—Note 1(b) | 1837  |
|  |  | **702435991**  |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b) | Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b) | 120569  |
| Payable for investment securities purchased  | Payable for investment securities purchased  | 61750380  |
| Liability for securities on loan—Note 1(c) | Liability for securities on loan—Note 1(c) | 5463708  |
| Payable for shares of Common Stock redeemed | Payable for shares of Common Stock redeemed | 509912  |
| TBA sale commitments, at value (proceeds $22,508)—Note 4 | TBA sale commitments, at value (proceeds $22,508)—Note 4 | 22532  |
| Directors' fees and expenses payable | Directors' fees and expenses payable | 1756  |
|  |  | **67868857**  |
| **Net Assets ($)** |  | **634567134**  |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital  |  | 739854404  |
| Total distributable earnings (loss) |  | (105287270) |
| **Net Assets ($)** |  | **634567134**  |

---

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | Class I | Investor Shares |
| Net Assets ($) | 422861578  | 211705556  |
| Shares Outstanding | 48527714  | 24302868  |
| **Net Asset Value Per Share ($)** | 8.71 | 8.71 |
| *See notes to financial statements.* |  |  |

---

#### 53
STATEMENT OF OPERATIONS

Year Ended October 31, 2022

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $2,310 foreign taxes withheld at source) | 16781476  |
| Dividends from affiliated issuers | 583842  |
| Income from securities lending—Note 1(c) | 76266  |
| **Total Income** | **17441584**  |
| **Expenses:** |  |
| Management fee—Note 3(a) | 1133709  |
| Distribution fees—Note 3(b) | 579294  |
| Directors' fees—Note 3(a,c) | 84210  |
| Loan commitment fees—Note 2 | 15725  |
| **Total Expenses** | **1812938**  |
| Less—Directors' fees reimbursed by <br> BNY Mellon Investment Adviser, Inc.—Note 3(a) | (84210) |
| **Net Expenses** | **1728728**  |
| **Net Investment Income** | **15712856**  |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | (20538558) |
| Net change in unrealized appreciation (depreciation) on investments | (121776432) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(142314990)** |
| **Net (Decrease) in Net Assets Resulting from Operations** | **(126602134)** |
| *See notes to financial statements.* |  |

---

#### 54
STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  |
|  | 2022 | 2021 |
| **Operations ($):** |  |  |
| Net investment income | 15712856  | 19316478  |
| Net realized gain (loss) on investments | (20538558) | 10945217  |
| Net change in unrealized appreciation <br> (depreciation) on investments | (121776432) | (35958788) |
| **Net Increase (Decrease) in Net Assets <br> Resulting from Operations** | **(126602134)** | **(5697093)** |
| **Distributions ($):** | **Distributions ($):** | **Distributions ($):** |
| Distributions to shareholders: |  |  |
| Class I | (18017721) | (20321207) |
| Investor Shares | (7010349) | (6787951) |
| **Total Distributions** | **(25028070)** | **(27109158)** |
| **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** |
| Net proceeds from shares sold: |  |  |
| Class I | 174463217  | 287546983  |
| Investor Shares | 70680691  | 102042029  |
| Distributions reinvested: |  |  |
| Class I | 15834214  | 18390880  |
| Investor Shares | 6732966  | 6575074  |
| Cost of shares redeemed: |  |  |
| Class I | (397717134) | (444885787) |
| Investor Shares | (96114531) | (156899327) |
| **Increase (Decrease) in Net Assets <br> from Capital Stock Transactions** | **(226120577)** | **(187230148)** |
| **Total Increase (Decrease) in Net Assets** | **(377750781)** | **(220036399)** |
| **Net Assets ($):** | **Net Assets ($):** | **Net Assets ($):** |
| Beginning of Period | 1012317915  | 1232354314  |
| **End of Period** | **634567134**  | **1012317915**  |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| **Class I** |  |  |
| Shares sold | 17902867  | 26507313  |
| Shares issued for distributions reinvested | 1586879  | 1692964  |
| Shares redeemed | (39611422) | (41061447) |
| **Net Increase (Decrease) in Shares Outstanding** | **(20121676)** | **(12861170)** |
| **Investor Shares** |  |  |
| Shares sold | 7319581  | 9393971  |
| Shares issued for distributions reinvested | 679824  | 605205  |
| Shares redeemed | (9657071) | (14497725) |
| **Net Increase (Decrease) in Shares Outstanding** | **(1657666)** | **(4498549)** |
| *See notes to financial statements.* |  |  |

---

#### 55
FINANCIAL HIGHLIGHTS

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 10.70 | 11.01 | 10.64 | 9.83 | 10.34 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .21 | .19 | .24 | .28 | .26 |
| Net realized and unrealized<br>gain (loss) on investments | (1.88) | (.25) | .40 | .82 | (.49) |
| Total from Investment Operations | (1.67) | (.06) | .64 | 1.10 | (.23) |
| Distributions: |  |  |  |  |  |
| Dividends from net<br>investment income | (.22) | (.21) | (.27) | (.29) | (.27) |
| Dividends from net realized<br>gain on investments | (.10) | (.04) | - | (.00)<sup>b</sup> | (.01) |
| Total Distributions | (.32) | (.25) | (.27) | (.29) | (.28) |
| Net asset value, end of period | 8.71 | 10.70 | 11.01 | 10.64 | 9.83 |
| **Total Return (%)** | (15.94) | (.51) | 6.02 | 11.40 | (2.27) |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses <br>to average net assets | .16 | .16 | .16 | .16 | .16<sup>c</sup> |
| Ratio of net expenses <br>to average net assets | .15 | .15 | .15 | .15 | .15 |
| Ratio of net investment income <br>to average net assets | 2.15 | 1.71 | 2.23 | 2.74 | 2.58 |
| Portfolio Turnover Rate<sup>d</sup> | 248.23 | 183.21 | 133.65 | 125.67 | 156.30 |
| Net Assets, end of period ($ x 1,000) | 422862 | 734596 | 897174 | 815817 | 801263 |

---

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

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

*<sup>c</sup> The ratio has been corrected due to immaterial correction within the October 31, 2018 shareholder report which reflected total expense ratio of .21.*

*<sup>d</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2022, 2021, 2020, 2019, and 2018 were 143.06%, 145.54%, 113.32%, 90.56%, and 77.41%, respectively.*

*See notes to financial statements.*

#### 56

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Investor Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 10.70 | 11.00 | 10.64 | 9.83 | 10.33 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .19 | .16 | .22 | .26 | .23 |
| Net realized and unrealized<br>gain (loss) on investments | (1.88) | (.24) | .38 | .82 | (.47) |
| Total from Investment Operations | (1.69) | (.08) | .60 | 1.08 | (.24) |
| Distributions: |  |  |  |  |  |
| Dividends from net<br>investment income | (.20) | (.18) | (.24) | (.27) | (.25) |
| Dividends from net realized<br>gain on investments | (.10) | (.04) | - | (.00)<sup>b</sup> | (.01) |
| Total Distributions | (.30) | (.22) | (.24) | (.27) | (.26) |
| Net asset value, end of period | 8.71 | 10.70 | 11.00 | 10.64 | 9.83 |
| **Total Return (%)** | (16.15) | (.67) | 5.67 | 11.12 | (2.42) |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses <br>to average net assets | .41 | .41 | .41 | .41 | .41<sup>c</sup> |
| Ratio of net expenses <br>to average net assets | .40 | .40 | .40 | .40 | .40 |
| Ratio of net investment income <br>to average net assets | 1.91 | 1.46 | 2.01 | 2.51 | 2.33 |
| Portfolio Turnover Rate<sup>d</sup> | 248.23 | 183.21 | 133.65 | 125.67 | 156.30 |
| Net Assets, end of period ($ x 1,000) | 211706 | 277722 | 335180 | 342772 | 397658 |

---

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

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

*<sup>c</sup> The ratio has been corrected due to immaterial correction within the October 31, 2018 shareholder report which reflected total expense ratio of .46.*

*<sup>d</sup> The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2022, 2021, 2020, 2019 and 2018 were 143.06%, 145.54%, 113.32%, 90.56% and 77.41%, respectively.*

*See notes to financial statements.*

#### 57
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 four 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 Mellon"), 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 Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution Plan fees. Investor shares are sold primarily to retail investors through financial intermediaries and bear Distribution Plan fees. Differences between the two 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

#### 58
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, effective September 8, 2022, to make all fair value determinations with respect to the fund's portfolio

#### 59
NOTES TO FINANCIAL STATEMENTS *(continued)*

investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

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

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

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

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

The following is a summary of the inputs used as of October 31, 2022 in valuing the fund's investments:

#### 60

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Asset-Backed Securities | - | 2519004 | - | **2519004** |
| Commercial Mortgage-Backed | - | 6271805 | - | **6271805** |
| Corporate Bonds | - | 161764024 | - | **161764024** |
| Foreign Governmental | - | 7350477 | - | **7350477** |
| Investment Companies | 45078719 | - | - | **45078719** |
| Municipal Securities | - | 4334297 | - | **4334297** |
| U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 5712680 | - | **5712680** |
| U.S. Government Agencies Mortgage-Backed | - | 174801197 | - | **174801197** |
| U.S. Government Agencies Obligations | - | 7741489 | - | **7741489** |
| U.S. Treasury Securities | - | 258987191 | - | **258987191** |
| **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| U.S. Government Agencies Mortgage-Backed | - | (22532) | - | **(22532)** |

---

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

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

#### 61
NOTES TO FINANCIAL STATEMENTS *(continued)*

**(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 Mellon, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2022, BNY Mellon earned $10,386 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

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

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

#### 62
country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

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

**(f) Dividends and distributions to shareholders:** 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.

As of and during the period ended October 31, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2022, the fund did not incur any interest or penalties.

#### 63
NOTES TO FINANCIAL STATEMENTS *(continued)*

Each tax year in the four-year period ended October 31, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2022, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $271,282, accumulated capital losses $20,683,158 and unrealized depreciation $84,875,394.

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, 2022. The fund has $19,309,922 of short-term capital losses and $1,373,236 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, 2022 and October 31, 2021 were as follows: ordinary income $16,878,725 and $22,086,760, and long-term capital gains $8,149,345 and $5,022,398, respectively.

**(h) New accounting pronouncements:** In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022 ("FASB Effective Date"). Management had evaluated the impact of ASU 2020-04 and ASU 2021-01 on the fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the Reference Rate Reform. Management will be adopting ASU 2020-04 and ASU 2021-01 on FASB Effective Date or if amended ASU 2020-04 new extended FASB Effective Date, if any. Management will continue to work with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines. As of October

#### 64
31, 2022, management believes these accounting standards have no impact on the fund and does not have any concerns of adopting the regulations by FASB Effective Date.

#### NOTE 2—Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY Mellon (the "BNYM Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2022, the fund did not borrow under the Facilities.

#### 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 to 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 the annual rate of .15% of the value of the fund's average daily net assets. Out of its fee the Adviser pays all of the expenses of the fund except brokerage fees, taxes, interest expenses, commitment fees on borrowings, Distribution Plan fees, fees and expenses of non-interested Board Members (including counsel fees) and extraordinary expenses. In addition, the Adviser is required to reduce its fee in an amount equal to the fund's allocable portion of fees and expenses of the non-interested Board Members (including counsel fees). During the period ended October 31, 2022, fees reimbursed by the Adviser amounted to $84,210.

**(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

#### 65
NOTES TO FINANCIAL STATEMENTS *(continued)*

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, 2022, Investor shares were charged $579,294 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 Mellon 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 $80,643 and Distribution Plan fees of $44,426, which are offset against an expense reimbursement currently in effect in the amount of $4,500.

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

#### NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended October 31, 2022, amounted to $1,901,423,767 and $2,141,596,970, respectively, of which $805,626,719 in purchases and $806,913,692 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.

#### 66
**TBA Securities:** During the period ended October 31, 2022, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund's Statement of Investments. The proceeds and value of these commitments are reflected in the fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold) and TBA sale commitments, at value, respectively.

At October 31, 2022, the cost of investments for federal income tax purposes was $759,436,508; accordingly, accumulated net unrealized depreciation on investments was $84,875,649 consisting of $600,240 gross unrealized appreciation and $85,475,889 gross unrealized depreciation.

#### 67

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Fund and Board of Directors of<br>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 statement of investments, as of October 31, 2022, 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, 2022, 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, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. 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.

![](img_1e664b7060ee4.jpg)

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

New York, New York<br>December 23, 2022

#### 68
IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable but not less than 90.70% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0915 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. The fund also reports the maximum amount allowable but not less than $.0039 per share as a short-term capital gain dividend paid on December 15, 2021 in accordance with Sections 871(k)(2) and 881(c) of the Internal Revenue Code.

#### 69
BOARD MEMBERS INFORMATION (Unaudited)

*Independent Board Members*

#### Joseph S. DiMartino (79)

#### Chairman of the Board (1999)
*Principal Occupation During Past 5 Years:*

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

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

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

*No. of Portfolios for which Board Member Serves:* 94*

———————

#### Francine J. Bovich (71)

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

· The Bradley Trusts, private trust funds, *Trustee* (2011-Present)

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

· Annaly Capital Management, Inc., a real estate investment trust, *Director* (2014-Present)

*No. of Portfolios for which Board Member Serves:* 54*

———————

#### Andrew J. Donohue (72)

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

· Attorney, Solo Law Practice *(2019-Present)* 

· Shearman & Sterling LLP. a law firm, Of Counsel (2017-2019)

· Chief of Staff to the Chair of the SEC (2015-2017)

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

· Oppenheimer Funds (58 funds), *Director* (2017-2019)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### 70

#### Kenneth A. Himmel (76)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Gulf Related, an international real estate development company, *Managing Partner* (2010-Present)

· Related Urban Development, a real estate development company, *President and Chief Executive Officer* (1996-Present)

· American Food Management, a restaurant company, *Chief Executive Officer* (1983-Present)

· Himmel & Company, a real estate development company, *President and Chief Executive Officer* (1980-Present)

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

———————

#### Roslyn M. Watson (73)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Watson Ventures, Inc., a real estate investment company, *Principal* (1993-Present)

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

· American Express Bank, FSB, *Director* (1993-2018)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### Benaree Pratt Wiley (76)

#### Board Member (1998)
*Principal Occupation During Past 5 Years:*

· The Wiley Group, a firm specializing in strategy and business development, *Principal* (2005-Present)

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (2008-Present)

· Blue Cross-Blue Shield of Massachusetts, *Director* (2004-2020)

*No. of Portfolios for which Board Member Serves:* 61*

———————

#### 71
BOARD MEMBERS INFORMATION (Unaudited) (continued)

*Interested Board Member*

#### Bradley Skapyak (63)

#### Board Member (2021)
*Principal Occupation During Past 5 Years:*

· Chief Operating Officer and Director of The Dreyfus Corporation (2009-2019)

· Chief Executive Officer and Director of the Distributor (2016-2019)

· Chairman and Director of The Dreyfus Transfer Agent, Inc. (2011-2019)

· Senior Vice President of The Bank of New York Mellon (2007-2019)

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

*Mr. Skapyak is deemed to be an Interested Board Member of the fund as a result of his ownership of unvested restricted stock units of BNY Mellon.*

———————

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

#### 72
OFFICERS OF THE FUND (Unaudited)

#### DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 44 years old and has been an employee of BNY Mellon since 2005.

#### JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020; and Director–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 64 years old and has been an employee of the Adviser since April 1985.

#### PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of BNY Mellon since April 2004.

#### JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the Adviser. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since December 1996.

#### DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 32 years old and has been an employee of the Adviser since August 2018.

#### SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 47 years old and has been an employee of the Adviser since March 2013.

#### JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since October 1990.

#### AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of the Adviser since June 2019.

#### 73
OFFICERS OF THE FUND (Unaudited) *(continued)*

#### NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of BNY Mellon since May 2016.

#### DANIEL GOLDSTEIN, Vice President since March 2022.
Vice President and Head of Product Development of North America Product, BNY Mellon Investment Management since January 2018; Co-Head of Product Management, Development & Oversight of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Distributor since 1991.

#### JOSEPH MARTELLA, Vice President since March 2022.
Vice President and Head of Product Management of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 46 years old and has been an employee of the Distributor since 1999.

#### GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since April 1991.

#### ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since June 1989.

#### ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since November 1990.

#### JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 55 investment companies (comprised of 115 portfolios) managed by the Adviser. He is 65 years old.

#### CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 48 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 54 years old and has been an employee of the Distributor since 1997.

#### 74
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#### 75
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#### 76
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#### 77
For More Information

#### BNY Mellon Bond Market Index Fund
240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Distributor
BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

---

| | |
|:---|:---|
| **Ticker Symbols:** | &nbsp;&nbsp;&nbsp;&nbsp;Class I: DBIRX Investor: DBMIX |

---

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

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

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

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

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

---

| | |
|:---|:---|
|© 2022 BNY Mellon Securities Corporation<br>0310AR1022 | ![](img_08978acbcba24.jpg) |

---

## BNY Mellon Institutional S&P 500 Stock Index Fund
**ANNUAL REPORT**<br>October 31, 2022<br>

![](img_4b12b59758a24.jpg)<br>

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

---

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

---

## Contents
THE FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Discussion of Fund Performance](#15) | [2](#15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Performance](#16) | [4](#16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Understanding Your Fund's Expenses](#17) | [6](#17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Comparing Your Fund's Expenses<br> With Those of Other Funds](#18) | [6](#18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Investments](#19) | [7](#19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#20) | [22](#20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#21) | [23](#21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#22) | [24](#22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#23) | [25](#23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#24) | [26](#24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered <br> Public Accounting Firm](#25) | [35](#25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Tax Information](#26) | [36](#26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Members Information](#27) | [37](#27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers of the Fund](#28) | [40](#28) |

---

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

*For the period from November 1, 2021, through October 31, 2022, as provided by David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA, Michael Stoll and Marlene Walker Smith, Portfolio Managers.*

#### Market and Fund Performance Overview
For the 12-month period ended October 31, 2022, the BNY Mellon Institutional S&P 500 Stock Index Fund's (the "fund") Class I shares produced a total return of -14.78%.<sup>1</sup> In comparison, the S&P 500<sup><sup>®</sup></sup> Index (the "Index"), the fund's benchmark, returned -14.60% for the same period.<sup>2</sup>

Equities declined during the reporting period under pressure from increasing inflation, tightening central bank policies and uncertainties related to Russia's invasion of Ukraine. The difference in returns between the fund and the Index resulted primarily from transaction costs and operating expenses that are not reflected in Index results.

#### The Fund's Investment Approach
The fund seeks to match the total return of the Index. To pursue its goal, the fund normally invests at least 95% of its total assets in common stocks included in the Index. To replicate Index performance, the fund's portfolio managers use a passive management approach and generally purchase all the securities comprising the Index (though, at times, the fund may invest in a representative sample of the Index). Because the fund has expenses, performance will tend to be slightly lower than that of the Index. The fund attempts to have a correlation between its performance and that of the Index of at least .95, before expenses. A correlation of 1.00 would mean that the fund and the Index were perfectly correlated.

The Index is an unmanaged index of 500 common stocks, chosen to reflect the industries of the U.S. economy, and is often considered a proxy for the stock market in general.

#### Increasing Inflation and Slowing Economic Growth Pressure Equities
U.S. equities started the reporting period on a mixed note. Concerns regarding the new COVID-19 Omicron variant came to the fore in November 2021. Markets recovered in December on continued economic growth and strong corporate earnings reports, despite increasingly hawkish rhetoric from the U.S. Federal Reserve (the "Fed") regarding the tapering of the Fed's asset-purchase program in the face of rising inflation. The start of 2022 saw increasingly aggressive comments from the Fed regarding monetary tightening, along with rising tensions between Russia and Ukraine, two major suppliers of energy, agricultural products and other natural resources. As a result, equity markets weakened in January, then plunged in early February as Russia invaded its neighbor, while commodity prices rose, led by soaring energy prices.

Rapidly rising inflation marked the second half of the period. The Fed attempted to dampen the trend by raising rates five times between March and September, from a range of .00 – .25% at the beginning of the period to 3.00% – 3.25% as of October 31, 2022—its most aggressive series of rate increases in decades, with further increases projected by the end of the year. Rising rates heightened concerns that economic growth could be undermined by anti-inflationary moves. The resulting risk-off sentiment broadly undermined equity markets,

#### 2
with defensive, value-oriented stocks strongly outperforming more cyclical, growth-oriented shares.

#### Communication Services Lead the Equity Market Lower
Communications services led the market lower as the sector was viewed as both cyclical and interest-rate sensitive, with companies subject to supply-chain disruptions and discretionary spending constraints. Consumer discretionary shares suffered as well due to rising input prices and seemingly intractable supply-chain bottlenecks. Real estate underperformed as rising interest rates increased mortgage expenses and dampened property sales.

On the positive side, shares in oil & gas exploration & production companies soared as commodity prices climbed. Consumer staples shares advanced mildly as a value-oriented sector that typically tends to perform relatively well during times of increasing economic stress and uncertainty. Utility stocks also generated slight gains due to their value-oriented investment proposition and the ability of power generators to insulate profits from rising input expenses by hedging energy costs.

The fund's use of derivatives during the period was limited to futures contracts employed solely to offset the impact of cash positions, which the fund holds pursuant to its operations. These derivatives helped the fund more closely match the performance of the Index.

#### Replicating the Performance of the Index
In seeking to match the performance of the Index, we do not actively manage investments in response to macroeconomic trends. We note, however, that rising inflation, tightening Fed policy and geopolitical uncertainties related to the war in Ukraine are likely to continue posing challenges for equity investors for the foreseeable future. With inflation in the United States currently running well above the Fed's 2% target rate, the question remains open as to how soon the Fed can bring inflation under control and to what extent its actions will slow economic growth. As always, we continue to monitor factors that affect the fund's investments.

November 15, 2022

*¹ *Total return includes reinvestment of dividends and any capital gains paid. The fund's return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement. Had these expenses not been absorbed, returns would have been lower. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.* 

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

*"Standard & Poor's<sup><sup>®</sup></sup>," "S&P<sup><sup>®</sup></sup>," "Standard & Poor's<sup><sup>®</sup></sup> 500," and "S&P 500<sup><sup>®</sup></sup>" are registered trademarks of Standard & Poor's Financial Services LLC and have been licensed for use on behalf of the fund. The fund is not sponsored, managed, advised, sold or promoted by Standard & Poor's and its affiliates, and Standard & Poor's and its affiliates make no representation regarding the advisability of investing in the fund.* 

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

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

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

#### 3
FUND PERFORMANCE (Unaudited)

![](img_0320ffcfaf494.jpg)

Comparison of change in value of a $10,000 investment in BNY Mellon Institutional S&P 500 Stock Index Fund Class I shares with a hypothetical investment of $10,000 in the S&P 500<sup><sup>®</sup></sup> Index (the "Index").

*<sup>†</sup> Source: Lipper Inc.*

*Past performance is not predictive of future performance.* 

*The above graph compares a hypothetical $10,000 investment made in the Class I shares of BNY Mellon Institutional S&P 500 Stock Index Fund on 10/31/12 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.* 

*The fund's performance shown in the line graph above takes into account all applicable fees and expenses. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.*

#### 4

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 10/31/2022** | **Average Annual Total Returns as of 10/31/2022** | **Average Annual Total Returns as of 10/31/2022** |  |
|  | 1 Year | 5 Years | 10 Years |
| **BNY Mellon Institutional <br>S&P 500 Stock Index Fund** | **-14.78%** | **10.23%** | **12.58%** |
| **S&P 500<sup><sup>®</sup></sup> Index** | **-14.60%** | **10.44%** | **12.78%** |

---

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

*The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.* 

#### 5
UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)

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

#### Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Institutional S&P 500 Stock Index Fund from May 1, 2022 to October 31, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

---

| | |
|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 |
| Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $1.13 |
| Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $944.00 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 |
| Expenses paid per $1,000<sup>†</sup> | Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $1.17 |
| Ending value (after expenses) | Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $1024.05 |
| *<sup>†</sup>* | *Expenses are equal to the fund's annualized expense ratio of .23%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of .23%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* |

---

#### 6
STATEMENT OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2%**  |  |  |
| **Automobiles & Components - 2.3%** |  |  |
| Aptiv PLC | 18607<br> <sup>a</sup>  | 1694539 |
| BorgWarner Inc. | 16945 | 635946 |
| Ford Motor Co. | 276315 | 3694332 |
| General Motors Co. | 102280 | 4014490 |
| Tesla Inc. | 186974<br> <sup>a</sup>  | 42544064 |
|  |  | **52583371** |
| **Banks - 3.8%** |  |  |
| Bank of America Corp. | 492456 | 17748114 |
| Citigroup Inc. | 135872 | 6231090 |
| Citizens Financial Group Inc. | 33810 | 1382829 |
| Comerica Inc. | 9287 | 654734 |
| Fifth Third Bancorp | 46948 | 1675574 |
| First Republic Bank | 12542 | 1506294 |
| Huntington Bancshares Inc. | 98691 | 1498129 |
| JPMorgan Chase & Co. | 205513 | 25869976 |
| KeyCorp | 66349 | 1185657 |
| M&T Bank Corp. | 12267 | 2065395 |
| Regions Financial Corp. | 63791 | 1400212 |
| Signature Bank | 4565 | 723689 |
| SVB Financial Group | 4051<br> <sup>a</sup>  | 935619 |
| The PNC Financial Services Group Inc. | 28784 | 4658115 |
| Truist Financial Corp. | 92568 | 4146121 |
| U.S. Bancorp | 95870 | 4069681 |
| Wells Fargo & Co. | 265220 | 12197468 |
| Zions Bancorp NA | 10873 | 564744 |
|  |  | **88513441** |
| **Capital Goods - 5.7%** |  |  |
| 3M Co. | 38877 | 4890338 |
| A.O. Smith Corp. | 9090 | 497950 |
| Allegion PLC | 5889 | 616991 |
| AMETEK Inc. | 16466 | 2134982 |
| Carrier Global Corp. | 60228 | 2394665 |
| Caterpillar Inc. | 37321 | 8078504 |
| Cummins Inc. | 9736 | 2380549 |
| Deere & Co. | 19511 | 7722844 |
| Dover Corp. | 9857 | 1288211 |
| Eaton Corp. | 27863 | 4181400 |
| Emerson Electric Co. | 41008 | 3551293 |
| Fastenal Co. | 40337 | 1949487 |
| Fortive Corp. | 24808 | 1585231 |
| Fortune Brands Home & Security Inc. | 9786 | 590292 |

---

#### 7
*STATEMENT OF INVESTMENTS (continued)*

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Capital Goods - 5.7% (continued)** |  |  |
| Generac Holdings Inc. | 4629<br> <sup>a</sup>  | 536547 |
| General Dynamics Corp. | 15873 | 3965075 |
| General Electric Co. | 76571 | 5957990 |
| Honeywell International Inc. | 47187 | 9627092 |
| Howmet Aerospace Inc. | 26458 | 940582 |
| Huntington Ingalls Industries Inc. | 2779 | 714398 |
| IDEX Corp. | 5310 | 1180466 |
| Illinois Tool Works Inc. | 19614 | 4188177 |
| Ingersoll Rand Inc. | 27535 | 1390517 |
| Johnson Controls International PLC | 48152 | 2785112 |
| L3Harris Technologies Inc. | 13694 | 3375160 |
| Lockheed Martin Corp. | 16572 | 8065261 |
| Masco Corp. | 15875 | 734536 |
| Nordson Corp. | 3939 | 886275 |
| Northrop Grumman Corp. | 10178 | 5587824 |
| Otis Worldwide Corp. | 29195 | 2062335 |
| PACCAR Inc. | 24385 | 2361200 |
| Parker-Hannifin Corp. | 8935 | 2596690 |
| Pentair PLC | 11135 | 478248 |
| Quanta Services Inc. | 9986 | 1418411 |
| Raytheon Technologies Corp. | 104064 | 9867348 |
| Rockwell Automation Inc. | 8059 | 2057463 |
| Snap-on Inc. | 3630 | 806042 |
| Stanley Black & Decker Inc. | 10502 | 824302 |
| Textron Inc. | 14536 | 994844 |
| The Boeing Company | 39284<br> <sup>a</sup>  | 5598363 |
| Trane Technologies PLC | 16605 | 2650656 |
| TransDigm Group Inc. | 3672 | 2114191 |
| United Rentals Inc. | 4912<br> <sup>a</sup>  | 1550768 |
| W.W. Grainger Inc. | 3116 | 1820835 |
| Westinghouse Air Brake Technologies Corp. | 12569 | 1172436 |
| Xylem Inc. | 12017 | 1230901 |
|  |  | **131402782** |
| **Commercial & Professional Services - .8%** |  |  |
| Cintas Corp. | 6067 | 2593946 |
| Copart Inc. | 14723<br> <sup>a</sup>  | 1693439 |
| CoStar Group Inc. | 27520<br> <sup>a</sup>  | 2276454 |
| Equifax Inc. | 8419 | 1427357 |
| Jacobs Solutions Inc. | 9388 | 1081685 |
| Leidos Holdings Inc. | 9949 | 1010719 |
| Republic Services Inc. | 14854 | 1969937 |
| Robert Half International Inc. | 7332 | 560605 |

---

#### 8

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |  |
| **Commercial & Professional Services - .8% (continued)** |  |  |  |
| Rollins Inc. | 15551 |  | 654386 |
| Verisk Analytics Inc. | 11133 |  | 2035446 |
| Waste Management Inc. | 26564 |  | 4206941 |
|  |  |  | **19510915** |
| **Consumer Durables & Apparel - .8%** |  |  |  |
| D.R. Horton Inc. | 22734 |  | 1747790 |
| Garmin Ltd. | 10214 |  | 899241 |
| Hasbro Inc. | 8683 |  | 566566 |
| Lennar Corp., Cl. A | 17409 |  | 1404906 |
| Mohawk Industries Inc. | 3932 | <sup>a</sup>  | 372557 |
| Newell Brands Inc. | 26413 |  | 364764 |
| NIKE Inc., Cl. B | 88779 |  | 8228038 |
| NVR Inc. | 215 | <sup>a</sup>  | 911116 |
| PulteGroup Inc. | 15907 |  | 636121 |
| Ralph Lauren Corp. | 3319 |  | 307638 |
| Tapestry Inc. | 17452 |  | 552879 |
| VF Corp. | 23511 |  | 664186 |
| Whirlpool Corp. | 4179 |  | 577705 |
|  |  |  | **17233507** |
| **Consumer Services - 2.0%** |  |  |  |
| Booking Holdings Inc. | 2788 | <sup>a</sup>  | 5212110 |
| Caesars Entertainment Inc. | 15042 | <sup>a</sup>  | 657787 |
| Carnival Corp. | 66261 | <sup>a,b</sup>  | 600325 |
| Chipotle Mexican Grill Inc. | 1980 | <sup>a</sup>  | 2966693 |
| Darden Restaurants Inc. | 8629 |  | 1235155 |
| Domino's Pizza Inc. | 2407 |  | 799702 |
| Expedia Group Inc. | 10931 | <sup>a</sup>  | 1021721 |
| Hilton Worldwide Holdings Inc. | 19627 |  | 2654748 |
| Las Vegas Sands Corp. | 22850 | <sup>a</sup>  | 868529 |
| Marriott International Inc., Cl. A | 18969 |  | 3037127 |
| McDonald's Corp. | 51748 |  | 14109610 |
| MGM Resorts International | 22107 |  | 786346 |
| Norwegian Cruise Line Holdings Ltd. | 30338 | <sup>a,b</sup>  | 512409 |
| Royal Caribbean Cruises Ltd. | 16376 | <sup>a,b</sup>  | 874151 |
| Starbucks Corp. | 80243 |  | 6948241 |
| Wynn Resorts Ltd. | 7958 | <sup>a,b</sup>  | 508516 |
| Yum! Brands Inc. | 20236 |  | 2392907 |
|  |  |  | **45186077** |
| **Diversified Financials - 5.2%** |  |  |  |
| American Express Co. | 42135 |  | 6254941 |
| Ameriprise Financial Inc. | 7599 |  | 2349003 |
| Berkshire Hathaway Inc., Cl. B | 126593 | <sup>a</sup>  | 37356328 |
| BlackRock Inc. | 10556 |  | 6818226 |

---

#### 9
*STATEMENT OF INVESTMENTS (continued)*

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Diversified Financials - 5.2% (continued)** |  |  |
| Capital One Financial Corp. | 26799 | 2841230 |
| Cboe Global Markets Inc. | 7313 | 910469 |
| CME Group Inc. | 25068 | 4344284 |
| Discover Financial Services | 19244 | 2010228 |
| FactSet Research Systems Inc. | 2723 | 1158609 |
| Franklin Resources Inc. | 20409<br> <sup>b</sup>  | 478591 |
| Intercontinental Exchange Inc. | 39639 | 3788299 |
| Invesco Ltd. | 30009 | 459738 |
| MarketAxess Holdings Inc. | 2562 | 625230 |
| Moody's Corp. | 11065 | 2930787 |
| Morgan Stanley | 94159 | 7737045 |
| MSCI Inc. | 5759 | 2700165 |
| Nasdaq Inc. | 23727 | 1476768 |
| Northern Trust Corp. | 15027 | 1267527 |
| Raymond James Financial Inc. | 14046 | 1659394 |
| S&P Global Inc. | 24004 | 7711285 |
| State Street Corp. | 26445 | 1956930 |
| Synchrony Financial | 34689 | 1233541 |
| T. Rowe Price Group Inc. | 15547 | 1650470 |
| The Bank of New York Mellon Corp. | 52768 | 2222060 |
| The Charles Schwab Corp. | 107211 | 8541500 |
| The Goldman Sachs Group Inc. | 24032 | 8279264 |
|  |  | **118761912** |
| **Energy - 5.3%** |  |  |
| APA Corp. | 24535 | 1115361 |
| Baker Hughes Co. | 69937 | 1934457 |
| Chevron Corp. | 126503 | 22884393 |
| ConocoPhillips | 89255 | 11254163 |
| Coterra Energy Inc. | 55612 | 1731202 |
| Devon Energy Corp. | 45686 | 3533812 |
| Diamondback Energy Inc. | 12295 | 1931667 |
| EOG Resources Inc. | 41587 | 5677457 |
| EQT Corp. | 23267 | 973491 |
| Exxon Mobil Corp. | 292533 | 32415582 |
| Halliburton Co. | 64582 | 2352076 |
| Hess Corp. | 18998 | 2680238 |
| Kinder Morgan Inc. | 139190 | 2522123 |
| Marathon Oil Corp. | 49291 | 1500911 |
| Marathon Petroleum Corp. | 34758 | 3949204 |
| Occidental Petroleum Corp. | 52264 | 3794366 |
| ONEOK Inc. | 31148 | 1847699 |
| Phillips 66 | 34159 | 3562442 |
| Pioneer Natural Resources Co. | 16697 | 4281278 |

---

#### 10

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Energy - 5.3% (continued)** |  |  |
| Schlumberger Ltd. | 98903 | 5145923 |
| Targa Resources Corp. | 14210 | 971538 |
| The Williams Companies | 84155 | 2754393 |
| Valero Energy Corp. | 27624 | 3468193 |
|  |  | **122281969** |
| **Food & Staples Retailing - 1.6%** |  |  |
| Costco Wholesale Corp. | 31014 | 15553521 |
| Sysco Corp. | 36175 | 3131308 |
| The Kroger Company | 45909 | 2171037 |
| Walgreens Boots Alliance Inc. | 49241 | 1797296 |
| Walmart Inc. | 100131 | 14251645 |
|  |  | **36904807** |
| **Food, Beverage & Tobacco - 3.7%** |  |  |
| Altria Group Inc. | 126298 | 5843808 |
| Archer-Daniels-Midland Co. | 39091 | 3791045 |
| Brown-Forman Corp., Cl. B | 13004 | 884272 |
| Campbell Soup Co. | 13613 | 720264 |
| Conagra Brands Inc. | 34753 | 1275435 |
| Constellation Brands Inc., Cl. A | 11245 | 2778415 |
| General Mills Inc. | 41510 | 3386386 |
| Hormel Foods Corp. | 19990 | 928536 |
| Kellogg Co. | 17304 | 1329293 |
| Keurig Dr. Pepper Inc. | 60543 | 2351490 |
| Lamb Weston Holdings Inc. | 10660 | 919105 |
| McCormick & Co. | 17015 | 1338060 |
| Molson Coors Beverage Co., Cl. B | 12486 | 629669 |
| Mondelez International Inc., Cl. A | 96749 | 5948129 |
| Monster Beverage Corp. | 27073<br> <sup>a</sup>  | 2537282 |
| PepsiCo Inc. | 96749 | 17567683 |
| Philip Morris International Inc. | 108465 | 9962510 |
| The Coca-Cola Company | 272999 | 16338990 |
| The Hershey Company | 10279 | 2454317 |
| The J.M. Smucker Company | 7781 | 1172285 |
| The Kraft Heinz Company | 56186 | 2161475 |
| Tyson Foods Inc., Cl. A | 20696 | 1414572 |
|  |  | **85733021** |
| **Health Care Equipment & Services - 6.4%** |  |  |
| Abbott Laboratories | 122518 | 12121931 |
| ABIOMED Inc. | 3125<br> <sup>a</sup>  | 787750 |
| Align Technology Inc. | 5267<br> <sup>a</sup>  | 1023378 |
| AmerisourceBergen Corp. | 10941 | 1720144 |
| Baxter International Inc. | 34861 | 1894695 |
| Becton Dickinson & Co. | 19858 | 4685892 |

---

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

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Health Care Equipment & Services - 6.4% (continued)** |  |  |
| Boston Scientific Corp. | 101503<br> <sup>a</sup>  | 4375794 |
| Cardinal Health Inc. | 18226 | 1383353 |
| Centene Corp. | 40077<br> <sup>a</sup>  | 3411755 |
| Cigna Corp. | 21409 | 6916392 |
| CVS Health Corp. | 91756 | 8689293 |
| DaVita Inc. | 4489<br> <sup>a</sup>  | 327742 |
| Dentsply Sirona Inc. | 14977 | 461591 |
| DexCom Inc. | 27162<br> <sup>a</sup>  | 3280626 |
| Edwards Lifesciences Corp. | 43187<br> <sup>a</sup>  | 3128034 |
| Elevance Health Inc. | 16869 | 9223463 |
| HCA Healthcare Inc. | 15078 | 3279013 |
| Henry Schein Inc. | 9365<br> <sup>a</sup>  | 641128 |
| Hologic Inc. | 17443<br> <sup>a</sup>  | 1182635 |
| Humana Inc. | 8782 | 4901059 |
| IDEXX Laboratories Inc. | 5957<br> <sup>a</sup>  | 2142614 |
| Intuitive Surgical Inc. | 25034<br> <sup>a</sup>  | 6170130 |
| Laboratory Corp. of America Holdings | 6388 | 1417242 |
| McKesson Corp. | 10028 | 3904602 |
| Medtronic PLC | 93871 | 8198693 |
| Molina Healthcare Inc. | 4249<br> <sup>a</sup>  | 1524796 |
| Quest Diagnostics Inc. | 8334 | 1197179 |
| ResMed Inc. | 10427 | 2332416 |
| Steris PLC | 6864 | 1184589 |
| Stryker Corp. | 23897 | 5478148 |
| Teleflex Inc. | 3263 | 700109 |
| The Cooper Companies | 3561 | 973542 |
| UnitedHealth Group Inc. | 65646 | 36443377 |
| Universal Health Services Inc., Cl. B | 4415 | 511566 |
| Zimmer Biomet Holdings Inc. | 14289 | 1619658 |
|  |  | **147234329** |
| **Household & Personal Products - 1.6%** |  |  |
| Church & Dwight Co. | 17302 | 1282597 |
| Colgate-Palmolive Co. | 58269 | 4302583 |
| Kimberly-Clark Corp. | 23881 | 2972229 |
| The Clorox Company | 8320 | 1215053 |
| The Estee Lauder Companies, Cl. A | 16436 | 3295254 |
| The Procter & Gamble Company | 167885 | 22609073 |
|  |  | **35676789** |
| **Insurance - 2.4%** |  |  |
| Aflac Inc. | 40781 | 2655251 |
| American International Group Inc. | 53609 | 3055713 |
| Aon PLC, Cl. A | 14735 | 4147755 |
| Arch Capital Group Ltd. | 25890<br> <sup>a</sup>  | 1488675 |

---

#### 12

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Insurance - 2.4% (continued)** |  |  |
| Arthur J. Gallagher & Co. | 14584 | 2728375 |
| Assurant Inc. | 3925 | 533251 |
| Brown & Brown Inc. | 16810 | 988260 |
| Chubb Ltd. | 29599 | 6360529 |
| Cincinnati Financial Corp. | 10850 | 1121022 |
| Everest Re Group Ltd. | 2707 | 873441 |
| Globe Life Inc. | 6140 | 709293 |
| Lincoln National Corp. | 11404 | 614333 |
| Loews Corp. | 14380 | 819948 |
| Marsh & McLennan Cos. | 35034 | 5657641 |
| MetLife Inc. | 46918 | 3434867 |
| Principal Financial Group Inc. | 16460 | 1450620 |
| Prudential Financial Inc. | 26448 | 2782065 |
| The Allstate Corp. | 19313 | 2438266 |
| The Hartford Financial Services Group Inc. | 22633 | 1638856 |
| The Progressive Corp. | 40746 | 5231786 |
| The Travelers Companies | 16480 | 3039901 |
| W.R. Berkley Corp. | 14591 | 1085279 |
| Willis Towers Watson PLC | 7631 | 1665161 |
|  |  | **54520288** |
| **Materials - 2.5%** |  |  |
| Air Products & Chemicals Inc. | 15346 | 3842638 |
| Albemarle Corp. | 8161 | 2284019 |
| Amcor PLC | 108868 | 1260691 |
| Avery Dennison Corp. | 5930 | 1005431 |
| Ball Corp. | 21947 | 1083962 |
| Celanese Corp. | 7192 | 691295 |
| CF Industries Holdings Inc. | 14103 | 1498585 |
| Corteva Inc. | 50519 | 3300911 |
| Dow Inc. | 49748 | 2325222 |
| DuPont de Nemours Inc. | 35686 | 2041239 |
| Eastman Chemical Co. | 8647 | 664176 |
| Ecolab Inc. | 17646 | 2771657 |
| FMC Corp. | 9219 | 1096139 |
| Freeport-McMoRan Inc. | 102160 | 3237450 |
| International Flavors & Fragrances Inc. | 17954 | 1752490 |
| International Paper Co. | 25505 | 857223 |
| Linde PLC | 34924 | 10384651 |
| LyondellBasell Industries NV, Cl. A | 18588 | 1421053 |
| Martin Marietta Materials Inc. | 4298 | 1444042 |
| Newmont Corp. | 54775 | 2318078 |
| Nucor Corp. | 18288 | 2402677 |

---

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

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Materials - 2.5% (continued)** |  |  |
| Packaging Corp. of America | 6709 | 806489 |
| PPG Industries Inc. | 16280 | 1858850 |
| Sealed Air Corp. | 9925 | 472629 |
| The Mosaic Company | 24120 | 1296450 |
| The Sherwin-Williams Company | 16519 | 3717271 |
| Vulcan Materials Co. | 9112 | 1491634 |
| WestRock Co. | 17032 | 580110 |
|  |  | **57907062** |
| **Media & Entertainment - 6.1%** |  |  |
| Activision Blizzard Inc. | 50130 | 3649464 |
| Alphabet Inc., Cl. A | 420195<br> <sup>a</sup>  | 39712629 |
| Alphabet Inc., Cl. C | 377008<br> <sup>a</sup>  | 35687577 |
| Charter Communications Inc., Cl. A | 7835<br> <sup>a</sup>  | 2880303 |
| Comcast Corp., Cl. A | 310498 | 9855207 |
| DISH Network Corp., Cl. A | 14828<br> <sup>a</sup>  | 221085 |
| Electronic Arts Inc. | 18706 | 2356208 |
| Fox Corp., Cl. A | 22625 | 653184 |
| Fox Corp., Cl. B | 11113 | 302274 |
| Live Nation Entertainment Inc. | 9228<br> <sup>a</sup>  | 734641 |
| Match Group Inc. | 20434<br> <sup>a</sup>  | 882749 |
| Meta Platforms Inc., Cl. A | 160483<br> <sup>a</sup>  | 14950596 |
| Netflix Inc. | 31365<br> <sup>a</sup>  | 9154816 |
| News Corporation, Cl. A | 27545 | 464684 |
| News Corporation, Cl. B | 10171<br> <sup>b</sup>  | 174229 |
| Omnicom Group Inc. | 13650 | 993038 |
| Paramount Global, Cl. B | 35689<br> <sup>b</sup>  | 653822 |
| Take-Two Interactive Software Inc. | 10773<br> <sup>a</sup>  | 1276385 |
| The Interpublic Group of Companies | 26621 | 793040 |
| The Walt Disney Company | 127453<br> <sup>a</sup>  | 13578843 |
| Warner Bros Discovery Inc. | 151654<br> <sup>a</sup>  | 1971502 |
|  |  | **140946276** |
| **Pharmaceuticals Biotechnology & Life Sciences - 8.8%** |  |  |
| AbbVie Inc. | 124306 | 18198398 |
| Agilent Technologies Inc. | 21294 | 2946025 |
| Amgen Inc. | 37380 | 10105683 |
| Biogen Inc. | 10175<br> <sup>a</sup>  | 2884002 |
| Bio-Rad Laboratories Inc., Cl. A | 1563<br> <sup>a</sup>  | 549723 |
| Bio-Techne Corp. | 2765 | 819159 |
| Bristol-Myers Squibb Co. | 150361 | 11648467 |
| Catalent Inc. | 12319<br> <sup>a</sup>  | 809728 |
| Charles River Laboratories International Inc. | 3645<br> <sup>a</sup>  | 773651 |
| Danaher Corp. | 46038 | 11586383 |

---

#### 14

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Pharmaceuticals Biotechnology & Life Sciences - 8.8% (continued)** |  |  |
| Eli Lilly & Co. | 55410 | 20063407 |
| Gilead Sciences Inc. | 87556 | 6869644 |
| Illumina Inc. | 10974<br> <sup>a</sup>  | 2511071 |
| Incyte Corp. | 13350<br> <sup>a</sup>  | 992439 |
| IQVIA Holdings Inc. | 13100<br> <sup>a</sup>  | 2746677 |
| Johnson & Johnson | 184695 | 32131389 |
| Merck & Co. Inc. | 177990 | 18012588 |
| Mettler-Toledo International Inc. | 1586<br> <sup>a</sup>  | 2006179 |
| Moderna Inc. | 24024<br> <sup>a</sup>  | 3611528 |
| Organon & Co. | 17889 | 468334 |
| PerkinElmer Inc. | 8970 | 1198213 |
| Pfizer Inc. | 392608 | 18275902 |
| Regeneron Pharmaceuticals Inc. | 7514<br> <sup>a</sup>  | 5626107 |
| Thermo Fisher Scientific Inc. | 27391 | 14078152 |
| Vertex Pharmaceuticals Inc. | 17837<br> <sup>a</sup>  | 5565144 |
| Viatris Inc. | 86925 | 880550 |
| Waters Corp. | 4188<br> <sup>a</sup>  | 1252924 |
| West Pharmaceutical Services Inc. | 5176 | 1190998 |
| Zoetis Inc. | 32889 | 4959003 |
|  |  | **202761468** |
| **Real Estate - 2.6%** |  |  |
| Alexandria Real Estate Equities Inc. | 10146<br> <sup>c</sup>  | 1474214 |
| American Tower Corp. | 32516<br> <sup>c</sup>  | 6736990 |
| AvalonBay Communities Inc. | 9748<br> <sup>c</sup>  | 1707070 |
| Boston Properties Inc. | 9836<br> <sup>c</sup>  | 715077 |
| Camden Property Trust | 7647<br> <sup>c</sup>  | 883611 |
| CBRE Group Inc., Cl. A | 22962<br> <sup>a</sup>  | 1628924 |
| Crown Castle International Corp. | 30748<br> <sup>c</sup>  | 4097478 |
| Digital Realty Trust Inc. | 19980<br> <sup>c</sup>  | 2002995 |
| Equinix Inc. | 6320<br> <sup>c</sup>  | 3579901 |
| Equity Residential | 23947<br> <sup>c</sup>  | 1509140 |
| Essex Property Trust Inc. | 4765<br> <sup>c</sup>  | 1058974 |
| Extra Space Storage Inc. | 9235<br> <sup>c</sup>  | 1638658 |
| Federal Realty Investment Trust | 4558<br> <sup>c</sup>  | 451151 |
| Healthpeak Properties Inc. | 38816<br> <sup>c</sup>  | 921104 |
| Host Hotels & Resorts Inc. | 49004<br> <sup>c</sup>  | 925196 |
| Invitation Homes Inc. | 40727<br> <sup>c</sup>  | 1290639 |
| Iron Mountain Inc. | 20152<br> <sup>c</sup>  | 1009011 |
| Kimco Realty Corp. | 44211<br> <sup>c</sup>  | 945231 |
| Mid-America Apartment Communities Inc. | 7875<br> <sup>c</sup>  | 1239919 |
| Prologis Inc. | 64380<br> <sup>c</sup>  | 7130085 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |  |
| **Real Estate - 2.6% (continued)** |  |  |  |
| Public Storage | 11231 | <sup>c</sup>  | 3478802 |
| Realty Income Corp. | 44403 | <sup>c</sup>  | 2764975 |
| Regency Centers Corp. | 10491 | <sup>c</sup>  | 634810 |
| SBA Communications Corp. | 7616 | <sup>c</sup>  | 2055558 |
| Simon Property Group Inc. | 22912 | <sup>c</sup>  | 2496950 |
| UDR Inc. | 21263 | <sup>c</sup>  | 845417 |
| Ventas Inc. | 28964 | <sup>c</sup>  | 1133361 |
| VICI Properties Inc. | 67692 | <sup>c</sup>  | 2167498 |
| Vornado Realty Trust | 9626 | <sup>b,c</sup>  | 227077 |
| Welltower Inc. | 31989 | <sup>c</sup>  | 1952609 |
| Weyerhaeuser Co. | 52761 | <sup>c</sup>  | 1631898 |
|  |  |  | **60334323** |
| **Retailing - 5.8%** |  |  |  |
| Advance Auto Parts Inc. | 4469 |  | 848752 |
| Amazon.com Inc. | 622041 | <sup>a</sup>  | 63721880 |
| AutoZone Inc. | 1393 | <sup>a</sup>  | 3528302 |
| Bath & Body Works Inc. | 15929 |  | 531710 |
| Best Buy Co. | 14348 |  | 981547 |
| CarMax Inc. | 10835 | <sup>a,b</sup>  | 682713 |
| Dollar General Corp. | 15874 |  | 4048664 |
| Dollar Tree Inc. | 14760 | <sup>a</sup>  | 2339460 |
| eBay Inc. | 38216 |  | 1522525 |
| Etsy Inc. | 8979 | <sup>a</sup>  | 843218 |
| Genuine Parts Co. | 9739 |  | 1732179 |
| LKQ Corp. | 17737 |  | 986887 |
| Lowe's Cos. | 44616 |  | 8697889 |
| O'Reilly Automotive Inc. | 4435 | <sup>a</sup>  | 3712849 |
| Pool Corp. | 2916 |  | 887135 |
| Ross Stores Inc. | 24525 |  | 2346797 |
| Target Corp. | 32622 |  | 5358163 |
| The Home Depot Inc. | 72307 |  | 21412272 |
| The TJX Companies | 81802 |  | 5897924 |
| Tractor Supply Co. | 7890 |  | 1733985 |
| Ulta Beauty Inc. | 3731 | <sup>a</sup>  | 1564669 |
|  |  |  | **133379520** |
| **Semiconductors & Semiconductor Equipment - 4.7%** |  |  |  |
| Advanced Micro Devices Inc. | 113391 | <sup>a</sup>  | 6810263 |
| Analog Devices Inc. | 36521 |  | 5208625 |
| Applied Materials Inc. | 61684 |  | 5446080 |
| Broadcom Inc. | 28385 |  | 13344356 |
| Enphase Energy Inc. | 9318 | <sup>a</sup>  | 2860626 |
| Intel Corp. | 286118 |  | 8134335 |
| KLA Corp. | 9993 |  | 3162285 |

---

#### 16

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Semiconductors & Semiconductor Equipment - 4.7% (continued)** |  |  |
| Lam Research Corp. | 9620 | 3893984 |
| Microchip Technology Inc. | 38247 | 2361370 |
| Micron Technology Inc. | 77681 | 4202542 |
| Monolithic Power Systems Inc. | 3134 | 1063836 |
| NVIDIA Corp. | 175763 | 23722732 |
| NXP Semiconductors NV | 18021 | 2632508 |
| ON Semiconductor Corp. | 30953<br> <sup>a</sup>  | 1901443 |
| Qorvo Inc. | 7801<br> <sup>a</sup>  | 671510 |
| Qualcomm Inc. | 78370 | 9221014 |
| Skyworks Solutions Inc. | 11155 | 959442 |
| SolarEdge Technologies Inc. | 4019<br> <sup>a</sup>  | 924491 |
| Teradyne Inc. | 10860 | 883461 |
| Texas Instruments Inc. | 64095 | 10295580 |
|  |  | **107700483** |
| **Software & Services - 12.6%** |  |  |
| Accenture PLC, Cl. A | 44321 | 12582732 |
| Adobe Inc. | 32873<br> <sup>a</sup>  | 10470050 |
| Akamai Technologies Inc. | 10793<br> <sup>a</sup>  | 953346 |
| Ansys Inc. | 6044<br> <sup>a</sup>  | 1336691 |
| Autodesk Inc. | 15235<br> <sup>a</sup>  | 3264860 |
| Automatic Data Processing Inc. | 29225 | 7063682 |
| Broadridge Financial Solutions Inc. | 7899 | 1185324 |
| Cadence Design Systems Inc. | 19403<br> <sup>a</sup>  | 2937420 |
| Ceridian HCM Holding Inc. | 9691<br> <sup>a</sup>  | 641447 |
| Cognizant Technology Solutions Corp., Cl. A | 36894 | 2296651 |
| DXC Technology Co. | 17803<br> <sup>a</sup>  | 511836 |
| EPAM Systems Inc. | 4105<br> <sup>a</sup>  | 1436750 |
| Fidelity National Information Services Inc. | 42361 | 3515539 |
| Fiserv Inc. | 44951<br> <sup>a</sup>  | 4618266 |
| FLEETCOR Technologies Inc. | 5455<br> <sup>a</sup>  | 1015285 |
| Fortinet Inc. | 45741<br> <sup>a</sup>  | 2614556 |
| Gartner Inc. | 5568<br> <sup>a</sup>  | 1681091 |
| Global Payments Inc. | 19466 | 2224185 |
| International Business Machines Corp. | 62935 | 8703281 |
| Intuit Inc. | 19790 | 8460225 |
| Jack Henry & Associates Inc. | 5173 | 1029737 |
| Mastercard Inc., Cl. A | 59877 | 19650434 |
| Microsoft Corp. | 523327 | 121479897 |
| NortonLifeLock Inc. | 41176 | 927695 |
| Oracle Corp. | 106991 | 8352787 |
| Paychex Inc. | 22328 | 2641626 |

---

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

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |
| **Software & Services - 12.6% (continued)** |  |  |
| Paycom Software Inc. | 3436<br> <sup>a</sup>  | 1188856 |
| PayPal Holdings Inc. | 80967<br> <sup>a</sup>  | 6767222 |
| PTC Inc. | 6882<br> <sup>a</sup>  | 810906 |
| Roper Technologies Inc. | 7471 | 3097028 |
| Salesforce Inc. | 69518<br> <sup>a</sup>  | 11302932 |
| ServiceNow Inc. | 14026<br> <sup>a</sup>  | 5901299 |
| Synopsys Inc. | 10847<br> <sup>a</sup>  | 3173290 |
| Tyler Technologies Inc. | 3006<br> <sup>a</sup>  | 971930 |
| Verisign Inc. | 6586<br> <sup>a</sup>  | 1320230 |
| Visa Inc., Cl. A | 114807<br> <sup>b</sup>  | 23783418 |
|  |  | **289912504** |
| **Technology Hardware & Equipment - 8.8%** |  |  |
| Amphenol Corp., Cl. A | 42243 | 3203287 |
| Apple Inc. | 1060328 | 162590696 |
| Arista Networks Inc. | 17246<br> <sup>a</sup>  | 2084352 |
| CDW Corp. | 9675 | 1671937 |
| Cisco Systems Inc. | 290678 | 13205502 |
| Corning Inc. | 52039 | 1674095 |
| F5 Inc. | 4055<br> <sup>a</sup>  | 579500 |
| Hewlett Packard Enterprise Co. | 94499 | 1348501 |
| HP Inc. | 63817 | 1762626 |
| Juniper Networks Inc. | 22206 | 679504 |
| Keysight Technologies Inc. | 12922<br> <sup>a</sup>  | 2250366 |
| Motorola Solutions Inc. | 11870 | 2964058 |
| NetApp Inc. | 16109 | 1115870 |
| Seagate Technology Holdings PLC | 13283 | 659634 |
| TE Connectivity Ltd. | 22875 | 2796011 |
| Teledyne Technologies Inc. | 3169<br> <sup>a</sup>  | 1261199 |
| Trimble Inc. | 16812<br> <sup>a</sup>  | 1011410 |
| Western Digital Corp. | 22611<br> <sup>a</sup>  | 777140 |
| Zebra Technologies Corp., Cl. A | 3599<br> <sup>a</sup>  | 1019309 |
|  |  | **202654997** |
| **Telecommunication Services - 1.2%** |  |  |
| AT&T Inc. | 500933 | 9132009 |
| Lumen Technologies Inc. | 64254<br> <sup>b</sup>  | 472909 |
| T-Mobile US Inc. | 42438<br> <sup>a</sup>  | 6431903 |
| Verizon Communications Inc. | 293859 | 10981511 |
|  |  | **27018332** |
| **Transportation - 1.6%** |  |  |
| Alaska Air Group Inc. | 7706<br> <sup>a</sup>  | 342609 |
| American Airlines Group Inc. | 48295<br> <sup>a</sup>  | 684823 |
| C.H. Robinson Worldwide Inc. | 8662 | 846451 |
| CSX Corp. | 151152 | 4392477 |

---

#### 18

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares |  | Value ($) |
| **Common Stocks - 99.2% (continued)** |  |  |  |
| **Transportation - 1.6% (continued)** |  |  |  |
| Delta Air Lines Inc. | 43983 | <sup>a</sup>  | 1492343 |
| Expeditors International of Washington Inc. | 11494 |  | 1124688 |
| FedEx Corp. | 16522 |  | 2648146 |
| J.B. Hunt Transport Services Inc. | 5971 |  | 1021459 |
| Norfolk Southern Corp. | 16459 |  | 3753804 |
| Old Dominion Freight Line Inc. | 6371 |  | 1749477 |
| Southwest Airlines Co. | 41781 | <sup>a</sup>  | 1518739 |
| Union Pacific Corp. | 43944 |  | 8663120 |
| United Airlines Holdings Inc. | 22538 | <sup>a</sup>  | 970937 |
| United Parcel Service Inc., Cl. B | 51391 |  | 8621868 |
|  |  |  | **37830941** |
| **Utilities - 2.9%** |  |  |  |
| Alliant Energy Corp. | 17773 |  | 927217 |
| Ameren Corp. | 17929 |  | 1461572 |
| American Electric Power Co. | 35464 |  | 3117995 |
| American Water Works Co. | 12859 |  | 1868927 |
| Atmos Energy Corp. | 9553 |  | 1017872 |
| CenterPoint Energy Inc. | 45197 |  | 1293086 |
| CMS Energy Corp. | 21111 |  | 1204383 |
| Consolidated Edison Inc. | 25156 |  | 2212722 |
| Constellation Energy Corp. | 23024 |  | 2176689 |
| Dominion Energy Inc. | 59279 |  | 4147752 |
| DTE Energy Co. | 13297 |  | 1490727 |
| Duke Energy Corp. | 53781 |  | 5011314 |
| Edison International | 25940 |  | 1557438 |
| Entergy Corp. | 14723 |  | 1577422 |
| Evergy Inc. | 16344 |  | 999109 |
| Eversource Energy | 24246 |  | 1849485 |
| Exelon Corp. | 69232 |  | 2671663 |
| FirstEnergy Corp. | 38965 |  | 1469370 |
| NextEra Energy Inc. | 137461 |  | 10653227 |
| NiSource Inc. | 27992 |  | 719114 |
| NRG Energy Inc. | 16137 |  | 716483 |
| PG&E Corp. | 104261 | <sup>a,b</sup>  | 1556617 |
| Pinnacle West Capital Corp. | 7891 |  | 530354 |
| PPL Corp. | 52795 |  | 1398540 |
| Public Service Enterprise Group Inc. | 35449 |  | 1987625 |
| Sempra Energy | 21678 |  | 3272077 |
| The AES Corp. | 46884 |  | 1226485 |
| The Southern Company | 75304 |  | 4930906 |
| WEC Energy Group Inc. | 22397 |  | 2045518 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Description |  | Shares | Value ($) |
| **Common Stocks - 99.2% (continued)** | **Common Stocks - 99.2% (continued)** |  |  |
| **Utilities - 2.9% (continued)** | **Utilities - 2.9% (continued)** |  |  |
| Xcel Energy Inc. |  | 37515 | 2442602 |
|  |  |  | **67534291** |
| **Total Common Stocks** (cost $657,457,173) | **Total Common Stocks** (cost $657,457,173) |  | **2283523405** |
|  | 1-Day<br>Yield (%) |  |  |
| **Investment Companies - .6%**  | **Investment Companies - .6%**  |  |  |
| **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $14,479,303) | 3.23 | 14479303<br> <sup>d</sup>  | **14479303** |
| **Investment of Cash Collateral for Securities Loaned - .1%**  | **Investment of Cash Collateral for Securities Loaned - .1%**  |  |  |
| **Registered Investment Companies - .1%** | **Registered Investment Companies - .1%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares<br>(cost $1,547,539) | 3.23 | 1547539<br> <sup>d</sup>  | **1547539** |
| **Total Investments** (cost $673,484,015) | **Total Investments** (cost $673,484,015) | **99.9%** | **2299550247** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.1%** | **1659945** |
| **Net Assets** | **Net Assets** | **100.0%** | **2301210192** |

---

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

*<sup>b</sup> Security, or portion thereof, on loan. At October 31, 2022, the value of the fund's securities on loan was $30,172,589 and the value of the collateral was $31,057,237, consisting of cash collateral of $1,547,539 and U.S. Government & Agency securities valued at $29,509,698. 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.*

---

| | |
|:---|:---|
| Portfolio Summary (Unaudited) <sup>†</sup> | Value (%) |
| Information Technology | 26.1 |
| Health Care | 15.2 |
| Financials | 11.4 |
| Consumer Discretionary | 10.8 |
| Industrials | 8.2 |
| Communication Services | 7.3 |
| Consumer Staples | 6.9 |
| Energy | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.6 |
| Materials | 2.5 |
| Investment Companies | .7 |
|  | 99.9 |

---

*<sup>†</sup> Based on net assets.*

*See notes to financial statements.*

#### 20

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |  |  |  |
| Description | Value ($) 10/31/2021 | Purchases ($)<sup>†</sup> | Sales ($) | Value ($) 10/31/2022 | Dividends/<br>Distributions ($) |  |
| **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** | **Registered Investment Companies - .6%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .6% | 23987934 | 411907756 | (421416387) | 14479303 | 178396 |  |
| **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** | **Investment of Cash Collateral for Securities Loaned - .1%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .1% | - | 31569968 | (30022429) | 1547539 | 40591 | <sup>††</sup>  |
| **Total - .7%** | **23987934** | **443477724** | **(451438816)** | **16026842** | **218987** |  |

---

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

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

*See notes to financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** |  |  |
| Description | Number of<br>Contracts | Expiration  | Notional<br>Value ($) | Market<br>Value ($) | Unrealized Appreciation ($) |
| **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** | **Futures Long** |  |
| Standard & Poor's 500 E-mini | 93 | 12/16/2022 | 17520659 | 18055950 | 535291 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  | **535291** | **535291** |

---

*See notes to financial statements.*

#### 21
STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):**  |  |  |
| Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $30,172,589)—Note 1(c): | Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $30,172,589)—Note 1(c): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 657457173  | 2283523405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 16026842  | 16026842  |
| Cash |  | 2105361  |
| Dividends and securities lending income receivable | Dividends and securities lending income receivable | 1749763  |
| Receivable for shares of Common Stock subscribed | Receivable for shares of Common Stock subscribed | 1545881  |
| Cash collateral held by broker—Note 4 | Cash collateral held by broker—Note 4 | 960000  |
|  |  | **2305911252**  |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc.—Note 3(b) | Due to BNY Mellon Investment Adviser, Inc.—Note 3(b) | 298227  |
| Liability for securities on loan—Note 1(c) | Liability for securities on loan—Note 1(c) | 1547539  |
| Payable for investment securities purchased  | Payable for investment securities purchased  | 1488597  |
| Payable for shares of Common Stock redeemed | Payable for shares of Common Stock redeemed | 1210896  |
| Payable for futures variation margin—Note 4 | Payable for futures variation margin—Note 4 | 129273  |
| Directors' fees and expenses payable | Directors' fees and expenses payable | 26528  |
|  |  | **4701060**  |
| **Net Assets ($)** |  | **2301210192**  |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital  |  | 369413082  |
| Total distributable earnings (loss) |  | 1931797110  |
| **Net Assets ($)** |  | **2301210192**  |

---

---

| | | |
|:---|:---|:---|
| **Shares Outstanding** |  |  |
| (150 million shares of $.001 par value Common Stock authorized) | (150 million shares of $.001 par value Common Stock authorized) | 36791731  |
| **Net Asset Value Per Share ($)** |  | 62.55 |
| *See notes to financial statements.* |  |  |

---

#### 22
STATEMENT OF OPERATIONS

Year Ended October 31, 2022

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $9,325 foreign taxes withheld at source): | Cash dividends (net of $9,325 foreign taxes withheld at source): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 42458312  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 178396  |
| Income from securities lending—Note 1(c) | 40591  |
| Interest | 3359  |
| **Total Income** | **42680658**  |
| **Expenses:** |  |
| Management fee—Note 3(a) | 5465690  |
| Legal fees—Note 5 | 523207  |
| Directors' fees—Note 3(a,c) | 293200  |
| Loan commitment fees—Note 2 | 56891  |
| Interest expense—Note 2 | 24531  |
| **Total Expenses** | **6363519**  |
| Less—Directors' fees reimbursed by <br> BNY Mellon Investment Adviser, Inc.—Note 3(a) | (293200) |
| **Net Expenses** | **6070319**  |
| **Net Investment Income** | **36610339**  |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | 352961849  |
| Net realized gain (loss) on futures | 447397  |
| **Net Realized Gain (Loss)** | **353409246**  |
| Net change in unrealized appreciation (depreciation) on investments | (826360876) |
| Net change in unrealized appreciation (depreciation) on futures | (478028) |
| **Net Change in Unrealized Appreciation (Depreciation)** | **(826838904)** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(473429658)** |
| **Net (Decrease) in Net Assets Resulting from Operations** | **(436819319)** |
| *See notes to financial statements.* |  |

---

#### 23
STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  |
|  | 2022 | 2021 |
| **Operations ($):** |  |  |
| Net investment income | 36610339  | 39558871  |
| Net realized gain (loss) on investments | 353409246  | 390389208  |
| Net change in unrealized appreciation <br> (depreciation) on investments | (826838904) | 652392911  |
| **Net Increase (Decrease) in Net Assets <br> Resulting from Operations** | **(436819319)** | **1082340990**  |
| **Distributions ($):** | **Distributions ($):** | **Distributions ($):** |
| **Distributions to shareholders** | **(382611312)** | **(135846648)** |
| **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** |
| Net proceeds from shares sold | 259378050  | 225957699  |
| Distributions reinvested | 279388472  | 93178557  |
| Cost of shares redeemed | (692248939) | (757604416) |
| **Increase (Decrease) in Net Assets <br> from Capital Stock Transactions** | **(153482417)** | **(438468160)** |
| **Total Increase (Decrease) in Net Assets** | **(972913048)** | **508026182**  |
| **Net Assets ($):** | **Net Assets ($):** | **Net Assets ($):** |
| Beginning of Period | 3274123240  | 2766097058  |
| **End of Period** | **2301210192**  | **3274123240**  |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 3826978  | 3059939  |
| Shares issued for distributions reinvested | 3711252  | 1381720  |
| Shares redeemed | (10126013) | (10423850) |
| **Net Increase (Decrease) in Shares Outstanding** | **(2587783)** | **(5982191)** |
| *See notes to financial statements.* |  |  |

---

#### 24
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. These figures have been derived from the fund's financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, <br>beginning of period | 83.14 | 60.98 | 58.54 | 54.53 | 52.24 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .93 | .94 | 1.00 | 1.02 | .94 |
| Net realized and unrealized<br>gain (loss) on investments | (11.62) | 24.32 | 4.45 | 6.06 | 2.74 |
| Total from <br>Investment Operations | (10.69) | 25.26 | 5.45 | 7.08 | 3.68 |
| Distributions: |  |  |  |  |  |
| Dividends from <br>net investment income | (.98) | (.97) | (1.03) | (.97) | (.92) |
| Dividends from net realized <br>gain on investments | (8.92) | (2.13) | (1.98) | (2.10) | (.47) |
| Total Distributions | (9.90) | (3.10) | (3.01) | (3.07) | (1.39) |
| Net asset value, end of period | 62.55 | 83.14 | 60.98 | 58.54 | 54.53 |
| **Total Return (%)** | (14.78) | 42.64 | 9.51 | 14.16 | 7.11 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to<br>average net assets | .23 | .21 | .21 | .21 | .21 |
| Ratio of net expenses to <br>average net assets | .22 | .20 | .20 | .20 | .20 |
| Ratio of net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;to average net assets | 1.34 | 1.27 | 1.70 | 1.86 | 1.70 |
| Portfolio Turnover Rate | 1.84 | 3.27 | 2.56 | 4.53 | 3.20 |
| Net Assets, <br>end of period ($ x 1,000) | 2301210 | 3274123 | 2766097 | 2726019 | 2545990 |

---

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

*See notes to financial statements.*

#### 25
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 four series, including the fund. The fund's investment objective is to seek to match the total return of the S&P 500<sup><sup>®</sup></sup> Index. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), serves as the fund's investment adviser. 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 Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder 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

#### 26
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, effective September 8, 2022, to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in 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

#### 27
NOTES TO FINANCIAL STATEMENTS *(continued)*

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

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

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository 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, 2022 in valuing the fund's investments:

#### 28

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Equity Securities - Common Stocks | 2283523405 | - | - | **2283523405** |
| Investment Companies | 16026842 | - | - | **16026842** |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Futures<sup>††</sup> | 535291 | - | - | **535291** |

---

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

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

**(b) Foreign 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, 2022, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

Pursuant to a securities lending agreement with BNY Mellon, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY Mellon is required to replace the securities for the benefit of

#### 29
NOTES TO FINANCIAL STATEMENTS *(continued)*

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, 2022, BNY Mellon earned $5,534 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

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

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

**(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.

#### 30
**(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, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2022, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2022, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $9,768,465, undistributed capital gains $303,993,830 and unrealized appreciation $1,618,034,815.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows: ordinary income $43,708,894 and $53,143,275, and long-term capital gains $338,902,418 and $82,703,373, respectively.

During the period ended October 31, 2022, 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 $46,347,605 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

#### NOTE 2—Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY Mellon (the "BNYM Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon

#### 31
NOTES TO FINANCIAL STATEMENTS *(continued)*

Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2022 was approximately $938,082 with a related weighted average annualized interest rate of 2.62%.

#### 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 to 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. Out of its fee, the Adviser pays all of the expenses of the fund except brokerage fees, taxes, interest expense, commitment fees on borrowings, fees and expenses of non-interested Board Members (including counsel fees) and extraordinary expenses. In addition, the Adviser is required to reduce its fee in an amount equal to the fund's allocable portion of fees and expenses of the non-interested Board Members (including counsel fees). During the period ended October 31, 2022, fees reimbursed by the Adviser amounted to $293,200.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees 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 $378,227, which are offset against an expense reimbursement currently in effect in the amount of $80,000.

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

#### 32

#### NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures, during the period ended October 31, 2022, amounted to $49,910,732 and $540,879,879, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. The SEC recently adopted Rule 18f-4 under the Act, which, effective August 18, 2022, regulates the use of derivatives transactions for certain funds registered under the Act. The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of derivatives does not exceed 10% of fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended October 31, 2022 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2022 are set forth in the Statement of Investments.

The following summarizes the average market value of derivatives outstanding during the period ended October 31, 2022:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| Equity futures | 21232433  |

---

At October 31, 2022, the cost of investments for federal income tax purposes was $681,515,432; accordingly, accumulated net unrealized appreciation on investments was $1,618,034,815, consisting of

#### 33
NOTES TO FINANCIAL STATEMENTS *(continued)*

$1,662,608,780 gross unrealized appreciation and $44,573,965 gross unrealized depreciation.

#### NOTE 5—Shareholder Demand Review:
On July 30, 2021, the fund Board received a demand letter sent on behalf of a shareholder, alleging that the fund paid excessive management fees to the Adviser, and demanding that the Board investigate the compensation paid by the fund to the Adviser and take certain other actions. In response to the demand letter, the Board established a Demand Review Committee (the "Committee") of independent members of the Board to investigate the shareholder's claims with the assistance of independent counsel. At the fund's fourth quarter 2022 Board meeting, the Committee informed the Board that it had concluded its investigation, presented the findings of its investigation, and recommended that the Board reject taking any of the actions outlined in the demand letter. The Board accepted the Committee's recommendation and voted to reject taking the actions outlined in the demand letter. As of the end of the reporting period, the fund paid $523,207 in extraordinary expense disclosed as Legal fees within the Statement of Operations.

#### 34

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Fund and Board of Directors of<br>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 statement of investments, as of October 31, 2022, 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, 2022, 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, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. 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.

![](img_847a86a0fd384.jpg)

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

New York, New York<br>December 23, 2022

#### 35
IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $42,853,823 as ordinary income dividends paid during the year ended October 31, 2022 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 96.74% of ordinary income dividends paid during the year ended October 31, 2022 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 2023 of the percentage applicable to the preparation of their 2022 income tax returns. Also the fund reports the maximum amount allowable but not less than $8.7739 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.1501 as a short-term capital gain dividend paid on December 22, 2021 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

#### 36
BOARD MEMBERS INFORMATION (Unaudited)

*Independent Board Members*

#### Joseph S. DiMartino (79)

#### Chairman of the Board (1999)
*Principal Occupation During Past 5 Years:*

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

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

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

*No. of Portfolios for which Board Member Serves:* 94*

———————

#### Francine J. Bovich (71)

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

· The Bradley Trusts, private trust funds, *Trustee* (2011-Present)

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

· Annaly Capital Management, Inc., a real estate investment trust, *Director* (2014-Present)

*No. of Portfolios for which Board Member Serves:* 54*

———————

#### Andrew J. Donohue (72)

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

· Attorney, Solo Law Practice *(2019-Present)* 

· Shearman & Sterling LLP. a law firm, Of Counsel (2017-2019)

· Chief of Staff to the Chair of the SEC (2015-2017)

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

· Oppenheimer Funds (58 funds), *Director* (2017-2019)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### 37
BOARD MEMBERS INFORMATION (Unaudited) (continued)

#### Kenneth A. Himmel (76)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Gulf Related, an international real estate development company, *Managing Partner* (2010-Present)

· Related Urban Development, a real estate development company, *President and Chief Executive Officer* (1996-Present)

· American Food Management, a restaurant company, *Chief Executive Officer* (1983-Present)

· Himmel & Company, a real estate development company, *President and Chief Executive Officer* (1980-Present)

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

———————

#### Roslyn M. Watson (73)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Watson Ventures, Inc., a real estate investment company, *Principal* (1993-Present)

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

· American Express Bank, FSB, *Director* (1993-2018)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### Benaree Pratt Wiley (76)

#### Board Member (1998)
*Principal Occupation During Past 5 Years:*

· The Wiley Group, a firm specializing in strategy and business development, *Principal* (2005-Present)

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (2008-Present)

· Blue Cross-Blue Shield of Massachusetts, *Director* (2004-2020)

*No. of Portfolios for which Board Member Serves:* 61*

———————

#### 38
*Interested Board Member*

#### Bradley Skapyak (63)

#### Board Member (2021)
*Principal Occupation During Past 5 Years:*

· Chief Operating Officer and Director of The Dreyfus Corporation (2009-2019)

· Chief Executive Officer and Director of the Distributor (2016-2019)

· Chairman and Director of The Dreyfus Transfer Agent, Inc. (2011-2019)

· Senior Vice President of The Bank of New York Mellon (2007-2019)

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

*Mr. Skapyak is deemed to be an Interested Board Member of the fund as a result of his ownership of unvested restricted stock units of BNY Mellon.*

———————

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

#### 39
OFFICERS OF THE FUND (Unaudited)

#### DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 44 years old and has been an employee of BNY Mellon since 2005.

#### JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020; and Director–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 64 years old and has been an employee of the Adviser since April 1985.

#### PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of BNY Mellon since April 2004.

#### JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the Adviser. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since December 1996.

#### DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 32 years old and has been an employee of the Adviser since August 2018.

#### SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 47 years old and has been an employee of the Adviser since March 2013.

#### JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since October 1990.

#### AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of the Adviser since June 2019.

#### 40

#### NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of BNY Mellon since May 2016.

#### DANIEL GOLDSTEIN, Vice President since March 2022.
Vice President and Head of Product Development of North America Product, BNY Mellon Investment Management since January 2018; Co-Head of Product Management, Development & Oversight of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Distributor since 1991.

#### JOSEPH MARTELLA, Vice President since March 2022.
Vice President and Head of Product Management of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 46 years old and has been an employee of the Distributor since 1999.

#### GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since April 1991.

#### ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since June 1989.

#### ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since November 1990.

#### JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 55 investment companies (comprised of 115 portfolios) managed by the Adviser. He is 65 years old.

#### CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 48 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 54 years old and has been an employee of the Distributor since 1997.

#### 41
For More Information

#### BNY Mellon Institutional S&P 500 Stock Index Fund
240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Distributor
BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

---

| | |
|:---|:---|
| **Ticker Symbol:** | DSPIX |

---

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

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

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

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

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

---

| | |
|:---|:---|
|© 2022 BNY Mellon Securities Corporation<br>0713AR1022 | ![](img_19e1c53524db4.jpg) |

---

## BNY Mellon Tax Managed Growth Fund
**ANNUAL REPORT**<br>October 31, 2022<br>

![](img_c24a81cbda8a4.jpg)<br>

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

---

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

---

## Contents
THE FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Discussion of Fund Performance](#29) | [2](#29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Performance](#30) | [5](#30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Understanding Your Fund's Expenses](#31) | [7](#31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Comparing Your Fund's Expenses <br> With Those of Other Funds](#32) | [7](#32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Investments](#33) | [8](#33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#34) | [12](#34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#35) | [13](#35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#36) | [14](#36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#37) | [16](#37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#38) | [19](#38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered<br> Public Accounting Firm](#39) | [29](#39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Tax Information](#40) | [30](#40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Results](#41) | [31](#41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information About the Approval of <br> the Fund's New Sub-Investment <br> Advisory Agreement](#42) | [32](#42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Members Information](#43) | [38](#43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers of the Fund](#44) | [41](#44) |

---

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

*For the period from November 1, 2021, through October 31, 2022, as provided by portfolio managers Alan R. Christensen, Catherine P. Crain, W. Gentry Lee, Jr., Christopher B. Sarofim, and Charles E. Sheedy of Fayez Sarofim & Co., sub-adviser.*

#### Market and Fund Performance Overview
For the 12-month period ended October 31, 2022, BNY Mellon Tax Managed Growth Fund's (the "fund") Class A shares produced a total return of -18.09%, Class C shares returned -18.70% and Class I shares returned -17.90%.<sup>1</sup> In comparison, the S&P 500<sup><sup>®</sup></sup> Index (the "Index"), the fund's benchmark, returned -14.60% for the same period.<sup>2</sup>

U.S. equities declined during the reporting period in response to inflation, tightening monetary policy and concerns about a potentially slowing economy. The fund lagged its benchmark due primarily to unfavorable security selection.

#### The Fund's Investment Approach
The fund seeks long-term capital appreciation consistent with minimizing realized capital gains. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and employs a tax-managed strategy, which is an approach to managing a fund that seeks to minimize capital gains-tax liabilities.

In choosing stocks, the fund's portfolio managers first identify economic sectors that they believe will expand over the next three to five years or longer. Using fundamental analysis, the fund's portfolio managers then seek companies within these sectors that have dominant positions in their industries, and that have demonstrated sustained patterns of profitability, strong balance sheets, an expanding global presence and the potential to achieve predictable, above-average earnings growth. The fund's portfolio managers also are alert to companies that they consider undervalued in terms of current earnings, assets or growth prospects.

The fund may invest in U.S. dollar-denominated American depositary receipts (ADRs). The fund attempts to enhance after-tax returns by minimizing its annual taxable distributions to shareholders. To do so, the fund employs a "buy-and hold" investment strategy, which generally has resulted in an annual portfolio turnover rate of below 15%.

#### Markets Hindered by Inflation, Tightening Monetary Policy and Growth Concerns
The reporting period was defined by a significant shift from positive to negative investor sentiment, which led to steep declines in the equity market. The Index reached new all-time highs in early January of 2022 before concerns over high inflation, monetary policy normalization, and the Russia-Ukraine conflict turned investor sentiment negative.

Inflation continued the upward trend that began in 2021 and ultimately reached a multidecade high of 9.1% in June of 2022, as measured by the annual headline Consumer Price Index, worrying consumers and investors alike. In response to this persistently high inflation, the Federal Reserve ("Fed") shifted its policy from helping the economy recover after the COVID-19 shutdowns to taming high inflation by raising interest rates and reducing its balance sheet. Citing a strong economy and noting a sense of urgency, the Fed

#### 2
began to implement rate hikes in March 2022. Higher rates are intended to help tame inflation as consumers and businesses cut back on consumption and investments due to higher borrowing costs. But an overly aggressive approach could go too far and tip the economy into a recession. The ultimate result of the Fed's monetary tightening policy continues to be debated, with a recession as the worst-case scenario and a "soft landing" as the best-case scenario.

The adverse impact of the Russia-Ukraine conflict on the global supply chain also continued to weigh on investor sentiment. The U.S. and major economies in Europe and Asia imposed sanctions against Russia for its invasion, exacerbating the already high price of commodities such as wheat and crude oil.

As markets digested the winding down of pandemic-era accommodative monetary policies, the growth outlook has been dampened by the intertwining issues of supply-chain disruptions, COVID-19 lockdowns and inflation. As 2022 has progressed, inflation data and the Fed's monetary tightening policies dominated the market narrative. While some investors were optimistic that a downtick in inflation would compel the Fed to pivot away from its monetary tightening path, Chairman Powell rejected any notion of a pivot and shifted expectations toward a prolonged period of restrictive monetary policy and slower growth. Slower growth prospects, supply-chain concerns, and higher interest rates for longer negatively impacted stock valuations.

Within the S&P 500, the energy sector was a standout and gained over 60% during the period, driven by high energy prices. Several other sectors were challenged, with the communication services, consumer discretionary and real estate sectors performing the worst.

#### Stock Selection Hampered Performance
The fund underperformed the S&P 500 Index during the period as a negative stock selection effect outweighed a positive allocation effect. In the communication services sector, a negative allocation and stock selection effect detracted from fund results. In the health care sector, the combination of the fund's holdings trailing their sector peers and an underweight allocation resulted in an overall negative contribution for the period. Stock selection was also a detractor in the financial sector. The top detractors from relative performance included Meta Platforms Inc., Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Estee Lauder Companies.

On a more positive note, the fund was a beneficiary of positive stock selection and allocation effects stemming from its overweight allocation to the energy sector, which was the best-performing sector in the Index. In the consumer discretionary sector, the fund also benefited from positive allocation and selection effects as its holdings outpaced the Index. The fund's strategic holdings in the information technology sector also contributed positively to performance. The top contributors to relative performance included Chevron Corp., Hess Corp., UnitedHealth Group Inc., Exxon Mobil Corp. and The Progressive Corp.

#### A Focus on Quality
We expect markets to be turbulent as we endure a longer period of monetary policy tightening, which can result in strains on the economy. As the fund has done in its long history, it remains focused on companies with solid pricing power, high margins and secure

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

balance sheets. We believe the earnings and cash flow streams of these companies should remain resilient. In the current environment, capital allocation and operational excellence remain paramount, as missteps are being punished quickly.

Although we do not see reasons to be overly aggressive while the Fed is hiking rates, we are beginning to see more attractive valuations in companies that we believe may have unique competitive positioning and advantages. It is easy to be pessimistic, but we are reminded that we have been through many difficult periods through seven decades of market history. In addition, it is important to remember that lower valuations and share prices tend to, typically, improve the opportunity for future returns. We remain dedicated to identifying the best businesses and management teams at attractive prices.

November 15, 2022

*Effective June 1, 2022, Fayez Sarofim no longer serves as a portfolio manager of the fund.*

*<sup>1</sup> Total return includes reinvestment of dividends and any capital gains paid and does not take into consideration the maximum initial sales charge in the case of Class A shares or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.* 

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

*Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.*

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

*References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations.*

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

#### 4
FUND PERFORMANCE (Unaudited)

![](img_9c4d3df2b6be4.jpg)<br> Comparison of change in value of a $10,000 investment in Class A shares, Class C shares and Class I shares of BNY Mellon Tax Managed Growth Fund with a hypothetical investment of $10,000 in the S&P 500<sup><sup>®</sup></sup> Index (the "Index").

*<sup>†</sup> Source: Lipper Inc.*

*Past performance is not predictive of future performance.*

*The above graph compares a hypothetical investment of $10,000 made in each of the Class A shares, Class C shares and Class I shares of BNY Mellon Tax Managed Growth Fund on 10/31/12 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.* 

*The fund's performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.*

#### 5
FUND PERFORMANCE *(Unaudited) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 10/31/2022** | **Average Annual Total Returns as of 10/31/2022** | **Average Annual Total Returns as of 10/31/2022** | **Average Annual Total Returns as of 10/31/2022** |
|  | **1 Year** | **5 Years** | **10 Years** |
| **Class A shares** |  |  |  |
| *with maximum sales charge (5.75%)* | **-22.80%** | **&nbsp;&nbsp;&nbsp;&nbsp;9.05%** | **&nbsp;&nbsp;&nbsp;&nbsp;9.37%** |
| *without sales charge*  | **-18.09%** | **10.35%** | **10.02%** |
| **Class C shares** |  |  |  |
| *with applicable redemption charge <sup>†</sup>* | **-19.48%** | **&nbsp;&nbsp;&nbsp;&nbsp;9.53%** | **&nbsp;&nbsp;&nbsp;&nbsp; 9.20%** |
| *without redemption* | **-18.70%** | **&nbsp;&nbsp;&nbsp;&nbsp; 9.53%** | **&nbsp;&nbsp;&nbsp;&nbsp;9.20%** |
| **Class I shares** | **-17.90%** | **10.64%** | **10.30%** |
| **S&P 500<sup><sup>®</sup></sup> Index** | **-14.60%** | **10.44%** | **12.78%** |

---

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

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

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

#### 6
UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)

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

#### Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Tax Managed Growth Fund from May 1, 2022 to October 31, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

---

| | | | |
|:---|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 | Assume actual returns for the six months ended October 31, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |
| Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $5.87 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $4.65 |
| Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $939.40 | &nbsp;&nbsp;&nbsp; $935.70 | &nbsp;&nbsp;&nbsp; $940.40 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** | **Expenses and Value of a $1,000 Investment** |
| Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 | Assuming a hypothetical 5% annualized return for the six months ended October 31, 2022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |
| Expenses paid per $1,000<sup>†</sup> | Expenses paid per $1,000<sup>†</sup> | &nbsp;&nbsp;&nbsp; $6.11 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $4.84 |
| Ending value (after expenses) | Ending value (after expenses) | &nbsp;&nbsp;&nbsp; $1019.16 | &nbsp;&nbsp;&nbsp; $1015.38 | &nbsp;&nbsp;&nbsp; $1020.42 |
| *<sup>†</sup>* | *Expenses are equal to the fund's annualized expense ratio of 1.20% for Class A, 1.95% for Class C and .95% for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.20% for Class A, 1.95% for Class C and .95% for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.20% for Class A, 1.95% for Class C and .95% for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* | *Expenses are equal to the fund's annualized expense ratio of 1.20% for Class A, 1.95% for Class C and .95% for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).* |

---

#### 7
STATEMENT OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.3%**  |  |  |
| **Banks - 2.3%** |  |  |
| JPMorgan Chase & Co. | 22100 | **2781948** |
| **Capital Goods - 1.4%** |  |  |
| Otis Worldwide Corp. | 6315 | 446092 |
| Raytheon Technologies Corp. | 14080 | 1335066 |
|  |  | **1781158** |
| **Commercial & Professional Services - .5%** |  |  |
| Verisk Analytics Inc. | 3435 | **628021** |
| **Consumer Durables & Apparel - 1.1%** |  |  |
| NIKE Inc., Cl. B | 14460 | **1340153** |
| **Consumer Services - 4.4%** |  |  |
| Marriott International Inc., Cl. A | 13100 | 2097441 |
| McDonald's Corp. | 12190 | 3323725 |
|  |  | **5421166** |
| **Diversified Financials - 5.8%** |  |  |
| BlackRock Inc. | 5365 | 3465307 |
| Intercontinental Exchange Inc. | 21415 | 2046632 |
| S&P Global Inc. | 5065 | 1627131 |
|  |  | **7139070** |
| **Energy - 10.9%** |  |  |
| Chevron Corp. | 35590 | 6438231 |
| Exxon Mobil Corp. | 22475 | 2490455 |
| Hess Corp. | 32225 | 4546303 |
|  |  | **13474989** |
| **Food, Beverage & Tobacco - 9.2%** |  |  |
| Altria Group Inc. | 23105 | 1069068 |
| Nestle SA, ADR | 22085 | 2400860 |
| PepsiCo Inc. | 13885 | 2521238 |
| Philip Morris International Inc. | 27935 | 2565830 |
| The Coca-Cola Company | 46405 | 2777339 |
|  |  | **11334335** |
| **Health Care Equipment & Services - 7.6%** |  |  |
| Abbott Laboratories | 28560 | 2825727 |
| Intuitive Surgical Inc. | 5480<br> <sup>a</sup>  | 1350656 |
| UnitedHealth Group Inc. | 9385 | 5210083 |
|  |  | **9386466** |
| **Household & Personal Products - 3.1%** |  |  |
| The Estee Lauder Companies, Cl. A | 19000 | **3809310** |
| **Insurance - 1.3%** |  |  |
| The Progressive Corp. | 12675 | **1627470** |
| **Materials - 3.2%** |  |  |
| Air Products & Chemicals Inc. | 11660 | 2919664 |

---

#### 8

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Common Stocks - 99.3% (continued)** |  |  |
| **Materials - 3.2% (continued)** |  |  |
| The Sherwin-Williams Company | 4850 | 1091396 |
|  |  | **4011060** |
| **Media & Entertainment - 5.6%** |  |  |
| Alphabet Inc., Cl. C | 37460<br> <sup>a</sup>  | 3545964 |
| Comcast Corp., Cl. A | 50810 | 1612709 |
| Meta Platforms Inc., Cl. A | 14110<br> <sup>a</sup>  | 1314488 |
| The Walt Disney Company | 3897<br> <sup>a</sup>  | 415186 |
|  |  | **6888347** |
| **Pharmaceuticals Biotechnology & Life Sciences - 4.6%** |  |  |
| Johnson & Johnson | 7450 | 1296076 |
| Novo Nordisk A/S, ADR | 34655 | 3771850 |
| Zoetis Inc. | 4450 | 670971 |
|  |  | **5738897** |
| **Retailing - 3.5%** |  |  |
| Amazon.com Inc. | 42625<br> <sup>a</sup>  | **4366505** |
| **Semiconductors & Semiconductor Equipment - 7.1%** |  |  |
| ASML Holding NV | 7240 | 3420321 |
| Texas Instruments Inc. | 33765 | 5423672 |
|  |  | **8843993** |
| **Software & Services - 16.8%** |  |  |
| Adobe Inc. | 3650<br> <sup>a</sup>  | 1162525 |
| Automatic Data Processing Inc. | 4795 | 1158952 |
| Gartner Inc. | 2150<br> <sup>a</sup>  | 649128 |
| Intuit Inc. | 4505 | 1925887 |
| Mastercard Inc., Cl. A | 4025 | 1320924 |
| Microsoft Corp. | 42300 | 9819099 |
| Visa Inc., Cl. A | 23150<br> <sup>b</sup>  | 4795754 |
|  |  | **20832269** |
| **Technology Hardware & Equipment - 7.1%** |  |  |
| Apple Inc. | 57290 | **8784849** |
| **Transportation - 3.8%** |  |  |
| Canadian Pacific Railway Ltd. | 41080 | 3060049 |
| Union Pacific Corp. | 8245 | 1625419 |
|  |  | **4685468** |
| **Total Common Stocks** (cost $49,582,489) |  | **122875474** |

---

#### 9
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br>Yield (%) | Shares | Value ($) |
| **Investment Companies - .8%**  | **Investment Companies - .8%**  |  |  |
| **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares<br>(cost $962,357) | 3.23 | 962357<br> <sup>c</sup>  | **962357** |
| **Total Investments** (cost $50,544,846) | **Total Investments** (cost $50,544,846) | **100.1%** | **123837831** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(.1%)** | **(74792)** |
| **Net Assets** | **Net Assets** | **100.0%** | **123763039** |

---

*ADR—American Depository Receipt*

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

*<sup>b</sup> Security, or portion thereof, on loan. At October 31, 2022, the value of the fund's securities on loan was $4,747,693 and the value of the collateral was $4,893,919, 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 affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus.*

---

| | |
|:---|:---|
| Portfolio Summary (Unaudited) <sup>†</sup> | Value (%) |
| Information Technology | 31.1 |
| Consumer Staples | 12.2 |
| Health Care | 12.2 |
| Energy | 10.9 |
| Financials | 9.3 |
| Consumer Discretionary | 9.0 |
| Industrials | 5.7 |
| Communication Services | 5.6 |
| Materials | 3.3 |
| Investment Companies | .8 |
|  | 100.1 |

---

*<sup>†</sup> Based on net assets.*

*See notes to financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |  |  |
| Description | Value ($) 10/31/2021 | Purchases ($)<sup>†</sup> | Sales ($) | Value ($) 10/31/2022 | Dividends/<br>Distributions ($) |
| **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** | **Registered Investment Companies - .8%** |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .8% | 1160287 | 13377099 | (13575029) | 962357 | 8918 |

---

#### 10

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Value ($) 10/31/2021 | Purchases ($)<sup>†</sup> | Sales ($) | Value ($) 10/31/2022 | Dividends/<br>Distributions ($) |  |
| **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 Market Fund, SL Shares - .0% | 3259382 | 14352060 | (17611442) | - | 8629 | <sup>††</sup>  |
| **Total - .8%** | **4419669** | **27729159** | **(31186471)** | **962357** | **17547** |  |

---

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

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

*See notes to financial statements.*

#### 11
STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):**  |  |  |
| Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $4,747,693)—Note 1(c): | Investments in securities—See Statement of Investments <br> (including securities on loan, valued at $4,747,693)—Note 1(c): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 49582489  | 122875474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 962357  | 962357  |
| Cash |  | 4313  |
| Dividends and securities lending income receivable | Dividends and securities lending income receivable | 80038  |
| Tax reclaim receivable—Note 1(b) | Tax reclaim receivable—Note 1(b) | 39639  |
| Receivable for shares of Common Stock subscribed | Receivable for shares of Common Stock subscribed | 1505  |
|  |  | **123963326**  |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c) | Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c) | 117352  |
| Payable for shares of Common Stock redeemed | Payable for shares of Common Stock redeemed | 81101  |
| Directors' fees and expenses payable | Directors' fees and expenses payable | 1834  |
|  |  | **200287**  |
| **Net Assets ($)** |  | **123763039**  |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital  |  | 41277478  |
| Total distributable earnings (loss) |  | 82485561  |
| **Net Assets ($)** |  | **123763039**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I |
| Net Assets ($) | 98195626  | 4055757  | 21511656  |
| Shares Outstanding | 2802857  | 127281  | 610591  |
| **Net Asset Value Per Share ($)** | 35.03 | 31.86 | 35.23 |
| *See notes to financial statements.* |  |  |  |

---

#### 12
STATEMENT OF OPERATIONS

Year Ended October 31, 2022

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $30,238 foreign taxes withheld at source): | Cash dividends (net of $30,238 foreign taxes withheld at source): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1964318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 8918  |
| Income from securities lending—Note 1(c) | 8629  |
| **Total Income** | **1981865**  |
| **Expenses:** |  |
| Management fee—Note 3(a) | 1336344  |
| Distribution/Service Plan fees—Note 3(b) | 329839  |
| Directors' fees—Note 3(a,c) | 14603  |
| Loan commitment fees—Note 2 | 2897  |
| **Total Expenses** | **1683683**  |
| Less—Directors' fees reimbursed by <br> BNY Mellon Investment Adviser, Inc.—Note 3(a) | (14603) |
| **Net Expenses** | **1669080**  |
| **Net Investment Income** | **312785**  |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | 8968500  |
| Net change in unrealized appreciation (depreciation) on investments <br> and foreign currency transactions | (37902583) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(28934083)** |
| **Net (Decrease) in Net Assets Resulting from Operations** | **(28621298)** |
| *See notes to financial statements.* |  |

---

#### 13
STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  |
|  | 2022 | 2021 |
| **Operations ($):** |  |  |
| Net investment income | 312785  | 165054  |
| Net realized gain (loss) on investments | 8968500  | 6218285  |
| Net change in unrealized appreciation <br> (depreciation) on investments | (37902583) | 40214923  |
| **Net Increase (Decrease) in Net Assets <br> Resulting from Operations** | **(28621298)** | **46598262**  |
| **Distributions ($):** | **Distributions ($):** | **Distributions ($):** |
| Distributions to shareholders: |  |  |
| Class A | (4992632) | (6235634) |
| Class C | (251713) | (797636) |
| Class I | (1022214) | (1172400) |
| **Total Distributions** | **(6266559)** | **(8205670)** |
| **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** |
| Net proceeds from shares sold: |  |  |
| Class A | 5502533  | 11674318  |
| Class C | 538206  | 770673  |
| Class I | 5261223  | 5183820  |
| Distributions reinvested: |  |  |
| Class A | 4283126  | 5277331  |
| Class C | 251278  | 797096  |
| Class I | 958458  | 1104596  |
| Cost of shares redeemed: |  |  |
| Class A | (12274272) | (9594249) |
| Class C | (1402465) | (8611137) |
| Class I | (4633249) | (2355255) |
| **Increase (Decrease) in Net Assets <br> from Capital Stock Transactions** | **(1515162)** | **4247193**  |
| **Total Increase (Decrease) in Net Assets** | **(36403019)** | **42639785**  |
| **Net Assets ($):** | **Net Assets ($):** | **Net Assets ($):** |
| Beginning of Period | 160166058  | 117526273  |
| **End of Period** | **123763039**  | **160166058**  |

---

#### 14

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31,  |
|  |  | 2022 | 2021 |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| **Class A<sup>a,b</sup>** | **Class A<sup>a,b</sup>** |  |  |
| Shares sold | Shares sold | 133759  | 310318  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 98546  | 149137  |
| Shares redeemed | Shares redeemed | (317981) | (248539) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **(85676)** | **210916**  |
| **Class C<sup>b</sup>** | **Class C<sup>b</sup>** |  |  |
| Shares sold | Shares sold | 13948  | 20930  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 6304  | 24436  |
| Shares redeemed | Shares redeemed | (38809) | (251332) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **(18557)** | **(205966)** |
| **Class I<sup>a</sup>** | **Class I<sup>a</sup>** |  |  |
| Shares sold | Shares sold | 134174  | 132614  |
| Shares issued for distributions reinvested | Shares issued for distributions reinvested | 22018  | 31039  |
| Shares redeemed | Shares redeemed | (120994) | (60634) |
| **Net Increase (Decrease) in Shares Outstanding** | **Net Increase (Decrease) in Shares Outstanding** | **35198**  | **103019**  |
| *<sup>a</sup>* | *During the period ended October 31, 2022, 13,971 Class A shares representing $510,580 were exchanged for 13,891 Class I shares.* | *During the period ended October 31, 2022, 13,971 Class A shares representing $510,580 were exchanged for 13,891 Class I shares.* | *During the period ended October 31, 2022, 13,971 Class A shares representing $510,580 were exchanged for 13,891 Class I shares.* |
| *<sup>b</sup>* | *During the period ended October 31, 2022, 2,862 Class C shares representing $113,080 were automatically converted to 2,625 Class A shares and during the period ended October 31, 2021, 7,212 Class C shares representing $253,319 were automatically converted to 6,649 Class A shares.* | *During the period ended October 31, 2022, 2,862 Class C shares representing $113,080 were automatically converted to 2,625 Class A shares and during the period ended October 31, 2021, 7,212 Class C shares representing $253,319 were automatically converted to 6,649 Class A shares.* | *During the period ended October 31, 2022, 2,862 Class C shares representing $113,080 were automatically converted to 2,625 Class A shares and during the period ended October 31, 2021, 7,212 Class C shares representing $253,319 were automatically converted to 6,649 Class A shares.* |
| *See notes to financial statements.* | *See notes to financial statements.* |  |  |

---

#### 15
FINANCIAL HIGHLIGHTS

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, |
| **Class A Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 44.49 | 33.79 | 30.45 | 29.35 | 29.44 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .08 | .05 | .18 | .26 | .24 |
| Net realized and unrealized <br>gain (loss) on investments | (7.80) | 12.99 | 4.72 | 3.85 | 1.25 |
| Total from Investment Operations | (7.72) | 13.04 | 4.90 | 4.11 | 1.49 |
| Distributions: |  |  |  |  |  |
| Dividends from <br>net investment income | (.02) | (.06) | (.22) | (.30) | (.23) |
| Dividends from net realized <br>gain on investments | (1.72) | (2.28) | (1.34) | (2.71) | (1.35) |
| Total Distributions | (1.74) | (2.34) | (1.56) | (3.01) | (1.58) |
| Net asset value, end of period | 35.03 | 44.49 | 33.79 | 30.45 | 29.35 |
| **Total Return (%)<sup>b</sup>** | (18.09) | 40.40 | 16.73 | 15.88 | 5.19 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses <br>to average net assets | 1.21 | 1.21 | 1.21 | 1.21 | 1.26 |
| Ratio of net expenses <br>to average net assets | 1.20 | 1.20 | 1.20 | 1.20 | 1.25 |
| Ratio of net investment income <br>to average net assets | .21 | .12 | .56 | .92 | .82 |
| Portfolio Turnover Rate | 7.55 | 4.27 | 9.68 | 2.69 | 5.63 |
| Net Assets, end of period ($ x 1,000) | 98196 | 128512 | 90470 | 82846 | 77180 |

---

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

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

*See notes to financial statements.*

#### 16

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, |
| **Class C Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 40.89 | 31.39 | 28.42 | 27.59 | 27.77 |
| Investment Operations: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | (.20) | (.19) | (.05) | .05 | .02 |
| Net realized and unrealized <br>gain (loss) on investments | (7.11) | 11.97 | 4.39 | 3.58 | 1.18 |
| Total from Investment Operations | (7.31) | 11.78 | 4.34 | 3.63 | 1.20 |
| Distributions: |  |  |  |  |  |
| Dividends from <br>net investment income | - | - | (.03) | (.09) | (.03) |
| Dividends from net realized <br>gain on investments | (1.72) | (2.28) | (1.34) | (2.71) | (1.35) |
| Total Distributions | (1.72) | (2.28) | (1.37) | (2.80) | (1.38) |
| Net asset value, end of period | 31.86 | 40.89 | 31.39 | 28.42 | 27.59 |
| **Total Return (%)<sup>b</sup>** | (18.70) | 39.37 | 15.83 | 15.01 | 4.41 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses <br>to average net assets | 1.96 | 1.96 | 1.96 | 1.96 | 2.01 |
| Ratio of net expenses <br>to average net assets | 1.95 | 1.95 | 1.95 | 1.95 | 2.00 |
| Ratio of net investment income <br>(loss) to average net assets | (.56) | (.55) | (.17) | .18 | .06 |
| Portfolio Turnover Rate | 7.55 | 4.27 | 9.68 | 2.69 | 5.63 |
| Net Assets, end of period ($ x 1,000) | 4056 | 5963 | 11043 | 12001 | 13123 |

---

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

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

*See notes to financial statements.*

#### 17
*FINANCIAL HIGHLIGHTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, |
| **Class I Shares** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 44.65 | 33.90 | 30.55 | 29.43 | 29.50 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .18 | .14 | .26 | .33 | .33 |
| Net realized and unrealized <br>gain (loss) on investments | (7.84) | 13.04 | 4.73 | 3.87 | 1.26 |
| Total from Investment Operations | (7.66) | 13.18 | 4.99 | 4.20 | 1.59 |
| Distributions: |  |  |  |  |  |
| Dividends from <br>net investment income | (.04) | (.15) | (.30) | (.37) | (.31) |
| Dividends from net realized <br>gain on investments | (1.72) | (2.28) | (1.34) | (2.71) | (1.35) |
| Total Distributions | (1.76) | (2.43) | (1.64) | (3.08) | (1.66) |
| Net asset value, end of period | 35.23 | 44.65 | 33.90 | 30.55 | 29.43 |
| **Total Return (%)** | (17.90) | 40.76 | 17.00 | 16.21 | 5.51 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses <br>to average net assets | .96 | .96 | .96 | .96 | 1.01 |
| Ratio of net expenses <br>to average net assets | .95 | .95 | .95 | .95 | 1.00 |
| Ratio of net investment income <br>to average net assets | .46 | .36 | .81 | 1.18 | 1.11 |
| Portfolio Turnover Rate | 7.55 | 4.27 | 9.68 | 2.69 | 5.63 |
| Net Assets, end of period ($ x 1,000) | 21512 | 25691 | 16013 | 13931 | 15026 |

---

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

*See notes to financial statements.*

#### 18
NOTES TO FINANCIAL STATEMENTS

#### NOTE 1—Significant Accounting Policies:
BNY Mellon Tax Managed Growth 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 four series, including the fund. The fund's investment objective is to seek long-term capital appreciation consistent with minimizing realized capital gains. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), serves as the fund's investment adviser. Fayez Sarofim & Co. (the "Sub-Adviser" or "Sarofim & Co.") serves as the sub-adviser to the fund. Due to a change in the ownership and organizational structure of Sarofim & Co. that occurred on May 28, 2022 (the "Effective Date"), the then-existing sub-advisory agreement between the Adviser and Sarofim & Co., on behalf of the fund (the "Prior Sub-Advisory Agreement") terminated in accordance with its terms and the Act.

To enable Sarofim & Co. to continue to provide sub-advisory services to the fund after the Effective Date, the Company's Board of Directors (the "Board") approved an interim sub-advisory agreement between the Adviser and Sarofim & Co., on behalf of the fund (the "Interim Sub-Advisory Agreement"), which did not require shareholder approval, and a new sub-advisory agreement between the Adviser and Sarofim & Co., on behalf of the fund (the "New Sub-Advisory Agreement"), which required approval by a majority of the fund's outstanding voting securities before it could go into effect. As required under the Act, the Interim Sub-Advisory Agreement expired upon the earlier of 150 days after the Effective Date or upon shareholder approval and effectiveness of the New Sub-Advisory Agreement. Therefore, the Board called a Special Meeting of Shareholders to seek shareholder approval of the New Sub-Advisory Agreement in order to ensure that Sarofim & Co. could provide uninterrupted service as sub-adviser to the fund. At a Special Meeting of Shareholders held on October 4, 2022, votes were presented and counted but the fund did not receive enough votes to reach the required threshold to approve the New Sub-Advisory Agreement. While the percentage of shares voted was significantly in favor of the proposal, the shareholder meeting was further adjourned to October 24, 2022 to provide additional time for shareholders of the fund to vote. At a Special Meeting of Shareholders on October 24, 2022, shareholder approval was obtained for the New Sub-Advisory Agreement. See "Proxy Results (Unaudited)".

#### 19
NOTES TO FINANCIAL STATEMENTS *(continued)*

The sub-advisory fee payable under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement is the same as the sub-advisory fee under the Prior Sub-Advisory Agreement. The Adviser continues to serve 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. The fund is authorized to issue 600 million shares of $.001 par value Common Stock. The fund currently has authorized three classes of shares: Class A (300 million shares authorized), Class C (100 million shares authorized) and Class I (200 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution fees and/or Service Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Service Plan fees. Class I shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's

#### 20
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 Board has designated the Adviser as the fund's valuation designee, effective September 8, 2022, to make all fair value determinations with

#### 21
NOTES TO FINANCIAL STATEMENTS *(continued)*

respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

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

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

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

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

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

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

#### 22
The following is a summary of the inputs used as of October 31, 2022 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Equity Securities - Common Stocks | 122875474 | - | - | **122875474** |
| Investment Companies | 962357 | - | - | **962357** |

---

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

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

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

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2022, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

#### 23
NOTES TO FINANCIAL STATEMENTS *(continued)*

amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY Mellon, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2022, BNY Mellon earned $1,177 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

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

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments,

#### 24
including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

**(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, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2022, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2022, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $227,196, undistributed capital gains $8,966,377 and unrealized appreciation $73,291,988.

The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows: ordinary income $85,003 and $255,421, and long-term capital gains $6,181,556 and $7,950,249, respectively.

#### NOTE 2—Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank,

#### 25
NOTES TO FINANCIAL STATEMENTS *(continued)*

N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY Mellon (the "BNYM Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2022, the fund did not borrow under the Facilities.

#### NOTE 3—Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
**(a)** Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide management, administrative, custody, fund accounting and transfer agency services to 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 the annual rate of .95% of the value of the fund's average daily net assets. Out of its fee, the Adviser pays all of the expenses of the fund except brokerage fees, taxes, interest expenses, commitment fees on borrowings, Distribution Plan fees and Service Plan fees, fees and expenses of the non-interested Board Members (including counsel fees) and extraordinary expenses. In addition, the Adviser is required to reduce its fee in an amount equal to the fund's allocable portion of fees and expenses of the non-interested Board Members (including counsel fees). During the period ended October 31, 2022, fees reimbursed by the Adviser amount to $14,603.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .2175% of the value of the fund's average daily net assets.

During the period ended October 31, 2022, the Distributor retained $3,077 from commissions earned on sales of the fund's Class A shares and $132 from CDSC fees on redemptions of the fund's Class C shares.

#### 26
**(b)** Under the Distribution Plans adopted pursuant to Rule 12b-1 (the "Distribution Plans") under the Act, Class A shares pay annually up to .25% of the value of its average daily net assets to compensate the Distributor and its affiliates for shareholder servicing activities and expenses primarily intended to result in the sale of Class A shares. The Distributor may compensate Service Agents in respect of distribution-related services with regard to the fund and/or shareholder services to the Service Agents' clients that hold Class A shares. Class C shares pay the Distributor for distributing its shares at an aggregate annual rate of .75% of the value of the average daily net assets of Class C shares. The Distributor may pay one or more Service Agents for distribution-related services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. Class C shares are also subject to a service plan adopted pursuant to Rule 12b-1 (the "Service Plan"), under which Class C shares pay the Distributor for providing certain services to the holders of their shares, a fee at an annual rate of .25% of the value of the average daily net assets of Class C shares. Services include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and providing services related to the maintenance of shareholder accounts. The Distributor may make payments to certain Service Agents in respect of these services. During the period ended October 31, 2022, Class A and Class C shares were charged $280,655 and $36,888, respectively, pursuant to their Distribution Plans. During the period ended October 31, 2022, Class C shares were charged $12,296 pursuant to the Service Plan.

Under its terms, the Distribution Plans and Service 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 Plans or Service Plan.

The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees 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 $96,780, Distribution Plans fees of $22,702 and Service Plan fees of

#### 27
NOTES TO FINANCIAL STATEMENTS *(continued)*

$837, which are offset against an expense reimbursement currently in effect in the amount of $2,967.

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

#### NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2022, amounted to $10,559,630 and $17,670,294, respectively.

At October 31, 2022, the cost of investments for federal income tax purposes was $50,545,763; accordingly, accumulated net unrealized appreciation on investments was $73,292,068, consisting of $73,693,398 gross unrealized appreciation and $401,330 gross unrealized depreciation.

#### 28

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Fund and Board of Directors of<br>BNY Mellon Investment Funds IV, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of BNY Mellon Tax Managed Growth Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the statement of investments, as of October 31, 2022, 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, 2022, 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, 2022, by correspondence with the custodian. 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.

![](img_4f4ddb7f83fb4.jpg)

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

New York, New York<br>December 23, 2022

#### 29
IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $85,003 as ordinary income dividends paid during the year ended October 31, 2022 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 100% of ordinary income dividends paid during the year ended October 31, 2022 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 2023 of the percentage applicable to the preparation of their 2022 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.7165 per share as a capital gain dividend paid on December 7, 2021 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

#### 30
PROXY RESULTS (Unaudited)

A special meeting of the fund's shareholders was held on October 24, 2022. The proposal considered at the meeting and the results were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares | Shares |
|  | For | Against | Abstain |
| To approve a new sub-investment advisory agreement between BNY Mellon Investment Adviser, Inc., on behalf of the fund, and Fayez Sarofim & Co. | 1,439,642 | 39,602 | 409,801 |

---

#### 31
INFORMATION ABOUT THE APPROVAL OF THE FUND'S NEW SUB-INVESTMENT ADVISORY AGREEMENT (Unaudited)

At a meeting of the fund's Board of Directors (the "Board") held on June 6, 2022 (the "June Meeting"), the Board discussed the passing of Fayez Sarofim, the founder and controlling shareholder of Fayez Sarofim & Co. (the "Sub-Adviser"), the fund's sub-adviser. Mr. Sarofim's passing caused a "change in control" of the Sub-Adviser which triggered an assignment and automatic termination of the then-existing sub-investment advisory agreement (the "Prior Sub-Advisory Agreement") between the fund's investment adviser, BNY Mellon Investment Adviser, Inc. (the "Adviser"), on behalf of the fund, and the Sub-Adviser, pursuant to its terms and the applicable provisions of the Investment Company Act of 1940, as amended (the "1940 Act"). To enable the Sub-Adviser to continue to provide day-to-day management of the fund's investments after the automatic termination of the Prior Sub-Advisory Agreement, the Board Members, a majority of whom are not "interested persons" (as defined in the 1940 Act) of the fund (the "Independent Board Members"), discussed and approved an interim sub-investment advisory agreement (the "Interim Sub-Advisory Agreement") between the Adviser, on behalf of the fund, and the Sub-Adviser, which did not require shareholder approval before it went into effect on May 28, 2022 (the "Effective Date"). As required under the 1940 Act, the Interim Sub-Advisory Agreement expires upon the earlier of 150 days after the Effective Date or upon shareholder approval and effectiveness of a new sub-investment advisory agreement between the fund and the Sub-Adviser.

At a meeting of the fund's Board of Directors held on July 21, 2022 (the "July Meeting"), the Board considered and approved a new sub-investment advisory agreement (the "New Sub-Advisory Agreement") between the Adviser, on behalf of the fund, and the Sub-Adviser, subject to shareholder approval, pursuant to which the Sub-Adviser would continue to provide day-to-day management of the fund's portfolio, and agreed to recommend that shareholders of the fund approve the New Sub-Advisory Agreement at a shareholder meeting to be held on October 4, 2022. The New Sub-Advisory Agreement was approved by fund shareholders as of October 24, 2022.

The Prior Sub-Advisory Agreement was most recently reapproved by the Board for a one-year continuance at a meeting held March 2-3, 2022 (the "15(c) Meeting"). At the 15(c) Meeting, the Independent Board Members requested and received information from the Adviser and Sub-Adviser they deemed reasonably necessary for their review of the Prior Sub-Advisory Agreement and the performance and services provided by the Sub-Adviser. The information received by the Board included information related to the fees paid by the fund to the Adviser and by the Adviser to the Sub-Adviser and the profitability of the Adviser and its affiliates with respect to the fund, among other items, in accordance with Section 15(c) of the 1940 Act. At the June Meeting and July Meeting, management of the Adviser confirmed that it believed that there were no material changes to the information presented at the 15(c) Meeting relevant to the Board's consideration of the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, other than the information about the change in control at the Sub-Adviser following the death of Mr. Sarofim as the firm's controlling shareholder. In addition, the Sub-Adviser represented that its new ownership structure was not

#### 32
expected to have a material impact on the nature, extent or quality of the investment advisory services that the Sub-Adviser provided to the fund, and that the persons responsible for portfolio management of the fund (other than Mr. Fayez Sarofim) were anticipated to remain the same. It was also noted that the terms of the Interim Sub-Advisory Agreement were substantially similar in material respects to the fund's Prior Sub-Advisory Agreement, except for the term and termination provisions.

In connection with the June Meeting and July Meeting and in accordance with Section 15(c) of the 1940 Act, the Board requested, and the Adviser and Sub-Adviser provided, materials relating to the change in control of the Sub-Adviser in connection with the Board's consideration of whether to approve the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively. This included a description of the Sub-Adviser's new ownership structure and its anticipated effects on the Sub-Adviser and its business activities and personnel. The Board noted that the services provided under the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, would be substantially identical to those provided under the Prior Sub-Advisory Agreement. In addition, the sub-advisory fee under the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, would remain the same as the sub-advisory fee under the Prior Sub-Advisory Agreement. Management of the Adviser and Sub-Adviser represented that under the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, there would be no diminution in services provided by the Sub-Adviser to the fund or changes in the fees payable by the fund to the Adviser or by the Adviser to the Sub-Adviser. The Board also considered the substance of discussions with representatives of the Adviser and Sub-Adviser at the 15(c) Meeting. Additionally, the Board reviewed materials supplied by counsel that were prepared for use by the Board in fulfilling its duties under state law and the 1940 Act.

In voting to approve the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement, the Board considered whether the approval of the agreements would be in the best interests of the fund and its shareholders, an evaluation based on several factors including those discussed below. At the June Meeting and July Meeting, the Independent Board Members were represented by legal counsel that is independent of the Adviser and Sub-Adviser in connection with their consideration of approval of the Interim Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively. Based on their discussions and considerations, including those described below, the Board, including the Independent Board Members, approved the Interim Sub-Advisory Agreement at the June Meeting and the New Sub-Advisory Agreement at the July Meeting. It is currently anticipated that the New Sub-Advisory Agreement will be reviewed by the Board as part of its annual review of advisory arrangements for the fund in the first quarter of 2023.

*Nature, Extent and Quality of Services to be Provided under the Interim and New Sub-Advisory Agreements.* At the 15(c) Meeting, the Board received and considered information regarding the nature, extent and quality of services provided to the fund by the Sub-Adviser under the Prior Sub-Advisory Agreement. The Board noted information received at regular meetings throughout the year related to the services rendered by the

#### 33
INFORMATION ABOUT THE APPROVAL OF THE FUND'S NEW SUB-INVESTMENT ADVISORY AGREEMENT (Unaudited) *(continued)*

Sub-Adviser to the fund, including the scope and quality of the investment management and other capabilities of the Sub-Adviser. Based on such considerations, the Board concluded that the nature, extent and quality of the services provided by the Sub-Adviser were adequate and appropriate.

At the June Meeting and July Meeting, the Board received and considered information regarding the fact that the nature, extent and quality of services to be provided to the fund by the Sub-Adviser under the Interim Sub-Advisory Agreement or the New Sub-Advisory Agreement, respectively, would not change as a result of the Sub-Adviser's new ownership structure. The Board Members discussed with management the portfolio management strategies of the fund's portfolio managers and noted that there were currently no long-term or short-term plans to make changes to the management or investment policies, strategies or objective of the fund as a result of the Sub-Adviser's new ownership structure. The Board Members considered the specific responsibilities in all aspects of the day-to-day management of the fund by the Sub-Adviser, and the fact that the persons responsible for portfolio management (with the exception of Mr. Fayez Sarofim) were anticipated to remain the same. The Board also considered that the division of responsibilities between the Adviser and the Sub-Adviser would remain the same as it was under the Prior Sub-Advisory Agreement. The Board Members also considered the financial resources available to the Sub-Adviser. At the July Meeting, the fund's Chief Compliance Officer discussed the compliance infrastructure of the Sub-Adviser. The Board also discussed the acceptability of the terms of the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement, respectively.

The Board concluded that the fund will continue to benefit from the quality and experience of the Sub-Adviser's investment professionals that will continue to provide services to the fund. Based on its consideration and review of the foregoing information, the Board concluded that it was satisfied with the nature, extent and quality of the sub-investment advisory services expected to be provided by the Sub-Adviser.

*Fund Investment Performance.* The Board Members considered the investment performance of the Sub-Adviser in managing the fund's portfolio as a factor in evaluating the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement. At the 15(c) Meeting, the Board received and reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's performance with the performance of a group of funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds, all for various periods. It was noted that, while the Board has found the Broadridge data generally useful, the Board Members recognized the limitations of such data, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index. The Board concluded that it was generally satisfied with the fund's overall performance.

#### 34
At the July Meeting, the Board reviewed updated reports prepared by Broadridge which included information comparing the fund's performance with its Performance Group and Performance Universe, all for various periods ended May 31, 2022. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered the fund's performance in light of overall financial market conditions. Where the fund's total return performance was below the median during one or more specified periods, the Board noted the explanations from the Adviser and the Sub-Adviser concerning the fund's relative performance versus the Performance Group or Performance Universe for such periods. Based on its review, the Board concluded that it continued to be generally satisfied with the fund's historical performance under the Sub-Adviser's management.

At the July Meeting, the Board Members discussed with representatives of the Adviser and the Sub-Adviser that the investment strategies employed by the Sub-Adviser in the management of the fund's assets are expected to remain the same under the New Sub-Advisory Agreement. The Board also considered the fact that the persons responsible for portfolio management of the fund at the Sub-Adviser would remain (with the exception of Mr. Fayez Sarofim) the same. Based on its consideration and review of the foregoing, the Board concluded that these factors supported a decision to approve the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement.

*Sub-Advisory Fee and Expense Ratio.* At the 15(c) Meeting, the Board reviewed and considered the contractual management fee payable by the fund to the Adviser pursuant to the Management Agreement and the contractual sub-investment advisory fee payable by the Adviser to the Sub-Adviser pursuant to the Prior Sub-Advisory Agreement, and the sub-investment advisory services provided by the Sub-Adviser. The Board considered the fee paid to the Sub-Adviser in relation to the fee paid to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also reviewed reports prepared by Broadridge which included information comparing the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Board also reviewed the range of actual and contractual advisory fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board concluded that the fees paid to the Sub-Adviser were appropriate under the circumstances and in light of the factors and the totality of the services provided.

At the June Meeting and July Meeting, the Board considered the proposed fee payable under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement, respectively, noting that the proposed fee would be the same as that payable under the Prior Sub-Advisory Agreement for the fund and that the proposed fee would continue to be paid by the Adviser and, thus, would not impact the fees paid by the fund. At the July Meeting, the Board reviewed updated reports prepared by Broadridge which included information comparing the fund's actual and contractual management fees and

#### 35
INFORMATION ABOUT THE APPROVAL OF THE FUND'S NEW SUB-INVESTMENT ADVISORY AGREEMENT (Unaudited) *(continued)*

total expenses with those of its Expense Group and Expense Universe, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Board also reviewed the range of actual and contractual advisory fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board determined that the advisory fees and other expenses were reasonable in light of the nature, extent and quality of the services to be provided to the funds under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement, respectively. The Board concluded that the fees payable to the Sub-Adviser under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement continued to be appropriate under the circumstances and in light of the factors and the totality of the services expected to be provided.

*Profitability.* At the 15(c) Meeting, the Board received and considered a profitability analysis of the Adviser and its affiliates in providing services to the fund, noting at the time that an analysis of profitability was more appropriate in the context of the Board's consideration of the Management Agreement. The Adviser representatives reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates.

At the June Meeting and July Meeting, the Board noted that the fee payable to the Sub-Adviser under the Prior Sub-Advisory Agreement was the same as that payable under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement, respectively, and thus, no material impact to profitability with respect to the fund is expected as a result of the Sub-Adviser's new ownership structure. Therefore, the Board determined that profitability of the Adviser and its affiliates should not be excessive in light of the nature, extent and quality of the services to be provided to the fund under the Interim Sub-Advisory Agreement or the New Sub-Advisory Agreement. At the July Meeting, the Board received and considered a profitability analysis of the Sub-Adviser in providing services to the fund and concluded that the profitability results were not excessive, given the services and service levels expected to be provided by the Sub-Adviser under New Sub-Advisory Agreement.

*Economies of Scale.* At the 15(c) Meeting, the Board discussed any economies of scale or other efficiencies that may result from increases in the fund's assets. The Board noted that there are various ways to share potential economies of scale with fund shareholders and that it appeared that the benefits of any economies of scale would be appropriately shared with shareholders.

At the June Meeting and July Meeting, the Board noted that no material impact to the analysis of economies of scale is expected as a result of the Sub-Adviser's new ownership structure and that, to the extent in the future it were determined that material

#### 36
economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

*Other Benefits to the Sub-Adviser.* At the 15(c) Meeting, the Board considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund's investments. The Board noted that the Sub-Adviser is required to select brokers who met the funds' requirements for seeking best execution, and that the Adviser monitors and evaluates the Sub-Adviser's trade execution with respect to fund brokerage transactions on a quarterly basis and provides reports to the Board on these matters. In light of the costs of providing investment management and other services to the fund and the Sub-Adviser's commitment to the fund, any other ancillary benefits that the Sub-Adviser received were considered reasonable. At the June Meeting and July Meeting, the Board determined that any such ancillary benefits continued to be reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including a majority of the Independent Board Members, approved the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement for the fund.

#### 37
BOARD MEMBERS INFORMATION (Unaudited)

*Independent Board Members*

#### Joseph S. DiMartino (79)

#### Chairman of the Board (1999)
*Principal Occupation During Past 5 Years:*

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

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

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

*No. of Portfolios for which Board Member Serves:* 94*

———————

#### Francine J. Bovich (71)

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

· The Bradley Trusts, private trust funds, *Trustee* (2011-Present)

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

· Annaly Capital Management, Inc., a real estate investment trust, *Director* (2014-Present)

*No. of Portfolios for which Board Member Serves:* 54*

———————

#### Andrew J. Donohue (72)

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

· Attorney, Solo Law Practice *(2019-Present)* 

· Shearman & Sterling LLP. a law firm, Of Counsel (2017-2019)

· Chief of Staff to the Chair of the SEC (2015-2017)

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

· Oppenheimer Funds (58 funds), *Director* (2017-2019)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### 38

#### Kenneth A. Himmel (76)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Gulf Related, an international real estate development company, *Managing Partner* (2010-Present)

· Related Urban Development, a real estate development company, *President and Chief Executive Officer* (1996-Present)

· American Food Management, a restaurant company, *Chief Executive Officer* (1983-Present)

· Himmel & Company, a real estate development company, *President and Chief Executive Officer* (1980-Present)

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

———————

#### Roslyn M. Watson (73)

#### Board Member (1993)
*Principal Occupation During Past 5 Years:*

· Watson Ventures, Inc., a real estate investment company, *Principal* (1993-Present)

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

· American Express Bank, FSB, *Director* (1993-2018)

*No. of Portfolios for which Board Member Serves:* 44*

———————

#### Benaree Pratt Wiley (76)

#### Board Member (1998)
*Principal Occupation During Past 5 Years:*

· The Wiley Group, a firm specializing in strategy and business development, *Principal* (2005-Present)

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (2008-Present)

· Blue Cross-Blue Shield of Massachusetts, *Director* (2004-2020)

*No. of Portfolios for which Board Member Serves:* 61*

———————

#### 39
BOARD MEMBERS INFORMATION (Unaudited) (continued)

*Interested Board Member*

#### Bradley Skapyak (63)

#### Board Member (2021)
*Principal Occupation During Past 5 Years:*

· Chief Operating Officer and Director of The Dreyfus Corporation (2009-2019)

· Chief Executive Officer and Director of the Distributor (2016-2019)

· Chairman and Director of The Dreyfus Transfer Agent, Inc. (2011-2019)

· Senior Vice President of The Bank of New York Mellon (2007-2019)

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

*Mr. Skapyak is deemed to be an Interested Board Member of the fund as a result of his ownership of unvested restricted stock units of BNY Mellon.*

———————

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

#### 40
OFFICERS OF THE FUND (Unaudited)

#### DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 44 years old and has been an employee of BNY Mellon since 2005.

#### JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020; and Director–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 64 years old and has been an employee of the Adviser since April 1985.

#### PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of BNY Mellon since April 2004.

#### JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the Adviser. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since December 1996.

#### DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 32 years old and has been an employee of the Adviser since August 2018.

#### SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 47 years old and has been an employee of the Adviser since March 2013.

#### JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since October 1990.

#### AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of the Adviser since June 2019.

#### 41
OFFICERS OF THE FUND (Unaudited) *(continued)*

#### NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 37 years old and has been an employee of BNY Mellon since May 2016.

#### DANIEL GOLDSTEIN, Vice President since March 2022.
Vice President and Head of Product Development of North America Product, BNY Mellon Investment Management since January 2018; Co-Head of Product Management, Development & Oversight of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Distributor since 1991.

#### JOSEPH MARTELLA, Vice President since March 2022.
Vice President and Head of Product Management of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 55 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 46 years old and has been an employee of the Distributor since 1999.

#### GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since April 1991.

#### ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since June 1989.

#### ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since November 1990.

#### JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 55 investment companies (comprised of 115 portfolios) managed by the Adviser. He is 65 years old.

#### CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 48 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 54 years old and has been an employee of the Distributor since 1997.

#### 42
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#### 43
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#### 44
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#### 45
For More Information

#### BNY Mellon Tax Managed Growth Fund
240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Sub-Adviser
Fayez Sarofim & Co.

Two Houston Center

Suite 2907

909 Fannin Street

Houston, TX 77010

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

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

240 Greenwich Street

New York, NY 10286

#### Distributor
BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

---

| | |
|:---|:---|
| **Ticker Symbols:** | Class A: DTMGX Class C: DPTAX Class I: DPTRX |

---

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

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

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

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

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

---

| | |
|:---|:---|
|© 2022 BNY Mellon Securities Corporation<br>0149AR1022 | ![](img_7801eb7353834.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 Joseph S. DiMartino, 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"). Joseph S. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

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

(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $108,380 in 2021 and $110,560 in 2022.

(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $15,630 in 2021 and $16,100 in 2022. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

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

(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $0 in 2021 and $0 2022. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iii) determination of Passive Foreign Investment. 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 2021 and $0 2022.

(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2021 and $0 2022.

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

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

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

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

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $3,851,043 in 2021 and $3,945,912 in 2022.

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

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

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

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exhibit302-310.htm).

(a)(3) Not applicable.

(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exhibit906-310.htm).

**SIGNATURES<br>** 

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

BNY Mellon Investment Funds IV, Inc.

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

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

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

Date: December 21, 2022

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

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

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

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

Date: December 21, 2022

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

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

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

Date: December 21, 2022

**EXHIBIT INDEX**

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

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

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

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

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

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

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

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

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

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

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

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

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

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

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

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

------

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; Patrick T. Crowe | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Investment Funds 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 21, 2022

**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 21, 2022

## 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 21, 2022

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 21, 2022

*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.*