# EDGAR Filing Document

**Accession Number:** 0000053808
**File Stem:** 0000030146-26-000130
**Filing Date:** 2026-3
**Character Count:** 177357
**Document Hash:** f25e9a0d0d04830947fb8b85778bed43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000130.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0000030146-26-000130

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Investment Funds III
- **CENTRAL INDEX KEY:** 0000053808

**ORGANIZATION NAME:**
- **EIN:** 042694144
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00524
- **FILM NUMBER:** 26726053

**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 TRUST
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS LAUREL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19941122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAUREL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19940202

## Series and Classes Contracts Data

### BNY Mellon High Yield Fund (Series ID: S000000317)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000790 | Class A      | DPLTX           |
| C000000792 | Class C      | PTHIX           |
| C000000793 | Class I      | DLHRX           |

?xml version='1.0' encoding='ASCII'? d75446ad-6dbd-499d-b3dd-59b3d2e9d4f2

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-00524

#### BNY Mellon Investment Funds III
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 12/31

#### Date of reporting period:

#### 12/31/25
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon High Yield Fund

ITEM 1 - Reports to Stockholders

BNY Mellon High Yield Fund

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A<sup>\*</sup> | $99 | 0.95% |

---

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

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Class A shares returned 8.11%.

* In comparison, the ICE BofA U.S. High Yield Constrained Index (the "Index") returned 8.50% for the same period.

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

* The U.S. high yield bond market delivered positive returns in 2025, supported by high yields, resilient credit fundamentals and continued refinancing activity. Spreads remained relatively tight amid pockets of volatility, but are supported by positive fundamentals and technicals.

* The Fund's returns relative to the Index benefited from security selection in several sectors, including chemicals, energy and telecommunications, and from selection within credits rated B and CCC.

* Asset allocation to structured credit CLOs and European high yield further bolstered relative returns.

* Detractors included security selection in the auto sector, underweight exposure to BB-rated securities and selection within bank loans.

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

**Cumulative Performance from January 1 , 2015 through December 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11249038.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class A shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Universal Index (a broad-based index) and ICE BofA U.S. High Yield Constrained Index on 12/31/2015. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Sales Charge - 4.50% | 3.31% | 2.83% | 4.80% |
| without Sales Charge | 8.11% | 3.78% | 5.27% |
| Bloomberg U.S. Universal Index (broad-based index) | 7.58% | 0.06% | 2.44% |
| ICE BofA U.S. High Yield Constrained Index | 8.50% | 4.50% | 6.44% |

---

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

**KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $461 | 302 | $3527358 | 105.22% |

---

**Portfolio Holdings (as of 12/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11249067.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11249043.jpg)

\* Amount represents less than .1%.

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0029AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon High Yield Fund

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C<sup>\*</sup> | $176 | 1.70% |

---

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

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Class C shares returned 7.31%.

* In comparison, the ICE BofA U.S. High Yield Constrained Index (the "Index") returned 8.50% for the same period.

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

* The U.S. high yield bond market delivered positive returns in 2025, supported by high yields, resilient credit fundamentals and continued refinancing activity. Spreads remained relatively tight amid pockets of volatility, but are supported by positive fundamentals and technicals.

* The Fund's returns relative to the Index benefited from security selection in several sectors, including chemicals, energy and telecommunications, and from selection within credits rated B and CCC.

* Asset allocation to structured credit CLOs and European high yield further bolstered relative returns.

* Detractors included security selection in the auto sector, underweight exposure to BB-rated securities and selection within bank loans.

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

**Cumulative Performance from January 1 , 2015 through December 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11249089.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class C shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Universal Index (a broad-based index) and ICE BofA U.S. High Yield Constrained Index on 12/31/2015. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class C Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Deferred Sales Charge - 1.00% | 6.31% <sup>\*</sup> | 3.00% | 4.49% |
| without Deferred Sales Charge | 7.31% | 3.00% | 4.49% |
| Bloomberg U.S. Universal Index (broad-based index) | 7.58% | 0.06% | 2.44% |
| ICE BofA U.S. High Yield Constrained Index | 8.50% | 4.50% | 6.44% |

---

 *<sup>\*</sup> <sup>The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.</sup>* 

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

**KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $461 | 302 | $3527358 | 105.22% |

---

**Portfolio Holdings (as of 12/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11249118.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11249094.jpg)

\* Amount represents less than .1%.

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0359AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

BNY Mellon High Yield Fund

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I<sup>\*</sup> | $73 | 0.70% |

---

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

#### How did the Fund perform last year ?
* For the 12-month period ended December 31, 2025, the Fund's Class I shares returned 8.18%.

* In comparison, the ICE BofA U.S. High Yield Constrained Index (the "Index") returned 8.50% for the same period.

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

* The U.S. high yield bond market delivered positive returns in 2025, supported by high yields, resilient credit fundamentals and continued refinancing activity. Spreads remained relatively tight amid pockets of volatility, but are supported by positive fundamentals and technicals.

* The Fund's returns relative to the Index benefited from security selection in several sectors, including chemicals, energy and telecommunications, and from selection within credits rated B and CCC.

* Asset allocation to structured credit CLOs and European high yield further bolstered relative returns.

* Detractors included security selection in the auto sector, underweight exposure to BB-rated securities and selection within bank loans.

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

**Cumulative Performance from January 1 , 2015 through December 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_11249140.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Universal Index (a broad-based index) and ICE BofA U.S. High Yield Constrained Index on 12/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the indexes are not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | 8.18% | 4.04% | 5.53% |
| Bloomberg U.S. Universal Index (broad-based index) | 7.58% | 0.06% | 2.44% |
| ICE BofA U.S. High Yield Constrained Index | 8.50% | 4.50% | 6.44% |

---

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

**KEY FUND STATISTICS (AS OF 12/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $461 | 302 | $3527358 | 105.22% |

---

**Portfolio Holdings (as of 12/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11249169.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11249145.jpg)

\* Amount represents less than .1%.

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0759AR1225

![TSR- BNY Investment Logo](images_27695.jpg)

------

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $66,500 in 2024 and $67,800 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $5,300 in 2024 and $5,500 in 2025. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.

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

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

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

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

BNY Mellon High Yield Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

December 31, 2025

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DPLTX |
| C | PTHIX |
| I | DLHRX |

---

![](img581a60e31.gif)

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

------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_SOI-Commoncontent-4743_1)**<br> **[Investment Companies](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_SOI-Commoncontent-4743_1)**<br>| 3 |
| [Schedule of Investments](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_SOI-Commoncontent-4743_1) | 3 |
| [Statement of Assets and Liabilities](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_FS-Commoncontent-4743_1) | 13 |
| [Statement of Operations](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_FS-Commoncontent-4743_2) | 14 |
| [Statement of Changes in Net Assets](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_FS-Commoncontent-4743_3) | 15 |
| [Financial Highlights](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_FIHI-Commoncontent-4743_1) | 17 |
| [Notes to Financial Statements](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_NTF-Commoncontent-4743_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_AUD-Commoncontent-4743_1) | 29 |
| [Important Tax Information](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_ITI-Commoncontent-4743_1) | 30 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_CDA-Commoncontent-4743_1)**<br> **[Investment Companies](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_CDA-Commoncontent-4743_1)**<br>| 31 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_PRXD-Commoncontent-4743_1)** | 32 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_RMNP-Commoncontent-4743_1)**<br> **[Management Investment Companies](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_RMNP-Commoncontent-4743_1)**<br>| 33 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_4b8f6b39-2a36-4658-898d-e9eb8ea681ef_AAA-Commoncontent-4743_1)** | 34 |

---

------

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

BNY Mellon High Yield Fund

SCHEDULE OF INVESTMENTS

December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Bonds and Notes — 91.1%** | **Bonds and Notes — 91.1%** | **Bonds and Notes — 91.1%** | **Bonds and Notes — 91.1%** | **Bonds and Notes — 91.1%** | **Bonds and Notes — 91.1%** |
| **Advertising — .5%** | **Advertising — .5%** | **Advertising — .5%** | **Advertising — .5%** | **Advertising — .5%** | **Advertising — .5%** |
| Neptune Bidco US, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.29 | 4/15/2029 | 2244000 | **2249192** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| AAR Escrow Issuer LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.75 | 3/15/2029 | 2146000 | 2221872 |
| Bombardier, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.75 | 6/15/2033 | 1564000 | 1655081 |
| Goat Holdco LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 2/1/2032 | 2711000 | 2786528 |
| TransDigm, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.38 | 5/31/2033 | 1625000 | 1668561 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.38 | 3/1/2029 | 2205000 | 2276704 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.88 | 12/15/2030 | 3130000 | 3277194 |
| TransDigm, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.13 | 12/1/2031 | 467000 | 491387 |
|  |  |  |  |  | **14377327** |
| **Airlines — .8%** | **Airlines — .8%** | **Airlines — .8%** | **Airlines — .8%** | **Airlines — .8%** | **Airlines — .8%** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.75 | 4/20/2029 | 2317451 | 2361353 |
| JetBlue Airways Corp./JetBlue Loyalty LP, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 9.88 | 9/20/2031 | 1480000 | 1492337 |
|  |  |  |  |  | **3853690** |
| **Automobiles & Components — 2.2%** | **Automobiles & Components — 2.2%** | **Automobiles & Components — 2.2%** | **Automobiles & Components — 2.2%** | **Automobiles & Components — 2.2%** | **Automobiles & Components — 2.2%** |
| Clarios Global LP/Clarios US Finance Co., Gtd. Notes<sup>(b)</sup> <br>|  | 6.75 | 9/15/2032 | 1326000 | 1375841 |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 5/15/2028 | 1470000 | 1508176 |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 2/15/2030 | 1235000 | 1292502 |
| Forvia SE, Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.75 | 9/15/2033 | 1661000 | 1716138 |
| Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.13 | 9/30/2030 | 470000 | 470411 |
| Nissan Motor Co. Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.50 | 7/17/2030 | 1766000 | 1854716 |
| Qnity Electronics, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 8/15/2033 | 669000 | 694289 |
| Qnity Electronics, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.75 | 8/15/2032 | 960000 | 982748 |
|  |  |  |  |  | **9894821** |
| **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** | **Banks — .6%** |
| Citigroup, Inc., Jr. Sub. Notes, Ser. X<sup>(d)</sup> <br>|  | 3.88 | 2/18/2026 | 2614000 | **2614595** |
| **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** |
| Builders FirstSource, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 4.25 | 2/1/2032 | 1482000 | 1412437 |
| Camelot Return Merger Sub, Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.75 | 8/1/2028 | 2684000 | 2082074 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.63 | 12/15/2030 | 3180000 | 3315983 |
| MIWD Holdco II LLC/MIWD Finance Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 5.50 | 2/1/2030 | 1050000 | 1019667 |
| Quikrete Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.38 | 3/1/2032 | 1756000 | 1828936 |
| Quikrete Holdings, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.75 | 3/1/2033 | 1096000 | 1145299 |
| Standard Building Solutions, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 5.88 | 3/15/2034 | 934000 | 937314 |
| Standard Industries, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 4.75 | 1/15/2028 | 674000 | 672986 |
|  |  |  |  |  | **12414696** |
| **Chemicals — .7%** | **Chemicals — .7%** | **Chemicals — .7%** | **Chemicals — .7%** | **Chemicals — .7%** | **Chemicals — .7%** |
| Inversion Escrow Issuer LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 8/1/2032 | 970000 | 969536 |
| Olympus Water US Holding Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 2/15/2033 | 680000 | 683979 |
| Rain Carbon, Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 12.25 | 9/1/2029 | 709000 | 739193 |
| WR Grace Holdings LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.63 | 8/15/2032 | 931000 | 943559 |
|  |  |  |  |  | **3336267** |
| **Collateralized Loan Obligations Debt — 1.3%** | **Collateralized Loan Obligations Debt — 1.3%** | **Collateralized Loan Obligations Debt — 1.3%** | **Collateralized Loan Obligations Debt — 1.3%** | **Collateralized Loan Obligations Debt — 1.3%** | **Collateralized Loan Obligations Debt — 1.3%** |
| Ares European XII DAC CLO, Ser. 12A, Cl. E, (3 Month EURIBOR +6.10%)<sup>(b),(e)</sup> <br>| EUR | 8.10 | 4/20/2032 | 1450000 | 1710156 |
| Diameter Capital 3 Ltd. CLO, Ser. 2022-3A, Cl. DR, (3 Month TSFR <br> +5.25%)<sup>(b),(e)</sup> <br>|  | 9.15 | 1/15/2038 | 800000 | 806358 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Collateralized Loan Obligations Debt — 1.3% (continued)** | **Collateralized Loan Obligations Debt — 1.3% (continued)** | **Collateralized Loan Obligations Debt — 1.3% (continued)** | **Collateralized Loan Obligations Debt — 1.3% (continued)** | **Collateralized Loan Obligations Debt — 1.3% (continued)** | **Collateralized Loan Obligations Debt — 1.3% (continued)** |
| Palmer Square Loan Funding Ltd. CLO, Ser. 2022-3A, Cl. DR, (3 Month TSFR <br> +5.90%)<sup>(b),(e)</sup> <br>|  | 9.80 | 4/15/2031 | 800000 | 805888 |
| St. Pauls CLO, Ser. 11A, Cl. E, (3 Month EURIBOR +6.00%)<sup>(b),(e)</sup> <br>| EUR | 8.02 | 1/17/2032 | 1000000 | 1160836 |
| Trimaran Cavu Ltd. CLO, Ser. 2019-1A, Cl. ER, (3 Month TSFR +6.00%)<sup>(b),(e)</sup> <br>|  | 9.88 | 1/20/2037 | 1400000 | 1377738 |
|  |  |  |  |  | **5860976** |
| **Commercial & Professional Services — 4.4%** | **Commercial & Professional Services — 4.4%** | **Commercial & Professional Services — 4.4%** | **Commercial & Professional Services — 4.4%** | **Commercial & Professional Services — 4.4%** | **Commercial & Professional Services — 4.4%** |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.00 | 5/21/2030 | 1968000 | 2061983 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.88 | 6/15/2030 | 1570000 | 1635549 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco <br> 4 Sarl, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.63 | 6/1/2028 | 880000 | 868483 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 8.25 | 1/15/2030 | 1751000 | 1816578 |
| Belron UK Finance PLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.75 | 10/15/2029 | 1777000 | 1815579 |
| House of HR Group BV, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 9.00 | 11/3/2029 | 700000 | 827965 |
| ION Platform Finance US, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.88 | 9/30/2032 | 978000 | 929205 |
| Raven Acquisition Holdings LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.88 | 11/15/2031 | 2186000 | 2254599 |
| The ADT Security Corp., Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 5.88 | 10/15/2033 | 1214000 | 1230284 |
| The ADT Security Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.88 | 7/15/2032 | 1035000 | 1003621 |
| United Rentals North America, Inc., Gtd. Notes |  | 3.75 | 1/15/2032 | 1031000 | 970201 |
| United Rentals North America, Inc., Gtd. Notes |  | 4.00 | 7/15/2030 | 904000 | 876897 |
| Veritiv Operating Co., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.50 | 11/30/2030 | 1068000 | 1149663 |
| Wand NewCo 3, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.63 | 1/30/2032 | 2676000 | 2833429 |
|  |  |  |  |  | **20274036** |
| **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** |
| Allwyn Entertainment Financing UK PLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 4/30/2029 | 1480000 | 1541239 |
| Caesars Entertainment, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.00 | 2/15/2030 | 1185000 | 1227810 |
| Carnival Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 5.75 | 8/1/2032 | 1310000 | 1346066 |
| Carnival Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.13 | 2/15/2033 | 3292000 | 3401014 |
| Dealer Tire LLC/DT Issuer LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.00 | 2/1/2028 | 1243000 | 1249684 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 4.00 | 5/1/2031 | 1650000 | 1580881 |
| Hilton Domestic Operating Co., Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 5.50 | 3/31/2034 | 629000 | 633638 |
| Light & Wonder International, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 10/1/2033 | 2321000 | 2350866 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 4.88 | 5/1/2029 | 948000 | 933152 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Scd. Notes<sup>(b)</sup> <br>|  | 11.88 | 4/15/2031 | 1100000 | 1163110 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.25 | 4/15/2030 | 862000 | 900835 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.75 | 2/1/2032 | 1708000 | 1749910 |
| NCL Corp., Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.88 | 1/15/2031 | 946000 | 942955 |
| NCL Finance Ltd., Gtd. Notes<sup>(b)</sup> <br>|  | 6.13 | 3/15/2028 | 830000 | 856283 |
| Resideo Funding, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 4.00 | 9/1/2029 | 2037000 | 1972915 |
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 6.63 | 3/1/2030 | 746000 | 663545 |
| Station Casinos LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 4.63 | 12/1/2031 | 1200000 | 1138657 |
| Viking Cruises Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.88 | 10/15/2033 | 938000 | 952964 |
| Warnermedia Holdings, Inc., Gtd. Notes<sup>(c)</sup> <br>|  | 4.28 | 3/15/2032 | 1188000 | 1044335 |
| Windsor Holdings III LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.50 | 6/15/2030 | 1336000 | 1412964 |
|  |  |  |  |  | **27062823** |
| **Consumer Durables & Apparel — .3%** | **Consumer Durables & Apparel — .3%** | **Consumer Durables & Apparel — .3%** | **Consumer Durables & Apparel — .3%** | **Consumer Durables & Apparel — .3%** | **Consumer Durables & Apparel — .3%** |
| Beach Acquisition Bidco LLC, Sr. Unscd. Notes<sup>(b),(f)</sup> <br>|  | 10.00 | 7/15/2033 | 1158000 | **1279165** |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Diversified Financials — 5.5%** | **Diversified Financials — 5.5%** | **Diversified Financials — 5.5%** | **Diversified Financials — 5.5%** | **Diversified Financials — 5.5%** |
| Encore Capital Group, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 6.63 | 4/15/2031 | 1180000 | 1186871 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes<sup>(c)</sup> <br>| 9.75 | 1/15/2029 | 774000 | 772599 |
| Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 6.13 | 11/1/2032 | 2056000 | 2093481 |
| Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 7.13 | 4/30/2031 | 2369000 | 2490651 |
| OneMain Finance Corp., Gtd. Notes | 7.50 | 5/15/2031 | 874000 | 920217 |
| OneMain Finance Corp., Gtd. Notes | 7.88 | 3/15/2030 | 1098000 | 1161659 |
| Osaic Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| 8.00 | 8/1/2033 | 1180000 | 1233668 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.75 | 2/15/2034 | 1409000 | 1457451 |
| PennyMac Financial Services, Inc., Gtd. Notes<sup>(b)</sup> <br>| 7.13 | 11/15/2030 | 1081000 | 1140546 |
| PHH Escrow Issuer LLC/PHH Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 9.88 | 11/1/2029 | 1697000 | 1762436 |
| Rocket Cos., Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.13 | 8/1/2030 | 966000 | 999090 |
| Rocket Cos., Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.38 | 8/1/2033 | 1110000 | 1158695 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>| 4.00 | 10/15/2033 | 1743000 | 1620669 |
| UWM Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.25 | 3/15/2031 | 1259000 | 1257597 |
| UWM Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.63 | 2/1/2030 | 2031000 | 2057909 |
| VFH Parent LLC/Valor Co-Issuer, Inc., Sr. Scd. Bonds<sup>(b)</sup> <br>| 7.50 | 6/15/2031 | 3903000 | 4097650 |
|  |  |  |  | **25411189** |
| **Electronic Components — .3%** | **Electronic Components — .3%** | **Electronic Components — .3%** | **Electronic Components — .3%** | **Electronic Components — .3%** |
| WESCO Distribution, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.38 | 3/15/2033 | 1247000 | **1302752** |
| **Energy — 10.3%** | **Energy — 10.3%** | **Energy — 10.3%** | **Energy — 10.3%** | **Energy — 10.3%** |
| Aethon United BR LP/Aethon United Finance Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.50 | 10/1/2029 | 1485000 | 1556556 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. <br> Notes<sup>(b)</sup> <br>| 5.75 | 7/1/2034 | 1387000 | 1398160 |
| BKV Upstream Midstream LLC, Gtd. Notes<sup>(b)</sup> <br>| 7.50 | 10/15/2030 | 2293000 | 2335141 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.00 | 7/15/2029 | 1092000 | 1143791 |
| Comstock Resources, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.88 | 1/15/2030 | 1501000 | 1461021 |
| Comstock Resources, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.75 | 3/1/2029 | 1631000 | 1635740 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.50 | 6/15/2031 | 2377000 | 2353179 |
| DBR Land Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.25 | 12/1/2030 | 2377000 | 2432859 |
| Energy Transfer LP, Jr. Sub. Notes, Ser. B<sup>(c),(d)</sup> <br>| 6.63 | 2/15/2028 | 2506000 | 2504746 |
| Gulfport Energy Operating Corp., Gtd. Notes<sup>(b)</sup> <br>| 6.75 | 9/1/2029 | 2929000 | 3028384 |
| Matador Resources Co., Gtd. Notes<sup>(b)</sup> <br>| 6.50 | 4/15/2032 | 1449000 | 1470467 |
| Moss Creek Resources Holdings, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 8.25 | 9/1/2031 | 1376000 | 1318607 |
| Noble Finance II LLC, Gtd. Notes<sup>(b)</sup> <br>| 8.00 | 4/15/2030 | 1944000 | 2020912 |
| Northern Oil & Gas, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.88 | 10/15/2033 | 1167000 | 1136990 |
| Northern Oil & Gas, Inc., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>| 8.75 | 6/15/2031 | 980000 | 990628 |
| Northriver Midstream Finance LP, Sr. Scd. Notes<sup>(b)</sup> <br>| 6.75 | 7/15/2032 | 1573000 | 1604096 |
| Rockies Express Pipeline LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.80 | 5/15/2030 | 1865000 | 1841972 |
| SM Energy Co., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.75 | 8/1/2029 | 1187000 | 1196374 |
| Sunoco LP, Gtd. Notes<sup>(b)</sup> <br>| 5.63 | 3/15/2031 | 1820000 | 1834281 |
| TerraForm Power Operating LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.75 | 1/15/2030 | 1437000 | 1401550 |
| TGNR Intermediate Holdings LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.50 | 10/15/2029 | 4129000 | 4103531 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 4.13 | 8/15/2031 | 2038000 | 1855941 |
| Venture Global LNG, Inc., Jr. Sub. Notes<sup>(b),(d)</sup> <br>| 9.00 | 9/30/2029 | 1256000 | 992819 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 8.13 | 6/1/2028 | 1203000 | 1219173 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(b),(c)</sup> <br>| 9.88 | 2/1/2032 | 1602000 | 1655983 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds<sup>(b)</sup> <br>| 6.13 | 12/15/2030 | 660000 | 672490 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 6.50 | 1/15/2034 | 2177000 | 2230881 |
|  |  |  |  | **47396272** |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** | **Environmental Control — .9%** |
| Madison IAQ LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.13 | 6/30/2028 | 1984000 | 1951125 |
| Waste Pro USA, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.00 | 2/1/2033 | 1964000 | 2026486 |
|  |  |  |  |  | **3977611** |
| **Food Products — 2.8%** | **Food Products — 2.8%** | **Food Products — 2.8%** | **Food Products — 2.8%** | **Food Products — 2.8%** | **Food Products — 2.8%** |
| Bellis Acquisition Co. PLC, Sr. Scd. Bonds<sup>(b)</sup> <br>| GBP | 8.13 | 5/14/2030 | 880000 | 1106359 |
| Fiesta Purchaser, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.88 | 3/1/2031 | 1008000 | 1055852 |
| Fiesta Purchaser, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 9.63 | 9/15/2032 | 1625000 | 1707089 |
| Froneri Lux FinCo Sarl, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.00 | 8/1/2032 | 1710000 | 1734836 |
| Post Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 4.63 | 4/15/2030 | 2176000 | 2120685 |
| Post Holdings, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.38 | 3/1/2033 | 851000 | 860344 |
| Post Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.50 | 3/15/2036 | 1579000 | 1582452 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, <br> Inc./Simmons Feed, Scd. Notes<sup>(b),(c)</sup> <br>|  | 4.63 | 3/1/2029 | 2824000 | 2723706 |
|  |  |  |  |  | **12891323** |
| **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** |
| Mercer International, Inc., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 12.88 | 10/1/2028 | 490000 | **380470** |
| **Health Care — 7.5%** | **Health Care — 7.5%** | **Health Care — 7.5%** | **Health Care — 7.5%** | **Health Care — 7.5%** | **Health Care — 7.5%** |
| 1261229 B.C. Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.00 | 4/15/2032 | 2788000 | 2901658 |
| Bausch Health Americas, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 8.50 | 1/31/2027 | 644000 | 638148 |
| Bausch Health Cos., Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 11.00 | 9/30/2028 | 1392000 | 1442968 |
| Centene Corp., Sr. Unscd. Notes |  | 4.63 | 12/15/2029 | 1771000 | 1719010 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.25 | 5/15/2030 | 565000 | 531661 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.75 | 1/15/2034 | 1747000 | 1837108 |
| CHS/Community Health Systems, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.88 | 1/15/2032 | 2424000 | 2648681 |
| Insulet Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.50 | 4/1/2033 | 1184000 | 1238721 |
| IQVIA, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 6/1/2032 | 1306000 | 1366296 |
| LifePoint Health, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.38 | 2/15/2032 | 1265000 | 1374149 |
| LifePoint Health, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 10.00 | 6/1/2032 | 1580000 | 1680068 |
| Medline Borrower LP, Gtd. Notes<sup>(b)</sup> <br>|  | 5.25 | 10/1/2029 | 1014000 | 1020080 |
| Medline Borrower LP, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 3.88 | 4/1/2029 | 957000 | 934993 |
| Medline Borrower LP/Medline Co-Issuer, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.25 | 4/1/2029 | 1758000 | 1819550 |
| Option Care Health, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 4.38 | 10/31/2029 | 2344000 | 2300308 |
| Radiology Partners, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.50 | 7/15/2032 | 1598000 | 1671328 |
| Sotera Health Holdings LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.38 | 6/1/2031 | 1479000 | 1553056 |
| Team Health Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.38 | 6/30/2028 | 2207000 | 2237600 |
| Tenet Healthcare Corp., Sr. Scd. Notes |  | 4.25 | 6/1/2029 | 875000 | 862693 |
| Tenet Healthcare Corp., Sr. Scd. Notes |  | 4.63 | 6/15/2028 | 1155000 | 1161430 |
| Tenet Healthcare Corp., Sr. Scd. Notes |  | 6.13 | 6/15/2030 | 1132000 | 1159783 |
| Tenet Healthcare Corp., Sr. Scd. Notes |  | 6.75 | 5/15/2031 | 2050000 | 2134150 |
| Tenet Healthcare Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.00 | 11/15/2033 | 310000 | 319368 |
|  |  |  |  |  | **34552807** |
| **Industrial — 1.9%** | **Industrial — 1.9%** | **Industrial — 1.9%** | **Industrial — 1.9%** | **Industrial — 1.9%** | **Industrial — 1.9%** |
| Arcosa, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.88 | 8/15/2032 | 1240000 | 1311913 |
| Artera Services LLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 8.50 | 2/15/2031 | 1248000 | 1037202 |
| Dycom Industries, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 4.50 | 4/15/2029 | 1864000 | 1842712 |
| Dynamo Newco II GmbH, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 6.25 | 10/15/2031 | 800000 | 960001 |
| Entegris, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 5.95 | 6/15/2030 | 1577000 | 1609731 |
| GrafTech Finance, Inc., Scd. Notes<sup>(b)</sup> <br>|  | 4.63 | 12/23/2029 | 1850000 | 1382875 |
| GrafTech Global Enterprises, Inc., Scd. Notes<sup>(b)</sup> <br>|  | 9.88 | 12/23/2029 | 616000 | 539000 |
|  |  |  |  |  | **8683434** |

---

**6**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** |
| AthenaHealth Group, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.50 | 2/15/2030 | 4690000 | 4679872 |
| Cloud Software Group, Inc., Scd. Notes<sup>(b)</sup> <br>|  | 9.00 | 9/30/2029 | 1413000 | 1472629 |
| Cloud Software Group, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.50 | 3/31/2029 | 1778000 | 1802444 |
| CoreLogic, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.50 | 5/1/2028 | 2405000 | 2367446 |
| CoreWeave, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 9.00 | 2/1/2031 | 610000 | 559840 |
| CoreWeave, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 9.25 | 6/1/2030 | 846000 | 787463 |
| Elastic NV, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 4.13 | 7/15/2029 | 2965000 | 2878457 |
| Ellucian Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.50 | 12/1/2029 | 1172000 | 1197961 |
| SS&C Technologies, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.50 | 6/1/2032 | 1011000 | 1052687 |
| UKG, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.88 | 2/1/2031 | 3557000 | 3659417 |
|  |  |  |  |  | **20458216** |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 6.75 | 7/1/2032 | 2039000 | 2109423 |
| Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.25 | 2/1/2029 | 1596000 | 1659741 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 6.75 | 4/15/2028 | 1520000 | 1552878 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 7.00 | 1/15/2031 | 2041000 | 2118896 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 7.38 | 10/1/2032 | 1116000 | 1158541 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.88 | 11/1/2029 | 2497000 | 2523828 |
| Ardonagh Finco Ltd., Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 6.88 | 2/15/2031 | 1020000 | 1240434 |
| Ardonagh Finco Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.75 | 2/15/2031 | 2797000 | 2934262 |
| Ardonagh Group Finance Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.88 | 2/15/2032 | 1478000 | 1542108 |
| Global Atlantic Fin Co., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 7.95 | 6/15/2033 | 1318000 | 1506140 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US <br> Refinance LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 2/15/2031 | 843000 | 868665 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US <br> Refinance LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.13 | 2/15/2032 | 1774000 | 1832741 |
| Jones Deslauriers Insurance Management, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.88 | 10/1/2033 | 1239000 | 1197174 |
| Panther Escrow Issuer LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.13 | 6/1/2031 | 924000 | 958075 |
| The Nassau Companies of New York, Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 7.88 | 7/15/2030 | 2818000 | 2692322 |
|  |  |  |  |  | **25895228** |
| **Internet Software & Services — 1.3%** | **Internet Software & Services — 1.3%** | **Internet Software & Services — 1.3%** | **Internet Software & Services — 1.3%** | **Internet Software & Services — 1.3%** | **Internet Software & Services — 1.3%** |
| Arches Buyer, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.13 | 12/1/2028 | 2640000 | 2577369 |
| Rakuten Group, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 9.75 | 4/15/2029 | 1147000 | 1283907 |
| United Group BV, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 6.50 | 10/31/2031 | 600000 | 722567 |
| Wayfair LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.75 | 11/15/2032 | 1261000 | 1297884 |
|  |  |  |  |  | **5881727** |
| **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** |
| Clydesdale Acquisition Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 8.75 | 4/15/2030 | 1597000 | 1624794 |
| Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.88 | 1/15/2030 | 1568000 | 1609160 |
| Graphic Packaging International LLC, Gtd. Notes<sup>(b),(c)</sup> <br>|  | 6.38 | 7/15/2032 | 1567000 | 1598218 |
| Sealed Air Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 5.00 | 4/15/2029 | 2064000 | 2082340 |
| TriMas Corp., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 4.13 | 4/15/2029 | 1239000 | 1205930 |
|  |  |  |  |  | **8120442** |
| **Media — 5.6%** | **Media — 5.6%** | **Media — 5.6%** | **Media — 5.6%** | **Media — 5.6%** | **Media — 5.6%** |
| Block Communications, Inc., Gtd. Notes<sup>(b),(c)</sup> <br>|  | 4.88 | 3/1/2028 | 1244000 | 1162982 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 5.38 | 6/1/2029 | 2885000 | 2854418 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 4.25 | 1/15/2034 | 1118000 | 951669 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Media — 5.6% (continued)** | **Media — 5.6% (continued)** | **Media — 5.6% (continued)** | **Media — 5.6% (continued)** | **Media — 5.6% (continued)** | **Media — 5.6% (continued)** |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(c)</sup> <br>|  | 4.50 | 5/1/2032 | 1852000 | 1663434 |
| CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.00 | 2/1/2028 | 2328000 | 2310883 |
| CSC Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 11.75 | 1/31/2029 | 1386000 | 1030591 |
| DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 10.00 | 2/15/2031 | 1656000 | 1693429 |
| Discovery Communications LLC, Gtd. Notes |  | 3.95 | 3/20/2028 | 645000 | 634035 |
| Discovery Communications LLC, Gtd. Notes |  | 4.13 | 5/15/2029 | 1341000 | 1296988 |
| DISH DBS Corp., Gtd. Notes |  | 5.13 | 6/1/2029 | 1568000 | 1392994 |
| DISH DBS Corp., Gtd. Notes |  | 7.38 | 7/1/2028 | 1731000 | 1675104 |
| DISH DBS Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.75 | 12/1/2028 | 781000 | 767237 |
| Gray Media, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 8/15/2033 | 1259000 | 1287238 |
| Sinclair Television Group, Inc., Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 8.13 | 2/15/2033 | 2022000 | 2113233 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(b),(c)</sup> <br>|  | 4.13 | 7/1/2030 | 1260000 | 1199189 |
| Sunrise FinCo I BV, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.88 | 7/15/2031 | 1430000 | 1363219 |
| The EW Scripps Company, Scd. Notes<sup>(b)</sup> <br>|  | 9.88 | 8/15/2030 | 1016000 | 1015460 |
| Virgin Media Secured Finance PLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.50 | 5/15/2029 | 1507000 | 1485603 |
|  |  |  |  |  | **25897706** |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Arsenal AIC Parent LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.00 | 10/1/2030 | 1510000 | 1604241 |
| Celsa Opco SA, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 8.25 | 12/15/2030 | 778000 | 947902 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.88 | 11/1/2029 | 1119000 | 1159717 |
| Cleveland-Cliffs, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 7.38 | 5/1/2033 | 710000 | 739041 |
| Fortescue Treasury Pty Ltd., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.13 | 4/15/2032 | 1523000 | 1590596 |
| Novelis Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 4.75 | 1/30/2030 | 1330000 | 1285705 |
| Novelis Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 6.38 | 8/15/2033 | 912000 | 925289 |
| Samarco Mineracao SA, Sr. Unscd. Notes<sup>(b),(f)</sup> <br>|  | 9.50 | 6/30/2031 | 1997795 | 2026044 |
| Samarco Mineracao SA, Sr. Unscd. Notes<sup>(f)</sup> <br>|  | 9.50 | 6/30/2031 | 273476 | 277343 |
|  |  |  |  |  | **10555878** |
| **Real Estate — 3.1%** | **Real Estate — 3.1%** | **Real Estate — 3.1%** | **Real Estate — 3.1%** | **Real Estate — 3.1%** | **Real Estate — 3.1%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 5.25 | 4/15/2030 | 1823000 | 1710220 |
| Iron Mountain, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 5.25 | 3/15/2028 | 1000000 | 1005839 |
| Kennedy-Wilson, Inc., Gtd. Notes |  | 4.75 | 2/1/2030 | 1561000 | 1472571 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-<br> Issuer, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 4.88 | 5/15/2029 | 1859000 | 1816722 |
| Rithm Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.00 | 4/1/2029 | 2220000 | 2280885 |
| Rithm Capital Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.00 | 7/15/2030 | 1208000 | 1236488 |
| RLJ Lodging Trust LP, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 4.00 | 9/15/2029 | 1647000 | 1563512 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(b),(c)</sup> <br>|  | 6.50 | 7/1/2030 | 627000 | 656233 |
| Starwood Property Trust, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.25 | 4/1/2029 | 1425000 | 1506727 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.00 | 1/15/2030 | 1233000 | 1148093 |
|  |  |  |  |  | **14397290** |
| **Retailing — 2.3%** | **Retailing — 2.3%** | **Retailing — 2.3%** | **Retailing — 2.3%** | **Retailing — 2.3%** | **Retailing — 2.3%** |
| 1011778 BC ULC/New Red Finance, Inc., Scd. Notes<sup>(b)</sup> <br>|  | 4.00 | 10/15/2030 | 1761000 | 1679174 |
| LBM Acquisition LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 1/15/2029 | 1766000 | 1591034 |
| PetSmart LLC/PetSmart Finance Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.50 | 9/15/2032 | 1817000 | 1851322 |
| QXO Building Products, Inc., Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 6.75 | 4/30/2032 | 1691000 | 1767465 |
| Staples, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.75 | 9/1/2029 | 2217000 | 2206892 |
| White Cap Supply Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 7.38 | 11/15/2030 | 1559000 | 1618652 |
|  |  |  |  |  | **10714539** |

---

**8**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** | **Bonds and Notes — 91.1% (continued)** |
| **Semiconductors & Semiconductor Equipment — .5%** | **Semiconductors & Semiconductor Equipment — .5%** | **Semiconductors & Semiconductor Equipment — .5%** | **Semiconductors & Semiconductor Equipment — .5%** | **Semiconductors & Semiconductor Equipment — .5%** | **Semiconductors & Semiconductor Equipment — .5%** |
| Kioxia Holdings Corp., Gtd. Notes<sup>(b)</sup> <br>|  | 6.63 | 7/24/2033 | 2406000 | **2504106** |
| **Technology Hardware & Equipment — .7%** | **Technology Hardware & Equipment — .7%** | **Technology Hardware & Equipment — .7%** | **Technology Hardware & Equipment — .7%** | **Technology Hardware & Equipment — .7%** | **Technology Hardware & Equipment — .7%** |
| Virtusa Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.13 | 12/15/2028 | 3290000 | **3245082** |
| **Telecommunication Services — 5.0%** | **Telecommunication Services — 5.0%** | **Telecommunication Services — 5.0%** | **Telecommunication Services — 5.0%** | **Telecommunication Services — 5.0%** | **Telecommunication Services — 5.0%** |
| Altice France SA, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.50 | 11/1/2029 | 2356506 | 2434507 |
| APLD ComputeCo LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 9.25 | 12/15/2030 | 1669000 | 1638416 |
| Cipher Compute LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.13 | 11/15/2030 | 1179000 | 1202265 |
| EchoStar Corp., Sr. Scd. Notes |  | 10.75 | 11/30/2029 | 2732000 | 3023180 |
| Fibercop SpA, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.72 | 6/4/2038 | 996000 | 1002173 |
| Iliad Holding SAS, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.50 | 4/15/2031 | 1185000 | 1276125 |
| Level 3 Financing, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 3.75 | 7/15/2029 | 637000 | 582384 |
| Level 3 Financing, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 8.50 | 1/15/2036 | 1449803 | 1486538 |
| Level 3 Financing, Inc., Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 6.88 | 6/30/2033 | 774000 | 792652 |
| Level 3 Financing, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.00 | 3/31/2034 | 778000 | 802407 |
| Lumen Technologies, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 10.00 | 10/15/2032 | 1087000 | 1093794 |
| Lumen Technologies, Inc., Sr. Unscd. Bonds, Ser. P |  | 7.60 | 9/15/2039 | 1450000 | 1395249 |
| Lumen Technologies, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.38 | 6/15/2029 | 1260000 | 1191286 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.50 | 2/15/2029 | 1531000 | 1471853 |
| Vmed O2 UK Financing I PLC, Sr. Scd. Bonds<sup>(b)</sup> <br>| EUR | 5.63 | 4/15/2032 | 790000 | 936500 |
| Windstream Services LLC/Windstream Escrow Finance Corp., Sr. Scd. <br> Notes<sup>(b)</sup> <br>|  | 8.25 | 10/1/2031 | 1267000 | 1331249 |
| WULF Compute LLC, Sr. Scd. Notes<sup>(b),(c)</sup> <br>|  | 7.75 | 10/15/2030 | 1479000 | 1524861 |
|  |  |  |  |  | **23185439** |
| **Transportation — .8%** | **Transportation — .8%** | **Transportation — .8%** | **Transportation — .8%** | **Transportation — .8%** | **Transportation — .8%** |
| Beacon Mobility Corp., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 8/1/2030 | 1896000 | 1984128 |
| Stonepeak Nile Parent LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 3/15/2032 | 1748000 | 1851982 |
|  |  |  |  |  | **3836110** |
| **Utilities — 5.9%** | **Utilities — 5.9%** | **Utilities — 5.9%** | **Utilities — 5.9%** | **Utilities — 5.9%** | **Utilities — 5.9%** |
| Alpha Generation LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 1/15/2034 | 853000 | 862248 |
| Alpha Generation LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.75 | 10/15/2032 | 2275000 | 2356296 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>|  | 6.38 | 2/15/2032 | 3270000 | 3282472 |
| ContourGlobal Power Holdings SA, Sr. Scd. Bonds<sup>(b)</sup> <br>|  | 6.75 | 2/28/2030 | 2563000 | 2645939 |
| Lightning Power LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 7.25 | 8/15/2032 | 1320000 | 1404369 |
| NRG Energy, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 3.88 | 2/15/2032 | 1390000 | 1305321 |
| NRG Energy, Inc., Gtd. Notes<sup>(b)</sup> <br>|  | 6.25 | 11/1/2034 | 1731000 | 1779390 |
| NRG Energy, Inc., Jr. Sub. Bonds<sup>(b),(d)</sup> <br>|  | 10.25 | 3/15/2028 | 995000 | 1087407 |
| NRG Energy, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.75 | 1/15/2034 | 1365000 | 1379599 |
| PG&E Corp., Sr. Scd. Notes |  | 5.00 | 7/1/2028 | 700000 | 700210 |
| PG&E Corp., Sr. Scd. Notes<sup>(c)</sup> <br>|  | 5.25 | 7/1/2030 | 1299000 | 1290579 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 4.38 | 5/1/2029 | 1200000 | 1185528 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.88 | 4/15/2032 | 2785000 | 2935084 |
| Vistra Operations Co. LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 7.75 | 10/15/2031 | 865000 | 916595 |
| VoltaGrid LLC, Scd. Notes<sup>(b)</sup> <br>|  | 7.38 | 11/1/2030 | 1256000 | 1244986 |
| XPLR Infrastructure Operating Partners LP, Gtd. Notes<sup>(b)</sup> <br>|  | 7.75 | 4/15/2034 | 956000 | 972316 |
| XPLR Infrastructure Operating Partners LP, Gtd. Notes<sup>(b),(c)</sup> <br>|  | 8.38 | 1/15/2031 | 1629000 | 1712789 |
|  |  |  |  |  | **27061128** |
| **Total Bonds and Notes** <br>(cost $406,863,007)<br>|  |  |  |  | **419566337** |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** | **Convertible Bonds and Notes — .4%** |
| **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** |
| Riot Platforms, Inc., Sr. Unscd. Notes<sup>(c)</sup> <br>| 0.75 | 1/15/2030 | 270000 | **306112** |
| **Media — .1%** | **Media — .1%** | **Media — .1%** | **Media — .1%** | **Media — .1%** |
| Cable One, Inc., Gtd. Notes | 1.13 | 3/15/2028 | 566000 | **462026** |
| **Utilities — .2%** | **Utilities — .2%** | **Utilities — .2%** | **Utilities — .2%** | **Utilities — .2%** |
| PG&E Corp., Sr. Scd. Notes | 4.25 | 12/1/2027 | 996000 | **1025980** |
| **Total Convertible Bonds and Notes** <br>(cost $1,807,472) | **Total Convertible Bonds and Notes** <br>(cost $1,807,472) |  |  | **1794118** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common Stocks — .1%** | **Common Stocks — .1%** | **Common Stocks — .1%** |
| **Telecommunication Services — .1%** | **Telecommunication Services — .1%** | **Telecommunication Services — .1%** |
| Altice LuxCo 3<sup>(g)</sup> <br>(cost $364,322)<br>| 22256 | **402137** |
| **Exchange-Traded Funds — 1.2%** | **Exchange-Traded Funds — 1.2%** | **Exchange-Traded Funds — 1.2%** |
| **Registered Investment Companies — 1.2%** | **Registered Investment Companies — 1.2%** | **Registered Investment Companies — 1.2%** |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(c)</sup> <br>| 33867 | 2730696 |
| State Street SPDR Bloomberg High Yield Bond ETF<sup>(c)</sup> <br>| 28137 | 2735198 |
| **Total Exchange-Traded Funds** <br>(cost $5,259,340)<br>|  | **5465894** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>|  |
| **Fixed Rate Loan Interests — 1.8%** | **Fixed Rate Loan Interests — 1.8%** | **Fixed Rate Loan Interests — 1.8%** | **Fixed Rate Loan Interests — 1.8%** | **Fixed Rate Loan Interests — 1.8%** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| Cotiviti Holdings, Initial Fixed Rate Term Loan | 7.63 | 5/1/2031 | 1581250 | 1535797 |
| X.Ai Corp., Initial Fixed Rate Term Loan | 12.50 | 6/28/2030 | 2893559 | 3047583 |
|  |  |  |  | **4583380** |
| **Technology Hardware & Equipment — .8%** | **Technology Hardware & Equipment — .8%** | **Technology Hardware & Equipment — .8%** | **Technology Hardware & Equipment — .8%** | **Technology Hardware & Equipment — .8%** |
| X Corp., Tranche Term Loan B-3 | 9.50 | 10/29/2029 | 3632802 | **3626953** |
| **Total Fixed Rate Loan Interests** <br>(cost $8,123,277) | **Total Fixed Rate Loan Interests** <br>(cost $8,123,277) |  |  | **8210333** |
| **Floating Rate Loan Interests — 2.8%** | **Floating Rate Loan Interests — 2.8%** | **Floating Rate Loan Interests — 2.8%** | **Floating Rate Loan Interests — 2.8%** | **Floating Rate Loan Interests — 2.8%** |
| **Automobiles & Components — .3%** | **Automobiles & Components — .3%** | **Automobiles & Components — .3%** |  |  |
| Burgess Point Purchaser Corp., Initial Term Loan, (3 Month TSFR +5.35%)<sup>(e)</sup> <br>| 9.19 | 7/25/2029 | 641692 | 548191 |
| IXS Holdings, Inc., Initial Term Loan, (1 Month TSFR +5.50%)<sup>(e)</sup> <br>| 9.22 | 9/21/2029 | 741275 | 741431 |
|  |  |  |  | **1289622** |
| **Chemicals — .1%** | **Chemicals — .1%** | **Chemicals — .1%** |  |  |
| Geon Performance Solutions LLC, 2024 Refinancing Term Loan, (3 Month <br> TSFR +4.51%)<sup>(e)</sup> <br>| 8.18 | 8/18/2028 | 385128 | **306658** |
| **Commercial & Professional Services — .1%** | **Commercial & Professional Services — .1%** | **Commercial & Professional Services — .1%** |  |  |
| Vaco Holdings LLC, Initial Term Loan, (3 Month TSFR +5.15%)<sup>(e)</sup> <br>| 8.82 | 1/22/2029 | 842140 | **689157** |
| **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** | **Consumer Discretionary — .1%** |  |  |
| Allwyn Entertainment Financing US LLC, Term Loan B, (3 Month TSFR <br> +2.50%)<sup>(e)</sup> <br>| 2.50 | 11/10/2032 | 500000 | **492500** |
| **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** |  |  |
| OID-OL Intermediate I LLC, Initial Second Out Term Loan, (3 Month TSFR <br> +4.40%)<sup>(e)</sup> <br>| 8.24 | 2/1/2029 | 638396 | **535257** |
| **Food Products — .1%** | **Food Products — .1%** | **Food Products — .1%** |  |  |
| Max US Bidco, Inc., Initial Term Loan, (3 Month TSFR +5.00%)<sup>(e)</sup> <br>| 8.67 | 10/2/2030 | 728393 | **570751** |
| **Health Care — .3%** | **Health Care — .3%** | **Health Care — .3%** |  |  |
| 1261229 B.C. Ltd., Initial Term Loan, (1 Month TSFR +6.25%)<sup>(e)</sup> <br>| 10.17 | 10/8/2030 | 1314395 | **1287128** |

---

**10**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Floating Rate Loan Interests — 2.8% (continued)** | **Floating Rate Loan Interests — 2.8% (continued)** | **Floating Rate Loan Interests — 2.8% (continued)** | **Floating Rate Loan Interests — 2.8% (continued)** | **Floating Rate Loan Interests — 2.8% (continued)** | **Floating Rate Loan Interests — 2.8% (continued)** |
| **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** |  |  |
| Optimus Bidco SAS, Term Loan B, (3 Month EURIBOR +5.00%)<sup>(e)</sup> <br>| EUR | 7.02 | 1/2/2029 | 1000000 | **1036133** |
| **Information Technology — .5%** | **Information Technology — .5%** | **Information Technology — .5%** | **Information Technology — .5%** |  |  |
| Flash Charm, Inc., 2024 Term Loan B-2, (3 Month TSFR +3.50%)<sup>(e)</sup> <br>|  | 7.35 | 3/2/2028 | 837458 | 783605 |
| HS Purchaser LLC, Term Loan, (1 Month TSFR +6.10%)<sup>(e)</sup> <br>|  | 9.97 | 5/21/2029 | 659651 | 599253 |
| Polaris Newco LLC, First Lien Dollar Term Loan, (3 Month TSFR +4.01%)<sup>(e)</sup> <br>|  | 7.85 | 6/5/2028 | 775948 | 750055 |
|  |  |  |  |  | **2132913** |
| **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** |  |  |
| MH Sub I LLC, 2023 May New Term Loan, (1 Month TSFR +4.25%)<sup>(e)</sup> <br>|  | 7.97 | 5/3/2028 | 716191 | 668027 |
| MH Sub I LLC, Second Lien Term Loan, (3 Month TSFR +6.25%)<sup>(e)</sup> <br>|  | 10.09 | 2/23/2029 | 662000 | 556854 |
|  |  |  |  |  | **1224881** |
| **Media — .4%** | **Media — .4%** | **Media — .4%** | **Media — .4%** |  |  |
| Numericable US LLC, New USD Term Loan B-14, (1 Month TSFR +6.88%)<sup>(e)</sup> <br>|  | 10.86 | 5/15/2031 | 1429253 | 1430739 |
| The E.W. Scripps Co., Term Loan B-3, (1 Month TSFR +3.46%)<sup>(e)</sup> <br>|  | 7.20 | 11/30/2029 | 595500 | 576146 |
|  |  |  |  |  | **2006885** |
| **Telecommunication Services — .3%** | **Telecommunication Services — .3%** | **Telecommunication Services — .3%** | **Telecommunication Services — .3%** |  |  |
| Zayo Group Holdings, Inc., Dollar Term Loan, (1 Month TSFR +3.61%)<sup>(e),(f)</sup> <br>|  | 7.33 | 3/11/2030 | 1495908 | **1423835** |
| **Total Floating Rate Loan Interests** <br>(cost $14,041,935) | **Total Floating Rate Loan Interests** <br>(cost $14,041,935) |  |  |  | **12995720** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| **Registered Investment Companies — 1.9%** | **Registered Investment Companies — 1.9%** | **Registered Investment Companies — 1.9%** | **Registered Investment Companies — 1.9%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(h)</sup> <br>(cost $8,945,404)<br>| 3.89 | 8945404 | **8945404** |
| **Investment of Cash Collateral for Securities Loaned — 3.5%** |  |  |  |
| **Registered Investment Companies — 3.5%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(h)</sup> <br>(cost $16,014,133)<br>| 3.89 | 16014133 | **16014133** |
| **Total Investments** (cost $461,418,890) | **Total Investments** (cost $461,418,890) | **102.8%** | **473394076** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(2.8%)** | **(12880917)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **460513159** |

---

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

---

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

---

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

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, these securities amounted to $386,842,335 or 84.0% of net assets. 

<sup>(c)</sup> Security, or portion thereof, on loan. At December 31, 2025, the value of the fund's securities on loan was $42,805,993 and the value of the collateral was $44,947,652, consisting of cash collateral of $16,014,133 and U.S. Government & Agency securities valued at $28,933,519. In addition, the value of collateral may include pending sales that are also on loan. 

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

**11**

------

SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>12/31/2024<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>12/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.9%** | **Registered Investment Companies - 1.9%** | **Registered Investment Companies - 1.9%** | **Registered Investment Companies - 1.9%** | **Registered Investment Companies - 1.9%** | **Registered Investment Companies - 1.9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 1.9%<br>| 8678237 | 272162008 | (271894841) | 8945404 | 604253 |
| **Investment of Cash Collateral for Securities Loaned - 3.5%** | **Investment of Cash Collateral for Securities Loaned - 3.5%** | **Investment of Cash Collateral for Securities Loaned - 3.5%** | **Investment of Cash Collateral for Securities Loaned - 3.5%** | **Investment of Cash Collateral for Securities Loaned - 3.5%** | **Investment of Cash Collateral for Securities Loaned - 3.5%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 3.5%<br>| 41823024 | 212542978 | (238351869) | 16014133 | 194827<sup>††</sup> <br>|
| **Total - 5.4%** | **50501261** | **484704986** | **(510246710)** | **24959537** | **799080** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| Counterparty/ <br>Purchased <br>Currency<br>| Purchased <br>Currency <br>Amounts<br>| &nbsp;&nbsp; Currency <br>Sold<br>| Sold <br>Currency <br>Amounts<br>| Settlement <br>Date<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** |
| United States Dollar | &nbsp;&nbsp; 10910097 | Euro | &nbsp;&nbsp; 9370000 | &nbsp;&nbsp; 1/20/2026 | &nbsp;&nbsp; (111964) |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| United States Dollar | &nbsp;&nbsp; 234725 | Euro | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 1/20/2026 | (537) |
| United States Dollar | &nbsp;&nbsp; 1296683 | British Pound | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 1/20/2026 | &nbsp;&nbsp; (31015) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(143516)** |

---

See notes to financial statements.

**12**

------

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $42,805,993)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 436459353 | &nbsp;&nbsp;&nbsp;&nbsp; 448434539 |
| Affiliated issuers | 24959537 | &nbsp;&nbsp;&nbsp;&nbsp; 24959537 |
| Cash denominated in foreign currency | 542153 | &nbsp;&nbsp;&nbsp;&nbsp; 548636 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 7996800 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 2948459 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 278794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **485166765** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 290174 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 1701826 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16014133 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 5859349 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 636881 |
| Unrealized depreciation on forward foreign currency exchange contracts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 143516 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 7727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24653606** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **460513159** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 712077832 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (251564673)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **460513159** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 85487953 | &nbsp;&nbsp;&nbsp;&nbsp; 2149490 | &nbsp;&nbsp;&nbsp;&nbsp; 372875716 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 15718461 | &nbsp;&nbsp;&nbsp;&nbsp; 394922 | &nbsp;&nbsp;&nbsp;&nbsp; 68483347 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.44** | &nbsp;&nbsp;&nbsp;&nbsp;**5.44** | &nbsp;&nbsp;&nbsp;&nbsp;**5.44** |

---

See notes to financial statements.

**13**

------

STATEMENT OF OPERATIONS

Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 37648239 |
| Dividends: |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 530019 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 604253 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 194827 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **38977338** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 3590858 |
| Distribution Plan/Service Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 243363 |
| Trustees' fees—Notes 3(a) and 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 63500 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 12038 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3909759** |
| Less—Trustees' fees reimbursed by <br>BNY Mellon Investment Adviser, Inc.—Note 3(a) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (63500)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **3846259** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **35131079** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1390967 |
| Net realized gain (loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; (946639)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **444328** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 4108707 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; (367874)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **3740833** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **4185161** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **39316240** |

---

See notes to financial statements.

**14**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 35131079 | &nbsp;&nbsp;&nbsp;&nbsp; 42147189 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 444328 | &nbsp;&nbsp;&nbsp;&nbsp; 6154343 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 3740833 | &nbsp;&nbsp;&nbsp;&nbsp; (2512327) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **39316240** | &nbsp;&nbsp;&nbsp;&nbsp; **45789205** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (5934678) | &nbsp;&nbsp;&nbsp;&nbsp; (6812602) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (135849) | &nbsp;&nbsp;&nbsp;&nbsp; (149167) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (29479618) | &nbsp;&nbsp;&nbsp;&nbsp; (35962069) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(35550145)** | &nbsp;&nbsp;&nbsp;&nbsp; **(42923838)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 27555671 | &nbsp;&nbsp;&nbsp;&nbsp; 81967060 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 391725 | &nbsp;&nbsp;&nbsp;&nbsp; 274260 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 119857195 | &nbsp;&nbsp;&nbsp;&nbsp; 212266537 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 4882100 | &nbsp;&nbsp;&nbsp;&nbsp; 5664305 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 135725 | &nbsp;&nbsp;&nbsp;&nbsp; 149288 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 9068714 | &nbsp;&nbsp;&nbsp;&nbsp; 12616575 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (37679360) | &nbsp;&nbsp;&nbsp;&nbsp; (100589868) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (687692) | &nbsp;&nbsp;&nbsp;&nbsp; (664965) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (220470556) | &nbsp;&nbsp;&nbsp;&nbsp; (255317734) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(96946478)** | &nbsp;&nbsp;&nbsp;&nbsp; **(43634542)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(93180383)** | &nbsp;&nbsp;&nbsp;&nbsp; **(40769175)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 553693542 | &nbsp;&nbsp;&nbsp;&nbsp; 594462717 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **460513159** | &nbsp;&nbsp;&nbsp;&nbsp; **553693542** |

---

**15**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(a),(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5112023 | &nbsp;&nbsp;&nbsp;&nbsp; 15303936 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 901749 | &nbsp;&nbsp;&nbsp;&nbsp; 1056555 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6976710) | &nbsp;&nbsp;&nbsp;&nbsp; (18771837) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(962938)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2411346)** |
| **Class C**<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 73159 | &nbsp;&nbsp;&nbsp;&nbsp; 51406 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 25048 | &nbsp;&nbsp;&nbsp;&nbsp; 27832 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (126697) | &nbsp;&nbsp;&nbsp;&nbsp; (124440) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(28490)** | &nbsp;&nbsp;&nbsp;&nbsp; **(45202)** |
| **Class I**<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 22192737 | &nbsp;&nbsp;&nbsp;&nbsp; 39498690 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1674714 | &nbsp;&nbsp;&nbsp;&nbsp; 2349084 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (41090748) | &nbsp;&nbsp;&nbsp;&nbsp; (47478911) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(17223297)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5631137)** |

---

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

<sup>(a)</sup> During the period ended December 31, 2025, 30,451 Class C shares representing $165,978 were automatically converted to 30,511 Class A shares and during the period ended December 31, 2024, 103 Class C shares representing $552 were automatically converted to 103 Class A shares. 

<sup>(b)</sup> During the period ended December 31, 2024, 178,640 Class I shares representing $961,568 were exchanged for 178,842 Class A shares.

See notes to financial statements.

**16**

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Class A Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .27 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .26 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;12.26 | &nbsp;&nbsp;&nbsp;&nbsp; (11.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.33 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .96 |
| Ratio of net expenses to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .95 |
| Ratio of net investment income to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;105.22 | &nbsp;&nbsp;&nbsp;&nbsp;114.37 | &nbsp;&nbsp;&nbsp;&nbsp;128.77 | &nbsp;&nbsp;&nbsp;&nbsp;90.51 | &nbsp;&nbsp;&nbsp;&nbsp;101.26 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 85488 | &nbsp;&nbsp;&nbsp;&nbsp; 89760 | &nbsp;&nbsp;&nbsp;&nbsp; 102274 | &nbsp;&nbsp;&nbsp;&nbsp; 98815 | &nbsp;&nbsp;&nbsp;&nbsp; 116626 |

---

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

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

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

<sup>(c)</sup> Amount does not include the expenses of the underlying funds.

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

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Class C Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp; (12.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Ratio of net expenses to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Ratio of net investment income to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;105.22 | &nbsp;&nbsp;&nbsp;&nbsp;114.37 | &nbsp;&nbsp;&nbsp;&nbsp;128.77 | &nbsp;&nbsp;&nbsp;&nbsp;90.51 | &nbsp;&nbsp;&nbsp;&nbsp;101.26 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp;&nbsp; 2280 | &nbsp;&nbsp;&nbsp;&nbsp; 2511 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 | &nbsp;&nbsp;&nbsp;&nbsp; 3935 |

---

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

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

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

<sup>(c)</sup> Amount does not include the expenses of the underlying funds.

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

See notes to financial statements.

**18**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .28 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.01)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .71 |
| Ratio of net expenses to average net assets<sup>(b),(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net investment income to average net assets<sup>(b),(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;105.22 | &nbsp;&nbsp;&nbsp;&nbsp;114.37 | &nbsp;&nbsp;&nbsp;&nbsp;128.77 | &nbsp;&nbsp;&nbsp;&nbsp;90.51 | &nbsp;&nbsp;&nbsp;&nbsp;101.26 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 372876 | &nbsp;&nbsp;&nbsp;&nbsp; 461653 | &nbsp;&nbsp;&nbsp;&nbsp; 489677 | &nbsp;&nbsp;&nbsp;&nbsp; 504963 | &nbsp;&nbsp;&nbsp;&nbsp; 961674 |

---

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

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

<sup>(b)</sup> Amount does not include the expenses of the underlying funds.

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

See notes to financial statements.

**19**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon High Yield Fund (the "fund") is a separate diversified series of BNY Mellon Investment Funds III (the "Trust"), 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 maximize total return, consisting of capital appreciation and current income. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. BPS NY LLC, formerly Alcentra NY, LLC (the "Sub-Adviser"), a subsidiary of Franklin Resources, Inc., serves as the fund's sub-adviser.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class C and Class I. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Services 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 Trust 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 of the Trust 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 Trust 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.

**20**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5860976 | &nbsp;&nbsp; — | &nbsp;&nbsp; **5860976** |
| Convertible Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1794118 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1794118** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 413705361 | &nbsp;&nbsp; — | &nbsp;&nbsp; **413705361** |

---

**21**

------

NOTES TO FINANCIAL STATEMENTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**<br>| **Level 2- Other**<br> **Significant** <br> **Observable Inputs**<br>| **Level 3-**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Assets ($) (continued)** |  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 402137 | &nbsp;&nbsp; — | &nbsp;&nbsp; **402137** |
| Exchange-Traded Funds | &nbsp;&nbsp; 5465894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **5465894** |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 8210333 | &nbsp;&nbsp; — | &nbsp;&nbsp; **8210333** |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 12995720 | &nbsp;&nbsp; — | &nbsp;&nbsp; **12995720** |
| Investment Companies | &nbsp;&nbsp; 24959537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **24959537** |
|  | &nbsp;&nbsp; **30425431** | &nbsp;&nbsp; **442968645** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **473394076** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (143516) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(143516)** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(143516)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(143516)** |

---

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

---

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

---

**(b) Foreign 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.

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2025, BNY earned $26,576 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of December 31, 2025, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting

**22**

------

NOTES TO FINANCIAL STATEMENTS (continued)

of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42805993 |
| Collateral (received)/posted not offset <br>in the Statement of <br>Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42805993 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

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

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates. Interest rate changes may have different effects on the values of mortgage-related securities because of prepayment and extension risks. In addition, the rates on floating rate instruments adjust periodically with changes in market interest rates. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

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

**High Yield Securities Risk:** High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade securities may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

**23**

------

NOTES TO FINANCIAL STATEMENTS (continued)

**Floating Rate Loan Risk**: Unlike publicly-traded common stocks which trade on national exchanges, there is no central market or exchange for loans to trade. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. The lack of an active trading market for certain floating rate loans may impair the ability of the fund to realize full value in the event of the need to sell a floating rate loan and may make it difficult to value such loans. There may be less readily available, reliable information about certain floating rate loans than is the case for many other types of securities, and the fund's portfolio managers may be required to rely primarily on their own evaluation of a borrower's credit quality rather than on any available independent sources. The value of collateral, if any, securing a floating rate loan can decline, and may be insufficient to meet the issuer's obligations in the event of non-payment of scheduled interest or principal or may be difficult to readily liquidate. The floating rate loans in which the fund invests typically will be below investment grade quality and, like other below investment grade securities, are inherently speculative. As a result, the risks associated with such floating rate loans are similar to the risks of below investment grade securities, although senior loans are typically senior and secured in contrast to other below investment grade securities, which are often subordinated and unsecured.

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

**(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 December 31, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended December 31, 2025, the fund did not incur any interest or penalties.

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

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $829,602, accumulated capital losses $262,902,660 and unrealized appreciation $10,508,385.

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 December 31, 2025. The fund has $87,513,416 of short-term capital losses and $175,389,244 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 December 31, 2025 and December 31, 2024 were as follows: ordinary income $35,550,145 and $42,923,838, respectively.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)

**24**

------

NOTES TO FINANCIAL STATEMENTS (continued)

- Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

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

**NOTE 3—**

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

**(a)** Pursuant to an investment management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .70% of the value of the fund's average daily net assets. The Adviser has agreed in its investment management agreement with the fund to pay all of the fund's expenses, except management fees, interest expenses, brokerage commissions and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fees in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interest board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended December 31, 2025, Trustees' fees reimbursed by the Adviser amounted to $63,500.

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 .27% of the value of the fund's average daily net assets.

During the period ended December 31, 2025, the Distributor retained $904 from commissions earned on sales of the fund's Class A shares and $8 from CDSC fees on redemptions of the fund's Class C shares.

**(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 annual rate of .75% of the value of its 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 December 31, 2025, Class A and Class C shares were charged $220,628 and $17,051, respectively, pursuant

**25**

------

NOTES TO FINANCIAL STATEMENTS (continued)

to their Distribution Plans. During the period ended December 31, 2025, Class C shares were charged $5,684 pursuant to the Service Plan.

Under its terms, the Distribution Plan 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 Trustees who are not "interested persons" of the Trust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan or Service Plan.

**(c)** The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $275,028, Distribution Plan fees of $19,695, Services Plan fees of $451, which are offset against an expense reimbursement currently in effect in the amount of $5,000.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities and derivatives, during the period ended December 31, 2025, amounted to $524,875,518 and $630,462,471, respectively.

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

**Derivatives**: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, "Master Agreements") with its over-the counter ("OTC") derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended December 31, 2025 is discussed below.

**Forward Foreign Currency Exchange Contracts**: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund's exposure to the counterparty. Forward contracts open at December 31, 2025 are set forth in the Schedule of Investments.

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

**26**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Foreign Exchange Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (143516 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(143516)**<br>|

---

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

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

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

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Forward Contracts**<sup>(1)</sup> <br>| **Total** |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp; (946639) | &nbsp;&nbsp;&nbsp;&nbsp; **(946639)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(946639)** | &nbsp;&nbsp;&nbsp;&nbsp; **(946639)** |

---

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Forward Contracts**<sup>(2)</sup> <br>| **Total** |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp; (367874) | &nbsp;&nbsp;&nbsp;&nbsp; **(367874)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(367874)** | &nbsp;&nbsp;&nbsp;&nbsp; **(367874)** |

---

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

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

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

At December 31, 2025, derivative assets and liabilities (by type) on a gross basis are as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets ($)** | **Liabilities ($)** |
| Forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143516)<br>|
| Total gross amount of derivative assets <br> and liabilities in the Statement of <br> Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143516)<br>|
| Derivatives not subject to Master <br> Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total gross amount of assets and <br> liabilities subject to Master <br> Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143516)<br>|

---

**27**

------

NOTES TO FINANCIAL STATEMENTS (continued)

The following table presents derivative liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Gross Amount** <br>**of Liabilities($)**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** <br>**Instruments** <br>**and Derivatives** <br>**Available** <br>**for Offset ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**Pledged ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Amount** <br>**of Liabilities ($)**<br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (111964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (111964)<br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; (31552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (31552)<br>|
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(143516)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(143516)**<br>|

---

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

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

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

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Forward Contracts:** |  |
| Forward Contracts Purchased in USD | &nbsp;&nbsp; 737654 |
| Forward Contracts Sold in USD | &nbsp;&nbsp; 15218607 |

---

At December 31, 2025, the cost of investments for federal income tax purposes was $462,959,032; accordingly, accumulated net unrealized appreciation on investments was $10,435,044, consisting of $13,736,582 gross unrealized appreciation and $3,301,538 gross unrealized depreciation.

**NOTE 5—**

**Subsequent Event:**

Effective January 26, 2026, the Sub-Adviser has changed its name to BSP NY LLC.

**28**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of BNY Mellon High Yield Fund and Board of Trustees of BNY Mellon Investment Funds III:

Opinion on the Financial Statements

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

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion. ![](imgf4fd44cf2.gif)

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

New York, New York

February 20, 2026

**29**

------

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable but not less than 71.55% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

**30**

------

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

N/A

**31**

------

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

A special meeting of the fund's shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows:

---

| | | |
|:---|:---|:---|
|  | Shares | Shares |
|  | For | Withheld |
| To elect six Board Members to the Board of Trustees of the Fund: | To elect six Board Members to the Board of Trustees of the Fund: | To elect six Board Members to the Board of Trustees of the Fund: |
| Andrew J. Donohue | 121119341 | 1198557 |
| Joan L. Gulley | 120948216 | 1369682 |
| Alan H. Howard | 121136039 | 1181859 |
| Robin A. Melvin | 121003739 | 1314159 |
| Bradley J. Skapyak | 121153110 | 1164788 |
| Burton N. Wallack | 121075760 | 1242138 |

---

**32**

------

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

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

**33**

------

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

N/A

**34**

------© 2026 BNY Mellon Securities Corporation

Code-0029NCSRAR1225

![](img581a60e31.gif)

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

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

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

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert6144.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](ex_99-906cert6144.htm) .

**SIGNATURES** 

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

BNY Mellon Investment Funds III

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: March 4, 2026

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

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: March 4, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: March 3, 2026

**EXHIBIT INDEX**

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

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

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

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

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

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

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

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

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

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

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

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

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

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

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

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

------

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

Each Covered Officer must:

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

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

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

**III. Disclosure and Compliance**

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

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

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

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

**IV. Reporting and Accountability**

Each Covered Officer must:

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

------

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

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

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

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

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

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

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

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

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

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

**V. Other Policies and Procedures**

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

**VI. Amendments**

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

**VII. Confidentiality**

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

------

**VIII. Internal Use**

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

Dated as of: January 14, 2021

------

**Exhibit A**

**Persons Covered by the Code of Ethics**

---

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

---

## 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 III;

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: March 4, 2026

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

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

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: March 3, 2026

## 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: March 4, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: March 3, 2026

*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.*