# EDGAR Filing Document

**Accession Number:** 0000053808
**File Stem:** 0000030146-26-000291
**Filing Date:** 2026-6
**Character Count:** 380279
**Document Hash:** 793d94b595b8a3e16f6d75588d8bb8fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000291.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0000030146-26-000291

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00524
- **FILM NUMBER:** 261134418

**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 International Bond Fund (Series ID: S000005159)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014125 | Class A      | DIBAX           |
| C000014126 | Class C      | DIBCX           |
| C000014127 | Class I      | DIBRX           |
| C000130466 | Class Y      | DIBYX           |

### BNY Mellon Global Equity Income Fund (Series ID: S000018029)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049945 | Class A      | DEQAX           |
| C000049946 | Class C      | DEQCX           |
| C000049947 | Class I      | DQEIX           |
| C000130468 | Class Y      | DEQYX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-00524

#### 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:

#### 10/31

#### Date of reporting period:

#### 4/30/26
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 Global Equity Income Fund

BNY Mellon International Bond Fund

ITEM 1 - Reports to Stockholders

BNY Mellon Global Equity Income Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class A – DEQAX
This semi-annual shareholder report contains important information about BNY Mellon Global Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 | $67 | 1.26%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $211 | 62 | 31.85% |

---

 **Portfolio Holdings (as of 4/30/26)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11848322.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848298.jpg)

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6175SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon Global Equity Income Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class C – DEQCX
This semi-annual shareholder report contains important information about BNY Mellon Global Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 | $108 | 2.05%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $211 | 62 | 31.85% |

---

 **Portfolio Holdings (as of 4/30/26)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11848373.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848349.jpg)

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6176SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon Global Equity Income Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class I – DQEIX
This semi-annual shareholder report contains important information about BNY Mellon Global Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 | $52 | 0.99%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $211 | 62 | 31.85% |

---

 **Portfolio Holdings (as of 4/30/26)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11848424.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848400.jpg)

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6177SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon Global Equity Income Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class Y – DEQYX
This semi-annual shareholder report contains important information about BNY Mellon Global Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 Y | $50 | 0.94%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $211 | 62 | 31.85% |

---

 **Portfolio Holdings (as of 4/30/26)**

 **Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11848475.jpg)

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

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848451.jpg)

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-0367SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon International Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class A – DIBAX
This semi-annual shareholder report contains important information about BNY Mellon International Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class A<sup>\*</sup> | $51 1.02%<sup>\*\*</sup> |

---

---

| |
|:---|
| \*<sup>During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.</sup> |
| \*\*<sup>Annualized.</sup> |

---

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $139 | 523 | 37.30% |

---

 **Portfolio Holdings (as of 4/30/26)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11848577.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848553.jpg)

\* Amount represents less than .1%.

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6091SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon International Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class C – DIBCX
This semi-annual shareholder report contains important information about BNY Mellon International Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 | $104 | 2.10%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $139 | 523 | 37.30% |

---

 **Portfolio Holdings (as of 4/30/26)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11848628.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848604.jpg)

\* Amount represents less than .1%.

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6093SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon International Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class I – DIBRX
This semi-annual shareholder report contains important information about BNY Mellon International Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 | $45 | 0.90%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $139 | 523 | 37.30% |

---

 **Portfolio Holdings (as of 4/30/26)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11848679.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848655.jpg)

\* Amount represents less than .1%.

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-6094SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

BNY Mellon International Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### April 30, 2026

#### Class Y – DIBYX
This semi-annual shareholder report contains important information about BNY Mellon International Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

#### What were the Fund's costs for the last six months ?
(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 Y | $38 | 0.77%\* |

---

\* <sup>Annualized.</sup>

 **KEY FUND STATISTICS (AS OF 4/30/26)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $139 | 523 | 37.30% |

---

 **Portfolio Holdings (as of 4/30/26)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_11848526.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11848502.jpg)

\* Amount represents less than .1%.

#### Changes in or Disagreements with Accountants
* Starting January 1, 2026, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund's fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026. 

 **This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund's current prospectus dated February 27, 2026 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

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

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

Code-0368SA0426

![TSR- BNY Investment Logo](images_31331.jpg)

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

BNY Mellon Global Equity Income Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2026

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DEQAX |
| C | DEQCX |
| I | DQEIX |
| Y | DEQYX |

---

![](img464ba9c61.gif)

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------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_SOI-Commoncontent-4733_1)**<br> **[Investment Companies](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_SOI-Commoncontent-4733_1)**<br>| 3 |
| [Schedule of Investments](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_SOI-Commoncontent-4733_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_FS-Commoncontent-4733_1) | 6 |
| [Statement of Operations](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_FS-Commoncontent-4733_2) | 7 |
| [Statement of Changes in Net Assets](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_FS-Commoncontent-4733_3) | 8 |
| [Financial Highlights](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_FIHI-Commoncontent-4733_1) | 10 |
| [Notes to Financial Statements](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_NTF-Commoncontent-4733_1) | 14 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_CDA-Commoncontent-4733_1)**<br> **[Investment Companies](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_CDA-Commoncontent-4733_1)**<br>| 19 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_PRXD-Commoncontent-4733_1)** | 20 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_RMNP-Commoncontent-4733_1)**<br> **[Management Investment Companies](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_RMNP-Commoncontent-4733_1)**<br>| 21 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_d574a3ac-c80f-41b2-8f22-4fd8acde41ed_AAA-Commoncontent-4733_1)** | 22 |

---

------

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

BNY Mellon Global Equity Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 96.4%** | **Equity Securities - Common Stocks — 96.4%** | **Equity Securities - Common Stocks — 96.4%** |
| **Brazil — 1.5%** | **Brazil — 1.5%** | **Brazil — 1.5%** |
| B3 SA - Brasil Bolsa Balcao | 874652 | **3191761** |
| **Canada — 2.3%** | **Canada — 2.3%** | **Canada — 2.3%** |
| Intact Financial Corp. | 25631 | **4938829** |
| **China — 3.8%** | **China — 3.8%** | **China — 3.8%** |
| NARI Technology Co. Ltd., Cl. A | 754500 | 2887507 |
| NetEase, Inc. | 127200 | 2959656 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl. A | 87900 | 2168104 |
|  |  | **8015267** |
| **Denmark — 1.8%** | **Denmark — 1.8%** | **Denmark — 1.8%** |
| Novo Nordisk A/S, Cl. B | 90460 | **3809067** |
| **France — 10.7%** | **France — 10.7%** | **France — 10.7%** |
| BNP Paribas SA | 29658 | 3121355 |
| Bureau Veritas SA | 97741 | 2997664 |
| Cie de Saint-Gobain SA | 48692 | 4447872 |
| Cie Generale des Etablissements Michelin SCA | 101104 | 3669670 |
| Publicis Groupe SA | 45973 | 4301735 |
| Veolia Environnement SA | 96954 | 4101184 |
|  |  | **22639480** |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| adidas AG | 13272 | 2299941 |
| Fresenius SE & Co. KGaA | 48778 | 2364449 |
|  |  | **4664390** |
| **Hong Kong — 4.2%** | **Hong Kong — 4.2%** | **Hong Kong — 4.2%** |
| AIA Group Ltd. | 483200 | 5321897 |
| Hong Kong Exchanges & Clearing Ltd. | 68200 | 3622616 |
|  |  | **8944513** |
| **Indonesia — .4%** | **Indonesia — .4%** | **Indonesia — .4%** |
| Bank Rakyat Indonesia Persero Tbk PT | 4811000 | **835782** |
| **Ireland — 3.2%** | **Ireland — 3.2%** | **Ireland — 3.2%** |
| Medtronic PLC | 37115 | 3005201 |
| Smurfit Westrock PLC | 99776 | 3830401 |
|  |  | **6835602** |
| **Italy — 2.5%** | **Italy — 2.5%** | **Italy — 2.5%** |
| Enel SpA | 279387 | 3259699 |
| Moncler SpA | 32827 | 1978592 |
|  |  | **5238291** |
| **Japan — 1.7%** | **Japan — 1.7%** | **Japan — 1.7%** |
| Tokyo Electron Ltd. | 12300 | **3648702** |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| Airbus SE | 15709 | 3256953 |
| Universal Music Group NV | 136738 | 2863142 |
|  |  | **6120095** |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| Industria de Diseno Textil SA | 82757 | **4958705** |
| **Sweden — .9%** | **Sweden — .9%** | **Sweden — .9%** |
| SKF AB, Cl. B | 76335 | **1906233** |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| MediaTek, Inc. | 25000 | **2125040** |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 96.4% (continued)** | **Equity Securities - Common Stocks — 96.4% (continued)** | **Equity Securities - Common Stocks — 96.4% (continued)** |
| **United Kingdom — 10.2%** | **United Kingdom — 10.2%** | **United Kingdom — 10.2%** |
| AstraZeneca PLC | 18630 | 3541940 |
| BAE Systems PLC | 121475 | 3378307 |
| Barclays PLC | 650706 | 3800122 |
| GSK PLC | 129308 | 3398002 |
| Persimmon PLC | 119470 | 1739849 |
| Smith & Nephew PLC | 156867 | 2424130 |
| Unilever PLC | 56393 | 3296149 |
|  |  | **21578499** |
| **United States — 44.7%** | **United States — 44.7%** | **United States — 44.7%** |
| Bristol-Myers Squibb Co. | 51171 | 3100451 |
| Cisco Systems, Inc. | 46658 | 4269207 |
| CME Group, Inc. | 19383 | 5578815 |
| ConocoPhillips | 29054 | 3654412 |
| Diamondback Energy, Inc. | 17202 | 3537247 |
| Dominion Energy, Inc. | 50902 | 3283179 |
| Elevance Health, Inc. | 11288 | 4249028 |
| Exelon Corp. | 91075 | 4188539 |
| Expand Energy Corp. | 35629 | 3639502 |
| First Horizon Corp. | 126732 | 3163231 |
| Gilead Sciences, Inc. | 35000 | 4579400 |
| International Paper Co. | 47857 | 1455810 |
| Johnson & Johnson | 13845 | 3182273 |
| Levi Strauss & Co., Cl. A | 135294 | 3014350 |
| Molson Coors Beverage Co., Cl. B | 52384 | 2238892 |
| Old Republic International Corp. | 83021 | 3316689 |
| Omnicom Group, Inc. | 37668 | 2889889 |
| PepsiCo, Inc. | 21319 | 3378848 |
| Pfizer, Inc. | 155784 | 4159433 |
| Phillips 66 | 17245 | 3089442 |
| Pool Corp. | 10584 | 2257779 |
| PPG Industries, Inc. | 36299 | 3938441 |
| Starbucks Corp. | 37451 | 3944714 |
| Texas Instruments, Inc. | 18573 | 5220499 |
| The Home Depot, Inc. | 12550 | 4126440 |
| UnitedHealth Group, Inc. | 13349 | 4945538 |
|  |  | **94402048** |
| **Total Equity Securities - Common Stocks** <br>(cost $169,512,798)<br>|  | **203852304** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Preferred <br>Dividend <br>Rate (%)<br>|  |  |
| **Equity Securities - Preferred Stocks — 1.8%** |  |  |  |
| **South Korea — 1.8%** |  |  |  |
| Samsung Electronics Co. Ltd. <br>(cost $1,092,245)<br>| 0.91 | 34025 | **3708358** |

---

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

**4**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares | Value ($) |
| **Investment Companies — 1.1%** |  |  |  |
| **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(a)</sup> <br>(cost $2,413,333)<br>| 3.70 | 2413333 | **2413333** |
| **Total Investments** (cost $173,018,376) |  | **99.3%**<br>| **209973995** |
| **Cash and Receivables (Net)** |  | **.7%**<br>| **1428814** |
| **Net Assets** |  | **100.0%**<br>| **211402809** |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2025<br>| Purchases ($)<sup>†</sup>  | Sales ($) | Value ($) <br>4/30/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.1%** | **Registered Investment Companies - 1.1%** | **Registered Investment Companies - 1.1%** | **Registered Investment Companies - 1.1%** | **Registered Investment Companies - 1.1%** | **Registered Investment Companies - 1.1%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - 1.1%<br>| 1226647 | 40431062 | (39244376) | 2413333 | 84453 |
| **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** | **Investment of Cash Collateral for Securities Loaned - .0%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| - | 3488525 | (3488525) | - | 1725<sup>††</sup>  |
| **Total - 1.1%** | **1226647** | **43919587** | **(42732901)** | **2413333** | **86178** |

---

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

---

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

---

See notes to financial statements.

**5**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 170605043 | &nbsp;&nbsp;&nbsp;&nbsp; 207560662 |
| Affiliated issuers | 2413333 | &nbsp;&nbsp;&nbsp;&nbsp; 2413333 |
| Cash denominated in foreign currency | 473250 | &nbsp;&nbsp;&nbsp;&nbsp; 492474 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1190021 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 987330 |
| Dividends and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 325492 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 325369 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 41333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **213336014** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 169299 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 1113974 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 572940 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 6317 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 70675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1933205** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **211402809** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 157576549 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 53826260 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **211402809** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 54991820 | &nbsp;&nbsp;&nbsp;&nbsp; 3251569 | &nbsp;&nbsp;&nbsp;&nbsp; 144080592 | &nbsp;&nbsp;&nbsp;&nbsp; 9078828 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 3642251 | &nbsp;&nbsp;&nbsp;&nbsp; 201586 | &nbsp;&nbsp;&nbsp;&nbsp; 10498143 | &nbsp;&nbsp;&nbsp;&nbsp; 662057 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**15.10** | &nbsp;&nbsp;&nbsp;&nbsp;**16.13** | &nbsp;&nbsp;&nbsp;&nbsp;**13.72** | &nbsp;&nbsp;&nbsp;&nbsp;**13.71** |

---

See notes to financial statements.

**6**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Cash dividends (net of $113,668 foreign taxes withheld at source): |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 2670631 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 84453 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **2757064** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 770344 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 131500 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 82521 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 33684 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 19232 |
| Trustees' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 15060 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 13694 |
| Distribution plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 13449 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 9429 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 2514 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 6539 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1107966** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1649098** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 18426108 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 5569209 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **23995317** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **25644415** |

---

See notes to financial statements.

**7**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | Year Ended October 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | Year Ended October 31, 2025 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1649098 | &nbsp;&nbsp;&nbsp;&nbsp; 4628403 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 18426108 | &nbsp;&nbsp;&nbsp;&nbsp; 24274610 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 5569209 | &nbsp;&nbsp;&nbsp;&nbsp; (141599) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **25644415** | &nbsp;&nbsp;&nbsp;&nbsp; **28761414** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (5249041) | &nbsp;&nbsp;&nbsp;&nbsp; (5387684) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (323067) | &nbsp;&nbsp;&nbsp;&nbsp; (463518) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (14964690) | &nbsp;&nbsp;&nbsp;&nbsp; (16555387) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (924521) | &nbsp;&nbsp;&nbsp;&nbsp; (669995) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(21461319)** | &nbsp;&nbsp;&nbsp;&nbsp; **(23076584)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3431055 | &nbsp;&nbsp;&nbsp;&nbsp; 8556336 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 321809 | &nbsp;&nbsp;&nbsp;&nbsp; 649773 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 12378405 | &nbsp;&nbsp;&nbsp;&nbsp; 23649825 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 935290 | &nbsp;&nbsp;&nbsp;&nbsp; 3343943 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 4297341 | &nbsp;&nbsp;&nbsp;&nbsp; 4354484 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 312009 | &nbsp;&nbsp;&nbsp;&nbsp; 413705 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 12446086 | &nbsp;&nbsp;&nbsp;&nbsp; 12922248 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 529935 | &nbsp;&nbsp;&nbsp;&nbsp; 500704 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (6733249) | &nbsp;&nbsp;&nbsp;&nbsp; (17249085) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1158222) | &nbsp;&nbsp;&nbsp;&nbsp; (4163643) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (18741723) | &nbsp;&nbsp;&nbsp;&nbsp; (58999296) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (714769) | &nbsp;&nbsp;&nbsp;&nbsp; (1526776) |
| **Increase (Decrease) in Net Assets from Beneficial Interest** <br> **Transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7303967** | &nbsp;&nbsp;&nbsp;&nbsp; **(27547782)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **11487063** | &nbsp;&nbsp;&nbsp;&nbsp; **(21862952)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 199915746 | &nbsp;&nbsp;&nbsp;&nbsp; 221778698 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **211402809** | &nbsp;&nbsp;&nbsp;&nbsp; **199915746** |

---

**8**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | Year Ended October 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | Year Ended October 31, 2025 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 234350 | &nbsp;&nbsp;&nbsp;&nbsp; 624249 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 309229 | &nbsp;&nbsp;&nbsp;&nbsp; 333397 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (457284) | &nbsp;&nbsp;&nbsp;&nbsp; (1261103) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **86295** | &nbsp;&nbsp;&nbsp;&nbsp; **(303457)** |
| **Class C** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 20580 | &nbsp;&nbsp;&nbsp;&nbsp; 43177 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 21028 | &nbsp;&nbsp;&nbsp;&nbsp; 30076 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (73076) | &nbsp;&nbsp;&nbsp;&nbsp; (285483) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(31468)** | &nbsp;&nbsp;&nbsp;&nbsp; **(212230)** |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 932544 | &nbsp;&nbsp;&nbsp;&nbsp; 1903638 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 984895 | &nbsp;&nbsp;&nbsp;&nbsp; 1075164 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1404173) | &nbsp;&nbsp;&nbsp;&nbsp; (4819070) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **513266** | &nbsp;&nbsp;&nbsp;&nbsp; **(1840268)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 71274 | &nbsp;&nbsp;&nbsp;&nbsp; 264982 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 41963 | &nbsp;&nbsp;&nbsp;&nbsp; 41665 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (53491) | &nbsp;&nbsp;&nbsp;&nbsp; (120458) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **59746** | &nbsp;&nbsp;&nbsp;&nbsp; **186189** |

---

See notes to financial statements.

**9**

------

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .28 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.25 |
| **Total Return (%)**<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 13.22 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp; (6.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.36 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.26 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.26 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 31.85 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54.09 | &nbsp;&nbsp;&nbsp;&nbsp;52.55 | &nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;52.78 | &nbsp;&nbsp;&nbsp;&nbsp;26.61 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 54992 | &nbsp;&nbsp;&nbsp;&nbsp; 52570 | &nbsp;&nbsp;&nbsp;&nbsp; 54619 | &nbsp;&nbsp;&nbsp;&nbsp; 49055 | &nbsp;&nbsp;&nbsp;&nbsp; 48725 | &nbsp;&nbsp;&nbsp;&nbsp; 55804 |

---

&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> Not annualized.

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

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**10**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .15 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;16.86 |
| **Total Return (%)**<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 12.74 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;20.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp; (7.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.34 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .62 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 31.85 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54.09 | &nbsp;&nbsp;&nbsp;&nbsp;52.55 | &nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;52.78 | &nbsp;&nbsp;&nbsp;&nbsp;26.61 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3252 | &nbsp;&nbsp;&nbsp;&nbsp; 3657 | &nbsp;&nbsp;&nbsp;&nbsp; 6643 | &nbsp;&nbsp;&nbsp;&nbsp; 10274 | &nbsp;&nbsp;&nbsp;&nbsp; 13578 | &nbsp;&nbsp;&nbsp;&nbsp; 18165 |

---

&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> Not annualized.

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

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**11**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.57 | &nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.76 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.94 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;13.57 | &nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 13.40 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp; (6.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.67 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .99 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp; .93 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .99 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .97 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .96 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .93 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .92 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .93 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 31.85 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54.09 | &nbsp;&nbsp;&nbsp;&nbsp;52.55 | &nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;52.78 | &nbsp;&nbsp;&nbsp;&nbsp;26.61 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 144081 | &nbsp;&nbsp;&nbsp;&nbsp; 135521 | &nbsp;&nbsp;&nbsp;&nbsp; 155063 | &nbsp;&nbsp;&nbsp;&nbsp; 260597 | &nbsp;&nbsp;&nbsp;&nbsp; 262292 | &nbsp;&nbsp;&nbsp;&nbsp; 234242 |

---

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

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

<sup>(b)</sup> Not annualized.

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

<sup>(d)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**12**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.56 | &nbsp;&nbsp;&nbsp;&nbsp;13.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.75 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .12 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;13.56 | &nbsp;&nbsp;&nbsp;&nbsp;13.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 13.35 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;21.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.79 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .94 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .92 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .94 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .92 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .92 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .91 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .92 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 31.85 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54.09 | &nbsp;&nbsp;&nbsp;&nbsp;52.55 | &nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;52.78 | &nbsp;&nbsp;&nbsp;&nbsp;26.61 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 9079 | &nbsp;&nbsp;&nbsp;&nbsp; 8169 | &nbsp;&nbsp;&nbsp;&nbsp; 5453 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

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

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

<sup>(b)</sup> Not annualized.

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

<sup>(d)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**13**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Global Equity Income 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 total return (consisting of capital appreciation and 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. Newton Investment Management Limited (the "Sub-Adviser" or "NIM"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. NIM, located at 160 Queen Victoria Street, London, EC4V, 4LA, England, was formed in 1978. NIM has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management North America, LLC ("NIMNA"), which enables NIMNA to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIMNA is subject to the supervision of NIM and the Adviser. NIMNA is also an affiliate of the Adviser. NIMNA's principal office is located at BNY Mellon Center, 201 Washington Street, Boston, Massachusetts 02108. NIMNA is an indirect subsidiary of BNY.

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, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear distribution and/or shareholder 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 shareholder services plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no distribution or shareholder services plan fees. Class I and Class Y 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, the allocation of certain transfer agency costs 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.).

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

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

Equity investments generally are valued at the last sale price on the day of valuation on the securities exchange or national securities market on which such securities primarily are traded. Securities listed on Nasdaq markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a Nasdaq market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported net asset values ("NAVs") each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Fair value of foreign equity securities may be determined with the assistance of a pricing service using correlations between the movement of prices of foreign securities and indexes of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts and futures contracts. The valuation of a security based on this fair value process may differ from the security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs. Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund's NAV on days when investors will not be able to purchase or sell (redeem) fund shares. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring 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 NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Trust's Board of Trustees (the "Board"). Fair value of investments is determined by the Adviser, as the fund's valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.

The following is a summary of the inputs used as of April 30, 2026 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>  |  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 109368240 | &nbsp;&nbsp; 94484064<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; **203852304** |
| Equity Securities - Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3708358<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; **3708358** |
| Investment Companies | &nbsp;&nbsp; 2413333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2413333** |
|  | &nbsp;&nbsp; **111781573** | &nbsp;&nbsp; **98192422** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **209973995** |

---

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

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any. <br> <sup>††</sup> Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures.

**(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.

**15**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of April 30, 2026, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended April 30, 2026, BNY earned $235 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of April 30, 2026, the fund had no securities on loan.

**(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. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.

**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. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund.

**(f) Dividends and distributions to shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss

**16**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

As of and during the period ended April 30, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended April 30, 2026, the fund did not incur any interest or penalties.

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

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 were as follows: ordinary income $7,185,733 and long-term capital gains $15,890,851. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - 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 April 30, 2026, the fund did not borrow under either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser and the Trust, the Trust had agreed to pay the Adviser a management fee computed at the annual rate of .75% of the value of the fund's average daily net assets and is payable monthly.

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

During the period ended April 30, 2026, the Distributor retained $235 from commissions earned on sales of the fund's Class A shares, $2,641 and $24 from CDSC fees on redemptions of the fund's Class A and Class C shares, respectively.

**(b)** Under the distribution plan adopted pursuant to Rule 12b-1 under the Act (the "Distribution Plan"), 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. The Distributor may pay one or more service agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to service agents and the basis on which such payments are made. During the period ended April 30, 2026, Class C shares were charged $13,449 pursuant to the Distribution Plan.

**(c)** Under the shareholder services plan (the "Shareholder Services Plan"), Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to service agents (securities dealers, financial institutions or

**17**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to service agents. During the period ended April 30, 2026, Class A and Class C shares were charged $67,228 and $4,483, respectively, pursuant to the Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended April 30, 2026, the fund was charged $3,912 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended April 30, 2026, the fund was charged $9,429 pursuant to the custody agreement.

During the period ended April 30, 2026, the fund was charged $19,232 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended April 30, 2026, the Custodian was compensated $10,000 for financial reporting and regulatory services.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $128,605, Distribution Plan fees of $2,107, Shareholder Services Plan fees of $11,948, Custodian fees of $8,800, Chief Compliance Officer fees of $6,539, Transfer Agent fees of $1,300 and shareholder and regulatory reports service fees of $10,000.

**(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 of investment securities, excluding short-term securities, during the period ended April 30, 2026, amounted to $64,168,460 and $77,333,461, respectively.

At April 30, 2026, accumulated net unrealized appreciation on investments was $36,955,619, consisting of $41,238,980 gross unrealized appreciation and $4,283,361 gross unrealized depreciation.

At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**18**

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

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

**(a)** The Fund is a series of BNY Mellon Investment Funds III (the "Trust"). KPMG LLP ("KPMG") was the independent registered public accounting firm for the Fund until its dismissal on January 1, 2026.

During each of the two fiscal years ended October 31, 2025 and October 31, 2024, and the subsequent interim period through January 1, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

The audit reports of KPMG on the financial statements of the Fund as of and for the fiscal years ended October 31, 2025 and October 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 19, 2025, the Audit Committee and Board of the Trust approved the appointment of Ernst & Young LLP ("EY") as the Fund's independent registered public accounting firm effective January 1, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. Accordingly, a change in the Fund's independent registered public accounting firm was deemed to occur as of January 1, 2026.

**19**

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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 |

---

**20**

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $34,292.

**21**

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

At a meeting of the fund's Board of Trustees (the "Board") held on March 3-4, 2026, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, the Sub-Investment Advisory Agreement, pursuant to which Newton Investment Management Limited (the "Sub-Adviser" or "NIM") provides day-to-day management of the fund's investments, and the Sub-Sub-Investment Advisory Agreement (collectively with the Management Agreement and the Sub-Investment Advisory Agreement, the "Agreements"), between NIM and Newton Investment Management North America, LLC ("NIMNA"), pursuant to which NIMNA provides certain advisory services to NIM for the benefit of the fund, including, but not limited to, portfolio management services. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered portfolio management's brokerage policies and practices (including that there are no soft dollar arrangements in place for the fund) and the standards applied in seeking best execution.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Class I shares with the performance of a group of institutional global equity income funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional global equity income funds (the "Performance Universe"), all for various periods ended December 31, 2024, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all institutional global equity income funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group median for all periods, except for the three- and ten-year periods when the fund's total return performance was at or above the Performance Group median for all periods, and was above the Performance Universe median for all periods, except for the one- and two-year periods when the fund's total return performance was below the Performance Universe median. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices. The Board noted that the fund had a four star overall rating from Morningstar based on Morningstar's risk-adjusted return measures.

**22**

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Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was equal to the Expense Group median contractual management fee, the fund's actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was satisfied with the fund's overall performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund

**23**

------

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

pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**24**

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

Code-6175NCSRSA0426

![](img464ba9c61.gif)

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BNY Mellon International Bond Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

April 30, 2026

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

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| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DIBAX |
| C | DIBCX |
| I | DIBRX |
| Y | DIBYX |

---

![](img195ba3f31.gif)

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

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

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| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_SOI-Commoncontent-4763_1)**<br> **[Investment Companies](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_SOI-Commoncontent-4763_1)**<br>| 3 |
| [Schedule of Investments](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_SOI-Commoncontent-4763_1) | 3 |
| [Statement of Assets and Liabilities](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_FS-Commoncontent-4763_1) | 21 |
| [Statement of Operations](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_FS-Commoncontent-4763_2) | 22 |
| [Statement of Changes in Net Assets](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_FS-Commoncontent-4763_3) | 23 |
| [Financial Highlights](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_FIHI-Commoncontent-4763_1) | 25 |
| [Notes to Financial Statements](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_NTF-Commoncontent-4763_1) | 29 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_CDA-Commoncontent-4763_1)**<br> **[Investment Companies](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_CDA-Commoncontent-4763_1)**<br>| 42 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_PRXD-Commoncontent-4763_1)** | 43 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_RMNP-Commoncontent-4763_1)**<br> **[Management Investment Companies](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_RMNP-Commoncontent-4763_1)**<br>| 44 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_bf1eb3ad-9d53-446c-b9d4-9140c9bd3d4b_AAA-Commoncontent-4763_1)** | 45 |

---

------

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

BNY Mellon International Bond Fund

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>|  | Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Asset-Backed Securities — 2.8%** | **Asset-Backed Securities — 2.8%** | **Asset-Backed Securities — 2.8%** | **Asset-Backed Securities — 2.8%** | **Asset-Backed Securities — 2.8%** | **Asset-Backed Securities — 2.8%** |
| **Canada — .4%** | **Canada — .4%** | **Canada — .4%** | **Canada — .4%** | **Canada — .4%** | **Canada — .4%** |
| Ford Auto Securitization Trust II, Ser. 2022-AA, Cl. A3<sup>(b)</sup>  | 5.40 | 9/15/2028 | CAD<br>| 810394 | **603892** |
| **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** |
| Aligned Data Centers Issuer LLC, Ser. 2023-1A, Cl. A2<sup>(b)</sup>  | 6.00 | 8/17/2048 |  | 379000 | 380002 |
| AutoNation Finance Trust, Ser. 2025-1A, Cl. A3<sup>(b)</sup>  | 4.62 | 11/13/2029 |  | 113000 | 113511 |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2023-8A, Cl. A<sup>(b)</sup>  | 6.02 | 2/20/2030 |  | 261000 | 270167 |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-2A, Cl. A<sup>(b)</sup>  | 5.12 | 8/20/2031 |  | 160000 | 162493 |
| CyrusOne Data Centers Issuer I LLC, Ser. 2023-1A, Cl. B<sup>(b)</sup>  | 5.45 | 4/20/2048 |  | 104211 | 102512 |
| CyrusOne Data Centers Issuer I LLC, Ser. 2023-2A, Cl. A2<sup>(b)</sup>  | 5.56 | 11/20/2048 |  | 394000 | 394921 |
| DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup>  | 5.18 | 9/27/2055 |  | 580000 | 571964 |
| ENT Auto Receivables Trust, Ser. 2023-1A, Cl. A3<sup>(b)</sup>  | 6.24 | 1/16/2029 |  | 63858 | 64095 |
| Mosaic Solar Loan Trust, Ser. 2023-2A, Cl. A<sup>(b)</sup>  | 5.36 | 9/22/2053 |  | 204759 | 194265 |
| Retained Vantage Data Centers Issuer LLC, Ser. 2023-1A, Cl. A2A<sup>(b)</sup>  | 5.00 | 9/15/2048 |  | 515000 | 512881 |
| Sunnova Hestia I Issuer LLC, Ser. 2023-GRID1, Cl. 1A<sup>(b)</sup>  | 5.75 | 12/20/2050 |  | 85485 | 83339 |
| TIF Funding III LLC, Ser. 2024-1A, Cl. A<sup>(b)</sup>  | 5.48 | 4/20/2049 |  | 482625 | 484319 |
|  |  |  |  |  | **3334469** |
| **Total Asset-Backed Securities** <br>(cost $3,827,899) | **Total Asset-Backed Securities** <br>(cost $3,827,899) | **Total Asset-Backed Securities** <br>(cost $3,827,899) |  |  | **3938361** |
| **Collateralized Loan Obligations — 1.2%** | **Collateralized Loan Obligations — 1.2%** | **Collateralized Loan Obligations — 1.2%** | **Collateralized Loan Obligations — 1.2%** | **Collateralized Loan Obligations — 1.2%** | **Collateralized Loan Obligations — 1.2%** |
| **Cayman Islands — .4%** | **Cayman Islands — .4%** | **Cayman Islands — .4%** | **Cayman Islands — .4%** | **Cayman Islands — .4%** | **Cayman Islands — .4%** |
| Regatta XXV Funding Ltd. CLO, Ser. 2023-1A, Cl. A1R, (3 Month TSFR <br> +1.34%)<sup>(b),(c)</sup> <br>| 5.01 | 7/15/2038 |  | 600000 | **601576** |
| **Jersey — .8%** | **Jersey — .8%** | **Jersey — .8%** | **Jersey — .8%** | **Jersey — .8%** | **Jersey — .8%** |
| Ballyrock 24 Ltd. CLO, Ser. 2023-24A, Cl. A1R, (3 Month TSFR <br> +1.32%)<sup>(b),(c)</sup> <br>| 4.99 | 7/15/2038 |  | 545000 | 546053 |
| Invesco US Ltd. CLO, Ser. 2023-3A, Cl. AR, (3 Month TSFR +1.31%)<sup>(b),(c)</sup>  | 4.98 | 7/15/2038 |  | 575000 | 576438 |
|  |  |  |  |  | **1122491** |
| **Total Collateralized Loan Obligations** <br>(cost $1,720,000) | **Total Collateralized Loan Obligations** <br>(cost $1,720,000) | **Total Collateralized Loan Obligations** <br>(cost $1,720,000) |  |  | **1724067** |
| **Commercial Mortgage-Backed — .7%** | **Commercial Mortgage-Backed — .7%** | **Commercial Mortgage-Backed — .7%** | **Commercial Mortgage-Backed — .7%** | **Commercial Mortgage-Backed — .7%** | **Commercial Mortgage-Backed — .7%** |
| **United States — .7%** | **United States — .7%** | **United States — .7%** | **United States — .7%** | **United States — .7%** | **United States — .7%** |
| A&D Mortgage Trust, Ser. 2023-NQM2, Cl. A1<sup>(b)</sup>  | 6.13 | 5/25/2068 |  | 222056 | 221549 |
| COLT Mortgage Loan Trust, Ser. 2023-2, Cl. A1<sup>(b)</sup>  | 6.60 | 7/25/2068 |  | 143298 | 143394 |
| COLT Mortgage Loan Trust, Ser. 2023-4, Cl. A1<sup>(b)</sup>  | 7.16 | 10/25/2068 |  | 264863 | 266920 |
| Verus Securitization Trust, Ser. 2023-4, Cl. A1<sup>(b)</sup>  | 5.81 | 5/25/2068 |  | 129950 | 129665 |
| Verus Securitization Trust, Ser. 2023-5, Cl. A1<sup>(b)</sup>  | 6.48 | 6/25/2068 |  | 135421 | 135353 |
| **Total Commercial Mortgage-Backed** <br>(cost $895,205) | **Total Commercial Mortgage-Backed** <br>(cost $895,205) | **Total Commercial Mortgage-Backed** <br>(cost $895,205) |  |  | **896881** |
| **Corporate Bonds and Notes — 12.3%** | **Corporate Bonds and Notes — 12.3%** | **Corporate Bonds and Notes — 12.3%** | **Corporate Bonds and Notes — 12.3%** | **Corporate Bonds and Notes — 12.3%** | **Corporate Bonds and Notes — 12.3%** |
| **Austria — .3%** | **Austria — .3%** | **Austria — .3%** | **Austria — .3%** | **Austria — .3%** | **Austria — .3%** |
| Volksbank Wien AG, Sub. Notes | 5.50 | 12/4/2035 | EUR<br>| 300000 | **362732** |
| **Belgium — .8%** | **Belgium — .8%** | **Belgium — .8%** | **Belgium — .8%** | **Belgium — .8%** | **Belgium — .8%** |
| Anheuser-Busch InBev SA, Gtd. Notes | 2.00 | 3/17/2028 | EUR<br>| 910000 | **1050053** |
| **Bermuda — .2%** | **Bermuda — .2%** | **Bermuda — .2%** | **Bermuda — .2%** | **Bermuda — .2%** | **Bermuda — .2%** |
| RLGH Finance Bermuda Ltd., Gtd. Notes | 8.25 | 7/17/2031 |  | 295000 | **326639** |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** |
| **France — .4%** | **France — .4%** | **France — .4%** | **France — .4%** | **France — .4%** | **France — .4%** |
| Arkema SA, Sr. Unscd. Notes | 3.50 | 9/9/2033 | EUR<br>| 200000 | 227902 |
| Suez SACA, Sr. Unscd. Notes | 5.00 | 11/3/2032 | EUR<br>| 300000 | 374643 |
|  |  |  |  |  | **602545** |
| **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
| Aareal Bank AG, Sub. Notes | 5.63 | 12/12/2034 | EUR<br>| 300000 | 361125 |
| Deutsche Bahn AG, Sr. Unscd. Notes | 0.63 | 4/15/2036 | EUR<br>| 100000 | 88595 |
| Deutsche Bahn AG, Sr. Unscd. Notes | 1.13 | 5/29/2051 | EUR<br>| 10000 | 6198 |
| Deutsche Bahn AG, Sr. Unscd. Notes | 1.38 | 3/3/2034 | EUR<br>| 60000 | 60652 |
| Deutsche Boerse AG, Sr. Unscd. Bonds | 3.88 | 9/28/2026 | EUR<br>| 900000 | 1060612 |
| Hamburg Commercial Bank AG, Sr. Notes | 4.50 | 7/24/2028 | EUR<br>| 500000 | 599198 |
| Volkswagen Financial Services AG, Sr. Unscd. Notes | 3.25 | 5/19/2027 | EUR<br>| 400000 | 470208 |
|  |  |  |  |  | **2646588** |
| **Japan — .4%** | **Japan — .4%** | **Japan — .4%** | **Japan — .4%** | **Japan — .4%** | **Japan — .4%** |
| Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | 5.06 | 1/14/2037 |  | 572000 | **560760** |
| **Jersey — .3%** | **Jersey — .3%** | **Jersey — .3%** | **Jersey — .3%** | **Jersey — .3%** | **Jersey — .3%** |
| Aptiv Swiss Holdings Ltd., Gtd. Notes | 3.10 | 12/1/2051 |  | 100000 | 60048 |
| Heathrow Funding Ltd., Sr. Scd. Notes | 3.88 | 1/16/2036 | EUR<br>| 330000 | 377837 |
|  |  |  |  |  | **437885** |
| **Luxembourg — .2%** | **Luxembourg — .2%** | **Luxembourg — .2%** | **Luxembourg — .2%** | **Luxembourg — .2%** | **Luxembourg — .2%** |
| P3 Group Sarl, Sr. Unscd. Notes | 3.75 | 4/2/2033 | EUR<br>| 200000 | **228344** |
| **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| JT International Financial Services BV, Gtd. Bonds | 3.87 | 9/4/2055 | EUR<br>| 100000 | 113954 |
| Mercedes-Benz International Finance BV, Gtd. Notes<sup>(d)</sup>  | 3.25 | 9/15/2027 | EUR<br>| 630000 | 741801 |
| Sartorius Finance BV, Gtd. Notes | 4.50 | 9/14/2032 | EUR<br>| 400000 | 484909 |
| Sartorius Finance BV, Gtd. Notes | 4.88 | 9/14/2035 | EUR<br>| 100000 | 122964 |
| Toyota Motor Finance Netherlands BV, Sr. Unscd. Notes | 3.13 | 4/21/2028 | EUR<br>| 550000 | 645349 |
| Wintershall Dea Finance 2 BV, Gtd. Notes, Ser. NC8<sup>(e)</sup>  | 3.00 | 7/20/2028 | EUR<br>| 200000 | 226435 |
|  |  |  |  |  | **2335412** |
| **Spain — .4%** | **Spain — .4%** | **Spain — .4%** | **Spain — .4%** | **Spain — .4%** | **Spain — .4%** |
| Banco Santander SA, Sr. Notes | 5.13 | 11/6/2035 |  | 400000 | 391198 |
| Cellnex Finance Co. SA, Gtd. Notes | 2.00 | 2/15/2033 | EUR<br>| 100000 | 103429 |
| Cellnex Finance Co. SA, Gtd. Notes | 3.50 | 5/22/2032 | EUR<br>| 100000 | 115409 |
|  |  |  |  |  | **610036** |
| **United Kingdom — .7%** | **United Kingdom — .7%** | **United Kingdom — .7%** | **United Kingdom — .7%** | **United Kingdom — .7%** | **United Kingdom — .7%** |
| Northumbrian Water Finance PLC, Gtd. Notes | 5.50 | 10/2/2037 | GBP<br>| 120000 | 150041 |
| Northumbrian Water Finance PLC, Gtd. Notes | 6.38 | 10/28/2034 | GBP<br>| 399000 | 552061 |
| Severn Trent Utilities Finance PLC, Gtd. Notes | 5.25 | 4/4/2036 | GBP<br>| 108000 | 138403 |
| Yorkshire Water Finance PLC, Sr. Scd. Bonds | 6.60 | 4/17/2031 | GBP<br>| 100000 | 140763 |
|  |  |  |  |  | **981268** |
| **United States — 5.0%** | **United States — 5.0%** | **United States — 5.0%** | **United States — 5.0%** | **United States — 5.0%** | **United States — 5.0%** |
| Alphabet, Inc., Sr. Unscd. Notes | 5.65 | 2/15/2056 |  | 580000 | 569284 |
| Amazon.com, Inc., Sr. Unscd. Notes | 5.80 | 3/13/2056 |  | 216000 | 212745 |
| Amazon.com, Inc., Sr. Unscd. Notes | 5.95 | 3/13/2066 |  | 437000 | 431366 |
| Apollo Debt Solutions BDC, Sr. Unscd. Notes<sup>(b)</sup>  | 5.70 | 1/23/2031 |  | 220000 | 216322 |
| Ares Capital Corp., Sr. Unscd. Bonds<sup>(d)</sup>  | 5.80 | 3/8/2032 |  | 130000 | 129184 |
| Ares Capital Corp., Sr. Unscd. Notes | 5.50 | 9/1/2030 |  | 130000 | 128326 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.35 | 3/12/2031 |  | 155000 | 149146 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 6.25 | 1/25/2031 |  | 180000 | 179930 |
| Brown & Brown, Inc., Sr. Unscd. Notes | 5.25 | 6/23/2032 |  | 80000 | 79869 |
| Brown & Brown, Inc., Sr. Unscd. Notes | 5.55 | 6/23/2035 |  | 120000 | 119688 |

---

**4**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** | **Corporate Bonds and Notes — 12.3% (continued)** |
| **United States — 5.0% (continued)** | **United States — 5.0% (continued)** | **United States — 5.0% (continued)** | **United States — 5.0% (continued)** | **United States — 5.0% (continued)** | **United States — 5.0% (continued)** |
| Brown & Brown, Inc., Sr. Unscd. Notes | 5.65 | 6/11/2034 |  | 120000 | 121306 |
| Eversource Energy, Jr. Sub. Notes, Ser. A | 6.10 | 8/15/2056 |  | 90000 | 89669 |
| Eversource Energy, Jr. Sub. Notes, Ser. B | 6.35 | 8/15/2056 |  | 45000 | 45003 |
| Exelon Corp., Sr. Unscd. Notes<sup>(d)</sup>  | 5.88 | 3/15/2055 |  | 190000 | 184764 |
| Global Payments, Inc., Sr. Unscd. Notes | 5.55 | 11/15/2035 |  | 330000 | 318470 |
| Kraft Heinz Foods Co., Gtd. Notes | 4.38 | 6/1/2046 |  | 100000 | 78414 |
| Kraft Heinz Foods Co., Gtd. Notes | 5.00 | 6/4/2042 |  | 158000 | 139777 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 6.20 | 5/15/2046 |  | 622000 | 623804 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 6.30 | 5/15/2056 |  | 248000 | 248880 |
| Morgan Stanley, Sr. Unscd. Notes | 3.98 | 1/23/2037 | EUR<br>| 103000 | 119318 |
| Morgan Stanley, Sr. Unscd. Notes, Ser. I | 4.89 | 10/22/2036 |  | 389000 | 377645 |
| Oracle Corp., Sr. Unscd. Notes | 4.80 | 9/26/2032 |  | 40000 | 38050 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 5.20 | 5/1/2036 |  | 271000 | 264070 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 6.00 | 5/1/2056 |  | 123000 | 117256 |
| PG&E Corp., Jr. Sub. Notes | 7.38 | 3/15/2055 |  | 229000 | 235687 |
| Puget Energy, Inc., Jr. Sub. Notes<sup>(b)</sup>  | 7.00 | 9/15/2056 |  | 40000 | 40263 |
| Puget Energy, Inc., Jr. Sub. Notes<sup>(b)</sup>  | 7.25 | 9/15/2056 |  | 60000 | 60367 |
| SBA Tower Trust, Asset Backed Notes<sup>(b)</sup>  | 2.59 | 10/15/2031 |  | 695000 | 621230 |
| Sierra Pacific Power Co., Jr. Sub. Notes | 6.38 | 9/15/2056 |  | 650000 | 647600 |
| Spire, Inc., Jr. Sub. Bonds | 6.25 | 6/1/2056 |  | 82000 | 81750 |
| Western Alliance Bank, Sub. Notes | 6.54 | 11/15/2035 |  | 260000 | 257217 |
|  |  |  |  |  | **6926400** |
| **Total Corporate Bonds and Notes** <br>(cost $17,089,672) | **Total Corporate Bonds and Notes** <br>(cost $17,089,672) | **Total Corporate Bonds and Notes** <br>(cost $17,089,672) |  |  | **17068662** |
| **Foreign Governmental — 56.8%** | **Foreign Governmental — 56.8%** | **Foreign Governmental — 56.8%** | **Foreign Governmental — 56.8%** | **Foreign Governmental — 56.8%** | **Foreign Governmental — 56.8%** |
| **Australia — 2.9%** | **Australia — 2.9%** | **Australia — 2.9%** | **Australia — 2.9%** | **Australia — 2.9%** | **Australia — 2.9%** |
| New South Wales Treasury Corp., Govt. Gtd. Notes | 1.75 | 3/20/2034 | AUD<br>| 4126000 | 2271522 |
| Queensland Treasury Corp., Govt. Gtd. Bonds<sup>(b)</sup>  | 1.75 | 7/20/2034 | AUD<br>| 575000 | 311567 |
| Queensland Treasury Corp., Govt. Gtd. Bonds<sup>(b)</sup>  | 4.50 | 8/22/2035 | AUD<br>| 296000 | 195929 |
| Treasury Corp. of Victoria, Govt. Gtd. Bonds | 2.00 | 9/17/2035 | AUD<br>| 206000 | 108836 |
| Treasury Corp. of Victoria, Govt. Gtd. Notes | 4.75 | 9/15/2036 | AUD<br>| 1686000 | 1120929 |
|  |  |  |  |  | **4008783** |
| **Austria — .9%** | **Austria — .9%** | **Austria — .9%** | **Austria — .9%** | **Austria — .9%** | **Austria — .9%** |
| Austria, Sr. Unscd. Bonds<sup>(b)</sup>  | 2.90 | 2/20/2034 | EUR<br>| 1150000 | **1328060** |
| **Belgium — .5%** | **Belgium — .5%** | **Belgium — .5%** | **Belgium — .5%** | **Belgium — .5%** | **Belgium — .5%** |
| Belgium, Sr. Unscd. Notes, Ser. 98<sup>(b)</sup>  | 3.30 | 6/22/2054 | EUR<br>| 775000 | **756845** |
| **Brazil — .1%** | **Brazil — .1%** | **Brazil — .1%** | **Brazil — .1%** | **Brazil — .1%** | **Brazil — .1%** |
| Brazil, Sr. Unscd. Notes | 5.50 | 4/23/2036 | EUR<br>| 141000 | **165500** |
| **Canada — 4.4%** | **Canada — 4.4%** | **Canada — 4.4%** | **Canada — 4.4%** | **Canada — 4.4%** | **Canada — 4.4%** |
| Canada, Bonds | 1.75 | 12/1/2053 | CAD<br>| 293000 | 136652 |
| Canada, Bonds | 3.25 | 12/1/2034 | CAD<br>| 6050000 | 4377904 |
| Province of Alberta Canada, Unscd. Bonds | 4.45 | 12/1/2054 | CAD<br>| 159000 | 113223 |
| Province of Alberta Canada, Unscd. Debs. | 3.10 | 6/1/2050 | CAD<br>| 160000 | 91265 |
| Province of Ontario Canada, Sr. Unscd. Notes | 4.60 | 12/2/2055 | CAD<br>| 1469000 | 1072786 |
| Province of Quebec Canada, Sr. Unscd. Debs. | 4.40 | 12/1/2055 | CAD<br>| 405000 | 282726 |
|  |  |  |  |  | **6074556** |
| **Chile — .1%** | **Chile — .1%** | **Chile — .1%** | **Chile — .1%** | **Chile — .1%** | **Chile — .1%** |
| Bonos de la Tesoreria de la Republica en pesos, Bonds<sup>(b)</sup>  | 5.80 | 10/1/2034 | CLP<br>| 135000000 | **152696** |
| **China — 7.0%** | **China — 7.0%** | **China — 7.0%** | **China — 7.0%** | **China — 7.0%** | **China — 7.0%** |
| China, Bonds, Ser. INBK | 1.61 | 2/15/2035 | CNY<br>| 25240000 | 3660452 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** |
| **China — 7.0% (continued)** | **China — 7.0% (continued)** | **China — 7.0% (continued)** | **China — 7.0% (continued)** | **China — 7.0% (continued)** | **China — 7.0% (continued)** |
| China, Bonds, Ser. INBK | 1.75 | 2/25/2036 | CNY<br>| 2700000 | 395116 |
| China, Bonds, Ser. INBK | 1.92 | 1/15/2055 | CNY<br>| 17240000 | 2326114 |
| China, Bonds, Ser. INBK | 2.60 | 9/1/2032 | CNY<br>| 3650000 | 567526 |
| China, Bonds, Ser. INBK | 3.00 | 10/15/2053 | CNY<br>| 2950000 | 497689 |
| China, Bonds, Ser. INBK | 3.73 | 5/25/2070 | CNY<br>| 11500000 | 2263592 |
|  |  |  |  |  | **9710489** |
| **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** |
| Colombian TES, Bonds, Ser. B | 13.25 | 2/9/2033 | COP<br>| 7215000000 | **1916658** |
| **Czechia — .2%** | **Czechia — .2%** | **Czechia — .2%** | **Czechia — .2%** | **Czechia — .2%** | **Czechia — .2%** |
| Czech Republic, Sr. Unscd. Bonds, Ser. 156 | 3.00 | 3/3/2033 | CZK<br>| 6980000 | **303381** |
| **Denmark — .2%** | **Denmark — .2%** | **Denmark — .2%** | **Denmark — .2%** | **Denmark — .2%** | **Denmark — .2%** |
| Denmark, Bonds, Ser. 31Y | 4.50 | 11/15/2039 | DKK<br>| 1500000 | **273268** |
| **Finland — .4%** | **Finland — .4%** | **Finland — .4%** | **Finland — .4%** | **Finland — .4%** | **Finland — .4%** |
| Finland, Sr. Unscd. Bonds, Ser. 10Y<sup>(b)</sup>  | 3.00 | 9/15/2033 | EUR<br>| 500000 | **581314** |
| **France — 1.8%** | **France — 1.8%** | **France — 1.8%** | **France — 1.8%** | **France — 1.8%** | **France — 1.8%** |
| France, Bonds, Ser. OAT<sup>(b)</sup>  | 2.75 | 2/25/2029 | EUR<br>| 325000 | 380196 |
| France, Bonds, Ser. OAT<sup>(b)</sup>  | 3.00 | 5/25/2054 | EUR<br>| 160000 | 144623 |
| France, Bonds, Ser. OAT<sup>(b)</sup>  | 3.25 | 5/25/2055 | EUR<br>| 950000 | 896705 |
| France, Bonds, Ser. OAT<sup>(b)</sup>  | 4.00 | 10/25/2038 | EUR<br>| 960000 | 1136153 |
|  |  |  |  |  | **2557677** |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| Bundesrepublik Deutschland Bundesanleihe, Bonds | 2.60 | 8/15/2035 | EUR<br>| 350000 | 397572 |
| Bundesschatzanweisungen, Bonds | 2.20 | 3/11/2027 | EUR<br>| 1800000 | 2107078 |
|  |  |  |  |  | **2504650** |
| **Greece — .1%** | **Greece — .1%** | **Greece — .1%** | **Greece — .1%** | **Greece — .1%** | **Greece — .1%** |
| Hellenic Republic, Sr. Unscd. Notes<sup>(b)</sup>  | 4.38 | 7/18/2038 | EUR<br>| 177000 | **215837** |
| **Hungary — .1%** | **Hungary — .1%** | **Hungary — .1%** | **Hungary — .1%** | **Hungary — .1%** | **Hungary — .1%** |
| Hungary, Bonds, Ser. 35/A | 7.00 | 10/24/2035 | HUF<br>| 41000000 | **141940** |
| **Ireland — .4%** | **Ireland — .4%** | **Ireland — .4%** | **Ireland — .4%** | **Ireland — .4%** | **Ireland — .4%** |
| Ireland, Unscd. Bonds | 2.60 | 10/18/2034 | EUR<br>| 525000 | **593473** |
| **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** |
| Italy Buoni Poliennali Del Tesoro, Sr. Unscd. Bonds, Ser. 10Y | 4.40 | 5/1/2033 | EUR<br>| 1625000 | 2014725 |
| Italy Buoni Poliennali Del Tesoro, Sr. Unscd. Bonds, Ser. 30Y<sup>(b)</sup>  | 2.45 | 9/1/2050 | EUR<br>| 1785000 | 1470922 |
| Italy Buoni Poliennali Del Tesoro, Sr. Unscd. Notes, Ser. 30Y<sup>(b)</sup>  | 4.30 | 10/1/2054 | EUR<br>| 1780000 | 2007830 |
|  |  |  |  |  | **5493477** |
| **Japan — 5.5%** | **Japan — 5.5%** | **Japan — 5.5%** | **Japan — 5.5%** | **Japan — 5.5%** | **Japan — 5.5%** |
| Japan (20 Year Issue), Bonds, Ser. 183 | 1.40 | 12/20/2042 | JPY<br>| 192250000 | 945292 |
| Japan (20 Year Issue), Bonds, Ser. 184 | 1.10 | 3/20/2043 | JPY<br>| 427800000 | 1985142 |
| Japan (30 Year Issue), Bonds, Ser. 66 | 0.40 | 3/20/2050 | JPY<br>| 900000 | 2816 |
| Japan (30 Year Issue), Bonds, Ser. 69 | 0.70 | 12/20/2050 | JPY<br>| 17050000 | 56987 |
| Japan (30 Year Issue), Bonds, Ser. 83 | 2.20 | 6/20/2054 | JPY<br>| 474450000 | 2226540 |
| Japan (40 Year Issue), Bonds, Ser. 15 | 1.00 | 3/20/2062 | JPY<br>| 9200000 | 27675 |
| Japan (40 Year Issue), Bonds, Ser. 17 | 2.20 | 3/20/2064 | JPY<br>| 560850000 | 2449606 |
|  |  |  |  |  | **7694058** |
| **Malaysia — .5%** | **Malaysia — .5%** | **Malaysia — .5%** | **Malaysia — .5%** | **Malaysia — .5%** | **Malaysia — .5%** |
| Malaysia, Bonds, Ser. 318 | 4.64 | 11/7/2033 | MYR<br>| 2350000 | **634862** |
| **Mexico — .7%** | **Mexico — .7%** | **Mexico — .7%** | **Mexico — .7%** | **Mexico — .7%** | **Mexico — .7%** |
| Mexican Bonos, Bonds, Ser. M<sup>(d)</sup>  | 8.00 | 2/21/2036 | MXN<br>| 14000000 | 738233 |
| Mexico, Sr. Unscd. Notes | 5.63 | 9/22/2035 |  | 200000 | 196100 |
|  |  |  |  |  | **934333** |

---

**6**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| Netherlands, Bonds<sup>(b)</sup>  | 2.50 | 7/15/2034 | EUR<br>| 1200000 | **1354891** |
| **New Zealand — .3%** | **New Zealand — .3%** | **New Zealand — .3%** | **New Zealand — .3%** | **New Zealand — .3%** | **New Zealand — .3%** |
| New Zealand, Unscd. Bonds, Ser. 534 | 4.25 | 5/15/2034 | NZD<br>| 630000 | **364266** |
| **Nigeria — .2%** | **Nigeria — .2%** | **Nigeria — .2%** | **Nigeria — .2%** | **Nigeria — .2%** | **Nigeria — .2%** |
| Nigeria, Sr. Unscd. Notes<sup>(b)</sup>  | 8.63 | 1/13/2036 |  | 200000 | **219435** |
| **Peru — .9%** | **Peru — .9%** | **Peru — .9%** | **Peru — .9%** | **Peru — .9%** | **Peru — .9%** |
| Peru, Sr. Unscd. Bonds<sup>(b)</sup>  | 7.30 | 8/12/2033 | PEN<br>| 440000 | 137815 |
| Peru, Sr. Unscd. Notes | 6.90 | 8/12/2037 | PEN<br>| 3700000 | 1069481 |
|  |  |  |  |  | **1207296** |
| **Poland — .8%** | **Poland — .8%** | **Poland — .8%** | **Poland — .8%** | **Poland — .8%** | **Poland — .8%** |
| Poland, Bonds, Ser. 1033 | 6.00 | 10/25/2033 | PLN<br>| 1375000 | 390135 |
| Poland, Bonds, Ser. 1035 | 5.00 | 10/25/2035 | PLN<br>| 2700000 | 707425 |
|  |  |  |  |  | **1097560** |
| **Portugal — .4%** | **Portugal — .4%** | **Portugal — .4%** | **Portugal — .4%** | **Portugal — .4%** | **Portugal — .4%** |
| Portugal Obrigacoes do Tesouro OT, Sr. Unscd. Notes, Ser. 11Y<sup>(b)</sup>  | 2.88 | 10/20/2034 | EUR<br>| 500000 | **570367** |
| **Romania — .4%** | **Romania — .4%** | **Romania — .4%** | **Romania — .4%** | **Romania — .4%** | **Romania — .4%** |
| Romania, Bonds, Ser. 11Y | 6.75 | 4/25/2035 | RON<br>| 700000 | 153190 |
| Romania, Sr. Unscd. Notes<sup>(b)</sup>  | 6.13 | 10/7/2037 | EUR<br>| 116000 | 133332 |
| Romania, Sr. Unscd. Notes | 6.13 | 10/7/2037 | EUR<br>| 107000 | 122987 |
| Romania, Sr. Unscd. Notes | 6.75 | 7/11/2039 | EUR<br>| 87000 | 103589 |
|  |  |  |  |  | **513098** |
| **Singapore — .5%** | **Singapore — .5%** | **Singapore — .5%** | **Singapore — .5%** | **Singapore — .5%** | **Singapore — .5%** |
| Singapore, Bonds | 3.38 | 9/1/2033 | SGD<br>| 875000 | **752495** |
| **South Korea — 4.4%** | **South Korea — 4.4%** | **South Korea — 4.4%** | **South Korea — 4.4%** | **South Korea — 4.4%** | **South Korea — 4.4%** |
| Korea, Bonds, Ser. 3212 | 4.25 | 12/10/2032 | KRW<br>| 1193700000 | 821645 |
| Korea, Bonds, Ser. 3506 | 2.63 | 6/10/2035 | KRW<br>| 6430000000 | 3899032 |
| Korea, Bonds, Ser. 3512 | 3.25 | 12/10/2035 | KRW<br>| 500000000 | 318913 |
| Korea, Bonds, Ser. 5209 | 3.13 | 9/10/2052 | KRW<br>| 1485000000 | 879300 |
| Korea, Bonds, Ser. 5303 | 3.25 | 3/10/2053 | KRW<br>| 270000000 | 163832 |
|  |  |  |  |  | **6082722** |
| **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** |
| Spain, Sr. Unscd. Bonds<sup>(b)</sup>  | 0.70 | 4/30/2032 | EUR<br>| 3875000 | 3968710 |
| Spain, Sr. Unscd. Bonds<sup>(b)</sup>  | 3.25 | 4/30/2034 | EUR<br>| 75000 | 87702 |
| Spain, Sr. Unscd. Notes<sup>(b)</sup>  | 3.45 | 10/31/2034 | EUR<br>| 675000 | 797949 |
|  |  |  |  |  | **4854361** |
| **Supranational — 1.3%** | **Supranational — 1.3%** | **Supranational — 1.3%** | **Supranational — 1.3%** | **Supranational — 1.3%** | **Supranational — 1.3%** |
| European Union, Sr. Unscd. Bonds, Ser. UFA | 3.00 | 3/4/2053 | EUR<br>| 548963 | 527773 |
| European Union, Sr. Unscd. Notes, Ser. SURE | 0.20 | 6/4/2036 | EUR<br>| 1475000 | 1268357 |
|  |  |  |  |  | **1796130** |
| **Sweden — .3%** | **Sweden — .3%** | **Sweden — .3%** | **Sweden — .3%** | **Sweden — .3%** | **Sweden — .3%** |
| Sweden, Bonds, Ser. 1066 | 2.25 | 5/11/2035 | SEK<br>| 3575000 | **371048** |
| **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** |
| Swiss Confederation, Bonds | 0.50 | 6/27/2032 | CHF<br>| 1390000 | **1801710** |
| **Thailand — .7%** | **Thailand — .7%** | **Thailand — .7%** | **Thailand — .7%** | **Thailand — .7%** | **Thailand — .7%** |
| Thailand, Sr. Unscd. Bonds | 2.41 | 3/17/2035 | THB<br>| 30760000 | **964388** |
| **United Kingdom — 7.9%** | **United Kingdom — 7.9%** | **United Kingdom — 7.9%** | **United Kingdom — 7.9%** | **United Kingdom — 7.9%** | **United Kingdom — 7.9%** |
| United Kingdom Gilt, Bonds | 1.50 | 7/31/2053 | GBP<br>| 5500000 | 3150707 |
| United Kingdom Gilt, Bonds | 4.25 | 7/31/2034 | GBP<br>| 1000000 | 1302540 |
| United Kingdom Gilt, Bonds | 4.38 | 7/31/2054 | GBP<br>| 2800000 | 3100278 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** | **Foreign Governmental — 56.8% (continued)** |
| **United Kingdom — 7.9% (continued)** | **United Kingdom — 7.9% (continued)** | **United Kingdom — 7.9% (continued)** | **United Kingdom — 7.9% (continued)** | **United Kingdom — 7.9% (continued)** | **United Kingdom — 7.9% (continued)** |
| United Kingdom Gilt, Bonds | 4.50 | 6/7/2028 | GBP<br>| 2350000 | 3201866 |
| United Kingdom Gilt, Bonds | 5.38 | 1/31/2056 | GBP<br>| 150000 | 194863 |
|  |  |  |  |  | **10950254** |
| **Total Foreign Governmental** <br>(cost $81,884,866) | **Total Foreign Governmental** <br>(cost $81,884,866) | **Total Foreign Governmental** <br>(cost $81,884,866) |  |  | **78941878** |
| **U.S. Government Agencies Mortgage-Backed — .7%** | **U.S. Government Agencies Mortgage-Backed — .7%** | **U.S. Government Agencies Mortgage-Backed — .7%** | **U.S. Government Agencies Mortgage-Backed — .7%** | **U.S. Government Agencies Mortgage-Backed — .7%** | **U.S. Government Agencies Mortgage-Backed — .7%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 5.50%, 7/1/2054<sup>(f)</sup>  |  |  |  | 385781 | 393475 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 5.50%, 9/1/2054<sup>(f)</sup>  |  |  |  | 492972 | 502681 |
| **Total U.S. Government Agencies Mortgage-Backed** <br>(cost $882,301) | **Total U.S. Government Agencies Mortgage-Backed** <br>(cost $882,301) | **Total U.S. Government Agencies Mortgage-Backed** <br>(cost $882,301) |  |  | **896156** |
| **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** |
| U.S. Treasury Bonds | 4.63 | 2/15/2046 |  | 4500000 | 4297852 |
| U.S. Treasury Bonds | 4.75 | 5/15/2055 |  | 1520000 | 1461664 |
| U.S. Treasury Bonds | 4.75 | 2/15/2056 |  | 1100000 | 1059180 |
| U.S. Treasury Inflation Indexed Bonds<sup>(g)</sup>  | 0.13 | 2/15/2052 |  | 2429973 | 1267123 |
| U.S. Treasury Inflation Indexed Bonds<sup>(g)</sup>  | 2.38 | 2/15/2055 |  | 1625390 | 1509659 |
| U.S. Treasury Notes | 3.63 | 9/30/2030 |  | 1150000 | 1132705 |
| U.S. Treasury Notes | 3.63 | 12/31/2030 |  | 2500000 | 2459277 |
| U.S. Treasury Notes | 3.88 | 8/31/2032 |  | 1600000 | 1574688 |
| U.S. Treasury Notes | 4.00 | 11/15/2035 |  | 6600000 | 6405609 |
| U.S. Treasury Notes | 4.25 | 5/15/2035 |  | 1625000 | 1613003 |
| U.S. Treasury Notes<sup>(d)</sup>  | 4.25 | 8/15/2035 |  | 4539400 | 4500390 |
| U.S. Treasury Notes<sup>(d)</sup>  | 4.63 | 2/15/2035 |  | 875000 | 893491 |
| **Total U.S. Treasury Securities** <br>(cost $28,690,630) | **Total U.S. Treasury Securities** <br>(cost $28,690,630) | **Total U.S. Treasury Securities** <br>(cost $28,690,630) |  |  | **28174641** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description/Number of Contracts/Counterparty | Exercise <br>Price<br>| Expiration <br>Date<br>|  | Notional <br>Amount ($)<sup>(h)</sup> <br>|  |
| **Options Purchased — .0%** | **Options Purchased — .0%** | **Options Purchased — .0%** | **Options Purchased — .0%** | **Options Purchased — .0%** | **Options Purchased — .0%** |
| **Put Options — .0%** | **Put Options — .0%** | **Put Options — .0%** | **Put Options — .0%** | **Put Options — .0%** | **Put Options — .0%** |
| Swaption Receiver Markit iTraxx Europe Crossover Index Series 45, Payer <br> 3 Month Fixed Rate of 5.00% terminating on 6/20/2031, Contracts N/A, <br> Goldman Sachs & Co. LLC<br>| 3.50 | 6/17/2026 | EUR | 1850000 | 8939 |
| Swaption Receiver Markit iTraxx Europe Crossover Index Series 45, Payer <br> 3 Month Fixed Rate of 5.00% terminating on 6/20/2031, Contracts N/A, <br> Morgan Stanley & Co. LLC<br>| 3.88 | 7/15/2026 | EUR | 1850000 | 9504 |
| Swaption Receiver Markit iTraxx Europe Index Series 44, Payer 3 Month <br> Fixed Rate of 1.00% terminating on 12/20/2030, Contracts N/A, <br> Citigroup Global Markets, Inc.<br>| 0.78 | 5/20/2026 | EUR | 9200000 | 1489 |
| **Total Options Purchased** <br>(cost $46,913)<br>|  |  |  |  | **19932** |

---

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

---

| | | |
|:---|:---|:---|
| Description | 1-Day <br>Yield (%)<br>| Shares |
| **Investment Companies — .2%** | **Investment Companies — .2%** | **Investment Companies — .2%** |
| **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** | **Registered Investment Companies — .2%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(i)</sup> <br>(cost $204,235)<br>| 3.70 | 204235 |

---

**8**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | 1-Day<br> Yield (%)<br>| Shares | Value ($) |
| **Investment of Cash Collateral for Securities Loaned — .9%** | **Investment of Cash Collateral for Securities Loaned — .9%** | **Investment of Cash Collateral for Securities Loaned — .9%** | **Investment of Cash Collateral for Securities Loaned — .9%** |
| **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** | **Registered Investment Companies — .9%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(i)</sup> <br>(cost $1,291,918)<br>| 3.70 | 1291918 | **1291918** |
| **Total Investments** (cost $136,533,639) | **Total Investments** (cost $136,533,639) | **95.9%** | **133156731** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **4.1%** | **5757807** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **138914538** |

---

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

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| CHF—Swiss Franc |
| CLO—Collateralized Loan Obligation |
| CLP—Chilean Peso |
| CNY—Chinese Yuan Renminbi |
| COP—Colombian Peso |
| CZK—Czech Koruna |
| DKK—Danish Krone |
| EUR—Euro |
| GBP—British Pound |
| HUF—Hungarian Forint |
| JPY—Japanese Yen |
| KRW—South Korean Won |
| MXN—Mexican Peso |
| MYR—Malaysian Ringgit |
| NZD—New Zealand Dollar |
| PEN—Peruvian Sol |
| PLN—Polish Zloty |
| RON—Romanian New Leu |
| SEK—Swedish Krona |
| SGD—Singapore Dollar |
| THB—Thai Baht |
| 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 April 30, 2026, these securities amounted to $24,346,369 or 17.5% of net assets. 

<sup>(c)</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>(d)</sup> Security, or portion thereof, on loan. At April 30, 2026, the value of the fund's securities on loan was $6,796,627 and the value of the collateral was $7,024,363, consisting of cash collateral of $1,291,918 and U.S. Government & Agency securities valued at $5,732,445. In addition, the value of collateral may include pending sales that are also on loan. 

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

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

<sup>(g)</sup> Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

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

<sup>(h)</sup> Notional amount stated in U.S. Dollars unless otherwise indicated.

<sup>(i)</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;

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| Description | Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — (.9%)** | **U.S. Government Agencies Mortgage-Backed — (.9%)** | **U.S. Government Agencies Mortgage-Backed — (.9%)** |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 5.50%, 5/1/2056<sup>(a),(b)</sup>  | (1200000) | (1206157) |
| **Total Sale Commitments** (Proceeds $1,208,478) |  | **(1206157)** |

---

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>10/31/2025<br>| Purchases ($)<sup>†</sup>  | Sales ($) | Value ($) <br>4/30/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** | **Registered Investment Companies - .2%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .2%<br>| - | 39429207 | (39224972) | 204235 | 24303 |
| **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** | **Investment of Cash Collateral for Securities Loaned - .9%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .9%<br>| 5158707 | 30592314 | (34459103) | 1291918 | 3900<sup>††</sup>  |
| **Total - 1.1%** | **5158707** | **70021521** | **(73684075)** | **1496153** | **28203** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| Australian 3-Year Bond | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp; 149820<sup>(a)</sup>  | &nbsp;&nbsp; 148845 | (975) |
| Australian 10-Year Bond | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp; 17189758<sup>(a)</sup>  | &nbsp;&nbsp; 16957603 | &nbsp;&nbsp; (232155) |
| Euro-Bobl | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 10210334<sup>(a)</sup>  | &nbsp;&nbsp; 10026844 | &nbsp;&nbsp; (183490) |
| Euro-BTP | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 1115875<sup>(a)</sup>  | &nbsp;&nbsp; 1098161 | &nbsp;&nbsp; (17714) |
| Euro-Bund | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 2352297<sup>(a)</sup>  | &nbsp;&nbsp; 2354060 | &nbsp;&nbsp; 1763 |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 4061897<sup>(a)</sup>  | &nbsp;&nbsp; 3965035 | &nbsp;&nbsp; (96862) |
| Euro-Schatz | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 14887657<sup>(a)</sup>  | &nbsp;&nbsp; 14769505 | &nbsp;&nbsp; (118152) |
| Japanese 10 Year Bond | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp; 839138<sup>(a)</sup>  | &nbsp;&nbsp; 825653 | &nbsp;&nbsp; (13485) |
| **Futures Short** |  |  |  |  |  |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 1880325 | &nbsp;&nbsp; 1864124 | &nbsp;&nbsp; 16201 |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 2601503 | &nbsp;&nbsp; 2588062 | &nbsp;&nbsp; 13441 |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 790769 | &nbsp;&nbsp; 774155 | &nbsp;&nbsp; 16614 |
| Canadian 10 Year Bond | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 6/19/2026 | &nbsp;&nbsp; 1524071<sup>(a)</sup>  | &nbsp;&nbsp; 1490934 | &nbsp;&nbsp; 33137 |
| Euro-OAT | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 6/8/2026 | &nbsp;&nbsp; 5851474<sup>(a)</sup>  | &nbsp;&nbsp; 5739231 | &nbsp;&nbsp; 112243 |
| Long Gilt | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 6/26/2026 | &nbsp;&nbsp; 5117621<sup>(a)</sup>  | &nbsp;&nbsp; 4830921 | &nbsp;&nbsp; 286700 |

---

**10**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** | **Futures (continued)** |
| Description | Number of<br> Contracts<br>| Expiration | Notional<br> Value ($)<br>| Market<br> Value ($)<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Futures Short (continued)** |  |  |  |  |  |
| U.S. Treasury Long-Term Bond | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 112842 | &nbsp;&nbsp; 112844 | (2) |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 11718562 | &nbsp;&nbsp; 11511657 | &nbsp;&nbsp; 206905 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 19366666 | &nbsp;&nbsp; 18750094 | &nbsp;&nbsp; 616572 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **1303576** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(662835)** |

---

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

<sup>(a)</sup> Notional amounts in foreign currency have been converted to USD using relevant foreign exchange rates.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options Written** |  |  |  |  |
| Description/Contracts/Counterparty | Exercise Price | Expiration <br>Date<br>| Notional <br>Amount ($)<br>| Value ($) |
| **Put Options:** |  |  |  |  |
| Swaption Payer Markit CDX North America Investment Grade Index <br> Series 45, Receiver 3 Month Fixed Rate of 1.00% terminating on <br> 12/20/2030, Contracts N/A, Citigroup Global Markets, Inc.<br>| 0.75 | &nbsp;&nbsp; 5/20/2026 | &nbsp;&nbsp; 13100000 | &nbsp;&nbsp; (1064) |
| Swaption Payer Markit CDX North America Investment Grade Index <br> Series 46, Receiver 3 Month Fixed Rate of 1.00% terminating on <br> 6/20/2031, Contracts N/A, Goldman Sachs & Co. LLC<br>| 0.68 | &nbsp;&nbsp; 6/17/2026 | &nbsp;&nbsp; 13050000 | &nbsp;&nbsp; (7845) |
| Swaption Payer Markit CDX North America Investment Grade Index <br> Series 46, Receiver 3 Month Fixed Rate of 1.00% terminating on <br> 6/20/2031, Contracts N/A, Goldman Sachs & Co. LLC<br>| 0.73 | &nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp; 13100000 | &nbsp;&nbsp; (9929) |
| **Total Options Written** <br>(premiums received $41,648)<br>|  |  |  | &nbsp;&nbsp; **(18838)** |

---

&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>Appreciation <br>(Depreciation) ($)<br>|
| **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** | **Barclays Capital, Inc.** |
| Canadian Dollar | &nbsp;&nbsp; 73000 | United States Dollar | &nbsp;&nbsp; 53668 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 101 |
| Canadian Dollar | &nbsp;&nbsp; 696000 | United States Dollar | &nbsp;&nbsp; 501696 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 10946 |
| United States Dollar | &nbsp;&nbsp; 249969 | Malaysian Ringgit | &nbsp;&nbsp; 1008000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (3925) |
| United States Dollar | &nbsp;&nbsp; 39449 | Swedish Krona | &nbsp;&nbsp; 367000 | &nbsp;&nbsp; 5/12/2026 | (326) |
| United States Dollar | &nbsp;&nbsp; 101814 | Euro | &nbsp;&nbsp; 88189 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1791) |
| United States Dollar | &nbsp;&nbsp; 180597 | Euro | &nbsp;&nbsp; 156780 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3589) |
| United States Dollar | &nbsp;&nbsp; 249394 | Japanese Yen | &nbsp;&nbsp; 39740000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4909) |
| New Zealand Dollar | &nbsp;&nbsp; 590318 | United States Dollar | &nbsp;&nbsp; 337149 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 11831 |
| United States Dollar | &nbsp;&nbsp; 141252 | Australian Dollar | &nbsp;&nbsp; 197000 | &nbsp;&nbsp; 5/21/2026 | (525) |
| United States Dollar | &nbsp;&nbsp; 687 | British Pound | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 5/21/2026 | (11) |
| British Pound | &nbsp;&nbsp; 2209 | United States Dollar | &nbsp;&nbsp; 2934 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 72 |
| New Zealand Dollar | &nbsp;&nbsp; 486489 | United States Dollar | &nbsp;&nbsp; 286631 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 969 |
| United States Dollar | &nbsp;&nbsp; 192142 | Euro | &nbsp;&nbsp; 163000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 648 |
| United States Dollar | &nbsp;&nbsp; 355518 | Swiss Franc | &nbsp;&nbsp; 283000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (7498) |
| United States Dollar | &nbsp;&nbsp; 57243 | Swedish Krona | &nbsp;&nbsp; 542109 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1539) |
| United States Dollar | &nbsp;&nbsp; 178052 | Swedish Krona | &nbsp;&nbsp; 1682757 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4411) |
| United States Dollar | &nbsp;&nbsp; 217459 | New Zealand Dollar | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4231) |
| United States Dollar | &nbsp;&nbsp; 339238 | Canadian Dollar | &nbsp;&nbsp; 464722 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3185) |

---

**11**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| 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> Appreciation<br> (Depreciation) ($)<br>|
| **Barclays Capital, Inc. (continued)** | **Barclays Capital, Inc. (continued)** | **Barclays Capital, Inc. (continued)** | **Barclays Capital, Inc. (continued)** | **Barclays Capital, Inc. (continued)** | **Barclays Capital, Inc. (continued)** |
| United States Dollar | &nbsp;&nbsp; 307966 | Euro | &nbsp;&nbsp; 263000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1008) |
| United States Dollar | &nbsp;&nbsp; 159761 | Euro | &nbsp;&nbsp; 136000 | &nbsp;&nbsp; 5/21/2026 | (13) |
| United States Dollar | &nbsp;&nbsp; 164931 | Canadian Dollar | &nbsp;&nbsp; 225280 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1063) |
| United States Dollar | &nbsp;&nbsp; 144174 | Japanese Yen | &nbsp;&nbsp; 22756000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1445) |
| Japanese Yen | &nbsp;&nbsp; 32556000 | United States Dollar | &nbsp;&nbsp; 206114 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2218 |
| Canadian Dollar | &nbsp;&nbsp; 321000 | United States Dollar | &nbsp;&nbsp; 231059 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5465 |
| United States Dollar | &nbsp;&nbsp; 789625 | British Pound | &nbsp;&nbsp; 591585 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (15356) |
| United States Dollar | &nbsp;&nbsp; 49580 | Canadian Dollar | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 5/21/2026 | (525) |
| Euro | &nbsp;&nbsp; 119000 | British Pound | &nbsp;&nbsp; 103413 | &nbsp;&nbsp; 5/21/2026 | (914) |
| United States Dollar | &nbsp;&nbsp; 366633 | Swedish Krona | &nbsp;&nbsp; 3397000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1708) |
| United States Dollar | &nbsp;&nbsp; 198070 | Euro | &nbsp;&nbsp; 169000 | &nbsp;&nbsp; 5/21/2026 | (472) |
| Malaysian Ringgit | &nbsp;&nbsp; 2302000 | United States Dollar | &nbsp;&nbsp; 580580 | &nbsp;&nbsp; 6/9/2026 | (307) |
| **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** |
| United States Dollar | &nbsp;&nbsp; 1402146 | Chinese Yuan Renminbi | &nbsp;&nbsp; 9609000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (6618) |
| Swiss Franc | &nbsp;&nbsp; 398000 | United States Dollar | &nbsp;&nbsp; 503559 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 6974 |
| Euro | &nbsp;&nbsp; 375322 | United States Dollar | &nbsp;&nbsp; 433651 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 7279 |
| British Pound | &nbsp;&nbsp; 250177 | United States Dollar | &nbsp;&nbsp; 339113 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1308 |
| United States Dollar | &nbsp;&nbsp; 402225 | Japanese Yen | &nbsp;&nbsp; 64216000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8705) |
| Euro | &nbsp;&nbsp; 181000 | British Pound | &nbsp;&nbsp; 157838 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2134) |
| Swedish Krona | &nbsp;&nbsp; 3394000 | United States Dollar | &nbsp;&nbsp; 361973 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 6042 |
| Japanese Yen | &nbsp;&nbsp; 142728000 | United States Dollar | &nbsp;&nbsp; 901188 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 12152 |
| United States Dollar | &nbsp;&nbsp; 240850 | Norwegian Krone | &nbsp;&nbsp; 2305677 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (7966) |
| Euro | &nbsp;&nbsp; 119000 | British Pound | &nbsp;&nbsp; 103550 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1101) |
| New Zealand Dollar | &nbsp;&nbsp; 344000 | United States Dollar | &nbsp;&nbsp; 200349 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3014 |
| United States Dollar | &nbsp;&nbsp; 357969 | Canadian Dollar | &nbsp;&nbsp; 497000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8238) |
| Euro | &nbsp;&nbsp; 474000 | Canadian Dollar | &nbsp;&nbsp; 767665 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8784) |
| Euro | &nbsp;&nbsp; 332904 | United States Dollar | &nbsp;&nbsp; 389678 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1420 |
| United States Dollar | &nbsp;&nbsp; 76869 | Norwegian Krone | &nbsp;&nbsp; 736323 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2590) |
| Swedish Krona | &nbsp;&nbsp; 2529000 | United States Dollar | &nbsp;&nbsp; 272857 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1365 |
| Australian Dollar | &nbsp;&nbsp; 1107000 | United States Dollar | &nbsp;&nbsp; 762889 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 33798 |
| United States Dollar | &nbsp;&nbsp; 710290 | Euro | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (12216) |
| **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** |
| Indonesian Rupiah | &nbsp;&nbsp; 15600654000 | United States Dollar | &nbsp;&nbsp; 918064 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (17336) |
| United States Dollar | &nbsp;&nbsp; 164951 | Romanian New Leu | &nbsp;&nbsp; 729000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 394 |
| United States Dollar | &nbsp;&nbsp; 130427 | Thai Baht | &nbsp;&nbsp; 4238736 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 270 |
| Euro | &nbsp;&nbsp; 14731000 | United States Dollar | &nbsp;&nbsp; 17000288 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 298472 |
| United States Dollar | &nbsp;&nbsp; 141208 | Chinese Yuan Renminbi | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 5/12/2026 | (177) |
| New Zealand Dollar | &nbsp;&nbsp; 555000 | United States Dollar | &nbsp;&nbsp; 325112 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2989 |
| Swedish Krona | &nbsp;&nbsp; 1708000 | United States Dollar | &nbsp;&nbsp; 182527 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2674 |
| United States Dollar | &nbsp;&nbsp; 178414 | Swiss Franc | &nbsp;&nbsp; 142000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3736) |
| Euro | &nbsp;&nbsp; 127000 | United States Dollar | &nbsp;&nbsp; 149280 | &nbsp;&nbsp; 5/21/2026 | (80) |
| British Pound | &nbsp;&nbsp; 198014 | United States Dollar | &nbsp;&nbsp; 268476 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 966 |
| Canadian Dollar | &nbsp;&nbsp; 1160000 | United States Dollar | &nbsp;&nbsp; 839239 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 15489 |
| United States Dollar | &nbsp;&nbsp; 496572 | Swiss Franc | &nbsp;&nbsp; 391000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4981) |
| Euro | &nbsp;&nbsp; 176000 | United States Dollar | &nbsp;&nbsp; 206002 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 764 |

---

**12**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| Counterparty/<br> Purchased<br> Currency<br>| Purchased<br> Currency<br> Amounts<br>| &nbsp;&nbsp; Currency<br> Sold<br>| Sold<br> Currency<br> Amounts<br>| Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Citigroup Global Markets, Inc. (continued)** | **Citigroup Global Markets, Inc. (continued)** | **Citigroup Global Markets, Inc. (continued)** | **Citigroup Global Markets, Inc. (continued)** | **Citigroup Global Markets, Inc. (continued)** | **Citigroup Global Markets, Inc. (continued)** |
| United States Dollar | &nbsp;&nbsp; 14547 | British Pound | &nbsp;&nbsp; 10841 | &nbsp;&nbsp; 5/21/2026 | (205) |
| British Pound | &nbsp;&nbsp; 128000 | United States Dollar | &nbsp;&nbsp; 171243 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2930 |
| British Pound | &nbsp;&nbsp; 119000 | United States Dollar | &nbsp;&nbsp; 160306 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1619 |
| United States Dollar | &nbsp;&nbsp; 268918 | New Zealand Dollar | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 5/21/2026 | (66) |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| United States Dollar | &nbsp;&nbsp; 208069 | Norwegian Krone | &nbsp;&nbsp; 1934000 | &nbsp;&nbsp; 5/21/2026 | (638) |
| United States Dollar | &nbsp;&nbsp; 182708 | Swedish Krona | &nbsp;&nbsp; 1697566 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1361) |
| United States Dollar | &nbsp;&nbsp; 269080 | Norwegian Krone | &nbsp;&nbsp; 2635000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (15275) |
| Australian Dollar | &nbsp;&nbsp; 533000 | United States Dollar | &nbsp;&nbsp; 365172 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 18417 |
| New Zealand Dollar | &nbsp;&nbsp; 264995 | United States Dollar | &nbsp;&nbsp; 156676 | &nbsp;&nbsp; 5/21/2026 | (18) |
| Polish Zloty | &nbsp;&nbsp; 502000 | United States Dollar | &nbsp;&nbsp; 135348 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3138 |
| United States Dollar | &nbsp;&nbsp; 335035 | New Zealand Dollar | &nbsp;&nbsp; 573000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3707) |
| United States Dollar | &nbsp;&nbsp; 642840 | Euro | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3304) |
| United States Dollar | &nbsp;&nbsp; 275572 | Swedish Krona | &nbsp;&nbsp; 2583000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4506) |
| Canadian Dollar | &nbsp;&nbsp; 682020 | United States Dollar | &nbsp;&nbsp; 499091 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3445 |
| Euro | &nbsp;&nbsp; 237011 | United States Dollar | &nbsp;&nbsp; 275217 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3225 |
| Canadian Dollar | &nbsp;&nbsp; 463290 | United States Dollar | &nbsp;&nbsp; 335333 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 6035 |
| Norwegian Krone | &nbsp;&nbsp; 1399000 | United States Dollar | &nbsp;&nbsp; 148139 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2834 |
| United States Dollar | &nbsp;&nbsp; 156646 | Japanese Yen | &nbsp;&nbsp; 24899000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2687) |
| Euro | &nbsp;&nbsp; 126000 | United States Dollar | &nbsp;&nbsp; 145493 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2532 |
| Norwegian Krone | &nbsp;&nbsp; 2654000 | United States Dollar | &nbsp;&nbsp; 272545 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 13860 |
| United States Dollar | &nbsp;&nbsp; 213898 | Swedish Krona | &nbsp;&nbsp; 2025891 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (5772) |
| United States Dollar | &nbsp;&nbsp; 418771 | Euro | &nbsp;&nbsp; 363423 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8181) |
| United States Dollar | &nbsp;&nbsp; 497343 | Norwegian Krone | &nbsp;&nbsp; 4776000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (18056) |
| Canadian Dollar | &nbsp;&nbsp; 374021 | United States Dollar | &nbsp;&nbsp; 273363 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2228 |
| Norwegian Krone | &nbsp;&nbsp; 1772000 | United States Dollar | &nbsp;&nbsp; 182306 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 8919 |
| United States Dollar | &nbsp;&nbsp; 271453 | Norwegian Krone | &nbsp;&nbsp; 2590000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8045) |
| Australian Dollar | &nbsp;&nbsp; 1108000 | United States Dollar | &nbsp;&nbsp; 768089 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 29317 |
| New Zealand Dollar | &nbsp;&nbsp; 353577 | United States Dollar | &nbsp;&nbsp; 208448 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 577 |
| British Pound | &nbsp;&nbsp; 361000 | United States Dollar | &nbsp;&nbsp; 488217 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3003 |
| United States Dollar | &nbsp;&nbsp; 267044 | Norwegian Krone | &nbsp;&nbsp; 2594000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (12886) |
| **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; 1965374 | Colombian Peso | &nbsp;&nbsp; 7307222000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (37329) |
| United States Dollar | &nbsp;&nbsp; 117035 | Euro | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 5/12/2026 | (396) |
| United States Dollar | &nbsp;&nbsp; 1241676 | Chinese Yuan Renminbi | &nbsp;&nbsp; 8540000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (9147) |
| Australian Dollar | &nbsp;&nbsp; 181000 | United States Dollar | &nbsp;&nbsp; 125541 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 4742 |
| New Zealand Dollar | &nbsp;&nbsp; 539947 | United States Dollar | &nbsp;&nbsp; 316909 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2293 |
| Euro | &nbsp;&nbsp; 467989 | United States Dollar | &nbsp;&nbsp; 543287 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 6510 |
| United States Dollar | &nbsp;&nbsp; 198105 | Japanese Yen | &nbsp;&nbsp; 31503000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3488) |
| New Zealand Dollar | &nbsp;&nbsp; 297511 | United States Dollar | &nbsp;&nbsp; 175327 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 554 |
| New Zealand Dollar | &nbsp;&nbsp; 1682 | United States Dollar | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 32 |
| Euro | &nbsp;&nbsp; 598000 | United States Dollar | &nbsp;&nbsp; 692174 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 10360 |
| United States Dollar | &nbsp;&nbsp; 475403 | Canadian Dollar | &nbsp;&nbsp; 651278 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4482) |
| United States Dollar | &nbsp;&nbsp; 172238 | Euro | &nbsp;&nbsp; 149000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2808) |
| Euro | &nbsp;&nbsp; 731000 | United States Dollar | &nbsp;&nbsp; 845682 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 13102 |

---

**13**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| 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> Appreciation<br> (Depreciation) ($)<br>|
| **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** |
| Canadian Dollar | &nbsp;&nbsp; 475000 | United States Dollar | &nbsp;&nbsp; 345710 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 4287 |
| United States Dollar | &nbsp;&nbsp; 554917 | Canadian Dollar | &nbsp;&nbsp; 763000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (7288) |
| United States Dollar | &nbsp;&nbsp; 192975 | Euro | &nbsp;&nbsp; 166000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2043) |
| United States Dollar | &nbsp;&nbsp; 329318 | New Zealand Dollar | &nbsp;&nbsp; 559000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1148) |
| United States Dollar | &nbsp;&nbsp; 506846 | Euro | &nbsp;&nbsp; 441000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (11245) |
| Euro | &nbsp;&nbsp; 210000 | United States Dollar | &nbsp;&nbsp; 247873 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1163) |
| Euro | &nbsp;&nbsp; 477000 | Swedish Krona | &nbsp;&nbsp; 5177430 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1012) |
| New Zealand Dollar | &nbsp;&nbsp; 362121 | United States Dollar | &nbsp;&nbsp; 212462 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1614 |
| United States Dollar | &nbsp;&nbsp; 874562 | Euro | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3019) |
| Euro | &nbsp;&nbsp; 349000 | United States Dollar | &nbsp;&nbsp; 408867 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1140 |
| British Pound | &nbsp;&nbsp; 426809 | United States Dollar | &nbsp;&nbsp; 578691 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2077 |
| United States Dollar | &nbsp;&nbsp; 310619 | Swedish Krona | &nbsp;&nbsp; 2851000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1482 |
| United States Dollar | &nbsp;&nbsp; 141473 | Euro | &nbsp;&nbsp; 122797 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2790) |
| United States Dollar | &nbsp;&nbsp; 47 | Swedish Krona | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 5/21/2026 | (0) |
| United States Dollar | &nbsp;&nbsp; 280328 | Swedish Krona | &nbsp;&nbsp; 2609000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2570) |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1219000 | United States Dollar | &nbsp;&nbsp; 177812 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 904 |
| Japanese Yen | &nbsp;&nbsp; 25327000 | United States Dollar | &nbsp;&nbsp; 160152 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1920 |
| United States Dollar | &nbsp;&nbsp; 274927 | Norwegian Krone | &nbsp;&nbsp; 2568000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2198) |
| Euro | &nbsp;&nbsp; 250923 | United States Dollar | &nbsp;&nbsp; 296006 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1220) |
| United States Dollar | &nbsp;&nbsp; 545282 | Norwegian Krone | &nbsp;&nbsp; 5287000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (25262) |
| United States Dollar | &nbsp;&nbsp; 337441 | New Zealand Dollar | &nbsp;&nbsp; 578000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4257) |
| United States Dollar | &nbsp;&nbsp; 299496 | Australian Dollar | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (9966) |
| Euro | &nbsp;&nbsp; 200000 | United States Dollar | &nbsp;&nbsp; 235767 | &nbsp;&nbsp; 5/21/2026 | (806) |
| United States Dollar | &nbsp;&nbsp; 2475372 | Swedish Krona | &nbsp;&nbsp; 22870539 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4509) |
| United States Dollar | &nbsp;&nbsp; 267515 | Norwegian Krone | &nbsp;&nbsp; 2619000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (15113) |
| United States Dollar | &nbsp;&nbsp; 638937 | Swedish Krona | &nbsp;&nbsp; 6054243 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (17533) |
| Swiss Franc | &nbsp;&nbsp; 141000 | United States Dollar | &nbsp;&nbsp; 177266 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3601 |
| Norwegian Krone | &nbsp;&nbsp; 438000 | United States Dollar | &nbsp;&nbsp; 44957 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2310 |
| United States Dollar | &nbsp;&nbsp; 168432 | Euro | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 5/21/2026 | (740) |
| United States Dollar | &nbsp;&nbsp; 375385 | Norwegian Krone | &nbsp;&nbsp; 3495018 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1778) |
| Euro | &nbsp;&nbsp; 472187 | Canadian Dollar | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1582) |
| Euro | &nbsp;&nbsp; 119000 | British Pound | &nbsp;&nbsp; 103760 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1386) |
| United States Dollar | &nbsp;&nbsp; 1108907 | British Pound | &nbsp;&nbsp; 826919 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (16299) |
| Euro | &nbsp;&nbsp; 129669 | United States Dollar | &nbsp;&nbsp; 149762 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2574 |
| Australian Dollar | &nbsp;&nbsp; 322000 | United States Dollar | &nbsp;&nbsp; 224158 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 7579 |
| Canadian Dollar | &nbsp;&nbsp; 1519979 | United States Dollar | &nbsp;&nbsp; 1110837 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 9137 |
| United States Dollar | &nbsp;&nbsp; 177279 | Australian Dollar | &nbsp;&nbsp; 255700 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (6743) |
| United States Dollar | &nbsp;&nbsp; 272579 | Norwegian Krone | &nbsp;&nbsp; 2642000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (12531) |
| United States Dollar | &nbsp;&nbsp; 437414 | Euro | &nbsp;&nbsp; 374000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1964) |
| United States Dollar | &nbsp;&nbsp; 240258 | Japanese Yen | &nbsp;&nbsp; 37948000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2578) |
| United States Dollar | &nbsp;&nbsp; 185143 | Swedish Krona | &nbsp;&nbsp; 1696000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1243 |
| Swedish Krona | &nbsp;&nbsp; 7840302 | United States Dollar | &nbsp;&nbsp; 846758 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3376 |
| Australian Dollar | &nbsp;&nbsp; 498723 | United States Dollar | &nbsp;&nbsp; 353345 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5576 |
| Norwegian Krone | &nbsp;&nbsp; 8457000 | United States Dollar | &nbsp;&nbsp; 872172 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 40461 |
| United States Dollar | &nbsp;&nbsp; 316035 | Euro | &nbsp;&nbsp; 272000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3512) |

---

**14**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| Counterparty/<br> Purchased<br> Currency<br>| Purchased<br> Currency<br> Amounts<br>| &nbsp;&nbsp; Currency<br> Sold<br>| Sold<br> Currency<br> Amounts<br>| Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** | **Goldman Sachs & Co. LLC (continued)** |
| Japanese Yen | &nbsp;&nbsp; 25480000 | United States Dollar | &nbsp;&nbsp; 160708 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2343 |
| Euro | &nbsp;&nbsp; 152000 | United States Dollar | &nbsp;&nbsp; 175836 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2734 |
| United States Dollar | &nbsp;&nbsp; 2072103 | Australian Dollar | &nbsp;&nbsp; 2914884 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (25681) |
| Euro | &nbsp;&nbsp; 102000 | United States Dollar | &nbsp;&nbsp; 118552 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1278 |
| United States Dollar | &nbsp;&nbsp; 239514 | Japanese Yen | &nbsp;&nbsp; 38164000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4704) |
| British Pound | &nbsp;&nbsp; 375000 | United States Dollar | &nbsp;&nbsp; 497601 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 12670 |
| United States Dollar | &nbsp;&nbsp; 275950 | Swedish Krona | &nbsp;&nbsp; 2523184 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2358 |
| Canadian Dollar | &nbsp;&nbsp; 532000 | United States Dollar | &nbsp;&nbsp; 388096 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3900 |
| Canadian Dollar | &nbsp;&nbsp; 1553980 | United States Dollar | &nbsp;&nbsp; 1137693 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 7334 |
| Euro | &nbsp;&nbsp; 119000 | British Pound | &nbsp;&nbsp; 103344 | &nbsp;&nbsp; 5/21/2026 | (820) |
| United States Dollar | &nbsp;&nbsp; 202355 | Australian Dollar | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4913) |
| Swedish Krona | &nbsp;&nbsp; 4462000 | United States Dollar | &nbsp;&nbsp; 468319 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 15502 |
| **HSBC Securities (USA), Inc.** | **HSBC Securities (USA), Inc.** | **HSBC Securities (USA), Inc.** | **HSBC Securities (USA), Inc.** | **HSBC Securities (USA), Inc.** | **HSBC Securities (USA), Inc.** |
| United States Dollar | &nbsp;&nbsp; 395040 | Chinese Yuan Renminbi | &nbsp;&nbsp; 2692000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 627 |
| New Zealand Dollar | &nbsp;&nbsp; 1089000 | United States Dollar | &nbsp;&nbsp; 629636 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 13957 |
| United States Dollar | &nbsp;&nbsp; 9136 | Chilean Peso | &nbsp;&nbsp; 8370000 | &nbsp;&nbsp; 5/12/2026 | (167) |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 126503000 | United States Dollar | &nbsp;&nbsp; 18445260 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 89047 |
| Swedish Krona | &nbsp;&nbsp; 11127000 | United States Dollar | &nbsp;&nbsp; 1187415 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 18527 |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1888000 | United States Dollar | &nbsp;&nbsp; 276364 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 252 |
| United States Dollar | &nbsp;&nbsp; 116943 | Euro | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 5/12/2026 | (488) |
| Romanian New Leu | &nbsp;&nbsp; 1305000 | United States Dollar | &nbsp;&nbsp; 296408 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (1830) |
| Euro | &nbsp;&nbsp; 77000 | United States Dollar | &nbsp;&nbsp; 90674 | &nbsp;&nbsp; 5/12/2026 | (252) |
| United States Dollar | &nbsp;&nbsp; 128146 | Hungarian Forint | &nbsp;&nbsp; 42385000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (8356) |
| United States Dollar | &nbsp;&nbsp; 1069666 | Peruvian Sol | &nbsp;&nbsp; 3701000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 15414 |
| United States Dollar | &nbsp;&nbsp; 514399 | Canadian Dollar | &nbsp;&nbsp; 711000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (9491) |
| United States Dollar | &nbsp;&nbsp; 794235 | Euro | &nbsp;&nbsp; 686811 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (12635) |
| Euro | &nbsp;&nbsp; 218096 | United States Dollar | &nbsp;&nbsp; 255485 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 735 |
| Swedish Krona | &nbsp;&nbsp; 5145000 | British Pound | &nbsp;&nbsp; 414835 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (6596) |
| Australian Dollar | &nbsp;&nbsp; 424000 | United States Dollar | &nbsp;&nbsp; 295102 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 10043 |
| United States Dollar | &nbsp;&nbsp; 158603 | Norwegian Krone | &nbsp;&nbsp; 1541000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (7694) |
| Euro | &nbsp;&nbsp; 1241689 | United States Dollar | &nbsp;&nbsp; 1435076 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 23669 |
| British Pound | &nbsp;&nbsp; 338000 | United States Dollar | &nbsp;&nbsp; 448112 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 11812 |
| New Zealand Dollar | &nbsp;&nbsp; 306005 | United States Dollar | &nbsp;&nbsp; 180663 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 239 |
| Swedish Krona | &nbsp;&nbsp; 5132968 | Euro | &nbsp;&nbsp; 474000 | &nbsp;&nbsp; 5/21/2026 | (284) |
| New Zealand Dollar | &nbsp;&nbsp; 344879 | United States Dollar | &nbsp;&nbsp; 202242 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1642 |
| Australian Dollar | &nbsp;&nbsp; 1717277 | United States Dollar | &nbsp;&nbsp; 1213847 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 22044 |
| Norwegian Krone | &nbsp;&nbsp; 1544000 | United States Dollar | &nbsp;&nbsp; 161156 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5464 |
| Canadian Dollar | &nbsp;&nbsp; 401000 | United States Dollar | &nbsp;&nbsp; 290123 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5348 |
| United States Dollar | &nbsp;&nbsp; 277647 | Norwegian Krone | &nbsp;&nbsp; 2587000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1528) |
| United States Dollar | &nbsp;&nbsp; 29819 | Mexican Peso | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 5/21/2026 | (468) |
| United States Dollar | &nbsp;&nbsp; 2685210 | Canadian Dollar | &nbsp;&nbsp; 3667058 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (16805) |
| United States Dollar | &nbsp;&nbsp; 809982 | British Pound | &nbsp;&nbsp; 604568 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (12666) |
| United States Dollar | &nbsp;&nbsp; 220846 | Swedish Krona | &nbsp;&nbsp; 2015816 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2268 |
| Euro | &nbsp;&nbsp; 680000 | United States Dollar | &nbsp;&nbsp; 790374 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 8495 |
| Canadian Dollar | &nbsp;&nbsp; 1168000 | United States Dollar | &nbsp;&nbsp; 845232 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 15391 |

---

**15**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| 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> Appreciation<br> (Depreciation) ($)<br>|
| **HSBC Securities (USA), Inc. (continued)** | **HSBC Securities (USA), Inc. (continued)** | **HSBC Securities (USA), Inc. (continued)** | **HSBC Securities (USA), Inc. (continued)** | **HSBC Securities (USA), Inc. (continued)** | **HSBC Securities (USA), Inc. (continued)** |
| United States Dollar | &nbsp;&nbsp; 221834 | Singapore Dollar | &nbsp;&nbsp; 282000 | &nbsp;&nbsp; 5/21/2026 | (52) |
| United States Dollar | &nbsp;&nbsp; 208252 | Australian Dollar | &nbsp;&nbsp; 301000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8372) |
| United States Dollar | &nbsp;&nbsp; 1486312 | British Pound | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (44499) |
| Australian Dollar | &nbsp;&nbsp; 1025000 | United States Dollar | &nbsp;&nbsp; 713572 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 24100 |
| Euro | &nbsp;&nbsp; 142000 | United States Dollar | &nbsp;&nbsp; 164262 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2561 |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1341000 | United States Dollar | &nbsp;&nbsp; 195235 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1367 |
| United States Dollar | &nbsp;&nbsp; 1038214 | Canadian Dollar | &nbsp;&nbsp; 1444000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (25775) |
| New Zealand Dollar | &nbsp;&nbsp; 800000 | United States Dollar | &nbsp;&nbsp; 457737 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 15201 |
| United States Dollar | &nbsp;&nbsp; 518418 | British Pound | &nbsp;&nbsp; 386159 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (7036) |
| New Zealand Dollar | &nbsp;&nbsp; 954000 | Australian Dollar | &nbsp;&nbsp; 789785 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4413) |
| British Pound | &nbsp;&nbsp; 140000 | United States Dollar | &nbsp;&nbsp; 189232 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1269 |
| United States Dollar | &nbsp;&nbsp; 257061 | Japanese Yen | &nbsp;&nbsp; 40967000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (5094) |
| **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** | **J.P. Morgan Securities LLC** |
| Norwegian Krone | &nbsp;&nbsp; 2367000 | United States Dollar | &nbsp;&nbsp; 245049 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 10408 |
| United States Dollar | &nbsp;&nbsp; 3710132 | South Korean Won | &nbsp;&nbsp; 5615136000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (76931) |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1231000 | United States Dollar | &nbsp;&nbsp; 180399 | &nbsp;&nbsp; 5/12/2026 | (42) |
| United States Dollar | &nbsp;&nbsp; 165989 | Euro | &nbsp;&nbsp; 141000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 412 |
| Euro | &nbsp;&nbsp; 165000 | United States Dollar | &nbsp;&nbsp; 190907 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 2855 |
| Euro | &nbsp;&nbsp; 171000 | United States Dollar | &nbsp;&nbsp; 200454 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 353 |
| United States Dollar | &nbsp;&nbsp; 1560607 | Australian Dollar | &nbsp;&nbsp; 2216000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (34205) |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1312000 | United States Dollar | &nbsp;&nbsp; 190911 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1440 |
| United States Dollar | &nbsp;&nbsp; 183716 | Japanese Yen | &nbsp;&nbsp; 29293000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (3735) |
| Norwegian Krone | &nbsp;&nbsp; 5331475 | United States Dollar | &nbsp;&nbsp; 554883 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 20460 |
| Canadian Dollar | &nbsp;&nbsp; 193000 | United States Dollar | &nbsp;&nbsp; 138887 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3322 |
| United States Dollar | &nbsp;&nbsp; 509294 | Euro | &nbsp;&nbsp; 441000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8796) |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1694000 | United States Dollar | &nbsp;&nbsp; 247478 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 877 |
| Canadian Dollar | &nbsp;&nbsp; 695710 | United States Dollar | &nbsp;&nbsp; 503745 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 8878 |
| United States Dollar | &nbsp;&nbsp; 195022 | Euro | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2346) |
| United States Dollar | &nbsp;&nbsp; 457107 | Swedish Krona | &nbsp;&nbsp; 4198000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1912 |
| Euro | &nbsp;&nbsp; 217000 | United States Dollar | &nbsp;&nbsp; 255850 | &nbsp;&nbsp; 5/21/2026 | (917) |
| Euro | &nbsp;&nbsp; 162000 | United States Dollar | &nbsp;&nbsp; 187509 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2810 |
| Australian Dollar | &nbsp;&nbsp; 226000 | United States Dollar | &nbsp;&nbsp; 156705 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5942 |
| Swedish Krona | &nbsp;&nbsp; 2821000 | United States Dollar | &nbsp;&nbsp; 303967 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1917 |
| United States Dollar | &nbsp;&nbsp; 6879403 | Japanese Yen | &nbsp;&nbsp; 1086739245 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (74827) |
| United States Dollar | &nbsp;&nbsp; 182679 | Norwegian Krone | &nbsp;&nbsp; 1700982 | &nbsp;&nbsp; 5/21/2026 | (881) |
| Euro | &nbsp;&nbsp; 313000 | United States Dollar | &nbsp;&nbsp; 362951 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 4763 |
| British Pound | &nbsp;&nbsp; 521791 | United States Dollar | &nbsp;&nbsp; 694697 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 15315 |
| United States Dollar | &nbsp;&nbsp; 696463 | Canadian Dollar | &nbsp;&nbsp; 953000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (5741) |
| Swedish Krona | &nbsp;&nbsp; 1551000 | United States Dollar | &nbsp;&nbsp; 162868 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 5309 |
| Australian Dollar | &nbsp;&nbsp; 1265000 | United States Dollar | &nbsp;&nbsp; 902771 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 7624 |
| Euro | &nbsp;&nbsp; 265000 | United States Dollar | &nbsp;&nbsp; 307859 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3465 |
| Euro | &nbsp;&nbsp; 315077 | United States Dollar | &nbsp;&nbsp; 371696 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1542) |
| United States Dollar | &nbsp;&nbsp; 159957 | Swedish Krona | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1606) |
| New Zealand Dollar | &nbsp;&nbsp; 210423 | United States Dollar | &nbsp;&nbsp; 124019 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 378 |
| United States Dollar | &nbsp;&nbsp; 459325 | Swiss Franc | &nbsp;&nbsp; 358000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 102 |

---

**16**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| Counterparty/<br> Purchased<br> Currency<br>| Purchased<br> Currency<br> Amounts<br>| &nbsp;&nbsp; Currency<br> Sold<br>| Sold<br> Currency<br> Amounts<br>| Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **J.P. Morgan Securities LLC (continued)** | **J.P. Morgan Securities LLC (continued)** | **J.P. Morgan Securities LLC (continued)** | **J.P. Morgan Securities LLC (continued)** | **J.P. Morgan Securities LLC (continued)** | **J.P. Morgan Securities LLC (continued)** |
| United States Dollar | &nbsp;&nbsp; 150918 | Chinese Yuan Renminbi | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1555) |
| United States Dollar | &nbsp;&nbsp; 303909 | Canadian Dollar | &nbsp;&nbsp; 414720 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1672) |
| Euro | &nbsp;&nbsp; 222000 | United States Dollar | &nbsp;&nbsp; 256332 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 4475 |
| **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** |
| United States Dollar | &nbsp;&nbsp; 222248 | British Pound | &nbsp;&nbsp; 167000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (4994) |
| Canadian Dollar | &nbsp;&nbsp; 232000 | United States Dollar | &nbsp;&nbsp; 169140 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 1740 |
| New Zealand Dollar | &nbsp;&nbsp; 557000 | United States Dollar | &nbsp;&nbsp; 327053 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2231 |
| United States Dollar | &nbsp;&nbsp; 671471 | Euro | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1831 |
| Japanese Yen | &nbsp;&nbsp; 23180000 | United States Dollar | &nbsp;&nbsp; 146563 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1770 |
| United States Dollar | &nbsp;&nbsp; 500294 | British Pound | &nbsp;&nbsp; 374000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (8615) |
| Australian Dollar | &nbsp;&nbsp; 703000 | United States Dollar | &nbsp;&nbsp; 502033 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3902 |
| Euro | &nbsp;&nbsp; 130000 | United States Dollar | &nbsp;&nbsp; 152792 | &nbsp;&nbsp; 5/21/2026 | (67) |
| Japanese Yen | &nbsp;&nbsp; 24020000 | United States Dollar | &nbsp;&nbsp; 151557 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2151 |
| Swiss Franc | &nbsp;&nbsp; 395995 | United States Dollar | &nbsp;&nbsp; 505109 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2852 |
| **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** | **Morgan Stanley & Co. LLC** |
| United States Dollar | &nbsp;&nbsp; 165669 | Chinese Yuan Renminbi | &nbsp;&nbsp; 1126000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 695 |
| Israeli Shekel | &nbsp;&nbsp; 1171000 | United States Dollar | &nbsp;&nbsp; 373410 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 23842 |
| United States Dollar | &nbsp;&nbsp; 70365 | Singapore Dollar | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 5/12/2026 | (404) |
| Czech Koruna | &nbsp;&nbsp; 2529000 | United States Dollar | &nbsp;&nbsp; 119688 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 2049 |
| Polish Zloty | &nbsp;&nbsp; 435000 | United States Dollar | &nbsp;&nbsp; 117941 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 2063 |
| Euro | &nbsp;&nbsp; 14730000 | United States Dollar | &nbsp;&nbsp; 17003100 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 294487 |
| Danish Krone | &nbsp;&nbsp; 1863000 | United States Dollar | &nbsp;&nbsp; 289832 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 2964 |
| United States Dollar | &nbsp;&nbsp; 57486 | South African Rand | &nbsp;&nbsp; 968000 | &nbsp;&nbsp; 5/12/2026 | (573) |
| Mexican Peso | &nbsp;&nbsp; 4377000 | United States Dollar | &nbsp;&nbsp; 244308 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 6009 |
| Hong Kong Dollar | &nbsp;&nbsp; 245000 | United States Dollar | &nbsp;&nbsp; 31319 | &nbsp;&nbsp; 5/12/2026 | (24) |
| Hungarian Forint | &nbsp;&nbsp; 98915000 | United States Dollar | &nbsp;&nbsp; 299113 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 19444 |
| United States Dollar | &nbsp;&nbsp; 5135484 | Euro | &nbsp;&nbsp; 4439979 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (80635) |
| United States Dollar | &nbsp;&nbsp; 143304 | British Pound | &nbsp;&nbsp; 106000 | &nbsp;&nbsp; 5/21/2026 | (932) |
| United States Dollar | &nbsp;&nbsp; 202236 | Swiss Franc | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4286) |
| Euro | &nbsp;&nbsp; 268000 | United States Dollar | &nbsp;&nbsp; 311219 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3629 |
| Japanese Yen | &nbsp;&nbsp; 27928000 | United States Dollar | &nbsp;&nbsp; 176217 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2499 |
| United States Dollar | &nbsp;&nbsp; 442952 | Canadian Dollar | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (10201) |
| United States Dollar | &nbsp;&nbsp; 178189 | British Pound | &nbsp;&nbsp; 134000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (4148) |
| United States Dollar | &nbsp;&nbsp; 7833 | Australian Dollar | &nbsp;&nbsp; 11300 | &nbsp;&nbsp; 5/21/2026 | (300) |
| United States Dollar | &nbsp;&nbsp; 235246 | New Zealand Dollar | &nbsp;&nbsp; 403000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2997) |
| United States Dollar | &nbsp;&nbsp; 116959 | Hungarian Forint | &nbsp;&nbsp; 39642000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (10641) |
| United States Dollar | &nbsp;&nbsp; 227791 | New Zealand Dollar | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2767) |
| Swedish Krona | &nbsp;&nbsp; 1292000 | United States Dollar | &nbsp;&nbsp; 141452 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (1358) |
| Japanese Yen | &nbsp;&nbsp; 48284000 | United States Dollar | &nbsp;&nbsp; 306288 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2690 |
| Chinese Yuan Renminbi | &nbsp;&nbsp; 1307000 | United States Dollar | &nbsp;&nbsp; 190541 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1077 |
| Euro | &nbsp;&nbsp; 263000 | United States Dollar | &nbsp;&nbsp; 305813 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3162 |
| Swedish Krona | &nbsp;&nbsp; 6698 | United States Dollar | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2 |
| United States Dollar | &nbsp;&nbsp; 143520 | British Pound | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2077) |
| United States Dollar | &nbsp;&nbsp; 160175 | Japanese Yen | &nbsp;&nbsp; 25382000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2249) |
| Euro | &nbsp;&nbsp; 187320 | United States Dollar | &nbsp;&nbsp; 216270 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 3795 |

---

**17**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** | **Forward Foreign Currency Exchange Contracts (continued)** |
| 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> Appreciation<br> (Depreciation) ($)<br>|
| **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** | **RBC Capital Markets, LLC** |
| Japanese Yen | &nbsp;&nbsp; 2395056000 | United States Dollar | &nbsp;&nbsp; 15173852 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; 140395 |
| United States Dollar | &nbsp;&nbsp; 247678 | Australian Dollar | &nbsp;&nbsp; 352000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (5649) |
| **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** | **UBS Securities LLC** |
| United States Dollar | &nbsp;&nbsp; 101415 | Swiss Franc | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 5/12/2026 | &nbsp;&nbsp; (1105) |
| British Pound | &nbsp;&nbsp; 135000 | United States Dollar | &nbsp;&nbsp; 181537 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2160 |
| United States Dollar | &nbsp;&nbsp; 945706 | Swiss Franc | &nbsp;&nbsp; 738895 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; (2107) |
| United States Dollar | &nbsp;&nbsp; 237009 | Euro | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 2047 |
| Swiss Franc | &nbsp;&nbsp; 63005 | United States Dollar | &nbsp;&nbsp; 80456 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 363 |
| Australian Dollar | &nbsp;&nbsp; 279000 | United States Dollar | &nbsp;&nbsp; 199021 | &nbsp;&nbsp; 5/21/2026 | &nbsp;&nbsp; 1770 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **1628800** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(1019569)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** |
| Reference <br>Obligations<br>| Maturity <br>Date<br>| Notional <br>Amount ($)<sup>(a)</sup> <br>| Market <br>Value ($)<br>| Upfront <br>Payments/ <br>Receipts ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Purchased Contracts:**<sup>(b)</sup> |  |  |  |  |  |
| Markit CDX North America Investment Grade Index <br> Series 46, Paid 3 Month Fixed Rate of 1.00%<br>| &nbsp;&nbsp; 6/20/2031 | &nbsp;&nbsp; 14690000 | &nbsp;&nbsp; (325699) | &nbsp;&nbsp; (299612) | &nbsp;&nbsp; (26087) |
| Markit iTraxx Europe Crossover Index Series 45, Paid <br> 3 Month Fixed Rate of 5.00%<br>| &nbsp;&nbsp; 6/20/2031 | &nbsp;&nbsp; 228862 | &nbsp;&nbsp; (21788) | &nbsp;&nbsp; (14435) | &nbsp;&nbsp; (7353) |
| Markit iTraxx Europe Senior Financial Index Series 45, Paid <br> 3 Month Fixed Rate of 1.00%<br>| &nbsp;&nbsp; 6/20/2031 | &nbsp;&nbsp; 36177761 | &nbsp;&nbsp; (684423) | &nbsp;&nbsp; (444567) | &nbsp;&nbsp; (239856) |
| **Sold Contracts:**<sup>(c)</sup> |  |  |  |  |  |
| Markit iTraxx Europe Index Series 45, Received 3 Month <br> Fixed Rate of 1.00%<br>| &nbsp;&nbsp; 6/20/2031 | &nbsp;&nbsp; 35532254 | &nbsp;&nbsp; 729411 | &nbsp;&nbsp; 683527 | &nbsp;&nbsp; 45884 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **45884** |
| **Gross Unrealized Depreciation** |  |  |  |  | &nbsp;&nbsp; **(273296)** |

---

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

<sup>(a)</sup> The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement. 

<sup>(b)</sup> If the fund is a buyer of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation. 

<sup>(c)</sup> If the fund is a seller of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OTC Credit Default Swaps** |  |  |  |  |  |
| Reference <br>Obligations/ <br>Counterparty<br>| Maturity <br>Date<br>| Notional <br>Amount ($)<sup>(a)</sup> <br>| Market <br>Value ($)<br>| Upfront <br>Payments/ <br>Receipts ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Purchased Contracts:**<sup>(b)</sup> |  |  |  |  |  |
| **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** |
| Intesa Sanpaolo SpA, 4.20%, 6/1/2032, Paid 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 751136 | &nbsp;&nbsp; (10111) | &nbsp;&nbsp; 11372 | &nbsp;&nbsp; (21483) |
| UniCredit SpA, 2.73%, 1/15/2032, Paid 3 Month Fixed Rate <br> of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 727663 | &nbsp;&nbsp; (7800) | &nbsp;&nbsp; 12270 | &nbsp;&nbsp; (20070) |

---

**18**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OTC Credit Default Swaps (continued)** |  |  |  |  |  |
| Reference<br> Obligations/<br> Counterparty<br>| Maturity<br> Date<br>| Notional<br> Amount ($)<sup>(a)</sup><br>| Market<br> Value ($)<br>| Upfront<br> Payments/<br> Receipts ($)<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| **Purchased Contracts: (continued)**<sup>(b)</sup> |  |  |  |  |  |
| **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** |
| Mediobanca Banca di Credito Finanziario SpA, 2.30%, <br> 11/23/2030, Paid 3 Month Fixed Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 375568 | &nbsp;&nbsp; (3525) | &nbsp;&nbsp; 5396 | &nbsp;&nbsp; (8921) |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| TransDigm, Inc., 5.50%, 11/15/2027, Paid 3 Month Fixed <br> Rate of 5.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; (43389) | &nbsp;&nbsp; (33659) | &nbsp;&nbsp; (9730) |
| **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** | **Merrill Lynch, Pierce, Fenner & Smith, Inc.** |
| Yum! Brands, Inc., 3.63%, 3/15/2031, Paid 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; (6305) | &nbsp;&nbsp; (1091) | &nbsp;&nbsp; (5214) |
| Yum! Brands, Inc., 3.63%, 3/15/2031, Paid 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; (4203) | (900) | &nbsp;&nbsp; (3303) |
| **Sold Contracts:**<sup>(c)</sup> |  |  |  |  |  |
| **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** |
| Electrolux AB, 2.50%, 5/18/2030, Received 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 176048 | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; (1913) | &nbsp;&nbsp; 3498 |
| Electrolux AB, 2.50%, 5/18/2030, Received 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 70419 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; (1003) | &nbsp;&nbsp; 1637 |
| Electrolux AB, 2.50%, 5/18/2030, Received 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 82156 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; (1131) | &nbsp;&nbsp; 1871 |
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| Electrolux AB, 2.50%, 5/18/2030, Received 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 93892 | &nbsp;&nbsp; 845 | (968) | &nbsp;&nbsp; 1813 |
| Electrolux AB, 2.50%, 5/18/2030, Received 3 Month Fixed <br> Rate of 1.00%<br>| &nbsp;&nbsp; 6/20/2029 | &nbsp;&nbsp; 340359 | &nbsp;&nbsp; 4291 | &nbsp;&nbsp; (5869) | &nbsp;&nbsp; 10160 |
| Virgin Media Finance PLC, 3.75%, 7/15/2030, Received <br> 3 Month Fixed Rate of 5.00%<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; 328622 | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 8295 | &nbsp;&nbsp; 8605 |
| **Gross Unrealized Appreciation** |  |  |  |  | &nbsp;&nbsp; **27584** |
| **Gross Unrealized Depreciation** |  |  |  |  | &nbsp;&nbsp; **(68721)** |

---

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

<sup>(a)</sup> The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement. 

<sup>(b)</sup> If the fund is a buyer of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation. 

<sup>(c)</sup> If the fund is a seller of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation. 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** |
| Received <br>Reference <br>Entity<br>| &nbsp;&nbsp; Paid <br>Reference <br>Entity<br>| Maturity <br>Date<br>| Notional <br>Amount ($)<br>| Market <br>Value ($)<br>| Upfront <br>Payments/ <br>Receipts ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| EUR - 12 Month Fixed at <br> 2.65%<br>| &nbsp;&nbsp; EUR - 6 Month EURIBOR at <br> 2.13%<br>| &nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp; 1877840 | &nbsp;&nbsp; (58533) | &nbsp;&nbsp; — | &nbsp;&nbsp; (58533) |
| EUR - 12 Month Fixed at <br> 2.65%<br>| &nbsp;&nbsp; EUR - 6 Month EURIBOR at <br> 2.13%<br>| &nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp; 1877840 | &nbsp;&nbsp; (59109) | &nbsp;&nbsp; — | &nbsp;&nbsp; (59109) |
| SEK - 3 Month STIBOR at <br> 2.00%<br>| &nbsp;&nbsp; SEK - 12 Month Fixed at <br> 2.72%<br>| &nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp; 1895427 | &nbsp;&nbsp; 34760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34760 |

---

**19**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** |
| Received<br> Reference<br> Entity<br>| &nbsp;&nbsp; Paid<br> Reference<br> Entity<br>| Maturity<br> Date<br>| Notional<br> Amount ($)<br>| Market<br> Value ($)<br>| Upfront<br> Payments/<br> Receipts ($)<br>| Unrealized<br> Appreciation<br> (Depreciation) ($)<br>|
| SEK - 3 Month STIBOR at <br> 2.00%<br>| &nbsp;&nbsp; SEK - 12 Month Fixed at <br> 2.75%<br>| &nbsp;&nbsp; 11/6/2035 | &nbsp;&nbsp; 1895427 | &nbsp;&nbsp; 15113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15113 |
| EUR - 12 Month Fixed at <br> 2.76%<br>| &nbsp;&nbsp; EUR - 6 Month EURIBOR at <br> 2.12%<br>| &nbsp;&nbsp; 11/25/2035 | &nbsp;&nbsp; 7499624 | &nbsp;&nbsp; (162035) | &nbsp;&nbsp; 13859 | &nbsp;&nbsp; (175894) |
| EUR Maturity Fixed at <br> 2.80%<br>| &nbsp;&nbsp; EUR - CPTFEMU at <br> Maturity<br>| &nbsp;&nbsp; 7/28/2053 | &nbsp;&nbsp; 1366129 | &nbsp;&nbsp; 170474 | &nbsp;&nbsp; 198937 | &nbsp;&nbsp; (28463) |
| USD - CPURNSA at Maturity | &nbsp;&nbsp; USD Maturity Fixed at <br> 2.53%<br>| &nbsp;&nbsp; 7/28/2053 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; (6222) | &nbsp;&nbsp; (3028) | &nbsp;&nbsp; (3194) |
| USD - CPURNSA at Maturity | &nbsp;&nbsp; USD Maturity Fixed at <br> 2.46%<br>| &nbsp;&nbsp; 12/7/2053 | &nbsp;&nbsp; 1277000 | &nbsp;&nbsp; (2489) | &nbsp;&nbsp; (32070) | &nbsp;&nbsp; 29581 |
| EUR - 6 Month EURIBOR at <br> 2.12%<br>| &nbsp;&nbsp; EUR - 12 Month Fixed at <br> 3.08%<br>| &nbsp;&nbsp; 11/25/2055 | &nbsp;&nbsp; 3333166 | &nbsp;&nbsp; 38760 | &nbsp;&nbsp; (9545) | &nbsp;&nbsp; 48305 |
| GBP Maturity Fixed at <br> 3.19%<br>| GBP - UKRPI at Maturity | &nbsp;&nbsp; 2/15/2056 | &nbsp;&nbsp; 1741760 | &nbsp;&nbsp; (46574) | &nbsp;&nbsp; (2840) | &nbsp;&nbsp; (43734) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  | **127759** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  | **(368927)** |

---

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

---

| |
|:---|
| CPTFEMU—Eurostat Eurozone HICP Ex Tobacco Unrevised NSA |
| CPURNSA—US CPI Urban Consumers NSA |
| EUR—Euro |
| EURIBOR—Euro Interbank Offered Rate |
| GBP—British Pound |
| SEK—Swedish Krona |
| STIBOR—Stockholm Interbank Offered Rate |
| UKRPI—UK RPI All Items NSA |
| USD—United States Dollar |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** | **OTC Total Return Swaps** |
| Received <br>Reference <br>Entity<br>| &nbsp;&nbsp; Paid <br>Reference <br>Entity<br>| Counterparties | Maturity <br>Date<br>| Notional <br>Amount ($)<br>| Unrealized <br>Appreciation ($)<br>|
| USD - 3 Month SOFRRATE at <br> 3.65%<br>| USD - IBOXIG at Maturity | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 6/22/2026 | &nbsp;&nbsp; 7386675 | &nbsp;&nbsp; 95031 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **95031** |

---

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

---

| |
|:---|
| IBOXIG—Markit iBoxx $ Investment Grade Corporate Bond Index |
| SOFRRATE—Secured Overnight Financing Rate |
| USD—United States Dollar |

---

See notes to financial statements.

**20**

------

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $6,796,627)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 135037486 | &nbsp;&nbsp;&nbsp;&nbsp; 131660578 |
| Affiliated issuers | 1496153 | &nbsp;&nbsp;&nbsp;&nbsp; 1496153 |
| Cash denominated in foreign currency | 613814 | &nbsp;&nbsp;&nbsp;&nbsp; 620481 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4227684 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 1908583 |
| Unrealized appreciation on forward foreign currency exchange contracts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1628800 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 1463861 |
| Receivable for investment securities sold—TBA |  | &nbsp;&nbsp;&nbsp;&nbsp; 1210678 |
| Unrealized appreciation on over-the-counter swap agreements—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 122615 |
| Over-the-counter swap upfront payments—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37333 |
| Receivable for swap variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26680 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 14590 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9393 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 48127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **144475556** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 93441 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 1453127 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1291918 |
| TBA sale commitments, at value (proceeds $1,208,478)—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1206157 |
| Unrealized depreciation on forward foreign currency exchange contracts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1019569 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 155753 |
| Payable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 86654 |
| Unrealized depreciation on over-the-counter swap agreements—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68721 |
| Over-the-counter swap upfront receipts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46534 |
| Outstanding options written, at value (premiums received $41,648)—Note 4 |  | &nbsp;&nbsp;&nbsp;&nbsp; 18838 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 7236 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 107147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5561018** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **138914538** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 344143319 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (205228781)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **138914538** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 12593059 | &nbsp;&nbsp;&nbsp;&nbsp; 503690 | &nbsp;&nbsp;&nbsp;&nbsp; 76857273 | &nbsp;&nbsp;&nbsp;&nbsp; 48960516 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 998896 | &nbsp;&nbsp;&nbsp;&nbsp; 43005 | &nbsp;&nbsp;&nbsp;&nbsp; 5944440 | &nbsp;&nbsp;&nbsp;&nbsp; 3763861 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**12.61** | &nbsp;&nbsp;&nbsp;&nbsp;**11.71** | &nbsp;&nbsp;&nbsp;&nbsp;**12.93** | &nbsp;&nbsp;&nbsp;&nbsp;**13.01** |

---

See notes to financial statements.

**21**

------

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $15,581 foreign taxes withheld at source) | &nbsp;&nbsp;&nbsp;&nbsp; 2504839 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 24303 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 3900 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **2533042** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 329552 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 86675 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 58408 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 35060 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 18691 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 18416 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Trustees' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 9006 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 7982 |
| Distribution plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1919 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 1520 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 17797 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **595026** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (16352)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **578674** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1954368** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (137556)<br>|
| Net realized gain (loss) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (20664)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (509621)<br>|
| Net realized gain (loss) on options transactions | &nbsp;&nbsp;&nbsp;&nbsp; 173694 |
| Net realized gain (loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1270187)<br>|
| Net realized gain (loss) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 281384 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1482950)**<br>|
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (2534972)<br>|
| Net change in unrealized appreciation (depreciation) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (2008)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 1200355 |
| Net change in unrealized appreciation (depreciation) on options transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1928)<br>|
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1579726 |
| Net change in unrealized appreciation (depreciation) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (443623)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(202450)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(1685400)**<br>|
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **268968** |

---

See notes to financial statements.

**22**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>October 31, 2025 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1954368 | &nbsp;&nbsp;&nbsp;&nbsp; 4432387 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1482950) | &nbsp;&nbsp;&nbsp;&nbsp; 3103280 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (202450) | &nbsp;&nbsp;&nbsp;&nbsp; (1058547) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **268968** | &nbsp;&nbsp;&nbsp;&nbsp; **6477120** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (320463) | &nbsp;&nbsp;&nbsp;&nbsp; (464923) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (10736) | &nbsp;&nbsp;&nbsp;&nbsp; (13463) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (2053854) | &nbsp;&nbsp;&nbsp;&nbsp; (1875241) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (879209) | &nbsp;&nbsp;&nbsp;&nbsp; (706278) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(3264262)** | &nbsp;&nbsp;&nbsp;&nbsp; **(3059905)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 461750 | &nbsp;&nbsp;&nbsp;&nbsp; 1672495 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 291135 | &nbsp;&nbsp;&nbsp;&nbsp; 63313 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 11134285 | &nbsp;&nbsp;&nbsp;&nbsp; 41144667 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 17215092 | &nbsp;&nbsp;&nbsp;&nbsp; 556613 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 281561 | &nbsp;&nbsp;&nbsp;&nbsp; 429832 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 8901 | &nbsp;&nbsp;&nbsp;&nbsp; 9580 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 1965445 | &nbsp;&nbsp;&nbsp;&nbsp; 1676604 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 705159 | &nbsp;&nbsp;&nbsp;&nbsp; 601102 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1284032) | &nbsp;&nbsp;&nbsp;&nbsp; (10028402) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (243027) | &nbsp;&nbsp;&nbsp;&nbsp; (403470) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (19627719) | &nbsp;&nbsp;&nbsp;&nbsp; (47718186) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1043468) | &nbsp;&nbsp;&nbsp;&nbsp; (1693488) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **9865082** | &nbsp;&nbsp;&nbsp;&nbsp; **(13689340)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **6869788** | &nbsp;&nbsp;&nbsp;&nbsp; **(10272125)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 132044750 | &nbsp;&nbsp;&nbsp;&nbsp; 142316875 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **138914538** | &nbsp;&nbsp;&nbsp;&nbsp; **132044750** |

---

**23**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended<br> October 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> April 30, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended<br> October 31, 2025 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(a)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 36359 | &nbsp;&nbsp;&nbsp;&nbsp; 133267 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 22251 | &nbsp;&nbsp;&nbsp;&nbsp; 35611 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (101235) | &nbsp;&nbsp;&nbsp;&nbsp; (781271) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(42625)** | &nbsp;&nbsp;&nbsp;&nbsp; **(612393)** |
| **Class C**<sup>(a)</sup>  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 24513 | &nbsp;&nbsp;&nbsp;&nbsp; 5327 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (20548) | &nbsp;&nbsp;&nbsp;&nbsp; (34688) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **4721** | &nbsp;&nbsp;&nbsp;&nbsp; **(28517)** |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 853719 | &nbsp;&nbsp;&nbsp;&nbsp; 3185310 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 151466 | &nbsp;&nbsp;&nbsp;&nbsp; 135648 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1512110) | &nbsp;&nbsp;&nbsp;&nbsp; (3709791) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(506925)** | &nbsp;&nbsp;&nbsp;&nbsp; **(388833)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1323518 | &nbsp;&nbsp;&nbsp;&nbsp; 42718 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 54039 | &nbsp;&nbsp;&nbsp;&nbsp; 48359 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (80431) | &nbsp;&nbsp;&nbsp;&nbsp; (131833) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1297126** | &nbsp;&nbsp;&nbsp;&nbsp; **(40756)** |

---

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

<sup>(a)</sup> During the period ended April 30, 2026, 87 Class C shares representing $1,032 were automatically converted to 81 Class A shares and during the period ended October 31, 2025, 182 Class C shares representing $2,145 were automatically converted to 170 Class A shares. 

See notes to financial statements.

**24**

------

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.42 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;14.81 | &nbsp;&nbsp;&nbsp;&nbsp;15.33 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .12 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.42 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;14.81 |
| **Total Return (%)**<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .17 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp; (23.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.27 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Ratio of net expenses to average net assets<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Ratio of net investment income to average <br> net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 37.30 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;127.15 | &nbsp;&nbsp;&nbsp;&nbsp;127.52 | &nbsp;&nbsp;&nbsp;&nbsp;119.74 | &nbsp;&nbsp;&nbsp;&nbsp;172.43 | &nbsp;&nbsp;&nbsp;&nbsp;141.06 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 12593 | &nbsp;&nbsp;&nbsp;&nbsp; 13436 | &nbsp;&nbsp;&nbsp;&nbsp; 20832 | &nbsp;&nbsp;&nbsp;&nbsp; 20362 | &nbsp;&nbsp;&nbsp;&nbsp; 25223 | &nbsp;&nbsp;&nbsp;&nbsp; 41115 |

---

&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> Not annualized.

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

<sup>(e)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(f)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**25**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;14.76 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;14.20 |
| **Total Return (%)**<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (.42 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp; (24.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.10 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.10 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 <br> <sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .07 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 37.30 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;127.15 | &nbsp;&nbsp;&nbsp;&nbsp;127.52 | &nbsp;&nbsp;&nbsp;&nbsp;119.74 | &nbsp;&nbsp;&nbsp;&nbsp;172.43 | &nbsp;&nbsp;&nbsp;&nbsp;141.06 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp;&nbsp; 2823 |

---

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

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

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

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

<sup>(d)</sup> Not annualized.

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

<sup>(f)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**26**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;15.59 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .17 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp; .63 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.93 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;15.09 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; .18 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp; (23.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.71)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .90 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .90 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .86 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .84 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .76 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .73 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 37.30 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;127.15 | &nbsp;&nbsp;&nbsp;&nbsp;127.52 | &nbsp;&nbsp;&nbsp;&nbsp;119.74 | &nbsp;&nbsp;&nbsp;&nbsp;172.43 | &nbsp;&nbsp;&nbsp;&nbsp;141.06 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 76857 | &nbsp;&nbsp;&nbsp;&nbsp; 85328 | &nbsp;&nbsp;&nbsp;&nbsp; 88200 | &nbsp;&nbsp;&nbsp;&nbsp; 126501 | &nbsp;&nbsp;&nbsp;&nbsp; 134568 | &nbsp;&nbsp;&nbsp;&nbsp; 228633 |

---

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

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

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

<sup>(c)</sup> Not annualized.

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

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**27**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>April 30, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;15.62 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp; .16 | &nbsp;&nbsp;&nbsp;&nbsp; .19 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br> <sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.09)<br>|
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.11 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; .31 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp; (23.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.65)<br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .77 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .74 | &nbsp;&nbsp;&nbsp;&nbsp; .66 | &nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .77 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .74 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .66 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .64 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07 <br> <sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 <br> <sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 37.30 <br> <sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;127.15 | &nbsp;&nbsp;&nbsp;&nbsp;127.52 | &nbsp;&nbsp;&nbsp;&nbsp;119.74 | &nbsp;&nbsp;&nbsp;&nbsp;172.43 | &nbsp;&nbsp;&nbsp;&nbsp;141.06 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 48961 | &nbsp;&nbsp;&nbsp;&nbsp; 32821 | &nbsp;&nbsp;&nbsp;&nbsp; 32494 | &nbsp;&nbsp;&nbsp;&nbsp; 44878 | &nbsp;&nbsp;&nbsp;&nbsp; 29038 | &nbsp;&nbsp;&nbsp;&nbsp; 46419 |

---

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

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

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

<sup>(c)</sup> Not annualized.

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

<sup>(e)</sup> Amount inclusive of reduction in fees due to earnings credits.

See notes to financial statements.

**28**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon International Bond Fund (the "fund") is a separate non-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 through capital appreciation and 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. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, 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, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear distribution and/or shareholder 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 shareholder services plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no distribution or shareholder services plan fees. Class I and Class Y 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, the allocation of certain transfer agency costs 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.

**29**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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:

Investments in other open-end investment companies are valued at their reported net asset values ("NAVs") each day and are generally categorized within Level 1 of the fair value hierarchy.

Investments in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: 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 Trust's Board of Trustees (the "Board"). Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the Board, such as the Adviser, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring 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 NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund's valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.

Forward foreign currency exchange contracts ("forward contracts") generally are valued using the forward rate obtained from a Service and are categorized within Level 2 of the fair value hierarchy. Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy. Generally, over-the-counter ("OTC") option contracts are valued by the Service and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap agreements are valued each business day by a Service. Swap agreements are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of April 30, 2026 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>  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3938361 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3938361** |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1724067 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1724067** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 896881 | &nbsp;&nbsp; — | &nbsp;&nbsp; **896881** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 17068662 | &nbsp;&nbsp; — | &nbsp;&nbsp; **17068662** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 78941878 | &nbsp;&nbsp; — | &nbsp;&nbsp; **78941878** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 896156 | &nbsp;&nbsp; — | &nbsp;&nbsp; **896156** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 28174641 | &nbsp;&nbsp; — | &nbsp;&nbsp; **28174641** |

---

**30**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 ($) (continued)** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; 1496153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1496153** |
|  | &nbsp;&nbsp; **1496153** | &nbsp;&nbsp; **131640646** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **133136799** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1628800 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1628800** |
| Futures<sup>††</sup>  | &nbsp;&nbsp; 1303576 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1303576** |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 19932 | &nbsp;&nbsp; — | &nbsp;&nbsp; **19932** |
| Swap Agreements<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 296258 | &nbsp;&nbsp; — | &nbsp;&nbsp; **296258** |
|  | &nbsp;&nbsp; **1303576** | &nbsp;&nbsp; **1944990** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **3248566** |
| **Liabilities ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup>  |  |  |  |  |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; (1206157) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(1206157)** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1019569) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(1019569)** |
| Futures<sup>††</sup>  | &nbsp;&nbsp; (662835) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(662835)** |
| Options Written | &nbsp;&nbsp; — | &nbsp;&nbsp; (18838) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(18838)** |
| Swap Agreements<sup>††</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; (710944) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(710944)** |
|  | &nbsp;&nbsp; **(662835)** | &nbsp;&nbsp; **(2955508)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(3618343)** |

---

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

---

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

**Foreign taxes:** The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of April 30, 2026, if any, are disclosed in the fund's Statement of Assets and Liabilities.

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to

**31**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended April 30, 2026, BNY earned $531 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of April 30, 2026, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6796627 |
| 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;&nbsp; (6796627 )<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;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup>  | 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. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.

**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

**32**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund.

**Derivatives Risk**: A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the fund's use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets or the fund's other investments in the manner intended.

**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.

**Non-Diversification Risk:** The fund is non-diversified, which means that the fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.

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

On April 30, 2026, the Board declared a cash dividend of $.074, $.044, $.077 and $.082 per share from undistributed net investment income for Class A, Class C, Class I and Class Y shares, respectively, payable on May 1, 2026 to shareholders of record as of the close of business on April 30, 2026, with an ex-dividend date of May 1, 2026.

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

As of and during the period ended April 30, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended April 30, 2026, the fund did not incur any interest or penalties.

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

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $204,354,864 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $123,579,718 of short-term capital losses and $80,775,146 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 was as follows: ordinary income $3,059,905. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 April 30, 2026, the fund did not borrow under either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser and the Trust, the Trust had agreed to pay the Adviser a management fee computed at the annual rate of .50% of the value of the fund's average daily net assets and is payable monthly. The Adviser has also contractually agreed, from November 1, 2025 through February 27, 2027, to waive receipt of its fees and/or assume the direct expenses of Class A shares of the fund so that the direct expenses of the fund's Class A shares (excluding shareholder services fees, taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) do not exceed .77% of the value of the applicable share class' average daily net assets. On or after February 27, 2027, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $16,352 during the period ended April 30, 2026.

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 .24% of the value of the fund's average daily net assets.

During the period ended April 30, 2026, the Distributor retained $114 from CDSC fees on redemptions of the fund's Class C shares.

**(b)** Under the distribution plan adopted pursuant to Rule 12b-1 under the Act (the "Distribution Plan"), 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. The Distributor may pay one or more service agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to service agents and the basis on which such payments are made. During the period ended April 30, 2026, Class C shares were charged $1,919 pursuant to the Distribution Plan.

**(c)** Under the shareholder services plan (the "Shareholder Services Plan"), Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to service agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to service agents. During the period ended April 30, 2026, Class A and Class C shares were charged $16,098 and $640, respectively, pursuant to the Shareholder Services Plan.

The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

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

**34**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended April 30, 2026, the fund was charged $4,339 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended April 30, 2026, the fund was charged $18,416 pursuant to the custody agreement.

During the period ended April 30, 2026, the fund was charged $18,691 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended April 30, 2026, the Custodian was compensated $10,000 for financial reporting and regulatory services.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $57,093, Distribution Plan fees of $301, Shareholder Services Plan fees of $2,695, Custodian fees of $18,000, Chief Compliance Officer fees of $6,237, Transfer Agent fees of $1,710 and shareholder and regulatory reports service fees of $10,000, which are offset against an expense reimbursement currently in effect in the amount of $2,595.

**(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 April 30, 2026, amounted to $51,820,356 and $47,201,944, respectively.

**TBA Securities:** During the period ended April 30, 2026, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund's Schedule of Investments. The proceeds and value of these commitments are reflected in the fund's Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in Receivable for investment securities sold-TBA) and TBA sale commitments, at value, respectively.

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

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

At April 30, 2026, the amounts are as follows:

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments:** | **Assets ($)** | **Liabilities ($)** |
| TBA forward receivables/payables (fair <br> value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Amounts offset in the statement of <br> financial position<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amounts presented | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Financial instruments subject to MSFTA <br> (not offset)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1206157)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Financial collateral (including cash) <br> subject to MSFTA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

**35**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**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 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 April 30, 2026 is discussed below.

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

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at April 30, 2026 are set forth in the fund's Schedule of Investments.

**Options Transactions**: The fund purchases and writes (sells) put and call options to hedge against changes in the values of credit, or as a substitute for an investment. The fund is subject to market risk and credit risk in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.

As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates. The maximum payout for those contracts is limited to the number of call option contracts written and the underlying price of the instrument above the strike price, respectively.

As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates. The maximum payout for those contracts is limited to the number of put option contracts written and the related strike prices, respectively.

As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. 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. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. Options purchased and written open at April 30, 2026 are set forth in the Schedule of Investments.

**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

**36**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 April 30, 2026 are set forth in the Schedule of Investments.

**Swap Agreements**: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the OTC market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.

For OTC swaps, the fund accrues for interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement's term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.

Upon entering into centrally cleared swap agreements, an initial margin deposit is required with a counterparty, which consists of cash or cash equivalents. The amount of these deposits is determined by the exchange on which the agreement is traded and is subject to change. The change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including upon termination, are recorded as realized gain (loss) in the Statement of Operations.

Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

**Interest Rate Swaps:** Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. The fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is included within realized gain (loss) on swap agreements in the Statement of Operations. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

The fund enters into inflation swap agreement to gain exposure to inflation. An inflation swap is an agreement in which one party agrees to pay the cumulative percentage increase in a price index (such as the Consumer Price Index (CPI) with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the value of securities against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. Inflation swap agreements are within Interest rate swaps open at April 30, 2026 which are set forth in the Schedule of Investments.

For OTC swaps, the fund's maximum risk of loss from counterparty risk is the discounted value of the cash flows to be received from the counterparty over the agreement's remaining life, to the extent that the amount is positive. 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. There is minimal counterparty risk to the fund with centrally cleared swaps since they are exchange traded and the exchange guarantees these swaps against default. Interest rate swaps open at April 30, 2026 are set forth in the Schedule of Investments.

**Total Return Swaps:** Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a notional principal amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the specific reference entity, the fund either receives a payment from or makes a payment to the counterparty, respectively. Total return swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. The risk of non-payment is mitigated by Master Agreements 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. The underlying reference asset could be a security, an index, or basket of investments. Total return swaps open at April 30, 2026 are set forth in the Schedule of Investments.

**Credit Default Swaps:** Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced obligation or index) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring. The fund enters into these agreements to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

to which it is not otherwise exposed. For those credit default swaps in which the fund is paying a fixed rate, the fund is buying credit protection on the instrument. In the event of a credit event, the fund would receive the full notional amount for the reference obligation. For those credit default swaps in which the fund is receiving a fixed rate, the fund is selling credit protection on the underlying instrument. The maximum payouts for these agreements are limited to the notional amount of each swap. Credit default swaps may involve greater risks than if the fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk. 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.

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected in the Statement of Assets and Liabilities. Notional amounts of all credit default swap agreements are disclosed in the Schedule of Investments, which summarizes open credit default swaps entered into by the fund. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, underlying securities comprising the referenced index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the fund for the same referenced entity or entities. Credit default swaps open at April 30, 2026 are set forth in the Schedule of Investments.

GAAP requires disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. All required disclosures have been made and are incorporated within the current period as part of the Notes to the Schedule of Investments and disclosures within this Note.

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

Fair value of derivative instruments as of April 30, 2026 is shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; 1431335 <br> <sup>(1),(2)</sup><br>| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; (1031762 )<sup>(1),(2)</sup><br>|
| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; 95031 <br> <sup>(1)</sup><br>| Equity Risk | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Foreign Exchange Risk | &nbsp;&nbsp;&nbsp;&nbsp; 1628800 <br> <sup>(3)</sup><br>| Foreign Exchange Risk | &nbsp;&nbsp;&nbsp;&nbsp; (1019569 )<sup>(3)</sup><br>|
| Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp; 93400 <br> <sup>(1),(4)</sup><br>| Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp; (360855 )<sup>(1),(5)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **3248566** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2412186)**<br>|

---

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

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup>  | Includes cumulative appreciation (depreciation) on swap agreements as reported in the Schedule of Investments. Unrealized appreciation (depreciation) on OTC <br> swap agreements and only unpaid variation margin on centrally cleared swap agreements, are reported in the Statement of Assets and Liabilities.<br>|
| <sup>(2)</sup>  | Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|
| <sup>(3)</sup>  | Unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
| <sup>(4)</sup>  | Options purchased are included in Investments in securities—Unaffiliated issuers, at value. |
| <sup>(5)</sup>  | Outstanding options written, at value. |

---

The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2026 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 ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; **Options** <br> **Transactions**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp; **Forward** <br> **Contracts**<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp; **Swap** <br> **Agreements**<sup>(4)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (509621) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1417 | &nbsp;&nbsp;&nbsp;&nbsp; **(508204)** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 69342 | &nbsp;&nbsp;&nbsp;&nbsp; **69342** |

---

**38**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; **Options** <br> **Transactions**<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; **Forward** <br> **Contracts**<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp; **Swap** <br> **Agreements**<sup>(4)</sup><br>| **Total** |
| Foreign <br> Exchange<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1270187) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **(1270187)** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 173694 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 210625 | &nbsp;&nbsp;&nbsp;&nbsp; **384319** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(509621)** | &nbsp;&nbsp;&nbsp;&nbsp; **173694** | &nbsp;&nbsp;&nbsp;&nbsp; **(1270187)** | &nbsp;&nbsp;&nbsp;&nbsp; **281384** | &nbsp;&nbsp;&nbsp;&nbsp; **(1324730)** |

---

&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 ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(5)</sup>  | &nbsp;&nbsp;&nbsp; **Options** <br> **Transactions**<sup>(6)</sup> <br>| &nbsp;&nbsp;&nbsp; **Forward** <br> **Contracts**<sup>(7)</sup> <br>| &nbsp;&nbsp;&nbsp; **Swap** <br> **Agreements**<sup>(8)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1200355 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (306306) | &nbsp;&nbsp;&nbsp;&nbsp; **894049** |
| Equity | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 103049 | &nbsp;&nbsp;&nbsp;&nbsp; **103049** |
| Foreign <br> Exchange<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1579726 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **1579726** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1928) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (240366) | &nbsp;&nbsp;&nbsp;&nbsp; **(242294)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **1200355** | &nbsp;&nbsp;&nbsp;&nbsp; **(1928)** | &nbsp;&nbsp;&nbsp;&nbsp; **1579726** | &nbsp;&nbsp;&nbsp;&nbsp; **(443623)** | &nbsp;&nbsp;&nbsp;&nbsp; **2334530** |

---

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

---

| | |
|:---|:---|
| Statement of Operations location: | Statement of Operations location: |
| <sup>(1)</sup>  | Net realized gain (loss) on futures. |
| <sup>(2)</sup>  | Net realized gain (loss) on options transactions. |
| <sup>(3)</sup>  | Net realized gain (loss) on forward foreign currency exchange contracts. |
| <sup>(4)</sup>  | Net realized gain (loss) on swap agreements. |
| <sup>(5)</sup>  | Net change in unrealized appreciation (depreciation) on futures. |
| <sup>(6)</sup>  | Net change in unrealized appreciation (depreciation) on options transactions. |
| <sup>(7)</sup>  | Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
| <sup>(8)</sup>  | Net change in unrealized appreciation (depreciation) on swap agreements. |

---

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 April 30, 2026, derivative assets and liabilities (by type) on a gross basis are as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets ($)** | **Liabilities ($)** |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (662835)<br>|
| Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18838)<br>|
| 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; 1628800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1019569)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (710944)<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; 3248566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2412186)<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; (1477219)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305058 |
| 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; 1771347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1107128)<br>|

---

**39**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Gross Amount** <br>**of Assets ($)**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** <br>**Instruments** <br>**and Derivatives** <br>**Available** <br>**for Offset ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**Received ($)**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Amount** <br>**of Assets ($)**<br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32250)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| BNP Paribas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36566)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (291490)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84436)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13094 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204510)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174501)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114971 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103017)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Merrill Lynch, Pierce, Fenner & Smith, <br> Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16477)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123592)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28350 |
| RBC Capital Markets, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5649)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134746 |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3212)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1771347** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(864568)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(612490)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **294289** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 ($)**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net Amount** <br>**of Liabilities ($)**<br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (58751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32250 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (26501)<br>|
| BNP Paribas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (99905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80358 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (19547)<br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (36566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36566 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; (84436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 84436 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; (283527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 204510 | &nbsp;&nbsp;&nbsp;&nbsp; 79017 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (174501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174501 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (214796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103017 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (111779)<br>|
| Merrill Lynch, Pierce, Fenner & Smith, <br> Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16477 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5716)<br>|
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; (123592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123592 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| RBC Capital Markets, LLC | &nbsp;&nbsp;&nbsp;&nbsp; (5649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5649 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| UBS Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (3212)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3212 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(1107128)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **864568** | &nbsp;&nbsp;&nbsp;&nbsp; **79017** | &nbsp;&nbsp;&nbsp;&nbsp; **(163543)**<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. 

<sup>(2)</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown due to over collateralization.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2026:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Long | &nbsp;&nbsp; 50195016 |
| Interest Rate Futures Short | &nbsp;&nbsp; 48611414 |

---

**40**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Options Contracts:** |  |
| Credit Purchased Options | &nbsp;&nbsp; 36011 |
| Credit Written Options | &nbsp;&nbsp; 89874 |
| **Forward Contracts:** |  |
| Forward Contracts Purchased in USD | &nbsp;&nbsp; 130344677 |
| Forward Contracts Sold in USD | &nbsp;&nbsp; 84272509 |

---

The following table summarizes the monthly average notional value of swap agreements outstanding during the period ended April 30, 2026:

---

| | |
|:---|:---|
|  | Average Notional Value ($) |
| **Swap Agreements:** |  |
| Equity Total Return Swaps Pays Fixed Rate | &nbsp;&nbsp; 10770616 |
| Equity Total Return Swaps Receives Fixed Rate | &nbsp;&nbsp; 3005999 |
| Credit Default Swaps Buy Protection | &nbsp;&nbsp; 27401395 |
| Credit Default Swaps Sell Protection | &nbsp;&nbsp; 39907905 |
| Interest Rate Swap Pays Fixed Rate | &nbsp;&nbsp; 8798594 |
| Interest Rate Swap Receives Fixed Rate | &nbsp;&nbsp; 12546643 |

---

At April 30, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $2,516,491, consisting of $6,529,531 gross unrealized appreciation and $9,046,022 gross unrealized depreciation.

At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**41**

------

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

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

**(a)** The Fund is a series of BNY Mellon Investment Funds III (the "Trust"). KPMG LLP ("KPMG") was the independent registered public accounting firm for the Fund until its dismissal on January 1, 2026.

During each of the two fiscal years ended October 31, 2025 and October 31, 2024, and the subsequent interim period through January 1, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

The audit reports of KPMG on the financial statements of the Fund as of and for the fiscal years ended October 31, 2025 and October 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 19, 2025, the Audit Committee and Board of the Trust approved the appointment of Ernst & Young LLP ("EY") as the Fund's independent registered public accounting firm effective January 1, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. Accordingly, a change in the Fund's independent registered public accounting firm was deemed to occur as of January 1, 2026.

**42**

------

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 |

---

**43**

------

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 fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $27,697.

**44**

------

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

At a meeting of the fund's Board of Trustees (the "Board") held on March 3-4, 2026, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Class I shares with the performance of four other institutional international income funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional international income funds (the "Performance Universe"), all for various periods ended December 31, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all institutional international income funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group median for all periods, and was below the Performance Universe median for all periods, except for the one-year period when the fund's total return performance was above the Performance Universe median. The Board also considered that the fund's yield performance was below the Performance Group and Performance Universe medians for six of the ten one-year periods ended December 31stt. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund's underperformance versus the Performance Group and Performance Universe during certain periods under review and noted that the primary portfolio managers were very experienced and continued to apply a consistent investment strategy. It was also noted that there were no more than four other funds in the Performance Group during the periods under review (except for the ten-year period when there was only three other funds in the Performance Group). The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index, and it was noted that the fund's returns were above the returns of the index in seven of the ten calendar years shown.

**45**

------

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

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was lower than the Expense Group median contractual management fee, the fund's actual management fee was equal to the Expense Group median and approximately equivalent to the Expense Universe median actual management fee, and the fund's total expenses were slightly higher than the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until February 28, 2027, to waive receipt of its fees and/or assume the direct expenses of Class A shares of the fund so that the direct expenses of Class A shares (excluding shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .77%.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid to the Adviser or the Sub-Adviser for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the "Similar Clients"), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

**46**

------

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was generally satisfied with the fund's overall relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**47**

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

Code-6091NCSRSA0426

![](img195ba3f31.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 materials changes to the procedures applicable to Item 15.

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

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

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

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

Not applicable.

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

Not applicable.

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

(a)(1) Not applicable.

a)(2) Not applicable.

(a)(3) [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)(4) Not applicable.

(a)(5)(i) [Change in Registrant's Independent Public Accountant attached hereto](exhibit-a5i.htm).

(a)(5)(ii) [Letter from Registrant's former Independent Public Accountant attached hereto](a5ii-kpmg6144.htm).

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 29, 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: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 29, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 29, 2026

**EXHIBIT INDEX**

(a)(3) 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)

(a)(5)(i) Change in Registrant's Independent Public Accountant attached hereto.

(a)(5)(ii) Letter from Registrant's former Independent Public Accountant attached hereto.

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

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(3)

**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: June 29, 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: June 29, 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: June 29, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: June 29, 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.*

## Ex-99.Ind

Exhibit A 5 i

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

(a) The Fund is a series of BNY Mellon Investment Funds III (the "Trust"). KPMG LLP ("KPMG") was the independent registered public accounting firm for the Fund until its dismissal on January 1, 2026.

During each of the two fiscal years ended October 31, 2025 and October 31, 2024, and the subsequent interim period through January 1, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

The audit reports of KPMG on the financial statements of the Fund as of and for the fiscal years ended October 31, 2025 and October 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

(b) At a meeting held on August 19, 2025, the Audit Committee and Board of the Trust approved the appointment of Ernst & Young LLP ("EY") as the Fund's independent registered public accounting firm effective January 1, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. Accordingly, a change in the Fund's independent registered public accounting firm was deemed to occur as of January 1, 2026.

## Ex-99.Ind

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KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

June 29, 2026

Securities and Exchange Commission Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for BNY Mellon Global Equity Income Fund and BNY Mellon International Bond Fund (collectively, the "Funds"), each a series of BNY Mellon Investment Funds III, and, under the date of December 22, 2025, we reported on the financial statements of the Funds as of and for the year ended October 31, 2025. On January 1, 2026, we were dismissed.

We have read the statements made by the Funds included under Item 8 of their Form N-CSR dated June 29, 2026, and we agree with such statements, except we are not in a position to agree or disagree with the statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

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KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.