# EDGAR Filing Document

**Accession Number:** 0001635295
**File Stem:** 0000030146-25-000192
**Filing Date:** 2025-12
**Character Count:** 251146
**Document Hash:** 766efc44d213e885874e0012b9bc06ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000192.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000030146-25-000192

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Absolute Insight Funds, Inc.
- **CENTRAL INDEX KEY:** 0001635295

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23036
- **FILM NUMBER:** 251610435

**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:** (212) 922-6400

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

## Series and Classes Contracts Data

### BNY Mellon Core Plus Fund (Series ID: S000059721)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000195444 | Class A      | DCPAX           |
| C000195445 | Class C      | DCPCX           |
| C000195446 | Class I      | DCPIX           |
| C000195447 | Class Y      | DCPYX           |

?xml version='1.0' encoding='ASCII'? 5b1ce15b-4a21-4bfe-a0e5-104e9a1ab013

3.4 2.1 3.6 40.6 1.0 7.4 4.1 4.8 3.6 13.8 24.5 3.4 2.1 4.8 4.1 4.1 4.8 13.8 7.4 4.7 16.0 4.8 4.7 24.5 1.0 1.6 5.2 4.1 2.2 2.2 16.0 2.4 2.1 3.4 7.4 4.8 0.9 7.4 1.0 2.1 13.8 7.4 24.5 6.2 5.8 4.8 2.4 2.4 4.7 1.0 0.9 26.3 3.6 5.8 24.5 6.2 2.2 5.8 9.6 4.1 1.6 5.2 7.4 7.4 4.7 2.4 4.3 40.6 5.2 40.6 5.8 16.0 7.4 4.8 9.6 26.3 6.2 4.3 4.8 26.3 4.1 9.6 4.1 0.9 3.6 16.0 40.6 4.3 4.1 1.6 1.6 5.2 0.9 3.4 2.2 6.2 26.3 4.3 9.6 13.8 0001635295 false N-1A N-CSRS 0001635295 bmaifi:C000195444Member 2025-05-01 2025-10-31 0001635295 bmaifi:C000195445Member 2025-05-01 2025-10-31 0001635295 bmaifi:C000195446Member 2025-05-01 2025-10-31 0001635295 bmaifi:C000195447Member 2025-05-01 2025-10-31 0001635295 2025-05-01 2025-10-31 0001635295 bmaifi:C000195444Member 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:AssetBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:AssetBackedSecuritiesSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:BasicMaterialsMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:CollateralizedLoanObligationsMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:CollateralizedLoanObligationsSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:CommercialMortgageBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195444Member oef:CommunicationsSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:ConsumerCylicalMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:ConsumerNonCyclicalMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:ConvertibleCorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:CorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:EnergySectorMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:ForeignGovernmentalMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:GovernmentSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member oef:IndustrialSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:MortgageSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:NetOtherAssetsAndLiabilitiesMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:NetOtherAssetsAndLiabilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:TechnologySectorMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:USGovernmentAgenciesMortgageBackedLongMember 2025-10-31 0001635295 bmaifi:C000195444Member bmaifi:USGovernmentAgenciesMortgageBackedShortMember 2025-10-31 0001635295 bmaifi:C000195444Member us-gaap:USTreasurySecuritiesMember 2025-10-31 0001635295 bmaifi:C000195444Member oef:UtilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:AssetBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:AssetBackedSecuritiesSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:BasicMaterialsMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:CollateralizedLoanObligationsMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:CollateralizedLoanObligationsSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:CommercialMortgageBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195445Member oef:CommunicationsSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:ConsumerCylicalMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:ConsumerNonCyclicalMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:ConvertibleCorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:CorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:EnergySectorMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:ForeignGovernmentalMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:GovernmentSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member oef:IndustrialSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:MortgageSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:NetOtherAssetsAndLiabilitiesMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:NetOtherAssetsAndLiabilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:TechnologySectorMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:USGovernmentAgenciesMortgageBackedLongMember 2025-10-31 0001635295 bmaifi:C000195445Member bmaifi:USGovernmentAgenciesMortgageBackedShortMember 2025-10-31 0001635295 bmaifi:C000195445Member us-gaap:USTreasurySecuritiesMember 2025-10-31 0001635295 bmaifi:C000195445Member oef:UtilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:AssetBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:AssetBackedSecuritiesSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:BasicMaterialsMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:CollateralizedLoanObligationsMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:CollateralizedLoanObligationsSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:CommercialMortgageBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195446Member oef:CommunicationsSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:ConsumerCylicalMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:ConsumerNonCyclicalMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:ConvertibleCorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:CorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:EnergySectorMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:ForeignGovernmentalMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:GovernmentSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member oef:IndustrialSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:MortgageSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:NetOtherAssetsAndLiabilitiesMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:NetOtherAssetsAndLiabilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:TechnologySectorMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:USGovernmentAgenciesMortgageBackedLongMember 2025-10-31 0001635295 bmaifi:C000195446Member bmaifi:USGovernmentAgenciesMortgageBackedShortMember 2025-10-31 0001635295 bmaifi:C000195446Member us-gaap:USTreasurySecuritiesMember 2025-10-31 0001635295 bmaifi:C000195446Member oef:UtilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:AssetBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:AssetBackedSecuritiesSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:BasicMaterialsMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:CollateralizedLoanObligationsMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:CollateralizedLoanObligationsSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:CommercialMortgageBackedSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195447Member oef:CommunicationsSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:ConsumerCylicalMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:ConsumerNonCyclicalMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:ConvertibleCorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:CorporateBondsAndNotesMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:EnergySectorMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:ForeignGovernmentalMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:GovernmentSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member oef:IndustrialSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:MortgageSecuritiesMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:NetOtherAssetsAndLiabilitiesMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:NetOtherAssetsAndLiabilitiesSectorMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:TechnologySectorMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:USGovernmentAgenciesMortgageBackedLongMember 2025-10-31 0001635295 bmaifi:C000195447Member bmaifi:USGovernmentAgenciesMortgageBackedShortMember 2025-10-31 0001635295 bmaifi:C000195447Member us-gaap:USTreasurySecuritiesMember 2025-10-31 0001635295 bmaifi:C000195447Member oef:UtilitiesSectorMember 2025-10-31 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dbmaifi:Holding

#### 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

#### 811-23036

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

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 4/30

#### Date of reporting period:

#### 10/31/25
ITEM 1 - Reports to Stockholders

BNY Mellon Core Plus Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

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

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class A<sup>\*</sup> | $36 0.71%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $2557 | 723 | 51.38% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_10930488.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10930464.jpg)

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

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

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

Code-6347SA1025

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

BNY Mellon Core Plus Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

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

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class C<sup>\*</sup> | $74 1.45%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $2557 | 723 | 51.38% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_10930538.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10930514.jpg)

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

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

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

Code-4125SA1025

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

BNY Mellon Core Plus Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

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

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class I<sup>\*</sup> | $23 0.45%<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. <br> \*\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $2557 | 723 | 51.38% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_10930588.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10930564.jpg)

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

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

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

Code-4126SA1025

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

BNY Mellon Core Plus Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

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

#### What were the Fund's costs for the last 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 | $21 | 0.40%\* |

---

\* Annualized.

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $2557 | 723 | 51.38% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_10930638.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10930614.jpg)

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

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

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

Code-0252SA1025

![TSR- BNY Investment Logo](images_30017.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 Core Plus Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

October 31, 2025

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DCPAX |
| C | DCPCX |
| I | DCPIX |
| Y | DCPYX |

---

![](img0c16d5ec1.gif)

------

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

------

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

Family of Funds.

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

------

Contents

The Fund

Please note the 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_412e2f0f-b81e-4a08-a774-c7a406b7649e_SOI-Commoncontent-4790_1)**<br> **[Investment Companies](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_SOI-Commoncontent-4790_1)**<br>| 3 |
| [Schedule of Investments](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_SOI-Commoncontent-4790_1) | 3 |
| [Statement of Assets and Liabilities](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_FS-Commoncontent-4790_1) | 21 |
| [Statement of Operations](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_FS-Commoncontent-4790_2) | 22 |
| [Statement of Changes in Net Assets](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_FS-Commoncontent-4790_3) | 23 |
| [Financial Highlights](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_FIHI-Commoncontent-4790_1) | 25 |
| [Notes to Financial Statements](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_NTF-Commoncontent-4790_1) | 29 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_CDA-Commoncontent-4790_1)**<br> **[Investment Companies](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_CDA-Commoncontent-4790_1)**<br>| 41 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_PRXD-Commoncontent-4790_1)** | 42 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_RMNP-Commoncontent-4790_1)**<br> **[Management Investment Companies](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_RMNP-Commoncontent-4790_1)**<br>| 43 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_412e2f0f-b81e-4a08-a774-c7a406b7649e_AAA-Commoncontent-4790_1)** | 44 |

---

------

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

BNY Mellon Core Plus Fund

SCHEDULE OF INVESTMENTS

October 31, 2025 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Bonds and Notes — 97.8%** | **Bonds and Notes — 97.8%** | **Bonds and Notes — 97.8%** | **Bonds and Notes — 97.8%** | **Bonds and Notes — 97.8%** |
| **Aerospace & Defense — .8%** | **Aerospace & Defense — .8%** | **Aerospace & Defense — .8%** | **Aerospace & Defense — .8%** | **Aerospace & Defense — .8%** |
| Rolls-Royce PLC, Gtd. Notes<sup>(b)</sup> <br>| 5.75 | 10/15/2027 | 3983000 | 4088278 |
| The Boeing Company, Sr. Unscd. Notes | 2.20 | 2/4/2026 | 6887000 | 6850486 |
| The Boeing Company, Sr. Unscd. Notes | 5.81 | 5/1/2050 | 5601000 | 5568140 |
| The Boeing Company, Sr. Unscd. Notes | 6.86 | 5/1/2054 | 2370000 | 2700420 |
|  |  |  |  | **19207324** |
| **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** |
| BAT Capital Corp., Gtd. Notes | 6.34 | 8/2/2030 | 1546000 | 1666575 |
| BAT Capital Corp., Gtd. Notes | 7.08 | 8/2/2053 | 3101000 | 3547669 |
| BAT International Finance PLC, Gtd. Notes | 1.67 | 3/25/2026 | 1998000 | 1977501 |
|  |  |  |  | **7191745** |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| Air Canada Pass-Through Trust, Ser. 2020-2, Cl. A<sup>(b)</sup> <br>| 5.25 | 4/1/2029 | 674372 | 689871 |
| American Airlines Pass-Through Trust, Ser. 2017-1, Cl. AA | 3.65 | 2/15/2029 | 118250 | 115660 |
| American Airlines Pass-Through Trust, Ser. 2017-2, Cl. AA | 3.35 | 10/15/2029 | 171096 | 164814 |
| American Airlines Pass-Through Trust, Ser. 2019-1, Cl. AA | 3.15 | 2/15/2032 | 1583438 | 1489568 |
| American Airlines Pass-Through Trust, Ser. 2025-1, Cl. A | 4.90 | 5/11/2038 | 2267000 | 2277429 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>| 5.75 | 4/20/2029 | 4843000 | 4889357 |
| Avianca Midco 2 PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 9.63 | 2/14/2030 | 4451000 | 4420310 |
| British Airways Pass-Through Trust, Ser. 2020-1, Cl. A<sup>(b)</sup> <br>| 4.25 | 11/15/2032 | 462053 | 454370 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>| 4.75 | 10/20/2028 | 2009000 | 2023301 |
| JetBlue Pass-Through Trust, Ser. 2020-1, Cl. A | 4.00 | 11/15/2032 | 5609698 | 5326835 |
| United Airlines Pass-Through Trust, Ser. 2019-1, Cl. AA | 4.15 | 8/25/2031 | 755006 | 743886 |
| United Airlines Pass-Through Trust, Ser. 2020-1, Cl. A | 5.88 | 10/15/2027 | 515868 | 528189 |
| United Airlines Pass-Through Trust, Ser. 2023-1, Cl. A | 5.80 | 1/15/2036 | 1804366 | 1889550 |
| United Airlines, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 4.38 | 4/15/2026 | 278000 | 277600 |
| United Airlines, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 4.63 | 4/15/2029 | 1436000 | 1423142 |
|  |  |  |  | **26713882** |
| **Asset-Backed Certificates — 4.7%** | **Asset-Backed Certificates — 4.7%** | **Asset-Backed Certificates — 4.7%** | **Asset-Backed Certificates — 4.7%** | **Asset-Backed Certificates — 4.7%** |
| AASET, Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 5.94 | 2/16/2050 | 2533149 | 2583195 |
| Amur Equipment Finance Receivables XI LLC, Ser. 2022-2A, Cl. A2<sup>(b)</sup> <br>| 5.30 | 6/21/2028 | 67835 | 67992 |
| Aqua Finance Issuer Trust, Ser. 2025-B, Cl. A<sup>(b)</sup> <br>| 4.79 | 5/17/2051 | 1857956 | 1869621 |
| Auxilior Term Funding LLC, Ser. 2023-1A, Cl. A2<sup>(b)</sup> <br>| 6.18 | 12/15/2028 | 285578 | 287458 |
| Blackbird Capital II Aircraft Lease Ltd, Ser. 2021-1A, Cl. A<sup>(b)</sup> <br>| 2.44 | 7/15/2046 | 3378102 | 3202070 |
| Blue Owl Asset Leasing Trust LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 5.05 | 3/15/2029 | 319841 | 321054 |
| CLI Funding IX LLC, Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 5.35 | 6/20/2050 | 2347988 | 2380399 |
| Compass Datacenters Issuer II LLC, Ser. 2025-1A, Cl. A1<sup>(b)</sup> <br>| 5.32 | 5/25/2050 | 2424836 | 2464631 |
| Concord Music Royalties LLC, Ser. 2025-2A, Cl. A<sup>(b)</sup> <br>| 5.79 | 7/20/2075 | 2029000 | 2064572 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Ser. <br> 2025-1A, Cl. A2<sup>(b)</sup> <br>| 6.00 | 5/20/2055 | 837532 | 856832 |
| CyrusOne Data Centers Issuer I LLC, Ser. 2023-2A, Cl. A2<sup>(b)</sup> <br>| 5.56 | 11/20/2048 | 2424000 | 2448953 |
| CyrusOne Data Centers Issuer I LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.91 | 2/20/2050 | 2264000 | 2311797 |
| DailyPay Securitization Trust, Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 5.63 | 6/26/2028 | 912000 | 917346 |
| Daimler Trucks Retail Trust, Ser. 2023-1, Cl. A3 | 5.90 | 3/15/2027 | 1554900 | 1563511 |
| DataBank Issuer, Ser. 2021-2A, Cl. A2<sup>(b)</sup> <br>| 2.40 | 10/25/2051 | 4198000 | 4077060 |
| DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.18 | 9/27/2055 | 7645000 | 7661733 |
| DB Master Finance LLC, Ser. 2021-1A, Cl. A2I<sup>(b)</sup> <br>| 2.05 | 11/20/2051 | 4199388 | 4092306 |
| DB Master Finance LLC, Ser. 2025-1A, Cl. A2II<sup>(b)</sup> <br>| 5.17 | 8/20/2055 | 2118000 | 2138656 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Asset-Backed Certificates — 4.7% (continued)** | **Asset-Backed Certificates — 4.7% (continued)** | **Asset-Backed Certificates — 4.7% (continued)** | **Asset-Backed Certificates — 4.7% (continued)** | **Asset-Backed Certificates — 4.7% (continued)** |
| Domino's Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2I<sup>(b)</sup> <br>| 2.66 | 4/25/2051 | 3427090 | 3259133 |
| Domino's Pizza Master Issuer LLC, Ser. 2025-1A, Cl. A2II<sup>(b)</sup> <br>| 5.22 | 7/25/2055 | 1398000 | 1418334 |
| EnFin Residential Solar Receivables Trust, Ser. 2024-1A, Cl. A<sup>(b)</sup> <br>| 6.65 | 2/20/2055 | 1736516 | 1739209 |
| EnFin Residential Solar Receivables Trust, Ser. 2024-2A, Cl. A<sup>(b)</sup> <br>| 5.98 | 9/20/2055 | 791059 | 761414 |
| Flexential Issuer, Ser. 2021-1A, Cl. A2<sup>(b)</sup> <br>| 3.25 | 11/27/2051 | 4035000 | 4015341 |
| Gilead Aviation LLC, Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 5.79 | 3/15/2050 | 3534053 | 3570440 |
| GreenSky Home Improvement Issuer Trust, Ser. 2024-2, Cl. A4<sup>(b)</sup> <br>| 5.15 | 10/27/2059 | 985885 | 1001586 |
| Hilton Grand Vacations Trust, Ser. 2023-1A, Cl. A<sup>(b)</sup> <br>| 5.72 | 1/25/2038 | 309470 | 316513 |
| InStar Leasing III LLC, Ser. 2021-1A, Cl. A<sup>(b)</sup> <br>| 2.30 | 2/15/2054 | 1337369 | 1252906 |
| Jersey Mike's Funding LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 5.64 | 2/15/2055 | 1578070 | 1604668 |
| Jersey Mike's Funding LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.61 | 8/16/2055 | 1607000 | 1640554 |
| MetroNet Infrastructure Issuer LLC, Ser. 2025-2A, Cl. A2<sup>(b)</sup> <br>| 5.40 | 8/20/2055 | 1736133 | 1759269 |
| Navigator Aviation Ltd., Ser. 2025-1, Cl. A<sup>(b)</sup> <br>| 5.11 | 10/15/2050 | 1469000 | 1457880 |
| New Economy Assets Phase 1 Sponsor LLC, Ser. 2021-1, Cl. A1<sup>(b)</sup> <br>| 1.91 | 10/20/2061 | 5596000 | 4739087 |
| OneMain Financial Issuance Trust, Ser. 2019-2A, Cl. A<sup>(b)</sup> <br>| 3.14 | 10/14/2036 | 3801000 | 3736721 |
| PK Alift Loan Funding 7 LP, Ser. 2025-2, Cl. A<sup>(b)</sup> <br>| 4.75 | 3/15/2043 | 1777000 | 1783176 |
| Regional Management Issuance Trust, Ser. 2024-1, Cl. A<sup>(b)</sup> <br>| 5.83 | 7/15/2036 | 981000 | 1000225 |
| Regional Management Issuance Trust, Ser. 2024-2, Cl. A<sup>(b)</sup> <br>| 5.11 | 12/15/2033 | 2573000 | 2591740 |
| Retained Vantage Data Centers Issuer LLC, Ser. 2025-1A, Cl. A2A<sup>(b)</sup> <br>| 5.09 | 8/15/2050 | 2158000 | 2170096 |
| SCF Equipment Trust LLC, Ser. 2025-1A, Cl. D<sup>(b)</sup> <br>| 5.88 | 11/20/2035 | 353000 | 363117 |
| Slam Ltd., Ser. 2021-1A, Cl. A<sup>(b)</sup> <br>| 2.43 | 6/15/2046 | 6745250 | 6413312 |
| Slam Ltd., Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 5.81 | 5/15/2050 | 1612669 | 1644612 |
| Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.00 | 5/25/2050 | 5553938 | 5545316 |
| Taco Bell Funding LLC, Ser. 2025-1A, Cl. A2II<sup>(b)</sup> <br>| 5.05 | 8/25/2055 | 4679602 | 4684455 |
| TIF Funding II LLC, Ser. 2021-1A, Cl. A<sup>(b)</sup> <br>| 1.65 | 2/20/2046 | 2281974 | 2086096 |
| TIF Funding III LLC, Ser. 2024-1A, Cl. A<sup>(b)</sup> <br>| 5.48 | 4/20/2049 | 3591975 | 3590374 |
| Vantage Data Centers Issuer LLC, Ser. 2021-1A, Cl. A2<sup>(b)</sup> <br>| 2.17 | 10/15/2046 | 3750000 | 3656913 |
| Willis Engine Structured Trust VI, Ser. 2021-A, Cl. A<sup>(b)</sup> <br>| 3.10 | 5/15/2046 | 3762541 | 3546179 |
| Zayo Issuer LLC, Ser. 2025-2A, Cl. A2<sup>(b)</sup> <br>| 5.95 | 6/20/2055 | 8408645 | 8641865 |
|  |  |  |  | **121299717** |
| **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** |
| Ally Bank Auto Credit-Linked Notes, Ser. 2025-A, Cl. C<sup>(b)</sup> <br>| 4.84 | 6/15/2033 | 1470271 | 1474483 |
| Ally Bank Auto Credit-Linked Notes, Ser. 2025-B, Cl. C<sup>(b)</sup> <br>| 4.70 | 9/15/2033 | 3777580 | 3800394 |
| AutoNation Finance Trust, Ser. 2025-1A, Cl. C<sup>(b)</sup> <br>| 5.19 | 12/10/2030 | 2709000 | 2757683 |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-1A, Cl. C<sup>(b)</sup> <br>| 5.87 | 8/20/2029 | 441000 | 448765 |
| Bayview Opportunity Master Fund VII LLC, Ser. 2024-CAR1, Cl. A, (1 Month <br> SOFR +1.10%)<sup>(b),(c)</sup> <br>| 5.28 | 12/26/2031 | 548303 | 549895 |
| Bayview Opportunity Master Fund VII Trust, Ser. 2024-SN1, Cl. C<sup>(b)</sup> <br>| 5.83 | 12/15/2028 | 1052000 | 1062744 |
| Carvana Auto Receivables Trust, Ser. 2021-N1, Cl. C | 1.30 | 1/10/2028 | 623151 | 612453 |
| Carvana Auto Receivables Trust, Ser. 2024-P4, Cl. A4 | 4.74 | 12/10/2030 | 2405000 | 2442023 |
| Carvana Auto Receivables Trust, Ser. 2025-P3, Cl. C | 4.99 | 1/12/2032 | 3044000 | 3021395 |
| Chesapeake Funding II LLC, Ser. 2023-2A, Cl. A1<sup>(b)</sup> <br>| 6.16 | 10/15/2035 | 519603 | 526430 |
| Enterprise Fleet Financing LLC, Ser. 2025-2, Cl. A3<sup>(b)</sup> <br>| 4.41 | 6/20/2029 | 2031000 | 2047450 |
| Exeter Automobile Receivables Trust, Ser. 2025-1A, Cl. C | 5.09 | 5/15/2031 | 11144000 | 11243681 |
| Exeter Automobile Receivables Trust, Ser. 2025-4A, Cl. C | 4.57 | 6/16/2031 | 3171000 | 3159401 |
| Ford Credit Auto Owner Trust, Ser. 2024-1, Cl. A<sup>(b)</sup> <br>| 4.87 | 8/15/2036 | 2394000 | 2450023 |
| Huntington Bank Auto Credit-Linked, Ser. 2024-2, Cl. B1<sup>(b)</sup> <br>| 5.44 | 10/20/2032 | 660277 | 667280 |
| Huntington Bank Auto Credit-Linked Notes, Ser. 2025-1, Cl. B<sup>(b)</sup> <br>| 4.96 | 3/21/2033 | 2300585 | 2314788 |
| Merchants Fleet Funding LLC, Ser. 2024-1A, Cl. D<sup>(b)</sup> <br>| 6.85 | 4/20/2037 | 2980000 | 3020799 |
| Octane Receivables Trust, Ser. 2024-3A, Cl. A2<sup>(b)</sup> <br>| 4.94 | 5/20/2030 | 826740 | 830751 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** |
| OSCAR US Funding XVI LLC, Ser. 2024-1A, Cl. A3<sup>(b)</sup> <br>| 5.54 | 2/10/2028 | 1803000 | 1816069 |
| PenFed Auto Receivables Owner Trust, Ser. 2025-A, Cl. C<sup>(b)</sup> <br>| 4.67 | 2/17/2032 | 910000 | 907420 |
| Santander Drive Auto Receivables Trust, Ser. 2025-1, Cl. C | 5.04 | 3/17/2031 | 4215000 | 4266629 |
| Santander Drive Auto Receivables Trust, Ser. 2025-3, Cl. C | 4.68 | 9/15/2031 | 1844000 | 1848835 |
| Tesla Lease Electric Vehicle Securitization LLC, Ser. 2025-A, Cl. A4<sup>(b)</sup> <br>| 4.37 | 5/21/2029 | 1577000 | 1577715 |
| US Bank NA, Ser. 2023-1, Cl. B<sup>(b)</sup> <br>| 6.79 | 8/25/2032 | 121905 | 123243 |
| Westlake Automobile Receivables Trust, Ser. 2025-1A, Cl. C<sup>(b)</sup> <br>| 5.14 | 10/15/2030 | 2435000 | 2458771 |
| Westlake Automobile Receivables Trust, Ser. 2025-2A, Cl. D<sup>(b)</sup> <br>| 5.08 | 5/15/2031 | 3207000 | 3216470 |
| World Omni Auto Receivables Trust, Ser. 2024-C, Cl. A3 | 4.43 | 12/17/2029 | 2677000 | 2690401 |
|  |  |  |  | **61335991** |
| **Asset-Backed Certificates/Home Equity Loans — .2%** | **Asset-Backed Certificates/Home Equity Loans — .2%** | **Asset-Backed Certificates/Home Equity Loans — .2%** | **Asset-Backed Certificates/Home Equity Loans — .2%** | **Asset-Backed Certificates/Home Equity Loans — .2%** |
| GS Mortgage-Backed Securities Trust, Ser. 2024-HE1, Cl. A1, (1 Month SOFR <br> +1.60%)<sup>(b),(c)</sup> <br>| 5.78 | 8/25/2054 | 4673439 | 4690234 |
| RCKT Mortgage Trust, Ser. 2024-CES2, Cl. A2<sup>(b)</sup> <br>| 6.39 | 4/25/2044 | 1441865 | 1460945 |
|  |  |  |  | **6151179** |
| **Asset-Backed Certificates/Student Loans — .1%** | **Asset-Backed Certificates/Student Loans — .1%** | **Asset-Backed Certificates/Student Loans — .1%** | **Asset-Backed Certificates/Student Loans — .1%** | **Asset-Backed Certificates/Student Loans — .1%** |
| Commonbond Student Loan Trust, Ser. 2019-AGS, Cl. A1<sup>(b)</sup> <br>| 2.54 | 1/25/2047 | 1572426 | 1442317 |
| SMB Private Education Loan Trust, Ser. 2017-B, Cl. A2B, (1 Month TSFR <br> +0.86%)<sup>(b),(c)</sup> <br>| 4.90 | 10/15/2035 | 6404 | 6404 |
|  |  |  |  | **1448721** |
| **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** | **Automobiles & Components — 1.9%** |
| American Axle & Manufacturing, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 6.38 | 10/15/2032 | 1466000 | 1471473 |
| BMW US Capital LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.50 | 8/11/2030 | 5710000 | 5734530 |
| Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes<sup>(b)</sup> <br>| 6.75 | 2/15/2030 | 2170000 | 2251093 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 4.54 | 8/1/2026 | 3004000 | 2998389 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 5.80 | 3/5/2027 | 2491000 | 2519647 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.92 | 3/20/2028 | 6901000 | 7051981 |
| Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 5.87 | 10/31/2035 | 7634000 | 7545111 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes<sup>(d)</sup> <br>| 4.20 | 10/27/2028 | 811000 | 809183 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 5.63 | 4/4/2032 | 5007000 | 5206703 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.90 | 1/7/2035 | 5839000 | 6085460 |
| Tenneco, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 8.00 | 11/17/2028 | 2375000 | 2370361 |
| The Goodyear Tire & Rubber Company, Gtd. Notes | 5.00 | 7/15/2029 | 4660000 | 4439571 |
|  |  |  |  | **48483502** |
| **Banks — 8.3%** | **Banks — 8.3%** | **Banks — 8.3%** | **Banks — 8.3%** | **Banks — 8.3%** |
| Bank of America Corp., Sr. Unscd. Notes | 3.97 | 3/5/2029 | 5190000 | 5170230 |
| Bank of America Corp., Sr. Unscd. Notes | 5.29 | 4/25/2034 | 12262000 | 12691698 |
| Bank of America Corp., Sr. Unscd. Notes | 5.47 | 1/23/2035 | 2261000 | 2362740 |
| Bank of America Corp., Sub. Notes | 5.52 | 10/25/2035 | 6260000 | 6420135 |
| Citigroup, Inc., Sr. Unscd. Notes | 2.98 | 11/5/2030 | 12790000 | 12131646 |
| Citigroup, Inc., Sub. Notes | 6.02 | 1/24/2036 | 5616000 | 5877508 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes | 5.72 | 7/23/2032 | 3648000 | 3807836 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.84 | 1/23/2030 | 1264000 | 1314408 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes | 6.65 | 4/25/2035 | 1712000 | 1876460 |
| Danske Bank A/S, Sr. Notes<sup>(b)</sup> <br>| 5.71 | 3/1/2030 | 6259000 | 6509043 |
| Huntington Bancshares, Inc., Sr. Unscd. Notes | 5.27 | 1/15/2031 | 3577000 | 3683312 |
| ING Groep NV, Jr. Sub. Notes<sup>(e)</sup> <br>| 7.00 | 11/16/2032 | 3627000 | 3764394 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 2.58 | 4/22/2032 | 5300000 | 4832784 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.30 | 7/24/2029 | 3656000 | 3764640 |
| JPMorgan Chase & Co., Sub. Notes | 5.72 | 9/14/2033 | 13495000 | 14337255 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Banks — 8.3% (continued)** | **Banks — 8.3% (continued)** | **Banks — 8.3% (continued)** | **Banks — 8.3% (continued)** | **Banks — 8.3% (continued)** |
| Morgan Stanley, Sr. Unscd. Notes | 4.43 | 1/23/2030 | 6852000 | 6893741 |
| Morgan Stanley, Sub. Notes | 2.48 | 9/16/2036 | 9465000 | 8263900 |
| Morgan Stanley, Sub. Notes | 4.35 | 9/8/2026 | 2500000 | 2504964 |
| Royal Bank of Canada, Jr. Sub. Notes | 6.75 | 8/24/2085 | 5995000 | 6238091 |
| Santander Holdings USA, Inc., Sr. Unscd. Notes | 6.50 | 3/9/2029 | 875000 | 910720 |
| State Street Corp., Jr. Sub. Notes, Ser. I<sup>(e)</sup> <br>| 6.70 | 3/15/2029 | 3436000 | 3585332 |
| The Bank of Nova Scotia, Jr. Sub. Notes | 7.35 | 4/27/2085 | 5835000 | 6104524 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.69 | 6/5/2028 | 700000 | 694768 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 1205000 | 1193570 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.48 | 8/23/2028 | 1810000 | 1819723 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.94 | 4/23/2028 | 11925000 | 12055799 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.75 | 10/1/2037 | 9810000 | 11005013 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 5.30 | 1/21/2028 | 2278000 | 2308619 |
| The PNC Financial Services Group, Inc., Sr. Unscd. Notes | 6.62 | 10/20/2027 | 2252000 | 2302982 |
| Truist Bank, Sub. Notes | 4.63 | 9/17/2029 | 6880000 | 6905362 |
| Truist Financial Corp., Sr. Unscd. Notes | 4.96 | 10/23/2036 | 12564000 | 12377745 |
| Truist Financial Corp., Sr. Unscd. Notes | 5.71 | 1/24/2035 | 9695000 | 10164992 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.68 | 1/23/2035 | 3734000 | 3937519 |
| U.S. Bancorp, Sr. Unscd. Notes | 5.84 | 6/12/2034 | 1165000 | 1242719 |
| UBS Group AG, Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.09 | 5/14/2032 | 722000 | 668716 |
| UBS Group AG, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.70 | 2/8/2035 | 2399000 | 2531102 |
| UBS Group AG, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.54 | 8/12/2033 | 914000 | 1011074 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.20 | 1/23/2030 | 2257000 | 2322782 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.39 | 4/24/2034 | 6330000 | 6576268 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.57 | 7/25/2029 | 3779000 | 3911850 |
| Wells Fargo & Co., Sr. Unscd. Notes | 6.49 | 10/23/2034 | 6190000 | 6875534 |
|  |  |  |  | **212951498** |
| **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** | **Beverage Products — .1%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.70 | 2/1/2036 | 1385000 | **1372087** |
| **Building Materials — .2%** | **Building Materials — .2%** | **Building Materials — .2%** | **Building Materials — .2%** | **Building Materials — .2%** |
| Owens Corning, Sr. Unscd. Notes | 3.50 | 2/15/2030 | 368000 | 355358 |
| Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 8.88 | 11/15/2031 | 4837000 | 5097153 |
|  |  |  |  | **5452511** |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| INEOS Quattro Finance 2 PLC, Sr. Scd. Notes<sup>(b),(d)</sup> <br>| 9.63 | 3/15/2029 | 4681000 | 4392838 |
| Olin Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.63 | 4/1/2033 | 4645000 | 4605641 |
| Sasol Financing USA LLC, Gtd. Notes | 5.50 | 3/18/2031 | 4288000 | 3646620 |
| Syensqo Finance America LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.85 | 6/4/2034 | 3672000 | 3840186 |
| The Dow Chemical Company, Sr. Unscd. Notes | 4.80 | 1/15/2031 | 12219000 | 12181507 |
|  |  |  |  | **28666792** |
| **Collateralized Loan Obligations Debt — 4.1%** | **Collateralized Loan Obligations Debt — 4.1%** | **Collateralized Loan Obligations Debt — 4.1%** | **Collateralized Loan Obligations Debt — 4.1%** | **Collateralized Loan Obligations Debt — 4.1%** |
| Antares Ltd. CLO, Ser. 2017-1A, Cl. CRR, (3 Month TSFR +2.25%)<sup>(b),(c)</sup> <br>| 6.13 | 1/20/2037 | 4000000 | 4016324 |
| Apidos XXV CLO, Ser. 2016-25A, Cl. A1R3, (3 Month TSFR +1.14%)<sup>(b),(c)</sup> <br>| 5.02 | 1/20/2037 | 3333333 | 3332166 |
| Apidos XXXIX Ltd. CLO, Ser. 2022-39A, Cl. A1R, (3 Month TSFR +1.23%)<sup>(b),(c)</sup> <br>| 5.40 | 10/21/2038 | 5000000 | 5007335 |
| Ares XLIX Ltd. CLO, Ser. 2018-49A, Cl. XR, (3 Month TSFR +1.10%)<sup>(b),(c)</sup> <br>| 4.96 | 10/22/2036 | 5175000 | 5176703 |
| BlackRock Shasta XIII LLC CLO, Ser. 2024-1A, Cl. A1, (3 Month TSFR <br> +1.85%)<sup>(b),(c)</sup> <br>| 5.75 | 7/15/2036 | 6000000 | 6027000 |
| CARLYLE US Ltd. CLO, Ser. 2021-6A, Cl. A1R, (3 Month TSFR +1.29%)<sup>(b),(c)</sup> <br>| 5.19 | 1/15/2038 | 5900000 | 5905422 |
| Cedar Funding VIII Ltd. CLO, Ser. 2017-8A, Cl. DRR, (3 Month TSFR <br> +2.95%)<sup>(b),(c)</sup> <br>| 6.83 | 1/17/2038 | 4439232 | 4457801 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Collateralized Loan Obligations Debt — 4.1% (continued)** | **Collateralized Loan Obligations Debt — 4.1% (continued)** | **Collateralized Loan Obligations Debt — 4.1% (continued)** | **Collateralized Loan Obligations Debt — 4.1% (continued)** | **Collateralized Loan Obligations Debt — 4.1% (continued)** |
| Cerberus Loan Funding XLV LLC, Ser. 2024-1A, Cl. A, (3 Month TSFR <br> +1.90%)<sup>(b),(c)</sup> <br>| 5.80 | 4/15/2036 | 5000000 | 5010300 |
| Cerberus Loan Funding XXXIX LP, Ser. 2022-3A, Cl. AR, (3 Month TSFR <br> +1.40%)<sup>(b),(c)</sup> <br>| 5.30 | 1/15/2033 | 1859384 | 1863386 |
| Churchill MMSLF IV Ltd. CLO, Ser. 2024-3A, Cl. A, (3 Month TSFR <br> +1.60%)<sup>(b),(c)</sup> <br>| 5.46 | 10/22/2035 | 6000000 | 6010782 |
| Fortress Credit Opportunities IX Ltd. CLO, Ser. 2017-9A, Cl. A1TR, (3 Month <br> TSFR +1.81%)<sup>(b),(c)</sup> <br>| 5.72 | 10/15/2033 | 1800000 | 1809227 |
| Fortress Credit Opportunities XXXV Ltd. CLO, Ser. 2025-35A, Cl. A1, (3 Month <br> TSFR +1.40%)<sup>(b),(c)</sup> <br>| 5.73 | 7/20/2033 | 3082089 | 3083343 |
| Golub Capital Partners Ltd. CLO, Ser. 2020-47A, Cl. CR, (3 Month TSFR <br> +2.40%)<sup>(b),(c)</sup> <br>| 6.72 | 8/5/2037 | 5481000 | 5514407 |
| IVY Hill Middle Market Credit Fund XII Ltd., Ser. 12A, Cl. A2RR, (3 Month <br> TSFR +1.70%)<sup>(b),(c)</sup> <br>| 5.58 | 4/20/2037 | 340000 | 339162 |
| IVY Hill Middle Market Credit Fund XVIII Ltd., Ser. 18A, Cl. A1R, (3 Month <br> TSFR +1.58%)<sup>(b),(c)</sup> <br>| 5.44 | 1/22/2037 | 7850000 | 7859561 |
| LCM 37 Ltd. CLO, Ser. 37A, Cl. A1R, (3 Month TSFR +1.06%)<sup>(b),(c)</sup> <br>| 4.96 | 4/15/2034 | 4736541 | 4734030 |
| MCF VIII Ltd. CLO, Ser. 2018-1A, Cl. AR, (3 Month TSFR +1.95%)<sup>(b),(c)</sup> <br>| 5.83 | 4/18/2036 | 4550000 | 4569338 |
| MCF VIII Ltd. CLO, Ser. 2018-1A, Cl. CR, (3 Month TSFR +3.10%)<sup>(b),(c)</sup> <br>| 6.98 | 4/18/2036 | 6500000 | 6543920 |
| MF1 Ltd. CLO, Ser. 2021-FL7, Cl. AS, (1 Month TSFR +1.56%)<sup>(b),(c)</sup> <br>| 5.59 | 10/16/2036 | 6578500 | 6581612 |
| MF1 Ltd. CLO, Ser. 2022-FL8, Cl. A, (1 Month TSFR +1.35%)<sup>(b),(c)</sup> <br>| 5.35 | 2/19/2037 | 2437364 | 2438966 |
| Neuberger Berman Loan Advisers 41 Ltd. CLO, Ser. 2021-41A, Cl. AR, <br> (3 Month TSFR +1.05%)<sup>(b),(c)</sup> <br>| 4.95 | 4/15/2034 | 4700000 | 4699478 |
| Neuberger Berman Loan Advisers 47 Ltd. CLO, Ser. 2022-47A, Cl. AR, <br> (3 Month TSFR +1.09%)<sup>(b),(c)</sup> <br>| 5.20 | 4/16/2035 | 5680688 | 5685517 |
| OWL Rock XXI LLC CLO, Ser. 2025-21A, Cl. A, (3 Month TSFR +1.40%)<sup>(b),(c)</sup> <br>| 5.27 | 7/24/2034 | 4214870 | 4218078 |
|  |  |  |  | **104883858** |
| **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** | **Commercial & Professional Services — .9%** |
| Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 7.00 | 5/21/2030 | 3523000 | 3644832 |
| Ashtead Capital, Inc., Gtd. Notes<sup>(b)</sup> <br>| 4.00 | 5/1/2028 | 1386000 | 1376062 |
| Ashtead Capital, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.95 | 10/15/2033 | 2656000 | 2809641 |
| Belron UK Finance PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.75 | 10/15/2029 | 720000 | 729996 |
| DP World Ltd./United Arab Emirates, Sr. Unscd. Notes | 6.85 | 7/2/2037 | 690000 | 795858 |
| ERAC USA Finance LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.20 | 10/30/2034 | 2830000 | 2922563 |
| Herc Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 7/15/2027 | 1292000 | 1292562 |
| President & Fellows of Harvard College, Unscd. Bonds | 3.30 | 7/15/2056 | 4400000 | 3122449 |
| The Leland Stanford Junior University, Unscd. Bonds | 2.41 | 6/1/2050 | 5170000 | 3188072 |
| Triton Container International Ltd., Gtd. Notes<sup>(b)</sup> <br>| 3.15 | 6/15/2031 | 1146000 | 1037920 |
| Williams Scotsman, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 6.63 | 6/15/2029 | 2180000 | 2246263 |
| Yale University, Unscd. Bonds, Ser. 2020 | 2.40 | 4/15/2050 | 1241000 | 761389 |
|  |  |  |  | **23927607** |
| **Commercial Mortgage Pass-Through Certificates — 4.3%** | **Commercial Mortgage Pass-Through Certificates — 4.3%** | **Commercial Mortgage Pass-Through Certificates — 4.3%** | **Commercial Mortgage Pass-Through Certificates — 4.3%** | **Commercial Mortgage Pass-Through Certificates — 4.3%** |
| Angel Oak Mortgage Trust, Ser. 2024-3, Cl. A2<sup>(b)</sup> <br>| 4.80 | 11/26/2068 | 331023 | 328941 |
| BANK5 Trust, Ser. 2024-5YR12, Cl. A2 | 5.42 | 12/15/2057 | 11436000 | 11849725 |
| Benchmark Mortgage Trust, Ser. 2024-V11, Cl. A2 | 5.42 | 11/15/2057 | 5420069 | 5615604 |
| BRAVO Residential Funding Trust, Ser. 2023-NQM5, Cl. A2<sup>(b)</sup> <br>| 6.86 | 6/25/2063 | 836490 | 842892 |
| BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1<sup>(b)</sup> <br>| 5.08 | 6/25/2065 | 1355916 | 1357598 |
| Brean Asset Backed Securities Trust, Ser. 2025-RM11, Cl. A1<sup>(b)</sup> <br>| 4.75 | 5/25/2065 | 6134381 | 6041408 |
| BXHPP Trust, Ser. 2021-FILM, Cl. C, (1 Month TSFR +1.21%)<sup>(b),(c)</sup> <br>| 5.25 | 8/15/2036 | 1181000 | 1090376 |
| COLT Mortgage Loan Trust, Ser. 2023-3, Cl. A2<sup>(b)</sup> <br>| 7.43 | 9/25/2068 | 1829611 | 1851997 |
| COLT Mortgage Loan Trust, Ser. 2025-3, Cl. A1<sup>(b)</sup> <br>| 5.35 | 3/25/2070 | 2145322 | 2155319 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Commercial Mortgage Pass-Through Certificates — 4.3% (continued)** | **Commercial Mortgage Pass-Through Certificates — 4.3% (continued)** | **Commercial Mortgage Pass-Through Certificates — 4.3% (continued)** | **Commercial Mortgage Pass-Through Certificates — 4.3% (continued)** | **Commercial Mortgage Pass-Through Certificates — 4.3% (continued)** |
| COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1<sup>(b)</sup> <br>| 5.48 | 8/25/2070 | 3068164 | 3097902 |
| Commercial Mortgage Trust, Ser. 2020-CX, Cl. D<sup>(b)</sup> <br>| 2.68 | 11/10/2046 | 705000 | 562658 |
| Cross Mortgage Trust, Ser. 2024-H2, Cl. A2<sup>(b)</sup> <br>| 6.42 | 4/25/2069 | 748992 | 755666 |
| Cross Mortgage Trust, Ser. 2024-H2, Cl. A3<sup>(b)</sup> <br>| 6.52 | 4/25/2069 | 969568 | 977938 |
| Cross Mortgage Trust, Ser. 2024-H3, Cl. A2<sup>(b)</sup> <br>| 6.58 | 6/25/2069 | 2220702 | 2248082 |
| Cross Mortgage Trust, Ser. 2025-H2, Cl. A1<sup>(b)</sup> <br>| 5.36 | 3/25/2070 | 1466882 | 1472560 |
| Cross Mortgage Trust, Ser. 2025-H2, Cl. A2<sup>(b)</sup> <br>| 5.46 | 3/25/2070 | 3105126 | 3114612 |
| Cross Mortgage Trust, Ser. 2025-H8, Cl. A1<sup>(b)</sup> <br>| 5.00 | 11/1/2070 | 3138782 | 3138779 |
| DBC Mortgage Trust, Ser. 2025-DBC, Cl. A, (1 Month TSFR +1.35%)<sup>(b),(c)</sup> <br>| 5.40 | 6/15/2038 | 3724215 | 3734260 |
| Hudson Yards Mortgage Trust, Ser. 2025-SPRL, Cl. C<sup>(b)</sup> <br>| 5.95 | 1/13/2040 | 1038000 | 1074413 |
| Imperial Fund Mortgage Trust, Ser. 2023-NQM1, Cl. A1<sup>(b)</sup> <br>| 5.94 | 2/25/2068 | 885323 | 885069 |
| IRV Trust, Ser. 2025-200P, Cl. C<sup>(b)</sup> <br>| 5.73 | 3/14/2047 | 1062865 | 1077824 |
| JPMorgan Mortgage Trust, Ser. 2024-CES1, Cl. A2<sup>(b)</sup> <br>| 6.15 | 6/25/2054 | 1905618 | 1921939 |
| LHOME Mortgage Trust, Ser. 2025-RTL3, Cl. A1<sup>(b)</sup> <br>| 5.24 | 8/25/2040 | 1336000 | 1338047 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2025-5C1, Cl. A2 | 4.91 | 3/15/2058 | 5656000 | 5764108 |
| New Residential Mortgage Loan Trust, Ser. 2021-NQ2R, Cl. A1<sup>(b)</sup> <br>| 0.94 | 10/25/2058 | 619650 | 593775 |
| New Residential Mortgage Loan Trust, Ser. 2022-NQM1, Cl. A1<sup>(b)</sup> <br>| 2.28 | 4/25/2061 | 5022441 | 4500726 |
| New Residential Mortgage Loan Trust, Ser. 2024-NQM3, Cl. A1<sup>(b)</sup> <br>| 5.47 | 11/25/2064 | 2566366 | 2591946 |
| New Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1<sup>(b)</sup> <br>| 0.00 | 4/25/2065 | 6242506 | 6303757 |
| NY Commercial Mortgage Trust, Ser. 2025-299P, Cl. A<sup>(b)</sup> <br>| 5.66 | 2/10/2047 | 1003000 | 1055719 |
| NYMT Loan Trust, Ser. 2024-BPL2, Cl. A1<sup>(b)</sup> <br>| 6.51 | 5/25/2039 | 4605000 | 4648632 |
| NYMT Loan Trust, Ser. 2025-CP1, Cl. A1<sup>(b)</sup> <br>| 3.75 | 11/25/2069 | 1747848 | 1680563 |
| OBX Trust, Ser. 2024-NQM18, Cl. A1<sup>(b)</sup> <br>| 5.41 | 10/25/2064 | 1521915 | 1528911 |
| OBX Trust, Ser. 2025-NQM16, Cl. A1<sup>(b)</sup> <br>| 4.91 | 8/25/2065 | 4285885 | 4281672 |
| OBX Trust, Ser. 2025-NQM18, Cl. A1A<sup>(b)</sup> <br>| 5.06 | 9/25/2065 | 4412253 | 4417689 |
| OBX Trust, Ser. 2025-NQM19, Cl. A1<sup>(b)</sup> <br>| 4.87 | 10/25/2065 | 3178962 | 3170678 |
| PRPM LLC, Ser. 2025-RPL4, Cl. A1<sup>(b)</sup> <br>| 3.00 | 5/25/2055 | 3052505 | 2897424 |
| PRPM LLC, Ser. 2025-RPL4, Cl. A2<sup>(b)</sup> <br>| 3.00 | 5/25/2055 | 1819702 | 1662876 |
| Toorak Mortgage Trust, Ser. 2025-RRTL1, Cl. A1<sup>(b)</sup> <br>| 5.52 | 2/25/2040 | 3652909 | 3675784 |
| Towd Point Mortgage Trust, Ser. 2023-1, Cl. A1<sup>(b)</sup> <br>| 3.75 | 1/25/2063 | 827850 | 804810 |
| US Bank C&I Credit-Linked Notes, Ser. 2025-SUP2, Cl. B1<sup>(b)</sup> <br>| 4.82 | 9/25/2032 | 1991285 | 1993721 |
| Verus Securitization Trust, Ser. 2024-9, Cl. A1<sup>(b)</sup> <br>| 5.44 | 11/25/2069 | 2002834 | 2014961 |
|  |  |  |  | **110121361** |
| **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** |
| Brightstar Lottery PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.25 | 1/15/2029 | 5625000 | 5614424 |
| Carnival Corp., Gtd. Notes<sup>(b)</sup> <br>| 6.00 | 5/1/2029 | 1310000 | 1329650 |
| D.R. Horton, Inc., Gtd. Notes | 5.50 | 10/15/2035 | 3672000 | 3815036 |
| Flutter Treasury DAC, Sr. Scd. Bonds<sup>(b)</sup> <br>| 5.88 | 6/4/2031 | 1632000 | 1653420 |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 3.50 | 8/18/2026 | 5000000 | 4962641 |
| Light & Wonder International, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.25 | 10/1/2033 | 1926000 | 1919374 |
| NCL Corp. Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.75 | 2/1/2032 | 5578000 | 5735221 |
| Royal Caribbean Cruises Ltd., Sr. Unscd. Notes | 5.38 | 1/15/2036 | 1117000 | 1125151 |
| Wynn Macau Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.63 | 8/26/2028 | 2235000 | 2234238 |
|  |  |  |  | **28389155** |
| **Diversified Financials — .9%** | **Diversified Financials — .9%** | **Diversified Financials — .9%** | **Diversified Financials — .9%** | **Diversified Financials — .9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 6.50 | 1/31/2056 | 2414000 | 2496141 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 6.95 | 3/10/2055 | 778000 | 818427 |
| Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 9/15/2030 | 4445000 | 4480362 |
| Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes<sup>(b)</sup> <br>| 5.75 | 10/1/2031 | 1539000 | 1604451 |
| Capital One Financial Corp., Sub. Notes | 6.18 | 1/30/2036 | 2264000 | 2360283 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Diversified Financials — .9% (continued)** | **Diversified Financials — .9% (continued)** | **Diversified Financials — .9% (continued)** | **Diversified Financials — .9% (continued)** | **Diversified Financials — .9% (continued)** |
| LSEGA Financing PLC, Gtd. Notes<sup>(b)</sup> <br>| 2.50 | 4/6/2031 | 291000 | 263683 |
| Macquarie Airfinance Holdings Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.20 | 3/27/2028 | 4971000 | 5053850 |
| Nasdaq, Inc., Sr. Unscd. Notes | 5.35 | 6/28/2028 | 941000 | 971126 |
| Stellantis Financial Services US Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.95 | 9/15/2028 | 4688000 | 4708773 |
|  |  |  |  | **22757096** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unscd. <br> Bonds<sup>(b)</sup> <br>| 5.75 | 10/15/2033 | 2405000 | 2403135 |
| Azule Energy Finance PLC, Gtd. Notes<sup>(b)</sup> <br>| 8.13 | 1/23/2030 | 2220000 | 2233230 |
| Cheniere Energy Partners LP, Gtd. Notes | 4.50 | 10/1/2029 | 6000000 | 6003492 |
| Cheniere Energy Partners LP, Gtd. Notes<sup>(b)</sup> <br>| 5.55 | 10/30/2035 | 2142000 | 2193145 |
| Cheniere Energy, Inc., Sr. Unscd. Notes | 5.65 | 4/15/2034 | 1317000 | 1362707 |
| CITGO Petroleum Corp., Sr. Scd. Notes<sup>(b)</sup> <br>| 8.38 | 1/15/2029 | 5449000 | 5680021 |
| Coterra Energy, Inc., Sr. Unscd. Notes | 5.90 | 2/15/2055 | 5071000 | 4873404 |
| CVR Energy, Inc., Gtd. Bonds<sup>(b)</sup> <br>| 5.75 | 2/15/2028 | 3388000 | 3355411 |
| DT Midstream, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.80 | 12/15/2034 | 4376000 | 4530260 |
| DT Midstream, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 4.30 | 4/15/2032 | 2982000 | 2861423 |
| Ecopetrol SA, Sr. Unscd. Notes | 7.75 | 2/1/2032 | 2370000 | 2451599 |
| Empresa Nacional del Petroleo, Sr. Unscd. Notes<sup>(b),(d)</sup> <br>| 5.95 | 7/30/2034 | 681000 | 717278 |
| Enbridge, Inc., Sub. Notes | 7.38 | 3/15/2055 | 5806000 | 6177770 |
| Energean Israel Finance Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>| 5.88 | 3/30/2031 | 2600000 | 2516013 |
| Energy Transfer LP, Jr. Sub. Notes | 6.75 | 2/15/2056 | 3973000 | 3988586 |
| Eni SpA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 5/19/2035 | 1634000 | 1708200 |
| Enterprise Products Operating LLC, Gtd. Notes, Ser. E | 5.25 | 8/16/2077 | 2360000 | 2356790 |
| Geopark Ltd., Gtd. Notes<sup>(b)</sup> <br>| 8.75 | 1/31/2030 | 1992000 | 1882878 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes | 6.88 | 1/15/2029 | 1224000 | 1239776 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes<sup>(b)</sup> <br>| 8.25 | 1/15/2032 | 6342000 | 6635520 |
| Harbour Energy PLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.33 | 4/1/2035 | 6065000 | 6216519 |
| HF Sinclair Corp., Sr. Unscd. Notes | 5.50 | 9/1/2032 | 2195000 | 2233232 |
| Howard Midstream Energy Partners LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.38 | 7/15/2032 | 4437000 | 4653583 |
| Ithaca Energy North Sea PLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 8.13 | 10/15/2029 | 2765000 | 2905888 |
| Kinder Morgan, Inc., Gtd. Bonds | 5.15 | 6/1/2030 | 2163000 | 2231040 |
| Kinetik Holdings LP, Gtd. Notes<sup>(b)</sup> <br>| 5.88 | 6/15/2030 | 5735000 | 5782222 |
| Kodiak Gas Services LLC, Gtd. Notes<sup>(b)</sup> <br>| 6.50 | 10/1/2033 | 528000 | 541408 |
| Marathon Petroleum Corp., Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.70 | 3/1/2035 | 4010000 | 4151440 |
| Medco Cypress Tree Pte Ltd., Sr. Scd. Bonds<sup>(b)</sup> <br>| 8.63 | 5/19/2030 | 1000000 | 1060785 |
| MPLX LP, Sr. Unscd. Notes | 4.13 | 3/1/2027 | 855000 | 853821 |
| MPLX LP, Sr. Unscd. Notes | 4.80 | 2/15/2031 | 2461000 | 2482510 |
| MPLX LP, Sr. Unscd. Notes | 5.20 | 12/1/2047 | 1180000 | 1065513 |
| NGPL PipeCo LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.25 | 7/15/2031 | 2644000 | 2409283 |
| NGPL PipeCo LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.77 | 12/15/2037 | 6792000 | 7943635 |
| ONEOK, Inc., Gtd. Notes | 5.80 | 11/1/2030 | 1366000 | 1437351 |
| ONEOK, Inc., Gtd. Notes | 6.10 | 11/15/2032 | 779000 | 833919 |
| Pertamina Hulu Energi PT, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.25 | 5/21/2030 | 5999000 | 6130615 |
| Petroleos del Peru SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.75 | 6/19/2032 | 6220000 | 5340274 |
| Phillips 66 Co., Gtd. Notes, Ser. B | 6.20 | 3/15/2056 | 3016000 | 3047946 |
| Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | 4.70 | 1/15/2031 | 1483000 | 1486614 |
| Repsol E&P Capital Markets US LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.20 | 9/16/2030 | 2162000 | 2170835 |
| South Bow USA Infrastructure Holdings LLC, Gtd. Notes | 5.03 | 10/1/2029 | 2093000 | 2115438 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Energy — 5.8% (continued)** | **Energy — 5.8% (continued)** | **Energy — 5.8% (continued)** | **Energy — 5.8% (continued)** | **Energy — 5.8% (continued)** | **Energy — 5.8% (continued)** |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. <br> Notes<br>|  | 5.00 | 1/15/2028 | 1136000 | 1137140 |
| Tecpetrol SA, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.63 | 1/22/2033 | 3755000 | 3790673 |
| Venture Global Calcasieu Pass LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 3.88 | 11/1/2033 | 5505000 | 4863322 |
| Venture Global LNG, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>|  | 8.13 | 6/1/2028 | 3145000 | 3241709 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.50 | 1/15/2034 | 855000 | 896115 |
| YPF SA, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 8.75 | 9/11/2031 | 2160000 | 2224308 |
|  |  |  |  |  | **148417776** |
| **Food Products — .6%** | **Food Products — .6%** | **Food Products — .6%** | **Food Products — .6%** | **Food Products — .6%** | **Food Products — .6%** |
| Albertsons Cos., Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, Sr. <br> Unscd. Notes<sup>(b)</sup> <br>|  | 5.75 | 3/31/2034 | 878000 | 882966 |
| Froneri Lux FinCo Sarl, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 6.00 | 8/1/2032 | 6350000 | 6413513 |
| MARB BondCo PLC, Gtd. Bonds<sup>(b)</sup> <br>|  | 3.95 | 1/29/2031 | 898000 | 811333 |
| The J.M. Smucker Company, Sr. Unscd. Notes |  | 4.25 | 3/15/2035 | 6000000 | 5679156 |
| The J.M. Smucker Company, Sr. Unscd. Notes<sup>(d)</sup> <br>|  | 6.50 | 11/15/2053 | 921000 | 1019942 |
|  |  |  |  |  | **14806910** |
| **Foreign Governmental — 6.2%** | **Foreign Governmental — 6.2%** | **Foreign Governmental — 6.2%** | **Foreign Governmental — 6.2%** | **Foreign Governmental — 6.2%** | **Foreign Governmental — 6.2%** |
| Argentine Republic, Sr. Unscd. Bonds<sup>(f)</sup> <br>|  | 4.88 | 7/9/2041 | 3625000 | 2363500 |
| Brazil, Sr. Unscd. Notes |  | 5.50 | 11/6/2030 | 7150000 | 7308372 |
| Brazil, Sr. Unscd. Notes |  | 7.25 | 1/12/2056 | 4700000 | 4759220 |
| Brazil Notas do Tesouro Nacional, Notes, Ser. F | BRL | 10.00 | 1/1/2029 | 15000 | 2579 |
| Brazil Notas do Tesouro Nacional, Notes, Ser. F | BRL | 10.00 | 1/1/2033 | 115000000 | 18038497 |
| Colombia, Sr. Unscd. Notes | EUR | 5.63 | 2/19/2036 | 3292000 | 3659769 |
| Dominican Republic, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.88 | 10/28/2035 | 3750000 | 3747000 |
| Eagle Funding Luxco, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.50 | 8/17/2030 | 5412000 | 5504816 |
| Gabon, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 7.00 | 11/24/2031 | 2200000 | 1717416 |
| Israel, Sr. Unscd. Notes, Ser. 30Y |  | 5.75 | 3/12/2054 | 2650000 | 2598359 |
| Italy Buoni Poliennali Del Tesoro, Sr. Unscd. Notes, Ser. 30Y<sup>(b)</sup> <br>| EUR | 4.30 | 10/1/2054 | 19546000 | 22758677 |
| Japan (30 Year Issue), Bonds, Ser. 83 | JPY | 2.20 | 6/20/2054 | 1355000000 | 7324183 |
| Japan (30 Year Issue), Bonds, Ser. 86 | JPY | 2.40 | 3/20/2055 | 1355000000 | 7645186 |
| Japan (30 Year Issue), Bonds, Ser. 87 | JPY | 2.80 | 6/20/2055 | 2980000000 | 18318559 |
| Kuwait, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 4.65 | 10/9/2035 | 8551000 | 8596917 |
| Mexico, Sr. Unscd. Notes | EUR | 5.13 | 3/19/2038 | 1434000 | 1690819 |
| Mexico, Sr. Unscd. Notes |  | 5.38 | 3/22/2033 | 3084000 | 3092327 |
| Mexico, Sr. Unscd. Notes |  | 6.63 | 1/29/2038 | 4147000 | 4389600 |
| Romania, Bonds<sup>(b)</sup> <br>|  | 6.63 | 5/16/2036 | 3600000 | 3707857 |
| Romania, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.75 | 3/24/2035 | 5740000 | 5628109 |
| United Kingdom Gilt, Bonds | GBP | 1.50 | 7/31/2053 | 42467000 | 25713103 |
|  |  |  |  |  | **158564865** |
| **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** | **Forest Products & Paper — .1%** |
| Suzano Austria GmbH, Gtd. Notes |  | 3.75 | 1/15/2031 | 2057000 | **1949447** |
| **Health Care — 1.7%** | **Health Care — 1.7%** | **Health Care — 1.7%** | **Health Care — 1.7%** | **Health Care — 1.7%** | **Health Care — 1.7%** |
| Amgen, Inc., Sr. Unscd. Notes |  | 5.25 | 3/2/2030 | 693000 | 719410 |
| Amgen, Inc., Sr. Unscd. Notes |  | 5.65 | 3/2/2053 | 1659000 | 1656807 |
| Bayer US Finance II LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 4.63 | 6/25/2038 | 1807000 | 1636263 |
| Bayer US Finance LLC, Gtd. Notes<sup>(b)</sup> <br>|  | 6.50 | 11/21/2033 | 2095000 | 2263645 |
| CVS Health Corp., Sr. Unscd. Notes |  | 1.30 | 8/21/2027 | 2627000 | 2496637 |
| GE HealthCare Technologies, Inc., Sr. Unscd. Notes |  | 4.80 | 8/14/2029 | 1919000 | 1958523 |
| HCA, Inc., Gtd. Notes |  | 3.13 | 3/15/2027 | 851000 | 840279 |
| HCA, Inc., Gtd. Notes |  | 4.90 | 11/15/2035 | 5212000 | 5152261 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Health Care — 1.7% (continued)** | **Health Care — 1.7% (continued)** | **Health Care — 1.7% (continued)** | **Health Care — 1.7% (continued)** | **Health Care — 1.7% (continued)** |
| HCA, Inc., Gtd. Notes | 5.45 | 9/15/2034 | 1904000 | 1959980 |
| Rede D'or Finance Sarl, Gtd. Notes<sup>(b)</sup> <br>| 6.45 | 9/9/2035 | 300000 | 307478 |
| Royalty Pharma PLC, Gtd. Notes | 2.15 | 9/2/2031 | 2258000 | 1971325 |
| Royalty Pharma PLC, Gtd. Notes | 2.20 | 9/2/2030 | 4242000 | 3826788 |
| STERIS Irish FinCo UnLtd. Co., Gtd. Notes | 2.70 | 3/15/2031 | 3944000 | 3606765 |
| The Cigna Group, Gtd. Notes | 4.80 | 8/15/2038 | 7850000 | 7474721 |
| The Cigna Group, Sr. Unscd. Notes | 5.25 | 1/15/2036 | 3110000 | 3160250 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 3.05 | 5/15/2041 | 2964000 | 2263828 |
| Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes | 5.35 | 12/1/2028 | 2323000 | 2402573 |
|  |  |  |  | **43697533** |
| **Information Technology — .4%** | **Information Technology — .4%** | **Information Technology — .4%** | **Information Technology — .4%** | **Information Technology — .4%** |
| Fiserv, Inc., Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.60 | 3/2/2033 | 795000 | 818592 |
| Oracle Corp., Sr. Unscd. Notes | 5.38 | 9/27/2054 | 7580000 | 6670280 |
| VMware LLC, Sr. Unscd. Notes | 2.20 | 8/15/2031 | 3657000 | 3234796 |
|  |  |  |  | **10723668** |
| **Insurance — .7%** | **Insurance — .7%** | **Insurance — .7%** | **Insurance — .7%** | **Insurance — .7%** |
| Allianz SE, Jr. Sub. Bonds<sup>(b),(e)</sup> <br>| 3.20 | 10/30/2027 | 1800000 | 1701628 |
| Allianz SE, Jr. Sub. Notes<sup>(b),(e)</sup> <br>| 3.50 | 11/17/2025 | 1600000 | 1606629 |
| American International Group, Inc., Sr. Unscd. Notes | 4.38 | 6/30/2050 | 4150000 | 3510745 |
| American International Group, Inc., Sr. Unscd. Notes | 4.85 | 5/7/2030 | 976000 | 998866 |
| Corebridge Financial, Inc., Jr. Sub. Notes | 6.38 | 9/15/2054 | 4149000 | 4275553 |
| Corebridge Financial, Inc., Sr. Unscd. Notes | 5.75 | 1/15/2034 | 387000 | 405550 |
| Nippon Life Insurance Co., Sub. Notes<sup>(b)</sup> <br>| 6.50 | 4/30/2055 | 766000 | 830748 |
| The Allstate Corp., Jr. Sub. Bonds | 6.50 | 5/15/2057 | 2325000 | 2456056 |
| Unum Group, Sr. Unscd. Notes | 6.00 | 6/15/2054 | 1243000 | 1254137 |
|  |  |  |  | **17039912** |
| **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** |
| Match Group Holdings II LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.13 | 9/15/2033 | 3651000 | 3679025 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.63 | 11/15/2055 | 8878000 | 8818626 |
| Snap, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.88 | 3/1/2033 | 4869000 | 4984273 |
|  |  |  |  | **17481924** |
| **Materials — .5%** | **Materials — .5%** | **Materials — .5%** | **Materials — .5%** | **Materials — .5%** |
| Amcor Flexibles North America, Inc., Gtd. Notes | 5.10 | 3/17/2030 | 3513000 | 3606291 |
| Canpack SA/Canpack US LLC, Gtd. Notes<sup>(b)</sup> <br>| 3.88 | 11/15/2029 | 4890000 | 4648767 |
| Sealed Air Corp., Sr. Scd. Notes<sup>(b)</sup> <br>| 1.57 | 10/15/2026 | 3734000 | 3628267 |
| Smurfit Westrock Financing DAC, Gtd. Notes | 5.42 | 1/15/2035 | 1137000 | 1172263 |
|  |  |  |  | **13055588** |
| **Media — .9%** | **Media — .9%** | **Media — .9%** | **Media — .9%** | **Media — .9%** |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 5.38 | 5/1/2047 | 1446000 | 1227616 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 6.55 | 6/1/2034 | 4270000 | 4495266 |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Sr. Scd. Notes<br>| 6.83 | 10/23/2055 | 3765000 | 3747348 |
| Paramount Global, Gtd. Debs. | 5.85 | 9/1/2043 | 7552000 | 6796802 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.00 | 7/15/2028 | 6060000 | 5893630 |
|  |  |  |  | **22160662** |
| **Metals & Mining — .9%** | **Metals & Mining — .9%** | **Metals & Mining — .9%** | **Metals & Mining — .9%** | **Metals & Mining — .9%** |
| Alumina Pty Ltd., Gtd. Bonds<sup>(b)</sup> <br>| 6.38 | 9/15/2032 | 4520000 | 4681640 |
| ArcelorMittal SA, Sr. Unscd. Notes | 7.00 | 10/15/2039 | 1702000 | 1924088 |
| Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.30 | 9/8/2053 | 3735000 | 3887164 |

---

**11**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Metals & Mining — .9% (continued)** | **Metals & Mining — .9% (continued)** | **Metals & Mining — .9% (continued)** | **Metals & Mining — .9% (continued)** | **Metals & Mining — .9% (continued)** |
| Glencore Funding LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.19 | 4/1/2030 | 4967000 | 5114487 |
| Navoi Mining & Metallurgical Combinat, Sr. Unscd. Bonds<sup>(b)</sup> <br>| 6.75 | 5/14/2030 | 1709000 | 1803983 |
| Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes | 3.25 | 5/13/2030 | 923000 | 885780 |
| Steel Dynamics, Inc., Sr. Unscd. Notes | 5.75 | 5/15/2055 | 2258000 | 2311673 |
| Vedanta Resources Finance II PLC, Gtd. Notes<sup>(b)</sup> <br>| 9.13 | 10/15/2032 | 2040000 | 2022821 |
|  |  |  |  | **22631636** |
| **Municipal Securities — .1%** | **Municipal Securities — .1%** | **Municipal Securities — .1%** | **Municipal Securities — .1%** | **Municipal Securities — .1%** |
| University of Michigan, Revenue Bonds, Refunding, Ser. C | 3.60 | 4/1/2047 | 2449000 | **2080350** |
| **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 5.25 | 3/15/2035 | 4624000 | 4699791 |
| Boston Properties LP, Sr. Unscd. Notes | 5.75 | 1/15/2035 | 5600000 | 5731080 |
| Brixmor Operating Partnership LP, Sr. Unscd. Notes | 5.20 | 4/1/2032 | 5412000 | 5544420 |
| COPT Defense Properties LP, Gtd. Notes | 2.25 | 3/15/2026 | 5000000 | 4950715 |
| Cousins Properties LP, Gtd. Notes | 5.38 | 2/15/2032 | 4515000 | 4616816 |
| CubeSmart LP, Gtd. Notes | 3.00 | 2/15/2030 | 6420000 | 6080372 |
| CubeSmart LP, Gtd. Notes | 5.13 | 11/1/2035 | 7058000 | 7035564 |
| EPR Properties, Gtd. Notes | 4.75 | 12/15/2026 | 5000000 | 5019828 |
| Extra Space Storage LP, Gtd. Notes | 2.35 | 3/15/2032 | 1582000 | 1375578 |
| Extra Space Storage LP, Gtd. Notes | 4.95 | 1/15/2033 | 3418000 | 3437877 |
| Extra Space Storage LP, Gtd. Notes | 5.70 | 4/1/2028 | 860000 | 888232 |
| Healthcare Realty Holdings LP, Gtd. Notes | 3.50 | 8/1/2026 | 7500000 | 7447749 |
| Kilroy Realty LP, Gtd. Notes | 5.88 | 10/15/2035 | 2090000 | 2111291 |
| Kite Realty Group LP, Sr. Unscd. Notes | 4.00 | 10/1/2026 | 1071000 | 1068474 |
| Kite Realty Group LP, Sr. Unscd. Notes | 4.95 | 12/15/2031 | 2393000 | 2419238 |
| Phillips Edison Grocery Center Operating Partnership I LP, Gtd. Notes | 5.75 | 7/15/2034 | 2012000 | 2102876 |
| Prologis Targeted US Logistics Fund LP, Gtd. Notes<sup>(b)</sup> <br>| 4.75 | 1/15/2036 | 5063000 | 4960394 |
| Sabra Health Care LP, Gtd. Notes | 3.20 | 12/1/2031 | 2475000 | 2248518 |
| SBA Tower Trust, Asset Backed Notes<sup>(b)</sup> <br>| 2.59 | 10/15/2031 | 3251000 | 2876634 |
| Store Capital LLC, Sr. Unscd. Notes | 4.63 | 3/15/2029 | 2825000 | 2810255 |
| Store Capital LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.40 | 4/30/2030 | 5533000 | 5645968 |
| Ventas Realty LP, Gtd. Notes | 5.10 | 7/15/2032 | 4843000 | 4967044 |
| VICI Properties LP, Sr. Unscd. Notes | 4.75 | 4/1/2028 | 2049000 | 2069533 |
| Vornado Realty LP, Sr. Unscd. Notes | 2.15 | 6/1/2026 | 4625000 | 4542677 |
|  |  |  |  | **94650924** |
| **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** |
| Asbury Automotive Group, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 2/15/2032 | 4791000 | 4617436 |
| AutoZone, Inc., Sr. Unscd. Notes | 4.75 | 2/1/2033 | 2195000 | 2199042 |
| Lithia Motors, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 10/1/2030 | 7874000 | 7893449 |
| Macy's Retail Holdings LLC, Gtd. Notes<sup>(b)</sup> <br>| 7.38 | 8/1/2033 | 1440000 | 1519217 |
|  |  |  |  | **16229144** |
| **Semiconductors & Semiconductor Equipment — .9%** | **Semiconductors & Semiconductor Equipment — .9%** | **Semiconductors & Semiconductor Equipment — .9%** | **Semiconductors & Semiconductor Equipment — .9%** | **Semiconductors & Semiconductor Equipment — .9%** |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.19 | 11/15/2036 | 5994000 | 5119211 |
| Foundry JV Holdco LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 6.30 | 1/25/2039 | 2452000 | 2611453 |
| Intel Corp., Sr. Unscd. Notes<sup>(d)</sup> <br>| 5.60 | 2/21/2054 | 3884000 | 3717232 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.30 | 1/15/2031 | 1347000 | 1392823 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.80 | 1/15/2035 | 5831000 | 6159819 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 3.25 | 5/11/2041 | 6525000 | 4969930 |
|  |  |  |  | **23970468** |
| **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** |
| Banque Ouest Africaine de Developpement, Sr. Unscd. Notes | 4.70 | 10/22/2031 | 2500000 | **2340909** |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** |
| Dell International LLC/EMC Corp., Gtd. Notes<sup>(d)</sup> <br>| 3.45 | 12/15/2051 | 1373000 | 962939 |
| Kyndryl Holdings, Inc., Sr. Unscd. Notes | 2.05 | 10/15/2026 | 1821000 | 1782709 |
|  |  |  |  | **2745648** |
| **Telecommunication Services — .8%** | **Telecommunication Services — .8%** | **Telecommunication Services — .8%** | **Telecommunication Services — .8%** | **Telecommunication Services — .8%** |
| AT&T, Inc., Sr. Unscd. Bonds | 4.90 | 8/15/2037 | 1065000 | 1039892 |
| AT&T, Inc., Sr. Unscd. Notes | 2.55 | 12/1/2033 | 9905000 | 8415580 |
| Iliad Holding SAS, Sr. Scd. Notes<sup>(b)</sup> <br>| 8.50 | 4/15/2031 | 1849000 | 1986281 |
| T-Mobile USA, Inc., Gtd. Notes | 2.40 | 3/15/2029 | 2093000 | 1976316 |
| T-Mobile USA, Inc., Gtd. Notes | 6.00 | 6/15/2054 | 2574000 | 2654599 |
| Vmed O2 UK Financing I PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 6.75 | 1/15/2033 | 3070000 | 3081380 |
|  |  |  |  | **19154048** |
| **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** | **Transportation — .4%** |
| Norfolk Southern Corp., Sr. Unscd. Notes | 5.55 | 3/15/2034 | 1544000 | 1639272 |
| Ryder System, Inc., Sr. Unscd. Notes | 4.85 | 6/15/2030 | 9539000 | 9736553 |
|  |  |  |  | **11375825** |
| **U.S. Government Agencies Collateralized Mortgage Obligations — .9%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .9%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .9%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .9%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .9%** |
| Federal Home Loan Mortgage Corp., REMIC, Ser. 5010, Cl. EA<sup>(g)</sup> <br>| 1.00 | 8/15/2047 | 3166612 | 2926282 |
| Government National Mortgage Association, Ser. 2010-89, Cl. Z | 5.00 | 7/20/2040 | 3400902 | 3493481 |
| Government National Mortgage Association, Ser. 2014-145, Cl. KA | 3.50 | 1/20/2038 | 2061173 | 2026603 |
| Government National Mortgage Association, Ser. 2017-93, Cl. GY | 3.50 | 6/20/2047 | 4690785 | 4373010 |
| Government National Mortgage Association, Ser. 2018-120, Cl. PU | 3.50 | 9/20/2048 | 402521 | 365703 |
| Government National Mortgage Association, Ser. 2019-59, Cl. KA | 3.00 | 12/20/2048 | 579721 | 537793 |
| Government National Mortgage Association, Ser. 2020-11, Cl. CB | 3.50 | 1/20/2050 | 1979136 | 1849310 |
| Government National Mortgage Association, Ser. 2022-9, Cl. P | 2.00 | 9/20/2051 | 4459644 | 3971835 |
| Government National Mortgage Association, Ser. 2023-19, Cl. WB | 5.64 | 11/20/2051 | 1216001 | 1256615 |
| Government National Mortgage Association, Ser. 2024-204, Cl. EF, (1 Month <br> SOFR +2.35%)<sup>(c)</sup> <br>| 6.53 | 12/20/2054 | 2328337 | 2336260 |
|  |  |  |  | **23136892** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates, Ser. Q007, Cl. APT1<sup>(g)</sup> <br>| 6.39 | 10/25/2047 | 301267 | **302180** |
| **U.S. Government Agencies Mortgage-Backed — 24.5%** | **U.S. Government Agencies Mortgage-Backed — 24.5%** | **U.S. Government Agencies Mortgage-Backed — 24.5%** | **U.S. Government Agencies Mortgage-Backed — 24.5%** | **U.S. Government Agencies Mortgage-Backed — 24.5%** |
| 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.: |
| 2.00%, 9/1/2050-3/1/2052<sup>(g)</sup> <br>|  |  | 33720326 | 27660187 |
| 2.50%, 11/1/2050-3/1/2052<sup>(g)</sup> <br>|  |  | 82226860 | 71127023 |
| 3.00%, 9/1/2047-7/1/2052<sup>(g)</sup> <br>|  |  | 8332307 | 7497671 |
| 3.50%, 12/1/2048<sup>(g)</sup> <br>|  |  | 24612906 | 23056011 |
| 4.50%, 10/1/2052-5/1/2053<sup>(g)</sup> <br>|  |  | 8008331 | 7926452 |
| 5.00%, 9/1/2052-12/1/2054<sup>(g)</sup> <br>|  |  | 67643519 | 68108150 |
| 5.50%, 9/1/2052-3/1/2055<sup>(g)</sup> <br>|  |  | 44322981 | 45339682 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 2.00%, 3/1/2036-3/1/2052<sup>(g)</sup> <br>|  |  | 82968279 | 69009293 |
| 2.50%, 5/1/2037-5/1/2052<sup>(g)</sup> <br>|  |  | 20367206 | 17863390 |
| 3.00%, 10/1/2030-2/1/2052<sup>(g)</sup> <br>|  |  | 50044084 | 45230110 |
| 3.50%, 11/1/2042<sup>(g)</sup> <br>|  |  | 2261791 | 2158888 |
| 4.00%, 5/1/2052-7/1/2052<sup>(g)</sup> <br>|  |  | 24185115 | 23192212 |
| 4.50%, 3/1/2038-6/1/2053<sup>(g)</sup> <br>|  |  | 15334285 | 15190058 |
| 5.00%, 6/1/2053-8/1/2055<sup>(g)</sup> <br>|  |  | 30003616 | 30102531 |
| 5.50%, 6/1/2054-9/1/2054<sup>(g)</sup> <br>|  |  | 25327266 | 25908892 |
| 6.00%, 2/1/2054-9/1/2054<sup>(g)</sup> <br>|  |  | 31326698 | 32343690 |

---

**13**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **U.S. Government Agencies Mortgage-Backed — 24.5% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.5% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.5% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.5% (continued)** | **U.S. Government Agencies Mortgage-Backed — 24.5% (continued)** |
| 6.50%, 5/1/2053<sup>(g)</sup> <br>|  |  | 1180916 | 1211015 |
| 7.00%, 2/1/2053<sup>(g)</sup> <br>|  |  | 1018247 | 1052989 |
| Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: | Government National Mortgage Association I: |
| 3.50%, 9/15/2041-10/15/2044 |  |  | 1355989 | 1273214 |
| 4.00%, 10/15/2039-6/15/2045 |  |  | 2984034 | 2897926 |
| 4.50%, 4/15/2039-10/15/2041 |  |  | 2388306 | 2397786 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 2.00%, 10/20/2050-3/20/2052 |  |  | 24225937 | 20112314 |
| 2.50%, 10/20/2046-10/20/2052 |  |  | 53917407 | 46516164 |
| 3.00%, 8/20/2046-9/20/2052 |  |  | 7341555 | 6667266 |
| 3.50%, 9/20/2042-3/20/2050 |  |  | 16124105 | 15067742 |
| 4.00%, 10/20/2047-1/20/2048 |  |  | 1168087 | 1123595 |
| 4.00%, 11/20/2052, (1 Year U.S. Treasury Yield Curve Constant Rate <br> +1.50%)<sup>(c)</sup> <br>|  |  | 4376560 | 4317714 |
| 4.03%, 7/20/2053, (1 Year U.S. Treasury Yield Curve Constant Rate <br> +1.50%)<sup>(c)</sup> <br>|  |  | 6535743 | 6489011 |
| 4.50%, 7/20/2048 |  |  | 1115921 | 1110743 |
| 6.00%, 5/20/2054 |  |  | 3878419 | 3961300 |
| 7.00%, 2/20/2054 |  |  | 827575 | 855492 |
|  |  |  |  | **626768511** |
| **U.S. Treasury Securities — 9.6%** | **U.S. Treasury Securities — 9.6%** | **U.S. Treasury Securities — 9.6%** | **U.S. Treasury Securities — 9.6%** | **U.S. Treasury Securities — 9.6%** |
| U.S. Treasury Bonds | 3.00 | 11/15/2044 | 74157000 | 58639069 |
| U.S. Treasury Bonds<sup>(d)</sup> <br>| 4.88 | 8/15/2045 | 4191000 | 4317385 |
| U.S. Treasury Bonds | 5.00 | 5/15/2045 | 130136000 | 136236125 |
| U.S. Treasury Inflation Indexed Bonds<sup>(h)</sup> <br>| 0.13 | 2/15/2052 | 8165524 | 4514141 |
| U.S. Treasury Notes | 3.63 | 8/31/2030 | 10977000 | 10940124 |
| U.S. Treasury Notes | 4.00 | 5/31/2030 | 16459000 | 16675667 |
| U.S. Treasury Notes | 4.25 | 5/15/2035 | 964000 | 977105 |
| U.S. Treasury Notes<sup>(d)</sup> <br>| 4.25 | 8/15/2035 | 12700000 | 12859742 |
|  |  |  |  | **245159358** |
| **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** |
| AES Panama Generation Holdings SRL, Sr. Scd. Notes<sup>(b)</sup> <br>| 4.38 | 5/31/2030 | 1252255 | 1170389 |
| Alliant Energy Corp., Jr. Sub. Notes | 5.75 | 4/1/2056 | 1688000 | 1695292 |
| Ameren Corp., Sr. Unscd. Notes | 1.75 | 3/15/2028 | 3952000 | 3734661 |
| American Electric Power Co., Inc., Jr. Sub. Notes | 6.95 | 12/15/2054 | 7985000 | 8754650 |
| Arizona Public Service Co., Sr. Unscd. Notes | 4.25 | 3/1/2049 | 4338000 | 3585032 |
| Baltimore Gas & Electric Co., Sr. Unscd. Notes | 2.25 | 6/15/2031 | 5026000 | 4519564 |
| CenterPoint Energy, Inc., Jr. Sub. Notes | 6.70 | 5/15/2055 | 5911000 | 6135305 |
| CMS Energy Corp., Jr. Sub. Notes | 3.75 | 12/1/2050 | 2981000 | 2754416 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.80 | 3/1/2033 | 2736000 | 2924289 |
| Electricite de France SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.70 | 5/23/2028 | 583000 | 602116 |
| Electricite de France SA, Sr. Unscd. Notes<sup>(b),(d)</sup> <br>| 6.90 | 5/23/2053 | 3546000 | 3969248 |
| Enel Finance International NV, Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 6/26/2034 | 1492000 | 1550940 |
| Enel Finance International NV, Gtd. Notes<sup>(b)</sup> <br>| 7.50 | 10/14/2032 | 871000 | 1005226 |
| Evergy, Inc., Jr. Sub. Notes | 6.65 | 6/1/2055 | 6675000 | 6897318 |
| Eversource Energy, Sr. Unscd. Notes | 5.50 | 1/1/2034 | 1197000 | 1240934 |
| Exelon Corp., Jr. Sub. Notes | 6.50 | 3/15/2055 | 5764000 | 6062178 |
| Exelon Corp., Sr. Unscd. Notes | 5.45 | 3/15/2034 | 882000 | 918846 |
| Hawaiian Electric Co., Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 10/1/2033 | 1611000 | 1630116 |
| IPALCO Enterprises, Inc., Sr. Scd. Notes | 4.25 | 5/1/2030 | 1814000 | 1776318 |

---

**14**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** | **Bonds and Notes — 97.8% (continued)** |
| **Utilities — 5.2% (continued)** | **Utilities — 5.2% (continued)** | **Utilities — 5.2% (continued)** | **Utilities — 5.2% (continued)** | **Utilities — 5.2% (continued)** | **Utilities — 5.2% (continued)** |
| IPALCO Enterprises, Inc., Sr. Scd. Notes |  | 5.75 | 4/1/2034 | 7329000 | 7501787 |
| Jersey Central Power & Light Co., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 2.75 | 3/1/2032 | 1810000 | 1626282 |
| Jersey Central Power & Light Co., Sr. Unscd. Notes |  | 5.10 | 1/15/2035 | 2231000 | 2265135 |
| Louisville Gas & Electric Co., First Mortgage Bonds |  | 4.38 | 10/1/2045 | 1410000 | 1227380 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes |  | 6.50 | 8/15/2055 | 5844000 | 6255318 |
| Niagara Mohawk Power Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 5.66 | 1/17/2054 | 878000 | 876660 |
| NiSource, Inc., Sr. Unscd. Notes |  | 3.60 | 5/1/2030 | 1297000 | 1259086 |
| NRG Energy, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 6.00 | 1/15/2036 | 3821000 | 3889234 |
| Pacific Gas & Electric Co., First Mortgage Bonds |  | 2.10 | 8/1/2027 | 2060000 | 1981316 |
| Pacific Gas and Electric Co., First Mortgage |  | 5.05 | 10/15/2032 | 4302000 | 4311706 |
| PG&E Corp., Sr. Scd. Notes |  | 5.25 | 7/1/2030 | 2480000 | 2455771 |
| Pinnacle West Capital Corp., Sr. Unscd. Notes |  | 5.15 | 5/15/2030 | 1847000 | 1903948 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes |  | 5.45 | 4/1/2034 | 2403000 | 2497428 |
| Public Service Enterprise Group, Inc., Sr. Unscd. Notes |  | 6.13 | 10/15/2033 | 1574000 | 1700124 |
| Puget Energy, Inc., Sr. Scd. Notes |  | 2.38 | 6/15/2028 | 1709000 | 1628671 |
| Sempra, Jr. Sub. Notes |  | 6.55 | 4/1/2055 | 2410000 | 2470358 |
| Sierra Pacific Power Co., Jr. Sub. Notes |  | 6.20 | 12/15/2055 | 3062000 | 3061467 |
| Southern California Edison Co., First Mortgage Bonds |  | 5.25 | 3/15/2030 | 4705000 | 4817350 |
| The AES Corp., Jr. Sub. Notes |  | 6.95 | 7/15/2055 | 7152000 | 6937360 |
| The Southern Company, Jr. Sub. Notes, Ser. 2025 |  | 6.38 | 3/15/2055 | 7975000 | 8530483 |
| Vistra Operations Co., LLC, Sr. Scd. Notes<sup>(b)</sup> <br>|  | 5.25 | 10/15/2035 | 3532000 | 3510647 |
|  |  |  |  |  | **131634349** |
| **Total Bonds and Notes** <br>(cost $2,494,420,621)<br>|  |  |  |  | **2500432553** |
| **Convertible Bonds and Notes — 1.0%** | **Convertible Bonds and Notes — 1.0%** | **Convertible Bonds and Notes — 1.0%** | **Convertible Bonds and Notes — 1.0%** | **Convertible Bonds and Notes — 1.0%** | **Convertible Bonds and Notes — 1.0%** |
| **Aerospace & Defense — .0%** | **Aerospace & Defense — .0%** | **Aerospace & Defense — .0%** | **Aerospace & Defense — .0%** | **Aerospace & Defense — .0%** | **Aerospace & Defense — .0%** |
| AeroVironment, Inc., Sr. Unscd. Notes<sup>(i)</sup> <br>|  | 0.00 | 7/15/2030 | 300000 | 419700 |
| MTU Aero Engines AG, Sr. Unscd. Bonds, Ser. MTX<sup>(d)</sup> <br>| EUR | 0.05 | 3/18/2027 | 300000 | 391114 |
|  |  |  |  |  | **810814** |
| **Banks — .1%** | **Banks — .1%** | **Banks — .1%** | **Banks — .1%** | **Banks — .1%** | **Banks — .1%** |
| Barclays Bank PLC, Sr. Unscd. Notes, Ser. MSFT |  | 1.00 | 2/16/2029 | 400000 | 452496 |
| Goldman Sachs Finance Corp. International Ltd., Gtd. Notes, Ser. 1MTN<sup>(i)</sup> <br>|  | 0.00 | 4/4/2028 | 600000 | 825000 |
| Goldman Sachs Finance Corp. International Ltd., Gtd. Notes, Ser. 700h<sup>(d),(i)</sup> <br>|  | 0.00 | 3/7/2030 | 300000 | 335250 |
| Morgan Stanley Finance LLC, Gtd. Notes, Ser. 1<sup>(i)</sup> <br>|  | 0.00 | 3/21/2028 | 500000 | 663000 |
| Morgan Stanley Finance LLC, Gtd. Notes, Ser. 1<sup>(i)</sup> <br>|  | 0.00 | 4/10/2028 | 400000 | 435400 |
|  |  |  |  |  | **2711146** |
| **Beverage Products — .0%** | **Beverage Products — .0%** | **Beverage Products — .0%** | **Beverage Products — .0%** | **Beverage Products — .0%** | **Beverage Products — .0%** |
| Davide Campari-Milano N.V., Sr. Unscd. Bonds | EUR | 2.38 | 1/17/2029 | 600000 | **677249** |
| **Consumer Discretionary — .0%** | **Consumer Discretionary — .0%** | **Consumer Discretionary — .0%** | **Consumer Discretionary — .0%** | **Consumer Discretionary — .0%** | **Consumer Discretionary — .0%** |
| Accor SA, Sr. Unscd. Bonds | EUR | 0.70 | 12/7/2027 | 48120 | 65175 |
| NCL Corp. Ltd., Gtd. Notes<sup>(b),(d)</sup> <br>|  | 0.88 | 4/15/2030 | 200000 | 222750 |
| NCL Corp., Ltd., Gtd. Notes<sup>(b)</sup> <br>|  | 0.75 | 9/15/2030 | 300000 | 289125 |
|  |  |  |  |  | **577050** |
| **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** | **Diversified Financials — .1%** |
| Cipher Mining, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 10/1/2031 | 200000 | 283000 |
| Citigroup Global Markets Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| EUR | 0.80 | 2/5/2030 | 500000 | 643877 |
| IREN Ltd., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 7/1/2031 | 100000 | 105550 |
| Merrill Lynch BV, Gtd. Notes, Ser. SAp | EUR | 0.10 | 4/28/2030 | 500000 | 550326 |
| Terawulf, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 5/1/2032 | 25000 | 25912 |
|  |  |  |  |  | **1608665** |

---

**15**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** |
| **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** |
| Hon Hai Precision Industry Co. Ltd., Sr. Unscd. Notes<sup>(i)</sup> <br>|  | 0.00 | 10/24/2029 | 200000 | 226000 |
| Ibiden Co. Ltd., Sr. Unscd. Bonds<sup>(i)</sup> <br>| JPY | 0.00 | 3/14/2031 | 70000000 | 796022 |
| Legrand SA, Sr. Unscd. Notes | EUR | 1.50 | 6/23/2033 | 500000 | 665351 |
| Mirion Technologies, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 10/1/2031 | 400000 | 497000 |
| OSI Systems, Inc., Sr. Unscd. Notes |  | 2.25 | 8/1/2029 | 300000 | 473625 |
| Schneider Electric SE, Sr. Unscd. Notes, Ser. SUFP<sup>(d)</sup> <br>| EUR | 1.63 | 6/28/2031 | 600000 | 753909 |
|  |  |  |  |  | **3411907** |
| **Energy — .1%** | **Energy — .1%** | **Energy — .1%** | **Energy — .1%** | **Energy — .1%** | **Energy — .1%** |
| Northern Oil & Gas, Inc., Sr. Unscd. Notes |  | 3.63 | 4/15/2029 | 500000 | 486375 |
| Saipem SpA, Gtd. Bonds | EUR | 2.88 | 9/11/2029 | 300000 | 489676 |
|  |  |  |  |  | **976051** |
| **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** |
| Tetra Tech, Inc., Sr. Unscd. Notes |  | 2.25 | 8/15/2028 | 200000 | **213210** |
| **Health Care — .0%** | **Health Care — .0%** | **Health Care — .0%** | **Health Care — .0%** | **Health Care — .0%** | **Health Care — .0%** |
| Alnylam Pharmaceuticals, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 9/15/2028 | 300000 | 300750 |
| ANI Pharmaceuticals, Inc., Sr. Unscd. Notes |  | 2.25 | 9/1/2029 | 300000 | 419624 |
| Telix Pharmaceuticals Ltd., Sr. Unscd. Notes | AUD | 2.38 | 7/30/2029 | 300000 | 203602 |
|  |  |  |  |  | **923976** |
| **Industrial — .1%** | **Industrial — .1%** | **Industrial — .1%** | **Industrial — .1%** | **Industrial — .1%** | **Industrial — .1%** |
| Bloom Energy Corp., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 11/15/2030 | 26000 | 26498 |
| Daifuku Co. Ltd., Sr. Unscd. Bonds, Ser. 2028<sup>(i)</sup> <br>| JPY | 0.00 | 9/14/2028 | 50000000 | 474255 |
| SPIE SA, Sr. Unscd. Notes | EUR | 2.00 | 1/17/2028 | 200000 | 324324 |
| Vinci SA, Sr. Unscd. Bonds | EUR | 0.70 | 2/18/2030 | 600000 | 713977 |
|  |  |  |  |  | **1539054** |
| **Information Technology — .1%** | **Information Technology — .1%** | **Information Technology — .1%** | **Information Technology — .1%** | **Information Technology — .1%** | **Information Technology — .1%** |
| Alkami Technology, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 1.50 | 3/15/2030 | 300000 | 296925 |
| DigitalOcean Holdings, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 8/15/2030 | 300000 | 376650 |
| Nebius Group NV, Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 1.00 | 9/15/2030 | 250000 | 319250 |
| Nutanix, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 0.50 | 12/15/2029 | 300000 | 331260 |
| Progress Software Corp., Sr. Unscd. Notes |  | 3.50 | 3/1/2030 | 400000 | 407700 |
| Snowflake, Inc., Sr. Unscd. Notes<sup>(i)</sup> <br>|  | 0.00 | 10/1/2027 | 150000 | 269400 |
|  |  |  |  |  | **2001185** |
| **Insurance — .0%** | **Insurance — .0%** | **Insurance — .0%** | **Insurance — .0%** | **Insurance — .0%** | **Insurance — .0%** |
| Ping An Insurance Group Co. of China Ltd., Sr. Unscd. Notes<sup>(i)</sup> <br>| HKD | 0.00 | 6/11/2030 | 2000000 | **293158** |
| **Internet Software & Services — .1%** | **Internet Software & Services — .1%** | **Internet Software & Services — .1%** | **Internet Software & Services — .1%** | **Internet Software & Services — .1%** | **Internet Software & Services — .1%** |
| Alibaba Group Holding Ltd., Sr. Unscd. Notes |  | 0.50 | 6/1/2031 | 150000 | 265575 |
| DoorDash, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 5/15/2030 | 300000 | 331950 |
| Lyft, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 9/15/2030 | 32000 | 37392 |
| MakeMyTrip Ltd., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 7/1/2030 | 200000 | 193040 |
| Spotify USA, Inc., Gtd. Notes<sup>(i)</sup> <br>|  | 0.00 | 3/15/2026 | 350000 | 452200 |
| Uber Technologies, Inc., Sr. Scd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 5/15/2028 | 200000 | 211400 |
| Uber Technologies, Inc., Sr. Unscd. Notes<sup>(i)</sup> <br>|  | 0.00 | 12/15/2025 | 300000 | 357642 |
| Uber Technologies, Inc., Sr. Unscd. Notes, Ser. 2028 |  | 0.88 | 12/1/2028 | 150000 | 218775 |
|  |  |  |  |  | **2067974** |
| **Media — .0%** | **Media — .0%** | **Media — .0%** | **Media — .0%** | **Media — .0%** | **Media — .0%** |
| Liberty Media Corp.-Liberty Formula One, Sr. Unscd. Notes |  | 2.25 | 8/15/2027 | 300000 | **384600** |
| **Metals & Mining — .0%** | **Metals & Mining — .0%** | **Metals & Mining — .0%** | **Metals & Mining — .0%** | **Metals & Mining — .0%** | **Metals & Mining — .0%** |
| Centrus Energy Corp., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 8/15/2032 | 170000 | 302643 |

---

**16**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description |  | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** | **Convertible Bonds and Notes — 1.0% (continued)** |
| **Metals & Mining — .0% (continued)** | **Metals & Mining — .0% (continued)** | **Metals & Mining — .0% (continued)** | **Metals & Mining — .0% (continued)** | **Metals & Mining — .0% (continued)** | **Metals & Mining — .0% (continued)** |
| Energy Fuels, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 0.75 | 11/1/2031 | 20000 | 25815 |
| voestalpine AG, Sr. Unscd. Bonds | EUR | 2.75 | 4/28/2028 | 400000 | 492435 |
|  |  |  |  |  | **820893** |
| **Retailing — .1%** | **Retailing — .1%** | **Retailing — .1%** | **Retailing — .1%** | **Retailing — .1%** | **Retailing — .1%** |
| Anllian Capital 2 Ltd., Gtd. Notes<sup>(i)</sup> <br>| EUR | 0.00 | 12/5/2029 | 400000 | 465671 |
| MINISO Group Holding Ltd., Sr. Unscd. Notes |  | 0.50 | 1/14/2032 | 400000 | 399800 |
| Zalando SE, Sr. Unscd. Bonds, Ser. B | EUR | 0.63 | 8/6/2027 | 400000 | 443193 |
|  |  |  |  |  | **1308664** |
| **Semiconductors & Semiconductor Equipment — .0%** | **Semiconductors & Semiconductor Equipment — .0%** | **Semiconductors & Semiconductor Equipment — .0%** | **Semiconductors & Semiconductor Equipment — .0%** | **Semiconductors & Semiconductor Equipment — .0%** | **Semiconductors & Semiconductor Equipment — .0%** |
| MACOM Technology Solutions Holdings, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 12/15/2029 | 550000 | 610775 |
| Nova Ltd., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 9/15/2030 | 50000 | 64129 |
|  |  |  |  |  | **674904** |
| **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** | **Technology Hardware & Equipment — .1%** |
| Ferrotec Corp., Sr. Unscd. Notes<sup>(i)</sup> <br>| JPY | 0.00 | 6/23/2028 | 60000000 | 566235 |
| Lumentum Holdings, Inc., Sr. Unscd. Notes |  | 0.50 | 12/15/2026 | 150000 | 309337 |
| Parsons Corp., Sr. Unscd. Notes<sup>(d)</sup> <br>|  | 2.63 | 3/1/2029 | 350000 | 400225 |
| Seagate HDD Cayman, Gtd. Notes |  | 3.50 | 6/1/2028 | 50000 | 156619 |
| Super Micro Computer, Inc., Sr. Unscd. Notes<sup>(b),(i)</sup> <br>|  | 0.00 | 6/15/2030 | 300000 | 354431 |
| Western Digital Corp., Gtd. Notes |  | 3.00 | 11/15/2028 | 50000 | 200375 |
|  |  |  |  |  | **1987222** |
| **Telecommunication Services — .0%** | **Telecommunication Services — .0%** | **Telecommunication Services — .0%** | **Telecommunication Services — .0%** | **Telecommunication Services — .0%** | **Telecommunication Services — .0%** |
| A10 Networks, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>|  | 2.75 | 4/1/2030 | 300000 | **313512** |
| **Utilities — .1%** | **Utilities — .1%** | **Utilities — .1%** | **Utilities — .1%** | **Utilities — .1%** | **Utilities — .1%** |
| Duke Energy Corp., Sr. Unscd. Notes |  | 4.13 | 4/15/2026 | 400000 | 431100 |
| Evergy, Inc., Sr. Unscd. Notes |  | 4.50 | 12/15/2027 | 300000 | 381863 |
| Iberdrola Finanzas SA, Gtd. Notes, Ser. IBE | EUR | 1.50 | 3/27/2030 | 200000 | 249921 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes |  | 3.00 | 3/1/2027 | 400000 | 501800 |
| Ormat Technologies, Inc., Sr. Unscd. Notes |  | 2.50 | 7/15/2027 | 500000 | 647125 |
|  |  |  |  |  | **2211809** |
| **Total Convertible Bonds and Notes** <br>(cost $26,548,998) | **Total Convertible Bonds and Notes** <br>(cost $26,548,998) | **Total Convertible Bonds and Notes** <br>(cost $26,548,998) |  |  | **25513043** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — .3%** | **Investment Companies — .3%** | **Investment Companies — .3%** | **Investment Companies — .3%** |
| **Registered Investment Companies — .3%** | **Registered Investment Companies — .3%** | **Registered Investment Companies — .3%** | **Registered Investment Companies — .3%** |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(j)</sup> <br>(cost $8,693,424)<br>| 4.22 | 8693424 | **8693424** |
| **Investment of Cash Collateral for Securities Loaned — .5%** |  |  |  |
| **Registered Investment Companies — .5%** |  |  |  |
| Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional <br> Shares<sup>(j)</sup> <br>(cost $12,759,142)<br>| 4.22 | 12759142 | **12759142** |
| **Total Investments** (cost $2,542,422,185) | **Total Investments** (cost $2,542,422,185) | **99.6%** | **2547398162** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **.4%** | **9420139** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **2556818301** |

---

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

AUD—Australian Dollar <br> BRL—Brazilian Real

**17**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

---

| |
|:---|
| EUR—Euro |
| GBP—British Pound |
| HKD—Hong Kong Dollar |
| JPY—Japanese Yen |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| TSFR—Term Secured Overnight Financing Rate Reference Rates |

---

&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 October 31, 2025, these securities amounted to $732,222,440 or 28.6% 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 October 31, 2025, the value of the fund's securities on loan was $28,464,956 and the value of the collateral was $29,821,611, consisting of cash collateral of $12,759,142 and U.S. Government & Agency securities valued at $17,062,469. In addition, the value of collateral may include pending sales that are also on loan. 

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

<sup>(f)</sup> Step coupon bond. Security begins as a zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

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

<sup>(i)</sup> Security issued with a zero coupon.

<sup>(j)</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 — (3.4%)** | **U.S. Government Agencies Mortgage-Backed — (3.4%)** | **U.S. Government Agencies Mortgage-Backed — (3.4%)** |
| **Federal National Mortgage Association:** | **Federal National Mortgage Association:** | **Federal National Mortgage Association:** |
| 2.50%, 11/1/2055<sup>(a),(b)</sup> <br>| (35580000) | (30213787) |
| 5.00%, 11/1/2055<sup>(a),(b)</sup> <br>| (11788000) | (11730491) |
| 5.50%, 11/1/2054<sup>(a),(b)</sup> <br>| (45361000) | (45835154) |
| **Total Sale Commitments** (Proceeds $87,638,882) |  | **(87779432)** |

---

&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 ($) <br>4/30/2025<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>10/31/2025<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** | **Registered Investment Companies - .3%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .3%<br>| 23613434 | 320330246 | (335250256) | 8693424 | 208700 |

---

**18**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** | **Affiliated Issuers (continued)** |
| Description | Value ($)<br> 4/30/2025<br>| Purchases ($)<sup>†</sup> | Sales ($) | Value ($)<br> 10/31/2025<br>| Dividends/<br> Distributions ($)<br>|
| **Investment of Cash Collateral for Securities Loaned - .5%** | **Investment of Cash Collateral for Securities Loaned - .5%** | **Investment of Cash Collateral for Securities Loaned - .5%** | **Investment of Cash Collateral for Securities Loaned - .5%** | **Investment of Cash Collateral for Securities Loaned - .5%** | **Investment of Cash Collateral for Securities Loaned - .5%** |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .5%<br>| 23963436 | 141405055 | (152609349) | 12759142 | 37583<sup>††</sup> <br>|
| **Total - .8%** | **47576870** | **461735301** | **(487859605)** | **21452566** | **246283** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 341826079 | &nbsp;&nbsp; 341517189 | &nbsp;&nbsp; (308890) |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 142264368 | &nbsp;&nbsp; 141646589 | &nbsp;&nbsp; (617779) |
| Canadian 10 Year Bond | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp; 51957167<sup>(a)</sup> <br>| &nbsp;&nbsp; 52253196 | &nbsp;&nbsp; 296029 |
| Euro-Bund | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 12/8/2025 | &nbsp;&nbsp; 87283749<sup>(a)</sup> <br>| &nbsp;&nbsp; 87545992 | &nbsp;&nbsp; 262243 |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 108201953 | &nbsp;&nbsp; 108208864 | &nbsp;&nbsp; 6911 |
| **Futures Short** |  |  |  |  |  |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 9079414 | &nbsp;&nbsp; 9013749 | &nbsp;&nbsp; 65665 |
| Euro-Bobl | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12/8/2025 | &nbsp;&nbsp; 2852613<sup>(a)</sup> <br>| &nbsp;&nbsp; 2862560 | &nbsp;&nbsp; (9947) |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 12/8/2025 | &nbsp;&nbsp; 18160415<sup>(a)</sup> <br>| &nbsp;&nbsp; 18470709 | &nbsp;&nbsp; (310294) |
| Euro-OAT | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 12/8/2025 | &nbsp;&nbsp; 90288319<sup>(a)</sup> <br>| &nbsp;&nbsp; 90843240 | &nbsp;&nbsp; (554921) |
| Japanese 10 Year Bond | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp; 98658657<sup>(a)</sup> <br>| &nbsp;&nbsp; 97984816 | &nbsp;&nbsp; 673841 |
| Long Gilt | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; 50870867<sup>(a)</sup> <br>| &nbsp;&nbsp; 52024175 | &nbsp;&nbsp; (1153308) |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 19836949 | &nbsp;&nbsp; 19647563 | &nbsp;&nbsp; 189386 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **1494075** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(2955139)** |

---

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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.** |
| Swedish Krona | &nbsp;&nbsp; 7711000 | United States Dollar | &nbsp;&nbsp; 821524 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; (9145) |
| Euro | &nbsp;&nbsp; 1000000 | United States Dollar | &nbsp;&nbsp; 1159012 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; (5408) |
| United States Dollar | &nbsp;&nbsp; 26221848 | British Pound | &nbsp;&nbsp; 19455000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 662988 |
| United States Dollar | &nbsp;&nbsp; 29670657 | Euro | &nbsp;&nbsp; 25234000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 560602 |
| **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** | **BNP Paribas Corp.** |
| United States Dollar | &nbsp;&nbsp; 123295 | Japanese Yen | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 6078 |
| **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** | **Citigroup Global Markets, Inc.** |
| Brazilian Real | &nbsp;&nbsp; 101592000 | United States Dollar | &nbsp;&nbsp; 18841246 | &nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp; 17363 |
| United States Dollar | &nbsp;&nbsp; 1183466 | Euro | &nbsp;&nbsp; 1006000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 22940 |
| British Pound | &nbsp;&nbsp; 850000 | United States Dollar | &nbsp;&nbsp; 1133403 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; (16722) |
| United States Dollar | &nbsp;&nbsp; 18719079 | Brazilian Real | &nbsp;&nbsp; 101592000 | &nbsp;&nbsp; 12/2/2025 | &nbsp;&nbsp; (11817) |

---

**19**

------

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>|
| **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; 348248 | Euro | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 1765 |
| United States Dollar | &nbsp;&nbsp; 117960 | Euro | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 2465 |
| United States Dollar | &nbsp;&nbsp; 328192 | Japanese Yen | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 2588 |
| **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; 18990472 | Brazilian Real | &nbsp;&nbsp; 101592000 | &nbsp;&nbsp; 11/4/2025 | &nbsp;&nbsp; 131863 |
| United States Dollar | &nbsp;&nbsp; 116489 | Euro | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 1128 |
| Romanian New Leu | &nbsp;&nbsp; 2678000 | United States Dollar | &nbsp;&nbsp; 616331 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; (9755) |
| United States Dollar | &nbsp;&nbsp; 35845041 | Japanese Yen | &nbsp;&nbsp; 5249664000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 1732233 |
| United States Dollar | &nbsp;&nbsp; 1179216 | Euro | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 24273 |
| United States Dollar | &nbsp;&nbsp; 289705 | Hong Kong Dollar | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 12/5/2025 | (35) |
| **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** |
| United States Dollar | &nbsp;&nbsp; 295019 | Australian Dollar | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 466 |
| United States Dollar | &nbsp;&nbsp; 325271 | Japanese Yen | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 12/5/2025 | (333) |
| Euro | &nbsp;&nbsp; 500000 | United States Dollar | &nbsp;&nbsp; 588987 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; (11516) |
| United States Dollar | &nbsp;&nbsp; 1158266 | Japanese Yen | &nbsp;&nbsp; 170000000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 51214 |
| United States Dollar | &nbsp;&nbsp; 6341057 | Euro | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; 104366 |
| Euro | &nbsp;&nbsp; 350000 | United States Dollar | &nbsp;&nbsp; 416355 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp; (12125) |
| **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; 400361 | British Pound | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 6238 |
| Euro | &nbsp;&nbsp; 1458000 | United States Dollar | &nbsp;&nbsp; 1717598 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; (35643) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **3328570** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **(112499)** |

---

&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 ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Purchased Contracts:**<sup>(b)</sup> |  |  |  |  |  |
| Markit CDX North America High Yield Index Series 45, <br> Paid 3 Month Fixed Rate of 5.00%<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp; (9386035) | &nbsp;&nbsp; (9109252) | &nbsp;&nbsp; (276783) |
| **Gross Unrealized Depreciation** |  |  |  |  | &nbsp;&nbsp; **(276783)** |

---

&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. 

See notes to financial statements.

**20**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments <br>(including securities on loan, valued at $28,464,956)—Note 1(c):<br>|  |  |
| Unaffiliated issuers | 2520969619 | &nbsp;&nbsp;&nbsp;&nbsp; 2525945596 |
| Affiliated issuers | 21452566 | &nbsp;&nbsp;&nbsp;&nbsp; 21452566 |
| Cash denominated in foreign currency | 2709927 | &nbsp;&nbsp;&nbsp;&nbsp; 2687698 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20580582 |
| Receivable for investment securities sold—TBA |  | &nbsp;&nbsp;&nbsp;&nbsp; 87771341 |
| Dividends, interest and securities lending income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 21528718 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 10824653 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 4408810 |
| Unrealized appreciation on forward foreign currency exchange contracts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3328570 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 372806 |
| Receivable for swap variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 108613 |
| Tax reclaim receivable—Note 1(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 767 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 132915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2699143635** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 886350 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 3933945 |
| TBA sale commitments, at value (proceeds $87,638,882)—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 87779432 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 31430626 |
| Liability for securities on loan—Note 1(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12759142 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 4989929 |
| Unrealized depreciation on forward foreign currency exchange contracts—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 112499 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 20198 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 413213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **142325334** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2556818301** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 2771237943 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (214419642)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2556818301** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 514371307 | &nbsp;&nbsp;&nbsp;&nbsp; 21589045 | &nbsp;&nbsp;&nbsp;&nbsp; 1979633034 | &nbsp;&nbsp;&nbsp;&nbsp; 41224915 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 54929374 | &nbsp;&nbsp;&nbsp;&nbsp; 2304708 | &nbsp;&nbsp;&nbsp;&nbsp; 211413294 | &nbsp;&nbsp;&nbsp;&nbsp; 4401098 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.36** | &nbsp;&nbsp;&nbsp;&nbsp;**9.37** | &nbsp;&nbsp;&nbsp;&nbsp;**9.36** | &nbsp;&nbsp;&nbsp;&nbsp;**9.37** |

---

See notes to financial statements.

**21**

------

STATEMENT OF OPERATIONS

Six Months Ended October 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (net of $51,986 foreign taxes withheld at source) | &nbsp;&nbsp;&nbsp;&nbsp; 65582777 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 208700 |
| Affiliated income net of rebates from securities lending—Note 1(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 37583 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **65829060** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 4323894 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1613389 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 131958 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 126942 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 82222 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 77367 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 64983 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 35070 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 25317 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 13833 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 8881 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 54631 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6558487** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (225733)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (4582)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6328172** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **59500888** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; (6137016)<br>|
| Net realized gain (loss) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (39136)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 2212288 |
| Net realized gain (loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; (3689395)<br>|
| Net realized gain (loss) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (4324007)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(11977266)**<br>|
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 50429596 |
| Net change in unrealized appreciation (depreciation) on TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp; (140550)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (4780845)<br>|
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4945935 |
| Net change in unrealized appreciation (depreciation) on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 214805 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **50668941** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **38691675** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **98192563** |

---

See notes to financial statements.

**22**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>April 30, 2025 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 59500888 | &nbsp;&nbsp;&nbsp;&nbsp; 93858835 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (11977266) | &nbsp;&nbsp;&nbsp;&nbsp; (35291213) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 50668941 | &nbsp;&nbsp;&nbsp;&nbsp; 89855012 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **98192563** | &nbsp;&nbsp;&nbsp;&nbsp; **148422634** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (11090957) | &nbsp;&nbsp;&nbsp;&nbsp; (14765285) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (393645) | &nbsp;&nbsp;&nbsp;&nbsp; (765425) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (43746626) | &nbsp;&nbsp;&nbsp;&nbsp; (77041957) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (888691) | &nbsp;&nbsp;&nbsp;&nbsp; (1234260) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(56119919)** | &nbsp;&nbsp;&nbsp;&nbsp; **(93806927)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 30311754 | &nbsp;&nbsp;&nbsp;&nbsp; 118841264 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1458119 | &nbsp;&nbsp;&nbsp;&nbsp; 5180268 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 324050184 | &nbsp;&nbsp;&nbsp;&nbsp; 953464099 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 6902753 | &nbsp;&nbsp;&nbsp;&nbsp; 24700471 |
| Net assets received in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 167769135 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 9237071 | &nbsp;&nbsp;&nbsp;&nbsp; 13840298 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 350554 | &nbsp;&nbsp;&nbsp;&nbsp; 765351 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 38724419 | &nbsp;&nbsp;&nbsp;&nbsp; 76922481 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 424782 | &nbsp;&nbsp;&nbsp;&nbsp; 810556 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (41348133) | &nbsp;&nbsp;&nbsp;&nbsp; (109793650) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (2954353) | &nbsp;&nbsp;&nbsp;&nbsp; (5000466) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (269042462) | &nbsp;&nbsp;&nbsp;&nbsp; (719368792) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (3987974) | &nbsp;&nbsp;&nbsp;&nbsp; (5613072) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **94126714** | &nbsp;&nbsp;&nbsp;&nbsp; **522517943** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **136199358** | &nbsp;&nbsp;&nbsp;&nbsp; **577133650** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 2420618943 | &nbsp;&nbsp;&nbsp;&nbsp; 1843485293 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **2556818301** | &nbsp;&nbsp;&nbsp;&nbsp; **2420618943** |

---

**23**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> October 31, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> October 31, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> April 30, 2025 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(b),(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3274264 | &nbsp;&nbsp;&nbsp;&nbsp; 12852182 |
| Shares issued in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18019461 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 999992 | &nbsp;&nbsp;&nbsp;&nbsp; 1500539 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4479426) | &nbsp;&nbsp;&nbsp;&nbsp; (11878484) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(205170)** | &nbsp;&nbsp;&nbsp;&nbsp; **20493698** |
| **Class C**<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 157999 | &nbsp;&nbsp;&nbsp;&nbsp; 557096 |
| Shares issued in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 21480 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 37952 | &nbsp;&nbsp;&nbsp;&nbsp; 82910 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (320572) | &nbsp;&nbsp;&nbsp;&nbsp; (542349) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(124621)** | &nbsp;&nbsp;&nbsp;&nbsp; **119137** |
| **Class I**<sup>(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 35055956 | &nbsp;&nbsp;&nbsp;&nbsp; 103087970 |
| Shares issued in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 172379 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4192726 | &nbsp;&nbsp;&nbsp;&nbsp; 8337483 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (29186561) | &nbsp;&nbsp;&nbsp;&nbsp; (78474408) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **10062121** | &nbsp;&nbsp;&nbsp;&nbsp; **33123424** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 744789 | &nbsp;&nbsp;&nbsp;&nbsp; 2618901 |
| Shares issued in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 45993 | &nbsp;&nbsp;&nbsp;&nbsp; 87837 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (433622) | &nbsp;&nbsp;&nbsp;&nbsp; (609688) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **357160** | &nbsp;&nbsp;&nbsp;&nbsp; **2097142** |

---

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

<sup>(a)</sup> As of the close of business on March 28, 2025, pursuant to an Agreement and Plan of Reorganization previously approved by the Company's Board of Directors (the "Board"), all of the assets, subject to the liabilities, of BNY Mellon U.S. Mortgage Fund, Inc. Class A, Class C, Class I, Class Y and Class Z shares (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for Class A, Class C, Class I and Class Y shares to holders of the corresponding class of fund shares (with holders of Class Z shares of the Acquired Fund having received Class A shares of the fund) of Common Stock of equal value. 

<sup>(b)</sup> During the period ended October 31, 2025, 1,378 Class C shares representing $12,798 were automatically converted to 1,379 Class A shares.

<sup>(c)</sup> During the period ended April 30, 2025, 11,555 Class A shares representing $109,986 were exchanged for 11,555 Class I 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>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <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;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .13 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .34 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .55 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .74 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .74 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .73 |
| Ratio of net expenses to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .71 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net investment income to average <br> net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.62 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 51.38 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;111.76 | &nbsp;&nbsp;&nbsp;&nbsp;66.05 | &nbsp;&nbsp;&nbsp;&nbsp;57.85 | &nbsp;&nbsp;&nbsp;&nbsp;68.40 | &nbsp;&nbsp;&nbsp;&nbsp;106.79 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 514371 | &nbsp;&nbsp;&nbsp;&nbsp; 507558 | &nbsp;&nbsp;&nbsp;&nbsp; 308264 | &nbsp;&nbsp;&nbsp;&nbsp; 310009 | &nbsp;&nbsp;&nbsp;&nbsp; 341370 | &nbsp;&nbsp;&nbsp;&nbsp; 410139 |

---

&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>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <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;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .13 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .35 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .63 | &nbsp;&nbsp;&nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .48 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.55 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.50 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Ratio of net expenses to average net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Ratio of net investment income to average <br> net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.87 <br><sup>(d),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 51.38 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;111.76 | &nbsp;&nbsp;&nbsp;&nbsp;66.05 | &nbsp;&nbsp;&nbsp;&nbsp;57.85 | &nbsp;&nbsp;&nbsp;&nbsp;68.40 | &nbsp;&nbsp;&nbsp;&nbsp;106.79 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 21589 | &nbsp;&nbsp;&nbsp;&nbsp; 22368 | &nbsp;&nbsp;&nbsp;&nbsp; 20570 | &nbsp;&nbsp;&nbsp;&nbsp; 16932 | &nbsp;&nbsp;&nbsp;&nbsp; 17471 | &nbsp;&nbsp;&nbsp;&nbsp; 20670 |

---

&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.

**26**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <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;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .24 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .34 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.51 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .47 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .48 |
| Ratio of net expenses to average net <br> assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .45 |
| Ratio of net investment income to average <br> net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88 <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 51.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;111.76 | &nbsp;&nbsp;&nbsp;&nbsp;66.05 | &nbsp;&nbsp;&nbsp;&nbsp;57.85 | &nbsp;&nbsp;&nbsp;&nbsp;68.40 | &nbsp;&nbsp;&nbsp;&nbsp;106.79 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1979633 | &nbsp;&nbsp;&nbsp;&nbsp; 1853452 | &nbsp;&nbsp;&nbsp;&nbsp; 1497319 | &nbsp;&nbsp;&nbsp;&nbsp; 987798 | &nbsp;&nbsp;&nbsp;&nbsp; 1013672 | &nbsp;&nbsp;&nbsp;&nbsp; 1126126 |

---

&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 expenses due to undertaking.

<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>October 31, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>October 31, 2025 <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;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; .24 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .36 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 4.18 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp; .13 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.75 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .40 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .41 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .40 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .39 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .41 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .41 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 51.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;111.76 | &nbsp;&nbsp;&nbsp;&nbsp;66.05 | &nbsp;&nbsp;&nbsp;&nbsp;57.85 | &nbsp;&nbsp;&nbsp;&nbsp;68.40 | &nbsp;&nbsp;&nbsp;&nbsp;106.79 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 41225 | &nbsp;&nbsp;&nbsp;&nbsp; 37241 | &nbsp;&nbsp;&nbsp;&nbsp; 17332 | &nbsp;&nbsp;&nbsp;&nbsp; 11050 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 | &nbsp;&nbsp;&nbsp;&nbsp; 2573 |

---

&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.

**28**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon Core Plus Fund (the "fund") is the sole series of BNY Mellon Absolute Insight Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified open-end management investment company. The fund's investment objective is to seek high total return consistent with preservation of capital. 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 550 million shares of $.001 par value of Common Stock. The fund currently has authorized four classes of shares: Class A (100 million shares authorized), Class C (50 million shares authorized), Class I (300 million shares authorized) and Class Y (100 million shares authorized). 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 $250,000 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

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

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

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

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

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

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

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

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

**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:

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

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

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

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

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

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

Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy. Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. 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 October 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 190235608 | &nbsp;&nbsp; — | &nbsp;&nbsp; **190235608** |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 104883858 | &nbsp;&nbsp; — | &nbsp;&nbsp; **104883858** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 110121361 | &nbsp;&nbsp; — | &nbsp;&nbsp; **110121361** |
| Convertible Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 25513043 | &nbsp;&nbsp; — | &nbsp;&nbsp; **25513043** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1039179570 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1039179570** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 158564865 | &nbsp;&nbsp; — | &nbsp;&nbsp; **158564865** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2080350 | &nbsp;&nbsp; — | &nbsp;&nbsp; **2080350** |
| U.S. Government Agencies Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 23136892 | &nbsp;&nbsp; — | &nbsp;&nbsp; **23136892** |

---

**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 ($) (continued)** |  |  |  |  |
| U.S. Government Agencies Collateralized Municipal-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 302180 | &nbsp;&nbsp; — | &nbsp;&nbsp; **302180** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 626768511 | &nbsp;&nbsp; — | &nbsp;&nbsp; **626768511** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 245159358 | &nbsp;&nbsp; — | &nbsp;&nbsp; **245159358** |
| Investment Companies | &nbsp;&nbsp; 21452566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **21452566** |
|  | &nbsp;&nbsp; **21452566** | &nbsp;&nbsp; **2525945596** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **2547398162** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3328570 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3328570** |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 1494075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1494075** |
|  | &nbsp;&nbsp; **1494075** | &nbsp;&nbsp; **3328570** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **4822645** |
| **Liabilities ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; (87779432) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(87779432)** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (112499) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(112499)** |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (2955139) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(2955139)** |
| Swap Agreements<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (276783) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(276783)** |
|  | &nbsp;&nbsp; **(2955139)** | &nbsp;&nbsp; **(88168714)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(91123853)** |

---

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

---

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

---

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

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

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

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

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is

**31**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended October 31, 2025, BNY earned $5,123 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.

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

---

| | |
|:---|:---|
| **Assets ($)** |  |
| Gross amount of securities loaned, at <br> value, as disclosed in the Statement <br>of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28464956 |
| 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; (28464956 )<sup>†</sup><br>|
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

---

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

---

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

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

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

**32**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

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

**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 translated to U.S. dollars at the prevailing rates of exchange.

**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. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment, and involve greater risks than the underlying assets because, in addition to general market risks, they are subject to liquidity risk, credit and counterparty risk (failure of the counterparty to the derivatives transaction to honor its obligation) and pricing risk (risk that the derivative cannot or will not be accurately valued).

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

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

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

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

Each tax year in the three-year period ended April 30, 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.

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an unused capital loss carryover of $212,747,900 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to April 30, 2025. The fund has $24,528,845 of short-term capital losses and $188,219,055 of long-term capital losses which can be carried forward for an unlimited period.

As a result of the fund's merger with BNY Mellon U.S. Mortgage Fund, Inc. on March 28, 2025, capital losses of $31,286,105, included in the total above, are available to offset future realized gains, if any. Based on certain provisions in the Code, these losses can be utilized in subsequent years but are subject to an annual limitation.

The tax character of distributions paid to shareholders during the fiscal year ended April 30, 2025 was as follows: ordinary income $93,806,927. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

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

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from May 1, 2025 through August 29, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45% of the value of the fund's average daily net assets. On or after August 29, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $225,733 during the period ended October 31, 2025.

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 percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC

**34**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

During the period ended October 31, 2025, the Distributor retained $664 from commissions earned on sales of the fund's Class A shares, $25,289 and $1,652 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, 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 October 31, 2025, Class C shares were charged $82,222 pursuant to the Distribution Plan.

**(c)** Under 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 October 31, 2025, Class A and Class C shares were charged $637,499 and $27,407, 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 October 31, 2025, the fund was charged $129,532 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $4,582.

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 October 31, 2025, the fund was charged $25,317 pursuant to the custody agreement.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended October 31, 2025, the fund was charged $8,875 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended October 31, 2025, the fund was charged $8,881 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 October 31, 2025, the Custodian was compensated $13,833 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 $753,743, Distribution Plan fees of $13,738, Shareholder Services Plan fees of $113,696, Custodian fees of $13,500, Chief Compliance Officer fees of $1,541, Transfer Agent fees of $58,319, Checkwriting fees of $2,800 and Shareholder and regulatory reports service fees of $8,333, which are offset against an expense reimbursement currently in effect in the amount of $79,320.

**(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.

**35**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**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 October 31, 2025, amounted to $1,334,467,749 and $1,249,912,385, respectively.

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

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

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

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

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments:** | **Assets ($)** | **Liabilities ($)** |
| TBA forward receivables/payables (fair <br> value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87771341 | &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; - |
| 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; 87771341 | &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; (87779432)<br>| &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; - |
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8091)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

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

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

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including 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

**36**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2025 are set forth in the fund's Schedule of Investments.

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

**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 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. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund's exposure to the counterparty.

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 Statement of Investments, which summarizes open credit default swaps entered into by the

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 October 31, 2025 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 October 31, 2025 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; 1494075 <br><sup>(1)</sup><br>| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; (2955139 )<sup>(1)</sup><br>|
| Foreign Exchange Risk | &nbsp;&nbsp;&nbsp;&nbsp; 3328570 <br><sup>(2)</sup><br>| Foreign Exchange Risk | &nbsp;&nbsp;&nbsp;&nbsp; (112499 )<sup>(2)</sup><br>|
| Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | Credit Risk | &nbsp;&nbsp;&nbsp;&nbsp; (276783 )<sup>(3)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **4822645** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(3344421)**<br>|

---

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

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|
| <sup>(2)</sup> <br>| Unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
| <sup>(3)</sup> <br>| 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>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Forward Contracts**<sup>(2)</sup> <br>| **Swap Agreements**<sup>(3)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 2212288 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **2212288** |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3689395) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **(3689395)** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (4324007) | &nbsp;&nbsp;&nbsp;&nbsp; **(4324007)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **2212288** | &nbsp;&nbsp;&nbsp;&nbsp; **(3689395)** | &nbsp;&nbsp;&nbsp;&nbsp; **(4324007)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5801114)** |

---

&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 ($) |
| **Underlying risk** | **Futures**<sup>(4)</sup> <br>| **Forward Contracts**<sup>(5)</sup> <br>| **Swap Agreements**<sup>(6)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (4780845) | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **(4780845)** |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4945935 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; **4945935** |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 214805 | &nbsp;&nbsp;&nbsp;&nbsp; **214805** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(4780845)** | &nbsp;&nbsp;&nbsp;&nbsp; **4945935** | &nbsp;&nbsp;&nbsp;&nbsp; **214805** | &nbsp;&nbsp;&nbsp;&nbsp; **379895** |

---

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

---

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

---

**38**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

<sup>(5)</sup> Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. <br> <sup>(6)</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 October 31, 2025, 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; 1494075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2955139)<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; 3328570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112499)<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; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (276783)<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; 4822645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3344421)<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; (1494075)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3231922 |
| 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; 3328570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112499)<br>|

---

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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 1223590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14553)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1209037)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| BNP Paribas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6078 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28539)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18582 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9790)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1866459)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13248 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23974)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132072 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3328570** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(83094)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3075496)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **169980** |

---

&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; (14553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (28539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28539 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; (9790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9790 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |

---

**39**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** (continued) | &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>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp; (23974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23974 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp; (35643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6238 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (29405)<br>|
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(112499)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **83094** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(29405)**<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 October 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Long | &nbsp;&nbsp; 560012676 |
| Interest Rate Futures Short | &nbsp;&nbsp; 132381265 |
| **Forward Contracts:** |  |
| Forward Contracts Purchased in USD | &nbsp;&nbsp; 25169573 |
| Forward Contracts Sold in USD | &nbsp;&nbsp; 105516279 |

---

The following table summarizes the monthly average notional value of swap agreements outstanding during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | Average Notional Value ($) |
| **Swap Agreements:** |  |
| Credit Default Swaps Buy Protection | &nbsp;&nbsp; 78771220 |

---

At October 31, 2025, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $6,313,651, consisting of $52,393,887 gross unrealized appreciation and $46,080,236 gross unrealized depreciation.

At October 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**40**

------

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

N/A

**41**

------

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

N/A

**42**

------

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 Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $135,823.

**43**

------

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

At a meeting of the fund's Board of Directors (the "Board') held on October 28-29, 2025, 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 Y shares with the performance of a group of institutional core plus bond 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 core plus bond funds (the "Performance Universe"), all for various periods ended September 30, 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 other institutional core plus bond 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 at or above the Performance Group median for the two-, three- and five‑year periods, and was above the Performance Universe median for all periods, except for the one-year period when the fund's total return performance was below the Performance Universe median. The Board also considered that the fund's yield performance was above the Performance Group median for three of the ten one-year periods ended September 30th and at or above the Performance Universe medians for nine of the ten one-year periods ended September 30th. 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. The Board noted that the fund had a four-star overall rating from Morningstar and a four-star rating for the three- and ten-year periods from Morningstar based on Morningstar's risk-adjusted return measure.

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, which included reductions for an expense limitation arrangement in place that reduced the management fee paid to the Adviser. 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 approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median actual management fee, and the fund's total expenses were lower than the Expense Group median and lower than the Expense Universe median total expenses.

**44**

------

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

Representatives of the Adviser stated that the Adviser has contractually agreed, until August 29, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45% of the fund's average daily net assets.

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 considered the expense limitation arrangement and its effect on the profitability of 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, 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 generally 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 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

**45**

------

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

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.

**46**

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

Code-6347NCSRSA1025

![](img0c16d5ec1.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) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert4012.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](ex_99-906cert4012.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 Absolute Insight Funds, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 22, 2025

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

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 22, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 19, 2025

**EXHIBIT INDEX**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&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)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: December 22, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 19, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

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

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

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

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

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: December 22, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: December 19, 2025

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