BNY Mellon Core Plus Fund
SCHEDULE OF INVESTMENTS
January 31, 2026 (Unaudited)
 
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Asset-Backed Securities — 8.5%
Asset-Backed Certificates — 5.5%
AASET, Ser. 2025-1A, Cl. A(b)
5.94
2/16/2050
2,481,989
2,535,162
AASET MT-1 Ltd., Ser. 2025-3A, Cl. A(b)
5.24
2/16/2050
1,557,146
1,566,681
Affirm Asset Securitization Trust, Ser. 2025-X2, Cl. C(b)
4.93
10/15/2030
367,000
367,859
Amur Equipment Finance Receivables XI LLC, Ser. 2022-2A, Cl. A2(b)
5.30
6/21/2028
35,874
35,934
Aqua Finance Issuer Trust, Ser. 2025-B, Cl. A(b)
4.79
5/17/2051
1,671,444
1,689,986
Auxilior Term Funding LLC, Ser. 2023-1A, Cl. A2(b)
6.18
12/15/2028
180,759
181,584
Blackbird Capital II Aircraft Lease Ltd, Ser. 2021-1A, Cl. A(b)
2.44
7/15/2046
3,290,703
3,148,940
Blue Owl Asset Leasing Trust LLC, Ser. 2024-1A, Cl. A2(b)
5.05
3/15/2029
234,044
234,977
CLI Funding IX LLC, Ser. 2025-1A, Cl. A(b)
5.35
6/20/2050
2,289,263
2,325,433
Compass Datacenters Issuer II LLC, Ser. 2025-1A, Cl. A1(b)
5.32
5/25/2050
2,424,836
2,445,474
Concord Music Royalties LLC, Ser. 2025-2A, Cl. A(b)
5.79
7/20/2075
2,029,000
2,057,690
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC,
Ser. 2025-1A, Cl. A2(b)
6.00
5/20/2055
837,532
858,656
CyrusOne Data Centers Issuer I LLC, Ser. 2023-2A, Cl. A2(b)
5.56
11/20/2048
2,424,000
2,444,199
CyrusOne Data Centers Issuer I LLC, Ser. 2025-1A, Cl. A2(b)
5.91
2/20/2050
2,264,000
2,306,508
DailyPay Securitization Trust, Ser. 2025-1A, Cl. A(b)
5.63
6/26/2028
912,000
918,038
Daimler Trucks Retail Trust, Ser. 2023-1, Cl. A3
5.90
3/15/2027
969,204
973,352
DataBank Issuer, Ser. 2021-2A, Cl. A2(b)
2.40
10/25/2051
4,198,000
4,129,270
DataBank Issuer, Ser. 2026-1A, Cl. A2(b)
5.81
2/25/2056
1,907,000
1,920,164
DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2(b)
5.18
9/27/2055
7,645,000
7,556,344
DB Master Finance LLC, Ser. 2021-1A, Cl. A2I(b)
2.05
11/20/2051
4,188,480
4,119,379
DB Master Finance LLC, Ser. 2025-1A, Cl. A2II(b)
5.17
8/20/2055
2,118,000
2,119,857
Domino’s Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2I(b)
2.66
4/25/2051
3,427,090
3,267,455
Domino’s Pizza Master Issuer LLC, Ser. 2025-1A, Cl. A2II(b)
5.22
7/25/2055
1,398,000
1,408,055
EnFin Residential Solar Receivables Trust, Ser. 2024-1A, Cl. A(b)
6.65
2/20/2055
1,692,214
1,572,946
EnFin Residential Solar Receivables Trust, Ser. 2024-2A, Cl. A(b)
5.98
9/20/2055
773,515
737,651
Flexential Issuer, Ser. 2021-1A, Cl. A2(b)
3.25
11/27/2051
1,844,571
1,822,565
GBX Leasing LLC, Ser. 2026-1A, Cl. A(b)
5.13
2/20/2056
1,296,000
1,297,783
Gilead Aviation LLC, Ser. 2025-1A, Cl. A(b)
5.79
3/15/2050
3,487,895
3,527,088
GreenSky Home Improvement Issuer Trust, Ser. 2024-2, Cl. A4(b)
5.15
10/27/2059
859,272
873,013
Hilton Grand Vacations Trust, Ser. 2023-1A, Cl. A(b)
5.72
1/25/2038
274,261
280,572
InStar Leasing III LLC, Ser. 2021-1A, Cl. A(b)
2.30
2/15/2054
1,318,621
1,260,340
Jersey Mike’s Funding LLC, Ser. 2024-1A, Cl. A2(b)
5.64
2/15/2055
1,574,105
1,608,714
Jersey Mike’s Funding LLC, Ser. 2025-1A, Cl. A2(b)
5.61
8/16/2055
1,602,983
1,637,630
Lmdv Issuer Co. LLC, Ser. 2025-1A, Cl. A2(b)
5.31
12/15/2055
7,617,000
7,675,405
MetroNet Infrastructure Issuer LLC, Ser. 2025-2A, Cl. A2(b)
5.40
8/20/2055
1,736,133
1,764,256
MetroNet Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2(b)
5.16
12/20/2055
1,244,192
1,257,238
Navigator Aviation Ltd., Ser. 2025-1, Cl. A(b)
5.11
10/15/2050
1,446,941
1,438,960
New Economy Assets Phase 1 Sponsor LLC, Ser. 2021-1, Cl. A1(b)
1.91
10/20/2061
4,786,000
4,032,319
OneMain Financial Issuance Trust, Ser. 2019-2A, Cl. A(b)
3.14
10/14/2036
3,801,000
3,752,265
PK Alift Loan Funding 7 LP, Ser. 2025-2, Cl. A(b)
4.75
3/15/2043
1,703,421
1,706,701
Regional Management Issuance Trust, Ser. 2024-1, Cl. A(b)
5.83
7/15/2036
981,000
1,000,551
Regional Management Issuance Trust, Ser. 2024-2, Cl. A(b)
5.11
12/15/2033
2,573,000
2,591,775
Retained Vantage Data Centers Issuer LLC, Ser. 2025-1A, Cl. A2A(b)
5.09
8/15/2050
2,158,000
2,136,851
SCF Equipment Leasing LLC, Ser. 2025-1A, Cl. D(b)
5.88
11/20/2035
353,000
365,705
Slam Ltd., Ser. 2021-1A, Cl. A(b)
2.43
6/15/2046
6,590,475
6,307,459
Slam Ltd., Ser. 2025-1A, Cl. A(b)
5.81
5/15/2050
1,588,055
1,623,462
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Asset-Backed Securities — 8.5% (continued)
Asset-Backed Certificates — 5.5% (continued)
Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2(b)
5.00
5/25/2050
5,553,938
5,494,014
Summit Issuer LLC, Ser. 2025-1A, Cl. A2(b)
5.21
11/20/2055
4,153,225
4,195,746
Taco Bell Funding LLC, Ser. 2025-1A, Cl. A2II(b)
5.05
8/25/2055
4,679,602
4,683,864
TIF Funding II LLC, Ser. 2021-1A, Cl. A(b)
1.65
2/20/2046
2,203,285
2,025,918
TIF Funding III LLC, Ser. 2024-1A, Cl. A(b)
5.48
4/20/2049
3,515,550
3,544,837
US Bank C&I Credit-Linked Notes, Ser. 2025-SUP2, Cl. B1(b)
4.82
9/25/2032
1,770,982
1,772,352
Vantage Data Centers Issuer LLC, Ser. 2021-1A, Cl. A2(b)
2.17
10/15/2046
3,750,000
3,684,527
Wendy’s Funding LLC, Ser. 2025-1A, Cl. A2I(b)
5.42
12/15/2055
6,551,000
6,578,958
Willis Engine Structured Trust VI, Ser. 2021-A, Cl. A(b)
3.10
5/15/2046
3,709,572
3,514,751
Zayo Issuer LLC, Ser. 2025-2A, Cl. A2(b)
5.95
6/20/2055
8,408,645
8,645,865
 
143,023,078
Asset-Backed Certificates/Auto Receivables — 2.6%
Ally Bank Auto Credit-Linked Notes, Ser. 2025-A, Cl. C(b)
4.84
6/15/2033
1,309,775
1,317,282
Ally Bank Auto Credit-Linked Notes, Ser. 2025-B, Cl. C(b)
4.70
9/15/2033
3,380,519
3,403,068
AutoNation Finance Trust, Ser. 2025-1A, Cl. C(b)
5.19
12/10/2030
2,709,000
2,766,820
Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-1A, Cl. C(b)
5.87
8/20/2029
441,000
449,964
Bayview Opportunity Master Fund VII LLC, Ser. 2024-CAR1, Cl. A,
(1 Month SOFR +1.10%)(b),(c)
4.80
12/26/2031
463,063
464,507
Bayview Opportunity Master Fund VII Trust, Ser. 2024-SN1, Cl. C(b)
5.83
12/15/2028
1,052,000
1,065,919
Carvana Auto Receivables Trust, Ser. 2021-N1, Cl. C
1.30
1/10/2028
511,379
505,361
Carvana Auto Receivables Trust, Ser. 2024-P4, Cl. A4
4.74
12/10/2030
2,405,000
2,438,686
Carvana Auto Receivables Trust, Ser. 2025-P3, Cl. C
4.99
1/12/2032
3,044,000
3,042,194
Chesapeake Funding II LLC, Ser. 2023-2A, Cl. A1(b)
6.16
10/15/2035
422,560
427,096
Enterprise Fleet Financing LLC, Ser. 2025-2, Cl. A3(b)
4.41
6/20/2029
2,031,000
2,051,743
Exeter Automobile Receivables Trust, Ser. 2025-1A, Cl. C
5.09
5/15/2031
11,144,000
11,304,008
Exeter Automobile Receivables Trust, Ser. 2025-4A, Cl. C
4.57
6/16/2031
3,171,000
3,194,774
Ford Credit Auto Owner Trust, Ser. 2024-1, Cl. A(b)
4.87
8/15/2036
2,394,000
2,456,026
Huntington Bank Auto Credit-Linked, Ser. 2024-2, Cl. B1(b)
5.44
10/20/2032
573,133
579,587
Huntington Bank Auto Credit-Linked Notes, Ser. 2025-1, Cl. B(b)
4.96
3/21/2033
2,060,136
2,075,977
Merchants Fleet Funding LLC, Ser. 2024-1A, Cl. D(b)
6.85
4/20/2037
2,980,000
3,030,487
Octane Receivables Trust, Ser. 2024-3A, Cl. A2(b)
4.94
5/20/2030
685,490
688,682
Oscar US Funding XVI LLC, Ser. 2024-1A, Cl. A3(b)
5.54
2/10/2028
1,777,037
1,784,622
PenFed Auto Receivables Owner Trust, Ser. 2025-A, Cl. C(b)
4.67
2/17/2032
910,000
910,824
Santander Drive Auto Receivables Trust, Ser. 2025-1, Cl. C
5.04
3/17/2031
4,215,000
4,269,125
Santander Drive Auto Receivables Trust, Ser. 2025-3, Cl. C
4.68
9/15/2031
1,844,000
1,858,859
Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. C
4.52
1/15/2032
814,000
818,333
Tesla Lease Electric Vehicle Securitization LLC, Ser. 2025-A, Cl. A4(b)
4.37
5/21/2029
1,577,000
1,588,556
US Bank NA, Ser. 2023-1, Cl. B(b)
6.79
8/25/2032
92,441
93,379
Westlake Automobile Receivables Trust, Ser. 2025-1A, Cl. C(b)
5.14
10/15/2030
2,435,000
2,471,375
Westlake Automobile Receivables Trust, Ser. 2025-2A, Cl. D(b)
5.08
5/15/2031
3,207,000
3,242,989
Westlake Automobile Receivables Trust, Ser. 2026-1A, Cl. C(b)
4.37
6/16/2031
7,533,000
7,543,038
World Omni Auto Receivables Trust, Ser. 2024-C, Cl. A3
4.43
12/17/2029
2,677,000
2,694,004
 
68,537,285
Asset-Backed Certificates/Home Equity Loans — .3%
GS Mortgage-Backed Securities Trust, Ser. 2024-HE1, Cl. A1, (1 Month
SOFRCOMPOUND +1.60%)(b),(c)
5.30
8/25/2054
4,353,915
4,372,707
JPMorgan Mortgage Trust, Ser. 2024-CES1, Cl. A2(b)
6.15
6/25/2054
1,905,618
1,930,208
RCKT Mortgage Trust, Ser. 2024-CES2, Cl. A2(b)
6.39
4/25/2044
1,441,865
1,465,377
 
7,768,292
4
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Asset-Backed Securities — 8.5% (continued)
Asset-Backed Certificates/Student Loans — .1%
Commonbond Student Loan Trust, Ser. 2019-AGS, Cl. A1(b)
2.54
1/25/2047
1,483,111
1,367,236
SMB Private Education Loan Trust, Ser. 2017-B, Cl. A2B, (1 Month TSFR
+0.86%)(b),(c)
4.54
10/15/2035
2,905
2,906
 
1,370,142
Total Asset-Backed Securities
(cost $220,519,022)
 
 
  220,698,797
Collateralized Loan Obligations — 4.0%
Collateralized Loan Obligations Debt — 4.0%
Antares Ltd. CLO, Ser. 2017-1A, Cl. CRR, (3 Month TSFR +2.25%)(b),(c)
5.92
1/20/2037
4,000,000
4,020,104
Apidos XXV CLO, Ser. 2016-25A, Cl. A1R3, (3 Month TSFR +1.14%)(b),(c)
4.81
1/20/2037
3,333,333
3,343,016
Apidos XXXIX Ltd. CLO, Ser. 2022-39A, Cl. A1R, (3 Month TSFR
+1.23%)(b),(c)
4.90
10/21/2038
5,000,000
5,020,930
Ares XLIX Ltd. CLO, Ser. 2018-49A, Cl. XR, (3 Month TSFR +1.10%)(b),(c)
4.77
10/22/2036
4,600,000
4,602,250
BlackRock Shasta XIII LLC CLO, Ser. 2024-1A, Cl. A1, (3 Month TSFR
+1.85%)(b),(c)
5.52
7/15/2036
6,000,000
6,019,362
CARLYLE US Ltd. CLO, Ser. 2021-6A, Cl. A1R, (3 Month TSFR
+1.29%)(b),(c)
4.96
1/15/2038
5,900,000
5,920,048
Cedar Funding VIII Ltd. CLO, Ser. 2017-8A, Cl. DRR, (3 Month TSFR
+2.95%)(b),(c)
6.62
1/17/2038
4,439,232
4,459,790
Cerberus Loan Funding XLV LLC, Ser. 2024-1A, Cl. A, (3 Month TSFR
+1.90%)(b),(c)
5.57
4/15/2036
5,000,000
5,013,995
Cerberus Loan Funding XXXIX LP, Ser. 2022-3A, Cl. AR, (3 Month TSFR
+1.40%)(b),(c)
5.07
1/15/2033
1,246,812
1,249,920
Churchill MMSLF IV Ltd. CLO, Ser. 2024-3A, Cl. A, (3 Month TSFR
+1.60%)(b),(c)
5.27
10/22/2035
6,000,000
6,018,342
Fortress Credit Opportunities IX Ltd. CLO, Ser. 2017-9A, Cl. A1TR,
(3 Month TSFR +1.81%)(b),(c)
5.48
10/15/2033
1,577,390
1,586,377
Fortress Credit Opportunities XXXV Ltd. CLO, Ser. 2025-35A, Cl. A1,
(3 Month TSFR +1.40%)(b),(c)
5.07
7/20/2033
2,697,090
2,708,040
Golub Capital Partners Ltd. CLO, Ser. 2020-47A, Cl. CR, (3 Month TSFR
+2.40%)(b),(c)
6.30
8/5/2037
5,481,000
5,512,083
Great Lakes IX Ltd. CLO, Ser. 2025-9A, Cl. A1, (3 Month TSFR
+1.55%)(b),(c)
5.22
1/15/2039
1,250,000
1,252,795
IVY Hill Middle Market Credit Fund XII Ltd., Ser. 12A, Cl. A2RR, (3 Month
TSFR +1.70%)(b),(c)
5.37
4/20/2037
340,000
341,117
IVY Hill Middle Market Credit Fund XVIII Ltd., Ser. 18A, Cl. A1R, (3 Month
TSFR +1.58%)(b),(c)
5.25
1/22/2037
7,850,000
7,877,302
LCM 37 Ltd. CLO, Ser. 37A, Cl. A1R, (3 Month TSFR +1.06%)(b),(c)
4.73
4/15/2034
4,341,115
4,343,203
MCF VIII Ltd. CLO, Ser. 2018-1A, Cl. AR, (3 Month TSFR +1.95%)(b),(c)
5.62
4/18/2036
4,550,000
4,566,043
MCF VIII Ltd. CLO, Ser. 2018-1A, Cl. CR, (3 Month TSFR +3.10%)(b),(c)
6.77
4/18/2036
6,500,000
6,536,725
MF1 Ltd. CLO, Ser. 2021-FL7, Cl. AS, (1 Month TSFR +1.56%)(b),(c)
5.24
10/16/2036
6,578,500
6,575,862
MF1 Ltd. CLO, Ser. 2022-FL8, Cl. A, (1 Month TSFR +1.35%)(b),(c)
5.02
2/19/2037
1,658,949
1,660,540
Neuberger Berman Loan Advisers 41 Ltd. CLO, Ser. 2021-41A, Cl. AR,
(3 Month TSFR +1.05%)(b),(c)
4.72
4/15/2034
4,700,000
4,703,859
Neuberger Berman Loan Advisers 47 Ltd. CLO, Ser. 2022-47A, Cl. AR,
(3 Month TSFR +1.09%)(b),(c)
4.76
4/16/2035
5,680,688
5,690,516
OWL Rock XXI LLC CLO, Ser. 2025-21A, Cl. A, (3 Month TSFR
+1.40%)(b),(c)
5.07
7/24/2034
3,950,926
3,955,162
Total Collateralized Loan Obligations
(cost $102,675,036)
 
 
  102,977,381
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Commercial Mortgage-Backed — 4.1%
Commercial Mortgage Pass-Through Certificates — 4.1%
Angel Oak Mortgage Trust, Ser. 2024-3, Cl. A2(b)
4.80
11/26/2068
316,878
316,127
BANK5 Trust, Ser. 2024-5YR12, Cl. A2
5.42
12/15/2057
11,436,000
11,823,852
Benchmark Mortgage Trust, Ser. 2024-V11, Cl. A2
5.42
11/15/2057
5,419,614
5,615,640
BRAVO Residential Funding Trust, Ser. 2023-NQM5, Cl. A2(b)
6.86
6/25/2063
785,757
790,505
BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1(b)
5.08
6/25/2065
1,249,072
1,259,006
Brean Asset Backed Securities Trust, Ser. 2025-RM11, Cl. A1(b)
4.75
5/25/2065
6,134,381
6,082,028
BXHPP Trust, Ser. 2021-FILM, Cl. C, (1 Month TSFR +1.21%)(b),(c)
4.89
8/15/2036
1,181,000
1,096,772
COLT Mortgage Loan Trust, Ser. 2023-3, Cl. A2(b)
7.43
9/25/2068
1,703,266
1,724,001
COLT Mortgage Loan Trust, Ser. 2025-3, Cl. A1(b)
5.35
3/25/2070
1,886,107
1,901,554
COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1(b)
5.48
8/25/2070
2,954,022
2,990,829
Commercial Mortgage Trust, Ser. 2020-CX, Cl. D(b)
2.68
11/10/2046
705,000
565,411
Cross Mortgage Trust, Ser. 2024-H2, Cl. A2(b)
6.42
4/25/2069
690,113
698,912
Cross Mortgage Trust, Ser. 2024-H2, Cl. A3(b)
6.52
4/25/2069
893,349
904,027
Cross Mortgage Trust, Ser. 2024-H3, Cl. A2(b)
6.58
6/25/2069
1,929,587
1,958,177
Cross Mortgage Trust, Ser. 2025-H2, Cl. A1(b)
5.36
3/25/2070
1,305,206
1,316,040
Cross Mortgage Trust, Ser. 2025-H2, Cl. A2(b)
5.46
3/25/2070
2,762,885
2,782,274
Cross Mortgage Trust, Ser. 2025-H8, Cl. A1(b)
5.00
11/25/2070
3,019,237
3,035,818
DBC Mortgage Trust, Ser. 2025-DBC, Cl. A, (1 Month TSFR +1.35%)(b),(c)
5.03
11/15/2042
3,724,215
3,736,350
EFMT, Ser. 2025-RTL1, Cl. A1(b)
5.22
11/25/2040
4,500,000
4,532,800
Hudson Yards Mortgage Trust, Ser. 2025-SPRL, Cl. C(b)
5.95
1/13/2040
1,038,000
1,077,164
Imperial Fund Mortgage Trust, Ser. 2023-NQM1, Cl. A1(b)
5.94
2/25/2068
825,443
823,456
IRV Trust, Ser. 2025-200P, Cl. C(b)
5.73
3/14/2047
1,062,865
1,078,364
LHOME Mortgage Trust, Ser. 2025-RTL3, Cl. A1(b)
5.24
8/25/2040
1,336,000
1,345,551
Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2025-5C1, Cl.
A2
4.91
3/15/2058
5,656,000
5,767,471
New Residential Mortgage Loan Trust, Ser. 2021-NQ2R, Cl. A1(b)
0.94
10/25/2058
563,889
543,726
New Residential Mortgage Loan Trust, Ser. 2022-NQM1, Cl. A1(b)
2.28
4/25/2061
4,798,608
4,313,938
New Residential Mortgage Loan Trust, Ser. 2024-NQM3, Cl. A1(b)
5.47
11/25/2064
2,365,077
2,402,954
New Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1(b)
5.57
4/25/2065
5,939,266
6,027,203
NY Commercial Mortgage Trust, Ser. 2025-299P, Cl. A(b)
5.66
2/10/2047
1,003,000
1,059,803
NYMT Loan Trust, Ser. 2024-BPL2, Cl. A1(b)
6.51
5/25/2039
4,605,000
4,653,573
NYMT Loan Trust, Ser. 2025-CP1, Cl. A1(b)
3.75
11/25/2069
1,697,056
1,653,192
OBX Trust, Ser. 2024-NQM18, Cl. A1(b)
5.41
10/25/2064
1,326,851
1,339,368
OBX Trust, Ser. 2025-NQM16, Cl. A1(b)
4.91
8/25/2065
3,979,804
3,998,132
OBX Trust, Ser. 2025-NQM18, Cl. A1A(b)
5.06
9/25/2065
4,107,535
4,138,402
OBX Trust, Ser. 2025-NQM19, Cl. A1(b)
4.87
10/25/2065
3,041,601
3,052,563
PRPM LLC, Ser. 2025-RPL4, Cl. A1(b)
3.00
5/25/2055
2,956,826
2,832,043
PRPM LLC, Ser. 2025-RPL4, Cl. A2(b)
3.00
5/25/2055
1,819,702
1,682,890
Toorak Mortgage Trust, Ser. 2025-RRTL1, Cl. A1(b)
5.52
2/25/2040
3,652,909
3,679,580
Towd Point Mortgage Trust, Ser. 2023-1, Cl. A1(b)
3.75
1/25/2063
798,506
776,720
Verus Securitization Trust, Ser. 2024-9, Cl. A1(b)
5.44
11/25/2069
1,878,179
1,898,125
Total Commercial Mortgage-Backed
(cost $106,405,340)
 
 
  107,274,341
Corporate Bonds and Notes — 41.9%
Aerospace & Defense — .4%
Rolls-Royce PLC, Gtd. Notes(b)
5.75
10/15/2027
3,983,000
4,081,562
The Boeing Company, Sr. Unscd. Notes
5.81
5/1/2050
5,601,000
5,535,816
 
9,617,378
Agriculture — .3%
BAT Capital Corp., Gtd. Notes
6.34
8/2/2030
1,546,000
1,671,388
6
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Agriculture — .3% (continued)
BAT Capital Corp., Gtd. Notes
7.08
8/2/2053
3,101,000
3,510,524
BAT International Finance PLC, Gtd. Notes
1.67
3/25/2026
1,998,000
1,991,400
 
7,173,312
Airlines — 1.0%
Air Canada Pass-Through Trust, Ser. 2020-2, Cl. A(b)
5.25
4/1/2029
674,372
688,929
American Airlines Pass-Through Trust, Ser. 2017-1, Cl. AA
3.65
2/15/2029
118,250
116,272
American Airlines Pass-Through Trust, Ser. 2017-2, Cl. AA
3.35
10/15/2029
171,096
166,265
American Airlines Pass-Through Trust, Ser. 2019-1, Cl. AA
3.15
2/15/2032
1,583,438
1,506,933
American Airlines Pass-Through Trust, Ser. 2025-1, Cl. A
4.90
5/11/2038
2,267,000
2,247,141
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes(b)
5.75
4/20/2029
4,843,000
4,895,736
Avianca Midco 2 PLC, Sr. Scd. Notes(b),(d)
9.63
2/14/2030
4,451,000
4,563,788
Delta Air Lines, Inc./SkyMiles IP Ltd., Sr. Scd. Notes(b)
4.75
10/20/2028
1,841,583
1,856,065
JetBlue Pass-Through Trust, Ser. 2020-1, Cl. A
4.00
11/15/2032
5,349,553
5,119,221
United Airlines Pass-Through Trust, Ser. 2019-1, Cl. AA
4.15
8/25/2031
755,006
745,313
United Airlines Pass-Through Trust, Ser. 2020-1, Cl. A
5.88
10/15/2027
493,945
506,558
United Airlines Pass-Through Trust, Ser. 2023-1, Cl. A
5.80
1/15/2036
1,761,155
1,847,522
United Airlines, Inc., Sr. Scd. Notes(b)
4.38
4/15/2026
278,000
277,953
United Airlines, Inc., Sr. Scd. Notes(b)
4.63
4/15/2029
1,436,000
1,435,351
 
25,973,047
Automobiles & Components — 1.5%
American Axle & Manufacturing, Inc., Sr. Scd. Notes(b)
6.38
10/15/2032
1,466,000
1,496,441
Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes(b)
6.75
2/15/2030
2,170,000
2,271,265
Ford Motor Credit Co. LLC, Sr. Unscd. Notes
4.54
8/1/2026
3,004,000
3,000,214
Ford Motor Credit Co. LLC, Sr. Unscd. Notes
5.80
3/5/2027
2,491,000
2,526,588
Ford Motor Credit Co. LLC, Sr. Unscd. Notes(d)
5.87
10/31/2035
3,817,000
3,802,365
Ford Motor Credit Co. LLC, Sr. Unscd. Notes
5.92
3/20/2028
6,901,000
7,075,930
General Motors Financial Co., Inc., Sr. Unscd. Notes
4.20
10/27/2028
811,000
813,250
General Motors Financial Co., Inc., Sr. Unscd. Notes
5.63
4/4/2032
5,007,000
5,217,663
General Motors Financial Co., Inc., Sr. Unscd. Notes
5.90
1/7/2035
5,839,000
6,083,038
Tenneco, Inc., Sr. Scd. Notes(b)
8.00
11/17/2028
2,375,000
2,390,321
The Goodyear Tire & Rubber Company, Gtd. Notes
5.00
7/15/2029
4,660,000
4,567,252
 
39,244,327
Banks — 7.2%
Bank of America Corp., Sr. Unscd. Notes
3.97
3/5/2029
5,190,000
5,182,842
Bank of America Corp., Sr. Unscd. Notes
5.29
4/25/2034
6,132,000
6,301,060
Bank of America Corp., Sr. Unscd. Notes
5.47
1/23/2035
2,261,000
2,345,142
Bank of America Corp., Sub. Notes
5.52
10/25/2035
6,260,000
6,391,340
Canadian Imperial Bank of Commerce, Jr. Sub. Notes
6.50
7/28/2086
4,369,000
4,382,757
Citizens Financial Group, Inc., Sr. Unscd. Notes
5.72
7/23/2032
3,648,000
3,821,667
Citizens Financial Group, Inc., Sr. Unscd. Notes
5.84
1/23/2030
1,264,000
1,318,625
Citizens Financial Group, Inc., Sr. Unscd. Notes
6.65
4/25/2035
1,712,000
1,875,491
Citizens Financial Group, Inc., Sub. Notes
5.30
1/29/2036
398,000
399,979
Danske Bank A/S, Sr. Notes(b)
5.71
3/1/2030
6,259,000
6,512,000
Huntington Bancshares, Inc., Sr. Unscd. Notes
5.27
1/15/2031
3,577,000
3,681,501
ING Groep NV, Jr. Sub. Bonds(e)
7.00
11/16/2032
3,627,000
3,796,290
JPMorgan Chase & Co., Sr. Unscd. Notes
2.58
4/22/2032
5,300,000
4,839,492
JPMorgan Chase & Co., Sr. Unscd. Notes
5.30
7/24/2029
3,656,000
3,764,588
JPMorgan Chase & Co., Sub. Notes
5.72
9/14/2033
13,495,000
14,244,389
Morgan Stanley, Sr. Unscd. Notes
4.43
1/23/2030
6,852,000
6,898,397
Morgan Stanley, Sub. Notes
2.48
9/16/2036
9,465,000
8,325,419
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Banks — 7.2% (continued)
Morgan Stanley, Sub. Notes
4.35
9/8/2026
2,500,000
2,507,187
Royal Bank of Canada, Jr. Sub. Notes(d)
6.50
5/24/2086
3,565,000
3,564,134
Royal Bank of Canada, Jr. Sub. Notes
6.75
8/24/2085
5,995,000
6,202,385
Santander Holdings USA, Inc., Sr. Unscd. Notes
6.50
3/9/2029
875,000
912,846
The Bank of Nova Scotia, Jr. Sub. Notes
7.35
4/27/2085
5,835,000
6,116,574
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
3.69
6/5/2028
700,000
696,937
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
3.81
4/23/2029
1,205,000
1,197,927
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
4.48
8/23/2028
1,810,000
1,821,590
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
4.94
4/23/2028
6,225,000
6,293,173
The Goldman Sachs Group, Inc., Sub. Notes
6.75
10/1/2037
9,810,000
10,895,189
The PNC Financial Services Group, Inc., Sr. Unscd. Notes
5.30
1/21/2028
2,278,000
2,307,370
The PNC Financial Services Group, Inc., Sr. Unscd. Notes
6.62
10/20/2027
2,252,000
2,293,826
Truist Bank, Sub. Notes
4.63
9/17/2029
6,880,000
6,925,411
Truist Financial Corp., Sr. Unscd. Notes
4.96
10/23/2036
12,564,000
12,374,934
Truist Financial Corp., Sr. Unscd. Notes
5.71
1/24/2035
4,765,000
4,992,264
U.S. Bancorp, Sr. Unscd. Notes
5.68
1/23/2035
3,734,000
3,917,195
U.S. Bancorp, Sr. Unscd. Notes
5.84
6/12/2034
1,165,000
1,234,996
UBS Group AG, Sr. Unscd. Notes(b)
3.09
5/14/2032
722,000
670,697
UBS Group AG, Sr. Unscd. Notes(b)
5.70
2/8/2035
2,399,000
2,514,101
Wells Fargo & Co., Sr. Unscd. Notes
5.20
1/23/2030
2,257,000
2,324,439
Wells Fargo & Co., Sr. Unscd. Notes
5.39
4/24/2034
6,330,000
6,548,447
Wells Fargo & Co., Sr. Unscd. Notes
5.57
7/25/2029
3,779,000
3,910,643
Wells Fargo & Co., Sr. Unscd. Notes
6.49
10/23/2034
6,190,000
6,813,276
Western Alliance Bank, Sub. Notes
6.54
11/15/2035
6,310,000
6,394,238
 
187,510,758
Beverage Products — .0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd.
Notes
4.70
2/1/2036
1,385,000
1,366,379
Building Materials — .2%
Owens Corning, Sr. Unscd. Notes
3.50
2/15/2030
368,000
357,657
Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes(b)
8.88
11/15/2031
4,837,000
5,159,555
 
5,517,212
Chemicals — .9%
FMC Corp., Sr. Unscd. Notes(d)
5.65
5/18/2033
2,865,000
2,536,736
LYB International Finance III LLC, Gtd. Notes
5.13
1/15/2031
1,700,000
1,709,764
Olin Corp., Sr. Unscd. Notes(b)
6.63
4/1/2033
2,320,000
2,276,302
Sasol Financing USA LLC, Gtd. Notes
5.50
3/18/2031
4,288,000
3,785,385
Syensqo Finance America LLC, Gtd. Notes(b)
5.85
6/4/2034
3,672,000
3,843,635
The Dow Chemical Company, Sr. Unscd. Notes
4.80
1/15/2031
6,109,000
6,091,517
The Mosaic Company, Sr. Unscd. Notes
4.60
11/15/2030
3,268,000
3,278,250
 
23,521,589
Commercial & Professional Services — 1.3%
Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes(b)
7.00
5/21/2030
3,523,000
3,674,056
Ashtead Capital, Inc., Gtd. Notes(b)
4.00
5/1/2028
1,386,000
1,375,786
Ashtead Capital, Inc., Gtd. Notes(b)
5.95
10/15/2033
2,656,000
2,801,469
Belron UK Finance PLC, Sr. Scd. Notes(b)
5.75
10/15/2029
720,000
734,091
DP World Ltd./United Arab Emirates, Sr. Unscd. Notes
6.85
7/2/2037
690,000
768,649
ERAC USA Finance LLC, Gtd. Notes(b)
5.20
10/30/2034
2,830,000
2,894,879
Global Payments, Inc., Sr. Unscd. Notes
5.55
11/15/2035
3,082,000
3,057,303
Herc Holdings, Inc., Gtd. Notes(b)
5.75
3/15/2031
5,062,000
5,100,927
8
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Commercial & Professional Services — 1.3% (continued)
President & Fellows of Harvard College, Unscd. Bonds
3.30
7/15/2056
4,400,000
3,035,846
The Leland Stanford Junior University, Unscd. Bonds
2.41
6/1/2050
5,170,000
3,092,893
Triton Container International Ltd., Gtd. Notes(b)
3.15
6/15/2031
1,146,000
1,048,772
United Rentals North America, Inc., Gtd. Notes(b)
5.38
11/15/2033
4,238,000
4,237,733
Williams Scotsman, Inc., Sr. Scd. Notes(b)
6.63
6/15/2029
2,180,000
2,255,308
Yale University, Unscd. Bonds, Ser. 2020
2.40
4/15/2050
1,241,000
744,140
 
34,821,852
Consumer Discretionary — 1.1%
Brightstar Lottery PLC, Sr. Scd. Notes(b)
5.25
1/15/2029
5,625,000
5,618,847
D.R. Horton, Inc., Gtd. Notes
5.50
10/15/2035
3,672,000
3,805,864
Flutter Treasury DAC, Sr. Scd. Bonds(b)
5.88
6/4/2031
1,632,000
1,654,005
Las Vegas Sands Corp., Sr. Unscd. Notes
3.50
8/18/2026
5,000,000
4,978,364
Light & Wonder International, Inc., Gtd. Notes(b)
6.25
10/1/2033
1,926,000
1,950,980
NCL Corp. Ltd., Sr. Unscd. Notes(b)
6.75
2/1/2032
5,578,000
5,719,213
Royal Caribbean Cruises Ltd., Sr. Unscd. Notes
5.38
1/15/2036
1,117,000
1,119,822
Taylor Morrison Communities, Inc., Gtd. Notes(b)
5.75
11/15/2032
1,779,000
1,826,917
Wynn Macau Ltd., Sr. Unscd. Notes(b)
5.63
8/26/2028
2,235,000
2,232,434
 
28,906,446
Diversified Financials — 1.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes(d)
6.50
1/31/2056
2,414,000
2,483,345
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes
6.95
3/10/2055
778,000
814,764
Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes(b)
5.00
9/15/2030
4,445,000
4,505,905
Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes(b)
5.75
10/1/2031
1,539,000
1,605,194
Apollo Debt Solutions BDC, Sr. Unscd. Notes(b)
5.20
12/8/2028
1,246,000
1,246,738
Apollo Debt Solutions BDC, Sr. Unscd. Notes(b),(d)
5.70
1/23/2031
1,482,000
1,474,533
Ares Capital Corp., Sr. Unscd. Notes
5.25
4/12/2031
4,321,000
4,256,051
Blackstone Private Credit Fund, Sr. Unscd. Notes
5.35
3/12/2031
8,133,000
7,948,868
Blue Owl Technology Finance Corp., Sr. Unscd. Notes(d)
6.13
1/23/2031
2,661,000
2,622,216
Capital One Financial Corp., Sub. Notes
6.18
1/30/2036
2,264,000
2,345,188
Goldman Sachs BDC, Inc., Sr. Unscd. Notes
5.10
1/28/2029
2,934,000
2,915,340
LSEG Finance PLC, Gtd. Notes(b)
2.50
4/6/2031
291,000
264,475
Macquarie Airfinance Holdings Ltd., Sr. Unscd. Notes(b)
5.20
3/27/2028
4,971,000
5,050,499
Stellantis Financial Services US Corp., Sr. Unscd. Notes(b)
4.95
9/15/2028
4,688,000
4,754,354
 
42,287,470
Electronic Components — .0%
Jabil, Inc., Sr. Unscd. Notes
4.75
2/1/2033
1,379,000
1,358,738
Energy — 6.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr.
Unscd. Bonds(b)
5.75
10/15/2033
2,405,000
2,432,529
Archrock Services LP/Archrock Partners Finance Corp., Gtd. Notes(b)
6.00
2/1/2034
5,115,000
5,113,545
Azule Energy Finance PLC, Gtd. Notes(b)
8.13
1/23/2030
2,220,000
2,248,346
Cheniere Energy Partners LP, Gtd. Notes
4.50
10/1/2029
6,000,000
6,025,321
Cheniere Energy Partners LP, Gtd. Notes(b)
5.55
10/30/2035
2,142,000
2,191,933
Cheniere Energy, Inc., Sr. Unscd. Notes
5.65
4/15/2034
1,317,000
1,365,992
CITGO Petroleum Corp., Sr. Scd. Notes(b)
8.38
1/15/2029
5,449,000
5,679,880
Columbia Pipelines Holding Co. LLC, Sr. Unscd. Notes(b)
5.00
11/17/2032
7,487,000
7,527,513
Coterra Energy, Inc., Sr. Unscd. Notes
5.90
2/15/2055
2,536,000
2,470,083
CVR Energy, Inc., Gtd. Bonds(b)
5.75
2/15/2028
3,388,000
3,387,577
CVR Energy, Inc., Sr. Unscd. Notes(b)
7.88
2/15/2034
6,418,000
6,373,959
DT Midstream, Inc., Gtd. Notes(b)
5.80
12/15/2034
4,376,000
4,543,590
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Energy — 6.8% (continued)
DT Midstream, Inc., Sr. Scd. Notes(b)
4.30
4/15/2032
2,982,000
2,887,933
Ecopetrol SA, Sr. Unscd. Notes
7.75
2/1/2032
4,770,000
4,901,046
Empresa Nacional del Petroleo, Sr. Unscd. Notes(b)
5.95
7/30/2034
681,000
711,221
Enbridge, Inc., Sub. Notes(d)
7.38
3/15/2055
5,806,000
6,170,344
Energean Israel Finance Ltd., Sr. Scd. Notes(b),(d)
5.88
3/30/2031
2,600,000
2,528,940
Energy Transfer LP, Jr. Sub. Notes
6.75
2/15/2056
3,973,000
4,003,207
Eni SpA, Sr. Unscd. Notes(b)
5.75
5/19/2035
1,634,000
1,712,931
Enterprise Products Operating LLC, Gtd. Notes, Ser. E
5.25
8/16/2077
2,360,000
2,352,026
Global Partners LP/GLP Finance Corp., Gtd. Notes
6.88
1/15/2029
1,224,000
1,245,077
Global Partners LP/GLP Finance Corp., Gtd. Notes(b)
8.25
1/15/2032
6,342,000
6,688,635
Harbour Energy PLC, Sr. Unscd. Notes(b)
6.33
4/1/2035
6,065,000
6,208,347
HF Sinclair Corp., Sr. Unscd. Notes
5.50
9/1/2032
2,195,000
2,245,965
Howard Midstream Energy Partners LLC, Sr. Unscd. Notes(b)
7.38
7/15/2032
4,437,000
4,689,443
Ithaca Energy North Sea PLC, Sr. Unscd. Notes(b)
8.13
10/15/2029
2,765,000
2,888,894
Kinder Morgan, Inc., Gtd. Bonds
5.15
6/1/2030
2,163,000
2,238,395
Kinetik Holdings LP, Gtd. Notes(b)
5.88
6/15/2030
5,735,000
5,807,014
Kodiak Gas Services LLC, Gtd. Notes(b)
6.50
10/1/2033
528,000
541,070
Marathon Petroleum Corp., Sr. Unscd. Notes
5.70
3/1/2035
4,010,000
4,145,378
Medco Cypress Tree Pte Ltd., Sr. Scd. Bonds(b)
8.63
5/19/2030
1,000,000
1,060,574
MPLX LP, Sr. Unscd. Notes
4.13
3/1/2027
855,000
855,827
MPLX LP, Sr. Unscd. Notes
4.80
2/15/2031
2,461,000
2,488,486
MPLX LP, Sr. Unscd. Notes
5.20
12/1/2047
1,180,000
1,058,629
NGPL PipeCo LLC, Sr. Unscd. Notes(b)
3.25
7/15/2031
2,644,000
2,439,787
NGPL PipeCo LLC, Sr. Unscd. Notes(b)
7.77
12/15/2037
6,792,000
7,934,900
ONEOK, Inc., Gtd. Notes
5.80
11/1/2030
1,366,000
1,438,487
ONEOK, Inc., Gtd. Notes
6.10
11/15/2032
779,000
833,468
Pertamina Hulu Energi PT, Sr. Unscd. Notes(b)
5.25
5/21/2030
5,999,000
6,106,190
Petroleos del Peru SA, Sr. Unscd. Notes(b)
4.75
6/19/2032
6,220,000
4,700,952
Phillips 66 Co., Gtd. Notes, Ser. B
6.20
3/15/2056
5,046,000
5,075,736
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes
4.70
1/15/2031
1,483,000
1,491,744
Repsol E&P Capital Markets US LLC, Gtd. Notes(b)
5.20
9/16/2030
2,162,000
2,195,919
SM Energy Co., Gtd. Notes(b),(d)
8.75
7/1/2031
4,870,000
5,121,331
South Bow USA Infrastructure Holdings LLC, Gtd. Notes
5.03
10/1/2029
2,093,000
2,125,648
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
5.00
1/15/2028
1,136,000
1,137,495
Tecpetrol SA, Sr. Unscd. Notes(b)
7.63
1/22/2033
2,400,000
2,451,840
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(b)
3.88
11/1/2033
5,505,000
4,780,293
Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds(b)
6.13
12/15/2030
8,191,000
8,434,862
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(b)
6.50
1/15/2034
855,000
887,719
YPF SA, Sr. Unscd. Notes(b)
8.75
9/11/2031
2,160,000
2,235,520
 
176,181,541
Environmental Control — .1%
GFL Environmental Holdings US, Inc., Gtd. Notes(b)
5.50
2/1/2034
1,364,000
1,368,845
Food Products — .6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,
Gtd. Notes(b)
5.75
3/31/2034
878,000
864,587
Froneri Lux FinCo Sarl, Sr. Scd. Notes(b)
6.00
8/1/2032
6,350,000
6,436,399
MARB BondCo PLC, Gtd. Bonds(b)
3.95
1/29/2031
898,000
813,549
10
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Food Products — .6% (continued)
The J.M. Smucker Company, Sr. Unscd. Notes
4.25
3/15/2035
6,000,000
5,673,971
The J.M. Smucker Company, Sr. Unscd. Notes(d)
6.50
11/15/2053
921,000
998,156
 
14,786,662
Forest Products & Paper — .1%
Suzano Austria GmbH, Gtd. Notes
3.75
1/15/2031
2,057,000
1,943,331
Health Care — 1.8%
Amgen, Inc., Sr. Unscd. Notes
5.25
3/2/2030
693,000
719,209
Amgen, Inc., Sr. Unscd. Notes
5.65
3/2/2053
1,659,000
1,634,099
Bayer US Finance II LLC, Gtd. Notes(b)
4.63
6/25/2038
1,807,000
1,661,422
Bayer US Finance LLC, Gtd. Notes(b)
6.50
11/21/2033
2,095,000
2,279,095
CVS Health Corp., Sr. Unscd. Notes
1.30
8/21/2027
2,627,000
2,520,215
GE HealthCare Technologies, Inc., Sr. Unscd. Notes
4.80
8/14/2029
1,919,000
1,958,531
Genmab A/S Genmab Finance LLC, Sr. Scd. Notes(b)
6.25
12/15/2032
3,715,000
3,810,598
HCA, Inc., Gtd. Notes
3.13
3/15/2027
851,000
842,952
HCA, Inc., Gtd. Notes
4.90
11/15/2035
5,212,000
5,120,655
HCA, Inc., Gtd. Notes
5.45
9/15/2034
1,904,000
1,955,089
Royalty Pharma PLC, Gtd. Notes
2.15
9/2/2031
2,258,000
1,995,599
Royalty Pharma PLC, Gtd. Notes
2.20
9/2/2030
4,242,000
3,859,801
STERIS Irish FinCo UnLtd. Co., Gtd. Notes
2.70
3/15/2031
3,944,000
3,645,718
The Cigna Group, Gtd. Notes
4.80
8/15/2038
7,850,000
7,482,312
The Cigna Group, Sr. Unscd. Notes
5.25
1/15/2036
3,110,000
3,154,546
UnitedHealth Group, Inc., Sr. Unscd. Notes
3.05
5/15/2041
2,964,000
2,231,266
Zimmer Biomet Holdings, Inc., Sr. Unscd. Notes
5.35
12/1/2028
2,323,000
2,404,273
 
47,275,380
Industrial — .2%
DAE Funding LLC, Gtd. Notes(b)
4.95
1/15/2033
5,029,000
4,968,191
Information Technology — .8%
Fiserv, Inc., Sr. Unscd. Notes(d)
5.60
3/2/2033
795,000
818,066
Oracle Corp., Sr. Unscd. Notes
3.85
4/1/2060
14,280,000
8,674,050
Oracle Corp., Sr. Unscd. Notes(d)
4.45
9/26/2030
7,650,000
7,470,199
VMware LLC, Sr. Unscd. Notes
2.20
8/15/2031
3,657,000
3,256,839
 
20,219,154
Insurance — .7%
Allianz SE, Jr. Sub. Bonds(b),(e)
3.20
10/30/2027
1,800,000
1,722,721
American International Group, Inc., Sr. Unscd. Notes(d)
4.38
6/30/2050
4,150,000
3,466,882
American International Group, Inc., Sr. Unscd. Notes
4.85
5/7/2030
976,000
1,000,159
Corebridge Financial, Inc., Jr. Sub. Notes
6.38
9/15/2054
4,149,000
4,240,986
Corebridge Financial, Inc., Jr. Sub. Notes(e)
6.88
12/1/2030
2,528,000
2,628,319
Nippon Life Insurance Co., Sub. Notes(b),(d)
6.50
4/30/2055
4,081,000
4,369,037
 
17,428,104
Internet Software & Services — .2%
Meta Platforms, Inc., Sr. Unscd. Notes
5.63
11/15/2055
5,108,000
4,863,782
Materials — .5%
Amcor Flexibles North America, Inc., Gtd. Notes
5.10
3/17/2030
3,513,000
3,611,957
Canpack SA/Canpack US LLC, Gtd. Notes(b)
3.88
11/15/2029
4,890,000
4,680,063
Sealed Air Corp., Sr. Scd. Notes(b)
1.57
10/15/2026
3,734,000
3,672,072
Smurfit Westrock Financing DAC, Gtd. Notes
5.42
1/15/2035
1,137,000
1,170,489
 
13,134,581
Media — 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(b),(d)
7.00
2/1/2033
1,675,000
1,692,399
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Media — 1.2% (continued)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Sr. Scd. Notes
5.38
5/1/2047
1,446,000
1,188,342
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Sr. Scd. Notes
6.55
6/1/2034
4,270,000
4,487,152
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Sr. Scd. Notes
6.83
10/23/2055
3,765,000
3,615,872
Paramount Global, Gtd. Debs.
5.85
9/1/2043
7,552,000
6,091,206
Sirius XM Radio LLC, Gtd. Notes(b)
4.00
7/15/2028
6,060,000
5,922,769
Virgin Media O2 Vendor Financing Notes VI DAC, Sr. Scd. Notes(b)
8.50
3/15/2033
4,013,000
3,982,938
Ziggo Bond Co. BV, Gtd. Notes(b)
5.13
2/28/2030
5,580,000
4,907,184
 
31,887,862
Metals & Mining — .7%
ArcelorMittal SA, Sr. Unscd. Notes
7.00
10/15/2039
1,702,000
1,919,368
Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes(b)
6.30
9/8/2053
3,735,000
3,815,019
Glencore Funding LLC, Gtd. Notes(b)
5.19
4/1/2030
4,967,000
5,115,346
Navoi Mining & Metallurgical Combinat, Sr. Unscd. Bonds(b)
6.75
5/14/2030
1,709,000
1,803,617
Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes
3.25
5/13/2030
923,000
890,356
Steel Dynamics, Inc., Sr. Unscd. Notes
5.75
5/15/2055
2,258,000
2,241,819
Vedanta Resources Finance II PLC, Gtd. Notes(b)
9.13
10/15/2032
2,040,000
2,138,500
 
17,924,025
Real Estate — 3.6%
American Homes 4 Rent LP, Sr. Unscd. Notes
4.90
2/15/2029
2,533,000
2,576,775
American Homes 4 Rent LP, Sr. Unscd. Notes
5.25
3/15/2035
4,624,000
4,637,430
Boston Properties LP, Sr. Unscd. Notes
5.75
1/15/2035
5,600,000
5,738,246
COPT Defense Properties LP, Gtd. Notes
2.25
3/15/2026
5,000,000
4,989,272
Cousins Properties LP, Gtd. Notes
5.38
2/15/2032
4,515,000
4,660,923
CubeSmart LP, Gtd. Notes(d)
3.00
2/15/2030
6,420,000
6,090,486
CubeSmart LP, Gtd. Notes
5.13
11/1/2035
7,058,000
7,055,880
EPR Properties, Gtd. Notes
4.75
12/15/2026
5,000,000
5,015,951
Extra Space Storage LP, Gtd. Notes
4.95
1/15/2033
3,418,000
3,439,112
Extra Space Storage LP, Gtd. Notes
5.70
4/1/2028
860,000
887,366
Healthcare Realty Holdings LP, Gtd. Notes
3.50
8/1/2026
7,500,000
7,464,832
Kilroy Realty LP, Gtd. Notes
5.88
10/15/2035
4,960,000
5,001,357
Kite Realty Group LP, Sr. Unscd. Notes
4.00
10/1/2026
1,071,000
1,069,188
Kite Realty Group LP, Sr. Unscd. Notes
4.95
12/15/2031
2,393,000
2,429,713
Phillips Edison Grocery Center Operating Partnership I LP, Gtd. Notes
5.75
7/15/2034
2,012,000
2,104,151
Prologis Targeted US Logistics Fund LP, Gtd. Notes(b)
4.75
1/15/2036
5,063,000
4,934,617
Sabra Health Care LP, Gtd. Notes
3.20
12/1/2031
2,475,000
2,266,468
SBA Tower Trust, Asset Backed Notes(b)
2.59
10/15/2031
3,251,000
2,921,098
Store Capital LLC, Sr. Unscd. Notes
4.63
3/15/2029
2,825,000
2,819,924
Ventas Realty LP, Gtd. Notes
5.10
7/15/2032
4,843,000
4,986,022
VICI Properties LP, Sr. Unscd. Notes
4.75
4/1/2028
2,049,000
2,070,512
Vornado Realty LP, Sr. Unscd. Notes
2.15
6/1/2026
4,625,000
4,577,678
Vornado Realty LP, Sr. Unscd. Notes
5.75
2/1/2033
5,118,000
5,177,957
 
92,914,958
Retailing — .6%
Asbury Automotive Group, Inc., Gtd. Notes(b)
5.00
2/15/2032
4,791,000
4,658,536
AutoZone, Inc., Sr. Unscd. Notes
4.75
2/1/2033
2,195,000
2,193,260
Lithia Motors, Inc., Gtd. Notes(b)
5.50
10/1/2030
7,874,000
7,913,510
Macy’s Retail Holdings LLC, Gtd. Notes(b)
7.38
8/1/2033
1,440,000
1,522,400
 
16,287,706
12
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Semiconductors & Semiconductor Equipment — 1.1%
Broadcom, Inc., Sr. Unscd. Notes(b)
3.19
11/15/2036
5,994,000
5,082,900
Foundry JV Holdco LLC, Sr. Scd. Notes(b)
6.30
1/25/2039
8,147,000
8,682,966
Intel Corp., Sr. Unscd. Notes
5.60
2/21/2054
3,884,000
3,644,501
Micron Technology, Inc., Sr. Unscd. Notes(d)
5.30
1/15/2031
1,347,000
1,399,449
Micron Technology, Inc., Sr. Unscd. Notes
5.80
1/15/2035
5,831,000
6,182,729
NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes
3.25
5/11/2041
6,525,000
4,944,874
 
29,937,419
Supranational Bank — .1%
Banque Ouest Africaine de Developpement, Sr. Unscd. Notes
4.70
10/22/2031
2,500,000
2,328,142
Technology Hardware & Equipment — .2%
Hewlett Packard Enterprise Co., Sr. Unscd. Notes
5.60
10/15/2054
2,708,000
2,480,058
Kyndryl Holdings, Inc., Sr. Unscd. Notes
2.05
10/15/2026
1,821,000
1,795,516
 
4,275,574
Telecommunication Services — 1.1%
AT&T, Inc., Sr. Unscd. Bonds
4.90
8/15/2037
1,065,000
1,035,501
AT&T, Inc., Sr. Unscd. Notes
2.55
12/1/2033
9,905,000
8,429,355
Iliad Holding SAS, Sr. Scd. Notes(b)
8.50
4/15/2031
1,849,000
1,981,102
T-Mobile USA, Inc., Gtd. Notes
2.40
3/15/2029
2,093,000
1,987,043
T-Mobile USA, Inc., Gtd. Notes
6.00
6/15/2054
2,574,000
2,610,683
Verizon Communications, Inc., Sr. Unscd. Notes
5.75
11/30/2045
5,058,000
5,029,649
Verizon Communications, Inc., Sr. Unscd. Notes
5.88
11/30/2055
3,745,000
3,699,462
Vmed O2 UK Financing I PLC, Sr. Scd. Notes(b)
6.75
1/15/2033
3,070,000
2,997,579
 
27,770,374
Transportation — .1%
Fedex Freight Holding Co., Inc., Gtd. Notes(b)
5.25
3/15/2036
1,245,000
1,234,088
Norfolk Southern Corp., Sr. Unscd. Notes
5.55
3/15/2034
1,544,000
1,625,591
 
2,859,679
Utilities — 5.9%
AES Panama Generation Holdings SRL, Sr. Scd. Notes(b)
4.38
5/31/2030
1,242,501
1,171,479
Alliant Energy Corp., Jr. Sub. Notes
5.75
4/1/2056
1,688,000
1,676,280
Ameren Corp., Sr. Unscd. Notes
1.75
3/15/2028
3,952,000
3,767,628
American Electric Power Co., Inc., Jr. Sub. Notes
6.95
12/15/2054
7,985,000
8,559,896
Arizona Public Service Co., Sr. Unscd. Notes
4.25
3/1/2049
4,338,000
3,491,371
Baltimore Gas & Electric Co., Sr. Unscd. Notes
2.25
6/15/2031
5,026,000
4,549,933
CenterPoint Energy, Inc., Jr. Sub. Notes
6.70
5/15/2055
5,911,000
6,073,026
CMS Energy Corp., Jr. Sub. Notes
3.75
12/1/2050
2,981,000
2,751,916
Constellation Energy Generation LLC, Sr. Unscd. Notes
5.80
3/1/2033
2,736,000
2,907,743
Electricite de France SA, Sr. Unscd. Notes(b),(d)
5.70
5/23/2028
583,000
602,972
Electricite de France SA, Sr. Unscd. Notes(b),(d)
6.90
5/23/2053
3,546,000
3,943,724
Enel Finance International NV, Gtd. Notes(b)
5.50
6/26/2034
1,492,000
1,543,107
Enel Finance International NV, Gtd. Notes(b)
7.50
10/14/2032
871,000
1,001,869
Entergy Corp., Jr. Sub. Notes
6.10
6/15/2056
7,585,000
7,582,524
Evergy, Inc., Jr. Sub. Notes
6.65
6/1/2055
6,675,000
6,872,613
Eversource Energy, Sr. Unscd. Notes
5.50
1/1/2034
1,197,000
1,231,830
Exelon Corp., Jr. Sub. Notes
6.50
3/15/2055
5,764,000
5,987,543
Exelon Corp., Sr. Unscd. Notes
5.45
3/15/2034
882,000
915,783
Hawaiian Electric Co., Inc., Sr. Unscd. Notes(b)
6.00
10/1/2033
1,611,000
1,636,262
IPALCO Enterprises, Inc., Sr. Scd. Notes
4.25
5/1/2030
1,814,000
1,779,575
IPALCO Enterprises, Inc., Sr. Scd. Notes
5.75
4/1/2034
7,329,000
7,481,385
Jersey Central Power & Light Co., Sr. Unscd. Notes(b)
2.75
3/1/2032
1,810,000
1,633,950
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 41.9% (continued)
Utilities — 5.9% (continued)
Jersey Central Power & Light Co., Sr. Unscd. Notes
5.10
1/15/2035
2,231,000
2,261,532
Louisville Gas & Electric Co., First Mortgage Bonds
4.38
10/1/2045
1,410,000
1,201,160
NextEra Energy Capital Holdings, Inc., Gtd. Notes
6.50
8/15/2055
5,844,000
6,146,941
Niagara Mohawk Power Corp., Sr. Unscd. Notes(b)
5.66
1/17/2054
878,000
851,372
NiSource, Inc., Jr. Sub. Notes
5.75
7/15/2056
6,337,000
6,374,886
NiSource, Inc., Sr. Unscd. Notes
3.60
5/1/2030
1,297,000
1,262,526
NRG Energy, Inc., Sr. Unscd. Notes(b)
6.00
1/15/2036
3,821,000
3,862,676
Pacific Gas & Electric Co., First Mortgage Bonds
2.10
8/1/2027
2,060,000
2,001,026
Pacific Gas & Electric Co., First Mortgage Bonds
5.05
10/15/2032
4,302,000
4,337,382
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Sr. Unscd.
Notes(b)
5.45
2/3/2036
1,273,000
1,268,737
PG&E Corp., Sr. Scd. Notes
5.25
7/1/2030
2,480,000
2,466,200
Pinnacle West Capital Corp., Sr. Unscd. Notes
5.15
5/15/2030
1,847,000
1,904,008
Public Service Enterprise Group, Inc., Sr. Unscd. Notes
5.45
4/1/2034
2,403,000
2,479,706
Public Service Enterprise Group, Inc., Sr. Unscd. Notes
6.13
10/15/2033
1,574,000
1,691,180
Puget Energy, Inc., Sr. Scd. Notes
2.38
6/15/2028
1,709,000
1,641,701
Sempra, Jr. Sub. Notes
6.55
4/1/2055
2,410,000
2,454,529
Sierra Pacific Power Co., Jr. Sub. Notes
6.20
12/15/2055
3,062,000
3,049,235
Southern California Edison Co., First Mortgage Bonds
5.25
3/15/2030
4,705,000
4,834,441
Spire, Inc., Jr. Sub. Bonds(d)
6.45
6/1/2056
2,525,000
2,550,474
The AES Corp., Jr. Sub. Notes
6.95
7/15/2055
7,152,000
6,997,173
The Southern Company, Jr. Sub. Notes, Ser. 2025
6.38
3/15/2055
7,975,000
8,321,145
Vistra Operations Co. LLC, Sr. Scd. Notes(b)
5.25
10/15/2035
3,532,000
3,499,221
Vistra Operations Co. LLC, Sr. Scd. Notes(b)
5.35
1/31/2036
2,365,000
2,353,387
WEC Energy Group, Inc., Jr. Sub. Notes
5.63
5/15/2056
1,853,000
1,863,557
 
152,836,604
Total Corporate Bonds and Notes
(cost $1,078,717,334)
 
 
1,088,490,422
Convertible Bonds and Notes — 1.5%
Aerospace & Defense — .1%
AeroVironment, Inc., Sr. Unscd. Notes(f)
0.00
7/15/2030
300,000
353,550
Rheinmetall AG, Sr. Unscd. Bonds, Ser. B
2.25
2/7/2030
EUR
 
100,000
683,081
 
1,036,631
Banks — .0%
Goldman Sachs Finance Corp. International Ltd., Gtd. Notes, Ser. 700h(f)
0.00
3/7/2030
300,000
328,200
Morgan Stanley Finance LLC, Gtd. Notes, Ser. 1(f)
0.00
4/10/2028
400,000
539,000
 
867,200
Beverage Products — .0%
Davide Campari-Milano N.V., Sr. Unscd. Bonds
2.38
1/17/2029
EUR
 
400,000
465,303
Consumer Discretionary — .0%
Accor SA, Sr. Unscd. Bonds
0.70
12/7/2027
EUR
 
48,120
66,047
NCL Corp. Ltd., Gtd. Notes(b)
0.75
9/15/2030
300,000
292,688
NCL Corp. Ltd., Gtd. Notes(b),(d)
0.88
4/15/2030
200,000
221,700
 
580,435
Diversified Financials — .1%
Cipher Mining, Inc., Sr. Unscd. Notes(b),(f)
0.00
10/1/2031
150,000
191,062
Citigroup Global Markets Holdings, Inc., Gtd. Notes(b),(d)
0.80
2/5/2030
EUR
 
300,000
385,158
IREN Ltd., Sr. Unscd. Notes, Ser. 33(b)
1.00
6/1/2033
300,000
368,850
 
945,070
14
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Convertible Bonds and Notes — 1.5% (continued)
Electronic Components — .2%
Hon Hai Precision Industry Co. Ltd., Sr. Unscd. Bonds(f)
0.00
10/24/2029
400,000
410,520
Ibiden Co. Ltd., Sr. Unscd. Bonds(f)
0.00
3/14/2031
JPY
 
50,000,000
629,604
Legrand SA, Sr. Unscd. Bonds
1.50
6/23/2033
EUR
 
500,000
651,900
Mirion Technologies, Inc., Sr. Unscd. Notes(b),(f)
0.00
10/1/2031
800,000
900,340
OSI Systems, Inc., Sr. Unscd. Notes(b)
0.50
2/1/2031
550,000
547,030
OSI Systems, Inc., Sr. Unscd. Notes
2.25
8/1/2029
150,000
221,250
Schneider Electric SE, Sr. Unscd. Notes, Ser. SUFP
1.63
6/28/2031
EUR
 
700,000
889,116
Schneider Electric SE, Sr. Unscd. Notes, Ser. SUFP
1.97
11/27/2030
EUR
 
200,000
305,056
 
4,554,816
Energy — .1%
Northern Oil & Gas, Inc., Sr. Unscd. Notes
3.63
4/15/2029
900,000
913,860
Environmental Control — .0%
Tetra Tech, Inc., Sr. Unscd. Notes
2.25
8/15/2028
200,000
232,550
Health Care — .1%
AEP Texas, Inc., Sr. Unscd. Notes(b)
5.85
2/1/2033
100,000
102,500
Alnylam Pharmaceuticals, Inc., Sr. Unscd. Notes(b),(f)
0.00
9/15/2028
600,000
561,658
ANI Pharmaceuticals, Inc., Sr. Unscd. Notes
2.25
9/1/2029
700,000
910,438
Arrowhead Pharmaceuticals, Inc., Sr. Unscd. Notes(f)
0.00
1/15/2032
35,000
39,369
Bridgebio Pharma, Inc., Sr. Unscd. Notes
2.25
2/1/2029
100,000
113,925
CorMedix, Inc., Sr. Unscd. Bonds(b)
4.00
8/1/2030
100,000
100,620
Halozyme Therapeutics, Inc., Sr. Unscd. Notes(b),(f)
0.00
2/15/2031
200,000
206,000
Halozyme Therapeutics, Inc., Sr. Unscd. Notes
1.00
8/15/2028
200,000
278,000
QIAGEN NV, Sr. Unscd. Bonds
2.50
9/10/2031
200,000
232,929
 
2,545,439
Industrial — .2%
Bloom Energy Corp., Sr. Unscd. Notes(b),(f)
0.00
11/15/2030
50,000
56,700
BWX Technologies, Inc., Gtd. Notes(b),(f)
0.00
11/1/2030
700,000
723,450
Daifuku Co. Ltd., Sr. Unscd. Bonds, Ser. 2028(f)
0.00
9/14/2028
JPY
 
70,000,000
732,747
Ferrovial SE, Sr. Unscd. Bonds
0.75
5/20/2031
EUR
 
400,000
483,724
Granite Construction, Inc., Sr. Unscd. Notes
3.25
6/15/2030
600,000
1,001,400
SPIE SA, Sr. Unscd. Bonds
2.00
1/17/2028
EUR
 
300,000
511,019
Vinci SA, Sr. Unscd. Bonds
0.70
2/18/2030
EUR
 
400,000
494,334
 
4,003,374
Information Technology — .1%
Alkami Technology, Inc., Sr. Unscd. Notes(b)
1.50
3/15/2030
200,000
196,550
Cloudflare, Inc., Sr. Unscd. Notes(f)
0.00
8/15/2026
300,000
330,210
Datadog, Inc., Sr. Unscd. Notes(f)
0.00
12/1/2029
500,000
493,625
DigitalOcean Holdings, Inc., Sr. Unscd. Notes(b),(f)
0.00
8/15/2030
400,000
633,800
Nebius Group NV, Sr. Unscd. Notes(b),(d)
1.00
9/15/2030
250,000
249,875
Snowflake, Inc., Sr. Unscd. Notes(f)
0.00
10/1/2027
500,000
678,750
 
2,582,810
Insurance — .0%
Ping An Insurance Group Co. of China Ltd., Sr. Unscd. Bonds(f)
0.00
6/11/2030
HKD
 
2,000,000
352,658
Internet Software & Services — .1%
Alibaba Group Holding Ltd., Sr. Unscd. Notes(f)
0.00
9/15/2032
600,000
672,759
Alibaba Group Holding Ltd., Sr. Unscd. Notes
0.50
6/1/2031
150,000
263,173
DoorDash, Inc., Sr. Unscd. Notes(b),(f)
0.00
5/15/2030
700,000
702,100
Grab Holdings Ltd., Sr. Unscd. Notes(f)
0.00
6/15/2030
400,000
407,280
MakeMyTrip Ltd., Sr. Unscd. Notes(b),(f)
0.00
7/1/2030
300,000
276,770
15
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Convertible Bonds and Notes — 1.5% (continued)
Internet Software & Services — .1% (continued)
Uber Technologies, Inc., Sr. Scd. Notes(b),(f)
0.00
5/15/2028
200,000
199,500
Uber Technologies, Inc., Sr. Unscd. Notes, Ser. 2028
0.88
12/1/2028
500,000
641,765
 
3,163,347
Media — .0%
Liberty Media Corp.-Liberty Formula One, Sr. Unscd. Notes
2.25
8/15/2027
500,000
585,750
Metals & Mining — .1%
Endeavour Silver Corp., Sr. Unscd. Bonds(b),(d)
0.25
1/15/2031
400,000
491,200
Energy Fuels, Inc., Sr. Unscd. Notes(b),(d)
0.75
11/1/2031
300,000
412,050
MMG Ltd., Sr. Unscd. Bonds(f)
0.00
10/8/2030
400,000
561,000
MP Materials Corp., Sr. Unscd. Bonds(b)
3.00
3/1/2030
100,000
285,200
Salzgitter AG, Sr. Unscd. Notes
3.38
10/22/2032
EUR
 
400,000
604,577
voestalpine AG, Sr. Unscd. Bonds
2.75
4/28/2028
EUR
 
400,000
547,042
 
2,901,069
Real Estate — .0%
Compass, Inc., Gtd. Notes(b)
0.25
4/15/2031
500,000
540,001
Retailing — .0%
MINISO Group Holding Ltd., Sr. Unscd. Notes
0.50
1/14/2032
400,000
386,100
Semiconductors & Semiconductor Equipment — .1%
BE Semiconductor Industries NV, Sr. Unscd. Notes
1.88
4/6/2029
EUR
 
300,000
524,386
Globalwafers GmbH, Gtd. Bonds, Ser. WW
1.50
1/23/2029
EUR
 
400,000
468,455
MACOM Technology Solutions Holdings, Inc., Sr. Unscd. Notes(f)
0.00
12/15/2029
750,000
1,081,080
Veeco Instruments, Inc., Sr. Unscd. Notes
2.88
6/1/2029
400,000
519,800
 
2,593,721
Technology Hardware & Equipment — .1%
Ferrotec Corp., Sr. Unscd. Bonds(f)
0.00
6/23/2028
JPY
 
60,000,000
643,577
Lumentum Holdings, Inc., Sr. Unscd. Notes(b)
0.38
3/15/2032
400,000
907,576
Parsons Corp., Sr. Unscd. Notes(d)
2.63
3/1/2029
600,000
643,670
Seagate HDD Cayman, Gtd. Notes
3.50
6/1/2028
50,000
248,225
Super Micro Computer, Inc., Sr. Unscd. Notes(b),(f)
0.00
6/15/2030
200,000
173,557
Western Digital Corp., Gtd. Notes
3.00
11/15/2028
100,000
664,541
 
3,281,146
Telecommunication Services — .0%
A10 Networks, Inc., Sr. Unscd. Notes(b)
2.75
4/1/2030
300,000
312,340
AST SpaceMobile, Inc., Sr. Unscd. Notes(b)
2.38
10/15/2032
200,000
363,350
 
675,690
Utilities — .2%
CMS Energy Corp., Sr. Unscd. Notes
3.38
5/1/2028
500,000
541,000
Duke Energy Corp., Sr. Unscd. Notes
4.13
4/15/2026
1,000,000
1,039,750
Evergy, Inc., Sr. Unscd. Notes
4.50
12/15/2027
500,000
635,937
Iberdrola Finanzas SA, Gtd. Notes, Ser. IBE
1.50
3/27/2030
EUR
 
400,000
540,640
NextEra Energy Capital Holdings, Inc., Gtd. Notes
3.00
3/1/2027
600,000
798,600
Ormat Technologies, Inc., Sr. Unscd. Notes
2.50
7/15/2027
700,000
1,034,495
 
4,590,422
Total Convertible Bonds and Notes
(cost $35,531,830)
 
 
   37,797,392
Foreign Governmental — 6.4%
Argentine Republic, Sr. Unscd. Bonds(g)
4.88
7/9/2041
3,625,000
2,629,937
Brazil, Sr. Unscd. Notes
5.50
11/6/2030
7,150,000
7,289,425
Brazil, Sr. Unscd. Notes
7.25
1/12/2056
4,700,000
4,708,225
Ciudad Autonoma De Buenos Aires, Sr. Unscd. Notes(b)
7.80
11/26/2033
1,884,000
1,935,113
16
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Foreign Governmental — 6.4% (continued)
Colombia, Sr. Unscd. Bonds
5.63
2/19/2036
EUR
 
3,292,000
3,685,983
Colombia, Sr. Unscd. Notes
6.50
1/21/2033
2,281,000
2,262,638
Dominican Republic, Sr. Unscd. Notes(b)
5.88
10/28/2035
3,750,000
3,738,675
Eagle Funding Luxco, Sr. Unscd. Notes(b)
5.50
8/17/2030
5,412,000
5,504,383
Ecuador, Sr. Unscd. Notes(b)
9.25
1/29/2039
543,000
556,575
Gabon, Sr. Unscd. Notes(b)
7.00
11/24/2031
2,200,000
1,847,206
Israel, Sr. Unscd. Notes, Ser. 30Y
5.75
3/12/2054
2,650,000
2,546,531
Israel, Sr. Unscd. Notes, Ser. 30Y
5.88
1/13/2056
3,070,000
2,995,071
Italy Buoni Poliennali Del Tesoro, Sr. Unscd. Notes, Ser. 30Y(b)
4.30
10/1/2054
EUR
 
19,546,000
23,177,182
Japan (30 Year Issue), Bonds, Ser. 83
2.20
6/20/2054
JPY
 
1,355,000,000
6,587,115
Japan (30 Year Issue), Bonds, Ser. 86
2.40
3/20/2055
JPY
 
1,355,000,000
6,886,063
Japan (30 Year Issue), Bonds, Ser. 87
2.80
6/20/2055
JPY
 
2,980,000,000
16,532,492
Kuwait, Sr. Unscd. Notes(b)
4.65
10/9/2035
8,551,000
8,444,765
Mexico, Sr. Unscd. Notes
5.38
3/22/2033
3,084,000
3,047,763
Mexico, Sr. Unscd. Notes
6.13
2/9/2038
3,095,000
3,086,489
Mexico, Sr. Unscd. Notes
6.63
1/29/2038
4,147,000
4,320,967
Nigeria, Sr. Unscd. Notes(b)
8.63
1/13/2036
3,810,000
4,075,859
Philippines, Sr. Unscd. Notes
5.00
1/27/2036
4,071,000
4,070,461
Republic of South Africa, Sr. Unscd. Notes(b)
7.25
12/11/2055
1,626,000
1,581,279
Romania, Bonds(b)
6.63
5/16/2036
3,600,000
3,771,455
Romania, Sr. Unscd. Notes(b)
5.75
3/24/2035
5,740,000
5,706,492
Saudi, Sr. Unscd. Notes(b)
5.88
1/12/2056
6,250,000
6,107,121
Ukraine, Sr. Unscd. Bonds(b),(g)
7.25
2/1/2032
2,575,000
2,055,924
United Kingdom Gilt, Bonds
1.50
7/31/2053
GBP
 
42,467,000
26,357,870
Total Foreign Governmental
(cost $168,016,321)
 
 
  165,509,059
Municipal Securities — .1%
University of Michigan, Revenue Bonds, Refunding, Ser. C
(cost $2,449,000)
3.60
4/1/2047
2,449,000
2,050,781
U.S. Government Agencies Collateralized Mortgage Obligations — .8%
Federal Home Loan Mortgage Corp., REMIC, Ser. 5010, Cl. EA(h)
1.00
8/15/2047
2,957,732
2,749,240
Government National Mortgage Association, Ser. 2010-89, Cl. Z
5.00
7/20/2040
3,317,247
3,406,137
Government National Mortgage Association, Ser. 2014-145, Cl. KA
3.50
1/20/2038
1,733,287
1,711,704
Government National Mortgage Association, Ser. 2017-93, Cl. GY
3.50
6/20/2047
4,628,190
4,314,528
Government National Mortgage Association, Ser. 2018-120, Cl. PU
3.50
9/20/2048
377,763
342,324
Government National Mortgage Association, Ser. 2019-59, Cl. KA
3.00
12/20/2048
557,997
518,061
Government National Mortgage Association, Ser. 2020-11, Cl. CB
3.50
1/20/2050
1,663,298
1,550,932
Government National Mortgage Association, Ser. 2022-9, Cl. P
2.00
9/20/2051
4,321,947
3,860,500
Government National Mortgage Association, Ser. 2023-19, Cl. WB
5.64
11/20/2051
1,167,733
1,208,865
Government National Mortgage Association, Ser. 2024-204, Cl. EF,
(1 Month SOFR +2.35%)(c)
6.05
12/20/2054
2,302,469
2,344,207
Total U.S. Government Agencies Collateralized Mortgage Obligations
(cost $23,528,385)
 
 
   22,006,498
U.S. Government Agencies Collateralized Municipal-Backed Securities — .0%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. Q007, Cl. APT1(h)
(cost $271,917)
6.39
10/25/2047
273,585
273,672
 
 
 
 
 
 
 
U.S. Government Agencies Mortgage-Backed — 24.8%
Federal Home Loan Mortgage Corp.:
2.00%, 9/1/2050-3/1/2052(h)
33,190,410
27,242,568
17
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Principal
Amount ($)(a)
Value ($)
U.S. Government Agencies Mortgage-Backed — 24.8% (continued)
2.50%, 11/1/2050-2/1/2052(h)
59,341,113
51,389,787
3.00%, 9/1/2047-7/1/2052(h)
8,172,524
7,353,009
3.50%, 12/1/2048(h)
23,982,953
22,473,156
4.50%, 10/1/2052-5/1/2053(h)
7,741,148
7,687,124
5.00%, 9/1/2052-12/1/2054(h)
66,050,657
66,826,809
5.50%, 9/1/2052-3/1/2055(h)
42,896,791
43,957,962
Federal National Mortgage Association:
2.00%, 3/1/2036-3/1/2052(h)
81,466,746
67,770,934
2.50%, 5/1/2037-10/1/2051(h)
5,726,475
5,286,677
3.00%, 10/1/2030-2/1/2052(h)
48,698,326
44,008,628
3.50%, 11/1/2042(h)
2,198,339
2,092,515
4.00%, 5/1/2052-7/1/2052(h)
23,689,050
22,870,187
4.50%, 3/1/2038-6/1/2053(h)
14,914,995
14,846,713
5.00%, 8/1/2040-8/1/2055(h)
47,606,881
48,154,994
5.50%, 6/1/2054-9/1/2054(h)
24,751,730
25,427,438
5.50%, 2/1/2056(h),(i)
45,361,000
45,999,082
6.00%, 2/1/2054-9/1/2054(h)
29,167,528
30,204,533
6.50%, 5/1/2053(h)
841,490
862,631
7.00%, 2/1/2053(h)
1,015,399
1,050,919
Government National Mortgage Association I:
3.50%, 9/15/2041-10/15/2044
1,331,942
1,251,854
4.00%, 10/15/2039-6/15/2045
2,873,274
2,787,593
4.50%, 4/15/2039-10/15/2041
2,261,877
2,272,326
Government National Mortgage Association II:
2.00%, 10/20/2050-3/20/2052
23,813,793
19,776,138
2.50%, 10/20/2046-10/20/2052
53,074,944
45,730,992
3.00%, 8/20/2046-9/20/2052
7,193,895
6,556,947
3.50%, 9/20/2042-3/20/2050
15,707,996
14,631,841
4.00%, 10/20/2047-1/20/2048
1,138,482
1,096,901
4.00%, 11/20/2052, (1 Year U.S. Treasury Yield Curve Constant Rate +1.50%)(c)
4,354,737
4,321,979
4.03%, 7/20/2053, (1 Year U.S. Treasury Yield Curve Constant Rate +1.50%)(c)
6,461,962
6,435,665
4.50%, 7/20/2048
1,085,474
1,080,205
6.00%, 5/20/2054
3,387,222
3,473,521
7.00%, 2/20/2054
723,915
748,677
Total U.S. Government Agencies Mortgage-Backed
(cost $653,289,262)
 
 
  645,670,305
 
 
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
 
U.S. Treasury Securities — 7.2%
U.S. Treasury Bonds
4.63
11/15/2045
1,200,000
1,167,281
U.S. Treasury Bonds
4.88
8/15/2045
5,906,000
5,941,067
U.S. Treasury Bonds
5.00
5/15/2045
88,861,000
90,832,603
U.S. Treasury Inflation Indexed Bonds(j)
0.13
2/15/2052
34,235,089
18,064,680
U.S. Treasury Inflation Indexed Bonds(j)
2.38
2/15/2055
25,268,382
23,962,219
U.S. Treasury Notes(d)
4.00
11/15/2035
4,435,000
4,344,568
U.S. Treasury Notes
4.25
1/15/2028
4,000,000
4,053,125
U.S. Treasury Notes(d)
4.25
8/15/2035
8,750,000
8,758,887
U.S. Treasury Notes
4.38
11/30/2030
30,000,000
30,761,719
Total U.S. Treasury Securities
(cost $189,464,954)
 
 
  187,886,149
 
18
Description
1-Day
Yield (%)
 
 
Shares
Value ($)
Investment Companies — 1.9%
Registered Investment Companies — 1.9%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(k)
(cost $47,495,366)
3.72
47,495,366
47,495,366
Investment of Cash Collateral for Securities Loaned — 1.0%
Registered Investment Companies — 1.0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(k)
(cost $26,384,945)
3.72
26,384,945
26,384,945
Total Investments (cost $2,654,748,712)
 
       102.2%
2,654,515,108
Liabilities, Less Cash and Receivables
 
        (2.2%)
  (56,227,321)
Net Assets
       100.0%
2,598,287,787
 
EUR—Euro
GBP—British Pound
HKD—Hong Kong Dollar
JPY—Japanese Yen
REMIC—Real Estate Mortgage Investment Conduit
SOFR—Secured Overnight Financing Rate
SOFRCOMPOUND—Compounded Secured Overnight Financing Rate
TSFR—Term Secured Overnight Financing Rate Reference Rates
 
(a)
Amount stated in U.S. Dollars unless otherwise noted above.
(b)
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 January 31, 2026, these securities amounted to $816,344,420 or 31.4% of net assets.
(c)
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.
(d)
Security, or portion thereof, on loan. At January 31, 2026, the value of the fund’s securities on loan was $43,029,458 and the value of the collateral was
$44,639,725, consisting of cash collateral of $26,384,945 and U.S. Government & Agency securities valued at $18,254,780.  In addition, the value of
collateral may include pending sales that are also on loan.
(e)
Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
(f)
Security issued with a zero coupon.
(g)
Step coupon bond. Security begins as a zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
(h)
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.
(i)
Purchased on a forward commitment basis.
(j)
Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
(k)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
19
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
 
TBA Sale Commitments
Description
 
 
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Mortgage-Backed — (4.5%)
Federal National Mortgage Association:
5.00%, 2/1/2056(a),(b)
(72,113,000)
(72,110,035)
5.50%, 2/1/2056(a),(b)
(45,361,000)
(45,999,082)
Total Sale Commitments (Proceeds $118,384,728)
(118,109,117)
 
(a)
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.
(b)
Sold on a delayed delivery basis.
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
Appreciation
(Depreciation) ($)
Futures Long
2 Year U.S. Treasury Note
1,674
3/31/2026
349,403,073
349,015,923
(387,150)
5 Year U.S. Treasury Note
994
3/31/2026
108,630,185
108,276,112
(354,073)
Australian 10-Year Bond
1,689
3/16/2026
128,414,999(a)
128,377,327
(37,672)
Euro-Bund
936
3/6/2026
142,104,843(a)
142,203,026
98,183
Ultra 10 Year U.S. Treasury Note
333
3/20/2026
38,156,635
38,014,031
(142,604)
Ultra U.S. Treasury Bond
15
3/20/2026
1,766,962
1,761,563
(5,399)
Futures Short
10 Year U.S. Treasury Note
172
3/20/2026
19,231,066
19,234,438
(3,372)
Euro-Buxl 30 Year Bond
147
3/6/2026
19,452,916(a)
19,146,200
306,716
Euro-OAT
342
3/6/2026
49,072,659(a)
49,429,166
(356,507)
Japanese 10 Year Bond
108
3/13/2026
92,952,203(a)
91,844,663
1,107,540
Long Gilt
350
3/27/2026
43,088,164(a)
43,510,109
(421,945)
Gross Unrealized Appreciation
 
 
1,512,439
Gross Unrealized Depreciation
 
 
(1,708,722)
 
(a)
Notional amounts in foreign currency have been converted to USD using relevant foreign exchange rates.
 
Forward Foreign Currency Exchange Contracts
Counterparty/
Purchased
Currency
Purchased
Currency
Amounts
Currency
Sold
Sold
Currency
Amounts
Settlement
Date
Unrealized
Appreciation
(Depreciation) ($)
Barclays Capital, Inc.
United States Dollar
509,599
Swedish Krona
4,693,000
2/12/2026
(17,596)
United States Dollar
27,014,881
Euro
23,002,000
2/12/2026
(266,856)
United States Dollar
33,563,410
Japanese Yen
5,249,664,000
2/12/2026
(394,696)
BNP Paribas Corp.
United States Dollar
26,565,112
British Pound
19,754,000
2/12/2026
(464,834)
Citigroup Global Markets, Inc.
United States Dollar
1,294,106
Euro
1,100,000
3/4/2026
(11,789)
United States Dollar
611,755
Hong Kong Dollar
4,750,000
3/4/2026
3,032
Goldman Sachs & Co. LLC
United States Dollar
18,227,685
Brazilian Real
101,592,000
2/3/2026
(1,055,459)
Brazilian Real
101,592,000
United States Dollar
19,424,485
2/3/2026
(141,342)
Brazilian Real
101,592,000
United States Dollar
19,096,241
2/3/2026
186,902
20
Forward Foreign Currency Exchange Contracts (continued)
Counterparty/
Purchased
Currency
Purchased
Currency
Amounts
Currency
Sold
Sold
Currency
Amounts
Settlement
Date
Unrealized
Appreciation
(Depreciation) ($)
Goldman Sachs & Co. LLC (continued)
United States Dollar
19,424,485
Brazilian Real
101,592,000
2/3/2026
141,342
Brazilian Real
99,497,000
United States Dollar
18,951,882
3/3/2026
(180,262)
United States Dollar
18,978,162
Brazilian Real
101,592,000
3/3/2026
(188,711)
United States Dollar
507,112
Japanese Yen
80,000,000
3/4/2026
(11,241)
Euro
450,000
United States Dollar
529,127
3/4/2026
5,103
United States Dollar
6,306,849
Euro
5,400,000
3/4/2026
(103,907)
United States Dollar
294,940
Australian Dollar
450,000
3/4/2026
(18,397)
J.P. Morgan Securities LLC
United States Dollar
1,578,193
Japanese Yen
243,000,000
3/4/2026
3,696
United States Dollar
234,753
Euro
200,000
3/4/2026
(2,682)
Australian Dollar
400,000
United States Dollar
267,379
3/4/2026
11,143
United States Dollar
940,159
Euro
800,000
3/4/2026
(9,582)
Gross Unrealized Appreciation
351,218
Gross Unrealized Depreciation
(2,867,354)
 
Centrally Cleared Credit Default Swaps
Reference
Obligations
Maturity
Date
Notional
Amount ($)(a)
Market
Value ($)
Upfront
Payments/
Receipts ($)
Unrealized
(Depreciation) ($)
Purchased Contracts:(b)
Markit CDX North America High Yield Index Series 45,
Paid 3 Month Fixed Rate of 5.00%
12/20/2030
89,100,000
(7,987,544)
(5,538,851)
(2,448,693)
Gross Unrealized Depreciation
(2,448,693)
 
(a)
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.
(b)
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.
 
Centrally Cleared Interest Rate Swaps
Received
Reference
Entity
Paid
Reference
Entity
Maturity
Date
Notional
Amount ($)
Market
Value ($)
Upfront
Payments/
Receipts ($)
Unrealized
Appreciation
(Depreciation) ($)
EUR - 12 Month Fixed at
2.64%
EUR - 6 Month EURIBOR at
2.13%
11/6/2035
23,351,395
(390,347)
—
(390,347)
EUR - 12 Month Fixed at
2.65%
EUR - 6 Month EURIBOR at
2.13%
11/6/2035
23,351,395
(382,093)
—
(382,093)
SEK - 3 Month STIBOR at
1.93%
SEK - 12 Month Fixed at
2.75%
11/6/2035
23,401,628
15,472
—
15,472
SEK - 3 Month STIBOR at
1.94%
SEK - 12 Month Fixed at
2.71%
11/6/2035
23,401,628
265,619
—
265,619
Gross Unrealized Appreciation
 
281,091
Gross Unrealized Depreciation
 
(772,440)
 
EUR—Euro
EURIBOR—Euro Interbank Offered Rate
21
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
SEK—Swedish Krona
STIBOR—Stockholm Interbank Offered Rate
See notes to schedule of investments.
22
Schedule of Investments
BNY Mellon Core Plus Fund
January 31, 2026 (Unaudited)
The following is a summary of the inputs used as of January 31, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Asset-Backed Securities
—
220,698,797
—
220,698,797
Collateralized Loan Obligations
—
102,977,381
—
102,977,381
Commercial Mortgage-Backed
—
107,274,341
—
107,274,341
Convertible Corporate Bonds and Notes
—
37,797,392
—
37,797,392
Corporate Bonds and Notes
—
1,088,490,422
—
1,088,490,422
Foreign Governmental
—
165,509,059
—
165,509,059
Municipal Securities
—
2,050,781
—
2,050,781
U.S. Government Agencies Collateralized Mortgage Obligations
—
22,006,498
—
22,006,498
U.S. Government Agencies Collateralized Municipal-Backed
Securities
—
273,672
—
273,672
U.S. Government Agencies Mortgage-Backed
—
645,670,305
—
645,670,305
U.S. Treasury Securities
—
187,886,149
—
187,886,149
Investment Companies
73,880,311
—
—
73,880,311
 
73,880,311
2,580,634,797
—
2,654,515,108
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts††
—
351,218
—
351,218
Futures††
1,512,439
—
—
1,512,439
Swap Agreements
—
281,091
—
281,091
 
1,512,439
632,309
—
2,144,748
Liabilities ($)
Investments in Securities:†
U.S. Government Agencies Mortgage-Backed
—
(118,109,117)
—
(118,109,117)
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts††
—
(2,867,354)
—
(2,867,354)
Futures††
(1,708,722)
—
—
(1,708,722)
Swap Agreements††
—
(3,221,133)
—
(3,221,133)
 
(1,708,722)
(124,197,604)
—
(125,906,326)
 
†
See Schedule of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end.
23
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 Securities and Exchange Commission (“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 fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company’s Board of Directors 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 and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the “Service”). When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the Board, such as the Adviser, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund’s Valuation Designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar
24
securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their net asset values. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.
Forward foreign currency exchange contracts (“forward contracts”) generally are valued using the forward rate obtained from a Service and are categorized within Level 2 of the fair value hierarchy. 
Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. 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.
TBA Securities: During the period ended January 31, 2026, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund’s Schedule of Investments. The proceeds and value of these commitments are reflected in the fund’s Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold-TBA) and TBA sale commitments, at value, respectively.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at January 31, 2026 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of  Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at January 31, 2026 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
25
is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. Forward contracts open at January 31, 2026 are set forth in the Schedule of Investments.
Swap Agreements: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter (“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. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.
The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected in the Statement of Assets and Liabilities. Notional amounts of all credit default swap agreements are disclosed in the Schedule of Investments, which summarizes open credit default swaps entered into by the fund. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, underlying securities comprising the referenced index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the fund for the same referenced entity or entities. Credit default swaps open at January 31, 2026 are set forth in the Schedule of Investments.
GAAP requires disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. All required disclosures have been made and are incorporated within the current period as part of the Notes to the Schedule of Investments and disclosures within this Note.
At January 31, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $5,610,454, consisting of $45,123,788 gross unrealized appreciation and $50,734,242 gross unrealized depreciation.
26
At January 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
27