BNY Mellon High Yield Fund
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
 
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Collateralized Loan Obligations — 1.1%
Collateralized Loan Obligations Debt — 1.1%
Ares European XII DAC CLO, Ser. 12A, Cl. E, (3 Month EURIBOR
+6.10%)(b),(c)
8.13
4/20/2032
EUR
 
1,450,000
1,674,555
Diameter Capital 3 Ltd. CLO, Ser. 2022-3A, Cl. DR, (3 Month TSFR
+5.25%)(b),(c)
8.92
1/15/2038
800,000
783,859
St. Pauls CLO, Ser. 11A, Cl. E, (3 Month EURIBOR +6.00%)(b),(c)
8.03
1/17/2032
EUR
 
1,000,000
1,106,985
Trimaran Cavu Ltd. CLO, Ser. 2019-1A, Cl. ER, (3 Month TSFR +6.00%)(b),(c)
9.67
1/20/2037
1,400,000
1,340,193
Total Collateralized Loan Obligations
(cost $5,035,293)
 
 
  4,905,592
Convertible Corporate Bonds and Notes — .3%
Diversified Financials — .0%
Riot Platforms, Inc., Sr. Unscd. Notes
0.75
1/15/2030
270,000
311,175
Information Technology — .1%
Nebius Group NV, Sr. Unscd. Notes(b)
2.63
3/15/2033
430,000
401,878
Telecommunication Services — .2%
EchoStar Corp., Sr. Scd. Bonds(d)
3.88
11/30/2030
215,000
768,539
Total Convertible Corporate Bonds and Notes
(cost $1,498,515)
 
 
  1,481,592
Corporate Bonds and Notes — 88.7%
Advertising — .9%
Neptune Bidco US, Inc., Sr. Scd. Notes(b)
9.29
4/15/2029
1,997,000
2,004,185
Neptune Bidco US, Inc., Sr. Scd. Notes(b)
9.50
2/15/2033
1,875,000
1,821,542
 
3,825,727
Aerospace & Defense — 3.4%
AAR Escrow Issuer LLC, Gtd. Notes(b)
6.75
3/15/2029
2,146,000
2,185,695
Bombardier, Inc., Sr. Unscd. Notes(b)
6.75
6/15/2033
1,564,000
1,617,110
Goat Holdco LLC, Sr. Scd. Notes(b)
6.75
2/1/2032
3,253,000
3,275,751
TransDigm, Inc., Gtd. Notes(b),(e)
6.13
7/31/2034
128,000
126,053
TransDigm, Inc., Gtd. Notes(b)
6.38
5/31/2033
1,625,000
1,617,620
TransDigm, Inc., Sr. Scd. Notes(b)
6.38
3/1/2029
2,205,000
2,248,908
TransDigm, Inc., Sr. Scd. Notes(b)
6.88
12/15/2030
3,130,000
3,209,167
TransDigm, Inc., Sr. Scd. Notes(b)
7.13
12/1/2031
467,000
482,601
 
14,762,905
Airlines — 1.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes(b)
5.75
4/20/2029
2,317,451
2,306,259
JetBlue Airways Corp./JetBlue Loyalty LP, Sr. Scd. Notes(b)
9.88
9/20/2031
1,337,000
1,265,361
United Airlines Holdings, Inc., Gtd. Notes
4.88
3/1/2029
953,000
934,494
United Airlines Holdings, Inc., Gtd. Notes(e)
5.38
3/1/2031
960,000
941,344
 
5,447,458
Automobiles & Components — 2.1%
Clarios Global LP/Clarios US Finance Co., Gtd. Notes(b)
6.75
9/15/2032
1,326,000
1,337,443
Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes(b)
6.75
5/15/2028
1,470,000
1,485,128
Forvia SE, Sr. Unscd. Notes(b),(e)
6.75
9/15/2033
1,313,000
1,282,741
Nissan Motor Co. Ltd., Sr. Unscd. Notes(b)
7.50
7/17/2030
1,766,000
1,781,093
Qnity Electronics, Inc., Gtd. Notes(b)
6.25
8/15/2033
669,000
677,287
Qnity Electronics, Inc., Sr. Scd. Notes(b)
5.75
8/15/2032
1,555,000
1,558,796
The Goodyear Tire & Rubber Company, Gtd. Notes
5.00
7/15/2029
1,087,000
1,029,331
 
9,151,819
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Banks — .5%
Citigroup, Inc., Jr. Sub. Bonds(f)
6.63
2/15/2031
2,220,000
2,223,175
Building Materials — 2.3%
Builders FirstSource, Inc., Gtd. Notes(b)
4.25
2/1/2032
1,482,000
1,366,185
EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes(b)
6.63
12/15/2030
3,180,000
3,238,223
MIWD Holdco II LLC/MIWD Finance Corp., Gtd. Notes(b),(e)
5.50
2/1/2030
1,209,000
1,045,528
Quikrete Holdings, Inc., Sr. Scd. Notes(b)
6.38
3/1/2032
1,756,000
1,781,906
Quikrete Holdings, Inc., Sr. Unscd. Notes(b)
6.75
3/1/2033
1,096,000
1,113,991
Standard Building Solutions, Inc., Gtd. Notes(b)
5.88
3/15/2034
934,000
901,533
Standard Industries, Inc., Sr. Unscd. Notes(b)
4.75
1/15/2028
674,000
666,752
 
10,114,118
Chemicals — 1.5%
Celanese US Holdings LLC, Gtd. Notes(e)
6.75
4/15/2033
1,200,000
1,231,912
INEOS Finance PLC, Sr. Scd. Bonds(b)
7.25
3/31/2031
EUR
 
610,000
643,962
Innophos Holdings, Inc., Bonds(b)
11.50
6/15/2029
775,000
642,072
Olympus Water US Holding Corp., Sr. Scd. Notes(b)
6.75
8/1/2032
970,000
924,738
Olympus Water US Holding Corp., Sr. Scd. Notes(b)
7.25
2/15/2033
1,340,000
1,279,681
WR Grace Holdings LLC, Sr. Scd. Notes(b)
6.63
8/15/2032
931,000
907,991
WR Grace Holdings LLC, Sr. Scd. Notes(b)
7.00
8/1/2033
958,000
931,205
 
6,561,561
Commercial & Professional Services — 4.1%
Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes(b)
7.00
5/21/2030
1,328,000
1,358,248
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes(b)
6.88
6/15/2030
1,570,000
1,592,690
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco
4 Sarl, Sr. Scd. Notes(b)
4.63
6/1/2028
880,000
860,332
Belron UK Finance PLC, Sr. Scd. Notes(b)
5.75
10/15/2029
1,777,000
1,789,377
Herc Holdings, Inc., Gtd. Notes(b),(e)
5.75
3/15/2031
1,886,000
1,859,157
Raven Acquisition Holdings LLC, Sr. Scd. Notes(b)
6.88
11/15/2031
1,742,000
1,680,868
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Gtd. Notes(b)
6.75
8/15/2032
1,160,000
1,142,067
The ADT Security Corp., Sr. Scd. Bonds(b)
5.88
10/15/2033
1,214,000
1,176,972
The ADT Security Corp., Sr. Scd. Notes(b),(e)
4.88
7/15/2032
1,035,000
967,894
United Rentals North America, Inc., Gtd. Notes
3.75
1/15/2032
1,031,000
946,224
United Rentals North America, Inc., Gtd. Notes
4.00
7/15/2030
904,000
859,338
Veritiv Operating Co., Sr. Scd. Notes(b)
10.50
11/30/2030
1,068,000
1,111,252
Wand NewCo 3, Inc., Sr. Scd. Notes(b)
7.63
1/30/2032
2,676,000
2,737,634
 
18,082,053
Consumer Discretionary — 5.4%
Allwyn Entertainment Financing UK PLC, Sr. Scd. Notes(b),(e)
7.88
4/30/2029
1,480,000
1,514,088
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes(b)
4.63
8/1/2029
629,000
594,803
Caesars Entertainment, Inc., Sr. Scd. Notes(b)
7.00
2/15/2030
1,185,000
1,200,209
Carnival Corp., Gtd. Notes(b)
5.75
8/1/2032
1,310,000
1,311,211
Carnival Corp., Gtd. Notes(b),(e)
6.13
2/15/2033
2,202,000
2,225,187
Dealer Tire LLC/DT Issuer LLC, Sr. Unscd. Notes(b)
8.00
2/1/2028
769,000
752,377
Discovery Global Holdings, Inc., Gtd. Notes(e)
4.28
3/15/2032
1,188,000
1,052,865
Hilton Domestic Operating Co., Inc., Gtd. Notes(b)
4.00
5/1/2031
1,650,000
1,549,892
Hilton Domestic Operating Co., Inc., Gtd. Notes(b)
5.50
3/31/2034
629,000
615,012
Installed Building Products, Inc., Gtd. Notes(b)
5.63
2/1/2034
1,573,000
1,538,860
Light & Wonder International, Inc., Gtd. Notes(b)
6.25
10/1/2033
1,384,000
1,356,970
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC,
Scd. Notes(b)
11.88
4/15/2031
1,100,000
1,146,670
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC,
Sr. Scd. Notes(b)
8.25
4/15/2030
1,324,000
1,356,319
4
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Consumer Discretionary — 5.4% (continued)
NCL Corp. Ltd., Sr. Unscd. Notes(b)
5.88
1/15/2031
946,000
919,669
NCL Corp. Ltd., Sr. Unscd. Notes(b)
6.75
2/1/2032
1,329,000
1,319,887
Resideo Funding, Inc., Gtd. Notes(b),(e)
4.00
9/1/2029
2,037,000
1,926,730
Station Casinos LLC, Gtd. Notes(b),(e)
4.63
12/1/2031
1,200,000
1,121,628
Taylor Morrison Communities, Inc., Gtd. Notes(b)
5.75
11/15/2032
1,095,000
1,097,261
Viking Cruises Ltd., Gtd. Notes(b)
5.88
10/15/2033
1,253,000
1,237,998
 
23,837,636
Consumer Durables & Apparel — .7%
Beach Acquisition Bidco LLC, Sr. Scd. Bonds(b)
5.25
7/15/2032
EUR
 
590,000
655,718
Beach Acquisition Bidco LLC, Sr. Unscd. Notes(b),(d)
10.00
7/15/2033
2,245,588
2,393,219
 
3,048,937
Diversified Financials — 4.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes(e)
9.75
1/15/2029
774,000
761,513
Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes(b)
6.13
11/1/2032
2,056,000
2,034,934
Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes(b)
7.13
4/30/2031
2,369,000
2,436,673
OneMain Finance Corp., Gtd. Notes
6.13
5/15/2030
660,000
645,827
OneMain Finance Corp., Gtd. Notes
7.88
3/15/2030
638,000
658,826
Osaic Holdings, Inc., Gtd. Notes(b)
8.00
8/1/2033
1,041,000
1,028,526
Osaic Holdings, Inc., Sr. Scd. Notes(b)
6.75
8/1/2032
880,000
880,761
PennyMac Financial Services, Inc., Gtd. Notes(b)
6.75
2/15/2034
821,000
769,173
PennyMac Financial Services, Inc., Gtd. Notes(b)
7.13
11/15/2030
1,081,000
1,075,081
PHH Escrow Issuer LLC/PHH Corp., Gtd. Notes(b)
9.88
11/1/2029
1,447,000
1,397,630
Rocket Cos., Inc., Gtd. Notes(b)
6.13
8/1/2030
966,000
975,512
Rocket Cos., Inc., Gtd. Notes(b)
6.38
8/1/2033
1,110,000
1,123,313
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes(b),(e)
4.00
10/15/2033
1,743,000
1,563,692
UWM Holdings LLC, Gtd. Notes(b)
6.25
3/15/2031
1,866,000
1,700,907
UWM Holdings LLC, Gtd. Notes(b)
6.63
2/1/2030
1,429,000
1,349,072
VFH Parent LLC/Valor Co-Issuer, Inc., Sr. Scd. Bonds(b)
7.50
6/15/2031
3,265,000
3,357,067
 
21,758,507
Electronic Components — .6%
WESCO Distribution, Inc., Gtd. Notes(b)
5.50
4/15/2034
1,295,000
1,278,617
WESCO Distribution, Inc., Gtd. Notes(b)
6.38
3/15/2033
1,247,000
1,271,469
 
2,550,086
Energy — 9.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd.
Notes(b)
5.75
7/1/2034
1,387,000
1,367,723
BKV Upstream Midstream LLC, Gtd. Notes(b)
7.50
10/15/2030
2,696,000
2,726,837
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unscd. Notes(b)
7.00
7/15/2029
1,092,000
1,128,719
Comstock Resources, Inc., Gtd. Notes(b)
5.88
1/15/2030
1,501,000
1,454,258
Comstock Resources, Inc., Gtd. Notes(b)
6.75
3/1/2029
1,631,000
1,611,147
CQP Holdco LP/BIP-V Chinook Holdco LLC, Sr. Scd. Notes(b)
5.50
6/15/2031
2,377,000
2,319,245
DBR Land Holdings LLC, Gtd. Notes(b)
6.25
12/1/2030
2,377,000
2,408,186
Energy Transfer LP, Jr. Sub. Notes, Ser. B(e),(f)
6.63
2/15/2028
2,506,000
2,508,238
Gulfport Energy Operating Corp., Gtd. Notes(b)
6.75
9/1/2029
2,929,000
2,999,208
Matador Resources Co., Gtd. Notes(b)
6.50
4/15/2032
1,449,000
1,465,838
Moss Creek Resources Holdings, Inc., Sr. Unscd. Notes(b)
8.25
9/1/2031
1,376,000
1,376,102
Noble Finance II LLC, Gtd. Notes(b)
8.00
4/15/2030
1,944,000
2,002,537
Northern Oil & Gas, Inc., Sr. Unscd. Notes(b),(e)
7.88
10/15/2033
1,167,000
1,208,205
Northern Oil & Gas, Inc., Sr. Unscd. Notes(b),(e)
8.75
6/15/2031
1,383,000
1,438,901
Northriver Midstream Finance LP, Sr. Scd. Notes(b)
6.75
7/15/2032
1,573,000
1,578,735
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Energy — 9.9% (continued)
Rockies Express Pipeline LLC, Sr. Unscd. Notes(b)
4.80
5/15/2030
1,865,000
1,789,803
SM Energy Co., Gtd. Notes(b)
6.75
8/1/2029
1,187,000
1,205,739
Sunoco LP, Gtd. Notes(b)
5.63
3/15/2031
1,820,000
1,812,935
Sunoco LP, Gtd. Notes(b)
5.63
7/15/2034
412,000
405,983
Sunoco LP, Jr. Sub. Notes(b),(f)
7.88
9/18/2030
2,167,000
2,214,210
TerraForm Power Operating LLC, Gtd. Notes(b)
4.75
1/15/2030
1,437,000
1,377,076
TGNR Intermediate Holdings LLC, Sr. Unscd. Notes(b)
5.50
10/15/2029
3,009,000
2,944,358
Transocean International Ltd., Gtd. Notes
6.80
3/15/2038
342,000
328,797
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(b)
4.13
8/15/2031
2,038,000
1,891,469
Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds(b)
6.13
12/15/2030
660,000
679,124
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(b)
6.50
1/15/2034
1,251,000
1,304,892
 
43,548,265
Environmental Control — 1.3%
GFL Environmental Holdings US, Inc., Gtd. Notes(b)
5.50
2/1/2034
2,008,000
1,971,948
Madison IAQ LLC, Sr. Scd. Notes(b)
4.13
6/30/2028
1,984,000
1,938,970
Waste Pro USA, Inc., Sr. Unscd. Notes(b)
7.00
2/1/2033
1,964,000
1,991,007
 
5,901,925
Food Products — 2.6%
Fiesta Purchaser, Inc., Sr. Scd. Notes(b)
7.88
3/1/2031
1,008,000
1,027,044
Fiesta Purchaser, Inc., Sr. Unscd. Notes(b)
9.63
9/15/2032
1,625,000
1,659,078
Froneri Lux FinCo Sarl, Sr. Scd. Notes(b)
6.00
8/1/2032
1,710,000
1,668,913
Post Holdings, Inc., Gtd. Notes(b)
4.63
4/15/2030
2,176,000
2,090,493
Post Holdings, Inc., Gtd. Notes(b)
6.38
3/1/2033
851,000
839,127
Post Holdings, Inc., Gtd. Notes(b)
6.50
3/15/2036
1,579,000
1,547,935
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed, Scd. Notes(b),(e)
4.63
3/1/2029
2,824,000
2,719,741
 
11,552,331
Forest Products & Paper — .1%
Mercer International, Inc., Sr. Unscd. Notes(b),(e)
12.88
10/1/2028
490,000
309,957
Health Care — 7.1%
1261229 BC Ltd., Sr. Scd. Notes(b)
10.00
4/15/2032
3,217,000
3,296,425
Bausch Health Americas, Inc., Gtd. Notes(b)
8.50
1/31/2027
644,000
638,500
Bausch Health Cos., Inc., Gtd. Notes(b)
5.00
1/30/2028
781,000
660,800
Bausch Health Cos., Inc., Sr. Scd. Notes(b)
11.00
9/30/2028
655,000
668,748
CHS/Community Health Systems, Inc., Sr. Scd. Notes(b)
5.25
5/15/2030
565,000
532,864
CHS/Community Health Systems, Inc., Sr. Scd. Notes(b)
9.75
1/15/2034
2,699,000
2,804,580
CHS/Community Health Systems, Inc., Sr. Scd. Notes(b)
10.88
1/15/2032
1,308,000
1,404,937
Cidron Aida Finco Sarl, Sr. Scd. Bonds(b)
7.00
10/27/2031
EUR
 
566,000
619,419
Genmab A/S/Genmab Finance LLC, Sr. Scd. Notes(b)
6.25
12/15/2032
1,480,000
1,518,416
Insulet Corp., Sr. Unscd. Notes(b)
6.50
4/1/2033
1,184,000
1,209,381
IQVIA, Inc., Gtd. Notes(b)
6.25
6/1/2032
1,306,000
1,327,864
LifePoint Health, Inc., Sr. Scd. Notes(b)
8.38
2/15/2032
1,087,000
1,161,614
LifePoint Health, Inc., Sr. Unscd. Notes(b)
10.00
6/1/2032
2,508,000
2,564,380
Option Care Health, Inc., Gtd. Notes(b)
4.38
10/31/2029
2,344,000
2,260,655
Radiology Partners, Inc., Sr. Scd. Notes(b)
8.50
7/15/2032
1,598,000
1,622,162
Sotera Health Holdings LLC, Sr. Scd. Notes(b)
7.38
6/1/2031
2,471,000
2,555,565
Team Health Holdings, Inc., Sr. Scd. Notes(b)
8.38
6/30/2028
2,207,000
2,180,278
Tenet Healthcare Corp., Sr. Scd. Notes
4.25
6/1/2029
875,000
848,992
Tenet Healthcare Corp., Sr. Scd. Notes
6.13
6/15/2030
1,132,000
1,140,775
6
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Health Care — 7.1% (continued)
Tenet Healthcare Corp., Sr. Scd. Notes
6.75
5/15/2031
1,105,000
1,130,114
Tenet Healthcare Corp., Sr. Unscd. Notes(b),(e)
6.00
11/15/2033
1,090,000
1,103,773
 
31,250,242
Industrial — 2.0%
Arcosa, Inc., Gtd. Notes(b)
6.88
8/15/2032
1,240,000
1,271,512
Artera Services LLC, Sr. Scd. Notes(b),(e)
8.50
2/15/2031
935,000
801,413
Columbus McKinnon Corp., Sr. Scd. Notes(b),(e)
7.13
2/1/2033
2,157,000
2,158,025
CTEC II GmbH, Sr. Unscd. Bonds(b)
5.25
2/15/2030
EUR
 
630,000
660,432
Dycom Industries, Inc., Gtd. Notes(b)
4.50
4/15/2029
1,155,000
1,121,165
Entegris, Inc., Gtd. Notes(b)
5.95
6/15/2030
1,311,000
1,320,220
GrafTech Finance, Inc., Scd. Notes(b)
4.63
12/23/2029
1,662,000
929,530
GrafTech Global Enterprises, Inc., Scd. Notes(b)
9.88
12/23/2029
805,000
518,176
 
8,780,473
Information Technology — 1.9%
AthenaHealth Group, Inc., Sr. Unscd. Notes(b)
6.50
2/15/2030
2,798,000
2,629,263
CoreWeave, Inc., Gtd. Notes(b),(e)
9.00
2/1/2031
610,000
581,189
CoreWeave, Inc., Gtd. Notes(b),(e)
9.25
6/1/2030
2,669,000
2,595,908
Oracle Corp., Sr. Unscd. Notes
6.25
11/9/2032
870,000
893,152
UKG, Inc., Sr. Scd. Notes(b)
6.88
2/1/2031
1,813,000
1,773,423
 
8,472,935
Insurance — 3.8%
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Bonds(b)
6.75
7/1/2032
2,039,000
1,966,805
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes(b)
8.25
2/1/2029
841,000
832,011
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd.
Notes(b)
7.00
1/15/2031
1,300,000
1,311,729
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, Sr. Unscd. Notes(b)
7.88
11/1/2029
2,497,000
2,260,222
Ardonagh Finco Ltd., Sr. Scd. Notes(b)
7.75
2/15/2031
696,000
704,670
Global Atlantic Fin Co., Gtd. Notes(b),(e)
7.95
6/15/2033
1,318,000
1,414,852
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Sr. Scd. Notes(b)
7.25
2/15/2031
843,000
850,752
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Sr. Unscd. Notes(b)
8.13
2/15/2032
2,362,000
2,215,237
Panther Escrow Issuer LLC, Sr. Scd. Notes(b)
7.13
6/1/2031
1,994,000
2,001,705
Ryan Specialty LLC, Sr. Scd. Notes(b),(e)
5.88
8/1/2032
1,259,000
1,245,364
The Nassau Companies of New York, Sr. Unscd. Notes(b),(e)
7.88
7/15/2030
1,127,000
1,030,488
USI, Inc., Sr. Unscd. Notes(b)
7.50
1/15/2032
1,102,000
1,117,879
 
16,951,714
Internet Software & Services — .9%
Arches Buyer, Inc., Sr. Unscd. Notes(b)
6.13
12/1/2028
1,182,000
1,132,985
Rakuten Group, Inc., Sr. Unscd. Notes(b)
9.75
4/15/2029
1,147,000
1,223,494
United Group BV, Sr. Scd. Bonds(b)
6.50
10/31/2031
EUR
 
600,000
685,949
Wayfair LLC, Sr. Scd. Notes(b)
6.75
11/15/2032
871,000
878,309
 
3,920,737
Materials — .9%
Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes(b)
6.88
1/15/2030
1,357,000
1,320,663
Graphic Packaging International LLC, Gtd. Notes(b),(e)
6.38
7/15/2032
1,567,000
1,561,566
TriMas Corp., Gtd. Notes(b)
4.13
4/15/2029
1,239,000
1,179,942
 
4,062,171
Media — 6.8%
Block Communications, Inc., Sr. Scd. Notes(b)
10.25
3/1/2031
675,000
618,240
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Media — 6.8% (continued)
CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes(b)
5.38
6/1/2029
2,885,000
2,847,128
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(b),(e)
4.25
1/15/2034
750,000
642,318
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(b)
4.50
8/15/2030
700,000
654,569
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes
4.50
5/1/2032
1,180,000
1,055,139
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(b)
5.00
2/1/2028
2,328,000
2,310,296
CSC Holdings LLC, Gtd. Notes(b)
11.75
1/31/2029
1,386,000
1,003,145
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., Sr. Scd.
Notes(b)
10.00
2/15/2031
1,656,000
1,691,801
Discovery Communications LLC, Gtd. Notes
4.13
5/15/2029
1,341,000
1,295,977
DISH DBS Corp., Gtd. Notes
5.13
6/1/2029
1,568,000
1,402,979
DISH DBS Corp., Gtd. Notes
7.38
7/1/2028
1,731,000
1,681,141
DISH DBS Corp., Sr. Scd. Notes(b)
5.75
12/1/2028
781,000
755,850
Gray Media, Inc., Scd. Notes(b)
9.63
7/15/2032
1,060,000
1,060,918
Gray Media, Inc., Sr. Scd. Notes(b)
7.25
8/15/2033
1,259,000
1,269,621
Nexstar Media, Inc., Sr. Scd. Notes(b)
6.50
9/15/2033
1,149,000
1,158,449
Nexstar Media, Inc., Sr. Unscd. Notes(b)
7.25
4/15/2034
600,000
602,422
Paramount Global, Gtd. Notes
4.20
6/1/2029
680,000
649,563
Paramount Global, Gtd. Notes(e)
4.95
1/15/2031
1,420,000
1,315,926
Sinclair Television Group, Inc., Sr. Scd. Bonds(b)
8.13
2/15/2033
1,298,000
1,320,715
Sirius XM Radio LLC, Gtd. Notes(b)
4.13
7/1/2030
1,260,000
1,180,598
Sunrise FinCo I BV, Sr. Scd. Notes(b)
4.88
7/15/2031
1,430,000
1,362,954
The EW Scripps Company, Scd. Notes(b)
9.88
8/15/2030
1,361,000
1,322,542
Univision Communications, Inc., Sr. Scd. Notes(b),(e)
4.50
5/1/2029
1,190,000
1,118,846
Virgin Media Secured Finance PLC, Sr. Scd. Notes(b)
5.50
5/15/2029
1,507,000
1,446,253
 
29,767,390
Metals & Mining — 2.2%
Arsenal AIC Parent LLC, Sr. Scd. Notes(b)
8.00
10/1/2030
1,510,000
1,574,050
Celsa Opco SA, Sr. Scd. Bonds(b)
8.25
12/15/2030
EUR
 
778,000
892,251
Cleveland-Cliffs, Inc., Gtd. Notes(b)
6.88
11/1/2029
659,000
659,386
Cleveland-Cliffs, Inc., Gtd. Notes(b)
7.38
5/1/2033
710,000
695,154
Cleveland-Cliffs, Inc., Gtd. Notes(b)
7.50
9/15/2031
652,000
650,945
Fortescue Treasury Pty Ltd., Sr. Unscd. Notes(b),(e)
6.13
4/15/2032
1,523,000
1,557,614
Novelis Corp., Gtd. Notes(b)
4.75
1/30/2030
1,330,000
1,259,195
Novelis Corp., Gtd. Notes(b)
6.38
8/15/2033
912,000
895,308
Samarco Mineracao SA, Sr. Unscd. Notes(b),(d)
9.50
6/30/2031
1,245,168
1,225,907
Samarco Mineracao SA, Sr. Unscd. Notes(d)
9.50
6/30/2031
276,893
272,611
 
9,682,421
Real Estate — 3.3%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Gtd. Notes(b)
5.25
4/15/2030
2,581,000
2,440,653
CoreLogic, Inc., Sr. Scd. Notes(b)
4.50
5/1/2028
1,425,000
1,339,113
Kennedy-Wilson, Inc., Gtd. Notes(e)
4.75
2/1/2030
418,000
418,437
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co-Issuer, Sr. Scd. Notes(b)
4.88
5/15/2029
1,859,000
1,785,776
Rithm Capital Corp., Sr. Unscd. Notes(b)
8.00
4/1/2029
2,680,000
2,635,326
Rithm Capital Corp., Sr. Unscd. Notes(b)
8.00
7/15/2030
1,768,000
1,707,801
RLJ Lodging Trust LP, Sr. Scd. Notes(b)
4.00
9/15/2029
1,647,000
1,543,760
Starwood Property Trust, Inc., Sr. Unscd. Notes(b)
7.25
4/1/2029
1,425,000
1,469,003
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Gtd. Notes(b)
6.00
1/15/2030
1,233,000
1,161,044
 
14,500,913
8
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Retailing — 2.3%
1011778 BC ULC/New Red Finance, Inc., Scd. Notes(b)
4.00
10/15/2030
1,761,000
1,656,133
LBM Acquisition LLC, Gtd. Notes(b)
6.25
1/15/2029
1,094,000
800,777
PetSmart LLC/PetSmart Finance Corp., Gtd. Notes(b)
10.00
9/15/2033
635,000
634,256
PetSmart LLC/PetSmart Finance Corp., Sr. Scd. Notes(b)
7.50
9/15/2032
1,182,000
1,188,637
QXO Building Products, Inc., Sr. Scd. Bonds(b)
6.75
4/30/2032
1,691,000
1,726,284
Staples, Inc., Sr. Scd. Notes(b)
10.75
9/1/2029
2,501,000
2,314,899
White Cap Supply Holdings LLC, Gtd. Notes(b)
7.38
11/15/2030
1,922,000
1,865,777
 
10,186,763
Semiconductors & Semiconductor Equipment — .6%
Kioxia Holdings Corp., Gtd. Notes(b)
6.63
7/24/2033
2,406,000
2,475,112
Technology Hardware & Equipment — .4%
Virtusa Corp., Sr. Unscd. Notes(b)
7.13
12/15/2028
2,294,000
1,769,144
Telecommunication Services — 8.0%
Altice France Lux 3/Altice Holdings 1, Sr. Unscd. Notes(b)
10.00
1/15/2033
1,174,000
1,068,326
Altice France SA, Sr. Scd. Notes(b)
9.50
11/1/2029
1,319,319
1,334,110
APLD ComputeCo 2 LLC, Sr. Scd. Notes(b)
6.75
3/15/2031
3,156,000
3,134,978
APLD ComputeCo LLC, Sr. Scd. Notes(b)
9.25
12/15/2030
3,000,000
3,093,606
Black Pearl Compute LLC, Sr. Scd. Notes(b)
6.13
2/15/2031
2,202,000
2,243,942
Cipher Compute LLC, Sr. Scd. Notes(b)
7.13
11/15/2030
1,512,000
1,568,366
EchoStar Corp., Sr. Scd. Notes
10.75
11/30/2029
2,732,000
2,952,925
Fibercop SpA, Sr. Scd. Notes(b)
7.72
6/4/2038
996,000
999,582
Iliad Holding SAS, Sr. Scd. Notes(b)
8.50
4/15/2031
1,185,000
1,240,876
Level 3 Financing, Inc., Gtd. Notes(b)
8.50
1/15/2036
2,354,803
2,459,266
Level 3 Financing, Inc., Sr. Scd. Bonds(b)
6.88
6/30/2033
1,720,000
1,752,871
Level 3 Financing, Inc., Sr. Scd. Notes(b)
7.00
3/31/2034
778,000
796,933
Lumen Technologies, Inc., Sr. Unscd. Bonds, Ser. P
7.60
9/15/2039
1,450,000
1,354,150
Lumen Technologies, Inc., Sr. Unscd. Notes(b)
5.38
6/15/2029
1,260,000
1,194,779
SV RNO Property Owner 1 LLC, Sr. Scd. Notes(b)
5.88
3/1/2031
2,641,000
2,612,180
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd.
Notes(b)
6.50
2/15/2029
1,531,000
1,488,291
Vmed O2 UK Financing I PLC, Sr. Scd. Bonds(b)
5.63
4/15/2032
EUR
 
790,000
841,577
Windstream Services LLC/Windstream Escrow Finance Corp., Sr. Scd.
Notes(b)
8.25
10/1/2031
1,778,000
1,859,498
WULF Compute LLC, Sr. Scd. Notes(b),(e)
7.75
10/15/2030
2,561,000
2,707,784
Zayo Group Holdings, Inc., Sr. Scd. Notes(b),(d)
13.75
9/9/2030
484,600
453,212
 
35,157,252
Transportation — .9%
Beacon Mobility Corp., Sr. Scd. Notes(b)
7.25
8/1/2030
1,896,000
1,960,058
Stonepeak Nile Parent LLC, Sr. Scd. Notes(b)
7.25
3/15/2032
1,748,000
1,823,168
 
3,783,226
Utilities — 6.1%
Alpha Generation LLC, Gtd. Notes(b)
6.25
1/15/2034
853,000
838,553
Alpha Generation LLC, Sr. Unscd. Notes(b)
6.75
10/15/2032
2,275,000
2,309,950
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Sr. Unscd.
Notes(b)
6.38
2/15/2032
2,670,000
2,610,391
Clearway Energy Operating LLC, Gtd. Notes(b)
5.75
1/15/2034
1,362,000
1,339,385
ContourGlobal Power Holdings SA, Sr. Scd. Bonds(b)
6.75
2/28/2030
2,563,000
2,595,012
Lightning Power LLC, Sr. Scd. Notes(b)
7.25
8/15/2032
1,320,000
1,373,127
NRG Energy, Inc., Gtd. Notes(b)
3.88
2/15/2032
1,390,000
1,279,841
NRG Energy, Inc., Gtd. Notes(b)
6.25
11/1/2034
1,731,000
1,746,211
NRG Energy, Inc., Jr. Sub. Bonds(b),(f)
10.25
3/15/2028
995,000
1,073,929
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Corporate Bonds and Notes — 88.7% (continued)
Utilities — 6.1% (continued)
NRG Energy, Inc., Sr. Unscd. Notes(b)
5.75
1/15/2034
1,365,000
1,347,370
PG&E Corp., Sr. Scd. Notes(e)
5.25
7/1/2030
1,299,000
1,282,531
Vistra Operations Co. LLC, Gtd. Notes(b)
4.38
5/1/2029
1,200,000
1,172,194
Vistra Operations Co. LLC, Gtd. Notes(b)
6.88
4/15/2032
2,785,000
2,883,971
Vistra Operations Co. LLC, Gtd. Notes(b)
7.75
10/15/2031
865,000
906,487
VoltaGrid LLC, Scd. Notes(b)
7.38
11/1/2030
1,965,000
2,030,374
XPLR Infrastructure Operating Partners LP, Gtd. Notes(b),(e)
7.75
4/15/2034
956,000
987,942
XPLR Infrastructure Operating Partners LP, Gtd. Notes(b),(e)
8.38
1/15/2031
1,154,000
1,215,446
 
26,992,714
Total Corporate Bonds and Notes
(cost $390,443,004)
 
 
390,429,667
 
 
 
 
 
Shares
 
Equity Securities - Common Stocks — .1%
Telecommunication Services — .1%
Altice LuxCo 3(g)
(cost $364,322)
22,256
369,791
 
 
Preferred
Dividend
Rate (%)
 
 
 
 
Equity Securities - Preferred Stocks — .1%
U.S. Government Agencies Obligations — .1%
Federal National Mortgage Association, Ser. S, 12/31/2030(e),(f),(g)
(cost $446,794)
0.00
33,000
392,700
 
 
 
 
 
 
 
Exchange-Traded Funds — .8%
Registered Investment Companies — .8%
iShares iBoxx $ High Yield Corporate Bond ETF(e)
22,137
1,761,220
State Street SPDR Bloomberg High Yield Bond ETF(e)
18,535
1,774,170
Total Exchange-Traded Funds
(cost $3,436,485)
3,535,390
 
 
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
 
Fixed Rate Loan Interests — .2%
Information Technology — .2%
Cotiviti, Inc., Initial Fixed Rate Term Loan
(cost $674,752)
7.63
5/1/2031
711,250
665,019
Floating Rate Loan Interests — 4.8%
Aerospace & Defense — .1%
Mahseer Holdings LLC, Initial Term Loan, (3 Month TSFR +3.25%)(c)
6.92
3/16/2033
406,897
408,805
Automobiles & Components — .2%
IXS Holdings, Inc., Initial Term Loan, (3 Month TSFR +5.50%)(c)
9.17
9/21/2029
739,413
739,490
Chemicals — .1%
Hexion Holdings Corp., 2024 Refinancing Term Loan, (1 Month TSFR
+4.00%)(c)
7.67
3/15/2029
690,000
661,683
Commercial & Professional Services — .4%
American Auto Auction Group LLC, 2025 Refinancing Term Loan, (3 Month
TSFR +4.50%)(c)
8.20
5/28/2032
688,262
685,065
10
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)(a)
Value ($)
Floating Rate Loan Interests — 4.8% (continued)
Commercial & Professional Services — .4% (continued)
Catawba Nation Gaming Authority, Initial Term Loan B, (3 Month TSFR
+4.75%)(c)
8.42
3/29/2032
670,000
682,147
Vaco Holdings LLC, Initial Term Loan, (3 Month TSFR +5.15%)(c)
8.85
1/22/2029
839,947
550,955
 
1,918,167
Diversified Financials — .4%
Jump Financial LLC, Term Loan B-1, (3 Month TSFR +3.50%)(c)
7.20
2/26/2032
665,328
666,160
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan, (1 Month TSFR
+3.50%)(c)
7.17
7/31/2031
718,186
692,601
OID-OL Intermediate I LLC, Initial Second Out Term Loan, (3 Month TSFR
+4.40%)(c)
8.07
2/1/2029
636,792
425,740
 
1,784,501
Energy — .1%
NGL Energy Operating LLC, Initial Term Loan, (1 Month TSFR +3.50%)(c)
7.18
3/11/2033
468,000
469,170
Food Products — .1%
Max US Bidco, Inc., Initial Term Loan, (3 Month TSFR +5.00%)(c)
8.70
10/2/2030
726,540
600,213
Food Service — .3%
Financiere Pax SAS, 2026 Facility Term Loan B-5, (3 Month EURIBOR
+3.50%)(c)
5.64
12/31/2029
EUR
 
1,000,000
1,138,518
Health Care — 1.0%
1261229 BC Ltd., Initial Term Loan, (1 Month TSFR +6.25%)(c)
9.92
10/8/2030
1,311,093
1,268,842
Gainwell Acquisition Corp., Term Loan B, (3 Month TSFR +4.10%)(c)
7.80
10/1/2027
1,396,316
1,358,504
LifePoint Health, Inc., Term Loan B, (3 Month TSFR +3.75%)(c)
7.42
5/19/2031
678,283
679,260
WS Audiology A/S, Facility Term Loan B9, (3 Month TSFR +3.25%)(c)
7.97
2/28/2029
1,115,205
1,116,599
 
4,423,205
Industrial — .5%
Optimus Bidco SAS, Term Loan B, (3 Month EURIBOR +5.00%)(c)
7.13
1/2/2029
EUR
 
1,000,000
991,968
TK Elevator Midco Gmbh, Euro Term Loan B, (3 Month EURIBOR +3.00%)(c)
5.15
4/30/2030
EUR
 
1,000,000
1,151,070
 
2,143,038
Internet Software & Services — .2%
StubHub Holdco Sub LLC, Extended USD Term Loan B, (1 Month TSFR
+4.75%)(c)
8.42
3/15/2030
700,000
691,033
Materials — .1%
ProAmpac PG Borrower LLC, Initial First Lien Dollar Term Loan, (3 Month
TSFR +4.00%)(c)
7.78
3/7/2033
680,000
658,410
Media — .5%
Numericable US LLC, New USD Term Loan B-14, (3 Month TSFR +6.88%)(c)
10.55
5/15/2031
1,409,885
1,415,468
The E.W. Scripps Co., Term Loan B-3, (1 Month TSFR +3.46%)(c)
7.14
11/30/2029
850,681
838,984
 
2,254,452
Real Estate — .2%
CoreLogic, Inc., First Lien Initial Term Loan, (1 Month TSFR +3.61%)(c)
7.28
6/2/2028
698,172
669,376
Retailing — .2%
LBM Acquisition LLC, Incremental Term Loan B, (1 Month TSFR +3.85%)(c)
7.52
6/6/2031
937,614
756,659
Telecommunication Services — .4%
Zayo Group Holdings, Inc., Dollar Term Loan, (1 Month TSFR +3.11%)(c),(d)
6.78
3/11/2030
1,857,380
1,827,096
Total Floating Rate Loan Interests
(cost $21,889,474)
 
 
 21,143,816
 
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
1-Day
Yield (%)
 
 
Shares
Value ($)
Investment Companies — 4.8%
Registered Investment Companies — 4.8%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(h)
(cost $21,015,400)
3.72
21,015,400
21,015,400
Investment of Cash Collateral for Securities Loaned — 4.4%
Registered Investment Companies — 4.4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(h)
(cost $19,156,117)
3.72
19,156,117
19,156,117
Total Investments (cost $463,960,156)
 
    105.3%
463,095,084
Liabilities, Less Cash and Receivables(i)
 
     (5.3%)
(23,177,918)
Net Assets
    100.0%
439,917,166
 
CLO—Collateralized Loan Obligation
ETF—Exchange-Traded Fund
EUR—Euro
EURIBOR—Euro Interbank Offered Rate
SPDR—Standard & Poor’s Depository Receipt
TSFR—Term Secured Overnight Financing Rate Reference Rates
USD—United States Dollar
 
(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 March 31, 2026, these securities amounted to $363,920,841 or 82.7% 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)
Payment-in-kind security and interest may be paid in additional par.
(e)
Security, or portion thereof, on loan. At March 31, 2026, the value of the fund’s securities on loan was $41,573,549 and the value of the collateral was
$43,154,227, consisting of cash collateral of $19,156,117 and U.S. Government & Agency securities valued at $23,998,110.  In addition, the value of
collateral may include pending sales that are also on loan.
(f)
Security is a perpetual security with no specified maturity date. Maturity date shown is next reset date of the security.
(g)
Non-income producing security.
(h)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
(i)
Includes net unrealized appreciation/(depreciation) and/or market value of the unfunded floating rate loan interests which are excluded from the Schedule of
Investments as shown in the table below:
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Unfunded Loan Commitments
Description
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Market
Value ($)
Unrealized
Appreciation($)
Floating Rate Loan Interests — .0%
Aerospace & Defense — .0%
Mahseer Holdings LLC, Delayed Draw Term Loan, (1 Month TSFR
+3.25%)(a)
(cost $65,104)
3.75
3/16/2033
65,103
65,409
305
Gross Unrealized Appreciation
 
 
305
 
TSFR—Term Secured Overnight Financing Rate Reference Rates
 
(a)
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.
 
Forward Foreign Currency Exchange Contracts
Counterparty/
Purchased
Currency
Purchased
Currency
Amounts
Currency
Sold
Sold
Currency
Amounts
Settlement
Date
Unrealized
(Depreciation) ($)
Citigroup Global Markets, Inc.
United States Dollar
9,764,734
Euro
8,450,000
4/23/2026
(13,517)
Gross Unrealized Depreciation
(13,517)
See notes to schedule of investments.
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Schedule of Investments
BNY Mellon High Yield Fund
March 31, 2026 (Unaudited)
The following is a summary of the inputs used as of March 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:†
Collateralized Loan Obligations
—
4,905,592
—
4,905,592
Convertible Corporate Bonds and Notes
—
1,481,592
—
1,481,592
Corporate Bonds and Notes
—
390,429,667
—
390,429,667
Equity Securities - Common Stocks
—
369,791
—
369,791
Equity Securities - Preferred Stocks
—
392,700
—
392,700
Exchange-Traded Funds
3,535,390
—
—
3,535,390
Fixed Rate Loan Interests
—
665,019
—
665,019
Floating Rate Loan Interests
—
21,143,816
—
21,143,816
Investment Companies
40,171,517
—
—
40,171,517
 
43,706,907
419,388,177
—
463,095,084
Other Financial Instruments:
Unfunded Floating Rate Loan Interests Commitments††
—
305
—
305
 
—
305
—
305
Liabilities ($)
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts††
—
(13,517)
—
(13,517)
 
—
(13,517)
—
(13,517)
 
†
See Schedule of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end.
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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:
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 Trust’s Board of Trustees (the “Board”). Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates 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.
Equity investments, including ETFs (but not including investments in other open-end registered investment companies), generally are valued at the last sale price on the day of valuation on the securities exchange or national securities market on which such securities primarily are traded. Securities listed on Nasdaq markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a Nasdaq market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported net asset values (“NAVs”) each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Fair value of foreign equity securities may be determined with the assistance of a pricing service using correlations between the movement of prices of foreign securities and indexes of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts and futures contracts. The valuation of a security based on this fair value process may differ from
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the security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund’s NAV on days when investors will not be able to purchase or sell (redeem) fund shares. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Trust’s Board of Trustees (the “Board”). Fair value of investments is determined by the Adviser, as the fund’s valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.
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.
Floating Rate Loan Interests: Floating rate instruments are loans and other securities with interest rates that adjust or “float” periodically. Floating rate loans are made by banks and other financial institutions to their corporate clients. The rates of interest on the loans adjust periodically by reference to a base lending rate, plus a premium or credit spread. Floating rate loans reset on periodic set dates, typically 30 to 90 days, but not to exceed one year. The fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
The fund may enter into certain credit agreements all or a portion of which may be unfunded. The fund is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Schedule of Investments. At March 31, 2026, the fund had unfunded commitments of $65,104 and had sufficient cash and/or securities to cover these commitments.
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 March 31, 2026 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and
16
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 March 31, 2026 are set forth in the Schedule of Investments.
At March 31, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $878,284, consisting of $5,745,837 gross unrealized appreciation and $6,624,121 gross unrealized depreciation.
At March 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.
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