UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-05202
BNY Mellon Investment Funds IV, Inc.
(Exact name of registrant as specified in charter)
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, New York 10286
(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.
240 Greenwich Street
New York, New York 10286
(Name and Address of Agent for Service)
Registrant's telephone number, including area code:
(212) 922-6400
Date of fiscal year end:
10/31
Date of reporting period:
4/30/26
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.
BNY Mellon Bond Market Index Fund
BNY Mellon Institutional S&P 500 Stock Index Fund
ITEM 1 - Reports to Stockholders
BNY Mellon Bond Market Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2026
Class I – DBIRX
This semi-annual shareholder report contains important information about BNY Mellon Bond Market Index Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Class I* $7 0.15%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/26 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$401 2,443 83.66%
Portfolio Holdings (as of 4/30/26 )
Sector Allocation (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Allocation 1 Chart
Changes in or Disagreements with Accountants
  • Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026.
This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated February 27, 2026 at bny.com/investments/literaturecenter or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0710SA0426
TSR- BNY Investment Logo
BNY Mellon Bond Market Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2026
Investor Shares – DBMIX
This semi-annual shareholder report contains important information about BNY Mellon Bond Market Index Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares* $20 0.40%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/26 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$401 2,443 83.66%
Portfolio Holdings (as of 4/30/26 )
Sector Allocation (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Allocation 1 Chart
Changes in or Disagreements with Accountants
  • Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026.
This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated February 27, 2026 at bny.com/investments/literaturecenter or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0310SA0426
TSR- BNY Investment Logo
BNY Mellon Institutional S&P 500 Stock Index Fund
SEMI-ANNUAL
SHAREHOLDER
REPORT
April 30, 2026
Class I – DSPIX
This semi-annual shareholder report contains important information about BNY Mellon Institutional S&P 500 Stock Index Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Class I* $10 0.20%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc.
**
Annualized.
KEY FUND STATISTICS (AS OF 4/30/26 )

Fund Size (Millions)
Number of Holdings
Portfolio Turnover
$1,367 505 1.19%
Portfolio Holdings (as of 4/30/26 )
Top Ten Holdings (Based on Net Assets) *
Graphical Representation - Top N Holdings Chart
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
Sector Allocation (Based on Net Assets)
Graphical Representation - Allocation 1 Chart
How has the Fund changed?
  • Effective November 14, 2025, the Fund may operate as a non-diversified fund, as defined under the Investment Company Act of 1940, as amended, to the approximate extent the S&P 500® Index is non-diversified, without shareholder approval. The Fund may therefore operate as non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.
Changes in or Disagreements with Accountants
  • Starting January 1, 2026, Ernst & Young LLP (“EY”) became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Fund’s accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. There were no disagreements with the former accounting firm during the Fund’s fiscal years ended October 31, 2025 and October 31, 2024 and the subsequent interim period through January 1, 2026.
This is a summary of certain changes to the Fund since November 1, 2025 . For more complete information, you may review the Fund’s current prospectus dated February 27, 2026 at bny.com/investments/literaturecenter or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0713SA0426
TSR- BNY Investment Logo

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Not applicable.

 

 
BNY Mellon Bond Market Index Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2026
 
Class
Ticker
I
DBIRX
Investor
DBMIX
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments and sign up for eCommunications. It’s simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
The Fund
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Mellon Bond Market Index Fund
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Asset-Backed Securities — .4%
Asset-Backed Certificates/Auto Receivables — .3%
Ford Credit Floorplan Master Owner Trust, Ser. 2018-4, Cl. A
4.06
11/15/2030
200,000
198,872
Mercedes-Benz Auto Lease Trust, Ser. 2025-A, Cl. A4
4.69
2/18/2031
150,000
151,327
Mercedes-Benz Auto Receivables Trust, Ser. 2025-1, Cl. A4
4.92
4/15/2031
100,000
101,423
Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. A3
4.17
4/15/2030
250,000
250,111
Toyota Auto Receivables Owner Trust, Ser. 2025-B, Cl. A3
4.34
11/15/2029
130,000
130,433
Volkswagen Auto Loan Enhanced Trust, Ser. 2025-1, Cl. A4
4.61
7/21/2031
150,000
151,452
 
983,618
Asset-Backed Certificates/Credit Cards — .1%
American Express Credit Account Master Trust, Ser. 2023-2, Cl. A
4.80
5/15/2030
250,000
253,423
Capital One Multi-Asset Execution Trust, Ser. 2021-A2, Cl. A2
1.39
7/15/2030
300,000
282,482
 
535,905
Total Asset-Backed Securities
(cost $1,520,123)
 
 
  1,519,523
Commercial Mortgage-Backed — .6%
Commercial Mortgage Pass-Through Certificates — .6%
Bank Trust, Ser. 2019-BN21, Cl. A5
2.85
10/17/2052
400,000
377,568
Bank Trust, Ser. 2020-BN27, Cl. AS
2.55
4/15/2063
150,000
131,767
BBCMS Mortgage Trust, Ser. 2020-C7, Cl. AS
2.44
4/15/2053
200,000
176,844
BBCMS Mortgage Trust, Ser. 2022-C15, Cl. A5
3.66
4/15/2055
300,000
276,710
Benchmark Mortgage Trust, Ser. 2019-B10, Cl. A4
3.72
3/15/2062
300,000
292,248
Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS
2.91
9/15/2043
250,000
213,205
Benchmark Mortgage Trust, Ser. 2022-B35, Cl. A5
4.59
5/15/2055
150,000
145,466
GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AS
3.17
2/13/2053
200,000
185,197
UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A5
4.30
8/15/2051
250,000
247,817
Wells Fargo Commercial Mortgage Trust, Ser. 2018-C44, Cl. A5
4.21
5/15/2051
400,000
396,850
Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. ASB
3.64
5/15/2052
127,011
125,869
Total Commercial Mortgage-Backed
(cost $2,806,485)
 
 
  2,569,541
Corporate Bonds and Notes — 25.6%
Aerospace & Defense — .5%
GE Capital International Funding Co. Unlimited Co., Gtd. Notes(a)
4.42
11/15/2035
100,000
95,772
General Dynamics Corp., Gtd. Notes
4.25
4/1/2050
150,000
125,716
General Electric Co., Sr. Unscd. Notes
4.30
7/29/2030
100,000
99,817
HEICO Corp., Gtd. Notes
5.35
8/1/2033
100,000
101,831
Honeywell Aerospace, Inc., Gtd. Notes(b)
4.30
3/16/2031
100,000
98,810
Honeywell Aerospace, Inc., Gtd. Notes(b)
5.62
3/16/2046
100,000
98,411
Lockheed Martin Corp., Sr. Unscd. Notes
4.07
12/15/2042
100,000
84,476
Lockheed Martin Corp., Sr. Unscd. Notes
5.00
8/15/2035
100,000
100,778
Northrop Grumman Corp., Sr. Unscd. Notes
4.03
10/15/2047
160,000
125,972
Northrop Grumman Corp., Sr. Unscd. Notes
4.70
3/15/2033
100,000
99,497
RTX Corp., Sr. Unscd. Notes
4.13
11/16/2028
210,000
209,206
RTX Corp., Sr. Unscd. Notes
4.63
11/16/2048
105,000
89,458
RTX Corp., Sr. Unscd. Notes
6.10
3/15/2034
75,000
80,761
RTX Corp., Sr. Unscd. Notes(a)
6.40
3/15/2054
75,000
80,863
RTX Corp., Sr. Unscd. Notes
7.20
8/15/2027
150,000
155,503
The Boeing Company, Sr. Unscd. Notes
3.50
3/1/2039
100,000
80,759
The Boeing Company, Sr. Unscd. Notes
3.75
2/1/2050
125,000
89,425
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Aerospace & Defense — .5% (continued)
The Boeing Company, Sr. Unscd. Notes
5.15
5/1/2030
150,000
152,462
The Boeing Company, Sr. Unscd. Notes
5.93
5/1/2060
100,000
96,890
 
2,066,407
Agriculture — .3%
Altria Group, Inc., Gtd. Notes
3.70
2/4/2051
100,000
68,878
Altria Group, Inc., Gtd. Notes
4.80
2/14/2029
150,000
151,141
Altria Group, Inc., Gtd. Notes
5.25
8/6/2035
100,000
99,933
BAT Capital Corp., Gtd. Notes
3.56
8/15/2027
43,000
42,559
BAT Capital Corp., Gtd. Notes
4.39
8/15/2037
180,000
164,017
BAT Capital Corp., Gtd. Notes(a)
5.63
8/15/2035
100,000
103,162
BAT Capital Corp., Gtd. Notes
5.65
3/16/2052
100,000
93,066
Bunge Ltd. Finance Corp., Gtd. Notes
4.20
9/17/2029
100,000
99,132
Philip Morris International, Inc., Sr. Unscd. Notes
4.50
3/20/2042
150,000
131,575
Philip Morris International, Inc., Sr. Unscd. Notes
5.13
11/17/2027
150,000
151,776
 
1,105,239
Airlines — .1%
American Airlines Pass-Through Trust, Ser. 2016-1, Cl. AA
3.58
1/15/2028
298,769
294,310
JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. AA
2.75
5/15/2032
215,869
191,150
 
485,460
Automobiles & Components — .5%
American Honda Finance Corp., Sr. Unscd. Notes
4.50
9/4/2030
200,000
197,565
American Honda Finance Corp., Sr. Unscd. Notes
4.60
4/17/2030
100,000
99,257
American Honda Finance Corp., Sr. Unscd. Notes
5.65
11/15/2028
100,000
102,547
Cummins, Inc., Sr. Unscd. Notes
2.60
9/1/2050
100,000
59,928
Cummins, Inc., Sr. Unscd. Notes
4.90
2/20/2029
100,000
101,702
Ford Motor Credit Co. LLC, Sr. Unscd. Notes
6.80
11/7/2028
200,000
207,490
Ford Motor Credit Co. LLC, Sr. Unscd. Notes
7.12
11/7/2033
200,000
212,311
General Motors Co., Sr. Unscd. Notes
4.20
10/1/2027
180,000
179,267
General Motors Co., Sr. Unscd. Notes(a)
6.25
4/15/2035
100,000
104,840
General Motors Financial Co., Inc., Sr. Unscd. Notes
2.40
4/10/2028
150,000
144,286
General Motors Financial Co., Inc., Sr. Unscd. Notes
2.70
6/10/2031
30,000
27,042
General Motors Financial Co., Inc., Sr. Unscd. Notes
5.85
4/6/2030
100,000
103,769
Magna International, Inc., Sr. Unscd. Notes
2.45
6/15/2030
200,000
184,210
Toyota Motor Corp., Sr. Unscd. Notes
5.12
7/13/2033
100,000
102,610
Toyota Motor Credit Corp., Sr. Unscd. Notes
1.65
1/10/2031
150,000
132,054
Toyota Motor Credit Corp., Sr. Unscd. Notes
4.63
1/12/2028
100,000
100,879
 
2,059,757
Banks — 5.5%
Australia & New Zealand Banking Group Ltd., Sr. Unscd. Notes
4.36
6/18/2028
250,000
251,106
Banco Santander SA, Sr. Notes
5.13
11/6/2035
200,000
195,599
Bank of America Corp., Sr. Unscd. Notes
1.90
7/23/2031
200,000
178,465
Bank of America Corp., Sr. Unscd. Notes
2.50
2/13/2031
270,000
250,091
Bank of America Corp., Sr. Unscd. Notes
2.57
10/20/2032
125,000
111,403
Bank of America Corp., Sr. Unscd. Notes
2.68
6/19/2041
145,000
104,278
Bank of America Corp., Sr. Unscd. Notes
2.97
2/4/2033
120,000
108,763
Bank of America Corp., Sr. Unscd. Notes(a)
2.97
7/21/2052
85,000
54,070
Bank of America Corp., Sr. Unscd. Notes
3.19
7/23/2030
130,000
124,714
Bank of America Corp., Sr. Unscd. Notes
4.27
7/23/2029
180,000
179,170
Bank of America Corp., Sr. Unscd. Notes
4.70
4/23/2032
60,000
59,768
Bank of America Corp., Sr. Unscd. Notes
4.98
1/24/2029
100,000
100,824
4
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Banks — 5.5% (continued)
Bank of America Corp., Sr. Unscd. Notes
5.16
1/24/2031
100,000
101,883
Bank of America Corp., Sr. Unscd. Notes
5.47
1/23/2035
100,000
102,198
Bank of America Corp., Sr. Unscd. Notes
5.51
1/24/2036
100,000
102,315
Bank of America Corp., Sr. Unscd. Notes
5.87
9/15/2034
150,000
157,367
Bank of America Corp., Sr. Unscd. Notes
6.20
11/10/2028
300,000
307,893
Bank of America Corp., Sub. Notes
3.85
3/8/2037
200,000
185,853
Bank of America Corp., Sub. Notes
5.49
4/23/2037
100,000
99,462
Bank of America Corp., Sub. Notes, Ser. L
4.18
11/25/2027
250,000
249,516
Bank of Montreal, Sr. Unscd. Notes
4.06
9/22/2028
200,000
199,159
Bank of Montreal, Sr. Unscd. Notes, Ser. J(a)
4.34
3/19/2030
100,000
99,494
BankUnited, Inc., Sub. Notes
5.13
6/11/2030
90,000
89,875
Barclays PLC, Sr. Unscd. Notes
4.34
1/10/2028
200,000
199,540
Barclays PLC, Sr. Unscd. Notes
5.86
8/11/2046
200,000
198,295
Citigroup, Inc., Sr. Unscd. Notes
3.67
7/24/2028
100,000
99,093
Citigroup, Inc., Sr. Unscd. Notes
3.88
1/24/2039
60,000
51,944
Citigroup, Inc., Sr. Unscd. Notes
4.08
4/23/2029
100,000
99,271
Citigroup, Inc., Sr. Unscd. Notes
4.28
4/24/2048
100,000
81,496
Citigroup, Inc., Sr. Unscd. Notes
4.65
7/23/2048
150,000
129,997
Citigroup, Inc., Sr. Unscd. Notes
4.91
5/24/2033
70,000
69,844
Citigroup, Inc., Sr. Unscd. Notes
4.95
5/7/2031
100,000
100,714
Citigroup, Inc., Sr. Unscd. Notes
6.27
11/17/2033
300,000
320,778
Citigroup, Inc., Sr. Unscd. Notes
6.63
1/15/2028
100,000
103,904
Citigroup, Inc., Sub. Notes
4.75
5/18/2046
100,000
84,675
Citigroup, Inc., Sub. Notes
5.83
2/13/2035
100,000
101,905
Citizens Financial Group, Inc., Sr. Unscd. Notes
5.84
1/23/2030
100,000
102,925
Deutsche Bank AG, Sr. Notes(a)
5.06
4/14/2032
200,000
199,820
Deutsche Bank AG, Sub. Notes
7.08
2/10/2034
200,000
215,096
First Citizens BancShares, Inc., Sr. Unscd. Notes
4.87
3/3/2032
100,000
96,903
First Citizens BancShares, Inc., Sr. Unscd. Notes
5.23
3/12/2031
100,000
99,608
Goldman Sachs Capital I, Ltd. Gtd. Notes
6.35
2/15/2034
100,000
104,924
HSBC Holdings PLC, Sr. Unscd. Notes
4.95
3/31/2030
400,000
405,277
HSBC Holdings PLC, Sr. Unscd. Notes
5.40
8/11/2033
300,000
305,095
HSBC Holdings PLC, Sub. Notes
7.40
11/13/2034
250,000
277,867
JPMorgan Chase & Co., Sr. Unscd. Bonds
5.50
1/24/2036
50,000
51,220
JPMorgan Chase & Co., Sr. Unscd. Notes
1.76
11/19/2031
75,000
66,072
JPMorgan Chase & Co., Sr. Unscd. Notes
2.53
11/19/2041
80,000
56,129
JPMorgan Chase & Co., Sr. Unscd. Notes
2.58
4/22/2032
300,000
271,537
JPMorgan Chase & Co., Sr. Unscd. Notes
2.96
1/25/2033
110,000
99,893
JPMorgan Chase & Co., Sr. Unscd. Notes
3.90
1/23/2049
105,000
81,047
JPMorgan Chase & Co., Sr. Unscd. Notes
4.26
2/22/2048
200,000
164,222
JPMorgan Chase & Co., Sr. Unscd. Notes
4.49
3/24/2031
300,000
298,989
JPMorgan Chase & Co., Sr. Unscd. Notes
4.60
10/22/2030
100,000
100,271
JPMorgan Chase & Co., Sr. Unscd. Notes
4.81
10/22/2036
50,000
48,589
JPMorgan Chase & Co., Sr. Unscd. Notes
4.85
7/25/2028
200,000
201,120
JPMorgan Chase & Co., Sr. Unscd. Notes
4.92
1/24/2029
100,000
100,823
JPMorgan Chase & Co., Sr. Unscd. Notes
4.95
10/22/2035
200,000
197,820
JPMorgan Chase & Co., Sr. Unscd. Notes
5.01
1/23/2030
100,000
101,207
JPMorgan Chase & Co., Sr. Unscd. Notes
5.14
1/24/2031
100,000
101,799
JPMorgan Chase & Co., Sr. Unscd. Notes
5.15
4/23/2037
100,000
99,441
JPMorgan Chase & Co., Sr. Unscd. Notes
5.29
7/22/2035
200,000
202,280
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Banks — 5.5% (continued)
JPMorgan Chase & Co., Sr. Unscd. Notes
5.34
1/23/2035
100,000
101,392
JPMorgan Chase & Co., Sr. Unscd. Notes
5.77
4/22/2035
65,000
67,780
Keybank National Association, Sub. Notes
6.95
2/1/2028
100,000
103,803
KeyCorp, Sr. Unscd. Notes(a)
6.40
3/6/2035
100,000
106,362
Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds
3.50
8/9/2028
200,000
198,404
Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Bonds
3.75
2/15/2028
105,000
104,852
Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes
4.00
6/28/2027
100,000
100,171
Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes
4.13
7/15/2033
200,000
198,894
Kreditanstalt fuer Wiederaufbau, Govt. Gtd. Notes, Ser. GLOB
3.88
5/15/2028
200,000
199,997
Landwirtschaftliche Rentenbank, Govt. Gtd. Bonds(a)
3.63
10/8/2030
100,000
98,471
Landwirtschaftliche Rentenbank, Govt. Gtd. Notes
4.13
5/28/2030
100,000
100,572
Lloyds Banking Group PLC, Sr. Unscd. Notes
4.55
8/16/2028
300,000
300,743
Lloyds Banking Group PLC, Sr. Unscd. Notes
5.59
11/26/2035
200,000
204,047
M&T Bank Corp., Sr. Unscd. Notes
4.55
8/16/2028
200,000
200,116
M&T Bank Corp., Sub. Notes
5.30
4/18/2036
200,000
198,402
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes(a)
4.29
7/26/2038
200,000
185,510
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes
5.24
4/19/2029
200,000
202,916
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes
5.33
4/21/2037
200,000
199,734
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes
5.35
9/13/2028
300,000
303,544
Mizuho Financial Group, Inc., Sr. Unscd. Notes
5.42
5/13/2036
200,000
202,563
Mizuho Financial Group, Inc., Sr. Unscd. Notes
5.67
5/27/2029
300,000
307,262
Morgan Stanley, Sr. Unscd. Notes
1.79
2/13/2032
375,000
326,477
Morgan Stanley, Sr. Unscd. Notes
2.51
10/20/2032
95,000
84,270
Morgan Stanley, Sr. Unscd. Notes
2.70
1/22/2031
175,000
162,844
Morgan Stanley, Sr. Unscd. Notes
2.94
1/21/2033
85,000
76,704
Morgan Stanley, Sr. Unscd. Notes
3.77
1/24/2029
180,000
177,770
Morgan Stanley, Sr. Unscd. Notes
4.38
1/22/2047
100,000
82,964
Morgan Stanley, Sr. Unscd. Notes
5.12
2/1/2029
200,000
202,096
Morgan Stanley, Sr. Unscd. Notes
5.30
4/10/2037
50,000
49,719
Morgan Stanley, Sr. Unscd. Notes
5.47
1/18/2035
100,000
101,928
Morgan Stanley, Sr. Unscd. Notes
5.66
4/17/2036
200,000
205,546
Morgan Stanley, Sr. Unscd. Notes
5.90
3/13/2047
100,000
100,243
Morgan Stanley, Sr. Unscd. Notes
6.34
10/18/2033
100,000
107,205
Morgan Stanley, Sr. Unscd. Notes
7.25
4/1/2032
300,000
340,356
Morgan Stanley, Sub. Notes
5.95
1/19/2038
100,000
103,055
Morgan Stanley Private Bank NA, Sr. Unscd. Notes
4.73
7/18/2031
250,000
249,716
National Australia Bank Ltd., Sr. Unscd. Notes
4.31
6/13/2028
250,000
250,820
National Bank of Canada, Gtd. Notes
5.60
12/18/2028
250,000
257,311
NatWest Group PLC, Sr. Unscd. Notes
4.96
8/15/2030
200,000
201,954
Pinnacle Bank, Sr. Unscd. Notes
5.63
2/15/2028
250,000
251,906
PNC Bank NA, Sr. Unscd. Notes
4.43
7/21/2028
250,000
250,155
Royal Bank of Canada, Sr. Unscd. Notes(a)
5.15
2/1/2034
100,000
102,463
State Street Corp., Sr. Unscd. Notes
3.15
3/30/2031
300,000
286,468
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes
5.56
7/9/2034
200,000
205,709
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes
5.80
7/13/2028
200,000
205,691
Sumitomo Mitsui Financial Group, Inc., Sub. Notes(a)
6.18
7/13/2043
100,000
105,480
The Bank of Nova Scotia, Sr. Unscd. Notes
4.74
11/10/2032
200,000
199,977
The Goldman Sachs Group, Inc., Sr. Unscd. Bonds
4.22
5/1/2029
200,000
198,735
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
2.62
4/22/2032
150,000
135,033
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
2.65
10/21/2032
120,000
106,857
6
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Banks — 5.5% (continued)
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
3.10
2/24/2033
130,000
117,739
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
3.44
2/24/2043
65,000
49,431
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
3.81
4/23/2029
150,000
147,898
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
4.94
10/21/2036
75,000
72,784
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
5.07
1/21/2037
65,000
63,570
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
5.21
1/28/2031
100,000
101,626
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
5.54
1/28/2036
100,000
101,678
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
5.54
1/21/2047
40,000
38,272
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
5.73
1/28/2056
200,000
195,203
The Goldman Sachs Group, Inc., Sub. Notes
6.75
10/1/2037
100,000
108,664
The PNC Financial Services Group, Inc., Sr. Unscd. Notes
3.45
4/23/2029
180,000
175,852
The PNC Financial Services Group, Inc., Sr. Unscd. Notes
5.68
1/22/2035
100,000
103,107
The Toronto-Dominion Bank, Sr. Unscd. Notes(a)
4.11
10/13/2028
100,000
99,382
Truist Financial Corp., Sr. Unscd. Notes
1.95
6/5/2030
200,000
181,088
Truist Financial Corp., Sr. Unscd. Notes
5.07
5/20/2031
100,000
101,271
U.S. Bancorp, Sr. Unscd. Notes
1.38
7/22/2030
100,000
88,238
U.S. Bancorp, Sr. Unscd. Notes
5.42
2/12/2036
200,000
203,872
Wells Fargo & Co., Sr. Unscd. Notes
2.57
2/11/2031
445,000
412,933
Wells Fargo & Co., Sr. Unscd. Notes
4.15
1/24/2029
335,000
333,434
Wells Fargo & Co., Sr. Unscd. Notes
4.89
9/15/2036
200,000
194,906
Wells Fargo & Co., Sr. Unscd. Notes
4.96
1/23/2037
60,000
58,478
Wells Fargo & Co., Sr. Unscd. Notes
5.50
1/23/2035
100,000
102,002
Wells Fargo & Co., Sr. Unscd. Notes
5.56
7/25/2034
100,000
102,771
Wells Fargo & Co., Sub. Notes
4.30
7/22/2027
100,000
99,897
Wells Fargo & Co., Sub. Notes
4.65
11/4/2044
250,000
210,502
Westpac Banking Corp., Sr. Unscd. Notes
5.05
4/16/2029
200,000
204,837
Westpac Banking Corp., Sr. Unscd. Notes
5.46
11/18/2027
100,000
102,011
Westpac Banking Corp., Sub. Notes
2.96
11/16/2040
100,000
74,133
Westpac Banking Corp., Sub. Notes
6.82
11/17/2033
100,000
109,409
Zions Bancorp NA, Sub. Notes
6.82
11/19/2035
250,000
261,179
 
22,135,850
Beverage Products — .4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes
4.70
2/1/2036
100,000
97,743
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes
3.50
6/1/2030
100,000
96,746
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes
5.00
6/15/2034
100,000
101,342
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes
5.45
1/23/2039
120,000
122,162
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes(a)
5.80
1/23/2059
150,000
151,171
Constellation Brands, Inc., Sr. Unscd. Notes
2.88
5/1/2030
100,000
93,721
Diageo Capital PLC, Gtd. Notes(a)
5.63
10/5/2033
200,000
208,223
Keurig Dr. Pepper, Inc., Gtd. Notes(a)
4.50
4/15/2052
100,000
78,500
Molson Coors Beverage Co., Gtd. Notes
4.20
7/15/2046
150,000
117,808
PepsiCo, Inc., Sr. Unscd. Notes
2.63
7/29/2029
200,000
190,772
PepsiCo, Inc., Sr. Unscd. Notes
2.75
10/21/2051
40,000
24,572
The Coca-Cola Company, Sr. Unscd. Notes
2.88
5/5/2041
150,000
113,481
The Coca-Cola Company, Sr. Unscd. Notes(a)
5.20
1/14/2055
100,000
94,475
 
1,490,716
Building Materials — .1%
Carrier Global Corp., Sr. Unscd. Notes(a)
6.20
3/15/2054
50,000
52,576
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Sr.
Unscd. Notes
4.90
12/1/2032
100,000
100,446
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Building Materials — .1% (continued)
Martin Marietta Materials, Inc., Sr. Unscd. Notes
5.50
12/1/2054
100,000
94,679
Owens Corning, Sr. Unscd. Notes
7.00
12/1/2036
69,000
77,544
 
325,245
Chemicals — .3%
DuPont de Nemours, Inc., Sr. Unscd. Notes(b)
4.73
11/15/2028
66,000
66,294
Ecolab, Inc., Sr. Unscd. Notes
1.30
1/30/2031
150,000
129,924
Ecolab, Inc., Sr. Unscd. Notes
2.13
8/15/2050
75,000
40,299
LYB International Finance III LLC, Gtd. Notes
6.15
5/15/2035
100,000
103,603
NewMarket Corp., Sr. Unscd. Notes
2.70
3/18/2031
100,000
90,676
Nutrien Ltd., Sr. Unscd. Notes
5.25
1/15/2045
116,000
107,228
PPG Industries, Inc., Sr. Unscd. Notes
4.38
3/15/2031
100,000
98,782
The Dow Chemical Company, Sr. Unscd. Notes(a)
3.60
11/15/2050
100,000
65,276
The Dow Chemical Company, Sr. Unscd. Notes(a)
6.30
3/15/2033
100,000
105,664
The Mosaic Company, Sr. Unscd. Notes
4.35
1/15/2029
200,000
198,895
The Mosaic Company, Sr. Unscd. Notes
5.38
11/15/2028
100,000
102,061
The Sherwin-Williams Company, Sr. Unscd. Notes
4.50
6/1/2047
100,000
83,200
Westlake Corp., Sr. Unscd. Notes
6.38
11/15/2055
100,000
99,261
 
1,291,163
Commercial & Professional Services — .2%
Automatic Data Processing, Inc., Sr. Unscd. Notes(a)
4.75
5/8/2032
100,000
100,810
Duke University, Unscd. Bonds, Ser. 2020
2.76
10/1/2050
100,000
63,097
Moody’s Corp., Sr. Unscd. Notes(a)
2.00
8/19/2031
200,000
176,787
PayPal Holdings, Inc., Sr. Unscd. Notes
2.85
10/1/2029
95,000
90,129
S&P Global, Inc., Gtd. Notes
2.30
8/15/2060
100,000
48,593
S&P Global, Inc., Gtd. Notes
2.95
3/1/2029
50,000
48,251
The Georgetown University, Sr. Unscd. Bonds(a)
5.12
4/1/2053
100,000
91,697
The Leland Stanford Junior University, Unscd. Bonds
3.65
5/1/2048
105,000
80,651
The Washington University, Sr. Unscd. Bonds, Ser. 2022(a)
3.52
4/15/2054
100,000
71,547
University of Southern California, Sr. Unscd. Notes
5.25
10/1/2111
40,000
36,372
William Marsh Rice University, Unscd. Bonds
3.57
5/15/2045
100,000
78,155
Yale University, Sr. Unscd. Bonds, Ser. 2025
4.70
4/15/2032
75,000
76,111
 
962,200
Consumer Discretionary — .2%
D.R. Horton, Inc., Gtd. Notes
5.00
10/15/2034
100,000
99,049
Hyatt Hotels Corp., Sr. Unscd. Notes(a)
5.38
12/15/2031
100,000
101,954
Hyatt Hotels Corp., Sr. Unscd. Notes
5.75
3/30/2032
200,000
207,105
Las Vegas Sands Corp., Sr. Unscd. Notes
5.63
6/15/2028
100,000
101,475
Marriott International, Inc., Sr. Unscd. Notes
5.00
10/15/2027
200,000
201,806
 
711,389
Consumer Durables & Apparel — .1%
NIKE, Inc., Sr. Unscd. Notes
3.38
3/27/2050
100,000
69,278
Ralph Lauren Corp., Sr. Unscd. Notes
2.95
6/15/2030
200,000
188,744
 
258,022
Consumer Staples — .2%
Church & Dwight Co., Inc., Sr. Unscd. Notes
3.95
8/1/2047
75,000
58,351
Colgate-Palmolive Co., Sr. Unscd. Notes
3.70
8/1/2047
100,000
77,181
Kenvue, Inc., Gtd. Notes
5.20
3/22/2063
100,000
89,525
The Estee Lauder Companies, Inc., Sr. Unscd. Notes
2.60
4/15/2030
150,000
139,842
8
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Consumer Staples — .2% (continued)
The Procter & Gamble Company, Sr. Unscd. Notes(a)
1.95
4/23/2031
200,000
179,562
Unilever Capital Corp., Gtd. Notes
1.38
9/14/2030
150,000
132,909
 
677,370
Diversified Financials — .8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes
3.30
1/30/2032
299,000
273,367
Ally Financial, Inc., Sr. Unscd. Notes
5.74
5/15/2029
100,000
101,536
Apollo Global Management, Inc., Gtd. Notes
5.15
8/12/2035
100,000
97,395
Ares Capital Corp., Sr. Unscd. Bonds(a)
5.80
3/8/2032
150,000
149,058
BlackRock Funding, Inc., Gtd. Notes
5.00
3/14/2034
100,000
101,430
Blackstone Private Credit Fund, Sr. Unscd. Notes
5.25
4/1/2030
100,000
96,817
Blackstone Private Credit Fund, Sr. Unscd. Notes
6.00
11/22/2034
100,000
95,002
Capital One Financial Corp., Sr. Unscd. Notes
3.27
3/1/2030
200,000
192,964
Capital One Financial Corp., Sr. Unscd. Notes
5.20
9/11/2036
100,000
97,030
Golub Capital BDC, Inc., Sr. Unscd. Notes
7.05
12/5/2028
100,000
102,934
Intercontinental Exchange, Inc., Sr. Unscd. Notes(a)
3.00
6/15/2050
100,000
65,032
Intercontinental Exchange, Inc., Sr. Unscd. Notes
4.60
3/15/2033
50,000
49,604
Intercontinental Exchange, Inc., Sr. Unscd. Notes
5.20
6/15/2062
65,000
58,486
Jefferies Financial Group, Inc., Sr. Unscd. Debs.
6.45
6/8/2027
35,000
35,654
Lazard Group LLC, Sr. Unscd. Notes
6.00
3/15/2031
100,000
104,434
Legg Mason, Inc., Gtd. Notes
5.63
1/15/2044
100,000
97,762
Mastercard, Inc., Sr. Unscd. Notes
3.35
3/26/2030
200,000
193,541
Mastercard, Inc., Sr. Unscd. Notes
3.85
3/26/2050
100,000
76,840
Nasdaq, Inc., Sr. Unscd. Notes
3.95
3/7/2052
84,000
62,562
Nuveen Churchill Direct Lending Corp., Sr. Unscd. Notes
6.65
3/15/2030
50,000
50,244
Oaktree Specialty Lending Corp., Sr. Unscd. Notes
7.10
2/15/2029
100,000
102,010
Sixth Street Lending Partners, Sr. Unscd. Notes
6.50
3/11/2029
75,000
76,745
Sixth Street Specialty Lending, Inc., Sr. Unscd. Notes
6.95
8/14/2028
100,000
103,251
Sumisho Air Lease Corp., Sr. Unscd. Notes(b)
5.50
3/24/2036
100,000
99,222
Synchrony Financial, Sr. Unscd. Notes(a)
2.88
10/28/2031
100,000
87,912
The Charles Schwab Corp., Sr. Unscd. Notes
2.90
3/3/2032
200,000
181,602
TPG Operating Group II LP, Gtd. Notes
5.88
3/5/2034
100,000
102,130
Visa, Inc., Sr. Unscd. Notes(a)
2.00
8/15/2050
140,000
74,773
Visa, Inc., Sr. Unscd. Notes
3.65
9/15/2047
55,000
42,048
 
2,971,385
Electronic Components — .1%
Jabil, Inc., Sr. Unscd. Notes
3.00
1/15/2031
100,000
92,290
Jabil, Inc., Sr. Unscd. Notes
5.45
2/1/2029
100,000
101,816
Keysight Technologies, Inc., Sr. Unscd. Notes
5.35
7/30/2030
100,000
102,702
TD SYNNEX Corp., Sr. Unscd. Notes
4.30
1/17/2029
100,000
98,936
 
395,744
Energy — 1.7%
APA Corp., Sr. Unscd. Notes(a)
4.25
1/15/2030
100,000
98,784
APA Corp., Sr. Unscd. Notes
5.35
7/1/2049
100,000
85,699
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes
4.49
5/1/2030
100,000
100,157
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., Gtd. Notes
5.85
6/15/2056
100,000
98,787
BP Capital Markets America, Inc., Gtd. Notes
3.94
9/21/2028
150,000
148,978
BP Capital Markets America, Inc., Gtd. Notes
4.23
11/6/2028
100,000
99,948
BP Capital Markets America, Inc., Gtd. Notes
4.81
2/13/2033
100,000
100,323
Canadian Natural Resources Ltd., Sr. Unscd. Notes
6.25
3/15/2038
100,000
106,011
Cenovus Energy, Inc., Sr. Unscd. Notes
6.75
11/15/2039
34,000
37,407
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Energy — 1.7% (continued)
Cheniere Energy, Inc., Sr. Unscd. Notes(b)
5.20
7/30/2036
100,000
98,899
Chevron Corp., Sr. Unscd. Notes(a)
3.08
5/11/2050
100,000
67,008
Chevron USA, Inc., Gtd. Notes(a)
4.50
10/15/2032
100,000
100,252
ConocoPhillips Co., Gtd. Notes(a)
5.05
9/15/2033
100,000
101,826
ConocoPhillips Co., Gtd. Notes
5.70
9/15/2063
100,000
96,612
Coterra Energy, Inc., Sr. Unscd. Notes
5.90
2/15/2055
100,000
96,294
Diamondback Energy, Inc., Gtd. Notes
5.15
1/30/2030
100,000
102,325
Enbridge, Inc., Gtd. Notes
4.50
2/15/2031
100,000
99,062
Enbridge, Inc., Gtd. Notes
6.70
11/15/2053
150,000
162,951
Energy Transfer LP, Sr. Unscd. Notes
3.75
5/15/2030
100,000
96,792
Energy Transfer LP, Sr. Unscd. Notes
4.95
1/15/2043
100,000
87,866
Energy Transfer LP, Sr. Unscd. Notes
5.70
4/1/2035
100,000
102,507
Energy Transfer LP, Sr. Unscd. Notes
6.10
12/1/2028
100,000
103,835
Energy Transfer LP, Sr. Unscd. Notes
6.25
4/15/2049
95,000
93,690
Energy Transfer LP, Sr. Unscd. Notes
6.55
12/1/2033
100,000
108,437
Enterprise Products Operating LLC, Gtd. Notes
3.95
1/31/2060
95,000
68,927
Enterprise Products Operating LLC, Gtd. Notes
4.25
2/15/2048
75,000
61,055
Enterprise Products Operating LLC, Gtd. Notes
4.90
5/15/2046
100,000
89,848
Enterprise Products Operating LLC, Gtd. Notes
5.35
1/31/2033
100,000
103,425
EOG Resources, Inc., Sr. Unscd. Notes
3.90
4/1/2035
100,000
92,512
Equinor ASA, Gtd. Notes
3.63
4/6/2040
200,000
167,459
Exxon Mobil Corp., Sr. Unscd. Notes
3.10
8/16/2049
230,000
156,479
Halliburton Co., Sr. Unscd. Bonds
7.45
9/15/2039
100,000
118,045
Hess Corp., Sr. Unscd. Notes
5.60
2/15/2041
75,000
76,538
Kinder Morgan, Inc., Gtd. Notes(a)
3.60
2/15/2051
100,000
69,542
Kinder Morgan, Inc., Gtd. Notes
5.00
2/1/2029
200,000
203,060
Marathon Petroleum Corp., Sr. Unscd. Notes
4.75
9/15/2044
150,000
129,076
MPLX LP, Sr. Unscd. Notes
5.00
3/1/2033
100,000
99,528
MPLX LP, Sr. Unscd. Notes
6.20
9/15/2055
100,000
98,607
Occidental Petroleum Corp., Sr. Unscd. Notes
4.40
4/15/2046
100,000
79,955
ONEOK Partners LP, Gtd. Notes
6.85
10/15/2037
60,000
65,751
ONEOK, Inc., Gtd. Notes
5.05
11/1/2034
100,000
98,065
ONEOK, Inc., Gtd. Notes
5.80
11/1/2030
100,000
103,910
ONEOK, Inc., Gtd. Notes(a)
5.85
11/1/2064
100,000
92,161
ONEOK, Inc., Gtd. Notes
6.25
10/15/2055
100,000
98,348
Plains All American Pipeline LP, Sr. Unscd. Notes
5.95
6/15/2035
100,000
103,184
Shell Finance US, Inc., Gtd. Notes
2.38
11/7/2029
200,000
187,689
Shell Finance US, Inc., Gtd. Notes
3.25
4/6/2050
150,000
102,451
Shell Finance US, Inc., Gtd. Notes
4.13
5/11/2035
100,000
94,909
Shell Finance US, Inc., Gtd. Notes
4.75
1/6/2036
200,000
196,560
South Bow USA Infrastructure Holdings LLC, Gtd. Notes
4.91
9/1/2027
100,000
100,399
South Bow USA Infrastructure Holdings LLC, Gtd. Notes
5.03
10/1/2029
100,000
100,733
Suncor Energy, Inc., Sr. Unscd. Notes
4.00
11/15/2047
50,000
37,914
Targa Resources Corp., Gtd. Notes
4.35
1/15/2029
200,000
199,081
Targa Resources Corp., Gtd. Notes
6.15
3/1/2029
200,000
208,356
Tennessee Gas Pipeline Co. LLC, Gtd. Debs.
7.63
4/1/2037
70,000
81,841
The Williams Companies, Inc., Sr. Unscd. Notes
5.30
8/15/2028
100,000
101,874
The Williams Companies, Inc., Sr. Unscd. Notes
6.30
4/15/2040
100,000
106,006
TotalEnergies Capital International SA, Gtd. Notes(a)
2.83
1/10/2030
170,000
161,395
TotalEnergies Capital International SA, Gtd. Notes
3.46
7/12/2049
50,000
35,489
10
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Energy — 1.7% (continued)
TransCanada PipeLines Ltd., Sr. Unscd. Notes
6.20
10/15/2037
75,000
79,619
TransCanada PipeLines Ltd., Sr. Unscd. Notes
7.63
1/15/2039
100,000
118,086
Transcontinental Gas Pipe Line Co. LLC, Sr. Unscd. Notes
5.75
3/15/2056
100,000
97,327
Valero Energy Corp., Sr. Unscd. Notes
5.15
3/10/2036
100,000
98,499
Valero Energy Corp., Sr. Unscd. Notes
6.63
6/15/2037
165,000
181,117
Woodside Finance Ltd., Gtd. Notes
4.90
5/19/2028
100,000
100,854
 
6,960,124
Environmental Control — .1%
Republic Services, Inc., Sr. Unscd. Notes
5.00
4/1/2034
100,000
101,114
Republic Services, Inc., Sr. Unscd. Notes(a)
5.15
3/15/2035
100,000
101,913
Waste Connections, Inc., Sr. Unscd. Notes
5.00
3/1/2034
100,000
100,779
Waste Management, Inc., Gtd. Notes
4.15
7/15/2049
100,000
80,891
Waste Management, Inc., Gtd. Notes
4.63
2/15/2033
100,000
100,177
 
484,874
Financials — .0%
The Carlyle Group, Inc., Gtd. Notes(a)
5.05
9/19/2035
100,000
96,711
Food Products — .5%
Conagra Brands, Inc., Sr. Unscd. Notes(a)
4.85
11/1/2028
100,000
100,251
Conagra Brands, Inc., Sr. Unscd. Notes(a)
5.40
11/1/2048
60,000
51,374
General Mills, Inc., Sr. Unscd. Notes
2.88
4/15/2030
150,000
140,149
General Mills, Inc., Sr. Unscd. Notes
3.00
2/1/2051
75,000
46,424
Hormel Foods Corp., Sr. Unscd. Notes
1.80
6/11/2030
200,000
180,148
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, Sr.
Unscd. Notes(b)
5.63
3/10/2037
100,000
99,880
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, Sr.
Unscd. Notes
5.75
4/1/2033
146,000
150,405
Kraft Heinz Foods Co., Gtd. Notes
4.38
6/1/2046
100,000
78,415
Kraft Heinz Foods Co., Gtd. Notes
5.20
3/15/2032
100,000
101,382
McCormick & Co., Inc., Sr. Unscd. Notes
2.50
4/15/2030
150,000
138,613
Mondelez International, Inc., Sr. Unscd. Notes
2.75
4/13/2030
138,000
129,075
Mondelez International, Inc., Sr. Unscd. Notes(a)
5.13
5/6/2035
100,000
100,209
Pilgrim’s Pride Corp., Gtd. Notes
6.25
7/1/2033
47,000
49,341
Sysco Corp., Gtd. Notes
5.38
9/21/2035
100,000
99,850
The Campbell’s Comapny, Sr. Unscd. Notes
5.40
3/21/2034
100,000
97,273
The Campbell’s Company, Sr. Unscd. Notes
4.15
3/15/2028
80,000
79,198
The Hershey Company, Sr. Unscd. Notes(a)
4.55
2/24/2028
100,000
100,797
The Hershey Company, Sr. Unscd. Notes
4.95
2/24/2032
100,000
102,343
The Kroger Company, Sr. Unscd. Notes
3.70
8/1/2027
150,000
148,909
 
1,994,036
Health Care — 2.7%
Abbott Laboratories, Sr. Unscd. Notes
4.90
11/30/2046
100,000
91,209
AbbVie, Inc., Sr. Unscd. Notes
4.25
11/14/2028
110,000
110,223
AbbVie, Inc., Sr. Unscd. Notes
4.25
11/21/2049
290,000
234,207
AbbVie, Inc., Sr. Unscd. Notes
4.75
3/15/2045
200,000
178,267
Aetna, Inc., Sr. Unscd. Notes
4.75
3/15/2044
50,000
42,286
Aetna, Inc., Sr. Unscd. Notes
6.63
6/15/2036
75,000
81,373
Agilent Technologies, Inc., Sr. Unscd. Notes
4.75
9/9/2034
100,000
98,573
Amgen, Inc., Sr. Unscd. Notes
2.45
2/21/2030
70,000
65,096
Amgen, Inc., Sr. Unscd. Notes
2.80
8/15/2041
200,000
144,219
Amgen, Inc., Sr. Unscd. Notes(a)
3.00
1/15/2052
200,000
128,492
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Health Care — 2.7% (continued)
Amgen, Inc., Sr. Unscd. Notes
3.38
2/21/2050
60,000
42,037
Amgen, Inc., Sr. Unscd. Notes
4.66
6/15/2051
100,000
83,791
AstraZeneca Finance LLC, Gtd. Notes(a)
5.00
2/26/2034
200,000
202,914
AstraZeneca PLC, Sr. Unscd. Notes
1.38
8/6/2030
100,000
88,530
Banner Health, Unscd. Bonds
2.34
1/1/2030
200,000
185,587
Baxalta, Inc., Gtd. Notes
5.25
6/23/2045
100,000
92,994
Becton, Dickinson & Co., Sr. Unscd. Notes
4.69
2/13/2028
100,000
100,404
Biogen, Inc., Sr. Unscd. Bonds
6.45
5/15/2055
100,000
104,225
Bristol-Myers Squibb Co., Sr. Unscd. Notes
2.95
3/15/2032
55,000
50,488
Bristol-Myers Squibb Co., Sr. Unscd. Notes
3.55
3/15/2042
40,000
31,789
Bristol-Myers Squibb Co., Sr. Unscd. Notes
4.35
11/15/2047
90,000
74,407
Bristol-Myers Squibb Co., Sr. Unscd. Notes
4.55
2/20/2048
70,000
59,256
Bristol-Myers Squibb Co., Sr. Unscd. Notes(a)
5.20
2/22/2034
100,000
102,456
Bristol-Myers Squibb Co., Sr. Unscd. Notes
5.55
2/22/2054
100,000
96,068
Cardinal Health, Inc., Sr. Unscd. Notes
4.60
3/15/2043
200,000
172,284
Cencora, Inc., Sr. Unscd. Notes
2.80
5/15/2030
100,000
93,540
CommonSpirit Health, Sr. Scd. Notes
5.55
12/1/2054
150,000
140,252
CommonSpirit Health, Sr. Unscd. Bonds, Ser. 2025
4.98
9/1/2035
100,000
97,181
CVS Health Corp., Sr. Unscd. Notes
1.75
8/21/2030
85,000
75,283
CVS Health Corp., Sr. Unscd. Notes
4.30
3/25/2028
150,000
149,446
CVS Health Corp., Sr. Unscd. Notes
4.78
3/25/2038
100,000
92,718
CVS Health Corp., Sr. Unscd. Notes
5.05
3/25/2048
200,000
172,659
CVS Health Corp., Sr. Unscd. Notes
5.55
6/1/2031
100,000
103,428
CVS Health Corp., Sr. Unscd. Notes
6.20
9/15/2055
100,000
99,590
Danaher Corp., Sr. Unscd. Notes
4.38
9/15/2045
100,000
85,563
Elevance Health, Inc., Sr. Unscd. Notes
2.25
5/15/2030
100,000
91,475
Elevance Health, Inc., Sr. Unscd. Notes
3.60
3/15/2051
60,000
41,936
Elevance Health, Inc., Sr. Unscd. Notes
3.65
12/1/2027
150,000
148,480
Elevance Health, Inc., Sr. Unscd. Notes
4.00
9/15/2028
100,000
99,174
Eli Lilly & Co., Sr. Unscd. Notes
4.15
8/14/2027
200,000
200,440
Eli Lilly & Co., Sr. Unscd. Notes
4.75
2/12/2030
100,000
101,771
Eli Lilly & Co., Sr. Unscd. Notes
5.00
2/9/2054
100,000
90,700
Gilead Sciences, Inc., Sr. Unscd. Notes
1.20
10/1/2027
80,000
76,843
Gilead Sciences, Inc., Sr. Unscd. Notes
4.15
3/1/2047
220,000
178,112
GlaxoSmithKline Capital, Inc., Gtd. Bonds
6.38
5/15/2038
150,000
166,199
HCA, Inc., Gtd. Notes
4.13
6/15/2029
110,000
108,537
HCA, Inc., Gtd. Notes
5.00
3/1/2028
200,000
201,737
HCA, Inc., Gtd. Notes
5.13
6/15/2039
50,000
47,318
HCA, Inc., Gtd. Notes
5.25
3/1/2030
200,000
203,712
HCA, Inc., Gtd. Notes
5.25
6/15/2049
100,000
88,462
Humana, Inc., Sr. Unscd. Notes(a)
5.75
4/15/2054
100,000
90,450
Humana, Inc., Sr. Unscd. Notes
5.95
3/15/2034
100,000
102,633
Johnson & Johnson, Sr. Unscd. Notes(a)
2.10
9/1/2040
200,000
140,152
Johnson & Johnson, Sr. Unscd. Notes
3.50
1/15/2048
50,000
37,702
Johnson & Johnson, Sr. Unscd. Notes(a)
4.95
6/1/2034
200,000
206,680
Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021
3.00
6/1/2051
70,000
44,733
Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes, Ser. 2015
4.20
7/1/2055
100,000
79,894
Merck & Co., Inc., Gtd. Notes
3.85
9/15/2027
150,000
149,692
Merck & Co., Inc., Gtd. Notes(a)
4.55
9/15/2032
100,000
100,243
Merck & Co., Inc., Sr. Unscd. Notes
2.35
6/24/2040
50,000
35,501
12
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Health Care — 2.7% (continued)
Merck & Co., Inc., Sr. Unscd. Notes
2.45
6/24/2050
60,000
34,626
Merck & Co., Inc., Sr. Unscd. Notes
3.90
3/7/2039
55,000
48,387
Mylan, Inc., Gtd. Notes
5.40
11/29/2043
50,000
42,961
Northwell Healthcare, Inc., Scd. Notes
3.98
11/1/2046
250,000
193,639
Novartis Capital Corp., Gtd. Notes
2.20
8/14/2030
240,000
219,815
Novartis Capital Corp., Gtd. Notes
2.75
8/14/2050
60,000
37,663
Novartis Capital Corp., Gtd. Notes
4.40
3/18/2031
100,000
99,878
Novartis Capital Corp., Gtd. Notes
4.60
3/18/2033
100,000
99,338
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes
4.45
5/19/2028
200,000
200,954
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes
4.75
5/19/2033
200,000
199,214
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes
5.30
5/19/2053
200,000
185,407
Pfizer, Inc., Sr. Unscd. Notes
2.55
5/28/2040
150,000
109,044
Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I
3.74
10/1/2047
250,000
186,246
Stryker Corp., Sr. Unscd. Notes
4.38
5/15/2044
100,000
84,691
Stryker Corp., Sr. Unscd. Notes
4.85
12/8/2028
100,000
101,347
Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes
5.00
11/26/2028
200,000
202,670
The Cigna Group, Gtd. Notes
3.88
10/15/2047
75,000
56,726
The Cigna Group, Gtd. Notes
4.38
10/15/2028
130,000
130,029
The Cigna Group, Sr. Unscd. Notes
4.88
9/15/2032
200,000
200,410
The Cigna Group, Sr. Unscd. Notes(a)
5.60
2/15/2054
100,000
94,803
Thermo Fisher Scientific, Inc., Sr. Unscd. Notes
2.80
10/15/2041
200,000
145,655
Trinity Health Corp., Scd. Bonds
4.13
12/1/2045
200,000
163,836
UnitedHealth Group, Inc., Sr. Unscd. Notes
2.30
5/15/2031
75,000
67,445
UnitedHealth Group, Inc., Sr. Unscd. Notes
3.05
5/15/2041
75,000
56,167
UnitedHealth Group, Inc., Sr. Unscd. Notes(a)
4.20
5/15/2032
45,000
43,945
UnitedHealth Group, Inc., Sr. Unscd. Notes
4.45
12/15/2048
60,000
49,463
UnitedHealth Group, Inc., Sr. Unscd. Notes
4.95
5/15/2062
75,000
63,680
UnitedHealth Group, Inc., Sr. Unscd. Notes
5.35
2/15/2033
100,000
102,951
UnitedHealth Group, Inc., Sr. Unscd. Notes
5.38
4/15/2054
100,000
92,335
UnitedHealth Group, Inc., Sr. Unscd. Notes
6.05
2/15/2063
100,000
100,260
UnitedHealth Group, Inc., Sr. Unscd. Notes
6.88
2/15/2038
210,000
238,938
UPMC, Scd. Bonds
5.04
5/15/2033
100,000
100,709
Viatris, Inc., Gtd. Notes
2.70
6/22/2030
150,000
136,717
Zoetis, Inc., Sr. Unscd. Notes(a)
3.00
5/15/2050
150,000
96,417
Zoetis, Inc., Sr. Unscd. Notes
5.60
11/16/2032
100,000
104,733
 
10,694,510
Industrial — .6%
Caterpillar Financial Services Corp., Sr. Unscd. Notes
4.40
10/15/2027
200,000
201,038
Caterpillar Financial Services Corp., Sr. Unscd. Notes
4.60
11/15/2027
100,000
100,763
CNH Industrial Capital LLC, Gtd. Notes
4.55
4/10/2028
100,000
100,001
Eaton Corp., Gtd. Notes
4.15
11/2/2042
100,000
86,139
Eaton Corp., Gtd. Notes
4.20
3/6/2031
200,000
197,271
GATX Corp., Sr. Unscd. Notes
6.90
5/1/2034
100,000
110,412
GE Vernova, Inc., Sr. Unscd. Notes
5.50
2/4/2056
75,000
71,999
Huntington Ingalls Industries, Inc., Gtd. Notes
5.75
1/15/2035
100,000
103,672
Illinois Tool Works, Inc., Sr. Unscd. Notes
3.90
9/1/2042
170,000
142,301
Ingersoll Rand, Inc., Sr. Unscd. Notes
5.18
6/15/2029
100,000
102,300
Ingersoll Rand, Inc., Sr. Unscd. Notes
5.45
6/15/2034
100,000
102,365
Jacobs Engineering Group, Inc., Gtd. Notes
6.35
8/18/2028
100,000
103,579
John Deere Capital Corp., Sr. Unscd. Notes
4.15
9/15/2027
100,000
100,180
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Industrial — .6% (continued)
John Deere Capital Corp., Sr. Unscd. Notes(a)
4.20
7/15/2027
100,000
100,272
John Deere Capital Corp., Sr. Unscd. Notes
4.95
7/14/2028
100,000
101,713
John Deere Capital Corp., Sr. Unscd. Notes, Ser. I
4.20
3/10/2031
100,000
98,992
Otis Worldwide Corp., Sr. Unscd. Notes
5.13
11/19/2031
100,000
102,335
Parker-Hannifin Corp., Sr. Unscd. Notes
3.25
6/14/2029
200,000
193,540
Parker-Hannifin Corp., Sr. Unscd. Notes
4.00
6/14/2049
40,000
31,357
Regal Rexnord Corp., Gtd. Notes
6.05
4/15/2028
150,000
153,820
Stanley Black & Decker, Inc., Sr. Unscd. Notes(a)
2.30
3/15/2030
150,000
137,546
Xylem, Inc., Sr. Unscd. Notes
4.38
11/1/2046
75,000
62,067
 
2,503,662
Information Technology — .8%
Adobe, Inc., Sr. Unscd. Notes
4.75
1/17/2028
100,000
101,044
Cadence Design Systems, Inc., Sr. Unscd. Notes
4.30
9/10/2029
100,000
99,741
Concentrix Corp., Sr. Unscd. Notes
6.85
8/2/2033
100,000
91,329
Fidelity National Information Services, Inc., Sr. Unscd. Notes
4.45
3/10/2028
100,000
99,742
Fiserv, Inc., Sr. Unscd. Notes
4.40
7/1/2049
100,000
75,823
Fiserv, Inc., Sr. Unscd. Notes
4.55
2/15/2031
100,000
98,044
Fiserv, Inc., Sr. Unscd. Notes
5.63
8/21/2033
100,000
101,316
Intuit, Inc., Sr. Unscd. Notes
5.13
9/15/2028
200,000
203,633
Microsoft Corp., Sr. Unscd. Notes
2.53
6/1/2050
261,000
154,207
Microsoft Corp., Sr. Unscd. Notes
2.68
6/1/2060
200,000
110,202
Microsoft Corp., Sr. Unscd. Notes(a)
3.40
6/15/2027
100,000
99,568
Oracle Corp., Sr. Unscd. Notes
2.88
3/25/2031
205,000
182,260
Oracle Corp., Sr. Unscd. Notes
2.95
4/1/2030
150,000
137,481
Oracle Corp., Sr. Unscd. Notes
3.85
7/15/2036
250,000
206,109
Oracle Corp., Sr. Unscd. Notes
4.10
3/25/2061
210,000
127,332
Oracle Corp., Sr. Unscd. Notes
4.50
5/6/2028
100,000
99,490
Oracle Corp., Sr. Unscd. Notes
4.65
5/6/2030
100,000
98,048
Oracle Corp., Sr. Unscd. Notes
5.70
2/4/2036
100,000
96,085
Oracle Corp., Sr. Unscd. Notes
6.25
11/9/2032
150,000
154,020
Oracle Corp., Sr. Unscd. Notes
6.85
2/4/2066
100,000
91,957
Oracle Corp., Sr. Unscd. Notes
6.90
11/9/2052
65,000
61,582
Roper Technologies, Inc., Sr. Unscd. Notes
4.25
9/15/2028
100,000
99,286
Roper Technologies, Inc., Sr. Unscd. Notes(a)
5.10
9/15/2035
100,000
97,134
Salesforce, Inc., Sr. Unscd. Notes
2.90
7/15/2051
100,000
58,110
Salesforce, Inc., Sr. Unscd. Notes
4.65
3/15/2029
100,000
100,212
Salesforce, Inc., Sr. Unscd. Notes
5.55
3/15/2036
100,000
99,761
Salesforce, Inc., Sr. Unscd. Notes
6.55
3/15/2056
100,000
99,389
Take-Two Interactive Software, Inc., Sr. Unscd. Notes
4.95
3/28/2028
100,000
100,779
 
3,143,684
Insurance — .6%
American International Group, Inc., Sr. Unscd. Notes
4.75
4/1/2048
100,000
86,623
American International Group, Inc., Sr. Unscd. Notes
5.13
3/27/2033
150,000
151,787
Aon Corp./Aon Global Holdings PLC, Gtd. Notes
5.00
9/12/2032
100,000
100,853
Aon Global Ltd., Gtd. Notes
4.60
6/14/2044
100,000
85,859
Arthur J. Gallagher & Co., Sr. Unscd. Notes
3.50
5/20/2051
40,000
27,335
Athene Holding Ltd., Sr. Unscd. Notes(a)
6.63
5/19/2055
100,000
96,769
Berkshire Hathaway Finance Corp., Gtd. Notes
2.85
10/15/2050
150,000
94,649
Berkshire Hathaway Finance Corp., Gtd. Notes
4.20
8/15/2048
135,000
110,743
Chubb INA Holdings LLC, Gtd. Notes(a)
6.00
5/11/2037
200,000
213,474
14
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Insurance — .6% (continued)
Corebridge Financial, Inc., Jr. Sub. Notes
6.38
9/15/2054
100,000
99,487
Corebridge Financial, Inc., Sr. Unscd. Notes(a)
4.40
4/5/2052
100,000
79,297
Fairfax Financial Holdings Ltd., Sr. Unscd. Notes(a)
6.35
3/22/2054
100,000
101,859
Markel Group, Inc., Sr. Unscd. Notes
6.00
5/16/2054
100,000
97,862
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes
4.38
3/15/2029
70,000
70,065
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes
4.90
3/15/2049
65,000
57,289
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes
5.15
3/15/2034
100,000
101,170
MetLife, Inc., Sr. Unscd. Notes
4.05
3/1/2045
100,000
81,046
NMI Holdings, Inc., Sr. Unscd. Notes
6.00
8/15/2029
100,000
102,237
Principal Financial Group, Inc., Gtd. Notes
2.13
6/15/2030
150,000
136,069
Prudential Financial, Inc., Sr. Unscd. Notes
3.70
3/13/2051
75,000
53,710
Prudential Financial, Inc., Sr. Unscd. Notes
4.60
5/15/2044
100,000
86,515
Reinsurance Group of America, Inc., Sr. Unscd. Notes(a)
3.15
6/15/2030
150,000
140,854
Reinsurance Group of America, Inc., Sr. Unscd. Notes(a)
5.75
9/15/2034
100,000
102,414
The Progressive Corp., Sr. Unscd. Notes
4.13
4/15/2047
70,000
55,904
The Travelers Companies, Inc., Sr. Unscd. Notes
4.05
3/7/2048
150,000
119,575
 
2,453,445
Internet Software & Services — .6%
Airbnb Inc., Sr. Unscd. Notes
4.40
3/16/2029
100,000
99,880
Alphabet, Inc., Sr. Unscd. Notes
1.10
8/15/2030
100,000
87,945
Alphabet, Inc., Sr. Unscd. Notes
4.70
11/15/2035
60,000
58,931
Alphabet, Inc., Sr. Unscd. Notes
5.35
11/15/2045
40,000
38,844
Alphabet, Inc., Sr. Unscd. Notes
5.45
11/15/2055
80,000
76,576
Alphabet, Inc., Sr. Unscd. Notes
5.65
2/15/2056
150,000
147,229
Amazon.com, Inc., Sr. Unscd. Notes(a)
1.50
6/3/2030
100,000
89,407
Amazon.com, Inc., Sr. Unscd. Notes
2.50
6/3/2050
100,000
58,057
Amazon.com, Inc., Sr. Unscd. Notes
3.60
4/13/2032
100,000
95,279
Amazon.com, Inc., Sr. Unscd. Notes
3.90
11/20/2028
200,000
198,750
Amazon.com, Inc., Sr. Unscd. Notes
4.00
3/13/2029
100,000
99,309
Amazon.com, Inc., Sr. Unscd. Notes
4.10
11/20/2030
200,000
197,311
Amazon.com, Inc., Sr. Unscd. Notes
4.25
3/13/2031
100,000
99,048
Amazon.com, Inc., Sr. Unscd. Notes
4.55
3/13/2033
100,000
98,831
Amazon.com, Inc., Sr. Unscd. Notes
5.55
11/20/2065
200,000
186,747
Amazon.com, Inc., Sr. Unscd. Notes
5.65
3/13/2046
100,000
98,686
Amazon.com, Inc., Sr. Unscd. Notes
6.05
3/13/2076
100,000
98,609
eBay, Inc., Sr. Unscd. Notes
3.65
5/10/2051
13,000
9,199
Meta Platforms, Inc., Sr. Unscd. Notes
4.75
8/15/2034
200,000
196,855
Meta Platforms, Inc., Sr. Unscd. Notes(a)
4.88
11/15/2035
110,000
107,247
Meta Platforms, Inc., Sr. Unscd. Notes
4.95
5/15/2033
50,000
50,210
Meta Platforms, Inc., Sr. Unscd. Notes
5.40
8/15/2054
100,000
88,939
Meta Platforms, Inc., Sr. Unscd. Notes
5.63
11/15/2055
130,000
119,450
Meta Platforms, Inc., Sr. Unscd. Notes
5.75
5/15/2063
100,000
92,264
Uber Technologies, Inc., Sr. Unscd. Notes
4.15
1/15/2031
75,000
73,555
 
2,567,158
Materials — .1%
Amcor Flexibles North America, Inc., Gtd. Notes
5.10
3/17/2030
200,000
202,449
Amcor Flexibles North America, Inc., Gtd. Notes
5.13
3/12/2036
100,000
97,505
 
299,954
15
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Media — .5%
Charter Communications Operating LLC/Charter Communications Operating
Capital, Sr. Scd. Notes
6.48
10/23/2045
250,000
230,559
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Sr. Scd. Bonds(a)
6.65
2/1/2034
100,000
103,750
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Sr. Scd. Notes(a)
5.25
4/1/2053
100,000
77,569
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Sr. Scd. Notes
5.50
4/1/2063
100,000
76,499
Comcast Corp., Gtd. Notes(a)
1.50
2/15/2031
150,000
130,136
Comcast Corp., Gtd. Notes
3.90
3/1/2038
75,000
64,503
Comcast Corp., Gtd. Notes
4.00
3/1/2048
60,000
44,061
Comcast Corp., Gtd. Notes
4.60
10/15/2038
200,000
182,812
Comcast Corp., Gtd. Notes(a)
4.65
2/15/2033
100,000
98,853
Comcast Corp., Gtd. Notes(a)
5.30
5/15/2035
100,000
101,853
Comcast Corp., Gtd. Notes(a)
5.50
5/15/2064
70,000
61,251
Comcast Corp., Gtd. Notes
6.05
5/15/2055
100,000
98,348
Comcast Corp., Gtd. Notes
6.45
3/15/2037
150,000
162,554
Fox Corp., Sr. Unscd. Notes
6.50
10/13/2033
200,000
214,840
The Walt Disney Company, Gtd. Notes
2.00
9/1/2029
100,000
93,073
The Walt Disney Company, Gtd. Notes
3.50
5/13/2040
100,000
82,143
The Walt Disney Company, Gtd. Notes(a)
3.80
5/13/2060
100,000
71,802
 
1,894,606
Metals & Mining — .2%
Barrick PD Australia Finance Pty Ltd., Gtd. Notes
5.95
10/15/2039
100,000
103,093
BHP Billiton Finance USA Ltd., Gtd. Notes
5.25
9/8/2033
45,000
46,071
Freeport-McMoRan, Inc., Gtd. Notes(a)
5.45
3/15/2043
65,000
62,098
Kinross Gold Corp., Sr. Unscd. Notes
6.25
7/15/2033
100,000
107,062
Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes
5.35
3/15/2034
100,000
103,253
Nucor Corp., Sr. Unscd. Notes
2.98
12/15/2055
100,000
61,399
Rio Tinto Finance USA PLC, Gtd. Notes
4.88
3/14/2030
100,000
101,515
Rio Tinto Finance USA PLC, Gtd. Notes
5.13
3/9/2053
100,000
91,861
Southern Copper Corp., Sr. Unscd. Notes
5.25
11/8/2042
150,000
142,780
Steel Dynamics, Inc., Sr. Unscd. Notes(a)
3.25
10/15/2050
60,000
39,662
Vale Overseas Ltd., Gtd. Notes
3.75
7/8/2030
100,000
95,934
 
954,728
Real Estate — .9%
Alexandria Real Estate Equities, Inc., Gtd. Notes
2.00
5/18/2032
100,000
83,602
Alexandria Real Estate Equities, Inc., Gtd. Notes
4.75
4/15/2035
100,000
94,568
American Tower Corp., Sr. Unscd. Notes
3.80
8/15/2029
90,000
88,014
American Tower Corp., Sr. Unscd. Notes
5.00
1/31/2030
250,000
253,514
Boston Properties LP, Sr. Unscd. Notes(a)
4.50
12/1/2028
100,000
99,842
COPT Defense Properties LP, Gtd. Notes(a)
2.00
1/15/2029
100,000
93,555
Crown Castle, Inc., Sr. Unscd. Notes
2.25
1/15/2031
200,000
177,355
Crown Castle, Inc., Sr. Unscd. Notes
5.80
3/1/2034
100,000
102,883
Equinix, Inc., Sr. Unscd. Notes
3.40
2/15/2052
200,000
134,540
Essex Portfolio LP, Gtd. Notes
2.65
3/15/2032
150,000
132,619
First Industrial LP, Gtd. Notes
5.25
1/15/2031
100,000
101,384
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes
5.63
3/1/2036
100,000
98,356
Host Hotels & Resorts LP, Sr. Unscd. Notes(a)
5.70
6/15/2032
100,000
103,156
Host Hotels & Resorts LP, Sr. Unscd. Notes
5.70
7/1/2034
100,000
102,115
Invitation Homes Operating Partnership LP, Gtd. Notes
5.45
8/15/2030
100,000
101,964
16
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Real Estate — .9% (continued)
Invitation Homes Operating Partnership LP, Gtd. Notes
5.50
8/15/2033
100,000
101,507
Kimco Realty OP LLC, Gtd. Notes
2.70
10/1/2030
100,000
93,181
Mid-America Apartments LP, Sr. Unscd. Notes
5.30
2/15/2032
100,000
103,084
NNN REIT, Inc., Sr. Unscd. Notes
5.60
10/15/2033
100,000
102,662
Prologis LP, Sr. Unscd. Notes
2.25
4/15/2030
170,000
156,608
Prologis LP, Sr. Unscd. Notes
3.00
4/15/2050
35,000
22,655
Prologis LP, Sr. Unscd. Notes
4.75
1/15/2031
100,000
101,063
Realty Income Corp., Sr. Unscd. Notes
3.95
8/15/2027
100,000
99,626
Realty Income Corp., Sr. Unscd. Notes
4.70
12/15/2028
100,000
100,787
Realty Income Corp., Sr. Unscd. Notes
4.90
7/15/2033
100,000
99,834
Rexford Industrial Realty LP, Gtd. Notes
2.15
9/1/2031
100,000
86,817
Simon Property Group LP, Sr. Unscd. Notes
2.65
7/15/2030
100,000
93,036
Simon Property Group LP, Sr. Unscd. Notes(a)
3.80
7/15/2050
100,000
74,362
Simon Property Group LP, Sr. Unscd. Notes
6.25
1/15/2034
50,000
53,902
Tanger Properties LP, Sr. Unscd. Notes
2.75
9/1/2031
100,000
89,508
UDR, Inc., Gtd. Notes
2.10
8/1/2032
100,000
84,933
Ventas Realty LP, Gtd. Notes
4.88
4/15/2049
100,000
86,249
VICI Properties LP, Sr. Unscd. Notes(a)
5.63
4/1/2035
200,000
200,726
Welltower OP LLC, Gtd. Notes
4.13
3/15/2029
200,000
198,733
 
3,716,740
Retailing — .6%
AutoZone, Inc., Sr. Unscd. Notes
5.13
6/15/2030
100,000
101,896
AutoZone, Inc., Sr. Unscd. Notes
5.20
8/1/2033
100,000
101,397
Costco Wholesale Corp., Sr. Unscd. Notes
1.60
4/20/2030
100,000
90,617
Dollar Tree, Inc., Sr. Unscd. Notes
4.20
5/15/2028
95,000
94,503
Lowe’s Cos., Inc., Sr. Unscd. Notes
2.80
9/15/2041
100,000
70,802
Lowe’s Cos., Inc., Sr. Unscd. Notes
3.65
4/5/2029
80,000
78,453
Lowe’s Cos., Inc., Sr. Unscd. Notes
4.00
10/15/2028
100,000
99,250
Lowe’s Cos., Inc., Sr. Unscd. Notes(a)
5.80
9/15/2062
150,000
143,626
McDonald’s Corp., Sr. Unscd. Notes
3.63
9/1/2049
50,000
35,981
McDonald’s Corp., Sr. Unscd. Notes
5.45
8/14/2053
100,000
94,450
O’Reilly Automotive, Inc., Sr. Unscd. Notes
1.75
3/15/2031
300,000
262,535
Starbucks Corp., Sr. Unscd. Notes(a)
4.45
8/15/2049
100,000
81,583
Starbucks Corp., Sr. Unscd. Notes(a)
4.80
2/15/2033
100,000
100,150
Target Corp., Sr. Unscd. Notes(a)
4.50
9/15/2032
75,000
75,456
The Home Depot, Inc., Sr. Unscd. Notes
3.35
4/15/2050
100,000
69,043
The Home Depot, Inc., Sr. Unscd. Notes
4.65
9/15/2035
100,000
97,461
The Home Depot, Inc., Sr. Unscd. Notes
4.75
6/25/2029
200,000
203,136
The Home Depot, Inc., Sr. Unscd. Notes
5.88
12/16/2036
150,000
159,825
Walmart, Inc., Sr. Unscd. Notes
3.90
4/15/2028
100,000
99,870
Walmart, Inc., Sr. Unscd. Notes
3.95
6/28/2038
90,000
83,193
Walmart, Inc., Sr. Unscd. Notes
4.00
4/15/2030
100,000
99,686
Walmart, Inc., Sr. Unscd. Notes(a)
4.50
9/9/2052
150,000
129,608
 
2,372,521
Semiconductors & Semiconductor Equipment — .6%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes
3.50
1/15/2028
110,000
108,798
Broadcom, Inc., Gtd. Notes
2.60
2/15/2033
100,000
87,509
Broadcom, Inc., Gtd. Notes
3.50
2/15/2041
200,000
159,908
Broadcom, Inc., Sr. Unscd. Notes
4.80
2/15/2036
275,000
268,475
Broadcom, Inc., Sr. Unscd. Notes
5.05
7/12/2029
200,000
203,914
17
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Semiconductors & Semiconductor Equipment — .6% (continued)
Intel Corp., Sr. Unscd. Notes
3.25
11/15/2049
150,000
96,861
Intel Corp., Sr. Unscd. Notes
5.00
2/21/2031
200,000
202,086
Intel Corp., Sr. Unscd. Notes
5.05
8/5/2062
65,000
53,561
Intel Corp., Sr. Unscd. Notes
5.13
2/10/2030
100,000
101,637
Intel Corp., Sr. Unscd. Notes
5.20
2/10/2033
100,000
101,311
Intel Corp., Sr. Unscd. Notes
5.70
2/10/2053
100,000
93,608
KLA Corp., Sr. Unscd. Notes
5.25
7/15/2062
100,000
91,628
Microchip Technology, Inc., Gtd. Notes
5.05
3/15/2029
100,000
101,320
NVIDIA Corp., Sr. Unscd. Notes(a)
1.55
6/15/2028
300,000
285,063
NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes
4.30
8/19/2028
100,000
99,734
QUALCOMM, Inc., Sr. Unscd. Notes
4.30
5/20/2047
120,000
98,168
QUALCOMM, Inc., Sr. Unscd. Notes
4.50
5/20/2030
50,000
50,271
QUALCOMM, Inc., Sr. Unscd. Notes(a)
4.50
5/20/2052
25,000
20,652
QUALCOMM, Inc., Sr. Unscd. Notes(a)
5.40
5/20/2033
100,000
104,334
Texas Instruments, Inc., Sr. Unscd. Notes
4.60
2/8/2029
200,000
202,504
 
2,531,342
Supranational Bank — 1.2%
African Development Bank, Sr. Unscd. Bonds(a)
4.00
3/18/2030
200,000
200,001
Asian Development Bank, Sr. Unscd. Notes
1.50
3/4/2031
200,000
177,968
Asian Development Bank, Sr. Unscd. Notes
1.88
1/24/2030
100,000
92,848
Asian Development Bank, Sr. Unscd. Notes
2.75
1/19/2028
90,000
88,324
Asian Development Bank, Sr. Unscd. Notes
3.88
9/28/2032
100,000
98,294
Asian Development Bank, Sr. Unscd. Notes
4.00
1/12/2033
55,000
54,342
Asian Development Bank, Sr. Unscd. Notes
4.38
1/14/2028
150,000
151,176
Asian Development Bank, Sr. Unscd. Notes
4.38
3/22/2035
200,000
200,417
Corp. Andina de Fomento, Sr. Unscd. Notes
4.13
1/7/2028
100,000
100,180
Corp. Andina de Fomento, Sr. Unscd. Notes
5.00
1/24/2029
100,000
102,237
Council of Europe Development Bank, Sr. Unscd. Notes
3.63
5/8/2028
100,000
99,427
European Investment Bank, Sr. Unscd. Bonds
1.63
10/9/2029
150,000
138,966
European Investment Bank, Sr. Unscd. Bonds(a)
3.75
2/14/2033
100,000
97,292
European Investment Bank, Sr. Unscd. Notes
2.38
5/24/2027
250,000
246,052
European Investment Bank, Sr. Unscd. Notes
3.88
3/15/2028
130,000
129,955
European Investment Bank, Sr. Unscd. Notes(a)
4.00
2/15/2029
200,000
200,458
Inter-American Development Bank, Sr. Unscd. Notes
3.13
9/18/2028
150,000
147,304
Inter-American Development Bank, Sr. Unscd. Notes
3.50
9/14/2029
100,000
98,541
Inter-American Development Bank, Sr. Unscd. Notes
3.50
4/12/2033
100,000
95,640
Inter-American Development Bank, Sr. Unscd. Notes
3.63
9/17/2031
100,000
97,827
Inter-American Development Bank, Sr. Unscd. Notes
4.38
7/16/2035
200,000
200,029
Inter-American Investment Corp., Sr. Unscd. Notes
4.13
2/15/2028
100,000
100,217
International Bank for Reconstruction & Development, Sr. Unscd. Bonds
1.25
2/10/2031
175,000
154,083
International Bank for Reconstruction & Development, Sr. Unscd. Bonds
3.88
10/16/2029
300,000
299,205
International Bank for Reconstruction & Development, Sr. Unscd. Bonds
3.88
2/14/2030
100,000
99,661
International Bank for Reconstruction & Development, Sr. Unscd. Notes
0.88
5/14/2030
200,000
177,017
International Bank for Reconstruction & Development, Sr. Unscd. Notes
3.50
7/12/2028
100,000
99,151
International Bank for Reconstruction & Development, Sr. Unscd. Notes
4.00
1/10/2031
300,000
299,716
International Bank for Reconstruction & Development, Sr. Unscd. Notes
4.50
4/10/2031
300,000
306,203
International Bank for Reconstruction & Development, Sr. Unscd. Notes
4.63
1/15/2032
115,000
118,013
Nordic Investment Bank, Sr. Unscd. Notes
3.38
9/8/2027
200,000
198,484
The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds
3.75
9/14/2027
100,000
99,775
 
4,768,803
18
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Technology Hardware & Equipment — .6%
Amdocs Ltd., Sr. Unscd. Notes
2.54
6/15/2030
100,000
90,737
Apple, Inc., Sr. Unscd. Bonds(a)
4.75
5/12/2035
100,000
101,090
Apple, Inc., Sr. Unscd. Notes
1.65
2/8/2031
175,000
156,372
Apple, Inc., Sr. Unscd. Notes
2.65
5/11/2050
120,000
73,527
Apple, Inc., Sr. Unscd. Notes(a)
2.80
2/8/2061
100,000
57,242
Apple, Inc., Sr. Unscd. Notes
2.95
9/11/2049
75,000
49,469
Apple, Inc., Sr. Unscd. Notes(a)
3.35
8/8/2032
45,000
42,907
Apple, Inc., Sr. Unscd. Notes
4.00
5/12/2028
100,000
99,963
Apple, Inc., Sr. Unscd. Notes
4.10
8/8/2062
75,000
57,203
Apple, Inc., Sr. Unscd. Notes
4.15
5/10/2030
100,000
100,166
Apple, Inc., Sr. Unscd. Notes(a)
4.85
5/10/2053
200,000
183,672
Booz Allen Hamilton, Inc., Gtd. Notes(a)
5.95
8/4/2033
100,000
102,159
Dell International LLC/EMC Corp., Gtd. Notes(a)
3.45
12/15/2051
17,000
11,615
Dell International LLC/EMC Corp., Gtd. Notes(a)
5.40
4/15/2034
100,000
101,798
Dell International LLC/EMC Corp., Gtd. Notes
5.75
2/1/2033
200,000
208,570
Dell International LLC/EMC Corp., Sr. Unscd. Notes
8.35
7/15/2046
28,000
34,764
International Business Machines Corp., Sr. Unscd. Notes
3.50
5/15/2029
220,000
213,883
International Business Machines Corp., Sr. Unscd. Notes
4.15
5/15/2039
105,000
91,009
International Business Machines Corp., Sr. Unscd. Notes
4.25
5/15/2049
160,000
122,953
Leidos, Inc., Gtd. Notes
2.30
2/15/2031
200,000
178,077
NetApp, Inc., Sr. Unscd. Notes
2.70
6/22/2030
200,000
184,257
 
2,261,433
Telecommunication Services — 1.1%
America Movil SAB de CV, Gtd. Notes
6.38
3/1/2035
100,000
108,680
America Movil SAB de CV, Sr. Unscd. Notes(a)
4.38
4/22/2049
100,000
83,160
AT&T, Inc., Sr. Unscd. Notes
3.50
9/15/2053
165,000
106,935
AT&T, Inc., Sr. Unscd. Notes
3.80
12/1/2057
150,000
100,061
AT&T, Inc., Sr. Unscd. Notes
4.35
3/1/2029
200,000
199,840
AT&T, Inc., Sr. Unscd. Notes
4.50
5/15/2035
150,000
142,093
AT&T, Inc., Sr. Unscd. Notes
4.50
3/9/2048
191,000
152,960
AT&T, Inc., Sr. Unscd. Notes
4.75
4/30/2033
100,000
98,722
AT&T, Inc., Sr. Unscd. Notes
5.85
4/30/2046
100,000
96,535
British Telecommunications PLC, Sr. Unscd. Notes
9.63
12/15/2030
175,000
208,708
Cisco Systems, Inc., Sr. Unscd. Notes(a)
5.05
2/26/2034
100,000
101,383
Cisco Systems, Inc., Sr. Unscd. Notes
5.50
1/15/2040
125,000
127,560
Corning, Inc., Sr. Unscd. Notes
3.90
11/15/2049
150,000
113,069
Deutsche Telekom International Finance BV, Gtd. Bonds(c)
8.25
6/15/2030
150,000
171,943
Motorola Solutions, Inc., Sr. Unscd. Notes
5.00
4/15/2029
100,000
101,328
Orange SA, Sr. Unscd. Notes
9.00
3/1/2031
150,000
176,397
Rogers Communications, Inc., Gtd. Bonds
7.50
8/15/2038
125,000
142,624
Telefonica Emisiones SA, Gtd. Notes
5.21
3/8/2047
150,000
131,712
Telefonica Emisiones SA, Gtd. Notes
7.05
6/20/2036
50,000
55,205
T-Mobile USA, Inc., Gtd. Notes
2.05
2/15/2028
150,000
144,034
T-Mobile USA, Inc., Gtd. Notes(a)
2.55
2/15/2031
100,000
90,948
T-Mobile USA, Inc., Gtd. Notes
4.50
4/15/2050
100,000
80,203
T-Mobile USA, Inc., Gtd. Notes
4.63
1/15/2033
100,000
98,176
T-Mobile USA, Inc., Gtd. Notes
4.95
11/15/2035
100,000
97,726
T-Mobile USA, Inc., Gtd. Notes
5.05
7/15/2033
100,000
100,492
T-Mobile USA, Inc., Gtd. Notes
5.65
1/15/2053
100,000
93,919
T-Mobile USA, Inc., Gtd. Notes
5.80
9/15/2062
100,000
95,352
19
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Telecommunication Services — 1.1% (continued)
Verizon Communications, Inc., Sr. Unscd. Notes
2.36
3/15/2032
125,000
109,335
Verizon Communications, Inc., Sr. Unscd. Notes
2.88
11/20/2050
200,000
121,031
Verizon Communications, Inc., Sr. Unscd. Notes
3.70
3/22/2061
200,000
132,548
Verizon Communications, Inc., Sr. Unscd. Notes
4.02
12/3/2029
227,000
223,903
Verizon Communications, Inc., Sr. Unscd. Notes
4.33
9/21/2028
150,000
150,140
Verizon Communications, Inc., Sr. Unscd. Notes
4.78
2/15/2035
200,000
194,141
Verizon Communications, Inc., Sr. Unscd. Notes
5.00
1/15/2036
45,000
43,971
Verizon Communications, Inc., Sr. Unscd. Notes
5.88
11/30/2055
65,000
62,861
Vodafone Group PLC, Sr. Unscd. Notes
5.63
2/10/2053
100,000
93,803
Vodafone Group PLC, Sr. Unscd. Notes
5.75
2/10/2063
30,000
27,972
Vodafone Group PLC, Sr. Unscd. Notes
7.88
2/15/2030
13,000
14,501
 
4,393,971
Transportation — .4%
Burlington Northern Santa Fe LLC, Sr. Unscd. Debs.
6.15
5/1/2037
200,000
218,050
Canadian National Railway Co., Sr. Unscd. Notes(a)
4.38
9/18/2034
150,000
145,326
Canadian Pacific Railway Co., Gtd. Notes
4.95
8/15/2045
150,000
137,263
CSX Corp., Sr. Unscd. Notes
3.80
3/1/2028
100,000
99,205
CSX Corp., Sr. Unscd. Notes
4.30
3/1/2048
50,000
41,024
CSX Corp., Sr. Unscd. Notes
4.90
3/15/2055
100,000
88,489
FedEx Corp., Gtd. Notes
4.10
2/1/2045
100,000
78,853
FedEx Corp., Gtd. Notes
4.55
4/1/2046
100,000
83,250
Norfolk Southern Corp., Sr. Unscd. Notes
5.05
8/1/2030
100,000
102,263
Norfolk Southern Corp., Sr. Unscd. Notes(a)
5.35
8/1/2054
100,000
93,519
Union Pacific Corp., Sr. Unscd. Notes
3.80
4/6/2071
55,000
37,201
Union Pacific Corp., Sr. Unscd. Notes
3.84
3/20/2060
143,000
101,701
Union Pacific Corp., Sr. Unscd. Notes
3.85
2/14/2072
50,000
34,186
Union Pacific Corp., Sr. Unscd. Notes
3.95
9/10/2028
105,000
104,492
United Parcel Service, Inc., Sr. Unscd. Notes(a)
4.88
3/3/2033
100,000
101,843
United Parcel Service, Inc., Sr. Unscd. Notes
6.05
5/14/2065
100,000
101,097
 
1,567,762
Utilities — 2.5%
AEP Texas, Inc., Sr. Unscd. Notes, Ser. H
3.45
1/15/2050
100,000
66,994
Alabama Power Co., Sr. Unscd. Notes
3.13
7/15/2051
150,000
97,395
Ameren Illinois Co., First Mortgage Bonds
1.55
11/15/2030
100,000
87,959
Ameren Illinois Co., First Mortgage Bonds
4.50
3/15/2049
100,000
83,237
American Water Capital Corp., Sr. Unscd. Notes
3.75
9/1/2047
110,000
83,061
American Water Capital Corp., Sr. Unscd. Notes
5.70
9/1/2055
100,000
97,871
Arizona Public Service Co., Sr. Unscd. Notes
4.25
3/1/2049
150,000
117,814
Atmos Energy Corp., Sr. Unscd. Notes
1.50
1/15/2031
150,000
131,183
Atmos Energy Corp., Sr. Unscd. Notes
6.20
11/15/2053
100,000
105,828
Baltimore Gas & Electric Co., Sr. Unscd. Notes
5.45
6/1/2035
100,000
102,339
Berkshire Hathaway Energy Co., Sr. Unscd. Notes
3.80
7/15/2048
100,000
73,662
Berkshire Hathaway Energy Co., Sr. Unscd. Notes
5.15
11/15/2043
100,000
94,175
Commonwealth Edison Co., First Mortgage Bonds
4.00
3/1/2049
100,000
76,901
Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. 6-B
6.20
6/15/2036
100,000
107,813
Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes
5.50
3/15/2034
100,000
104,115
Constellation Energy Generation LLC, Sr. Unscd. Notes
3.90
1/8/2028
200,000
198,475
Constellation Energy Generation LLC, Sr. Unscd. Notes
6.25
10/1/2039
50,000
52,790
Consumers Energy Co., First Mortgage Bonds
2.65
8/15/2052
58,000
34,939
Consumers Energy Co., First Mortgage Bonds
4.90
2/15/2029
100,000
101,430
20
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Utilities — 2.5% (continued)
Dominion Energy, Inc., Jr. Sub. Notes
6.00
2/15/2056
100,000
100,119
Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C
3.38
4/1/2030
200,000
191,136
Dominion Energy, Inc., Sr. Unscd. Notes, Ser. E
6.30
3/15/2033
100,000
106,471
DTE Electric Co., First Mortgage Bonds, Ser. C
2.63
3/1/2031
150,000
138,149
Duke Energy Carolinas LLC, First Mortgage Bonds
3.20
8/15/2049
100,000
67,117
Duke Energy Corp., Sr. Unscd. Notes
4.50
8/15/2032
200,000
197,221
Duke Energy Corp., Sr. Unscd. Notes
5.45
6/15/2034
200,000
204,402
Duke Energy Florida LLC, First Mortgage Bonds
6.40
6/15/2038
150,000
164,144
Duke Energy Ohio, Inc., First Mortgage Bonds
5.65
4/1/2053
100,000
97,155
Duke Energy Progress LLC, First Mortgage Bonds
5.10
3/15/2034
100,000
101,546
Duke Energy Progress NC Storm Funding LLC, Sr. Scd. Notes, Ser. A2
2.39
7/1/2037
150,000
128,138
Emera US Finance LP, Gtd. Notes
4.75
6/15/2046
100,000
83,063
Entergy Arkansas LLC, First Mortgage Bonds
5.45
6/1/2034
100,000
103,192
Entergy Louisiana LLC, First Mortgage Bonds(a)
1.60
12/15/2030
100,000
87,968
Entergy Texas, Inc., First Mortgage Bonds
5.80
9/1/2053
100,000
99,164
Evergy Kansas Central, Inc., First Mortgage Bonds
3.45
4/15/2050
150,000
104,597
Eversource Energy, Sr. Unscd. Notes
4.45
12/15/2030
100,000
98,567
Exelon Corp., Sr. Unscd. Notes
5.88
3/15/2055
100,000
97,244
FirstEnergy Transmission LLC, Sr. Unscd. Notes
5.00
1/15/2035
100,000
98,713
Florida Power & Light Co., First Mortgage Bonds
3.99
3/1/2049
100,000
77,789
Florida Power & Light Co., First Mortgage Bonds
4.05
10/1/2044
200,000
163,380
Hydro-Quebec, Govt. Gtd. Debs., Ser. HK
9.38
4/15/2030
20,000
23,597
Idaho Power Co., First Mortgage Bonds, Ser. K
4.20
3/1/2048
117,000
94,358
Indiana Michigan Power Co., Sr. Unscd. Notes
6.05
3/15/2037
150,000
159,685
Interstate Power & Light Co., Sr. Unscd. Debs.
3.70
9/15/2046
75,000
55,248
Interstate Power & Light Co., Sr. Unscd. Notes
4.10
9/26/2028
150,000
149,099
Jersey Central Power & Light Co., Sr. Unscd. Notes
5.10
1/15/2035
100,000
99,748
National Fuel Gas Co., Sr. Unscd. Notes
5.95
3/15/2035
100,000
103,945
National Rural Utilities Cooperative Finance Corp., Scd. Notes
4.15
12/15/2032
100,000
97,259
National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes
4.12
9/16/2027
100,000
99,803
National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes
5.15
6/15/2029
100,000
102,385
NextEra Energy Capital Holdings, Inc., Gtd. Debs.
5.65
5/1/2079
150,000
149,958
NextEra Energy Capital Holdings, Inc., Gtd. Notes
4.90
2/28/2028
100,000
100,862
NextEra Energy Capital Holdings, Inc., Gtd. Notes
5.05
2/28/2033
100,000
101,071
NextEra Energy Capital Holdings, Inc., Gtd. Notes
5.25
2/28/2053
30,000
27,099
NiSource, Inc., Sr. Unscd. Notes
1.70
2/15/2031
150,000
130,778
Northern States Power Co., First Mortgage Bonds
5.65
6/15/2054
100,000
98,067
Oglethorpe Power Corp., First Mortgage Bonds
5.80
6/1/2054
100,000
96,729
Ohio Power Co., Sr. Unscd. Notes
5.65
6/1/2034
100,000
102,974
Oncor Electric Delivery Co. LLC, Sr. Scd. Notes
5.80
4/1/2055
100,000
98,417
Pacific Gas & Electric Co., First Mortgage Bonds
4.50
7/1/2040
215,000
185,018
Pacific Gas & Electric Co., First Mortgage Bonds
4.95
7/1/2050
145,000
120,511
PacifiCorp, First Mortgage Bonds
5.30
2/15/2031
100,000
101,872
PacifiCorp, First Mortgage Bonds
5.80
1/15/2055
100,000
94,199
PECO Energy Co., First Mortgage Bonds
5.25
9/15/2054
100,000
92,282
PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A2
4.72
6/1/2037
100,000
98,542
PG&E Wildfire Recovery Funding LLC, Sr. Scd. Bonds, Ser. A4
5.21
12/1/2047
100,000
95,181
PPL Electric Utilities Corp., First Mortgage Bonds
3.00
10/1/2049
100,000
64,915
Progress Energy, Inc., Sr. Unscd. Notes
7.75
3/1/2031
100,000
112,534
Public Service Co. of Colorado, First Mortgage Bonds
4.15
3/13/2029
100,000
99,477
21
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 25.6% (continued)
Utilities — 2.5% (continued)
Public Service Co. of Colorado, First Mortgage Bonds
5.15
9/15/2035
100,000
99,513
Public Service Electric & Gas Co., First Mortgage Bonds
5.45
8/1/2053
100,000
95,886
Public Service Enterprise Group, Inc., Sr. Unscd. Notes
1.60
8/15/2030
200,000
176,398
Puget Sound Energy, Inc., Sr. Scd. Notes
3.25
9/15/2049
100,000
67,075
San Diego Gas & Electric Co., First Mortgage Bonds
4.95
8/15/2028
100,000
101,366
San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU
3.32
4/15/2050
100,000
67,203
San Diego Gas & Electric Co., First Mortgage, Ser. EEEE
5.95
3/15/2056
100,000
99,656
Sempra, Sr. Unscd. Notes
4.00
2/1/2048
50,000
37,280
Southern California Edison Co., First Mortgage Bonds
3.65
2/1/2050
150,000
102,684
Southern California Edison Co., First Mortgage Bonds
5.95
11/1/2032
100,000
104,526
Southern California Edison Co., First Mortgage Bonds
6.20
9/15/2055
100,000
98,044
Southern California Edison Co., Sr. Unscd. Notes
6.65
4/1/2029
100,000
104,479
Southern California Gas Co., First Mortgage Bonds
6.00
6/15/2055
100,000
100,373
Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A
3.15
9/30/2051
100,000
64,436
Southern Co. Gas Capital Corp., Gtd. Notes, Ser. A
4.05
9/15/2028
75,000
74,379
Southern Power Co., Sr. Unscd. Notes, Ser. A
4.25
10/1/2030
120,000
118,611
Southwestern Electric Power Co., Sr. Unscd. Notes, Ser. M
4.10
9/15/2028
150,000
148,649
Southwestern Public Service Co., First Mortgage Bonds
3.40
8/15/2046
100,000
70,174
Tampa Electric Co., Sr. Unscd. Notes
4.35
5/15/2044
100,000
83,805
The Connecticut Light & Power Company, First Mortgage Bonds
4.95
8/15/2034
100,000
99,844
Tucson Electric Power Co., Sr. Unscd. Notes
4.00
6/15/2050
75,000
56,850
Virginia Electric & Power Co., Sr. Unscd. Notes
5.15
3/15/2035
100,000
100,169
Virginia Electric & Power Co., Sr. Unscd. Notes
5.30
8/15/2033
100,000
102,421
Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. C
4.63
5/15/2052
100,000
83,070
Washington Gas Light Co., Sr. Unscd. Notes, Ser. K
3.80
9/15/2046
75,000
56,651
Wisconsin Electric Power Co., Sr. Unscd. Debs.(a)
4.75
9/30/2032
100,000
101,093
Wisconsin Electric Power Co., Sr. Unscd. Notes
4.60
10/1/2034
100,000
98,873
Xcel Energy, Inc., Sr. Unscd. Notes
5.45
8/15/2033
100,000
102,184
 
9,898,561
Total Corporate Bonds and Notes
(cost $109,136,688)
 
 
102,494,572
Foreign Governmental — 1.5%
Canada, Sr. Unscd. Notes
4.00
3/18/2030
200,000
200,336
Export Development Canada, Govt. Gtd. Bonds
4.00
6/20/2030
100,000
100,026
Export Development Canada, Govt. Gtd. Notes(a)
3.88
2/14/2028
100,000
99,903
Export-Import Bank of Korea, Sr. Unscd. Notes
5.00
1/11/2028
300,000
304,606
Hungary, Sr. Unscd. Notes, Ser. 30Y
7.63
3/29/2041
150,000
176,310
Indonesia, Sr. Unscd. Bonds
4.90
4/16/2036
200,000
195,468
Indonesia, Sr. Unscd. Notes
3.50
1/11/2028
300,000
296,841
Israel, Sr. Unscd. Bonds, Ser. 30Y
3.88
7/3/2050
250,000
179,267
Israel, Sr. Unscd. Notes, Ser. 10Y
5.63
2/19/2035
200,000
204,633
Japan Bank for International Cooperation, Govt. Gtd. Notes
2.00
10/17/2029
300,000
279,649
Mexico, Sr. Unscd. Notes
4.28
8/14/2041
300,000
237,435
Mexico, Sr. Unscd. Notes
5.00
4/27/2051
250,000
198,500
Mexico, Sr. Unscd. Notes
5.55
1/21/2045
200,000
181,930
Mexico, Sr. Unscd. Notes
6.40
5/7/2054
200,000
189,400
Panama, Sr. Unscd. Bonds
3.88
3/17/2028
250,000
247,313
Panama, Sr. Unscd. Notes(a)
6.40
2/14/2035
100,000
107,000
Peru, Sr. Unscd. Bonds
6.55
3/14/2037
370,000
405,631
Philippines, Sr. Unscd. Bonds
3.70
2/2/2042
400,000
322,262
22
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Foreign Governmental — 1.5% (continued)
Philippines, Sr. Unscd. Notes
5.17
10/13/2027
200,000
203,271
Philippines, Sr. Unscd. Notes
5.61
4/13/2033
200,000
208,693
Poland, Bonds, Ser. 10Y
5.38
2/12/2035
200,000
204,069
Poland, Sr. Unscd. Notes, Ser. 10Y
5.13
9/18/2034
60,000
60,383
Poland, Sr. Unscd. Notes, Ser. 30Y
5.50
3/18/2054
75,000
69,994
Poland, Sr. Unscd. Notes, Ser. 5Y
5.50
11/16/2027
300,000
306,116
Province of Alberta Canada, Sr. Unscd. Notes
3.30
3/15/2028
80,000
79,085
Province of British Columbia Canada, Sr. Unscd. Notes
4.05
4/23/2031
65,000
64,458
Province of Ontario Canada, Unscd. Bonds
4.85
6/11/2035
250,000
254,761
Province of Quebec Canada, Sr. Unscd. Debs., Ser. PD
7.50
9/15/2029
100,000
110,735
Republic of Poland, Sr. Unscd. Notes, Ser. 30Y
6.13
4/14/2056
200,000
200,941
Uruguay, Sr. Unscd. Bonds
4.98
4/20/2055
105,000
94,610
Uruguay, Sr. Unscd. Bonds
7.63
3/21/2036
300,000
356,415
Total Foreign Governmental
(cost $6,493,273)
 
 
  6,140,041
Municipal Securities — .6%
American Municipal Power, Inc., Revenue Bonds (Combined Hydroelectric
Projects) Ser. B
8.08
2/15/2050
100,000
123,927
Bay Area Toll Authority, Revenue Bonds (Build America Bond) Ser. F2
6.26
4/1/2049
150,000
155,280
California, GO
3.50
4/1/2028
100,000
99,135
California, GO (Build America Bonds)
7.55
4/1/2039
150,000
177,576
California, GO, Refunding
4.88
9/1/2030
200,000
206,119
Connecticut, GO, Ser. A
5.85
3/15/2032
200,000
213,439
Illinois, GO
5.10
6/1/2033
200,686
203,920
Massachusetts, GO (Build America Bond) Ser. D
4.50
8/1/2031
200,000
198,387
Massachusetts School Building Authority, Revenue Bonds (Build America
Bond)
5.72
8/15/2039
100,000
103,047
New Jersey Turnpike Authority, Revenue Bonds, Ser. F
7.41
1/1/2040
200,000
234,387
New York City, GO (Sustainable Bond) Ser. B1
5.83
10/1/2053
20,000
20,128
New York City Municipal Water Finance Authority, Revenue Bonds (Build
America Bond)
5.95
6/15/2042
200,000
203,582
Oklahoma Development Finance Authority, Revenue Bonds (Oklahoma Natural
Gas Company)
4.71
5/1/2052
200,000
182,139
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 192
4.81
10/15/2065
150,000
132,387
Texas, GO (Build America Bond)
5.52
4/1/2039
93,731
95,086
Texas Natural Gas Securitization Finance Corp., Revenue Bonds (Winter Storm
Uri)
5.17
4/1/2041
100,000
100,615
Total Municipal Securities
(cost $2,541,155)
 
 
  2,449,154
U.S. Government Agencies Collateralized Municipal-Backed Securities — .8%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K103, Cl. A2(d)
2.65
11/25/2029
400,000
379,764
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K104, Cl. A2(d)
2.25
1/25/2030
400,000
373,972
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K106, Cl. A1(d)
1.78
10/25/2029
131,861
125,979
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K112, Cl. A2(d)
1.31
5/25/2030
200,000
178,623
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K126, Cl. A2(d)
2.07
1/25/2031
400,000
363,277
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K1514, Cl. A2(d)
2.86
10/25/2034
400,000
350,800
23
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K1516, Cl. A2(d)
1.72
5/25/2035
200,000
157,898
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through
Certificates, Ser. K1521, Cl. A2(d)
2.18
8/25/2036
300,000
239,226
Federal National Mortgage Association, ACES, Ser. 2017-M12, Cl. A2(d)
3.17
6/25/2027
372,051
367,998
Federal National Mortgage Association, ACES, Ser. 2019-M12, Cl. A2(d)
2.89
6/25/2029
235,850
227,336
Federal National Mortgage Association, ACES, Ser. 2020-M14, Cl. A2(d)
1.78
5/25/2030
270,494
247,242
Federal National Mortgage Association, ACES, Ser. 2022-M1, Cl. A2(d)
1.72
10/25/2031
100,000
87,184
Total U.S. Government Agencies Collateralized Municipal-Backed Securities
(cost $3,596,265)
 
 
  3,099,299
 
 
 
 
 
 
 
U.S. Government Agencies Mortgage-Backed — 26.7%
Federal Home Loan Mortgage Corp.:
1.50%, 2/1/2036-3/1/2052(d)
1,411,302
1,205,668
2.00%, 8/1/2028-2/1/2052(d)
9,236,046
7,596,305
2.50%, 3/1/2028-5/1/2052(d)
6,088,270
5,225,796
3.00%, 10/1/2026-3/1/2052(d)
3,441,220
3,132,664
3.50%, 8/1/2030-7/1/2052(d)
1,521,688
1,415,184
4.00%, 9/1/2035-7/1/2052(d)
1,240,617
1,185,836
4.50%, 8/1/2030-11/1/2052(d)
1,636,818
1,603,734
5.00%, 7/1/2028-2/1/2048(d)
340,153
344,409
5.50%, 5/1/2027-2/1/2053(d)
220,678
223,557
6.00%, 8/1/2028-7/1/2039(d)
161,320
167,571
6.33%, 8/1/2034, (1 Year U.S. Treasury Yield Curve Constant Rate +2.25%)(d),(e)
158
162
6.50%, 3/1/2028-9/1/2037(d)
35,438
37,478
7.00%, 1/1/2028-9/1/2031(d)
3,010
3,179
7.50%, 8/1/2027-7/1/2030(d)
193
197
8.00%, 8/1/2026-10/1/2031(d)
356
367
8.50%, 6/1/2030(d)
22
23
Federal National Mortgage Association:
1.50%, 9/1/2035-9/1/2051(d)
2,750,327
2,260,068
1.50%, 5/1/2041-6/1/2056(d),(f)
300,000
239,666
2.00%, 7/1/2028-6/1/2052(d)
13,531,984
11,163,725
2.50%, 7/1/2027-5/1/2052(d)
9,110,652
7,824,050
3.00%, 10/1/2026-3/1/2052(d)
6,504,931
5,864,564
3.50%, 12/1/2026-6/1/2052(d)
3,540,501
3,304,688
4.00%, 12/1/2030-9/1/2052(d)
3,594,318
3,443,146
4.00%, 5/1/2041-6/1/2041(d),(f)
175,000
170,515
4.50%, 9/1/2030-4/1/2049(d)
1,071,258
1,058,201
4.50%, 5/1/2041-6/1/2056(d),(f)
750,000
729,816
5.00%, 11/1/2028-6/1/2049(d)
488,367
493,825
5.00%, 5/1/2040-6/1/2056(d),(f)
5,325,000
5,252,219
5.50%, 1/1/2032-12/1/2038(d)
256,546
262,303
5.50%, 5/1/2040-6/1/2056(d),(f)
6,750,000
6,787,362
6.00%, 12/1/2028-11/1/2038(d)
341,696
355,004
6.00%, 5/1/2040-5/1/2053(d),(f)
5,325,000
5,437,606
6.50%, 2/1/2028-10/1/2037(d)
77,389
80,616
6.50%, 5/1/2054(d),(f)
2,150,000
2,230,895
7.00%, 9/1/2027-7/1/2032(d)
4,985
5,260
7.00%, 5/1/2055(d),(f)
450,000
475,373
7.50%, 4/1/2027-6/1/2031(d)
2,401
2,439
24
Description
 
 
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Mortgage-Backed — 26.7% (continued)
8.00%, 5/1/2027-8/1/2030(d)
256
262
8.50%, 7/1/2030(d)
65
67
Government National Mortgage Association I:
2.50%, 2/15/2028-9/15/2046
70,585
61,583
3.00%, 9/15/2042-8/15/2045
336,404
304,545
3.50%, 11/15/2041-8/15/2045
253,484
235,657
4.00%, 2/15/2041-9/15/2045
287,088
273,650
4.50%, 3/15/2039-2/15/2041
276,445
274,858
5.00%, 7/15/2033-4/15/2040
334,731
341,059
5.50%, 2/15/2033-11/15/2038
137,274
140,371
6.00%, 1/15/2029-10/15/2036
38,601
39,711
6.50%, 9/15/2031-11/15/2033
12,749
13,017
7.00%, 10/15/2027-8/15/2032
8,405
8,592
7.50%, 12/15/2026-11/15/2030
2,133
2,161
8.00%, 12/15/2029-3/15/2032
1,498
1,561
8.25%, 6/15/2027
70
70
Government National Mortgage Association II:
2.00%, 9/20/2050-5/20/2052
4,095,699
3,374,093
2.50%, 3/20/2027-7/20/2052
4,281,549
3,683,136
3.00%, 1/20/2028-5/20/2052
4,536,406
4,091,773
3.50%, 9/20/2028-9/20/2052
3,647,719
3,390,397
4.00%, 9/20/2043-9/20/2052
1,559,176
1,496,571
4.50%, 7/20/2041-8/20/2052
1,301,317
1,280,307
4.50%, 5/20/2056-6/20/2056(f)
450,000
433,989
5.00%, 9/20/2040-2/20/2049
96,710
98,370
5.00%, 5/20/2056-6/20/2056(f)
2,750,000
2,725,913
5.50%, 10/20/2031-6/20/2041
23,300
24,015
5.50%, 5/20/2056-6/20/2056(f)
2,825,000
2,845,153
6.00%, 5/20/2056(f)
1,525,000
1,554,911
6.50%, 2/20/2028
29
31
6.50%, 5/20/2056(f)
525,000
548,451
7.00%, 5/20/2056(f)
125,000
128,826
Total U.S. Government Agencies Mortgage-Backed
(cost $115,183,391)
 
 
106,956,571
 
 
Coupon
Rate (%)
Maturity
Date
 
 
 
U.S. Government Agencies Obligations — .6%
Federal Farm Credit Banks Funding Corp., Bonds
1.65
7/23/2035
200,000
156,032
Federal Home Loan Banks, Bonds
3.25
11/16/2028
500,000
492,790
Federal Home Loan Banks, Bonds
5.50
7/15/2036
480,000
519,748
Federal National Mortgage Association, Notes(d)
6.25
5/15/2029
540,000
576,978
Federal National Mortgage Association, Unscd. Notes(d)
0.75
10/8/2027
500,000
478,487
Tennessee Valley Authority, Sr. Unscd. Bonds
5.25
9/15/2039
150,000
156,044
Tennessee Valley Authority, Sr. Unscd. Bonds
6.15
1/15/2038
165,000
189,076
Total U.S. Government Agencies Obligations
(cost $2,551,889)
 
 
  2,569,155
U.S. Treasury Securities — 45.5%
U.S. Treasury Bonds
1.13
5/15/2040
300,000
187,916
U.S. Treasury Bonds
1.38
11/15/2040
200,000
127,996
U.S. Treasury Bonds
1.38
8/15/2050
200,000
96,656
U.S. Treasury Bonds
1.88
11/15/2051
945,000
512,589
25
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Treasury Securities — 45.5% (continued)
U.S. Treasury Bonds
2.00
11/15/2041
95,000
65,259
U.S. Treasury Bonds
2.00
8/15/2051
750,000
421,802
U.S. Treasury Bonds
2.25
8/15/2049
705,000
433,685
U.S. Treasury Bonds
2.25
2/15/2052
1,070,000
636,734
U.S. Treasury Bonds
2.38
2/15/2042
195,000
141,204
U.S. Treasury Bonds
2.38
11/15/2049
425,000
267,816
U.S. Treasury Bonds(a)
2.38
5/15/2051
895,000
553,432
U.S. Treasury Bonds
2.50
2/15/2046
800,000
546,594
U.S. Treasury Bonds
2.75
8/15/2042
310,000
235,194
U.S. Treasury Bonds
2.75
11/15/2042
1,022,000
771,311
U.S. Treasury Bonds
2.75
8/15/2047
670,000
469,576
U.S. Treasury Bonds
2.75
11/15/2047
85,000
59,387
U.S. Treasury Bonds
2.88
5/15/2043
2,040,000
1,554,464
U.S. Treasury Bonds
2.88
5/15/2049
2,386,000
1,677,843
U.S. Treasury Bonds
2.88
5/15/2052
2,415,000
1,653,756
U.S. Treasury Bonds
3.00
5/15/2042
320,000
253,156
U.S. Treasury Bonds
3.00
2/15/2047
10,000
7,383
U.S. Treasury Bonds
3.00
2/15/2048
140,000
102,156
U.S. Treasury Bonds
3.00
8/15/2048
645,000
468,053
U.S. Treasury Bonds
3.00
2/15/2049
185,000
133,597
U.S. Treasury Bonds
3.00
8/15/2052
1,265,000
888,070
U.S. Treasury Bonds
3.13
11/15/2041
190,000
154,338
U.S. Treasury Bonds
3.13
2/15/2042
175,000
141,470
U.S. Treasury Bonds
3.13
2/15/2043
365,000
289,961
U.S. Treasury Bonds
3.13
5/15/2048
180,000
134,044
U.S. Treasury Bonds
3.25
5/15/2042
365,000
298,908
U.S. Treasury Bonds
3.38
8/15/2042
540,000
448,010
U.S. Treasury Bonds
3.38
5/15/2044
885,000
716,954
U.S. Treasury Bonds
3.38
11/15/2048
1,285,000
996,026
U.S. Treasury Bonds
3.63
8/15/2043
615,000
520,924
U.S. Treasury Bonds
3.63
2/15/2044
1,798,000
1,514,183
U.S. Treasury Bonds
3.63
2/15/2053
375,000
297,217
U.S. Treasury Bonds
3.63
5/15/2053
1,770,000
1,401,273
U.S. Treasury Bonds
3.75
8/15/2041
195,000
172,598
U.S. Treasury Bonds
3.75
11/15/2043
1,730,000
1,486,921
U.S. Treasury Bonds
3.88
8/15/2040
50,000
45,492
U.S. Treasury Bonds
3.88
2/15/2043
1,015,000
894,984
U.S. Treasury Bonds
3.88
5/15/2043
1,055,000
927,658
U.S. Treasury Bonds
4.00
11/15/2042
350,000
314,480
U.S. Treasury Bonds(a)
4.00
11/15/2052
290,000
246,188
U.S. Treasury Bonds
4.13
8/15/2044
710,000
638,542
U.S. Treasury Bonds
4.13
8/15/2053
1,665,000
1,442,274
U.S. Treasury Bonds
4.25
5/15/2039
880,000
848,581
U.S. Treasury Bonds
4.25
2/15/2054
720,000
636,961
U.S. Treasury Bonds(a)
4.25
8/15/2054
1,170,000
1,035,153
U.S. Treasury Bonds
4.38
11/15/2039
65,000
62,984
U.S. Treasury Bonds
4.38
5/15/2040
580,000
559,587
U.S. Treasury Bonds
4.38
5/15/2041
550,000
525,594
U.S. Treasury Bonds
4.38
8/15/2043
570,000
533,618
U.S. Treasury Bonds(a)
4.50
2/15/2036
230,000
233,396
U.S. Treasury Bonds(a)
4.50
8/15/2039
160,000
157,550
26
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Treasury Securities — 45.5% (continued)
U.S. Treasury Bonds
4.50
2/15/2044
415,000
393,383
U.S. Treasury Bonds
4.50
11/15/2054
435,000
401,372
U.S. Treasury Bonds
4.63
5/15/2044
335,000
322,150
U.S. Treasury Bonds
4.63
11/15/2044
150,000
143,886
U.S. Treasury Bonds(a)
4.63
11/15/2045
650,000
621,156
U.S. Treasury Bonds(a)
4.63
2/15/2046
220,000
210,117
U.S. Treasury Bonds
4.63
5/15/2054
1,300,000
1,224,209
U.S. Treasury Bonds
4.63
2/15/2055
600,000
565,230
U.S. Treasury Bonds
4.63
11/15/2055
590,000
556,490
U.S. Treasury Bonds
4.75
2/15/2041
590,000
588,686
U.S. Treasury Bonds
4.75
11/15/2043
85,000
83,255
U.S. Treasury Bonds(a)
4.75
11/15/2053
1,750,000
1,680,718
U.S. Treasury Bonds
4.75
8/15/2055
650,000
625,422
U.S. Treasury Bonds
4.75
2/15/2056
545,000
524,775
U.S. Treasury Bonds
4.88
8/15/2045
265,000
261,791
U.S. Treasury Bonds
5.00
5/15/2037
295,000
310,505
U.S. Treasury Bonds
5.00
5/15/2045
400,000
401,688
U.S. Treasury Bonds(a)
5.25
11/15/2028
5,000
5,163
U.S. Treasury Bonds(a)
5.25
2/15/2029
205,000
212,704
U.S. Treasury Bonds
5.38
2/15/2031
25,000
26,485
U.S. Treasury Bonds
6.13
11/15/2027
85,000
87,889
U.S. Treasury Bonds
6.25
5/15/2030
175,000
189,752
U.S. Treasury Notes(a)
0.38
7/31/2027
1,240,000
1,187,954
U.S. Treasury Notes
0.38
9/30/2027
1,110,000
1,057,470
U.S. Treasury Notes
0.50
6/30/2027
900,000
866,355
U.S. Treasury Notes
0.50
10/31/2027
575,000
547,137
U.S. Treasury Notes
0.63
12/31/2027
275,000
260,697
U.S. Treasury Notes
0.63
5/15/2030
1,710,000
1,497,619
U.S. Treasury Notes
0.63
8/15/2030
1,796,000
1,559,538
U.S. Treasury Notes
0.88
11/15/2030
685,000
596,699
U.S. Treasury Notes
1.13
2/15/2031
2,270,000
1,987,225
U.S. Treasury Notes
1.25
5/31/2028
2,320,000
2,198,562
U.S. Treasury Notes
1.25
6/30/2028
1,730,000
1,636,100
U.S. Treasury Notes
1.25
9/30/2028
370,000
347,583
U.S. Treasury Notes
1.25
8/15/2031
3,175,000
2,752,638
U.S. Treasury Notes
1.38
10/31/2028
1,750,000
1,645,684
U.S. Treasury Notes
1.50
11/30/2028
860,000
809,744
U.S. Treasury Notes
1.50
2/15/2030
1,445,000
1,321,385
U.S. Treasury Notes
2.25
8/15/2027
775,000
759,470
U.S. Treasury Notes
2.25
11/15/2027
500,000
487,979
U.S. Treasury Notes
2.38
5/15/2027
695,000
685,052
U.S. Treasury Notes
2.38
3/31/2029
1,560,000
1,494,462
U.S. Treasury Notes
2.38
5/15/2029
545,000
521,178
U.S. Treasury Notes
2.63
2/15/2029
565,000
545,997
U.S. Treasury Notes
2.75
7/31/2027
800,000
789,531
U.S. Treasury Notes
2.75
5/31/2029
210,000
202,929
U.S. Treasury Notes(a)
3.13
11/15/2028
890,000
873,417
U.S. Treasury Notes
3.25
6/30/2027
2,190,000
2,176,184
U.S. Treasury Notes
3.38
9/15/2027
530,000
526,677
U.S. Treasury Notes
3.38
11/30/2027
1,075,000
1,066,833
U.S. Treasury Notes(a)
3.38
12/31/2027
1,060,000
1,051,429
27
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Treasury Securities — 45.5% (continued)
U.S. Treasury Notes(a)
3.38
2/29/2028
855,000
847,569
U.S. Treasury Notes
3.38
9/15/2028
1,025,000
1,012,908
U.S. Treasury Notes
3.38
5/15/2033
2,215,000
2,102,693
U.S. Treasury Notes
3.50
9/30/2027
1,105,000
1,099,626
U.S. Treasury Notes
3.50
10/31/2027
715,000
711,174
U.S. Treasury Notes
3.50
1/31/2028
670,000
665,695
U.S. Treasury Notes
3.50
4/30/2028
825,000
818,877
U.S. Treasury Notes
3.50
10/15/2028
910,000
901,522
U.S. Treasury Notes
3.50
11/15/2028
905,000
896,197
U.S. Treasury Notes(a)
3.50
12/15/2028
140,000
138,611
U.S. Treasury Notes(a)
3.50
1/15/2029
700,000
692,781
U.S. Treasury Notes
3.50
2/15/2029
700,000
692,508
U.S. Treasury Notes(a)
3.50
3/15/2029
765,000
756,663
U.S. Treasury Notes
3.50
1/31/2030
35,000
34,437
U.S. Treasury Notes
3.50
4/30/2030
120,000
117,893
U.S. Treasury Notes
3.50
11/30/2030
1,090,000
1,067,093
U.S. Treasury Notes
3.50
2/15/2033
2,430,000
2,330,474
U.S. Treasury Notes
3.63
8/31/2027
495,000
493,588
U.S. Treasury Notes
3.63
3/31/2028
910,000
905,628
U.S. Treasury Notes
3.63
5/31/2028
700,000
696,336
U.S. Treasury Notes
3.63
8/15/2028
1,010,000
1,004,181
U.S. Treasury Notes(a)
3.63
8/31/2029
1,235,000
1,222,939
U.S. Treasury Notes
3.63
3/31/2030
155,000
153,066
U.S. Treasury Notes(a)
3.63
8/31/2030
1,360,000
1,339,653
U.S. Treasury Notes
3.63
9/30/2030
1,750,000
1,723,682
U.S. Treasury Notes
3.63
10/31/2030
900,000
886,113
U.S. Treasury Notes
3.63
12/31/2030
2,050,000
2,016,607
U.S. Treasury Notes
3.75
6/30/2027
1,330,000
1,329,065
U.S. Treasury Notes
3.75
8/15/2027
1,190,000
1,188,489
U.S. Treasury Notes(a)
3.75
4/15/2028
800,000
797,937
U.S. Treasury Notes
3.75
4/30/2028
890,000
887,723
U.S. Treasury Notes
3.75
5/15/2028
1,000,000
997,324
U.S. Treasury Notes
3.75
6/30/2030
950,000
941,539
U.S. Treasury Notes
3.75
2/28/2033
1,620,000
1,577,475
U.S. Treasury Notes
3.88
5/31/2027
1,285,000
1,286,054
U.S. Treasury Notes(a)
3.88
7/31/2027
1,140,000
1,140,468
U.S. Treasury Notes
3.88
10/15/2027
540,000
540,053
U.S. Treasury Notes
3.88
11/30/2027
795,000
794,969
U.S. Treasury Notes(a)
3.88
3/31/2028
910,000
909,858
U.S. Treasury Notes
3.88
6/15/2028
1,095,000
1,094,786
U.S. Treasury Notes
3.88
7/15/2028
1,160,000
1,159,592
U.S. Treasury Notes
3.88
4/15/2029
750,000
749,268
U.S. Treasury Notes
3.88
9/30/2029
370,000
369,191
U.S. Treasury Notes
3.88
4/30/2030
1,160,000
1,155,673
U.S. Treasury Notes
3.88
6/30/2030
1,300,000
1,294,541
U.S. Treasury Notes
3.88
7/31/2030
1,800,000
1,792,020
U.S. Treasury Notes(a)
3.88
3/31/2031
1,325,000
1,316,408
U.S. Treasury Notes
3.88
4/30/2031
1,600,000
1,589,312
U.S. Treasury Notes
3.88
9/30/2032
1,515,000
1,490,322
U.S. Treasury Notes
3.88
8/15/2033
1,380,000
1,349,570
U.S. Treasury Notes
3.88
8/15/2034
2,290,000
2,222,597
28
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Treasury Securities — 45.5% (continued)
U.S. Treasury Notes
4.00
12/15/2027
1,090,000
1,092,086
U.S. Treasury Notes
4.00
2/29/2028
1,330,000
1,332,805
U.S. Treasury Notes
4.00
6/30/2028
1,210,000
1,212,883
U.S. Treasury Notes
4.00
1/31/2029
600,000
601,418
U.S. Treasury Notes
4.00
7/31/2029
705,000
706,473
U.S. Treasury Notes(a)
4.00
10/31/2029
1,000,000
1,001,680
U.S. Treasury Notes(a)
4.00
2/28/2030
855,000
855,985
U.S. Treasury Notes(a)
4.00
3/31/2030
1,040,000
1,041,056
U.S. Treasury Notes(a)
4.00
5/31/2030
1,250,000
1,250,903
U.S. Treasury Notes
4.00
4/30/2032
1,730,000
1,718,377
U.S. Treasury Notes
4.00
11/15/2035
85,000
82,496
U.S. Treasury Notes
4.13
9/30/2027
675,000
677,413
U.S. Treasury Notes(a)
4.13
11/15/2027
855,000
858,190
U.S. Treasury Notes
4.13
7/31/2028
1,160,000
1,165,845
U.S. Treasury Notes
4.13
3/31/2029
895,000
900,174
U.S. Treasury Notes
4.13
10/31/2029
1,850,000
1,860,479
U.S. Treasury Notes
4.13
11/30/2029
805,000
809,607
U.S. Treasury Notes
4.13
8/31/2030
85,000
85,413
U.S. Treasury Notes
4.13
7/31/2031
295,000
296,003
U.S. Treasury Notes
4.13
10/31/2031
710,000
711,553
U.S. Treasury Notes
4.13
11/30/2031
2,075,000
2,078,688
U.S. Treasury Notes
4.13
2/29/2032
2,010,000
2,010,942
U.S. Treasury Notes
4.13
3/31/2032
700,000
700,137
U.S. Treasury Notes
4.13
4/30/2033
570,000
567,105
U.S. Treasury Notes(a)
4.13
2/15/2036
2,440,000
2,388,722
U.S. Treasury Notes
4.25
1/15/2028
535,000
538,197
U.S. Treasury Notes
4.25
2/15/2028
1,150,000
1,157,210
U.S. Treasury Notes
4.25
2/28/2029
535,000
539,828
U.S. Treasury Notes
4.25
1/31/2030
1,200,000
1,211,789
U.S. Treasury Notes
4.25
6/30/2031
170,000
171,587
U.S. Treasury Notes(a)
4.25
3/31/2033
1,350,000
1,354,008
U.S. Treasury Notes
4.25
11/15/2034
2,605,000
2,592,280
U.S. Treasury Notes
4.25
5/15/2035
1,000,000
992,617
U.S. Treasury Notes
4.38
7/15/2027
745,000
749,773
U.S. Treasury Notes
4.38
8/31/2028
530,000
535,579
U.S. Treasury Notes
4.38
11/30/2028
1,080,000
1,092,340
U.S. Treasury Notes
4.38
12/31/2029
1,325,000
1,343,762
U.S. Treasury Notes
4.38
11/30/2030
1,360,000
1,380,480
U.S. Treasury Notes
4.38
1/31/2032
1,960,000
1,986,682
U.S. Treasury Notes
4.50
5/15/2027
1,230,000
1,238,792
U.S. Treasury Notes
4.50
5/31/2029
1,355,000
1,377,654
U.S. Treasury Notes
4.50
12/31/2031
2,000,000
2,040,312
U.S. Treasury Notes
4.50
11/15/2033
2,690,000
2,733,765
U.S. Treasury Notes
4.63
6/15/2027
800,000
807,250
U.S. Treasury Notes
4.63
9/30/2028
715,000
726,982
U.S. Treasury Notes
4.63
4/30/2029
2,050,000
2,090,840
U.S. Treasury Notes
4.63
9/30/2030
165,000
169,135
U.S. Treasury Notes
4.63
5/31/2031
1,115,000
1,144,421
U.S. Treasury Notes(a)
4.63
2/15/2035
2,515,000
2,568,149
29
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
U.S. Treasury Securities — 45.5% (continued)
U.S. Treasury Notes
4.88
10/31/2028
660,000
675,108
U.S. Treasury Notes(a)
4.88
10/31/2030
1,255,000
1,299,440
Total U.S. Treasury Securities
(cost $188,041,263)
 
 
182,659,013
 
 
1-Day
Yield (%)
 
 
Shares
 
Investment Companies — 4.9%
Registered Investment Companies — 4.9%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(g)
(cost $19,735,646)
3.70
19,735,646
19,735,646
Investment of Cash Collateral for Securities Loaned — .7%
Registered Investment Companies — .7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(g)
(cost $2,601,777)
3.70
2,601,777
2,601,777
Total Investments (cost $454,207,955)
 
    107.9%
432,794,292
Liabilities, Less Cash and Receivables
 
     (7.9%)
(31,619,509)
Net Assets
    100.0%
401,174,783
 
ACES—Alterntaive Credit Enhancement Securities
GO—Government Obligation
REIT—Real Estate Investment Trust
 
(a)
Security, or portion thereof, on loan. At April 30, 2026, the value of the fund’s securities on loan was $38,833,499 and the value of the collateral was
$39,950,008, consisting of cash collateral of $2,601,777 and U.S. Government & Agency securities valued at $37,348,231.  In addition, the value of
collateral may include pending sales that are also on loan.
(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 April 30, 2026, these securities amounted to $561,516 or .1% of net assets.
(c)
Step coupon bond. Security begins as a zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
(d)
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.
(e)
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.
(f)
Purchased on a forward commitment basis.
(g)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
30
 
TBA Sale Commitments
Description
 
 
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Mortgage-Backed — (2.9%)
Federal National Mortgage Association:
2.00%, 5/1/2041-6/1/2056(a),(b)
(2,850,000)
(2,289,672)
2.50%, 5/1/2041-6/1/2056(a),(b)
(1,975,000)
(1,687,746)
3.00%, 5/1/2041-6/1/2056(a),(b)
(2,700,000)
(2,379,368)
3.50%, 6/1/2056(a),(b)
(150,000)
(136,462)
4.00%, 5/1/2056-6/1/2056(a),(b)
(850,000)
(797,205)
Government National Mortgage Association II:
2.00%, 5/20/2056-6/20/2056(b)
(375,000)
(308,589)
2.50%, 5/20/2056-6/20/2056(b)
(475,000)
(406,917)
3.00%, 5/20/2056-6/20/2056(b)
(2,100,000)
(1,870,582)
3.50%, 5/20/2056-6/20/2056(b)
(1,650,000)
(1,491,718)
4.00%, 5/20/2056-6/20/2056(b)
(275,000)
(256,622)
Total Sale Commitments (Proceeds $11,701,940)
(11,624,881)
 
(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.
 
Affiliated Issuers
Description
Value ($)
10/31/2025
Purchases ($)†
Sales ($)
Value ($)
4/30/2026
Dividends/
Distributions ($)
Registered Investment Companies - 4.9%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - 4.9%
23,587,060
50,473,079
(54,324,493)
19,735,646
393,932
Investment of Cash Collateral for Securities Loaned - .7%
Dreyfus Institutional Preferred Government Plus Money
Market Fund, Institutional Shares - .7%
4,298,190
16,992,424
(18,688,837)
2,601,777
25,878††
Total - 5.6%
27,885,250
67,465,503
(73,013,330)
22,337,423
419,810
 
†
Includes reinvested dividends/distributions.
††
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and
other payments to and from borrowers of securities.
See notes to financial statements.
31
STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2026 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Schedule of Investments
(including securities on loan, valued at $38,833,499)—Note 1(b):
Unaffiliated issuers
431,870,532
410,456,869
Affiliated issuers
22,337,423
22,337,423
Receivable for investment securities sold—TBA
15,385,885
Receivable for investment securities sold
8,723,896
Dividends, interest and securities lending income receivable
3,442,876
Receivable for shares of Common Stock subscribed
309,916
 
460,656,865
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)
72,933
Cash overdraft due to Custodian
47,724
Payable for investment securities purchased—TBA
33,313,239
TBA sale commitments, at value (proceeds $11,701,940)—Note 4
11,624,881
Payable for investment securities purchased
10,247,754
Liability for securities on loan—Note 1(b)
2,601,777
Payable for shares of Common Stock redeemed
1,563,303
Directors’ fees and expenses payable
10,471
 
59,482,082
Net Assets ($)
401,174,783
Composition of Net Assets ($):
Paid-in capital
484,069,289
Total distributable earnings (loss)
(82,894,506
)
Net Assets ($)
401,174,783
 
Net Asset Value Per Share
Class I
Investor Shares
Net Assets ($)
272,206,015
128,968,768
Shares Outstanding
30,134,585
14,282,720
Net Asset Value Per Share ($)
9.03
9.03
See notes to financial statements.
32
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2026 (Unaudited) 
 
 
Investment Income ($):
Income:
Interest
8,462,378
Dividends:
Affiliated issuers
393,932
Affiliated income net of rebates from securities lending—Note 1(b)
25,878
Total Income
8,882,188
Expenses:
Management fee—Note 3(a)
332,410
Distribution plan fees—Note 3(b)
185,163
Directors’ fees—Notes 3(a) and 3(c)
27,500
Loan commitment fees—Note 2
4,370
Miscellaneous
2,150
Total Expenses
551,593
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a)
(27,500
)
Net Expenses
524,093
Net Investment Income
8,358,095
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments
(3,753,649
)
Net realized gain (loss) on TBA sale commitments
8,436
Net Realized Gain (Loss)
(3,745,213
)
Net change in unrealized appreciation (depreciation) on investments
(2,499,662
)
Net change in unrealized appreciation (depreciation) on TBA sale commitments
108,861
Net Change in Unrealized Appreciation (Depreciation)
(2,390,801
)
Net Realized and Unrealized Gain (Loss) on Investments
(6,136,014
)
Net Increase in Net Assets Resulting from Operations
2,222,081
See notes to financial statements.
33
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
 
Operations ($):
Net investment income
8,358,095
19,272,571
Net realized gain (loss) on investments
(3,745,213)
(8,740,186)
Net change in unrealized appreciation (depreciation) on investments
(2,390,801)
18,469,276
Net Increase (Decrease) in Net Assets Resulting from Operations
2,222,081
29,001,661
Distributions ($):
Distributions to shareholders:
Class I
(5,672,920)
(13,088,958)
Investor Shares
(2,662,449)
(6,044,475)
Total Distributions
(8,335,369)
(19,133,433)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class I
25,267,586
84,749,830
Investor Shares
14,441,887
39,866,868
Distributions reinvested:
Class I
5,487,893
11,821,924
Investor Shares
2,551,423
5,508,390
Cost of shares redeemed:
Class I
(69,002,844)
(136,240,471)
Investor Shares
(51,017,744)
(96,610,661)
Increase (Decrease) in Net Assets from Capital Stock Transactions
(72,271,799)
(90,904,120)
Total Increase (Decrease) in Net Assets
(78,385,087)
(81,035,892)
Net Assets ($):
Beginning of Period
479,559,870
560,595,762
End of Period
401,174,783
479,559,870
Capital Share Transactions (Shares):
Class I
Shares sold
2,766,293
9,461,487
Shares issued for distributions reinvested
600,959
1,311,977
Shares redeemed
(7,552,540)
(15,123,162)
Net Increase (Decrease) in Shares Outstanding
(4,185,288)
(4,349,698)
Investor Shares
Shares sold
1,582,208
4,422,055
Shares issued for distributions reinvested
279,508
611,681
Shares redeemed
(5,590,279)
(10,776,985)
Net Increase (Decrease) in Shares Outstanding
(3,728,563)
(5,743,249)
See notes to financial statements.
34
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 
 
Six Months Ended
April 30, 2026
(Unaudited) 
Year Ended October 31,
Class I Shares
2025
2024
2023
2022
2021
Per Share Data ($):
Net asset value, beginning of period
9.17
8.98
8.45
8.71
10.70
11.01
Investment Operations:
Net investment income(a)
.17
.35
.33
.29
.21
.19
Net realized and unrealized gain (loss) on investments
(.14
)
.18
.53
(.26
)
(1.88
)
(.25
)
Total from Investment Operations
.03
.53
.86
.03
(1.67
)
(.06
)
Distributions:
Dividends from net investment income
(.17
)
(.34
)
(.33
)
(.29
)
(.22
)
(.21
)
Dividends from net realized gain on investments
-
-
-
-
(.10
)
(.04
)
Total Distributions
(.17
)
(.34
)
(.33
)
(.29
)
(.32
)
(.25
)
Net asset value, end of period
9.03
9.17
8.98
8.45
8.71
10.70
Total Return (%)
.35
(b)
6.10
10.24
.24
(15.94
)
(.51
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.17
(c)
.16
.16
.17
.16
.16
Ratio of net expenses to average net assets(d)
.15
(c)
.15
.15
.15
.15
.15
Ratio of net investment income to average net assets(d)
3.86
(c)
3.85
3.71
3.28
2.15
1.71
Portfolio Turnover Rate(e)
83.66
(b)
181.20
169.29
160.90
248.23
183.21
Net Assets, end of period ($ x 1,000)
272,206
314,546
347,311
346,431
422,862
734,596
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
(e)
The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended April 30, 2026, October 31, 2025, 2024, 2023, 2022 and
2021 were 31.93%, 106.88%, 108.26%, 95.89%, 143.06% and 145.54%, respectively.
See notes to financial statements.
35
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
April 30, 2026
(Unaudited) 
Year Ended October 31,
Investor Shares
2025
2024
2023
2022
2021
Per Share Data ($):
Net asset value, beginning of period
9.16
8.98
8.45
8.71
10.70
11.00
Investment Operations:
Net investment income(a)
.16
.32
.31
.27
.19
.16
Net realized and unrealized gain (loss) on investments
(.13
)
.18
.53
(.26
)
(1.88
)
(.24
)
Total from Investment Operations
.03
.50
.84
.01
(1.69
)
(.08
)
Distributions:
Dividends from net investment income
(.16
)
(.32
)
(.31
)
(.27
)
(.20
)
(.18
)
Dividends from net realized gain on investments
-
-
-
-
(.10
)
(.04
)
Total Distributions
(.16
)
(.32
)
(.31
)
(.27
)
(.30
)
(.22
)
Net asset value, end of period
9.03
9.16
8.98
8.45
8.71
10.70
Total Return (%)
.33
(b)
5.72
9.97
(.02
)
(16.15
)
(.67
)
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.42
(c)
.41
.41
.42
.41
.41
Ratio of net expenses to average net assets(d)
.40
(c)
.40
.40
.40
.40
.40
Ratio of net investment income to average net assets(d)
3.61
(c)
3.60
3.46
3.05
1.91
1.46
Portfolio Turnover Rate(e)
83.66
(b)
181.20
169.29
160.90
248.23
183.21
Net Assets, end of period ($ x 1,000)
128,969
165,014
213,285
208,922
211,706
277,722
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
(e)
The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended April 30, 2026, October 31, 2025, 2024, 2023, 2022 and
2021 were 31.93%, 106.88%, 108.26%, 95.89%, 143.06% and 145.54%, respectively.
See notes to financial statements.
36
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon Bond Market Index Fund (the “fund”) is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek to match the total return of the Bloomberg U.S. Aggregate Bond Index. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue 500 million shares of $.001 par value Common Stock in each of the following classes of shares: Class I and Investor. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no distribution plan fees. Investor shares are sold primarily to retail investors through financial intermediaries and bear distribution plan fees. Differences between the classes include the services offered to and the expenses borne by each class, as well as their minimum purchase and account balance requirements. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series of the Company are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in other open-end investment companies are valued at their reported net asset values (“NAVs”) each day and are generally categorized within Level 1 of the fair value hierarchy.
37
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 Company’s Board of Directors (the “Board”). Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the Board, such as the Adviser, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, but before the fund calculates its NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund’s valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
The following is a summary of the inputs used as of April 30, 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
—
1,519,523
—
1,519,523
Commercial Mortgage-Backed
—
2,569,541
—
2,569,541
Corporate Bonds and Notes
—
102,494,572
—
102,494,572
Foreign Governmental
—
6,140,041
—
6,140,041
Municipal Securities
—
2,449,154
—
2,449,154
U.S. Government Agencies Collateralized Municipal-Backed
Securities
—
3,099,299
—
3,099,299
U.S. Government Agencies Obligations
—
2,569,155
—
2,569,155
U.S. Government Agencies Mortgage-Backed
—
106,956,571
—
106,956,571
U.S. Treasury Securities
—
182,659,013
—
182,659,013
Investment Companies
22,337,423
—
—
22,337,423
 
22,337,423
410,456,869
—
432,794,292
Liabilities ($)
Investments in Securities:†
U.S. Government Agencies Mortgage-Backed
—
(11,624,881)
—
(11,624,881)
 
—
(11,624,881)
—
(11,624,881)
 
†
See Schedule of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and
38
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund’s Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended April 30, 2026, BNY earned $3,521 from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of April 30, 2026, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table: 
Assets ($)
 
Gross amount of securities loaned, at
value, as disclosed in the Statement
of Assets and Liabilities
38,833,499
Collateral (received)/posted not offset
in the Statement of
Assets and Liabilities
(38,833,499
)†
Net amount
-
 
†
The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition,
the value of collateral may include pending sales that are also on loan. See Schedule of Investments for detailed information regarding collateral received for open
securities lending.
(c) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.
(d) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.
Interest Rate Risk: Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund’s investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest
39
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
rates. When interest rates fall, the fund’s investments in new securities may be at lower yields and may reduce the fund’s income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates.
Government Securities Risk: Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the fund does not apply to the market value of such security or to shares of the fund itself.
Fixed-Income Market Risk: The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund’s share price and increase the fund’s liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.
Mortgage-Related Securities Risk: Mortgage-related securities are complex derivative instruments, subject to credit, prepayment and extension risk, and may be more volatile, less liquid and more difficult to price accurately than more traditional debt securities. The fund is subject to the credit risk associated with these securities, including the market’s perception of the creditworthiness of the issuing federal agency, as well as the credit quality of the underlying assets. Although certain mortgage-related securities are guaranteed as to the timely payment of interest and principal by a third party (such as a U.S. government agency or instrumentality with respect to government-related mortgage securities) the market prices for such securities are not guaranteed and will fluctuate. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the security are more likely to be prepaid causing the fund to purchase new securities at current market rates, which usually will be lower. The loss of higher yielding underlying mortgages and the reinvestment of proceeds at lower interest rates, known as prepayment risk, can reduce the fund’s potential price gain in response to falling interest rates, reduce the fund’s yield and/or cause the fund’s share price to fall. When interest rates rise, the effective duration of the fund’s mortgage-related and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets. This is known as extension risk and would increase the fund’s sensitivity to rising interest rates and it potential for price declines.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(e) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
40
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
As of and during the period ended April 30, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended April 30, 2026, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $56,836,894 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to October 31, 2025. The fund has $22,414,296 of short-term capital losses and $34,422,598 of long-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 was as follows: ordinary income $19,133,433. The tax character of current year distributions will be determined at the end of the current fiscal year.
(g) Operating segment reporting: In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE 2—
Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY (the “BNY Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended April 30, 2026, the fund did not borrow under either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .15% of the value of the fund’s average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund’s expenses, except management fees, interest expenses, brokerage commissions, and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fee in an amount equal to the fund’s allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended April 30, 2026, fees reimbursed by the Adviser amounted to $27,500.
(b) Under the distribution plan adopted pursuant to Rule 12b-1 under the Act (the “Distribution Plan”), Investor shares may pay annually up to .25% of the value of its average daily net assets to compensate the Distributor for shareholder servicing activities
41
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
primarily intended to result in the sale of Investor shares. During the period ended April 30, 2026, Investor shares were charged $185,163 pursuant to the Distribution Plan.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fee of $50,089, Distribution Plan fees of $26,844, which are offset against an expense reimbursement currently in effect in the amount of $4,000.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended April 30, 2026, amounted to $380,370,607 and $450,517,629, respectively, of which $235,214,305 in purchases and $235,309,296 in sales were from mortgage dollar transactions.
Mortgage Dollar Rolls: A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The fund accounts for mortgage dollar rolls as purchases and sales transactions. The fund executes mortgage dollar rolls entirely in the To-Be-Announced (“TBA”) market.
TBA Securities: During the period ended April 30, 2026, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund’s Schedule of Investments. The proceeds and value of these commitments are reflected in the fund’s Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in Receivable for investment securities sold-TBA) and TBA sale commitments, at value, respectively.
The fund enters into forward-settling mortgage-backed securities transactions (including TBA trades) pursuant to Master Securities Forward Transaction Agreements (“MSFTAs”) with approved counterparties. The MSFTAs provide for rights of setoff and close-out netting of covered transactions with the same counterparty upon an event of default and require posting or receipt of collateral (including cash) based on changes in the fair value of open positions.
The fund does not offset TBA-related assets and liabilities in the statement of assets and liabilities because the criteria for offsetting under GAAP are not met in the ordinary course of business. However, the fund’s TBA positions are subject to enforceable master netting arrangements. Collateral posted or received under MSFTAs is presented separately as “Cash pledged as collateral” or “Cash received as collateral”, if any. Collateral amounts are not offset against the related assets or liabilities except where offsetting criteria are met.
At April 30, 2026, the amounts are as follows: 
TBA Sale Commitments:
Assets ($)
Liabilities ($)
TBA forward receivables/payables (fair
value)
15,385,885
(33,313,239
)
Amounts offset in the statement of
financial position
-
-
Net amounts presented
15,385,885
(33,313,239
)
Financial instruments subject to MSFTA
(not offset)
(11,624,881
)
29,560,695
42
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
TBA Sale Commitments: (continued)
Assets ($)
Liabilities ($)
Financial collateral (including cash)
subject to MSFTA
-
-
Net amount
3,761,004
(3,752,544
)
At April 30, 2026, accumulated net unrealized depreciation on investments was $21,336,604, consisting of $1,733,859 gross unrealized appreciation and $23,070,463 gross unrealized depreciation.
At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
43
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
(a) The Fund is a series of BNY Mellon Investment Funds IV, Inc. (the “Company”). KPMG LLP (“KPMG”) was the independent registered public accounting firm for the Fund until its dismissal on January 1, 2026.
During each of the two fiscal years ended October 31, 2025 and October 31, 2024, and the subsequent interim period through January 1, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG’s reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
The audit reports of KPMG on the financial statements of the Fund as of and for the fiscal years ended October 31, 2025 and October 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the “SEC”) stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.
(b) At a meeting held on August 19, 2025, the Audit Committee and Board of the Company approved the appointment of Ernst & Young LLP (“EY”) as the Fund’s independent registered public accounting firm effective January 1, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. Accordingly, a change in the Fund’s independent registered public accounting firm was deemed to occur as of January 1, 2026.
44
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
A special meeting of the fund’s shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows: 
 
Shares
 
For
Withheld
To elect six Board Members to the Board of Directors of the Fund:
Andrew J. Donohue
83,953,429
937,093
Joan L. Gulley
83,949,992
940,529
Alan H. Howard
83,949,650
940,872
Robin A. Melvin
83,970,648
919,874
Bradley J. Skapyak
83,981,554
908,967
Burton N. Wallack
83,949,786
940,736
45
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors’ and Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
46
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund’s Board of Directors (the “Board”) held on March 3-4, 2026, the Board considered the renewal of the fund’s Investment Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Class I shares with the performance of three other institutional core bond index funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional core bond funds (the “Performance Universe”), all for various periods ended December 31, 2025, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of all institutional core bond funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was approximately equivalent to the Performance Group median for all periods, and was below the Performance Universe median for all periods. The Board also considered that the fund’s yield performance was above the Performance Group medians for seven of the ten one-year periods ended December 31st and above the Performance Universe medians for five of the ten one-year periods ended December 31st. It was noted that there were no more than three other funds in the Performance Group during the periods under review. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for an expense waiver agreement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
47
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund’s “unitary fee” structure, the Board recognized that the fund’s fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third-party services covered by the Agreement. Taking into account the fund’s “unitary” fee structure, the Board considered that the fund’s contractual management fee was approximately equivalent to the Expense Group median contractual management fee, the fund’s actual management fee was approximately equivalent to the Expense Group median and slightly higher than the Expense Universe median actual management fee, and the fund’s total expenses were approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median total expenses.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by one other fund advised by the Adviser that is in the same Lipper category as the fund and (2) paid to the Adviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s performance.
●The Board concluded that the fees paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
48
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreement.
49
© 2026 BNY Mellon Securities Corporation
Code-0310NCSRSA0426 
 
BNY Mellon Institutional S&P 500 Stock Index Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2026
 
Class
Ticker
I
DSPIX
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments and sign up for eCommunications. It’s simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
The Fund
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Mellon Institutional S&P 500 Stock Index Fund
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1%
Automobiles & Components — 1.9%
Aptiv PLC(a)
4,648
280,089
Ford Motor Co.
86,100
1,040,088
General Motors Co.
19,914
1,531,187
Tesla, Inc.(a)
61,686
23,541,228
 
26,392,592
Banks — 3.4%
Bank of America Corp.
145,538
7,780,461
Citigroup, Inc.
38,328
4,905,217
Citizens Financial Group, Inc.
9,405
611,795
Fifth Third Bancorp
19,614
995,607
Huntington Bancshares, Inc.
43,960
736,770
JPMorgan Chase & Co.
59,137
18,523,483
KeyCorp
20,007
442,355
M&T Bank Corp.
3,380
738,969
Regions Financial Corp.
18,524
528,860
The PNC Financial Services Group, Inc.
8,843
1,971,989
Truist Financial Corp.
27,690
1,426,035
U.S. Bancorp
34,369
1,947,348
Wells Fargo & Co.
67,831
5,577,743
 
46,186,632
Capital Goods — 6.6%
3M Co.
11,564
1,694,357
A.O. Smith Corp.
2,388
147,674
Allegion PLC
1,874
257,637
AMETEK, Inc.
5,092
1,199,166
Axon Enterprise, Inc.(a)
1,713
688,215
Builders FirstSource, Inc.(a)
2,335
184,675
Carrier Global Corp.
17,270
1,160,026
Caterpillar, Inc.
10,205
9,083,573
Comfort Systems USA, Inc.
770
1,416,992
Cummins, Inc.
3,025
2,029,805
Deere & Co.
5,528
3,260,801
Dover Corp.
2,953
668,589
Eaton Corp. PLC
8,519
3,688,812
EMCOR Group, Inc.
980
873,837
Emerson Electric Co.
12,327
1,731,204
Fastenal Co.
24,935
1,120,330
Fortive Corp.
6,768
404,659
GE Vernova, Inc.
5,912
6,405,415
Generac Holdings, Inc.(a)
1,268
328,704
General Dynamics Corp.
5,535
1,905,700
General Electric Co.
23,004
6,669,550
Honeywell International, Inc.
13,884
2,975,758
Howmet Aerospace, Inc.
8,794
2,137,294
Hubbell, Inc.
1,162
590,493
Huntington Ingalls Industries, Inc.
903
328,954
IDEX Corp.
1,627
354,442
Illinois Tool Works, Inc.
5,750
1,483,557
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Capital Goods — 6.6% (continued)
Ingersoll Rand, Inc.
7,657
611,488
Johnson Controls International PLC
13,425
1,960,453
L3Harris Technologies, Inc.
4,093
1,312,011
Lennox International, Inc.
714
381,911
Lockheed Martin Corp.
4,432
2,295,643
Masco Corp.
4,310
309,544
Nordson Corp.
1,115
321,622
Northrop Grumman Corp.
2,936
1,701,353
Otis Worldwide Corp.
8,428
656,373
PACCAR, Inc.
11,524
1,369,051
Parker-Hannifin Corp.
2,768
2,517,275
Pentair PLC
3,513
283,534
Quanta Services, Inc.
3,287
2,392,180
Rockwell Automation, Inc.
2,460
1,005,919
RTX Corp.
29,441
5,183,677
Snap-on, Inc.
1,138
436,309
Stanley Black & Decker, Inc.
3,184
248,861
Textron, Inc.
3,873
371,653
The Boeing Company(a)
17,225
3,945,042
Trane Technologies PLC
4,888
2,407,535
TransDigm Group, Inc.
1,252
1,452,295
United Rentals, Inc.
1,382
1,326,499
Vertiv Holdings Co., Cl. A
8,389
2,755,703
W.W. Grainger, Inc.
971
1,127,671
Westinghouse Air Brake Technologies Corp.
3,731
1,006,960
Xylem, Inc.
5,467
645,981
 
90,816,762
Commercial & Professional Services — .8%
Automatic Data Processing, Inc.
8,842
1,873,973
Broadridge Financial Solutions, Inc.
2,670
411,127
Cintas Corp.
7,500
1,310,325
Copart, Inc.(a)
19,338
640,281
Equifax, Inc.
2,667
463,898
Jacobs Solutions, Inc.
2,504
324,043
Leidos Holdings, Inc.
2,832
422,591
Paychex, Inc.
7,147
662,027
Republic Services, Inc.
4,398
920,149
Rollins, Inc.
6,157
343,130
Veralto Corp.
5,634
496,919
Verisk Analytics, Inc.
3,126
576,716
Waste Management, Inc.
8,137
1,892,259
 
10,337,438
Consumer Discretionary Distribution & Retail — 5.8%
Amazon.com, Inc.(a)
214,262
56,792,286
AutoZone, Inc.(a)
363
1,344,563
Best Buy Co., Inc.
4,236
256,236
Carvana Co.(a)
3,075
1,217,085
eBay, Inc.
10,002
1,035,007
Genuine Parts Co.
3,188
341,849
Lowe’s Companies, Inc.
12,248
2,924,700
O’Reilly Automotive, Inc.(a)
18,466
1,835,520
4
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Consumer Discretionary Distribution & Retail — 5.8% (continued)
Pool Corp.
773
164,896
Ross Stores, Inc.
7,125
1,623,004
The Home Depot, Inc.
21,835
7,179,348
The TJX Companies, Inc.
24,356
3,817,803
Tractor Supply Co.
11,737
411,969
Ulta Beauty, Inc.(a)
983
528,343
Williams-Sonoma, Inc.
2,601
471,327
 
79,943,936
Consumer Durables & Apparel — .4%
D.R. Horton, Inc.
5,876
904,082
Deckers Outdoor Corp.(a)
3,065
313,243
Garmin Ltd.
3,545
890,291
Hasbro, Inc.
3,016
289,054
Lennar Corp., Cl. A
4,654
420,256
Lululemon Athletica, Inc.(a)
2,361
325,110
NIKE, Inc., Cl. B
26,123
1,158,816
NVR, Inc.(a)
59
372,636
PulteGroup, Inc.
4,200
513,912
Ralph Lauren Corp.
817
293,009
Tapestry, Inc.
4,526
656,451
 
6,136,860
Consumer Services — 1.7%
Airbnb, Inc., Cl. A(a)
9,290
1,303,944
Booking Holdings, Inc.
17,643
2,970,376
Carnival Corp.
25,885
686,211
Chipotle Mexican Grill, Inc.(a)
28,566
970,958
Darden Restaurants, Inc.
2,499
501,199
Domino’s Pizza, Inc.
663
225,036
DoorDash, Inc., Cl. A(a)
8,199
1,382,761
Expedia Group, Inc.
2,635
654,455
Hilton Worldwide Holdings, Inc.
5,063
1,640,766
Las Vegas Sands Corp.
6,470
353,327
Marriott International, Inc., Cl. A
4,791
1,732,857
McDonald’s Corp.
15,620
4,585,876
MGM Resorts International(a)
3,982
155,059
Norwegian Cruise Line Holdings Ltd.(a)
10,305
187,345
Royal Caribbean Cruises Ltd.
5,544
1,462,285
Starbucks Corp.
25,059
2,639,465
Wynn Resorts Ltd.
1,676
179,516
Yum! Brands, Inc.
6,090
972,269
 
22,603,705
Consumer Staples Distribution & Retail — 2.0%
Casey’s General Stores, Inc.
752
618,257
Costco Wholesale Corp.
9,736
9,877,464
Dollar General Corp.
4,797
555,876
Dollar Tree, Inc.(a)
4,164
404,366
Sysco Corp.
10,407
777,507
Target Corp.
9,932
1,288,677
The Kroger Company
12,695
864,149
Walmart, Inc.
96,147
12,684,674
 
27,070,970
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Energy — 3.5%
APA Corp.(b)
7,638
311,096
Baker Hughes Co.
21,619
1,506,196
Chevron Corp.
41,114
7,947,747
ConocoPhillips
26,872
3,379,960
Coterra Energy, Inc.
16,458
591,007
Devon Energy Corp.
13,853
711,629
Diamondback Energy, Inc.
4,222
868,170
EOG Resources, Inc.
11,923
1,676,016
EQT Corp.
13,900
835,112
Expand Energy Corp.
5,376
549,158
Exxon Mobil Corp.
91,659
14,145,733
Halliburton Co.
18,720
791,856
Kinder Morgan, Inc.
42,449
1,395,299
Marathon Petroleum Corp.
6,457
1,603,209
Occidental Petroleum Corp.
15,663
948,865
ONEOK, Inc.
13,923
1,287,321
Phillips 66
8,815
1,579,207
SLB Ltd.
32,955
1,874,480
Targa Resources Corp.
4,655
1,210,672
Texas Pacific Land Corp.
1,244
551,925
The Williams Companies, Inc.
26,785
2,043,963
Valero Energy Corp.
6,682
1,687,740
 
47,496,361
Equity Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities, Inc.(c)
3,312
134,169
American Tower Corp.(c)
10,320
1,885,567
AvalonBay Communities, Inc.(c)
3,075
562,725
BXP, Inc.(c)
3,489
203,967
Camden Property Trust(c)
2,097
220,227
Crown Castle, Inc.(c)
9,584
850,867
Digital Realty Trust, Inc.(c)
7,084
1,423,459
Equinix, Inc.(c)
2,157
2,335,664
Equity Residential(c)
7,557
494,077
Essex Property Trust, Inc.(c)
1,433
377,180
Extra Space Storage, Inc.(c)
4,714
675,658
Federal Realty Investment Trust(c)
1,798
199,398
Healthpeak Properties, Inc.(c)
14,311
231,409
Host Hotels & Resorts, Inc.(c)
13,632
288,044
Invitation Homes, Inc.(c)
12,590
362,214
Iron Mountain, Inc.(c)
6,588
830,022
Kimco Realty Corp.(c)
15,115
357,319
Mid-America Apartment Communities, Inc.(c)
2,619
338,322
Prologis, Inc.(c)
20,388
2,895,504
Public Storage(c)
3,442
1,041,033
Realty Income Corp.(c)
20,112
1,291,995
Regency Centers Corp.(c)
3,541
275,667
SBA Communications Corp.(c)
2,293
507,212
Simon Property Group, Inc.(c)
7,133
1,453,063
UDR, Inc.(c)
6,830
248,202
Ventas, Inc.(c)
10,359
910,142
VICI Properties, Inc.(c)
23,298
680,302
6
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Equity Real Estate Investment Trusts — 1.8% (continued)
Welltower, Inc.(c)
15,304
3,326,171
Weyerhaeuser Co.(c)
16,462
403,648
 
24,803,227
Financial Services — 7.0%
American Express Co.
11,747
3,794,868
Ameriprise Financial, Inc.
1,988
943,883
Apollo Global Management, Inc.
10,298
1,325,559
Ares Management Corp., Cl. A
4,416
518,438
Berkshire Hathaway, Inc., Cl. B(a)
40,220
19,048,192
BlackRock, Inc.
3,163
3,370,493
Blackstone, Inc.
16,361
2,054,614
Block, Inc.(a)
11,830
834,133
Capital One Financial Corp.
13,711
2,622,914
Cboe Global Markets, Inc.
2,314
694,408
CME Group, Inc.
7,941
2,285,579
Coinbase Global, Inc., Cl. A(a)
4,834
907,680
Corpay, Inc.(a)
1,524
467,060
FactSet Research Systems, Inc.
751
170,913
Fidelity National Information Services, Inc.
11,116
517,228
Fiserv, Inc.(a)
12,085
757,125
Franklin Resources, Inc.
6,063
181,708
Global Payments, Inc.
4,986
358,793
Interactive Brokers Group, Inc., Cl. A
9,914
788,163
Intercontinental Exchange, Inc.
12,401
1,960,474
Invesco Ltd.
9,814
257,225
Jack Henry & Associates, Inc.
1,631
250,766
KKR & Co., Inc.
14,951
1,559,987
Mastercard, Inc., Cl. A
17,862
8,983,157
Moody’s Corp.
3,345
1,544,888
Morgan Stanley
26,388
5,029,289
MSCI, Inc.
1,607
950,396
Nasdaq, Inc.
9,931
912,758
Northern Trust Corp.
4,079
678,501
PayPal Holdings, Inc.
20,343
1,019,998
Raymond James Financial, Inc.
3,938
623,464
Robinhood Markets, Inc., Cl. A(a)
17,335
1,263,548
S&P Global, Inc.
6,740
2,906,490
State Street Corp.
6,200
947,608
Synchrony Financial
7,828
596,494
T. Rowe Price Group, Inc.
4,849
498,865
The Bank of New York Mellon Corp.(d)
15,042
2,021,194
The Charles Schwab Corp.
36,636
3,357,323
The Goldman Sachs Group, Inc.
6,578
6,076,559
Visa, Inc., Cl. A(b)
36,872
12,161,861
 
95,242,596
Food, Beverage & Tobacco — 2.1%
Altria Group, Inc.
36,976
2,686,306
Archer-Daniels-Midland Co.
10,753
801,529
Brown-Forman Corp., Cl. B(b)
3,729
96,096
Bunge Global SA
3,036
385,785
Conagra Brands, Inc.
10,279
147,504
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Food, Beverage & Tobacco — 2.1% (continued)
Constellation Brands, Inc., Cl. A
3,030
474,437
General Mills, Inc.(b)
11,616
410,161
Hormel Foods Corp.
6,499
139,534
Keurig Dr. Pepper, Inc.
29,802
876,179
McCormick & Co., Inc.
5,773
293,499
Molson Coors Beverage Co., Cl. B
4,032
172,328
Mondelez International, Inc., Cl. A
28,208
1,733,099
Monster Beverage Corp.(a)
15,624
1,204,142
PepsiCo, Inc.
29,975
4,750,738
Philip Morris International, Inc.
34,143
5,635,985
The Campbell’s Company
3,784
78,669
The Coca-Cola Company
84,914
6,687,827
The Hershey Company
3,245
602,726
The J.M. Smucker Company
2,433
238,507
The Kraft Heinz Company
19,241
436,001
Tyson Foods, Inc., Cl. A
6,363
407,677
 
28,258,729
Health Care Equipment & Services — 3.1%
Abbott Laboratories
38,139
3,462,640
Align Technology, Inc.(a)
1,430
251,694
Baxter International, Inc.
11,830
207,971
Becton Dickinson & Co.
6,271
934,630
Boston Scientific Corp.(a)
32,528
1,873,938
Cardinal Health, Inc.
5,158
994,875
Cencora, Inc.
4,279
1,317,975
Centene Corp.(a)
10,314
553,759
CVS Health Corp.
27,747
2,311,048
DaVita, Inc.(a)
744
115,424
Dexcom, Inc.(a)
8,502
506,294
Edwards Lifesciences Corp.(a)
12,618
1,053,603
Elevance Health, Inc.
4,841
1,822,249
GE HealthCare Technologies, Inc.
9,976
606,940
HCA Healthcare, Inc.
3,448
1,497,984
Henry Schein, Inc.(a)
2,343
174,764
Humana, Inc.
2,679
633,423
IDEXX Laboratories, Inc.(a)
1,740
975,792
Insulet Corp.(a)
1,458
250,980
Intuitive Surgical, Inc.(a)
7,789
3,564,324
Labcorp Holdings, Inc.
1,824
468,403
McKesson Corp.
2,690
2,192,888
Medtronic PLC
28,072
2,272,990
Quest Diagnostics, Inc.
2,447
475,207
ResMed, Inc.
3,146
672,646
Solventum Corp.(a)
3,409
229,630
STERIS PLC
2,159
468,244
Stryker Corp.
7,546
2,377,971
The Cigna Group
5,779
1,679,262
The Cooper Companies, Inc.(a)
4,283
269,401
UnitedHealth Group, Inc.
19,868
7,360,697
8
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Health Care Equipment & Services — 3.1% (continued)
Universal Health Services, Inc., Cl. B
1,286
216,395
Zimmer Biomet Holdings, Inc.
4,386
361,538
 
42,155,579
Household & Personal Products — .9%
Church & Dwight Co., Inc.
5,177
502,480
Colgate-Palmolive Co.
17,736
1,513,945
Kenvue, Inc.
41,972
735,769
Kimberly-Clark Corp.
7,231
711,747
The Clorox Company
2,559
246,790
The Estee Lauder Companies, Inc., Cl. A
5,646
433,105
The Procter & Gamble Company
50,973
7,497,618
 
11,641,454
Insurance — 1.6%
Aflac, Inc.
10,220
1,161,708
American International Group, Inc.
11,687
874,188
Aon PLC, Cl. A
4,705
1,466,313
Arch Capital Group Ltd.(a)
7,826
739,244
Arthur J. Gallagher & Co.
5,636
1,163,270
Assurant, Inc.
1,096
258,952
Brown & Brown, Inc.
6,341
381,411
Chubb Ltd.
7,971
2,606,517
Cincinnati Financial Corp.
3,510
574,236
Erie Indemnity Co., Cl. A(b)
568
124,352
Everest Group Ltd.
901
321,441
Globe Life, Inc.
1,803
278,203
Loews Corp.
3,681
414,518
Marsh & McLennan Companies, Inc.
10,683
1,791,646
MetLife, Inc.
12,060
966,006
Principal Financial Group, Inc.
4,345
438,454
Prudential Financial, Inc.
7,629
748,481
The Allstate Corp.
5,695
1,237,296
The Hartford Insurance Group, Inc.
6,234
852,874
The Progressive Corp.
12,855
2,587,454
The Travelers Companies, Inc.
4,728
1,442,702
W. R. Berkley Corp.
6,600
441,078
Willis Towers Watson PLC
2,062
528,284
 
21,398,628
Materials — 1.9%
Air Products and Chemicals, Inc.
4,884
1,465,444
Albemarle Corp.
2,485
488,799
Amcor PLC
9,863
375,189
Avery Dennison Corp.
1,745
286,058
Ball Corp.
6,086
371,733
CF Industries Holdings, Inc.
3,350
416,070
Corteva, Inc.
14,740
1,194,087
CRH PLC
14,792
1,751,669
Dow, Inc.
16,181
655,169
DuPont de Nemours, Inc.
9,372
427,925
Ecolab, Inc.
5,591
1,457,015
Freeport-McMoRan, Inc.
31,446
1,816,950
International Flavors & Fragrances, Inc.
5,371
377,044
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Materials — 1.9% (continued)
International Paper Co.
11,533
350,834
Linde PLC
10,242
5,132,676
LyondellBasell Industries NV, Cl. A
5,499
410,225
Martin Marietta Materials, Inc.
1,295
801,696
Newmont Corp.
23,935
2,658,939
Nucor Corp.
5,017
1,130,280
Packaging Corp. of America
1,970
420,496
PPG Industries, Inc.
5,014
544,019
Smurfit Westrock PLC
11,823
453,885
Steel Dynamics, Inc.
2,991
683,922
The Mosaic Company
6,781
157,794
The Sherwin-Williams Company
5,057
1,626,382
Vulcan Materials Co.
2,947
889,228
 
26,343,528
Media & Entertainment — 10.0%
Alphabet, Inc., Cl. A
127,696
49,137,421
Alphabet, Inc., Cl. C
102,575
39,177,496
Charter Communications, Inc., Cl. A(a),(b)
1,977
326,541
EchoStar Corp., Cl. A(a)
3,030
373,114
Electronic Arts, Inc.
4,963
1,004,362
Fox Corp., Cl. A(b)
4,637
294,403
Fox Corp., Cl. B
3,362
191,701
Live Nation Entertainment, Inc.(a),(b)
3,441
543,472
Meta Platforms, Inc., Cl. A
47,972
29,354,547
Netflix, Inc.(a)
92,606
8,668,848
News Corp., Cl. A
7,392
194,558
News Corp., Cl. B(b)
2,311
70,439
Omnicom Group, Inc.
6,810
522,463
Paramount Skydance Corp., Cl. B
5,578
57,119
Take-Two Interactive Software, Inc.(a)
3,790
810,150
The Trade Desk, Inc., Cl. A(a)
9,465
223,279
The Walt Disney Company
38,855
4,031,206
TKO Group Holdings, Inc.
1,558
289,928
Warner Bros Discovery, Inc.(a)
53,827
1,456,020
 
136,727,067
Pharmaceuticals, Biotechnology & Life Sciences — 5.3%
AbbVie, Inc.
38,765
8,191,820
Agilent Technologies, Inc.
6,298
727,734
Amgen, Inc.
11,811
4,089,559
Biogen, Inc.(a)
3,177
601,343
Bio-Techne Corp.(b)
3,252
179,901
Bristol-Myers Squibb Co.
44,746
2,711,160
Charles River Laboratories International, Inc.(a)
1,131
188,843
Danaher Corp.
13,799
2,469,331
Eli Lilly & Co.
17,380
16,243,348
Gilead Sciences, Inc.
27,212
3,560,418
Incyte Corp.(a)
3,776
359,740
IQVIA Holdings, Inc.(a)
3,660
579,634
Johnson & Johnson
52,857
12,149,181
Merck & Co., Inc.
54,439
5,943,650
Mettler-Toledo International, Inc.(a)
453
578,304
10
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 5.3% (continued)
Moderna, Inc.(a)
7,670
352,360
Pfizer, Inc.
124,706
3,329,650
Regeneron Pharmaceuticals, Inc.
2,209
1,561,896
Revvity, Inc.(b)
2,627
227,551
Thermo Fisher Scientific, Inc.
8,241
3,947,109
Vertex Pharmaceuticals, Inc.(a)
5,534
2,365,121
Viatris, Inc.
23,977
358,216
Waters Corp.(a)
2,124
656,804
West Pharmaceutical Services, Inc.
1,552
461,860
Zoetis, Inc.
9,259
1,064,507
 
72,899,040
Real Estate Management & Development — .1%
CBRE Group, Inc., Cl. A(a)
6,347
905,907
CoStar Group, Inc.(a)
8,928
308,998
 
1,214,905
Semiconductors & Semiconductor Equipment — 16.5%
Advanced Micro Devices, Inc.(a)
35,760
12,676,562
Analog Devices, Inc.
10,717
4,311,020
Applied Materials, Inc.
17,409
6,867,676
Broadcom, Inc.
103,992
43,409,381
First Solar, Inc.(a)
2,385
481,508
Intel Corp.(a)
102,984
9,729,928
KLA Corp.
2,875
5,032,256
Lam Research Corp.
27,390
7,062,785
Microchip Technology, Inc.
12,017
1,116,499
Micron Technology, Inc.
24,686
12,766,612
Monolithic Power Systems, Inc.
1,068
1,724,190
NVIDIA Corp.
532,980
106,366,819
NXP Semiconductors NV
5,484
1,610,048
ON Semiconductor Corp.(a)
8,831
890,253
Qnity Electronics, Inc.
4,551
640,144
QUALCOMM, Inc.
23,403
4,202,711
Skyworks Solutions, Inc.
3,186
223,562
Teradyne, Inc.
3,410
1,171,233
Texas Instruments, Inc.
19,906
5,595,178
 
225,878,365
Software & Services — 8.6%
Accenture PLC, Cl. A
13,478
2,408,653
Adobe, Inc.(a)
9,004
2,215,884
Akamai Technologies, Inc.(a)
3,093
318,517
AppLovin Corp., Cl. A(a)
5,942
2,652,212
Autodesk, Inc.(a)
4,642
1,100,154
Cadence Design Systems, Inc.(a)
6,002
1,978,199
Cognizant Technology Solutions Corp., Cl. A
10,677
564,813
CrowdStrike Holdings, Inc., Cl. A(a)
5,529
2,464,552
Datadog, Inc., Cl. A(a)
7,143
944,233
EPAM Systems, Inc.(a)
1,289
146,663
Fair Isaac Corp.(a)
521
534,025
Fortinet, Inc.(a)
13,864
1,168,874
Gartner, Inc.(a)
1,639
243,375
Gen Digital, Inc.
12,233
235,975
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Software & Services — 8.6% (continued)
GoDaddy, Inc., Cl. A(a)
2,886
250,476
International Business Machines Corp.
20,502
4,735,552
Intuit, Inc.
6,103
2,371,016
Microsoft Corp.
162,869
66,414,721
Oracle Corp.
37,193
6,002,578
Palantir Technologies, Inc., Cl. A(a)
50,103
6,969,828
Palo Alto Networks, Inc.(a)
17,673
3,169,122
PTC, Inc.(a)
2,616
356,561
Roper Technologies, Inc.
2,319
822,804
Salesforce, Inc.(b)
20,552
3,628,045
ServiceNow, Inc.(a)
22,942
2,026,008
Synopsys, Inc.(a)
4,194
2,024,024
Trimble, Inc.(a)
5,116
344,409
Tyler Technologies, Inc.(a)
915
312,143
VeriSign, Inc.
1,753
470,961
Workday, Inc., Cl. A(a)
4,579
560,470
 
117,434,847
Technology Hardware & Equipment — 9.6%
Amphenol Corp., Cl. A
26,961
3,970,546
Apple, Inc.
322,006
87,376,328
Arista Networks, Inc.(a)
22,777
3,933,816
CDW Corp.
2,749
376,366
Ciena Corp.(a)
3,098
1,634,443
Cisco Systems, Inc.
86,661
7,929,481
Coherent Corp.(a)
4,094
1,308,893
Corning, Inc.
17,124
2,812,446
Dell Technologies, Inc., Cl. C
6,579
1,374,682
F5, Inc.(a)
1,237
400,664
Hewlett Packard Enterprise Co.
29,737
855,533
HP, Inc.
20,472
427,046
Jabil, Inc.
2,338
789,052
Keysight Technologies, Inc.(a)
3,762
1,316,361
Lumentum Holdings, Inc.(a)
1,564
1,411,228
Motorola Solutions, Inc.
3,623
1,590,606
NetApp, Inc.
4,388
486,059
Sandisk Corp.(a)
3,237
3,549,403
Seagate Technology Holdings PLC
4,807
3,238,187
Super Micro Computer, Inc.(a)
10,415
285,371
TE Connectivity PLC
6,474
1,370,287
Teledyne Technologies, Inc.(a)
1,014
654,892
Western Digital Corp.
7,436
3,231,091
Zebra Technologies Corp., Cl. A(a)
1,015
229,654
 
130,552,435
Telecommunication Services — .9%
AT&T, Inc.
153,546
4,012,157
Comcast Corp., Cl. A
78,505
2,122,775
T-Mobile US, Inc.
10,390
2,031,245
Verizon Communications, Inc.
92,493
4,442,439
 
12,608,616
Transportation — 1.3%
C.H. Robinson Worldwide, Inc.
2,558
465,070
12
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.1% (continued)
Transportation — 1.3% (continued)
CSX Corp.
40,793
1,853,226
Delta Air Lines, Inc.
14,237
967,974
Expeditors International of Washington, Inc.
2,943
435,240
FedEx Corp.
4,754
1,917,336
J.B. Hunt Transport Services, Inc.
1,668
419,552
Norfolk Southern Corp.
4,943
1,561,148
Old Dominion Freight Line, Inc.
3,999
849,507
Southwest Airlines Co.
11,049
418,978
Uber Technologies, Inc.(a)
45,123
3,366,627
Union Pacific Corp.
13,015
3,507,282
United Airlines Holdings, Inc.(a)
6,957
626,130
United Parcel Service, Inc., Cl. B
16,204
1,762,995
 
18,151,065
Utilities — 2.3%
Alliant Energy Corp.(b)
5,798
425,747
Ameren Corp.
6,002
682,127
American Electric Power Co., Inc.
11,736
1,609,123
American Water Works Co., Inc.
4,218
541,676
Atmos Energy Corp.
3,601
684,118
CenterPoint Energy, Inc.
13,872
605,513
CMS Energy Corp.
6,762
518,916
Consolidated Edison, Inc.
7,968
888,352
Constellation Energy Corp.
6,835
2,139,355
Dominion Energy, Inc.
18,577
1,198,216
DTE Energy Co.
4,477
679,116
Duke Energy Corp.
16,965
2,197,816
Edison International
8,503
590,873
Entergy Corp.
9,892
1,166,366
Evergy, Inc.
5,040
417,514
Eversource Energy
8,447
597,203
Exelon Corp.
22,420
1,031,096
FirstEnergy Corp.(b)
11,271
535,598
NextEra Energy, Inc.
45,679
4,471,061
NiSource, Inc.
10,794
521,134
NRG Energy, Inc.
4,738
737,138
PG&E Corp.
47,718
793,073
Pinnacle West Capital Corp.(b)
2,651
274,962
PPL Corp.
16,619
622,215
Public Service Enterprise Group, Inc.
10,888
889,114
Sempra
14,236
1,354,128
The AES Corp.
16,367
236,503
The Southern Company
24,151
2,335,402
Vistra Corp.
6,993
1,103,775
WEC Energy Group, Inc.(b)
7,285
859,193
Xcel Energy, Inc.
13,043
1,081,917
 
31,788,340
Total Equity Securities - Common Stocks
(cost $221,195,655)
1,354,083,677
 
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
1-Day
Yield (%)
 
Shares
Value ($)
Investment Companies — .9%
Registered Investment Companies — .9%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(d)
(cost $12,584,185)
3.70
12,584,185
12,584,185
Total Investments (cost $233,779,840)
 
    100.0%
1,366,667,862
Cash and Receivables (Net)
 
       .0%
      138,184
Net Assets
    100.0%
1,366,806,046
 
(a)
Non-income producing security.
(b)
Security, or portion thereof, on loan. At April 30, 2026, the value of the fund’s securities on loan was $19,728,140 and the value of the collateral was
$20,357,660, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan.
(c)
Investment in real estate investment trust within the United States.
(d)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Affiliated Issuers
Description
Value ($)
10/31/2025
Purchases ($)†
Sales ($)
Net Realized
Gain (Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Value ($)
4/30/2026
Dividends/
Distributions ($)
Equity Securities - Common Stocks - .1%
The Bank of New York
Mellon Corp. - .1%
2,037,610
-
(457,658)
366,899
74,343
2,021,194
16,900
Registered Investment Companies - .9%
Dreyfus Institutional
Preferred
Government Plus
Money Market Fund,
Institutional Shares -
.9%
14,623,941
194,420,418
(196,460,174)
-
-
12,584,185
252,999
Investment of Cash Collateral for Securities Loaned - .0%
Dreyfus Institutional
Preferred
Government Plus
Money Market Fund,
Institutional Shares -
.0%
-
2,790,388
(2,790,388)
-
-
-
16,940††
Total - 1.0%
16,661,551
197,210,806
(199,708,220)
366,899
74,343
14,605,379
286,839
 
†
Includes reinvested dividends/distributions.
††
Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and
other payments to and from borrowers of securities.
14
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
Appreciation ($)
Futures Long
S&P 500 E-mini
39
6/18/2026
14,038,722
14,125,312
86,590
Gross Unrealized Appreciation
 
 
86,590
See notes to financial statements.
15
STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2026 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Schedule of Investments
(including securities on loan, valued at $19,728,140)—Note 1(c):
Unaffiliated issuers
220,860,968
1,352,062,483
Affiliated issuers
12,918,872
14,605,379
Cash collateral held by broker—Note 4
1,041,000
Dividends and securities lending income receivable
600,262
Receivable for shares of Common Stock subscribed
190,568
Receivable for futures variation margin—Note 4
147,464
Prepaid expenses
1,535
 
1,368,648,691
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc.—Note 3(b)
206,527
Payable for shares of Common Stock redeemed
1,611,954
Directors’ fees and expenses payable
24,164
 
1,842,645
Net Assets ($)
1,366,806,046
Composition of Net Assets ($):
Paid-in capital
5,780,522
Total distributable earnings (loss)
1,361,025,524
Net Assets ($)
1,366,806,046
Shares Outstanding
(150 million shares of $.001 par value Common Stock authorized)
28,841,646
Net Asset Value Per Share ($)
47.39
See notes to financial statements.
16
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2026 (Unaudited) 
 
 
Investment Income ($):
Income:
Cash dividends (net of $1,871 foreign taxes withheld at source):
Unaffiliated issuers
8,444,049
Affiliated issuers
269,899
Affiliated income net of rebates from securities lending—Note 1(c)
16,940
Interest
7,201
Total Income
8,738,089
Expenses:
Management fee—Note 3(a)
1,402,164
Directors’ fees—Notes 3(a) and 3(c)
87,450
Loan commitment fees—Note 2
13,602
Total Expenses
1,503,216
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a)
(87,450
)
Net Expenses
1,415,766
Net Investment Income
7,322,323
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments:
Unaffiliated issuers
225,667,054
Affiliated issuers
366,899
Net realized gain (loss) on futures
741,646
Net Realized Gain (Loss)
226,775,599
Net change in unrealized appreciation (depreciation) on investments:
Unaffiliated issuers
(155,229,750
)
Affiliated issuers
74,343
Net change in unrealized appreciation (depreciation) on futures
(569,282
)
Net Change in Unrealized Appreciation (Depreciation)
(155,724,689
)
Net Realized and Unrealized Gain (Loss) on Investments
71,050,910
Net Increase in Net Assets Resulting from Operations
78,373,233
See notes to financial statements.
17
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended October 31, 2025
 
Operations ($):
Net investment income
7,322,323
18,131,804
Net realized gain (loss) on investments
226,775,599
441,528,007
Net change in unrealized appreciation (depreciation) on investments
(155,724,689)
(157,597,291)
Net Increase (Decrease) in Net Assets Resulting from Operations
78,373,233
302,062,520
Distributions ($):
Distributions to shareholders
(378,374,385)
(398,984,883)
Capital Stock Transactions ($):
Net proceeds from shares sold
49,718,138
104,173,607
Distributions reinvested
329,948,342
331,844,128
Cost of shares redeemed
(278,284,564)
(584,766,690)
Increase (Decrease) in Net Assets from Capital Stock Transactions
101,381,916
(148,748,955)
Total Increase (Decrease) in Net Assets
(198,619,236)
(245,671,318)
Net Assets ($):
Beginning of Period
1,565,425,282
1,811,096,600
End of Period
1,366,806,046
1,565,425,282
Capital Share Transactions (Shares):
Shares sold
991,392
1,935,727
Shares issued for distributions reinvested
7,272,004
6,396,458
Shares redeemed
(5,760,792)
(10,912,375)
Net Increase (Decrease) in Shares Outstanding
2,502,604
(2,580,190)
See notes to financial statements.
18
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 
 
Six Months Ended
April 30, 2026
(Unaudited) 
Year Ended October 31,
Class I
2025
2024
2023
2022
2021
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
59.43
62.63
58.04
62.55
83.14
60.98
Investment Operations:
Net investment income(a)
.25
.62
.76
.88
.93
.94
Net realized and unrealized gain (loss) on
investments
2.58
10.43
18.10
4.28
(11.62
)
24.32
Total from Investment Operations
2.83
11.05
18.86
5.16
(10.69
)
25.26
Distributions:
Dividends from net investment income
(.28
)
(.70
)
(.84
)
(.92
)
(.98
)
(.97
)
Dividends from net realized gain on
investments
(14.59
)
(13.55
)
(13.43
)
(8.75
)
(8.92
)
(2.13
)
Total Distributions
(14.87
)
(14.25
)
(14.27
)
(9.67
)
(9.90
)
(3.10
)
Net asset value, end of period
47.39
59.43
62.63
58.04
62.55
83.14
Total Return (%)
5.94
(b)
21.18
37.72
9.87
(14.78
)
42.64
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.21
(c)
.22
.22
.22
.23
.21
Ratio of net expenses
to average net assets(d)
.20
(c)
.20
.20
.21
.22
.20
Ratio of net investment income to average
net assets(d)
1.04
(c)
1.13
1.30
1.50
1.34
1.27
Portfolio Turnover Rate
1.19
(b)
2.69
2.44
1.85
1.84
3.27
Net Assets, end of period ($ x 1,000)
1,366,806
1,565,425
1,811,097
1,804,003
2,301,210
3,274,123
 
(a)
Based on average shares outstanding.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc.
See notes to financial statements.
19
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon Institutional S&P 500 Stock Index Fund (the “fund”) is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek to match the total return of the S&P 500® Index. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares.
Effective November 14, 2025, the fund may operate as a non-diversified fund, as defined under the Act, as amended, to the approximate extent the S&P 500® Index is non-diversified, without shareholder approval. The fund may therefore operate as non-diversified solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.
Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Service Plan fees. Class I shares are offered without a front-end sales charge or a contingent deferred sales charge.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series of the Company are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Equity investments generally are valued at the last sale price on the day of valuation on the securities exchange or national securities market on which such securities primarily are traded. Securities listed on Nasdaq markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a Nasdaq market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short
20
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported net asset values (“NAVs”) each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Fair value of foreign equity securities may be determined with the assistance of a pricing service using correlations between the movement of prices of foreign securities and indexes of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts and futures contracts. The valuation of a security based on this fair value process may differ from the security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund’s NAV on days when investors will not be able to purchase or sell (redeem) fund shares. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, 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 Company’s Board of Directors (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.
Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy.
The following is a summary of the inputs used as of April 30, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Equity Securities - Common Stocks
1,354,083,677
—
—
1,354,083,677
Investment Companies
12,584,185
—
—
12,584,185
 
1,366,667,862
—
—
1,366,667,862
Other Financial Instruments:
Futures††
86,590
—
—
86,590
 
86,590
—
—
86,590
 
†
See Schedule of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives,
if any, are reported in the Statement of Assets and Liabilities.
(b) Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of April 30, 2026, if any, are disclosed in the fund’s Statement of Assets and Liabilities.
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and
21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund’s Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended April 30, 2026, BNY did not earn any income from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of April 30, 2026, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table: 
Assets ($)
 
Gross amount of securities loaned, at
value, as disclosed in the Statement
of Assets and Liabilities
19,728,140
Collateral (received)/posted not offset
in the Statement of
Assets and Liabilities
(19,728,140
)†
Net amount
-
 
†
The value of the related collateral received by the fund exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition,
the value of collateral may include pending sales that are also on loan. See Schedule of Investments for detailed information regarding collateral received for open
securities lending.
(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.
(e) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the
22
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended April 30, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended April 30, 2026, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended October 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2025 were as follows: ordinary income $22,223,245 and long-term capital gains $376,761,638. The tax character of current year distributions will be determined at the end of the current fiscal year.
(h) Operating segment reporting: In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE 2—
Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY (the “BNY Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended April 30, 2026, the fund did not borrow under either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .20% of the value of the fund’s average daily net assets. The Adviser has agreed in its management agreement with the fund to pay all of the fund’s expenses, except management fees, interest expenses, brokerage commissions, and commitment fees on borrowings, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fee in an amount equal to the fund’s allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended April 30, 2026, fees reimbursed by the Adviser amounted to $87,450.
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(b) The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc.” in the Statement of Assets and Liabilities consist of: management fee of $220,027, which are offset against an expense reimbursement currently in effect in the amount of $13,500.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended April 30, 2026, amounted to $16,733,560 and $283,886,930, respectively.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended April 30, 2026 is discussed below.
Deposits with Broker: The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of  Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at April 30, 2026 are set forth in the fund’s Schedule of Investments.
The following tables show the  fund’s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Fair value of derivative instruments as of April 30, 2026 is shown below: 
 
Derivative
Assets ($)
 
Derivative
Liabilities ($)
Equity Risk
86,590
(1)
Equity Risk
-
Gross fair value of derivative contracts
86,590
 
-
 
Statement of Assets and Liabilities location:
(1)
Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the
Statement of Assets and Liabilities.
The effect of derivative instruments in the Statement of Operations during the period ended April 30, 2026 is shown below: 
Amount of realized gain (loss) on derivatives recognized in income ($)
Underlying risk
Futures(1)
Total
Equity
741,646
741,646
Total
741,646
741,646
24
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
 
Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($)
Underlying risk
Futures(2)
Total
Equity
(569,282)
(569,282)
Total
(569,282)
(569,282)
 
Statement of Operations location:
(1)
Net realized gain (loss) on futures.
(2)
Net change in unrealized appreciation (depreciation) on futures.
The following table summarizes the monthly average market value of derivatives outstanding during the period ended April 30, 2026: 
 
Average Market Value ($)
Futures:
Equity Futures Long
13,408,525
At April 30, 2026, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $1,132,974,612, consisting of $1,146,425,942 gross unrealized appreciation and $13,451,330 gross unrealized depreciation.
At April 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
(a) The Fund is a series of BNY Mellon Investment Funds IV, Inc. (the “Company”). KPMG LLP (“KPMG”) was the independent registered public accounting firm for the Fund until its dismissal on January 1, 2026.
During each of the two fiscal years ended October 31, 2025 and October 31, 2024, and the subsequent interim period through January 1, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG’s reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
The audit reports of KPMG on the financial statements of the Fund as of and for the fiscal years ended October 31, 2025 and October 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the “SEC”) stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.
(b) At a meeting held on August 19, 2025, the Audit Committee and Board of the Company approved the appointment of Ernst & Young LLP (“EY”) as the Fund’s independent registered public accounting firm effective January 1, 2026. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon Family of Funds. Accordingly, a change in the Fund’s independent registered public accounting firm was deemed to occur as of January 1, 2026.
26
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
A special meeting of the fund’s shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows: 
 
Shares
 
For
Withheld
To elect six Board Members to the Board of Directors of the Fund:
Andrew J. Donohue
83,953,429
937,093
Joan L. Gulley
83,949,992
940,529
Alan H. Howard
83,949,650
940,872
Robin A. Melvin
83,970,648
919,874
Bradley J. Skapyak
83,981,554
908,967
Burton N. Wallack
83,949,786
940,736
27
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Directors’ and Directors’ fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
28
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund’s Board of Directors (the “Board”) held on March 3-4, 2026, the Board considered the renewal of the fund’s Investment Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Class I shares with the performance of a group of institutional S&P 500 index funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional S&P 500 index funds (the “Performance Universe”), all for various periods ended December 31, 2025, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of all institutional S&P 500 index funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was equal to or approximately equal to the Performance Group median for all periods and was slightly above the Performance Universe median for all periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index. The Board noted that the fund had a four star rating for each of the three-, five- and ten-year periods and a four star overall rating from Morningstar based on Morningstar’s risk adjusted return measures.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for an expense waiver agreement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
29
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
The Board noted that the Adviser pays all fund expenses, other than the actual management fee and certain other expenses. Because of the fund’s “unitary” fee structure, the Board recognized that the fund’s fees and expenses will vary within a much smaller range and the Adviser will bear the risk that fund expenses may increase over time. On the other hand, the Board noted that it is possible that the Adviser could earn a profit on the fees charged under the Agreement and would benefit from any price decreases in third party services covered by the Agreement. Taking into account the fund’s “unitary” fee structure, the Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median total expenses.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by one other fund advised by the Adviser that is in the same Lipper category as the fund and (2) paid to the Adviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting the fund’s “unitary” fee structure. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fee under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s performance.
●The Board concluded that the fees paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
30
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreement.
31
© 2026 BNY Mellon Securities Corporation
Code-0713NCSRSA0426 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

Item 16. Controls and Procedures.

 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

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

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a- 2(a) under the Investment Company Act of 1940.

(a)(4) Not applicable.

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

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

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

 
 

SIGNATURES

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

BNY Mellon Investment Funds IV, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

 

Date: June 29, 2026

 

 

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

 

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

 

Date: June 29, 2026

 

 

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date: June 29, 2026

 

 

 
 

EXHIBIT INDEX

(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

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

 

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

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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION REQUIRED BY RULE 30A-2

CERTIFICATION REQUIRED BY SECTION 906

CHANGE IN REGISTRANT'S INDEPENDENT PUBLIC ACCOUNTANT

LETTER FROM REGISTRANT'S FORMER INDEPENDENT PUBLIC ACCOUNTANT

TAXONOMY

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