The Registrant has adopted a code of ethics
that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the
period covered by this Report.
|
Item 3. |
Audit Committee Financial Expert. |
The Registrant's Board has determined that J.
Charles Cardona, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and
Exchange Commission (the "SEC"). Mr. Cardona is "independent" as defined by the SEC for purposes of audit committee financial
expert determinations.
|
Item 4. |
Principal Accountant Fees and Services. |
(a) Audit
Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services
rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements
or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting
Periods, were $45,630 in 2025 and $45,630 in 2026.
(b) Audit-Related
Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably
related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item
4 were $18,811 in 2025 and $18,457 in 2026. These services consisted of one or more of the following: (i) agreed upon procedures related
to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act
of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv)
advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules,
standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory
or standard-setting bodies.
The aggregate fees billed in the Reporting Periods
for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"),
that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit
Committee were $0 in 2025 and $0 in 2026.
(c) Tax
Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance,
tax advice, and tax planning ("Tax Services") were $3,342 in 2025 and $3,342 in 2026. These services consisted of: (i) review
or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance
regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment
of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval
by the Audit Committee were $8,860 in 2025 and $9,224 in 2026.
(d) All
Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the
services reported in paragraphs (a) through (c) of this Item, were $2,367 in
2025
and
$1,265
in
2026.
These
services
consisted
of
a
review
of
the
Registrant's
anti-money
laundering
program.
The
aggregate
fees
billed
in
the
Reporting
Periods
for
Non-Audit
Services
by
the
Auditor
to
Service
Affiliates,
other
than
the
services
reported
in
paragraphs
(b)
through
(c)
of
this
Item,
which
required
pre-approval
by
the
Audit
Committee,
were
$0
in
2025
and
$0
in
2026.
(e)(1)
Audit
Committee
Pre-Approval
Policies
and
Procedures.
The
Registrant's
Audit
Committee
has
established
policies
and
procedures
(the
"Policy")
for
pre-approval
(within
specified
fee
limits)
of
the
Auditor's
engagements
for
non-audit
services
to
the
Registrant
and
Service
Affiliates
without
specific
case-by-case
consideration.
The
pre-approved
services
in
the
Policy
can
include
pre-approved
audit
services,
pre-approved
audit-related
services,
pre-approved
tax
services
and
pre-approved
all
other
services.
Pre-approval
considerations
include
whether
the
proposed
services
are
compatible
with
maintaining
the
Auditor's
independence.
Pre-approvals
pursuant
to
the
Policy
are
considered
annually.
(e)(2)
Note.
None
of
the
services
described
in
paragraphs
(b)
through
(d)
of
this
Item
4
were
approved
by
the
Audit
Committee
pursuant
to
paragraph
(c)(7)(i)(C)
of
Rule
2-01
of
Regulation
S-X.
(f)
None
of
the
hours
expended
on
the
principal
accountant's
engagement
to
audit
the
registrant's
financial
statements
for
the
most
recent
fiscal
year
were
attributed
to
work
performed
by
persons
other
than
the
principal
accountant's
full-time,
permanent
employees.
Non-Audit
Fees.
The
aggregate
non-audit
fees
billed
by
the
Auditor
for
services
rendered
to
the
Registrant,
and
rendered
to
Service
Affiliates,
for
the
Reporting
Periods
were
$1,564,639
in
2025
and
$3,796,562.
in
2026.
Auditor
Independence.
The
Registrant's
Audit
Committee
has
considered
whether
the
provision
of
non-audit
services
that
were
rendered
to
Service
Affiliates,
which
were
not
pre-approved
(not
requiring
pre-approval),
is
compatible
with
maintaining
the
Auditor's
independence.
|
Item 5. |
Audit Committee of Listed Registrants. |
Not applicable.
Not applicable.
BNY Mellon Short Term Income
Fund
ANNUAL FINANCIALS
AND OTHER INFORMATION
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
Please note
the 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 Short Term Income Fund
SCHEDULE OF INVESTMENTS
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Asset-Backed
Securities — 18.4% |
Asset-Backed
Certificates — 10.9% |
AASET
MT-1 Ltd., Ser. 2025-3A, Cl. A(b)
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Affirm
Asset Securitization Trust, Ser. 2025-X2, Cl. C(b)
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Affirm
Master Trust, Ser. 2025-1A, Cl. C(b)
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Affirm
Master Trust, Ser. 2026-2A, Cl. A(b)
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AMSR
Trust, Ser. 2023-SFR2, Cl. A(b)
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Aqua
Finance Issuer Trust, Ser. 2025-B, Cl. A(b)
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Aqua
Finance Issuer Trust, Ser. 2026-A, Cl. A(b)
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BHG
Owner Loan Trust, Ser. 2026-1CON, Cl. B(b)
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Blue
Owl Asset Leasing Trust LLC, Ser. 2024-1A, Cl. A2(b)
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Castlelake
Aircraft Structured Trust, Ser. 2026-1A, Cl. A(b)
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CF
Hippolyta Issuer LLC, Ser. 2021-1A, Cl. A1(b)
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CLI
Funding VI LLC, Ser. 2020-1A, Cl. A(b)
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CLI
Funding VI LLC, Ser. 2020-3A, Cl. A(b)
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Compass
Datacenters Issuer II LLC, Ser. 2025-1A, Cl. A1(b)
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Concord
Music Royalties LLC, Ser. 2025-1A, Cl. A2(b)
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CyrusOne
Data Centers Issuer I LLC, Ser. 2023-1A, Cl. B(b)
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CyrusOne
Data Centers Issuer I LLC, Ser. 2025-1A, Cl. A2(b)
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DailyPay
Securitization Trust, Ser. 2025-1A, Cl. A(b)
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DataBank
Issuer, Ser. 2021-2A, Cl. A2(b)
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DataBank
Issuer, Ser. 2023-1A, Cl. A2(b)
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DataBank
Issuer, Ser. 2026-1A, Cl. A2(b)
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DataBank
Issuer II LLC, Ser. 2025-1A, Cl. A2(b)
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DB
Master Finance LLC, Ser. 2026-1A, Cl. A2I(b)
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Domino’s
Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2I(b)
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Foundation
Finance Trust, Ser. 2021-2A, Cl. A(b)
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GreenSky
Home Improvement Issuer Trust, Ser. 2024-2, Cl. A4(b)
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GreenSky
Home Improvement Issuer Trust, Ser. 2026-REV1, Cl. B(b)
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GreenSky
Home Improvement Trust, Ser. 2024-1, Cl. A4(b)
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Hilton
Grand Vacations Trust, Ser. 2022-2A, Cl. A(b)
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LMDV
Issuer Co. LLC, Ser. 2025-1A, Cl. A2(b)
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Lohrasp
Enterprise II LLC, Ser. 2026-1A, Cl. A21(b)
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Merit
DAC, Ser. 2026-1A, Cl. A(b)
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MetroNet
Infrastructure Issuer LLC, Ser. 2025-2A, Cl. A2(b)
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MetroNet
Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2(b)
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MVW
LLC, Ser. 2020-1A, Cl. A(b)
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OneMain
Financial Issuance Trust, Ser. 2020-2A, Cl. A(b)
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Post
Road Equipment Finance LLC, Ser. 2026-1A, Cl. A2(b)
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Regional
Management Issuance Trust, Ser. 2024-1, Cl. A(b)
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Regional
Management Issuance Trust, Ser. 2024-2, Cl. A(b)
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Retained
Vantage Data Centers Issuer LLC, Ser. 2023-2A, Cl. A2(b)
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SCF
Equipment Leasing LLC, Ser. 2025-1A, Cl. A3(b)
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Stack
Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2(b)
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Store
Master Funding I-VII XIV XIX XX XXII XXIV XXXIV XXXVII XXXVIII, Ser.
2026-1A,
Cl. A1(b)
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Summit
Issuer LLC, Ser. 2025-1A, Cl. A2(b)
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Taco
Bell Funding LLC, Ser. 2025-1A, Cl. A2I(b)
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Textainer
Marine Containers VII Ltd., Ser. 2020-2A, Cl. A(b)
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SCHEDULE OF INVESTMENTS (continued)
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|
|
|
|
Asset-Backed
Securities — 18.4% (continued) |
Asset-Backed
Certificates — 10.9% (continued) |
Textainer
Marine Containers VII Ltd., Ser. 2021-1A, Cl. A(b)
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Trinity
Rail Leasing LLC, Ser. 2020-2A, Cl. A1(b)
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Triumph
Rail Holdings LLC, Ser. 2021-2, Cl. A(b)
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TRP
LLC, Ser. 2021-1, Cl. A(b)
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Vantage
Data Centers Issuer LLC, Ser. 2021-1A, Cl. A2(b)
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Vantage
Data Centers LLC, Ser. 2020-2A, Cl. A2(b)
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Vantage
Data Centers LLC, Ser. 2025-1A, Cl. A2(b)
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Verizon
Master Trust, Ser. 2025-1, Cl. C |
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Volvo
Financial Equipment LLC, Ser. 2024-1A, Cl. A3(b)
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Wendy’s
Funding LLC, Ser. 2025-1A, Cl. A2I(b)
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Wingspire
Equipment Finance LLC, Ser. 2024-1A, Cl. A2(b)
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Zayo
Issuer LLC, Ser. 2025-2A, Cl. A2(b)
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Asset-Backed
Certificates/Auto Receivables — 6.5% |
Ally
Bank Auto Credit-Linked Notes, Ser. 2025-B, Cl. C(b)
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American
Credit Acceptance Receivables Trust, Ser. 2024-4, Cl. C(b)
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AutoNation
Finance Trust, Ser. 2025-1A, Cl. C(b)
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Avis
Budget Rental Car Funding AESOP LLC, Ser. 2023-3A, Cl. A(b)
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Avis
Budget Rental Car Funding AESOP LLC, Ser. 2025-1A, Cl. C(b)
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Bayview
Opportunity Master Fund VII Trust, Ser. 2024-SN1, Cl. C(b)
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Carvana
Auto Receivables Trust, Ser. 2021-N1, Cl. C |
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Carvana
Auto Receivables Trust, Ser. 2021-N2, Cl. C |
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Carvana
Auto Receivables Trust, Ser. 2021-P4, Cl. B |
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Carvana
Auto Receivables Trust, Ser. 2022-P3, Cl. C |
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Carvana
Auto Receivables Trust, Ser. 2025-P3, Cl. C |
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Chesapeake
Funding II LLC, Ser. 2023-2A, Cl. A1(b)
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Citizens
Auto Receivables Trust, Ser. 2024-1, Cl. A3(b)
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Enterprise
Fleet Financing LLC, Ser. 2025-2, Cl. A3(b)
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Exeter
Automobile Receivables Trust, Ser. 2024-3A, Cl. C |
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Exeter
Automobile Receivables Trust, Ser. 2025-1A, Cl. C |
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Exeter
Automobile Receivables Trust, Ser. 2025-4A, Cl. C |
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Ford
Auto Securitization Trust II, Ser. 2022-AA, Cl. A3(b)
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Ford
Credit Auto Owner Trust, Ser. 2023-1, Cl. D(b)
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GMF
Floorplan Owner Revolving Trust, Ser. 2024-3A, Cl. B(b)
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Hyundai
Auto Receivables Trust, Ser. 2022-C, Cl. A4 |
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M&T
Bank Auto Receivables Trust, Ser. 2024-1A, Cl. A3(b)
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Merchants
Fleet Funding LLC, Ser. 2024-1A, Cl. D(b)
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Octane
Receivables Trust, Ser. 2024-3A, Cl. A2(b)
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Oscar
US Funding XIII LLC, Ser. 2021-2A, Cl. A4(b)
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Oscar
US Funding XVI LLC, Ser. 2024-1A, Cl. A3(b)
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PenFed
Auto Receivables Owner Trust, Ser. 2025-A, Cl. C(b)
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Santander
Drive Auto Receivables Trust, Ser. 2024-1, Cl. B |
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Santander
Drive Auto Receivables Trust, Ser. 2025-1, Cl. C |
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Santander
Drive Auto Receivables Trust, Ser. 2025-2, Cl. C |
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Santander
Drive Auto Receivables Trust, Ser. 2025-4, Cl. C |
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Securitized
Term Auto Receivables Trust, Ser. 2025-A, Cl. C(b)
|
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SFS
Auto Receivables Securitization Trust, Ser. 2024-1A, Cl. A3(b)
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Tesla
Electric Vehicle Trust, Ser. 2023-1, Cl. A3(b)
|
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|
Toyota
Auto Receivables Owner Trust, Ser. 2022-D, Cl. A3 |
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US
Bank NA, Ser. 2023-1, Cl. B(b)
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|
|
Asset-Backed
Securities — 18.4% (continued) |
Asset-Backed
Certificates/Auto Receivables — 6.5% (continued) |
Westlake
Automobile Receivables Trust, Ser. 2025-2A, Cl. D(b)
|
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World
Omni Auto Receivables Trust, Ser. 2023-A, Cl. A3 |
|
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|
World
Omni Auto Receivables Trust, Ser. 2024-C, Cl. A3 |
|
|
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|
Yamaha
Motor Master Trust II, Ser. 2026-A, Cl. C(b)
|
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|
|
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|
|
Asset-Backed
Certificates/Credit Cards — .1% |
Evergreen
Credit Card Trust, Ser. 2025-CRT5, Cl. B(b)
|
|
|
|
|
|
Asset-Backed
Certificates/Home Equity Loans — .6% |
GS
Mortgage-Backed Securities Trust, Ser. 2024-HE1, Cl. A1, (1 Month SOFR
+1.60%)(b),(c)
|
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|
|
JPMorgan
Mortgage Trust, Ser. 2024-CES1, Cl. A1B(b)
|
|
|
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|
|
RCKT
Mortgage Trust, Ser. 2024-CES2, Cl. A1B(b)
|
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|
|
|
|
|
|
|
|
|
|
|
Commercial
Mortgage Pass-Through Certificates — .3% |
US
Bank NA, Ser. 2026-SUP1, Cl. B1(b)
|
|
|
|
|
|
Total
Asset-Backed Securities
(cost
$14,519,982) |
|
|
|
Collateralized
Loan Obligations — 4.4% |
Collateralized
Loan Obligations Debt — 4.4% |
Cerberus
Loan Funding XL LLC, Ser. 2023-1A, Cl. AR, (3 Month TSFR
+1.60%)(b),(c)
|
|
|
|
|
|
Fortress
Credit Opportunities XXXI Ltd. CLO, Ser. 2025-31A, Cl. A1, (3 Month
TSFR
+1.50%)(b),(c)
|
|
|
|
|
|
Fortress
Credit Opportunities XXXV Ltd. CLO, Ser. 2025-35A, Cl. A1, (3 Month
TSFR
+1.40%)(b),(c)
|
|
|
|
|
|
Goldentree
Loan Management US 14 Ltd. CLO, Ser. 2022-14A, Cl. XR,
(3
Month TSFR +0.90%)(b),(c)
|
|
|
|
|
|
Great
Lakes IX Ltd. CLO, Ser. 2025-9A, Cl. A1, (3 Month TSFR +1.55%)(b),(c)
|
|
|
|
|
|
HPS
Loan Management Ltd., Ser. 2026-27A, Cl. A1, (3 Month TSFR
+1.16%)(b),(c)
|
|
|
|
|
|
Magnetite
XIX Ltd., Ser. 2017-19A, Cl. ARR, (3 Month TSFR +1.05%)(b),(c)
|
|
|
|
|
|
MCF
CLO VIII Ltd., Ser. 2018-1A, Cl. X, (3 Month TSFR +1.10%)(b),(c)
|
|
|
|
|
|
MF1
Ltd. CLO, Ser. 2021-FL7, Cl. AS, (1 Month TSFR +1.564%)(b),(c)
|
|
|
|
|
|
MF1
Ltd. CLO, Ser. 2022-FL8, Cl. AS, (1 Month TSFR +1.75%)(b),(c)
|
|
|
|
|
|
Neuberger
Berman Loan Advisers 41 Ltd. CLO, Ser. 2021-41A, Cl. AR,
(3
Month TSFR +1.05%)(b),(c)
|
|
|
|
|
|
PFP
Ltd., Ser. 2025-12, Cl. A, (1 Month TSFR +1.489%)(b),(c)
|
|
|
|
|
|
Regatta
XX Funding Ltd., Ser. 2021-2A, Cl. AR, (3 Month TSFR +1.18%)(b),(c)
|
|
|
|
|
|
RIN
IV Ltd., Ser. 2021-1A, Cl. A1R, (3 Month TSFR +1.35%)(b),(c)
|
|
|
|
|
|
Total
Collateralized Loan Obligations
(cost
$3,479,685) |
|
|
|
Commercial
Mortgage-Backed — 6.1% |
Commercial
Mortgage Pass-Through Certificates — 6.1% |
A&D
Mortgage Trust, Ser. 2026-NQM3, Cl. A1(b)
|
|
|
|
|
|
Angel
Oak Mortgage Trust, Ser. 2024-3, Cl. A2(b)
|
|
|
|
|
|
Aspire
Mortgage Trust, Ser. 2026-1, Cl. A1(b)
|
|
|
|
|
|
BANK5
Trust, Ser. 2024-5YR12, Cl. A2 |
|
|
|
|
|
BRAVO
Residential Funding Trust, Ser. 2023-NQM5, Cl. A2(b)
|
|
|
|
|
|
BRAVO
Residential Funding Trust, Ser. 2025-NQM8, Cl. A1(b)
|
|
|
|
|
|
BSREP
Commercial Mortgage Trust, Ser. 2021-DC, Cl. C, (1 Month TSFR
+1.664%)(b),(c)
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Commercial
Mortgage-Backed — 6.1% (continued) |
Commercial
Mortgage Pass-Through Certificates — 6.1% (continued) |
BX
Commercial Mortgage Trust, Ser. 2026-CSMO, Cl. A, (1 Month TSFR
+1.40%)(b),(c)
|
|
|
|
|
|
BXHPP
Trust, Ser. 2021-FILM, Cl. B, (1 Month TSFR +1.014%)(b),(c)
|
|
|
|
|
|
COLT
Mortgage Loan Trust, Ser. 2023-3, Cl. A2(b)
|
|
|
|
|
|
COLT
Mortgage Loan Trust, Ser. 2025-3, Cl. A1(b)
|
|
|
|
|
|
COLT
Mortgage Loan Trust, Ser. 2025-8, Cl. A3(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2024-H2, Cl. A2(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2024-H2, Cl. A3(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2024-H3, Cl. A2(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2025-H2, Cl. A1(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2025-H2, Cl. A2(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2025-H8, Cl. A1(b)
|
|
|
|
|
|
Cross
Mortgage Trust, Ser. 2026-NQM5, Cl. A3(b)
|
|
|
|
|
|
EFMT,
Ser. 2025-RTL1, Cl. A1(b)
|
|
|
|
|
|
Hudson
Yards Mortgage Trust, Ser. 2025-SPRL, Cl. C(b)
|
|
|
|
|
|
Imperial
Fund Mortgage Trust, Ser. 2023-NQM1, Cl. A3(b)
|
|
|
|
|
|
LHOME
Mortgage Trust, Ser. 2025-RTL3, Cl. A1(b)
|
|
|
|
|
|
Natixis
Commercial Mortgage Securities Trust, Ser. 2020-2PAC, Cl. A(b)
|
|
|
|
|
|
New
Residential Mortgage Loan Trust, Ser. 2022-NQM1, Cl. A1(b)
|
|
|
|
|
|
New
Residential Mortgage Loan Trust, Ser. 2024-NQM3, Cl. A1(b)
|
|
|
|
|
|
New
Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1(b)
|
|
|
|
|
|
NY
Commercial Mortgage Trust, Ser. 2025-299P, Cl. A(b)
|
|
|
|
|
|
NYMT
Loan Trust, Ser. 2025-CP1, Cl. A1(b)
|
|
|
|
|
|
NYMT
Loan Trust, Ser. 2026-INV2, Cl. A1(b)
|
|
|
|
|
|
OBX
Trust, Ser. 2024-NQM18, Cl. A1(b)
|
|
|
|
|
|
OBX
Trust, Ser. 2025-NQM18, Cl. A1A(b)
|
|
|
|
|
|
PRPM
LLC, Ser. 2025-RPL4, Cl. A1(b)
|
|
|
|
|
|
Toorak
Mortgage Trust, Ser. 2025-RRTL1, Cl. A1(b)
|
|
|
|
|
|
Towd
Point Mortgage Trust, Ser. 2023-1, Cl. A1(b)
|
|
|
|
|
|
Verus
Securitization Trust, Ser. 2024-9, Cl. A1(b)
|
|
|
|
|
|
Total
Commercial Mortgage-Backed
(cost
$4,950,402) |
|
|
|
Corporate
Bonds and Notes — 60.5% |
|
|
Outfront
Media Capital LLC/Outfront Media Capital Corp., Sr. Scd. Notes(b)
|
|
|
|
|
|
Aerospace
& Defense — .4% |
TransDigm,
Inc., Sr. Scd. Notes(b)
|
|
|
|
|
|
|
|
Philip
Morris International, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
Avianca
Midco 2 PLC, Sr. Scd. Notes(b)
|
|
|
|
|
|
Delta
Air Lines, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles
& Components — 3.8% |
BMW
US Capital LLC, Gtd. Notes(b)
|
|
|
|
|
|
Ford
Motor Credit Co. LLC, Sr. Unscd. Notes |
|
|
|
|
|
Ford
Motor Credit Co. LLC, Sr. Unscd. Notes |
|
|
|
|
|
Ford
Motor Credit Co. LLC, Sr. Unscd. Notes |
|
|
|
|
|
Forvia
SE, Sr. Unscd. Notes(b),(d)
|
|
|
|
|
|
General
Motors Financial Co., Inc., Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 60.5% (continued) |
Automobiles
& Components — 3.8% (continued) |
General
Motors Financial Co., Inc., Sr. Unscd. Notes |
|
|
|
|
|
Tenneco,
Inc., Sr. Scd. Notes(b)
|
|
|
|
|
|
The
Goodyear Tire & Rubber Company, Sr. Unscd. Notes(d)
|
|
|
|
|
|
Volkswagen
Group of America Finance LLC, Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP
Paribas SA, Sub. Notes |
|
|
|
|
|
Citigroup,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
Citizens
Financial Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Huntington
Bancshares, Inc., Sr. Unscd. Notes |
|
|
|
|
|
ING
Groep NV, Sr. Unscd. Notes |
|
|
|
|
|
M&T
Bank Corp., Sr. Unscd. Notes |
|
|
|
|
|
Morgan
Stanley, Sr. Unscd. Notes(d)
|
|
|
|
|
|
Morgan
Stanley, Sub. Notes |
|
|
|
|
|
Santander
Holdings USA, Inc., Sr. Unscd. Notes |
|
|
|
|
|
State
Street Corp., Jr. Sub. Notes, Ser. I(d),(e)
|
|
|
|
|
|
The
Goldman Sachs Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
The
Goldman Sachs Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Truist
Financial Corp., Sr. Unscd. Notes |
|
|
|
|
|
Wells
Fargo & Co., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Builders
FirstSource, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Smyrna
Ready Mix Concrete LLC, Sr. Scd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axalta
Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, Gtd.
Notes(b)
|
|
|
|
|
|
Celanese
US Holdings LLC, Gtd. Notes(d)
|
|
|
|
|
|
LYB
International Finance III LLC, Gtd. Notes(d)
|
|
|
|
|
|
The
Dow Chemical Company, Sr. Unscd. Notes(d)
|
|
|
|
|
|
The
Mosaic Company, Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
& Professional Services — 2.1% |
Avis
Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Avis
Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(b),(d)
|
|
|
|
|
|
Block,
Inc., Sr. Unscd. Notes(b)
|
|
|
|
|
|
Global
Payments, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Herc
Holdings, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Herc
Holdings, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Sunbelt
Rentals Holdings, Inc., Gtd. Notes(b),(d)
|
|
|
|
|
|
Williams
Scotsman, Inc., Sr. Scd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 5.2% |
Brightstar
Lottery PLC, Sr. Scd. Notes(b)
|
|
|
|
|
|
Carnival
Corp. Ltd., Gtd. Notes(b)
|
|
|
|
|
|
Cinemark
USA, Inc., Gtd. Notes(b)
|
|
|
|
|
|
D.R.
Horton, Inc., Gtd. Notes(d)
|
|
|
|
|
|
Flutter
Treasury DAC, Sr. Scd. Bonds(b),(d)
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 60.5% (continued) |
Consumer
Discretionary — 5.2% (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Sands Corp., Sr. Unscd. Notes |
|
|
|
|
|
Las
Vegas Sands Corp., Sr. Unscd. Notes |
|
|
|
|
|
NCL
Corp. Ltd., Sr. Unscd. Notes(b)
|
|
|
|
|
|
Penn
Entertainment, Inc., Gtd. Notes(b),(d)
|
|
|
|
|
|
Wynn
Macau Ltd., Sr. Unscd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
Durables & Apparel — .3% |
Levi
Strauss & Co., Sr. Unscd. Notes(b),(d)
|
|
|
|
|
|
|
|
The
Clorox Company, Sr. Unscd. Notes |
|
|
|
|
|
Diversified
Financials — 3.7% |
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes |
|
|
|
|
|
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes |
|
|
|
|
|
Aircastle
Ltd./Aircastle Ireland DAC, Gtd. Notes(b)
|
|
|
|
|
|
Aircastle
Ltd./Aircastle Ireland DAC, Gtd. Notes(b)
|
|
|
|
|
|
Apollo
Debt Solutions BDC, Sr. Unscd. Notes(b)
|
|
|
|
|
|
Ares
Capital Corp., Sr. Unscd. Notes(d)
|
|
|
|
|
|
Blackstone
Private Credit Fund, Sr. Unscd. Notes |
|
|
|
|
|
Blackstone
Private Credit Fund, Sr. Unscd. Notes |
|
|
|
|
|
Blackstone
Secured Lending Fund, Sr. Unscd. Notes |
|
|
|
|
|
Goldman
Sachs BDC, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Lseg
US Fin Corp., Gtd. Notes(b)
|
|
|
|
|
|
Macquarie
Airfinance Holdings Ltd., Sr. Unscd. Notes(b),(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic
Components — .1% |
Jabil,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
Azule
Energy Finance PLC, Gtd. Notes(b)
|
|
|
|
|
|
Cheniere
Energy Partners LP, Gtd. Notes |
|
|
|
|
|
CITGO
Petroleum Corp., Sr. Scd. Notes(b)
|
|
|
|
|
|
CVR
Energy, Inc., Gtd. Bonds(b)
|
|
|
|
|
|
CVR
Energy, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Energy
Transfer LP, Sr. Unscd. Notes |
|
|
|
|
|
Global
Partners LP/GLP Finance Corp., Gtd. Notes |
|
|
|
|
|
Hess
Midstream Operations LP, Gtd. Notes(b)
|
|
|
|
|
|
Hess
Midstream Operations LP, Gtd. Notes(b)
|
|
|
|
|
|
Ithaca
Energy North Sea PLC, Sr. Unscd. Notes(b)
|
|
|
|
|
|
Kinetik
Holdings LP, Sr. Unscd. Notes(b)
|
|
|
|
|
|
Medco
Cypress Tree Pte Ltd., Sr. Scd. Bonds(b)
|
|
|
|
|
|
MPLX
LP, Sr. Unscd. Notes |
|
|
|
|
|
Petroleos
del Peru SA, Sr. Unscd. Notes(b),(d)
|
|
|
|
|
|
Plains
All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes(d)
|
|
|
|
|
|
Repsol
E&P Capital Markets US LLC, Gtd. Notes(b)
|
|
|
|
|
|
Rio
Grande LNG LLC, Sr. Scd. Notes(b)
|
|
|
|
|
|
SM
Energy Co., Gtd. Notes(b)
|
|
|
|
|
|
SM
Energy Co., Gtd. Notes(b)
|
|
|
|
|
|
South
Bow USA Infrastructure Holdings LLC, Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 60.5% (continued) |
Energy
— 9.3% (continued) |
|
|
|
|
|
|
|
Sunoco
LP, Sr. Unscd. Notes(b)
|
|
|
|
|
|
The
Williams Companies, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Valero
Energy Corp., Sr. Unscd. Notes |
|
|
|
|
|
Venture
Global Calcasieu Pass LLC, Sr. Scd. Notes(b)
|
|
|
|
|
|
Venture
Global Plaquemines LNG LLC, Sr. Scd. Bonds(b)
|
|
|
|
|
|
Viper
Energy Partners LLC, Gtd. Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Albertsons
Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(b)
|
|
|
|
|
|
Post
Holdings, Inc., Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
US
Foods, Inc., Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avantor
Funding, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Baxter
International, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Bayer
US Finance LLC, Gtd. Notes(b)
|
|
|
|
|
|
GE
HealthCare Technologies, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HTA
Group Ltd., Gtd. Bonds(b)
|
|
|
|
|
|
TK
Elevator US Newco, Inc., Sr. Scd. Notes(b),(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
Information
Technology — 1.5% |
CoreWeave,
Inc., Gtd. Notes(b)
|
|
|
|
|
|
Fidelity
National Information Services, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Oracle
Corp., Sr. Unscd. Notes |
|
|
|
|
|
Paychex,
Inc., Sr. Unscd. Notes(d)
|
|
|
|
|
|
Salesforce,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allianz
SE, Jr. Sub. Bonds(b),(d),(e)
|
|
|
|
|
|
American
International Group, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Brown
& Brown, Inc., Sr. Unscd. Notes |
|
|
|
|
|
Corebridge
Global Funding, Scd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet
Software & Services — .6% |
eBay,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
Meta
Platforms, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amcor
Flexibles North America, Inc., Gtd. Notes(d)
|
|
|
|
|
|
Canpack
SA/Canpack US LLC, Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery
Communications LLC, Gtd. Notes |
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 60.5% (continued) |
|
|
Sirius
XM Radio LLC, Gtd. Notes(b)
|
|
|
|
|
|
Sirius
XM Radio LLC, Gtd. Notes(b)
|
|
|
|
|
|
Space
Exploration Technologies Corp., Sr. Unscd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alumina
Pty Ltd., Gtd. Notes(b)
|
|
|
|
|
|
Constellium
SE, Gtd. Notes(b)
|
|
|
|
|
|
Glencore
Funding LLC, Gtd. Notes(b)
|
|
|
|
|
|
WE
Soda Investments Holding PLC, Sr. Scd. Bonds(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Homes 4 Rent LP, Sr. Unscd. Notes |
|
|
|
|
|
American
Homes 4 Rent LP, Sr. Unscd. Notes(d)
|
|
|
|
|
|
Cousins
Properties LP, Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Diversified
Healthcare Trust, Sr. Scd. Notes(b)
|
|
|
|
|
|
Fibra
SOMA Trust, Sr. Unscd. Notes(b)
|
|
|
|
|
|
Healthcare
Realty Holdings LP, Gtd. Notes(d)
|
|
|
|
|
|
Highwoods
Realty LP, Sr. Unscd. Notes |
|
|
|
|
|
Iron
Mountain, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Iron
Mountain, Inc., Gtd. Notes(b)
|
|
|
|
|
|
OMEGA
Healthcare Investors, Inc., Gtd. Notes |
|
|
|
|
|
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-
Issuer,
Gtd. Notes(b)
|
|
|
|
|
|
Rexford
Industrial Realty LP, Gtd. Notes |
|
|
|
|
|
Sabra
Health Care LP, Gtd. Notes |
|
|
|
|
|
SBA
Tower Trust, Asset Backed Notes(b)
|
|
|
|
|
|
Starwood
Property Trust, Inc., Sr. Unscd. Notes(b)
|
|
|
|
|
|
Store
Capital LLC, Sr. Unscd. Notes |
|
|
|
|
|
Ventas
Realty LP, Gtd. Notes |
|
|
|
|
|
VICI
Properties LP, Sr. Unscd. Notes |
|
|
|
|
|
Vornado
Realty LP, Sr. Unscd. Notes(d)
|
|
|
|
|
|
WPC
Eurobond BV, Gtd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1011778
BC ULC/New Red Finance, Inc., Scd. Notes(b)
|
|
|
|
|
|
Asbury
Automotive Group, Inc., Gtd. Notes(b)
|
|
|
|
|
|
Lithia
Motors, Inc., Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
Hardware & Equipment — .4% |
Hewlett
Packard Enterprise Co., Sr. Unscd. Notes |
|
|
|
|
|
Kyndryl
Holdings, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication
Services — 1.0% |
ELK
Grove Village Property LLC, Sr. Scd. Notes(b),(d)
|
|
|
|
|
|
Millicom
International Cellular SA, Sr. Unscd. Notes(b)
|
|
|
|
|
|
STC
Sukuk Co. II Ltd., Sr. Unscd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds and Notes — 60.5% (continued) |
|
|
Fedex
Freight Holding Co., Inc., Gtd. Notes(b)
|
|
|
|
|
|
Ryder
System, Inc., Sr. Unscd. Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke
Energy Florida LLC, First Mortgage Bonds |
|
|
|
|
|
Electricite
de France SA, Sr. Unscd. Notes(b)
|
|
|
|
|
|
Enel
Finance International NV, Gtd. Notes(b)
|
|
|
|
|
|
Enel
Finance International NV, Gtd. Notes(b)
|
|
|
|
|
|
FirstEnergy
Corp., Sr. Unscd. Notes, Ser. B |
|
|
|
|
|
NiSource,
Inc., Sr. Unscd. Notes |
|
|
|
|
|
NRG
Energy, Inc., Sr. Scd. Notes(b)
|
|
|
|
|
|
PG&E
Corp., Jr. Sub. Notes |
|
|
|
|
|
PG&E
Corp., Sr. Scd. Notes(d)
|
|
|
|
|
|
Pinnacle
West Capital Corp., Sr. Unscd. Notes |
|
|
|
|
|
Southern
California Edison Co., First Mortgage Bonds |
|
|
|
|
|
Spire,
Inc., Sr. Unscd. Notes(d)
|
|
|
|
|
|
The
AES Corp., Sr. Unscd. Notes |
|
|
|
|
|
Vistra
Operations Co. LLC, Gtd. Notes(b)
|
|
|
|
|
|
Vistra
Operations Co. LLC, Gtd. Notes(b)
|
|
|
|
|
|
Vistra
Operations Co. LLC, Gtd. Notes(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds and Notes
(cost
$47,750,369) |
|
|
|
Foreign
Governmental — .3% |
Brazil
Notas do Tesouro Nacional, Notes, Ser. F |
|
|
|
|
|
Colombia,
Sr. Unscd. Bonds |
|
|
|
|
|
Total
Foreign Governmental
(cost
$205,330) |
|
|
|
U.S.
Government Agencies Collateralized Mortgage Obligations — .8% |
Federal
Home Loan Mortgage Corp., REMIC, Ser. 5050, Cl. XA(f)
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Ser.
2020-3,
Cl. TTU(f)
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. Seasoned Loans Structured Transaction
Trust,
Ser. 2018-2, Cl. A1(f)
|
|
|
|
|
|
Federal
National Mortgage Association, REMIC, Ser. 2013-16, Cl. GP(f)
|
|
|
|
|
|
Government
National Mortgage Association, Ser. 2022-173, Cl. PQ |
|
|
|
|
|
Total
U.S. Government Agencies Collateralized Mortgage Obligations
(cost
$614,344) |
|
|
|
|
|
|
|
|
|
|
U.S.
Government Agencies Mortgage-Backed — .0% |
Federal
Home Loan Mortgage Corp.: |
|
|
|
|
|
|
|
Government
National Mortgage Association II: |
7.00%,
12/20/2030-4/20/2031 |
|
|
|
|
|
7.50%,
11/20/2029-12/20/2030 |
|
|
|
|
|
Total
U.S. Government Agencies Mortgage-Backed
(cost
$23,344) |
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
U.S.
Treasury Securities — 8.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. Treasury Securities
(cost
$6,410,944) |
|
|
|
|
|
|
|
|
|
|
Investment
Companies — 1.1% |
Registered
Investment Companies — 1.1% |
BNY
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(g)
(cost
$827,196) |
|
|
|
|
|
Investment
of Cash Collateral for Securities Loaned — 3.1% |
Registered
Investment Companies — 3.1% |
BNY
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(g)
(cost
$2,426,204) |
|
|
|
|
|
Total
Investments (cost $81,207,800)
|
|
|
|
Liabilities,
Less Cash and Receivables |
|
|
|
|
|
|
|
|
|
|
|
CLO—Collateralized
Loan Obligation |
|
|
REMIC—Real
Estate Mortgage Investment Conduit |
SOFR—Secured
Overnight Financing Rate |
TSFR—Term
Secured Overnight Financing Rate Reference Rates |
|
|
Amount
stated in U.S. Dollars unless otherwise noted above. |
|
|
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 July 31, 2026, these securities amounted to $43,758,930 or 55.6% of net assets.
|
|
|
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. |
|
|
Security,
or portion thereof, on loan. At July 31, 2026, the value of the fund’s securities on loan was $6,134,915 and the value of the collateral
was
$6,338,148,
consisting of cash collateral of $2,426,204 and U.S. Government & Agency securities valued at $3,911,944. In addition, the value
of collateral
may
include pending sales that are also on loan. |
|
|
Security
is a perpetual security with no specified maturity date. Maturity date shown is next reset date of the security. |
|
|
The
Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association
into
conservatorship
with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
|
|
Investment
in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment
company’s
prospectus.
|
|
|
|
|
|
|
|
|
Dividends/
Distributions
($) |
Registered
Investment Companies - 1.1% |
BNY
Dreyfus Institutional Preferred Government Plus Money
Market
Fund, Institutional Shares - 1.1% |
|
|
|
|
|
Investment
of Cash Collateral for Securities Loaned - 3.1% |
BNY
Dreyfus Institutional Preferred Government Plus Money
Market
Fund, Institutional Shares - 3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
Unrealized
Appreciation
(Depreciation)
($) |
|
|
|
|
|
|
|
2
Year U.S. Treasury Note |
|
|
|
|
|
5
Year U.S. Treasury Note |
|
|
|
|
|
|
|
|
|
|
|
|
10
Year U.S. Treasury Note |
|
|
|
|
|
|
|
|
|
|
|
|
Five-Year
Government of Canada Bond |
|
|
|
|
|
Ultra
10 Year U.S. Treasury Note |
|
|
|
|
|
Gross
Unrealized Appreciation |
|
|
|
Gross
Unrealized Depreciation |
|
|
|
|
|
Notional
amounts in foreign currency have been converted to USD using relevant foreign exchange rates. |
Forward
Foreign Currency Exchange Contracts |
Counterparty/
Purchased
Currency
|
Purchased
Currency
Amounts
|
|
|
|
Unrealized
Appreciation
(Depreciation)
($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Unrealized Appreciation |
|
Gross
Unrealized Depreciation |
|
See notes to financial
statements.
STATEMENT
OF ASSETS AND LIABILITIES
July 31, 2026
|
|
|
|
|
|
|
|
Investments
in securities—See Schedule of Investments
(including
securities on loan, valued at $6,134,915)—Note
1(c): |
|
|
|
|
|
|
|
|
|
|
Cash
denominated in foreign currency |
|
|
Cash
collateral held by broker—Note 4
|
|
|
Dividends,
interest and securities lending income receivable |
|
|
Receivable
for shares of Common Stock subscribed |
|
|
Unrealized
appreciation on forward foreign currency exchange contracts—Note
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due
to BNY Mellon Investment Adviser, Inc. and affiliates—Note
3(b)
|
|
|
Cash
overdraft due to Custodian |
|
|
Liability
for securities on loan—Note 1(c)
|
|
|
Payable
for investment securities purchased |
|
|
Payable
for shares of Common Stock redeemed |
|
|
Payable
for futures variation margin—Note 4
|
|
|
Unrealized
depreciation on forward foreign currency exchange contracts—Note
4
|
|
|
Directors’
fees and expenses payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition
of Net Assets ($): |
|
|
|
|
|
|
Total
distributable earnings (loss) |
|
|
|
|
|
|
Net
Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Share ($) |
|
|
|
|
See notes to financial statements.
Year Ended July 31,
2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated
income net of rebates from securities lending—Note
1(c)
|
|
|
|
|
|
|
|
|
|
|
Shareholder
servicing costs—Note 3(b)
|
|
|
|
|
|
|
|
|
|
|
Chief
Compliance Officer fees—Note 3(b)
|
|
Shareholder
and regulatory reports service fees—Note
3(b)
|
|
Prospectus
and shareholders’ reports |
|
|
|
|
Directors’
fees and expenses—Note 3(c)
|
|
Loan
commitment fees—Note 2
|
|
|
|
|
|
|
|
Less—reduction
in expenses due to undertaking—Note 3(a)
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss) on Investments—Note 4 ($):
|
|
Net
realized gain (loss) on investments and foreign currency transactions |
|
Net
realized gain (loss) on futures |
|
Net
realized gain (loss) on forward foreign currency exchange contracts |
|
|
|
|
Net
change in unrealized appreciation (depreciation) on investments and foreign currency transactions |
|
Net
change in unrealized appreciation (depreciation) on futures |
|
Net
change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |
|
Net
Change in Unrealized Appreciation (Depreciation) |
|
Net
Realized and Unrealized Gain (Loss) on Investments |
|
Net
Increase in Net Assets Resulting from Operations |
|
See notes to financial statements.
STATEMENT
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) on investments |
|
|
Net
change in unrealized appreciation (depreciation) on investments |
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
Distributions
to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Stock Transactions ($): |
|
|
Net
proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets from Capital Stock Transactions |
|
|
Total
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
During
the period ended July 31, 2026, 815 Class I shares representing $8,038 were exchanged for 820 Class A shares. |
See notes to financial statements.
The
following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover
rate) reflects financial results for
a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption
at net asset value on the last day
of the period. Net asset value total return includes adjustments in accordance with accounting principles generally
accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon
those net asset values may differ from the net asset
value and returns for shareholder transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(b)
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(g)
|
|
|
|
|
|
Ratio
of net investment income (loss) to average net assets(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
From
May 6, 2022 (commencement of initial offering) to July 31, 2022. |
|
|
Based
on average shares outstanding. |
|
|
Amount
represents less than $.01 per share. |
|
|
Exclusive
of sales charge. |
|
|
|
|
|
|
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(c)
|
|
|
|
|
|
Ratio
of net investment income to average net assets(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Effective
May 6, 2022, Class P shares converted into Class D shares and Class P shares were terminated as a separate class of shares.
|
|
|
Based
on average shares outstanding. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(f)
|
|
|
|
|
|
Ratio
of net investment income to average net assets(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
From
May 6, 2022 (commencement of initial offering) to July 31, 2022. |
|
|
Based
on average shares outstanding. |
|
|
Amount
represents less than $.01 per share. |
|
|
|
|
|
|
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(e)
|
|
|
|
|
|
Ratio
of net investment income to average net assets(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
From
May 6, 2022 (commencement of initial offering) to July 31, 2022. |
|
|
Based
on average shares outstanding. |
|
|
|
|
|
|
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
NOTES
TO FINANCIAL STATEMENTS
NOTE
1—
Significant
Accounting Policies:
BNY Mellon
Short Term Income Fund (the “fund”) is the sole series of BNY Mellon Investment Funds VII, Inc. (the “Company”),
which is registered under the Investment
Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment
company. The fund’s investment objective is to seek to maximize total return, consisting of capital appreciation and current income.
BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation
(“BNY”), serves as the fund’s investment adviser. Insight North America LLC (the “Sub-Adviser”),
an indirect wholly-owned subsidiary of BNY and an
affiliate of the Adviser, serves as the fund’s sub-adviser.
BNY Mellon
Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s
shares. The fund is authorized to
issue 500 million shares of $.001 par value of Common Stock in each of the following classes of shares: Class A,
Class D, Class I and Class Y. Class A shares are sold primarily to retail investors through financial intermediaries and bear shareholder
services plan fees. Class A shares
generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an
initial sales charge as part of an investment of $250,000 or more may be charged a contingent deferred sales charge (“CDSC”)
of 1.00% if redeemed within one
year. Class D shares are sold at net asset value per share generally to institutional investors and bear shareholder
services plan fees. 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 shareholder services plan fees. Class Y shares are sold at net asset value per share generally to institutional investors,
and bear no shareholder services
plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between
the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and
certain voting rights. Income, expenses
(other than expenses attributable to a specific class), and realized and unrealized gains or losses on
investments are allocated to each class of shares based on its relative net assets.
As of July
31, 2026, MBC Investments Corporation, an indirect subsidiary of BNY, held all of the outstanding Class Y shares of the fund.
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.
NOTES
TO FINANCIAL STATEMENTS (continued)
Changes
in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques
used to value the fund’s investments are as follows:
Investments
in other open-end investment companies are valued at their reported net asset values (“NAVs”) each
day and are generally categorized within Level 1
of the fair value hierarchy.
Investments
in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services
(the “Service”).
When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative
of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from
dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
The value of other debt securities
and instruments is determined by the Service based on methods which include consideration of: yields or
prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.
The Services are engaged under the general supervision of the 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 (for example, a foreign exchange or market),
but before the fund calculates its NAV), or which are not valued by the Service, are valued at fair value as determined in good faith
based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund’s valuation designee
pursuant to Rule 2a-5 under the
Act, using such information as it deems appropriate under the circumstances. The factors that may be considered
when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation
of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of
the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s
most recent closing price and from
the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within
Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
Market quotations
of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency
are translated into U.S. dollars at the spot rate.
Forward foreign
currency exchange contracts (“forward
contracts”)
generally are valued using the forward rate obtained from a Service and
are categorized within Level 2 of the fair value hierarchy. Futures contracts will be valued at the most recent settlement price
and are generally categorized within Level 1 of the
fair value hierarchy.
The following is a summary
of the inputs used as of July 31, 2026 in valuing the fund’s investments:
|
|
Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
|
Investments
in Securities:†
|
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|
|
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|
|
|
|
|
Collateralized
Loan Obligations |
|
|
|
|
Commercial
Mortgage-Backed |
|
|
|
|
Corporate
Bonds and Notes |
|
|
|
|
|
|
|
|
|
|
U.S.
Government Agencies Collateralized Mortgage Obligations |
|
|
|
|
U.S.
Government Agencies Mortgage-Backed |
|
|
|
|
|
|
|
|
|
|
NOTES
TO FINANCIAL STATEMENTS (continued)
|
|
Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
|
|
|
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|
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Other
Financial Instruments: |
|
|
|
|
Forward
Foreign Currency Exchange Contracts††
|
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|
|
|
|
|
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|
|
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|
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|
|
|
|
|
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|
Other
Financial Instruments: |
|
|
|
|
Forward
Foreign Currency Exchange Contracts††
|
|
|
|
|
|
|
|
|
|
|
|
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|
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
currency transactions: The fund does not isolate
that portion of the results of operations resulting from changes in foreign exchange
rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included
with the net realized and unrealized gain or loss on investments.
Net realized
foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions
between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded
on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains
and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates.
Foreign currency gains and losses
on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
(c) Securities
transactions and investment income: Securities transactions
are recorded on a trade date basis. Realized gains and losses
from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest
income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual
basis.
Pursuant to
a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at
origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign
securities loaned. Collateral equivalent
to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either
in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and
Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default,
and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund’s
Schedule of Investments. The fund
is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income
earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to
replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated
to the fund’s rights against
the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an
overnight and continuous basis. During the period ended July 31, 2026, BNY earned $1,571 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 July 31, 2026, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of
NOTES
TO FINANCIAL STATEMENTS (continued)
collateral
pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the
following table:
|
|
|
Gross
amount of securities loaned, at
value,
as disclosed in the Statement
of
Assets and Liabilities |
|
Collateral
(received)/posted not offset
in
the Statement of
Assets
and Liabilities |
|
|
|
|
|
|
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.
Interest Rate Risk:
Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically,
a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund’s investments in
these securities to decline. A wide
variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation
and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may
increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates,
which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors
of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates.
When interest rates fall, the fund’s investments in new securities may be at lower yields and may reduce the fund’s income.
Changing interest rates may have
unpredictable effects on markets, may result in heightened market volatility and may detract from fund
performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with
longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods
of time. Unlike investment grade bonds, however, the prices of high yield (“junk”)
bonds may fluctuate unpredictably and not necessarily
inversely with changes in interest rates. Interest rate changes may have different effects on the values of mortgage-related securities
because of prepayment and extension risks. In addition, the rates on floating rate instruments adjust periodically with changes in
market interest rates. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the
value of floating rate loans and
other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest
rates.
Foreign Investment Risk:
To the extent the fund invests in foreign securities, the fund’s performance will be influenced by political, social
and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure
to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information,
political and economic instability and differing auditing and legal standards. Investments denominated in foreign currencies are subject
to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the
fund.
Derivatives Risk:
A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives
involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and
NOTES
TO FINANCIAL STATEMENTS (continued)
the
fund’s use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile,
illiquid and difficult to value,
and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets
or the fund’s other investments in the manner intended. Certain derivatives have the potential for unlimited loss, regardless of
the size of the initial investment,
and involve greater risks than the underlying assets because, in addition to general market risks, they are subject
to liquidity risk, credit and counterparty risk (failure of the counterparty to the derivatives transaction to honor its obligation) and
pricing risk (risk that the derivative cannot or will not be accurately valued).
Fixed-Income Market Risk:
The market value of a fixed-income security may decline due to general market conditions that are not specifically
related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings,
changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible
to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions
or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation
of a rise in interest rates). An
unexpected increase in fund redemption requests, including requests from shareholders who may own a significant
percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund
to sell its holdings at a loss or at undesirable prices and adversely affect the fund’s share price and increase the fund’s
liquidity risk, fund expenses and/or
taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates,
may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide
are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for
market participants may not be fully known for some time.
Portfolio Turnover Risk:
The fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions,
and lower the fund’s after-tax performance.
(f) Dividends
and distributions to shareholders: It is the policy
of the fund to declare dividends daily from net investment income. Such
dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may
make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy
of the fund not to distribute such
gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may
differ from GAAP.
(g) Federal
income taxes: It is the policy of the fund to continue to
qualify as a regulated investment company, if such qualification is in
the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable
income and net realized capital gain sufficient to
relieve it from substantially all federal income and excise taxes.
As of and
during the period ended July 31, 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 July 31, 2026, the fund did not incur any interest or penalties.
Each tax year
in the four-year period ended July 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing
authorities.
At July 31,
2026, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $20,984, accumulated
capital and other losses $16,670,053 and unrealized depreciation $432,205.
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 accumulated
capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if
any, realized subsequent to July 31, 2026. The fund has $5,443,104 of short-term capital losses and $11,226,947 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 years ended July 31, 2026 and July 31, 2025 were as follows:
ordinary income $3,906,299 and $4,067,948, respectively.
(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
NOTES
TO FINANCIAL STATEMENTS (continued)
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 July 31, 2026, the fund did not borrow under either Facility.
NOTE
3—
Management
Fee, Sub-Advisory Fee
and Other Transactions with Affiliates:
(a) Pursuant
to a management agreement with the Adviser, the management fee is computed at the annual rate of .30% of the value of the
fund’s average daily net assets and is payable monthly. The Adviser has contractually agreed, from August 1, 2025 through December
1, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund’s
share classes (excluding shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and
extraordinary expenses) exceed .40% of the value of the fund’s average daily net assets. On or after December 1, 2026, the Adviser
may terminate this expense limitation
agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $318,331
during the period ended July 31, 2026.
Pursuant to
a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee
at an annual rate of .15% of the value of the fund’s average daily net assets.
(b) Under
the shareholder services plan (the “Shareholder
Services Plan”),
the fund pays the Distributor at an annual rate of .25% of the
value of the average daily net assets of Class A shares and .20% of the value of the average daily net assets of Class D shares for the
provision of certain services. The
services provided may include personal services relating to shareholder accounts, such as answering shareholder
inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments
to service agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor
determines the amounts to be paid to service agents. During the period ended July 31, 2026, Class A and Class D shares were
charged $3,376 and $151,090, respectively, pursuant to the Shareholder Services Plan.
The fund has
an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser,
whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent
fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement
of Operations.
The fund has
an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby
the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes,
the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates
the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services
for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees
are related to fund subscriptions and redemptions. During the period ended July 31, 2026, the fund was charged $31,468 for transfer
agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
The fund compensates
the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined
based on net assets, geographic region and transaction activity. During the period ended July 31, 2026, the fund was charged $9,897
pursuant to the custody agreement.
NOTES
TO FINANCIAL STATEMENTS (continued)
The
fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to
the fund’s check writing privilege. During the period ended July 31, 2026, the fund was charged $2,903 pursuant to the agreement,
which is included in Shareholder servicing costs
in the Statement of Operations.
During the
period ended July 31, 2026, the fund was charged $29,681 for services performed by the fund’s Chief Compliance Officer and
his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The fund compensates
the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in
shareholder and regulatory reports service fees in the Statement of Operations. During the period ended July 31, 2026, the Custodian was
compensated $20,000 for financial reporting and regulatory services.
The components
of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of:
management fee of $20,026, Shareholder Services Plan fees of $12,309, Custodian fees of $4,800, Chief Compliance Officer fees of $2,388,
Transfer Agent fees of $7,518, checkwriting fees of $250 and shareholder and regulatory reports service fees of $8,333, which are
offset against an expense reimbursement currently in effect in the amount of $25,969.
(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 and derivatives,
during the period ended July 31, 2026, amounted to $46,814,173 and $50,537,479, respectively.
Derivatives:
A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into
International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”)
with its over-the counter (“OTC”)
derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties.
Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under
a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments’ payables and/or receivables
with collateral held and/or posted and create one single net payment in the event of default or termination. Rule 18f-4 under the Act
regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was
held by the fund during the period ended July 31,
2026 is discussed below.
Broker Deposits: The
amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances
that are held by one or more brokers, including collateral required for derivative contracts. Any income earned on cash balances held
by a broker is recorded as interest income to the fund.
Futures:
In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result
of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against
changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon
entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents.
The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject
to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded
in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the
Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange
guarantees the futures against default. Futures open at July 31, 2026 are set forth in the fund’s Schedule of Investments.
Forward Foreign Currency
Exchange Contracts: The fund enters into forward
contracts in order to hedge its exposure to changes in foreign
currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the
future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the
forward contract is opened and the
date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between
those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the
date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract
increases between those dates. Any
realized or unrealized gains or losses which occurred during the period are reflected in the Statement of
Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund
is also exposed to credit risk associated
with counterparty non-performance on these forward contracts, which is generally limited to the unrealized
gain on each open contract. The risk of non-payment may be mitigated by Master Agreements, if any, between the fund and
NOTES
TO FINANCIAL STATEMENTS (continued)
the
counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.
Forward contracts open at July 31, 2026 are set forth
in the 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 July 31, 2026 is shown below:
|
|
|
|
Derivative
Liabilities
($) |
|
|
|
|
|
|
|
|
|
|
Gross
fair value of derivative contracts |
|
|
|
Statement
of Assets and Liabilities location: |
|
|
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. |
|
|
Unrealized
appreciation (depreciation) on forward foreign currency exchange contracts. |
The effect of derivative instruments
in the Statement of Operations during the period ended July 31, 2026 is shown below:
Amount
of realized gain (loss) on derivatives recognized in income ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement
of Operations location: |
|
|
Net
realized gain (loss) on futures. |
|
|
Net
realized gain (loss) on forward foreign currency exchange contracts. |
|
|
Net
change in unrealized appreciation (depreciation) on futures. |
|
|
Net
change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
The provisions
of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets
and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master
Agreements which are eligible for
offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information
with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities
that are subject to Master Agreements in the Statement of Assets and Liabilities.
At July 31, 2026, derivative
assets and liabilities (by type) on a gross basis are as follows:
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
NOTES
TO FINANCIAL STATEMENTS (continued)
Derivative
Financial Instruments:
(continued)
|
|
|
Total
gross amount of derivative assets
and
liabilities in the Statement of
Assets
and Liabilities |
|
|
Derivatives
not subject to Master
Agreements
|
|
|
Total
gross amount of assets and
liabilities
subject to Master
Agreements
|
|
|
The following
tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related
collateral received or pledged, if any, as of July 31, 2026:
|
|
Gross
Amount
of
Assets ($)(1) |
Financial
Instruments
and
Derivatives
Available
for
Offset ($) |
|
|
|
|
|
|
|
|
|
|
Gross
Amount
of
Liabilities($)(1) |
Financial
Instruments
and
Derivatives
Available
for
Offset ($) |
|
Net
Amount
of
Liabilities ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Absent
a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement
of Assets and
Liabilities.
|
The following table summarizes
the monthly average market value of derivatives outstanding during the period ended July 31, 2026:
|
|
|
|
|
|
Interest
Rate Futures Long |
|
Interest
Rate Futures Short |
|
|
|
|
Forward
Contracts Purchased in USD |
|
Forward
Contracts Sold in USD |
|
At July 31,
2026, the cost of investments for federal income tax purposes was $81,283,101; accordingly, accumulated net unrealized depreciation
on investments was $436,279, consisting of $371,053 gross unrealized appreciation and $807,332 gross unrealized depreciation.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Directors of BNY Mellon Investment Funds VII, Inc.
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities of BNY Mellon Investment Funds VII, Inc. (the “Company”)
(comprised of the sole fund BNY Mellon
Short Term Income Fund (the “Fund”)),
including the schedule of investments, as of July 31, 2026, and the related statement of
operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial
highlights for each of the five years
in the period then ended and the related notes (collectively referred to as the “financial
statements”).
In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Fund (the sole fund constituting BNY
Mellon Investment Funds VII, Inc.)
at July 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the
period then ended and its financial
highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial
statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged
to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion.
Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the
custodian, brokers and others; when
replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable
basis for our opinion. 
We have served
as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine
the specific year.
New
York, New York
September 22, 2026
IMPORTANT
TAX INFORMATION (Unaudited)
For
federal tax purposes, the fund hereby reports 77.39% of ordinary income dividends paid during the fiscal period ended July 31, 2026
as qualifying interest related dividends.
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Item
9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)
Each
board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and
meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund’s
Chief Compliance Officer. Compensation
paid by the fund during the period to the board members and the Chief Compliance Officer are
within Item 7. Statement of Operations as Directors’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate
amount of Directors’ fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $32,632.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
©
2026 BNY Mellon Securities Corporation
Code-0083NCSRAR0726
|
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 material 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.
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
VII,
Inc.
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: September
17,
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: September
17,
2026
By: /s/
James
Windels
James
Windels
Treasurer
(Principal
Financial
Officer)
Date: September
17,
2026
EXHIBIT
INDEX
|
(a)(1) |
Code of ethics referred to in Item 2. |
|
(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) |
|
(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) |
