Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Not applicable.
BNY Mellon Short Term Municipal Bond Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
IMPORTANT NOTICE – CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS
The Securities and Exchange Commission (the “SEC”) has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports (“Reports”). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC.
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 Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. BNY Mellon Short Term Municipal Bond FundStatement of Investments September 30, 2024 (Unaudited)
| | | | | |
Long-Term Municipal Investments — 97.9% |
|
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1(a) | | | | | |
Black Belt Energy Gas District, Revenue Bonds, Ser. B | | | | | |
Selma Industrial Development Board, Revenue Bonds, Refunding (International Paper Co.) Ser. A(a) | | | | | |
| | | | | |
|
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | | | | |
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp. | | | | | |
| | | | | |
|
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | | | | |
California Municipal Finance Authority, Revenue Bonds (Sustainable Bond) (Orchard Park) (Insured; Build America Mutual) | | | | | |
California University, Revenue Bonds, Refunding, Ser. B2(a) | | | | | |
| | | | | |
|
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | | | | |
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | | | | |
| | | | | |
|
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C2 | | | | | |
District of Columbia — 2.2% |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | | | | | |
|
Broward County School District , COP, Refunding, Ser. B | | | | | |
Collier County Industrial Development Authority, Revenue Bonds (NCH Healthcare System Project) Ser. B1(a) | | | | | |
Lee Memorial Health System, Revenue Bonds, Refunding, Ser. A1 | | | | | |
Miami-Dade County Seaport Department, Revenue Bonds, Refunding, Ser. A | | | | | |
Village Community Development District No. 15, Special Assessment | | | | | |
Village Community Development District No. 15, Special Assessment | | | | | |
| | | | | |
|
Main Street Natural Gas, Revenue Bonds, Ser. A | | | | | |
Statement of Investments (Unaudited) (continued)
| | | | | |
Long-Term Municipal Investments — 97.9% (continued) |
|
Chicago Park District, GO, Refunding, Ser. C | | | | | |
Cook County II, GO, Refunding, Ser. A | | | | | |
Cook County II, Revenue Bonds, Refunding | | | | | |
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. C | | | | | |
Illinois, GO, Refunding, Ser. D | | | | | |
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1(a) | | | | | |
| | | | | |
|
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light Co.) Ser. A | | | | | |
Indiana Finance Authority, Revenue Bonds (Indiana University Health Obligated Group) Ser. B1(a) | | | | | |
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | | | | | |
| | | | | |
|
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. B | | | | | |
PEFA, Revenue Bonds (Gas Project)(a) | | | | | |
| | | | | |
|
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. B | | | | | |
|
East Baton Rouge Sewerage Commission, Revenue Bonds, Refunding, Ser. B | | | | | |
|
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. | | | | | |
|
Massachusetts Educational Financing Authority, Revenue Bonds (Educational Loan Revenue Bond) | | | | | |
Massachusetts Port Authority, Revenue Bonds (Sustainable Bond) Ser. A | | | | | |
| | | | | |
|
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) | | | | | |
Detroit Regional Convention Facility Authority, Revenue Bonds, Refunding, Ser. C | | | | | |
Lansing Board of Water & Light, Revenue Bonds, Ser. B(a) | | | | | |
Saginaw Hospital Finance Authority, Revenue Bonds, Refunding (Covenant Medical Center) | | | | | |
| | | | | |
| | | | | |
Long-Term Municipal Investments — 97.9% (continued) |
|
Kansas City Industrial Development Authority, Revenue Bonds, Ser. B | | | | | |
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Lutheran Senior Services Obligated Group) Ser. A | | | | | |
| | | | | |
|
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | | | | |
Humboldt County, Revenue Bonds, Refunding (Sierra Pacific Power Company Project) Ser. B | | | | | |
| | | | | |
|
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. B | | | | | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | | | | | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | | | | | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | | | | |
| | | | | |
|
New Mexico Finance Authority, Revenue Bonds, Ser. A | | | | | |
|
New York City, GO, Refunding, Ser. A1 | | | | | |
New York City Housing Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Federal Housing Administration) Ser. F2(a) | | | | | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. D1 | | | | | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | | | | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | | | | | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | | | | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | | | | | |
| | | | | |
|
North Carolina Medical Care Commission, Revenue Bonds (The United Methodist Retirement Homes Obligated Group) Ser. 2024B1 | | | | | |
North Carolina Medical Care Commission, Revenue Bonds (Caromont Health Obligated Group) Ser. B(a) | | | | | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) Ser. B(a) | | | | | |
| | | | | |
|
Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group)(a) | | | | | |
Ohio, Revenue Bonds (Mental Health Facilities Improvement) Ser. A | | | | | |
University of Cincinnati, Revenue Bonds, Refunding, Ser. C | | | | | |
| | | | | |
Statement of Investments (Unaudited) (continued)
| | | | | |
Long-Term Municipal Investments — 97.9% (continued) |
|
Chester County Industrial Development Authority, Revenue Bonds (Avon Grove Charter School) | | | | | |
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | | | | | |
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Ser. A | | | | | |
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A | | | | | |
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | | | | | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | | | | |
| | | | | |
Philadelphia Gas Works Co., Revenue Bonds, Ser. A | | | | | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | | | | |
| | | | | |
|
Rhode Island Student Loan Authority, Revenue Bonds, Ser. A | | | | | |
|
Charleston Educational Excellence Finance Corp., Revenue Bonds, Refunding (Charleston County School District) | | | | | |
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | | | | | |
| | | | | |
|
Memphis-Shelby County Airport Authority, Revenue Bonds, Refunding, Ser. B | | | | | |
|
Arlington Higher Education Finance Corp., Revenue Bonds (Harmony Public Schools) (Insured; Permanent School Fund Guarantee Program) | | | | | |
Brazos Higher Education Authority, Revenue Bonds (Student Loan Program) Ser. 1A | | | | | |
Central Texas Regional Mobility Authority, Revenue Bonds, BAN, Ser. F | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (International Leadership of Texas) (Insured; Permanent School Fund Guarantee Program) Ser. A | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA Public Schools) (Insured; Permanent School Fund Guarantee Program) | | | | | |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Texas Children’s Hospital Obligated Group) Ser. 2024A | | | | | |
Houston Airport System, Revenue Bonds (United Airlines) Ser. C | | | | | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | | | | | |
Lewisville Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | | | | | |
Lubbock Electric Light & Power System, Revenue Bonds, Refunding | | | | | |
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. D | | | | | |
Tarrant County College District, GO | | | | | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Trinity Terrace Project) | | | | | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Trinity Terrace Project) | | | | | |
| | | | | |
| | | | | |
Long-Term Municipal Investments — 97.9% (continued) |
|
| | | | | |
| | | | | |
| | | | | |
|
Chesapeake Economic Development Authority, Revenue Bonds (Virginia | | | | | |
|
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. | | | | | |
Port of Seattle, Revenue Bonds, Refunding, Ser. B | | | | | |
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald Heights Project) Ser. A | | | | | |
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald Heights Project) Ser. A | | | | | |
| | | | | |
|
Public Finance Authority, Revenue Bonds (Astro Texas Land Project)(b) | | | | | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Forensic Science & Protective Medicine Collaboration)(b) | | | | | |
| | | | | |
Total Investments (cost $137,088,538) | | | | | |
Cash and Receivables (Net) | | | | | |
| | | | | |
BAN—Bond Anticipation Notes |
COP—Certificate of Participation |
|
| These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date. |
| 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 September 30, 2024, these securities amounted to $4,733,475 or 3.4% of net assets. |
See notes to financial statements.
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2024 (Unaudited)
| | |
| | |
Investments in securities—See Statement of Investments | | |
| | |
| | |
Receivable for shares of Beneficial Interest subscribed | | |
| | |
| | |
| | |
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c) | | |
Payable for investment securities purchased | | |
Payable for shares of Beneficial Interest redeemed | | |
| | |
| | |
| | |
Composition of Net Assets ($): | | |
| | |
Total distributable earnings (loss) | | |
| | |
Net Asset Value Per Share | | | | |
| | | | |
| | | | |
Net Asset Value Per Share ($) | | | | |
See notes to financial statements.
Six Months Ended September 30, 2024 (Unaudited)
| |
| |
| |
| |
| |
Service plan fees—Note 3(b) | |
| |
Shareholder servicing costs—Note 3(c) | |
| |
Chief Compliance Officer fees—Note 3(c) | |
Prospectus and shareholders’ reports | |
Trustees’ fees and expenses—Note 3(d) | |
| |
Loan commitment fees—Note 2 | |
| |
| |
Less—reduction in expenses due to undertaking—Note 3(a) | |
Less—reduction in fees due to earnings credits—Note 3(c) | |
| |
| |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | |
Net realized gain (loss) on investments | |
Net change in unrealized appreciation (depreciation) on investments | |
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
| Six Months Ended
September 30, 2024 (Unaudited) | Year Ended March 31, 2024 |
|
| | |
| | |
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: | | |
| | |
| | |
| | |
| | |
| | |
Beneficial Interest Transactions ($): | | |
Net proceeds from shares sold: | | |
| | |
| | |
| | |
Distributions reinvested: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Increase (Decrease) in Net Assets from Beneficial Interest Transactions | | |
Total Increase (Decrease) in Net Assets | | |
| | |
| | |
| | |
| | |
| September 30, 2024 (Unaudited) | Year Ended March 31, 2024 |
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 | | |
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.
| Six Months Ended
September 30,
2024 (Unaudited) | |
| | | | | |
| | | | | | |
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 | | | | | | |
Ratio of net investment income to average net assets | | | | | | |
| | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | | |
| Based on average shares outstanding. |
| Amount represents less than $.01 per share. |
| Exclusive of sales charge. |
| |
| |
See notes to financial statements.
| Six Months Ended
September 30,
2024 (Unaudited) | |
| | | | | |
| | | | | | |
Net asset value, beginning of period | | | | | | |
| | | | | |
| | | | | | |
Net realized and unrealized gain (loss) on investments | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
Dividends from net investment income | | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
Ratios/Supplemental Data (%): | | | | | |
Ratio of total expenses to average net assets | | | | | | |
Ratio of net expenses to average net assets | | | | | | |
Ratio of net investment income to average net assets | | | | | | |
| | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | | |
| Based on average shares outstanding. |
| |
| |
See notes to financial statements.
FINANCIAL HIGHLIGHTS (continued)
| Six Months Ended
September 30,
2024 (Unaudited) | |
| | | | | |
| | | | | | |
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 | | | | | | |
Ratio of net investment income to average net assets | | | | | | |
| | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | | |
| Based on average shares outstanding. |
| |
| |
See notes to financial statements.
| Six Months Ended
September 30,
2024 (Unaudited) | |
| | | | | |
| | | | | | |
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 | | | | | | |
Ratio of net investment income to average net assets | | | | | | |
| | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | | |
| Based on average shares outstanding. |
| |
| |
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Mellon Short Term Municipal Bond Fund (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is a diversified open-end management investment company. The fund’s investment objective is to seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser. Insight North America LLC (the “Sub-Adviser”), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund’s sub-adviser.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class D, Class I and Class Y. 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 and bear Shareholder Services Plan fees. Class D shares are sold at net asset value per share directly by the Adviser and through certain banks and fund supermarkets, and as a part of certain wrap-fee programs and bear Service 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 Service or Shareholder Service Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Service or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of September 30, 2024, 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 Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund 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 (Unaudited) (continued)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The fund’s Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service 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). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
The following is a summary of the inputs used as of September 30, 2024 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:† | | | | |
| | | | |
| See Statement of Investments for additional detailed categorizations, if any. |
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.
(c) 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.
Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund’s share price. Any credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(d) 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.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of 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 September 30, 2024, 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 September 30, 2024, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended March 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $5,270,266 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to March 31, 2024. The fund has $782,584 of short-term capital losses and $4,487,682 of long-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended March 31, 2024 were as follows: tax-exempt income $2,064,602. The tax character of current year distributions will be determined at the end of the current fiscal year.
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 September 30, 2024, 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 .25% of the value of the fund’s average daily net assets and is payable monthly. The Adviser has contractually agreed, from April 1, 2024 through August 1, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund’s share classes (excluding Rule 12b-1 Service Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .39% of the value of the fund’s average daily net assets. On or after August 1, 2025, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $52,943 during the period ended September 30, 2024.
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 .12% of the value of the fund’s average daily net assets.
(b) Under the Service Plan (the “Plan”) adopted pursuant to Rule 12b-1 under the Act, Class D shares pay the Distributor for distributing its shares at an annual rate of .10% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of shares owned by shareholders with whom the Service Agent has a servicing relationship or for whom the Service Agent is the dealer or holder of record and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. Pursuant to the Plan, Class D shares bear (i) the costs of preparing, printing and distributing prospectuses and
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
statements of additional information used other than for regulatory purposes or distribution to existing shareholders, and (ii) the costs associated with implementing and operating the Plan (such as costs of printing and mailing service agreements), the aggregate of such amounts not to exceed in any fiscal year of the fund the greater of $100,000 or .005% of the value of its average daily net assets for any full fiscal year. During the period ended September 30, 2024, Class D shares were charged $52,401 pursuant to the Service Plan.
(c) Under the Shareholder Services Plan, Class A shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended September 30, 2024, Class A shares were charged $11,624 pursuant to the Shareholder Services Plan.
The fund has arrangements with BNY Mellon Transfer, Inc., (the “Transfer Agent”) and The Bank of New York Mellon (the “Custodian”), both 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 and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agent 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 September 30, 2024, the fund was charged $15,194 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $1,030.
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 September 30, 2024, the fund was charged $2,009 pursuant to the custody agreement. These fees were partially offset by earnings credits of $2,008.
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 September 30, 2024, the fund was charged $891 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended September 30, 2024, the fund was charged $12,034 for services performed by the fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $28,668, Service Plan fees of $8,678, Shareholder Services Plan fees of $2,136, Custodian fees of $803, Chief Compliance Officer fees of $4,269 and Transfer Agent fees of $5,770, which are offset against an expense reimbursement currently in effect in the amount of $9,381.
(d) Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended September 30, 2024, amounted to $22,275,395 and $25,453,278, respectively.
At September 30, 2024, accumulated net unrealized depreciation on investments was $257,014, consisting of $1,008,823 gross unrealized appreciation and $1,265,837 gross unrealized depreciation.
At September 30, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
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. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund’s Board of Trustees held on August 14-15, 2024, the Board considered the renewal of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the “Agreements”), pursuant to which Insight North America LLC (the “Sub-Adviser”) provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Sub-Adviser.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Class I shares with the performance of a group of institutional short municipal debt funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional short municipal debt funds (the “Performance Universe”), all for various periods ended June 30, 2024, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of all institutional short municipal debt funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was above the Performance Group for six of the ten one-year periods and above the Performance Universe medians for seven of the ten one-year periods ended June 30th. The Board noted the portfolio managers are very experienced and continue to apply a consistent investment strategy. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s performance benchmark index, and it was noted that the fund’s returns were above the returns of the index in eight of the ten calendar years shown.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for an expense limitation arrangement in place that reduced the
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
The Board considered that the fund’s contractual management fee was lower than the Expense Group median contractual management fee, the fund’s actual management fee was lower than the Expense Group median and lower than the Expense Universe median actual management fee, and the fund’s total expenses were equal to the Expense Group median and lower than the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until August 1, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund’s share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed ..39% of the fund’s average daily net assets.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.
The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser’s fee is paid by the Adviser, out of its fee from the fund, and not the fund.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are adequate and appropriate.
●The Board generally was satisfied with the fund’s relative performance compared to the fund’s performance benchmark index.
●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
© 2024 BNY Mellon Securities CorporationCode-6219NCSRSA0924
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.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Short Term Municipal Bond Fund
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: November 18, 2024
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: November 18, 2024
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: November 18, 2024
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(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)
