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 Bradley J. Skapyak, 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. Skapyak 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 $113,100 in 2023 and $115,600 in 2024.
(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 $16,600 in 2023 and $17,200 in 2024. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.
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 2023 and $0 in 2024.
(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 $0 in 2023 and $0 in 2024. These services consisted of U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments. 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 $0 in 2023 and $0 in 2024.
(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 $0 in 2023 and $0 in 2024.
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 2023 and $0 in 2024.
(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 $4,074,591 in 2023 and $5,102,266 in 2024.
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 Bond Market Index Fund
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 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 Bond Market Index FundStatement of Investments
| | | | | |
|
Aerospace & Defense — .5% |
GE Capital International Funding Co., Gtd. Notes | | | | | |
General Dynamics Corp., Gtd. Notes | | | | | |
General Electric Co., Sr. Unscd. Notes | | | | | |
| | | | | |
L3Harris Technologies, Inc., Sr. Unscd. Notes | | | | | |
Lockheed Martin Corp., Sr. Unscd. Notes | | | | | |
Lockheed Martin Corp., Sr. Unscd. Notes | | | | | |
Northrop Grumman Corp., Sr. Unscd. Notes | | | | | |
Northrop Grumman Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
RTX Corp., Sr. Unscd. Notes | | | | | |
The Boeing Company, Sr. Unscd. Notes | | | | | |
The Boeing Company, Sr. Unscd. Notes | | | | | |
The Boeing Company, Sr. Unscd. Notes | | | | | |
The Boeing Company, Sr. Unscd. Notes | | | | | |
The Boeing Company, Sr. Unscd. Notes | | | | | |
| | | | | |
|
Altria Group, Inc., Gtd. Notes | | | | | |
Altria Group, Inc., Gtd. Notes | | | | | |
Altria Group, Inc., Gtd. Notes | | | | | |
Archer-Daniels-Midland Co., Sr. Unscd. Notes | | | | | |
BAT Capital Corp., Gtd. Notes | | | | | |
BAT Capital Corp., Gtd. Notes | | | | | |
BAT Capital Corp., Gtd. Notes | | | | | |
BAT International Finance PLC, Gtd. Notes | | | | | |
Bunge Ltd. Finance Corp., Gtd. Notes | | | | | |
Philip Morris International, Inc., Sr. Unscd. Notes | | | | | |
Philip Morris International, Inc., Sr. Unscd. Notes | | | | | |
Philip Morris International, Inc., Sr. Unscd. Notes | | | | | |
Reynolds American, Inc., Gtd. Notes | | | | | |
| | | | | |
|
American Airlines Group, Inc. Pass-Through Trust, Ser. 2016-1, Cl. AA | | | | | |
JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. AA | | | | | |
Southwest Airlines Co., Sr. Unscd. Notes | | | | | |
| | | | | |
Asset-Backed Certificates — .0% |
Verizon Master Trust, Ser. 2022-6, Cl. A | | | | | |
Asset-Backed Certificates/Auto Receivables — .2% |
Capital One Prime Auto Receivables Trust, Ser. 2021-1, Cl. A4 | | | | | |
CarMax Auto Owner Trust, Ser. 2023-4, Cl. A3 | | | | | |
GM Financial Automobile Leasing Trust, Ser. 2024-2, Cl. A3 | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Asset-Backed Certificates/Auto Receivables — .2% (continued) |
GM Financial Consumer Automobile Receivables Trust, Ser. 2023-1, Cl. A3 | | | | | |
Hyundai Auto Receivables Trust, Ser. 2023-C, Cl. A3 | | | | | |
Hyundai Auto Receivables Trust, Ser. 2024-B, Cl. A3 | | | | | |
Nissan Auto Receivables Owner Trust, Ser. 2024-A, Cl. A3 | | | | | |
Toyota Auto Receivables Owner Trust, Ser. 2022-C, Cl. A4 | | | | | |
| | | | | |
Asset-Backed Certificates/Credit Cards — .1% |
American Express Credit Account Master Trust, Ser. 2023-2, Cl. A | | | | | |
Capital One Multi-Asset Execution Trust, Ser. 2021-A2, Cl. A2 | | | | | |
Citibank Credit Card Issuance Trust, Ser. 2023-A1, Cl. A1 | | | | | |
| | | | | |
Automobiles & Components — .8% |
American Honda Finance Corp., Sr. Unscd. Notes | | | | | |
American Honda Finance Corp., Sr. Unscd. Notes | | | | | |
American Honda Finance Corp., Sr. Unscd. Notes | | | | | |
American Honda Finance Corp., Sr. Unscd. Notes | | | | | |
Aptiv PLC/Aptiv Global Financing DAC, Gtd. Notes | | | | | |
Cummins, Inc., Sr. Unscd. Notes | | | | | |
Cummins, Inc., Sr. Unscd. Notes | | | | | |
Ford Motor Credit Co. LLC, Sr. Unscd. Notes | | | | | |
Ford Motor Credit Co. LLC, Sr. Unscd. Notes | | | | | |
Ford Motor Credit Co. LLC, Sr. Unscd. Notes | | | | | |
Ford Motor Credit Co. LLC, Sr. Unscd. Notes | | | | | |
General Motors Co., Sr. Unscd. Notes | | | | | |
General Motors Co., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes(a) | | | | | |
Magna International, Inc., Sr. Unscd. Notes | | | | | |
Mercedes-Benz Finance North America LLC, Gtd. Notes | | | | | |
PACCAR Financial Corp., Sr. Unscd. Notes | | | | | |
Toyota Motor Corp., Sr. Unscd. Bonds | | | | | |
Toyota Motor Corp., Sr. Unscd. Notes(a) | | | | | |
Toyota Motor Credit Corp., Sr. Unscd. Notes | | | | | |
Toyota Motor Credit Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
|
Banco Santander SA, Sr. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
|
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes(a) | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes(a) | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | | | | |
Bank of America Corp., Sr. Unscd. Notes, Ser. N | | | | | |
Bank of America Corp., Sub. Notes | | | | | |
Bank of America Corp., Sub. Notes, Ser. L | | | | | |
Bank of Montreal, Sr. Unscd. Notes | | | | | |
Bank of Montreal, Sr. Unscd. Notes | | | | | |
BankUnited, Inc., Sub. Notes | | | | | |
Barclays PLC, Sr. Unscd. Notes | | | | | |
Barclays PLC, Sr. Unscd. Notes | | | | | |
Barclays PLC, Sr. Unscd. Notes | | | | | |
Barclays PLC, Sr. Unscd. Notes | | | | | |
Barclays PLC, Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sr. Unscd. Notes | | | | | |
Citigroup, Inc., Sub. Notes | | | | | |
Citizens Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Cooperatieve Rabobank UA, Gtd. Notes | | | | | |
Deutsche Bank AG, Sr. Notes | | | | | |
Deutsche Bank AG, Sub. Notes | | | | | |
Discover Bank, Sr. Unscd. Notes | | | | | |
Fifth Third Bancorp, Sr. Unscd. Notes | | | | | |
Goldman Sachs Bank USA, Sr. Unscd. Notes | | | | | |
Goldman Sachs Capital I, Ltd. Gtd. Notes | | | | | |
HSBC Holdings PLC, Sr. Unscd. Notes | | | | | |
HSBC Holdings PLC, Sr. Unscd. Notes | | | | | |
HSBC Holdings PLC, Sub. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes(a) | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
|
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | | | | |
JPMorgan Chase Bank NA, Sr. Unscd. Notes | | | | | |
| | | | | |
KeyCorp, Sr. Unscd. Notes | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Lloyds Banking Group PLC, Sr. Unscd. Notes(a) | | | | | |
Lloyds Banking Group PLC, Sr. Unscd. Notes | | | | | |
M&T Bank Corp., Sr. Unscd. Notes | | | | | |
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Mitsubishi UFJ Financial Group, Inc., Sr. Unscd. Notes(a) | | | | | |
Mizuho Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Mizuho Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sr. Unscd. Notes | | | | | |
Morgan Stanley, Sub. Notes | | | | | |
Morgan Stanley, Sub. Notes | | | | | |
National Australia Bank Ltd., Sr. Unscd. Notes | | | | | |
National Bank of Canada, Gtd. Notes(a) | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
|
NatWest Group PLC, Sr. Unscd. Notes | | | | | |
NatWest Group PLC, Sr. Unscd. Notes | | | | | |
NatWest Group PLC, Sr. Unscd. Notes | | | | | |
Royal Bank of Canada, Sr. Unscd. Notes | | | | | |
Royal Bank of Canada, Sr. Unscd. Notes(a) | | | | | |
Royal Bank of Canada, Sr. Unscd. Notes | | | | | |
State Street Corp., Sr. Unscd. Notes | | | | | |
State Street Corp., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sr. Unscd. Notes | | | | | |
Sumitomo Mitsui Financial Group, Inc., Sub. Notes(a) | | | | | |
Synovus Bank/Columbus GA, Sr. Unscd. Notes | | | | | |
The Bank of Nova Scotia, Sr. Unscd. Notes | | | | | |
The Bank of Nova Scotia, Sr. Unscd. Notes(a) | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | | | | |
The Goldman Sachs Group, Inc., Sub. Notes | | | | | |
The PNC Financial Services Group, Inc., Sr. Unscd. Notes | | | | | |
The PNC Financial Services Group, Inc., Sr. Unscd. Notes | | | | | |
The PNC Financial Services Group, Inc., Sr. Unscd. Notes | | | | | |
The Toronto-Dominion Bank, Sr. Unscd. Notes | | | | | |
Truist Financial Corp., Sr. Unscd. Notes | | | | | |
U.S. Bancorp, Sr. Unscd. Notes(a) | | | | | |
U.S. Bancorp, Sr. Unscd. Notes | | | | | |
U.S. Bancorp, Sr. Unscd. Notes | | | | | |
Wells Fargo & Co., Sr. Unscd. Notes | | | | | |
Wells Fargo & Co., Sr. Unscd. Notes | | | | | |
Wells Fargo & Co., Sr. Unscd. Notes(a) | | | | | |
Wells Fargo & Co., Sr. Unscd. Notes | | | | | |
Wells Fargo & Co., Sub. Notes | | | | | |
Wells Fargo & Co., Sub. Notes | | | | | |
Wells Fargo & Co., Sub. Notes | | | | | |
Wells Fargo Bank NA, Sr. Unscd. Notes | | | | | |
Wells Fargo Bank NA, Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
|
Westpac Banking Corp., Sr. Unscd. Notes(a) | | | | | |
Westpac Banking Corp., Sr. Unscd. Notes | | | | | |
Westpac Banking Corp., Sr. Unscd. Notes | | | | | |
Westpac Banking Corp., Sub. Notes | | | | | |
Westpac Banking Corp., Sub. Notes | | | | | |
| | | | | |
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | | | | | |
Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | | | | | |
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | | | | | |
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | | | | | |
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | | | | | |
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes(a) | | | | | |
Constellation Brands, Inc., Sr. Unscd. Notes | | | | | |
Diageo Capital PLC, Gtd. Notes | | | | | |
Keurig Dr. Pepper, Inc., Gtd. Notes(a) | | | | | |
Molson Coors Beverage Co., Gtd. Notes | | | | | |
PepsiCo, Inc., Sr. Unscd. Notes | | | | | |
PepsiCo, Inc., Sr. Unscd. Notes | | | | | |
PepsiCo, Inc., Sr. Unscd. Notes | | | | | |
The Coca-Cola Company, Sr. Unscd. Notes | | | | | |
The Coca-Cola Company, Sr. Unscd. Notes | | | | | |
| | | | | |
|
Carrier Global Corp., Sr. Unscd. Notes | | | | | |
Carrier Global Corp., Sr. Unscd. Notes | | | | | |
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, Sr. Unscd. Notes | | | | | |
Owens Corning, Sr. Unscd. Notes | | | | | |
| | | | | |
|
Celanese US Holdings LLC, Gtd. Notes | | | | | |
Celanese US Holdings LLC, Gtd. Notes(a) | | | | | |
DuPont de Nemours, Inc., Sr. Unscd. Notes | | | | | |
DuPont de Nemours, Inc., Sr. Unscd. Notes | | | | | |
Ecolab, Inc., Sr. Unscd. Notes | | | | | |
Ecolab, Inc., Sr. Unscd. Notes | | | | | |
NewMarket Corp., Sr. Unscd. Notes | | | | | |
Nutrien Ltd., Sr. Unscd. Notes | | | | | |
The Dow Chemical Company, Sr. Unscd. Notes | | | | | |
The Dow Chemical Company, Sr. Unscd. Notes(a) | | | | | |
The Mosaic Company, Sr. Unscd. Notes | | | | | |
The Sherwin-Williams Company, Sr. Unscd. Notes | | | | | |
The Sherwin-Williams Company, Sr. Unscd. Notes | | | | | |
Westlake Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Commercial & Professional Services — .3% |
Duke University, Unscd. Bonds, Ser. 2020 | | | | | |
Equifax, Inc., Sr. Unscd. Notes | | | | | |
Global Payments, Inc., Sr. Unscd. Notes | | | | | |
Moody’s Corp., Sr. Unscd. Notes(a) | | | | | |
PayPal Holdings, Inc., Sr. Unscd. Notes(a) | | | | | |
President & Fellows of Harvard College, Unscd. Notes | | | | | |
S&P Global, Inc., Gtd. Notes | | | | | |
S&P Global, Inc., Gtd. Notes | | | | | |
The Georgetown University, Sr. Unscd. Notes | | | | | |
The Leland Stanford Junior University, Unscd. Bonds | | | | | |
The Washington University, Sr. Unscd. Bonds, Ser. 2022 | | | | | |
University of Southern California, Sr. Unscd. Notes(a) | | | | | |
William Marsh Rice University, Unscd. Bonds | | | | | |
| | | | | |
Commercial Mortgage Pass-Through Certificates — .8% |
Bank, Ser. 2019-BN21, Cl. A5 | | | | | |
Bank, Ser. 2020-BN27, Cl. AS | | | | | |
BBCMS Mortgage Trust, Ser. 2020-C7, Cl. AS | | | | | |
BBCMS Mortgage Trust, Ser. 2022-C15, Cl. A5 | | | | | |
Benchmark Mortgage Trust, Ser. 2019-B10, Cl. A4 | | | | | |
Benchmark Mortgage Trust, Ser. 2020-IG1, Cl. AS | | | | | |
Benchmark Mortgage Trust, Ser. 2022-B35, Cl. A5 | | | | | |
CFCRE Commercial Mortgage Trust, Ser. 2017-C8, Cl. A4 | | | | | |
Commercial Mortgage Trust, Ser. 2016-CR28, Cl. A4 | | | | | |
GS Mortgage Securities Trust, Ser. 2019-GC42, Cl. A4 | | | | | |
GS Mortgage Securities Trust, Ser. 2020-GC45, Cl. AS | | | | | |
SG Commercial Mortgage Securities Trust, Ser. 2016-C5, Cl. A4 | | | | | |
UBS Commercial Mortgage Trust, Ser. 2018-C12, Cl. A5 | | | | | |
Wells Fargo Commercial Mortgage Trust, Ser. 2018-C44, Cl. A5 | | | | | |
Wells Fargo Commercial Mortgage Trust, Ser. 2019-C50, Cl. ASB | | | | | |
| | | | | |
Consumer Discretionary — .2% |
D.R. Horton, Inc., Gtd. Notes | | | | | |
Las Vegas Sands Corp., Sr. Unscd. Notes | | | | | |
Marriott International, Inc., Sr. Unscd. Notes | | | | | |
Marriott International, Inc., Sr. Unscd. Notes | | | | | |
Warnermedia Holdings, Inc., Gtd. Notes(a) | | | | | |
Warnermedia Holdings, Inc., Gtd. Notes | | | | | |
Warnermedia Holdings, Inc., Gtd. Notes | | | | | |
| | | | | |
Consumer Durables & Apparel — .1% |
NIKE, Inc., Sr. Unscd. Notes | | | | | |
Ralph Lauren Corp., Sr. Unscd. Notes | | | | | |
Tapestry, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
|
Church & Dwight Co., Inc., Sr. Unscd. Notes | | | | | |
Colgate-Palmolive Co., Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Consumer Staples — .2% (continued) |
Haleon US Capital LLC, Gtd. Notes | | | | | |
| | | | | |
The Estee Lauder Companies, Inc., Sr. Unscd. Notes(a) | | | | | |
The Procter & Gamble Company, Sr. Unscd. Notes(a) | | | | | |
The Procter & Gamble Company, Sr. Unscd. Notes | | | | | |
Unilever Capital Corp., Gtd. Notes | | | | | |
| | | | | |
Diversified Financials — .8% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | | | | | |
Ally Financial, Inc., Sr. Unscd. Notes | | | | | |
American Express Co., Sr. Unscd. Notes | | | | | |
Apollo Global Management Inc., Gtd. Notes | | | | | |
BlackRock Funding Inc., Gtd. Notes | | | | | |
Blackstone Secured Lending Fund, Sr. Unscd. Notes | | | | | |
Blue Owl Capital Corp., Sr. Unscd. Notes | | | | | |
Blue Owl Capital Corp. II, Sr. Unscd. Notes | | | | | |
Capital One Financial Corp., Sr. Unscd. Notes | | | | | |
Capital One Financial Corp., Sub. Notes | | | | | |
FS KKR Capital Corp., Sr. Unscd. Notes | | | | | |
Golub Capital BDC Inc., Sr. Unscd. Notes | | | | | |
Intercontinental Exchange, Inc., Sr. Unscd. Notes | | | | | |
Intercontinental Exchange, Inc., Sr. Unscd. Notes | | | | | |
Intercontinental Exchange, Inc., Sr. Unscd. Notes | | | | | |
Intercontinental Exchange, Inc., Sr. Unscd. Notes | | | | | |
Jefferies Financial Group, Inc., Sr. Unscd. Debs. | | | | | |
Lazard Group LLC, Sr. Unscd. Notes | | | | | |
Legg Mason, Inc., Gtd. Notes(a) | | | | | |
Mastercard, Inc., Sr. Unscd. Notes | | | | | |
Mastercard, Inc., Sr. Unscd. Notes(a) | | | | | |
Nasdaq, Inc., Sr. Unscd. Notes | | | | | |
Nomura Holdings, Inc., Sr. Unscd. Notes | | | | | |
Oaktree Specialty Lending Corp., Sr. Unscd. Notes | | | | | |
Prospect Capital Corp., Sr. Unscd. Notes(a) | | | | | |
Sixth Street Specialty Lending, Inc., Sr. Unscd. Notes | | | | | |
Synchrony Financial, Sr. Unscd. Notes | | | | | |
The Charles Schwab Corp., Sr. Unscd. Notes | | | | | |
TPG Operating Group II LP, Gtd. Notes | | | | | |
Visa, Inc., Sr. Unscd. Notes | | | | | |
Visa, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Educational Services — .0% |
California Institute of Technology, Unscd. Bonds | | | | | |
Electronic Components — .1% |
Honeywell International, Inc., Sr. Unscd. Notes | | | | | |
Jabil, Inc., Sr. Unscd. Notes | | | | | |
Jabil, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
|
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., Sr. Unscd. Notes | | | | | |
BP Capital Markets America, Inc., Gtd. Notes | | | | | |
BP Capital Markets America, Inc., Gtd. Notes | | | | | |
BP Capital Markets America, Inc., Gtd. Notes | | | | | |
Canadian Natural Resources Ltd., Sr. Unscd. Notes | | | | | |
Cenovus Energy, Inc., Sr. Unscd. Notes | | | | | |
Chevron Corp., Sr. Unscd. Notes | | | | | |
ConocoPhillips Co., Gtd. Notes | | | | | |
ConocoPhillips Co., Gtd. Notes | | | | | |
ConocoPhillips Co., Sr. Unscd. Notes | | | | | |
Devon Energy Corp., Sr. Unscd. Notes | | | | | |
Diamondback Energy, Inc., Gtd. Notes | | | | | |
Diamondback Energy, Inc., Gtd. Notes | | | | | |
Enbridge, Inc., Gtd. Notes | | | | | |
Enbridge, Inc., Gtd. Notes | | | | | |
Energy Transfer LP, Gtd. Notes | | | | | |
Energy Transfer LP, Sr. Unscd. Notes | | | | | |
Energy Transfer LP, Sr. Unscd. Notes | | | | | |
Energy Transfer LP, Sr. Unscd. Notes | | | | | |
Energy Transfer LP, Sr. Unscd. Notes | | | | | |
Energy Transfer LP, Sr. Unscd. Notes | | | | | |
Enterprise Products Operating LLC, Gtd. Notes | | | | | |
Enterprise Products Operating LLC, Gtd. Notes | | | | | |
Enterprise Products Operating LLC, Gtd. Notes | | | | | |
Enterprise Products Operating LLC, Gtd. Notes | | | | | |
Enterprise Products Operating LLC, Gtd. Notes | | | | | |
EOG Resources, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Exxon Mobil Corp., Sr. Unscd. Notes | | | | | |
Halliburton Co., Sr. Unscd. Notes | | | | | |
Halliburton Co., Sr. Unscd. Notes | | | | | |
Hess Corp., Sr. Unscd. Notes | | | | | |
Kinder Morgan, Inc., Gtd. Notes(a) | | | | | |
Kinder Morgan, Inc., Gtd. Notes | | | | | |
Marathon Oil Corp., Sr. Unscd. Notes | | | | | |
Marathon Petroleum Corp., Sr. Unscd. Notes | | | | | |
MPLX LP, Sr. Unscd. Notes | | | | | |
Occidental Petroleum Corp., Sr. Unscd. Notes | | | | | |
ONEOK Partners LP, Gtd. Notes | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unscd. Notes | | | | | |
Sabine Pass Liquefaction LLC, Sr. Scd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Energy — 1.7% (continued) |
Shell Finance US, Inc., Gtd. Notes | | | | | |
Shell Finance US, Inc., Gtd. Notes | | | | | |
Shell Finance US, Inc., Gtd. Notes | | | | | |
Shell Finance US, Inc., Gtd. Notes | | | | | |
South Bow USA Infrastructure Holdings LLC, Gtd. Notes(b) | | | | | |
South Bow USA Infrastructure Holdings LLC, Gtd. Notes(b) | | | | | |
Suncor Energy, Inc., Sr. Unscd. Notes | | | | | |
Targa Resources Corp., Gtd. Notes | | | | | |
Tennessee Gas Pipeline Co. LLC, Gtd. Debs. | | | | | |
The Williams Companies, Inc., Sr. Unscd. Notes | | | | | |
The Williams Companies, Inc., Sr. Unscd. Notes | | | | | |
TotalEnergies Capital International SA, Gtd. Notes | | | | | |
TotalEnergies Capital International SA, Gtd. Notes | | | | | |
TransCanada PipeLines Ltd., Sr. Unscd. Notes | | | | | |
TransCanada PipeLines Ltd., Sr. Unscd. Notes | | | | | |
Valero Energy Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
Environmental Control — .1% |
Republic Services, Inc., Sr. Unscd. Notes | | | | | |
Waste Connections, Inc., Sr. Unscd. Notes | | | | | |
Waste Management, Inc., Gtd. Notes | | | | | |
Waste Management, Inc., Gtd. Notes | | | | | |
Waste Management, Inc., Gtd. Notes | | | | | |
| | | | | |
|
Campbell Soup Co., Sr. Unscd. Notes | | | | | |
Campbell Soup Co., Sr. Unscd. Notes | | | | | |
Campbell Soup Co., Sr. Unscd. Notes | | | | | |
Conagra Brands, Inc., Sr. Unscd. Notes(a) | | | | | |
Conagra Brands, Inc., Sr. Unscd. Notes | | | | | |
Conagra Brands, Inc., Sr. Unscd. Notes | | | | | |
General Mills, Inc., Sr. Unscd. Notes | | | | | |
General Mills, Inc., Sr. Unscd. Notes(a) | | | | | |
Hormel Foods Corp., Sr. Unscd. Notes | | | | | |
JBS USA Holding LUX Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Gtd. Notes | | | | | |
JBS USA Holding LUX Sarl/JBS USA Food Co./JBS Lux Co. SarlSA Finance, Inc., Gtd. Notes | | | | | |
Kraft Heinz Foods Co., Gtd. Notes | | | | | |
Kraft Heinz Foods Co., Gtd. Notes | | | | | |
McCormick & Co., Inc., Sr. Unscd. Notes | | | | | |
McCormick & Co., Inc., Sr. Unscd. Notes | | | | | |
Mondelez International, Inc., Sr. Unscd. Notes | | | | | |
Pilgrim’s Pride Corp., Gtd. Notes | | | | | |
| | | | | |
The Kroger Company, Sr. Unscd. Notes | | | | | |
The Kroger Company, Sr. Unscd. Notes | | | | | |
Tyson Foods, Inc., Sr. Unscd. Bonds | | | | | |
| | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Foreign Governmental — 1.2% |
Export Development Canada, Govt. Gtd. Notes | | | | | |
Export-Import Bank of Korea, Sr. Unscd. Notes | | | | | |
Export-Import Bank of Korea, Sr. Unscd. Notes | | | | | |
Finland, Sr. Unscd. Bonds | | | | | |
Hungary, Sr. Unscd. Notes, Ser. 30Y | | | | | |
Indonesia, Sr. Unscd. Notes | | | | | |
Indonesia, Sr. Unscd. Notes | | | | | |
Indonesia, Sr. Unscd. Notes(a) | | | | | |
Israel, Sr. Unscd. Bonds, Ser. 30Y | | | | | |
Israel, Sr. Unscd. Notes, Ser. 30Y | | | | | |
| | | | | |
| | | | | |
| | | | | |
Mexico, Sr. Unscd. Notes(a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Philippines, Sr. Unscd. Bonds | | | | | |
Philippines, Sr. Unscd. Notes | | | | | |
Philippines, Sr. Unscd. Notes | | | | | |
Poland, Sr. Unscd. Notes(a) | | | | | |
| | | | | |
| | | | | |
Province of Alberta Canada, Sr. Unscd. Notes | | | | | |
Province of British Columbia Canada, Sr. Unscd. Notes, Ser. USD2 | | | | | |
Province of Quebec Canada, Sr. Unscd. Notes | | | | | |
Province of Quebec Canada, Sr. Unscd. Notes, Ser. PD | | | | | |
Uruguay, Sr. Unscd. Bonds | | | | | |
Uruguay, Sr. Unscd. Bonds | | | | | |
| | | | | |
|
Abbott Laboratories, Sr. Unscd. Notes(a) | | | | | |
Abbott Laboratories, Sr. Unscd. Notes | | | | | |
AbbVie Inc., Sr. Unscd. Notes | | | | | |
AbbVie, Inc., Sr. Unscd. Notes | | | | | |
AbbVie, Inc., Sr. Unscd. Notes | | | | | |
AbbVie, Inc., Sr. Unscd. Notes | | | | | |
Aetna, Inc., Sr. Unscd. Notes | | | | | |
Aetna, Inc., Sr. Unscd. Notes | | | | | |
Agilent Technologies, Inc., Sr. Unscd. Notes | | | | | |
Amgen, Inc., Sr. Unscd. Notes | | | | | |
Amgen, Inc., Sr. Unscd. Notes | | | | | |
Amgen, Inc., Sr. Unscd. Notes | | | | | |
Amgen, Inc., Sr. Unscd. Notes(a) | | | | | |
Amgen, Inc., Sr. Unscd. Notes | | | | | |
Amgen, Inc., Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Health Care — 2.8% (continued) |
AstraZeneca Finance LLC, Gtd. Notes | | | | | |
AstraZeneca Finance LLC, Gtd. Notes | | | | | |
AstraZeneca PLC, Sr. Unscd. Notes | | | | | |
Banner Health, Unscd. Bonds | | | | | |
Baxalta, Inc., Gtd. Notes | | | | | |
Becton Dickinson & Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes(a) | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes(a) | | | | | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | | | | |
Cardinal Health, Inc., Sr. Unscd. Notes | | | | | |
Cencora, Inc., Sr. Unscd. Notes | | | | | |
Centene Corp., Sr. Unscd. Notes | | | | | |
Centene Corp., Sr. Unscd. Notes(a) | | | | | |
CommonSpirit Health, Sr. Scd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | | | | |
Danaher Corp., Sr. Unscd. Notes | | | | | |
Dignity Health, Scd. Bonds | | | | | |
Elevance Health, Inc., Sr. Unscd. Notes | | | | | |
Elevance Health, Inc., Sr. Unscd. Notes | | | | | |
Elevance Health, Inc., Sr. Unscd. Notes | | | | | |
Eli Lilly & Co., Sr. Unscd. Notes | | | | | |
Eli Lilly & Co., Sr. Unscd. Notes | | | | | |
Eli Lilly & Co., Sr. Unscd. Notes | | | | | |
Eli Lilly & Co., Sr. Unscd. Notes | | | | | |
Gilead Sciences, Inc., Sr. Unscd. Notes | | | | | |
Gilead Sciences, Inc., Sr. Unscd. Notes | | | | | |
GlaxoSmithKline Capital, Inc., Gtd. Bonds | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Humana, Inc., Sr. Unscd. Notes | | | | | |
Humana, Inc., Sr. Unscd. Notes | | | | | |
Humana, Inc., Sr. Unscd. Notes | | | | | |
Humana, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Health Care — 2.8% (continued) |
Johnson & Johnson, Sr. Unscd. Notes | | | | | |
Johnson & Johnson, Sr. Unscd. Notes | | | | | |
Johnson & Johnson, Sr. Unscd. Notes | | | | | |
Johnson & Johnson, Sr. Unscd. Notes | | | | | |
Kaiser Foundation Hospitals, Gtd. Notes | | | | | |
Kaiser Foundation Hospitals, Unscd. Notes, Ser. 2021 | | | | | |
Memorial Sloan-Kettering Cancer Center, Sr. Unscd. Notes, Ser. 2015 | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes(a) | | | | | |
Merck & Co., Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Northwell Healthcare, Inc., Scd. Notes | | | | | |
Novartis Capital Corp., Gtd. Notes | | | | | |
Novartis Capital Corp., Gtd. Notes | | | | | |
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | | | | | |
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | | | | | |
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | | | | | |
Pfizer, Inc., Sr. Unscd. Notes | | | | | |
Providence St. Joseph Health Obligated Group, Unscd. Notes, Ser. I | | | | | |
Stryker Corp., Sr. Unscd. Notes | | | | | |
Stryker Corp., Sr. Unscd. Notes | | | | | |
Stryker Corp., Sr. Unscd. Notes | | | | | |
Takeda Pharmaceutical Co. Ltd., Sr. Unscd. Notes | | | | | |
The Cigna Group, Gtd. Notes | | | | | |
The Cigna Group, Gtd. Notes | | | | | |
The Cigna Group, Gtd. Notes | | | | | |
The Cigna Group, Sr. Unscd. Notes | | | | | |
The Cigna Group, Sr. Unscd. Notes | | | | | |
The Mount Sinai Hospital, Scd. Bonds, Ser. 2019 | | | | | |
Thermo Fisher Scientific, Inc., Sr. Unscd. Notes | | | | | |
Trinity Health Corp., Scd. Bonds | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes(a) | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Health Care — 2.8% (continued) |
Viatris, Inc., Gtd. Notes | | | | | |
Zoetis, Inc., Sr. Unscd. Notes | | | | | |
Zoetis, Inc., Sr. Unscd. Notes | | | | | |
Zoetis, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
|
| | | | | |
Caterpillar Financial Services Corp., Sr. Unscd. Notes | | | | | |
Caterpillar Financial Services Corp., Sr. Unscd. Notes | | | | | |
Caterpillar Financial Services Corp., Sr. Unscd. Notes | | | | | |
Caterpillar, Inc., Sr. Unscd. Notes(a) | | | | | |
CNH Industrial Capital LLC, Gtd. Notes | | | | | |
| | | | | |
GATX Corp., Sr. Unscd. Notes | | | | | |
Illinois Tool Works, Inc., Sr. Unscd. Notes | | | | | |
Ingersoll Rand, Inc., Sr. Unscd. Notes(a) | | | | | |
Ingersoll Rand, Inc., Sr. Unscd. Notes | | | | | |
Ingersoll Rand, Inc., Sr. Unscd. Notes | | | | | |
Jacobs Engineering Group, Inc., Gtd. Notes | | | | | |
John Deere Capital Corp., Sr. Unscd. Notes | | | | | |
John Deere Capital Corp., Sr. Unscd. Notes | | | | | |
John Deere Capital Corp., Sr. Unscd. Notes | | | | | |
John Deere Capital Corp., Sr. Unscd. Notes | | | | | |
Parker-Hannifin Corp., Sr. Unscd. Notes | | | | | |
Parker-Hannifin Corp., Sr. Unscd. Notes | | | | | |
Regal Rexnord Corp., Gtd. Notes | | | | | |
Stanley Black & Decker, Inc., Sr. Unscd. Notes | | | | | |
Textron, Inc., Sr. Unscd. Notes | | | | | |
Xylem, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Information Technology — .6% |
Cadence Design Systems, Inc., Sr. Unscd. Notes | | | | | |
Concentrix Corp., Sr. Unscd. Notes(a) | | | | | |
Electronic Arts, Inc., Sr. Unscd. Notes | | | | | |
Fiserv, Inc., Sr. Unscd. Notes | | | | | |
Fiserv, Inc., Sr. Unscd. Notes | | | | | |
Intuit, Inc., Sr. Unscd. Notes | | | | | |
Microsoft Corp., Sr. Unscd. Notes | | | | | |
Microsoft Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Oracle Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Information Technology — .6% (continued) |
Oracle Corp., Sr. Unscd. Notes | | | | | |
Roper Technologies, Inc., Sr. Unscd. Notes | | | | | |
Roper Technologies, Inc., Sr. Unscd. Notes | | | | | |
Salesforce, Inc., Sr. Unscd. Notes | | | | | |
Take-Two Interactive Software, Inc., Sr. Unscd. Notes | | | | | |
Take-Two Interactive Software, Inc., Sr. Unscd. Notes | | | | | |
Take-Two Interactive Software, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
|
American International Group, Inc., Sr. Unscd. Notes | | | | | |
American International Group, Inc., Sr. Unscd. Notes(a) | | | | | |
Aon Corp./Aon Global Holdings PLC, Gtd. Notes | | | | | |
Aon Global, Ltd., Gtd. Notes | | | | | |
Arthur J. Gallagher & Co., Sr. Unscd. Notes | | | | | |
Athene Holding Ltd., Sr. Unscd. Notes | | | | | |
Berkshire Hathaway Finance Corp., Gtd. Notes | | | | | |
Berkshire Hathaway Finance Corp., Gtd. Notes | | | | | |
Berkshire Hathaway, Inc., Sr. Unscd. Notes | | | | | |
Corebridge Financial, Inc., Jr. Sub. Notes | | | | | |
Corebridge Financial, Inc., Sr. Unscd. Notes | | | | | |
Corebridge Financial, Inc., Sr. Unscd. Notes | | | | | |
Corebridge Financial, Inc., Sr. Unscd. Notes(a) | | | | | |
Fairfax Financial Holdings Ltd., Sr. Unscd. Notes | | | | | |
Markel Group, Inc., Sr. Unscd. Notes | | | | | |
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes(a) | | | | | |
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | | | | | |
Marsh & McLennan Cos., Inc., Sr. Unscd. Notes | | | | | |
MetLife, Inc., Sr. Unscd. Notes | | | | | |
NMI Holdings, Inc., Sr. Unscd. Notes | | | | | |
Principal Financial Group, Inc., Gtd. Notes | | | | | |
Prudential Financial, Inc., Sr. Unscd. Notes | | | | | |
Prudential Financial, Inc., Sr. Unscd. Notes | | | | | |
Reinsurance Group of America, Inc., Sr. Unscd. Notes | | | | | |
Reinsurance Group of America, Inc., Sr. Unscd. Notes | | | | | |
The Allstate Corp., Sr. Unscd. Notes | | | | | |
The Chubb Corp., Gtd. Notes | | | | | |
The Progressive Corp., Sr. Unscd. Notes | | | | | |
The Travelers Companies, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Internet Software & Services — .4% |
Alphabet, Inc., Sr. Unscd. Notes | | | | | |
Alphabet, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Internet Software & Services — .4% (continued) |
Amazon.com, Inc., Sr. Unscd. Notes | | | | | |
eBay, Inc., Sr. Unscd. Notes | | | | | |
eBay, Inc., Sr. Unscd. Notes(a) | | | | | |
Meta Platforms, Inc., Sr. Unscd. Notes | | | | | |
Meta Platforms, Inc., Sr. Unscd. Notes(a) | | | | | |
Meta Platforms, Inc., Sr. Unscd. Notes | | | | | |
Meta Platforms, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
|
Berry Global, Inc., Sr. Scd. Notes | | | | | |
|
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Bonds | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Notes | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Notes | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Notes | | | | | |
Comcast Corp., Gtd. Bonds | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes(a) | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Comcast Corp., Gtd. Notes | | | | | |
Discovery Communications LLC, Gtd. Notes | | | | | |
Fox Corp., Sr. Unscd. Notes | | | | | |
Paramount Global, Sr. Unscd. Notes | | | | | |
Paramount Global, Sr. Unscd. Notes | | | | | |
The Walt Disney Company, Gtd. Notes(a) | | | | | |
The Walt Disney Company, Gtd. Notes | | | | | |
The Walt Disney Company, Gtd. Notes | | | | | |
Time Warner Cable LLC, Sr. Scd. Debs. | | | | | |
| | | | | |
|
Barrick PD Australia Finance Pty, Ltd., Gtd. Notes | | | | | |
BHP Billiton Finance USA, Ltd., Gtd. Notes | | | | | |
Freeport-McMoRan, Inc., Gtd. Notes | | | | | |
Kinross Gold Corp., Sr. Unscd. Notes | | | | | |
Newmont Corp., Gtd. Notes | | | | | |
Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes | | | | | |
Nucor Corp., Sr. Unscd. Notes | | | | | |
Southern Copper Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Metals & Mining — .2% (continued) |
Steel Dynamics, Inc., Sr. Unscd. Notes | | | | | |
Vale Overseas Ltd., Gtd. Notes | | | | | |
| | | | | |
Municipal Securities — .6% |
American Municipal Power, Inc., Revenue Bonds (Combined Hydroelectric Projects) Ser. B | | | | | |
Bay Area Toll Authority, Revenue Bonds (Build America Bond) Ser. F2 | | | | | |
| | | | | |
California, GO (Build America Bonds) | | | | | |
| | | | | |
| | | | | |
Massachusetts, GO (Build America Bond) Ser. D | | | | | |
Massachusetts School Building Authority, Revenue Bonds (Build America Bond) | | | | | |
Metropolitan Transportation Authority, Revenue Bonds (Build America Bond) | | | | | |
New Jersey Turnpike Authority, Revenue Bonds (Build America Bond) Ser. F | | | | | |
New York City, GO (Sustainable Bond) Ser. B1 | | | | | |
New York City Municipal Water Finance Authority, Revenue Bonds (Build America Bond) | | | | | |
Oklahoma Development Finance Authority, Revenue Bonds (Natural Gas Company) | | | | | |
Pennsylvania Turnpike Commission, Revenue Bonds (Build America Bond) Ser. B | | | | | |
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 192 | | | | | |
Texas, GO (Build America Bond) | | | | | |
Texas Natural Gas Securitization Finance Corp., Revenue Bonds | | | | | |
| | | | | |
|
Alexandria Real Estate Equities, Inc., Gtd. Notes | | | | | |
Alexandria Real Estate Equities, Inc., Gtd. Notes | | | | | |
Alexandria Real Estate Equities, Inc., Gtd. Notes | | | | | |
American Tower Corp., Sr. Unscd. Notes | | | | | |
American Tower Corp., Sr. Unscd. Notes | | | | | |
American Tower Corp., Sr. Unscd. Notes | | | | | |
Boston Properties LP, Sr. Unscd. Notes | | | | | |
COPT Defense Properties LP, Gtd. Notes(a) | | | | | |
Crown Castle, Inc., Sr. Unscd. Notes | | | | | |
Crown Castle, Inc., Sr. Unscd. Notes | | | | | |
Crown Castle, Inc., Sr. Unscd. Notes | | | | | |
Equifax, Inc., Sr. Unscd. Notes | | | | | |
Equifax, Inc., Sr. Unscd. Notes | | | | | |
Essex Portfolio LP, Gtd. Notes | | | | | |
Federal Realty OP LP, Sr. Unscd. Notes | | | | | |
Host Hotels & Resorts LP, Sr. Unscd. Notes(a) | | | | | |
Invitation Homes Operating Partnership LP, Gtd. Notes | | | | | |
Invitation Homes Operating Partnership LP, Gtd. Notes | | | | | |
Kimco Realty OP LLC, Gtd. Notes(a) | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Real Estate — .9% (continued) |
Mid-America Apartments LP, Sr. Unscd. Notes | | | | | |
Mid-America Apartments LP, Sr. Unscd. Notes | | | | | |
NNN REIT, Inc., Sr. Unscd. Notes | | | | | |
Prologis LP, Sr. Unscd. Notes | | | | | |
Prologis LP, Sr. Unscd. Notes | | | | | |
Realty Income Corp., Sr. Unscd. Notes | | | | | |
Realty Income Corp., Sr. Unscd. Notes | | | | | |
Realty Income Corp., Sr. Unscd. Notes | | | | | |
Rexford Industrial Realty LP, Gtd. Notes | | | | | |
Simon Property Group LP, Sr. Unscd. Notes | | | | | |
Simon Property Group LP, Sr. Unscd. Notes | | | | | |
Simon Property Group LP, Sr. Unscd. Notes | | | | | |
Simon Property Group LP, Sr. Unscd. Notes | | | | | |
Tanger Properties LP, Sr. Unscd. Notes | | | | | |
| | | | | |
Ventas Realty LP, Gtd. Notes | | | | | |
Ventas Realty LP, Gtd. Notes | | | | | |
Welltower OP LLC, Gtd. Notes | | | | | |
| | | | | |
|
AutoZone, Inc., Sr. Unscd. Notes | | | | | |
AutoZone, Inc., Sr. Unscd. Notes | | | | | |
Costco Wholesale Corp., Sr. Unscd. Notes | | | | | |
Costco Wholesale Corp., Sr. Unscd. Notes | | | | | |
Dollar Tree, Inc., Sr. Unscd. Notes | | | | | |
Lowe’s Cos., Inc., Sr. Unscd. Notes | | | | | |
Lowe’s Cos., Inc., Sr. Unscd. Notes | | | | | |
Lowe’s Cos., Inc., Sr. Unscd. Notes | | | | | |
Lowe’s Cos., Inc., Sr. Unscd. Notes(a) | | | | | |
Lowe’s Cos., Inc., Sr. Unscd. Notes | | | | | |
McDonald’s Corp., Sr. Unscd. Notes | | | | | |
McDonald’s Corp., Sr. Unscd. Notes | | | | | |
O’Reilly Automotive, Inc., Sr. Unscd. Notes | | | | | |
Starbucks Corp., Sr. Unscd. Notes | | | | | |
Starbucks Corp., Sr. Unscd. Notes | | | | | |
Starbucks Corp., Sr. Unscd. Notes | | | | | |
Starbucks Corp., Sr. Unscd. Notes | | | | | |
Target Corp., Sr. Unscd. Notes | | | | | |
Target Corp., Sr. Unscd. Notes(a) | | | | | |
The Home Depot, Inc., Sr. Unscd. Notes | | | | | |
The Home Depot, Inc., Sr. Unscd. Notes | | | | | |
The Home Depot, Inc., Sr. Unscd. Notes | | | | | |
Walmart, Inc., Sr. Unscd. Notes | | | | | |
Walmart, Inc., Sr. Unscd. Notes | | | | | |
Walmart, Inc., Sr. Unscd. Notes | | | | | |
Walmart, Inc., Sr. Unscd. Notes | | | | | |
Walmart, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Semiconductors & Semiconductor Equipment — .7% |
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes | | | | | |
Broadcom, Inc., Gtd. Notes(b) | | | | | |
Broadcom, Inc., Gtd. Notes(b) | | | | | |
Broadcom, Inc., Gtd. Notes | | | | | |
Broadcom, Inc., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes(a) | | | | | |
Intel Corp., Sr. Unscd. Notes(a) | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
Intel Corp., Sr. Unscd. Notes | | | | | |
KLA Corp., Sr. Unscd. Notes | | | | | |
Microchip Technology, Inc., Gtd. Notes | | | | | |
Micron Technology, Inc., Sr. Unscd. Notes | | | | | |
Micron Technology, Inc., Sr. Unscd. Notes | | | | | |
NVIDIA Corp., Sr. Unscd. Notes | | | | | |
Qualcomm, Inc., Sr. Unscd. Notes | | | | | |
Qualcomm, Inc., Sr. Unscd. Notes | | | | | |
Qualcomm, Inc., Sr. Unscd. Notes | | | | | |
Qualcomm, Inc., Sr. Unscd. Notes(a) | | | | | |
Texas Instruments, Inc., Sr. Unscd. Notes | | | | | |
Texas Instruments, Inc., Sr. Unscd. Notes | | | | | |
Texas Instruments, Inc., Sr. Unscd. Notes | | | | | |
Texas Instruments, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Supranational Bank — 1.6% |
African Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Asian Development Bank, Sr. Unscd. Notes(a) | | | | | |
Asian Development Bank, Sr. Unscd. Notes | | | | | |
Corporación Andina de Fomento, Sr. Unscd. Notes | | | | | |
Corporación Andina de Fomento, Sr. Unscd. Notes | | | | | |
European Investment Bank, Sr. Unscd. Bonds | | | | | |
European Investment Bank, Sr. Unscd. Bonds | | | | | |
European Investment Bank, Sr. Unscd. Bonds | | | | | |
European Investment Bank, Sr. Unscd. Bonds | | | | | |
European Investment Bank, Sr. Unscd. Notes | | | | | |
European Investment Bank, Sr. Unscd. Notes | | | | | |
European Investment Bank, Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Supranational Bank — 1.6% (continued) |
European Investment Bank, Sr. Unscd. Notes | | | | | |
European Investment Bank, Sr. Unscd. Notes | | | | | |
European Investment Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Development Bank, Sr. Unscd. Notes | | | | | |
Inter-American Investment Corp., Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Bonds | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Bonds | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Bonds | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes | | | | | |
International Bank for Reconstruction & Development, Sr. Unscd. Notes, Ser. GDIF | | | | | |
Japan Bank for International Cooperation, Govt. Gtd. Bonds | | | | | |
Japan Bank for International Cooperation, Govt. Gtd. Notes | | | | | |
Japan Bank for International Cooperation, Govt. Gtd. Notes, Ser. DTC | | | | | |
Nordic Investment Bank, Sr. Unscd. Notes | | | | | |
The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | | | | | |
The Asian Infrastructure Investment Bank, Sr. Unscd. Bonds | | | | | |
The Korea Development Bank, Sr. Unscd. Notes | | | | | |
The Korea Development Bank, Sr. Unscd. Notes | | | | | |
The Korea Development Bank, Sr. Unscd. Notes | | | | | |
| | | | | |
Technology Hardware & Equipment — .7% |
Amdocs, Ltd., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes(a) | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes(a) | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes | | | | | |
Apple, Inc., Sr. Unscd. Notes(a) | | | | | |
Booz Allen Hamilton, Inc., Gtd. Notes | | | | | |
Dell International LLC/EMC Corp., Gtd. Notes(a) | | | | | |
Dell International LLC/EMC Corp., Gtd. Notes(a) | | | | | |
Dell International LLC/EMC Corp., Gtd. Notes(a) | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
Technology Hardware & Equipment — .7% (continued) |
Dell International LLC/EMC Corp., Sr. Unscd. Notes | | | | | |
Dell International LLC/EMC Corp., Sr. Unscd. Notes | | | | | |
DXC Technology Co., Sr. Unscd. Notes(a) | | | | | |
Hewlett Packard Enterprise Co., Sr. Unscd. Notes | | | | | |
International Business Machines Corp., Sr. Unscd. Notes | | | | | |
International Business Machines Corp., Sr. Unscd. Notes | | | | | |
International Business Machines Corp., Sr. Unscd. Notes | | | | | |
International Business Machines Corp., Sr. Unscd. Notes | | | | | |
International Business Machines Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
NetApp, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
Telecommunication Services — 1.1% |
America Movil SAB de CV, Gtd. Notes | | | | | |
America Movil SAB de CV, Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | | | | |
British Telecommunications PLC, Sr. Unscd. Notes | | | | | |
Cisco Systems, Inc., Sr. Unscd. Notes | | | | | |
Cisco Systems, Inc., Sr. Unscd. Notes | | | | | |
Cisco Systems, Inc., Sr. Unscd. Notes | | | | | |
Cisco Systems, Inc., Sr. Unscd. Notes | | | | | |
Corning, Inc., Sr. Unscd. Notes | | | | | |
Deutsche Telekom International Finance BV, Gtd. Bonds | | | | | |
Motorola Solutions, Inc., Sr. Unscd. Notes | | | | | |
Orange SA, Sr. Unscd. Notes(a) | | | | | |
Rogers Communications, Inc., Gtd. Notes | | | | | |
Telefonica Emisiones SA, Gtd. Bonds | | | | | |
Telefonica Emisiones SA, Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
T-Mobile USA, Inc., Gtd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Verizon Communications, Inc., Sr. Unscd. Notes | | | | | |
Vodafone Group PLC, Sr. Unscd. Notes | | | | | |
Vodafone Group PLC, Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Telecommunication Services — 1.1% (continued) |
Vodafone Group PLC, Sr. Unscd. Notes | | | | | |
Vodafone Group PLC, Sr. Unscd. Notes | | | | | |
| | | | | |
|
Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | | | | | |
Burlington Northern Santa Fe LLC, Sr. Unscd. Debs. | | | | | |
Canadian National Railway Co., Sr. Unscd. Notes | | | | | |
Canadian Pacific Railway Co., Gtd. Notes | | | | | |
Canadian Pacific Railway Co., Gtd. Notes | | | | | |
CSX Corp., Sr. Unscd. Notes | | | | | |
CSX Corp., Sr. Unscd. Notes | | | | | |
CSX Corp., Sr. Unscd. Notes | | | | | |
CSX Corp., Sr. Unscd. Notes | | | | | |
| | | | | |
| | | | | |
Norfolk Southern Corp., Sr. Unscd. Notes | | | | | |
Norfolk Southern Corp., Sr. Unscd. Notes(a) | | | | | |
Norfolk Southern Corp., Sr. Unscd. Notes | | | | | |
Union Pacific Corp., Sr. Unscd. Notes | | | | | |
Union Pacific Corp., Sr. Unscd. Notes | | | | | |
Union Pacific Corp., Sr. Unscd. Notes | | | | | |
Union Pacific Corp., Sr. Unscd. Notes | | | | | |
United Parcel Service, Inc., Sr. Unscd. Notes | | | | | |
United Parcel Service, Inc., Sr. Unscd. Notes(a) | | | | | |
United Parcel Service, Inc., Sr. Unscd. Notes | | | | | |
| | | | | |
U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K056, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K103, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K104, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K106, Cl. A1(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K112, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K126, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K1514, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K1516, Cl. A2(c) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K1521, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2017-M12, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2018-M1, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2018-M10, Cl. A2(c) | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
U.S. Government Agencies Collateralized Municipal-Backed Securities — .8% (continued) |
Federal National Mortgage Association, ACES, Ser. 2019-M12, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2020-M1, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2020-M14, Cl. A2(c) | | | | | |
Federal National Mortgage Association, ACES, Ser. 2022-M1, Cl. A2(c) | | | | | |
| | | | | |
U.S. Government Agencies Mortgage-Backed — 26.7% |
Federal Home Loan Mortgage Corp.: |
1.50%, 2/1/2036-3/1/2052(c) | | | | | |
2.00%, 8/1/2028-4/1/2052(c) | | | | | |
2.50%, 3/1/2028-5/1/2052(c) | | | | | |
3.00%, 10/1/2026-3/1/2052(c) | | | | | |
3.50%, 11/1/2025-7/1/2052(c) | | | | | |
4.00%, 1/1/2025-7/1/2052(c) | | | | | |
4.50%, 1/1/2026-11/1/2052(c) | | | | | |
5.00%, 4/1/2025-2/1/2048(c) | | | | | |
5.50%, 5/1/2027-2/1/2053(c) | | | | | |
6.00%, 6/1/2028-7/1/2039(c) | | | | | |
6.50%, 4/1/2026-9/1/2037(c) | | | | | |
7.00%, 1/1/2028-9/1/2031(c) | | | | | |
7.38% (1 Year U.S. Treasury Yield Curve Constant Rate + 2.25%), | | | | | |
7.50%, 8/1/2025-7/1/2030(c) | | | | | |
8.00%, 5/1/2026-10/1/2031(c) | | | | | |
| | | | | |
Federal National Mortgage Association: |
| | | | | |
1.50%, 9/1/2035-9/1/2051(c) | | | | | |
| | | | | |
2.00%, 7/1/2028-6/1/2052(c) | | | | | |
2.50%, 7/1/2027-5/1/2052(c) | | | | | |
3.00%, 10/1/2026-3/1/2052(c) | | | | | |
| | | | | |
3.50%, 8/1/2025-6/1/2052(c) | | | | | |
| | | | | |
4.00%, 3/1/2025-9/1/2052(c) | | | | | |
| | | | | |
4.50%, 9/1/2030-4/1/2049(c) | | | | | |
| | | | | |
5.00%, 11/1/2028-6/1/2049(c) | | | | | |
| | | | | |
5.50%, 1/1/2032-12/1/2038(c) | | | | | |
| | | | | |
6.00%, 1/1/2026-11/1/2038(c) | | | | | |
| | | | | |
6.50%, 2/1/2028-10/1/2037(c) | | | | | |
| | | | | |
7.00%, 9/1/2026-7/1/2032(c) | | | | | |
7.50%, 4/1/2026-6/1/2031(c) | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
U.S. Government Agencies Mortgage-Backed — 26.7% (continued) |
8.00%, 5/1/2027-8/1/2030(c) | | | | | |
| | | | | |
Government National Mortgage Association I: |
2.50%, 2/15/2028-9/15/2046 | | | | | |
3.00%, 9/15/2042-8/15/2045 | | | | | |
3.50%, 2/15/2026-8/15/2045 | | | | | |
4.00%, 2/15/2041-9/15/2045 | | | | | |
4.50%, 3/15/2039-2/15/2041 | | | | | |
5.00%, 7/15/2033-4/15/2040 | | | | | |
5.50%, 2/15/2033-11/15/2038 | | | | | |
6.00%, 1/15/2029-10/15/2036 | | | | | |
6.50%, 8/15/2029-11/15/2033 | | | | | |
7.00%, 10/15/2027-8/15/2032 | | | | | |
7.50%, 12/15/2026-11/15/2030 | | | | | |
8.00%, 12/15/2029-3/15/2032 | | | | | |
| | | | | |
| | | | | |
Government National Mortgage Association II: |
| | | | | |
2.00%, 9/20/2050-5/20/2052 | | | | | |
2.50%, 3/20/2027-7/20/2052 | | | | | |
3.00%, 1/20/2028-5/20/2052 | | | | | |
3.50%, 9/20/2028-9/20/2052 | | | | | |
| | | | | |
4.00%, 9/20/2043-9/20/2052 | | | | | |
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4.50%, 7/20/2041-8/20/2052 | | | | | |
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5.00%, 9/20/2040-2/20/2049 | | | | | |
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5.50%, 10/20/2031-6/20/2041 | | | | | |
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U.S. Government Agencies Obligations — .8% |
Federal Farm Credit Banks Funding Corp., Bonds | | | | | |
Federal Farm Credit Banks Funding Corp., Bonds | | | | | |
Federal Home Loan Banks, Bonds(a) | | | | | |
Federal Home Loan Banks, Bonds | | | | | |
Federal Home Loan Mortgage Corp., Notes(c) | | | | | |
Federal National Mortgage Association, Notes(c) | | | | | |
Federal National Mortgage Association, Notes(c) | | | | | |
Federal National Mortgage Association, Notes(a),(c) | | | | | |
| | | | | |
Bonds and Notes — 100.7% (continued) |
U.S. Government Agencies Obligations — .8% (continued) |
Tennessee Valley Authority, Sr. Unscd. Bonds | | | | | |
Tennessee Valley Authority, Sr. Unscd. Bonds | | | | | |
| | | | | |
U.S. Treasury Securities — 43.3% |
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Statement of Investments (continued)
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Bonds and Notes — 100.7% (continued) |
U.S. Treasury Securities — 43.3% (continued) |
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Bonds and Notes — 100.7% (continued) |
U.S. Treasury Securities — 43.3% (continued) |
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Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
U.S. Treasury Securities — 43.3% (continued) |
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Bonds and Notes — 100.7% (continued) |
U.S. Treasury Securities — 43.3% (continued) |
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|
AEP Texas, Inc., Sr. Unscd. Notes, Ser. H | | | | | |
Alabama Power Co., Sr. Unscd. Notes | | | | | |
Alabama Power Co., Sr. Unscd. Notes, Ser. B | | | | | |
Ameren Illinois Co., First Mortgage Bonds | | | | | |
Ameren Illinois Co., First Mortgage Bonds | | | | | |
American Water Capital Corp., Sr. Unscd. Notes | | | | | |
Arizona Public Service Co., Sr. Unscd. Notes | | | | | |
Atmos Energy Corp., Sr. Unscd. Notes | | | | | |
Atmos Energy Corp., Sr. Unscd. Notes | | | | | |
Atmos Energy Corp., Sr. Unscd. Notes | | | | | |
Berkshire Hathaway Energy Co., Sr. Unscd. Notes | | | | | |
Berkshire Hathaway Energy Co., Sr. Unscd. Notes | | | | | |
Commonwealth Edison Co., First Mortgage Bonds | | | | | |
Consolidated Edison Co. of New York, Inc., Sr. Unscd. Debs., Ser. 6-B | | | | | |
Consolidated Edison Co. of New York, Inc., Sr. Unscd. Notes | | | | | |
Statement of Investments (continued)
| | | | | |
Bonds and Notes — 100.7% (continued) |
Utilities — 2.3% (continued) |
Constellation Energy Generation LLC, Sr. Unscd. Notes | | | | | |
Constellation Energy Generation LLC, Sr. Unscd. Notes | | | | | |
Consumers Energy Co., First Mortgage Bonds | | | | | |
Consumers Energy Co., First Mortgage Bonds | | | | | |
Dominion Energy, Inc., Sr. Unscd. Notes, Ser. A | | | | | |
Dominion Energy, Inc., Sr. Unscd. Notes, Ser. C | | | | | |
Dominion Energy, Inc., Sr. Unscd. Notes, Ser. E | | | | | |
DTE Electric Co., First Mortgage Bonds(a) | | | | | |
DTE Electric Co., First Mortgage Bonds, Ser. C | | | | | |
Duke Energy Carolinas LLC, First Mortgage Bonds | | | | | |
Duke Energy Corp., Sr. Unscd. Notes | | | | | |
Duke Energy Corp., Sr. Unscd. Notes | | | | | |
Duke Energy Florida LLC, First Mortgage Bonds | | | | | |
Duke Energy Ohio, Inc., First Mortgage Bonds | | | | | |
Duke Energy Progress LLC, First Mortgage Bonds | | | | | |
Duke Energy Progress NC Storm Funding LLC, Sr. Scd. Notes, Ser. A2 | | | | | |
Emera US Finance LP, Gtd. Notes | | | | | |
Entergy Arkansas LLC, First Mortgage Bonds | | | | | |
Entergy Louisiana LLC, First Mortgage Bonds | | | | | |
Entergy Texas, Inc., First Mortgage Bonds | | | | | |
Evergy Kansas Central, Inc., First Mortgage Bonds | | | | | |
Evergy Metro, Inc., General Ref. Mortgage Bonds | | | | | |
FirstEnergy Transmission LLC, Sr. Unscd. Notes(b) | | | | | |
Florida Power & Light Co., First Mortgage Bonds | | | | | |
Florida Power & Light Co., First Mortgage Bonds | | | | | |
Georgia Power Co., Sr. Unscd. Notes | | | | | |
Hydro-Quebec, Govt. Gtd. Debs., Ser. HK | | | | | |
Idaho Power Co., First Mortgage Notes, Ser. K | | | | | |
Indiana Michigan Power Co., Sr. Unscd. Notes | | | | | |
Interstate Power & Light Co., Sr. Unscd. Debs. | | | | | |
Interstate Power & Light Co., Sr. Unscd. Notes | | | | | |
National Rural Utilities Cooperative Finance Corp., Scd. Notes | | | | | |
National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | | | | | |
National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | | | | | |
National Rural Utilities Cooperative Finance Corp., Sr. Unscd. Notes | | | | | |
NextEra Energy Capital Holdings, Inc., Gtd. Debs. | | | | | |
NextEra Energy Capital Holdings, Inc., Gtd. Notes | | | | | |
NextEra Energy Capital Holdings, Inc., Gtd. Notes(a) | | | | | |
NextEra Energy Capital Holdings, Inc., Gtd. Notes | | | | | |
NextEra Energy Capital Holdings, Inc., Gtd. Notes | | | | | |
NiSource, Inc., Sr. Unscd. Notes | | | | | |
Northern States Power Co., First Mortgage Bonds | | | | | |
Ohio Power Co., Sr. Unscd. Notes | | | | | |
Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | | | | | |
Oncor Electric Delivery Co. LLC, Sr. Scd. Notes | | | | | |
Pacific Gas & Electric Co., First Mortgage Bonds | | | | | |
Pacific Gas & Electric Co., First Mortgage Bonds | | | | | |
Pacific Gas & Electric Co., First Mortgage Bonds | | | | | |
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Bonds and Notes — 100.7% (continued) |
Utilities — 2.3% (continued) |
PacifiCorp, First Mortgage Bonds | | | | | |
PacifiCorp, First Mortgage Bonds | | | | | |
PacifiCorp, First Mortgage Bonds | | | | | |
PECO Energy Co., First Mortgage Bonds | | | | | |
PECO Energy Co., First Mortgage Bonds | | | | | |
PG&E Wildfire Recovery Funding LLC, Sr. Scd. Notes, Ser. A2 | | | | | |
PG&E Wildfire Recovery Funding LLC, Sr. Scd. Notes, Ser. A4 | | | | | |
PPL Electric Utilities Corp., First Mortgage Bonds | | | | | |
Progress Energy, Inc., Sr. Unscd. Notes | | | | | |
Public Service Electric & Gas Co., First Mortgage Bonds | | | | | |
Public Service Enterprise Group, Inc., Sr. Unscd. Notes | | | | | |
Puget Sound Energy, Inc., Sr. Scd. Notes | | | | | |
San Diego Gas & Electric Co., First Mortgage Bonds | | | | | |
San Diego Gas & Electric Co., First Mortgage Bonds, Ser. UUU | | | | | |
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Southern California Edison Co., First Mortgage Bonds | | | | | |
Southern California Edison Co., First Mortgage Bonds | | | | | |
Southern California Edison Co., Sr. Unscd. Notes | | | | | |
Southern Co. Gas Capital Corp., Gtd. Notes, Ser. 21A | | | | | |
Southwestern Electric Power Co., Sr. Unscd. Notes, Ser. M | | | | | |
Southwestern Public Service Co., First Mortgage Bonds | | | | | |
Tampa Electric Co., Sr. Unscd. Notes | | | | | |
The Connecticut Light and Power Company, First Mortgage Bonds | | | | | |
Tucson Electric Power Co., Sr. Unscd. Notes | | | | | |
Virginia Electric & Power Co., Sr. Unscd. Notes | | | | | |
Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. B | | | | | |
Virginia Electric & Power Co., Sr. Unscd. Notes, Ser. C | | | | | |
Washington Gas Light Co., Sr. Unscd. Notes, Ser. K | | | | | |
WEC Energy Group, Inc., Sr. Unscd. Notes | | | | | |
Wisconsin Electric Power Co., Sr. Unscd. Debs. | | | | | |
Wisconsin Electric Power Co., Sr. Unscd. Notes | | | | | |
Xcel Energy, Inc., Sr. Unscd. Notes | | | | | |
Xcel Energy, Inc., Sr. Unscd. Notes | | | | | |
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Total Bonds and Notes
(cost: $602,252,372) | | | | | |
| | | | | |
Investment Companies — 5.2% |
Registered Investment Companies — 5.2% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional (cost $29,192,201) | | | | | |
Statement of Investments (continued)
| | | | | |
Investment of Cash Collateral for Securities Loaned — .8% | | | | | |
Registered Investment Companies — .8% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional (cost $4,309,145) | | | | | |
Total Investments (cost $635,753,718) | | | | | |
Liabilities, Less Cash and Receivables | | | | | |
| | | | | |
ACES—Alterntaive Credit Enhancement Securities |
|
REIT—Real Estate Investment Trust |
|
| Security, or portion thereof, on loan. At October 31, 2024, the value of the fund’s securities on loan was $31,607,553 and the value of the collateral was $32,601,435, consisting of cash collateral of $4,309,145 and U.S. Government & Agency securities valued at $28,292,290. In addition, the value of collateral may include pending sales that are also on loan. |
| 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 October 31, 2024, these securities amounted to $818,846 or .2% of net assets. |
| 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. |
| Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available. |
| Purchased on a forward commitment basis. |
| Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus. |
| | | | | |
U.S. Government Agencies Mortgage-Backed — (1.6)% |
Federal Home Loan Mortgage Corp. | | | | | |
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Government National Mortgage Association II | | | | | |
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Total Sale Commitments (Proceeds $9,338,475) | | | | | |
| The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| Sold on a delayed delivery basis. |
|
| | | | | Dividends/
Distributions ($) |
Registered Investment Companies - 5.2% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 5.2% | | | | | |
Investment of Cash Collateral for Securities Loaned - .8% | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .8% | | | | | |
| | | | | |
| Includes reinvested dividends/distributions. |
| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
See notes to financial statements.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2024
| | |
| | |
Investments in securities—See Statement of Investments
(including securities on loan, valued at $31,607,553)—Note 1(b): | | |
| | |
| | |
Receivable for investment securities sold | | |
Dividends, interest and securities lending income receivable | | |
Receivable for shares of Common Stock subscribed | | |
| | |
| | |
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b) | | |
Cash overdraft due to Custodian | | |
Payable for investment securities purchased | | |
TBA sale commitments, at value (proceeds $9,338,475)—Note 4 | | |
Liability for securities on loan—Note 1(b) | | |
Payable for shares of Common Stock redeemed | | |
Directors’ fees and expenses payable | | |
| | |
| | |
Composition of Net Assets ($): | | |
| | |
Total distributable earnings (loss) | | |
| | |
Net Asset Value Per Share | | |
| | |
| | |
Net Asset Value Per Share ($) | | |
See notes to financial statements.
Year Ended October 31, 2024
| |
| |
| |
| |
| |
| |
Income from securities lending—Note 1(b) | |
| |
| |
| |
Distribution fees—Note 3(b) | |
Directors’ fees—Notes 3(a) and 3(c) | |
Loan commitment fees—Note 2 | |
| |
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a) | |
| |
| |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | |
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
| |
| | |
| | |
| | |
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 | | |
| During the period ended October 31, 2023, 783 Class Investor shares representing $6,925 were exchanged for 783 Class I shares. |
See notes to financial statements.
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
| |
| | | | | |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | |
| | | | | |
Net realized and unrealized gain (loss) on investments | | | | | |
Total from Investment Operations | | | | | |
| | | | | |
Dividends from net investment income | | | | | |
Dividends from net realized gain on investments | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios/Supplemental Data (%): | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net expenses to average net assets | | | | | |
Ratio of net investment income to average net assets | | | | | |
Portfolio Turnover Rate(b) | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | |
| Based on average shares outstanding. |
| The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2024, 2023, 2022, 2021, and 2020 were 108.26%, 95.89%, 143.06%, 145.54%, and 113.32%, respectively. |
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 | | | | | |
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 | | | | | |
Ratio of net investment income to average net assets | | | | | |
Portfolio Turnover Rate(b) | | | | | |
Net Assets, end of period ($ x 1,000) | | | | | |
| Based on average shares outstanding. |
| The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended October 31, 2024, 2023, 2022, 2021, and 2020 were 108.26%, 95.89%, 143.06%, 145.54%, and 113.32%, respectively. |
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS
NOTE 1—
Significant Accounting Policies:
BNY Mellon Bond Market Index Fund (the “fund”) is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund’s investment objective is to seek to match the total return of the Bloomberg U.S. Aggregate Bond Index. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue 500 million shares of $.001 par value Common Stock in each of the following classes of shares: Class I and Investor. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution Plan fees. Investor shares are sold primarily to retail investors through financial intermediaries and bear Distribution Plan fees. Differences between the classes include the services offered to and the expenses borne by each class, as well as their minimum purchase and account balance requirements. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to the series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company’s Board of Directors (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.
NOTES TO FINANCIAL STATEMENTS (continued)
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a “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 a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These 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 October 31, 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:† | | | | |
| | | | |
Commercial Mortgage-Backed | | | | |
Corporate Bonds and Notes | | | | |
| | | | |
| | | | |
U.S. Government Agencies Collateralized Municipal-Backed Securities | | | | |
U.S. Government Agencies Mortgage-Backed | | | | |
U.S. Government Agencies Obligations | | | | |
| | | | |
| | | | |
| | | | |
Investments in Securities†
U.S. Government Agencies Mortgage-Backed | | | | |
| 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. 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
NOTES TO FINANCIAL STATEMENTS (continued)
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. The securities on loan, if any, are also disclosed in the fund’s Statement 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 October 31, 2024, BNY earned $8,878 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 October 31, 2024, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:
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| | |
Total gross amount of assets and
liabilities 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 normally 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 Statement of Investments for detailed information regarding collateral received for open securities lending. |
(c) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.
(d) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
Government Securities Risk: Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by each relevant fund does not apply to the market value of such security or to shares of the fund itself.
Fixed-Income Market Risk: The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund’s share price and increase the fund’s liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes
NOTES TO FINANCIAL STATEMENTS (continued)
worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.
Mortgage-Related Securities Risk: Mortgage-related securities are complex derivative instruments, subject to credit, prepayment and extension risk, and may be more volatile, less liquid and more difficult to price accurately than more traditional debt securities. The fund is subject to the credit risk associated with these securities, including the market’s perception of the creditworthiness of the issuing federal agency, as well as the credit quality of the underlying assets. Although certain mortgage-related securities are guaranteed as to the timely payment of interest and principal by a third party (such as a U.S. government agency or instrumentality with respect to government-related mortgage securities) the market prices for such securities are not guaranteed and will fluctuate. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the security are more likely to be prepaid causing the fund to purchase new securities at current market rates, which usually will be lower. The loss of higher yielding underlying mortgages and the reinvestment of proceeds at lower interest rates, known as prepayment risk, can reduce the fund’s potential price gain in response to falling interest rates, reduce the fund’s yield and/or cause the fund’s share price to fall. When interest rates rise, the effective duration of the fund’s mortgage-related and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets. This is known as extension risk and would increase the fund’s sensitivity to rising interest rates and it potential for price declines.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(e) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended October 31, 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 October 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At October 31, 2024, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $442,586, accumulated capital losses $47,600,264 and unrealized depreciation $39,491,768.
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 October 31, 2024. The fund has $22,499,634 of short-term capital losses and $25,100,630 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 October 31, 2024 and October 31, 2023 were as follows: ordinary income $20,281,830 and $20,090,167, respectively.
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 “Facil
NOTES TO FINANCIAL STATEMENTS (continued)
ity”). 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 October 31, 2024, the fund did not borrow under either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .15% of the value of the fund’s average daily net assets. The Adviser has agreed in its management agreement with the fund to: (1) pay all of the fund’s direct expenses, except management fees, Rule 12b-1 Distribution Plan fees and certain other expenses, including the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members, and (2) reduce its fees pursuant to the management agreement in an amount equal to the fund’s allocable portion of the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended October 31, 2024, fees reimbursed by the Adviser amounted to $69,500.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Investor shares may pay annually up to .25% of the value of its average daily net assets to compensate the Distributor for shareholder servicing activities primarily intended to result in the sale of Investor shares. During the period ended October 31, 2024, Investor shares were charged $564,043 pursuant to the Distribution Plan.
Under its terms, the Distribution Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not “interested persons” of the Trust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $72,777, Distribution Plan fees of $46,858, which are offset against an expense reimbursement currently in effect in the amount of $5,000.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended October 31, 2024, amounted to $964,472,389 and $994,418,341, respectively, of which $347,689,418 in purchases and $348,271,414 in sales were from mortgage dollar transactions.
Mortgage Dollar Rolls: A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The fund accounts for mortgage dollar rolls as purchases and sales transactions. The fund executes mortgage dollar rolls entirely in the To-Be-Announced (“TBA”) market.
TBA Securities: During the period ended October 31, 2024, the fund transacted in TBA securities that involved buying or selling mortgage-backed securities on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however, delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. TBA securities subject to a forward commitment to sell at period end are included at the end of the fund’s Statement of Investments. The proceeds and
NOTES TO FINANCIAL STATEMENTS (continued)
value of these commitments are reflected in the fund’s Statement of Assets and Liabilities as Receivable for TBA sale commitments (included in receivable securities sold) and TBA sale commitments, at value, respectively.
At October 31, 2024, the cost of investments for federal income tax purposes was $637,830,412; accordingly, accumulated net unrealized depreciation on investments was $39,491,768, consisting of $2,414,221 gross unrealized appreciation and $41,905,989 gross unrealized depreciation.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of BNY Mellon Bond Market Index Fund and Board of Directors of BNY Mellon Investment Funds IV, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of BNY Mellon Bond Market Index Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the statement of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other appropriate 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion. We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
December 20, 2024
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes, the fund reports the maximum amount allowable but not less than 91.69% as interest-related dividends in accordance with Sections 871(k)(1) and881(e) of the Internal Revenue Code.
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. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors’ fees and expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
© 2024 BNY Mellon Securities CorporationCode-0310NCSRAR1024
BNY Mellon Institutional S&P 500 Stock Index Fund
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 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 Institutional S&P 500 Stock Index FundStatement of Investments
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Automobiles & Components — 1.7% |
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Citizens Financial Group, Inc. | | | | | |
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Huntington Bancshares, Inc. | | | | | |
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The PNC Financial Services Group, Inc. | | | | | |
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Axon Enterprise, Inc. (a) | | | | | |
Builders FirstSource, Inc. (a) | | | | | |
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Generac Holdings, Inc. (a) | | | | | |
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Honeywell International, Inc. | | | | | |
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Huntington Ingalls Industries, Inc. | | | | | |
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Illinois Tool Works, Inc. | | | | | |
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Statement of Investments (continued)
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Common Stocks — 99.5% (continued) |
Capital Goods — 5.7% (continued) |
Johnson Controls International PLC | | | | | |
L3Harris Technologies, Inc. | | | | | |
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Rockwell Automation, Inc. | | | | | |
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Stanley Black & Decker, Inc. | | | | | |
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Westinghouse Air Brake Technologies Corp. | | | | | |
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Commercial & Professional Services — 1.2% |
Amentum Holdings, Inc. (a) | | | | | |
Automatic Data Processing, Inc. | | | | | |
Broadridge Financial Solutions, Inc. | | | | | |
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Consumer Discretionary Distribution & Retail — 5.6% |
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Common Stocks — 99.5% (continued) |
Consumer Discretionary Distribution & Retail — 5.6% (continued) |
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O’Reilly Automotive, Inc. (a) | | | | | |
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Consumer Durables & Apparel — .7% |
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Deckers Outdoor Corp. (a) | | | | | |
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Lululemon Athletica, Inc. (a) | | | | | |
Mohawk Industries, Inc. (a) | | | | | |
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Caesars Entertainment, Inc. (a) | | | | | |
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Chipotle Mexican Grill, Inc. (a) | | | | | |
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Hilton Worldwide Holdings, Inc. | | | | | |
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Marriott International, Inc., Cl. A | | | | | |
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MGM Resorts International (a) | | | | | |
Norwegian Cruise Line Holdings Ltd. (a) | | | | | |
Royal Caribbean Cruises Ltd. | | | | | |
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Consumer Staples Distribution & Retail — 1.9% |
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Statement of Investments (continued)
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Common Stocks — 99.5% (continued) |
Consumer Staples Distribution & Retail — 1.9% (continued) |
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Walgreens Boots Alliance, Inc. | | | | | |
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Occidental Petroleum Corp. | | | | | |
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The Williams Companies, Inc. | | | | | |
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Equity Real Estate Investment Trusts — 2.1% |
Alexandria Real Estate Equities, Inc. (b) | | | | | |
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AvalonBay Communities, Inc. (b) | | | | | |
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Camden Property Trust (b) | | | | | |
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Digital Realty Trust, Inc. (b) | | | | | |
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Essex Property Trust, Inc. (b) | | | | | |
Extra Space Storage, Inc. (b) | | | | | |
Federal Realty Investment Trust (b) | | | | | |
Healthpeak Properties, Inc. (b) | | | | | |
Host Hotels & Resorts, Inc. (b) | | | | | |
Invitation Homes, Inc. (b) | | | | | |
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Mid-America Apartment Communities, Inc. (b) | | | | | |
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Common Stocks — 99.5% (continued) |
Equity Real Estate Investment Trusts — 2.1% (continued) |
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Regency Centers Corp. (b) | | | | | |
SBA Communications Corp. (b) | | | | | |
Simon Property Group, Inc. (b) | | | | | |
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VICI Properties, Inc. (b) | | | | | |
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Financial Services — 7.9% |
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Ameriprise Financial, Inc. | | | | | |
Berkshire Hathaway, Inc., Cl. B (a) | | | | | |
| | | | | |
| | | | | |
Capital One Financial Corp. | | | | | |
Cboe Global Markets, Inc. | | | | | |
| | | | | |
| | | | | |
Discover Financial Services | | | | | |
FactSet Research Systems, Inc. | | | | | |
Fidelity National Information Services, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Intercontinental Exchange, Inc. | | | | | |
| | | | | |
Jack Henry & Associates, Inc. | | | | | |
| | | | | |
MarketAxess Holdings, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
PayPal Holdings, Inc. (a) | | | | | |
Raymond James Financial, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
T. Rowe Price Group, Inc. | | | | | |
The Bank of New York Mellon Corp. | | | | | |
| | | | | |
The Goldman Sachs Group, Inc. | | | | | |
| | | | | |
| | | | | |
Statement of Investments (continued)
| | | | | |
Common Stocks — 99.5% (continued) |
Food, Beverage & Tobacco — 2.6% |
| | | | | |
Archer-Daniels-Midland Co. | | | | | |
Brown-Forman Corp., Cl. B | | | | | |
| | | | | |
| | | | | |
| | | | | |
Constellation Brands, Inc., Cl. A | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Lamb Weston Holdings, Inc. | | | | | |
| | | | | |
Molson Coors Beverage Co., Cl. B | | | | | |
Mondelez International, Inc., Cl. A | | | | | |
Monster Beverage Corp. (a) | | | | | |
| | | | | |
Philip Morris International, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Health Care Equipment & Services — 4.6% |
| | | | | |
Align Technology, Inc. (a) | | | | | |
Baxter International, Inc. | | | | | |
Becton, Dickinson and Co. | | | | | |
Boston Scientific Corp. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Edwards Lifesciences Corp. (a) | | | | | |
| | | | | |
GE HealthCare Technologies, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
IDEXX Laboratories, Inc. (a) | | | | | |
| | | | | |
Intuitive Surgical, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Common Stocks — 99.5% (continued) |
Health Care Equipment & Services — 4.6% (continued) |
Molina Healthcare, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
The Cooper Companies, Inc. (a) | | | | | |
| | | | | |
Universal Health Services, Inc., Cl. B | | | | | |
Zimmer Biomet Holdings, Inc. | | | | | |
| | | | | |
Household & Personal Products — 1.3% |
Church & Dwight Co., Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
The Estee Lauder Companies, Inc., Cl. A | | | | | |
The Procter & Gamble Company | | | | | |
| | | | | |
|
| | | | | |
American International Group, Inc. | | | | | |
| | | | | |
Arch Capital Group Ltd. (a) | | | | | |
Arthur J. Gallagher & Co. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Cincinnati Financial Corp. | | | | | |
Erie Indemnity Co., Cl. A | | | | | |
| | | | | |
| | | | | |
| | | | | |
Marsh & McLennan Cos., Inc. | | | | | |
| | | | | |
Principal Financial Group, Inc. | | | | | |
Prudential Financial, Inc. | | | | | |
| | | | | |
The Hartford Financial Services Group, Inc. | | | | | |
| | | | | |
The Travelers Companies, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
|
Air Products and Chemicals, Inc. | | | | | |
Statement of Investments (continued)
| | | | | |
Common Stocks — 99.5% (continued) |
Materials — 2.2% (continued) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
CF Industries Holdings, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
International Flavors & Fragrances, Inc. | | | | | |
| | | | | |
| | | | | |
LyondellBasell Industries NV, Cl. A | | | | | |
Martin Marietta Materials, Inc. | | | | | |
| | | | | |
| | | | | |
Packaging Corp. of America | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
The Sherwin-Williams Company | | | | | |
| | | | | |
| | | | | |
Media & Entertainment — 8.1% |
| | | | | |
| | | | | |
Charter Communications, Inc., Cl. A (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Live Nation Entertainment, Inc. (a) | | | | | |
| | | | | |
Meta Platforms, Inc., Cl. A | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Take-Two Interactive Software, Inc. (a) | | | | | |
The Interpublic Group of Companies, Inc. | | | | | |
| | | | | |
Warner Bros Discovery, Inc. (a) | | | | | |
| | | | | |
| | | | | |
Common Stocks — 99.5% (continued) |
Pharmaceuticals, Biotechnology & Life Sciences — 6.5% |
| | | | | |
Agilent Technologies, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Charles River Laboratories International, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Mettler-Toledo International, Inc. (a) | | | | | |
| | | | | |
| | | | | |
Regeneron Pharmaceuticals, Inc. (a) | | | | | |
| | | | | |
Thermo Fisher Scientific, Inc. | | | | | |
Vertex Pharmaceuticals, Inc. (a) | | | | | |
| | | | | |
| | | | | |
West Pharmaceutical Services, Inc. | | | | | |
| | | | | |
| | | | | |
Real Estate Management & Development — .2% |
CBRE Group, Inc., Cl. A (a) | | | | | |
| | | | | |
| | | | | |
Semiconductors & Semiconductor Equipment — 11.4% |
Advanced Micro Devices, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Microchip Technology, Inc. | | | | | |
| | | | | |
Monolithic Power Systems, Inc. | | | | | |
| | | | | |
| | | | | |
ON Semiconductor Corp. (a) | | | | | |
| | | | | |
| | | | | |
Statement of Investments (continued)
| | | | | |
Common Stocks — 99.5% (continued) |
Semiconductors & Semiconductor Equipment — 11.4% (continued) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Software & Services — 11.2% |
| | | | | |
| | | | | |
Akamai Technologies, Inc. (a) | | | | | |
| | | | | |
| | | | | |
Cadence Design Systems, Inc. (a) | | | | | |
Cognizant Technology Solutions Corp., Cl. A | | | | | |
Crowdstrike Holdings, Inc., Cl. A (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
International Business Machines Corp. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Palantir Technologies, Inc., Cl. A (a) | | | | | |
Palo Alto Networks, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Tyler Technologies, Inc. (a) | | | | | |
| | | | | |
| | | | | |
Technology Hardware & Equipment — 8.9% |
| | | | | |
| | | | | |
Arista Networks, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
Dell Technologies, Inc., Cl. C | | | | | |
| | | | | |
Hewlett Packard Enterprise Co. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Keysight Technologies, Inc. (a) | | | | | |
| | | | | |
| | | | | |
| | | | | |
Common Stocks — 99.5% (continued) |
Technology Hardware & Equipment — 8.9% (continued) |
Seagate Technology Holdings PLC | | | | | |
Super Micro Computer, Inc. (a) | | | | | |
| | | | | |
Teledyne Technologies, Inc. (a) | | | | | |
| | | | | |
Western Digital Corp. (a) | | | | | |
Zebra Technologies Corp., Cl. A (a) | | | | | |
| | | | | |
Telecommunication Services — .9% |
| | | | | |
| | | | | |
Verizon Communications, Inc. | | | | | |
| | | | | |
|
C.H. Robinson Worldwide, Inc. | | | | | |
| | | | | |
| | | | | |
Expeditors International of Washington, Inc. | | | | | |
| | | | | |
J.B. Hunt Transport Services, Inc. | | | | | |
| | | | | |
Old Dominion Freight Line, Inc. | | | | | |
| | | | | |
Uber Technologies, Inc. (a) | | | | | |
| | | | | |
United Airlines Holdings, Inc. (a) | | | | | |
United Parcel Service, Inc., Cl. B | | | | | |
| | | | | |
|
| | | | | |
| | | | | |
American Electric Power Co., Inc. | | | | | |
American Water Works Co., Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Consolidated Edison, Inc. | | | | | |
Constellation Energy Corp. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Statement of Investments (continued)
| | | | | |
Common Stocks — 99.5% (continued) |
Utilities — 2.5% (continued) |
| | | | | |
| | | | | |
Pinnacle West Capital Corp. | | | | | |
| | | | | |
Public Service Enterprise Group, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Total Common Stocks
(cost $355,131,875) | | | | | |
| | | | | |
Investment Companies — .6% |
Registered Investment Companies — .6% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional (cost $10,673,495) | | | | | |
Total Investments (cost $365,805,370) | | | | | |
Liabilities, Less Cash and Receivables | | | | | |
| | | | | |
| Non-income producing security. |
| Investment in real estate investment trust within the United States. |
| Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus. |
|
| | | | | Dividends/
Distributions ($) |
Registered Investment Companies - .6% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .6% | | | | | |
Investment of Cash Collateral for Securities Loaned - .0% | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .0% | | | | | |
| | | | | |
| 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
(Depreciation) ($) |
| | | | | |
Standard & Poor’s 500 E-Mini | | | | | |
Gross Unrealized Depreciation | | | | | |
See notes to financial statements.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2024
| | |
| | |
Investments in securities—See Statement of Investments: | | |
| | |
| | |
Cash collateral held by broker—Note 4 | | |
| | |
Receivable for shares of Common Stock subscribed | | |
| | |
| | |
| | |
Due to BNY Mellon Investment Adviser, Inc.—Note 3(b) | | |
Payable for shares of Common Stock redeemed | | |
Payable for futures variation margin—Note 4 | | |
Directors’ fees and expenses payable | | |
| | |
| | |
Composition of Net Assets ($): | | |
| | |
Total distributable earnings (loss) | | |
| | |
| | |
(150 million shares of $.001 par value Common Stock authorized) | | |
Net Asset Value Per Share ($) | | |
See notes to financial statements.
Year Ended October 31, 2024
| |
| |
| |
Cash dividends (net of $6,603 foreign taxes withheld at source): | |
| |
| |
| |
Income from securities lending—Note 1(c) | |
| |
| |
| |
Directors’ fees—Notes 3(a) and 3(c) | |
Loan commitment fees—Note 2 | |
| |
| |
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a) | |
| |
| |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | |
Net realized gain (loss) on investments | |
Net realized gain (loss) on futures | |
| |
Net change in unrealized appreciation (depreciation) on investments | |
Net change in unrealized appreciation (depreciation) on futures | |
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 ($): | | |
Net proceeds from shares sold | | |
| | |
| | |
Increase (Decrease) in Net Assets from Capital Stock Transactions | | |
Total Increase (Decrease) in Net Assets | | |
| | |
| | |
| | |
Capital Share Transactions (Shares): | | |
| | |
Shares issued for distributions reinvested | | |
| | |
Net Increase (Decrease) in Shares Outstanding | | |
See notes to financial statements.
The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
| |
| | | | | |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | |
| | | | | |
Net realized and unrealized gain (loss) on investments | | | | | |
Total from Investment Operations | | | | | |
| | | | | |
Dividends from net investment income | | | | | |
Dividends from net realized gain on investments | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios/Supplemental Data (%): | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net expenses to average net assets | | | | | |
Ratio of net investment income to average net assets | | | | | |
| | | | | |
Net Assets, end of period ($ x 1,000) | | | | | |
| Based on average shares outstanding. |
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS
NOTE 1—
Significant Accounting Policies:
BNY Mellon Institutional S&P 500 Stock Index Fund (the “fund”) is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund’s investment objective is to seek to match the total return of the S&P 500® Index. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares.
Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Service Plan fees. Class I shares are offered without a front-end sales charge or a contingent deferred sales charge.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to the series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company’s Board of Directors (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 equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
NOTES TO FINANCIAL STATEMENTS (continued)
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depositary Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect 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 fund calculates its 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.
Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
The following is a summary of the inputs used as of October 31, 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:† | | | | |
Equity Securities -
Common Stocks | | | | |
| | | | |
| | | | |
Other Financial Instruments: | | | | |
| | | | |
| See Statement of Investments for additional detailed categorizations, if any. |
| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities. |
(b) Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2024, if any, are disclosed in the fund’s Statement of Assets and Liabilities.
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and 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
NOTES TO FINANCIAL STATEMENTS (continued)
default. The securities on loan, if any, are also disclosed in the fund’s Statement 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 October 31, 2024, BNY earned $2,200 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 October 31, 2024, the fund had no securities on loan.
(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.
Indexing Strategy Risk: The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor index performance. The correlation between fund and index performance may be affected by the fund’s expenses and/or use of sampling techniques, changes in securities markets, changes in the composition of the index and the timing of purchases and redemptions of fund shares.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the 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 October 31, 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 October 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At October 31, 2024, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $8,372,784, undistributed capital gains $376,749,474 and unrealized appreciation $1,443,226,627.
The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows: ordinary income $25,499,781 and $32,013,213, and long-term capital gains $397,700,559 and $304,002,450, respectively.
During the period ended October 31, 2024, as a result of permanent book to tax differences, primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes, the fund decreased total distributable earnings (loss) by $66,684,867 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.
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
NOTES TO FINANCIAL STATEMENTS (continued)
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 October 31, 2024, the fund was charged $13,542 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Citibank Credit Facility during the period ended October 31, 2024 was approximately $211,475 with a related weighted average annualized interest rate of 6.40%. As of October 31, 2024, the fund has no outstanding loan balance from either Facility.
NOTE 3—
Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .20% of the value of the fund’s average daily net assets. The Adviser has agreed in its management agreement with the fund to: (1) pay all of the fund’s direct expenses, except management fees and certain other expenses, including the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members, and (2) reduce its fees pursuant to the management agreement in an amount equal to the fund’s allocable portion of the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended October 31, 2024, fees reimbursed by the Adviser amounted to $225,600.
(b) The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc.” in the Statement of Assets and Liabilities consist of: Management fee of $313,675, which are offset against an expense reimbursement currently in effect in the amount of $18,600.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities and derivatives, during the period ended October 31, 2024, amounted to $43,976,767 and $594,692,079, respectively.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. The fund is deemed a “limited” derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of applicable derivatives does not exceed 10% of fund’s net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended October 31, 2024 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at October 31, 2024 are set forth in the Statement 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.
NOTES TO FINANCIAL STATEMENTS (continued)
Fair value of derivative instruments as of October 31, 2024 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 Statement of Investments, but only the unpaid variation margin is reported in the Statement of Assets and Liabilities. |
The effect of derivative instruments in the Statement of Operations during the period ended October 31, 2024 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 change in unrealized appreciation (depreciation) on futures. |
The following table summarizes the monthly average market value of derivatives outstanding during the period ended October 31, 2024:
At October 31, 2024, the cost of investments for federal income tax purposes was $368,925,255; accordingly, accumulated net unrealized appreciation on investments was $1,443,226,627, consisting of $1,460,901,281 gross unrealized appreciation and $17,674,654 gross unrealized depreciation.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of BNY Mellon Institutional S&P 500 Stock Index Fund and Board of Directors of BNY Mellon Investment Funds IV, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of BNY Mellon Institutional S&P 500 Stock Index Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the statement of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other appropriate 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion. We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
December 20, 2024
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes, the fund reports the maximum amount allowable, but not less than $25,065,549 as ordinary income dividends paid during the year ended October 31, 2024 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 95.63% of ordinary income dividends paid during the year ended October 31, 2024 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2025 of the percentage applicable to the preparation of their 2024 income tax returns. The fund also hereby reports the maximum amount allowable but not less than $13.4322 per share as a long-term capital gain distribution paid on December 21, 2023 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.
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. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors’ fees and expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
© 2024 BNY Mellon Securities CorporationCode-0713NCSRAR1024
BNY Mellon Tax Managed Growth Fund
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 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 Tax Managed Growth FundStatement of Investments
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Commercial & Professional Services — 1.7% |
Automatic Data Processing, Inc. | | | | | |
| | | | | |
| | | | | |
Consumer Discretionary Distribution & Retail — 6.8% |
| | | | | |
| | | | | |
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Consumer Durables & Apparel — 1.7% |
LVMH Moet Hennessy Louis Vuitton SE, ADR (a) | | | | | |
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| | | | | |
|
Marriott International, Inc., Cl. A | | | | | |
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|
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Financial Services — 13.8% |
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| | | | | |
Intercontinental Exchange, Inc. | | | | | |
| | | | | |
| | | | | |
| | | | | |
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Food, Beverage & Tobacco — 2.7% |
| | | | | |
| | | | | |
| | | | | |
Health Care Equipment & Services — 7.1% |
| | | | | |
Intuitive Surgical, Inc. (b) | | | | | |
| | | | | |
| | | | | |
Household & Personal Products — .7% |
The Procter & Gamble Company | | | | | |
|
| | | | | |
|
The Sherwin-Williams Company | | | | | |
Statement of Investments (continued)
| | | | | |
Common Stocks — 99.3% (continued) |
Media & Entertainment — 4.4% |
| | | | | |
Pharmaceuticals, Biotechnology & Life Sciences — 7.0% |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Real Estate Management & Development — .9% |
| | | | | |
Semiconductors & Semiconductor Equipment — 12.6% |
| | | | | |
| | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | | | |
| | | | | |
| | | | | |
Software & Services — 14.6% |
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| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Technology Hardware & Equipment — 8.2% |
| | | | | |
|
Canadian Pacific Kansas City Ltd. | | | | | |
Old Dominion Freight Line, Inc. | | | | | |
| | | | | |
| | | | | |
Total Common Stocks
(cost $53,143,952) | | | | | |
| | | | | |
Investment Companies — .7% |
Registered Investment Companies — .7% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional (cost $1,059,523) | | | | | |
Investment of Cash Collateral for Securities Loaned — .9% | | | | | |
Registered Investment Companies — .9% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional (cost $1,210,985) | | | | | |
Total Investments (cost $55,414,460) | | | | | |
Liabilities, Less Cash and Receivables | | | | | |
| | | | | |
ADR—American Depositary Receipt |
| Security, or portion thereof, on loan. At October 31, 2024, the value of the fund’s securities on loan was $1,173,237 and the value of the collateral was $1,210,985, consisting of cash collateral. In addition, the value of collateral may include pending sales that are also on loan. |
| Non-income producing security. |
| Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus. |
|
| | | | | Dividends/
Distributions ($) |
Registered Investment Companies - .7% |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .7% | | | | | |
Investment of Cash Collateral for Securities Loaned - .9% | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .9% | | | | | |
| | | | | |
| Includes reinvested dividends/distributions. |
| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
See notes to financial statements.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2024
| | |
| | |
Investments in securities—See Statement of Investments
(including securities on loan, valued at $1,173,237)—Note 1(c): | | |
| | |
| | |
Dividends and securities lending income receivable | | |
Tax reclaim receivable—Note 1(b) | | |
Receivable for shares of Common Stock subscribed | | |
| | |
| | |
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b) | | |
Liability for securities on loan—Note 1(c) | | |
Payable for shares of Common Stock redeemed | | |
Directors’ fees and expenses payable | | |
| | |
| | |
Composition of Net Assets ($): | | |
| | |
Total distributable earnings (loss) | | |
| | |
Net Asset Value Per Share | | | |
| | | |
| | | |
Net Asset Value Per Share ($) | | | |
See notes to financial statements.
Year Ended October 31, 2024
| |
| |
| |
Cash dividends (net of $36,321 foreign taxes withheld at source): | |
| |
| |
Income from securities lending—Note 1(c) | |
| |
| |
| |
Distribution/Service Plan fees—Note 3(b) | |
Directors’ fees—Notes 3(a) and 3(c) | |
Loan commitment fees—Note 2 | |
| |
Less—reduction in expenses due to undertaking—Note 3(a) | |
Less—Directors’ fees reimbursed by
BNY Mellon Investment Adviser, Inc.—Note 3(a) | |
| |
| |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | |
Net realized gain (loss) on investments and foreign currency transactions | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | |
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
| |
| | |
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| | |
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: | | |
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Capital Stock Transactions ($): | | |
Net proceeds from shares sold: | | |
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Distributions reinvested: | | |
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Increase (Decrease) in Net Assets from Capital Stock Transactions | | |
Total Increase (Decrease) in Net Assets | | |
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Capital Share Transactions (Shares): | | |
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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 | | |
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Net Increase (Decrease) in Shares Outstanding | | |
| During the period ended October 31, 2024, 1,791 Class C shares representing $62,756 were automatically converted to 1,596 Class A shares and during the period ended October 31, 2023, 1,336 Class C shares representing $44,297 were automatically converted to 1,205 Class A shares. |
| During the period ended October 31, 2023, 310 Class A shares representing $11,219 were exchanged for 308 Class I shares. |
See notes to financial statements.
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
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Net asset value, beginning of period | | | | | |
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Net realized and unrealized gain (loss) on investments | | | | | |
Total from Investment Operations | | | | | |
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Dividends from net investment income | | | | | |
Dividends from net realized gain on investments | | | | | |
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Net asset value, end of period | | | | | |
| | | | | |
Ratios/Supplemental Data (%): | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net expenses to average net assets | | | | | |
Ratio of net investment income to average net assets | | | | | |
| | | | | |
Net Assets, end of period ($ x 1,000) | | | | | |
| Based on average shares outstanding. |
| Exclusive of sales charge. |
See notes to financial statements.
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| | | | | |
Net asset value, beginning of period | | | | | |
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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 | | | | | |
Ratio of net investment (loss) to average net assets | | | | | |
| | | | | |
Net Assets, end of period ($ x 1,000) | | | | | |
| Based on average shares outstanding. |
| Exclusive of sales charge. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS (continued)
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Net asset value, beginning of period | | | | | |
| | | | |
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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 | | | | | |
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
NOTE 1—
Significant Accounting Policies:
BNY Mellon Tax Managed Growth Fund (the “fund”) is a separate diversified series of BNY Mellon Investment Funds IV, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund’s investment objective is to seek long-term capital appreciation consistent with minimizing realized capital gains. 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. Fayez Sarofim & Co., LLC (the “Sub-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 600 million shares of $.001 par value Common Stock. The fund currently has authorized three classes of shares: Class A (300 million shares authorized), Class C (100 million shares authorized) and Class I (200 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Service 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 $1 million or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Service Plan fees. Class I 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, 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.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to the series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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 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:
The Company’s Board of Directors (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 equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect 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 (for example, a foreign exchange or market), but before the fund calculates its 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.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
The following is a summary of the inputs used as of October 31, 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:† | | | | |
Equity Securities -
Common Stocks | | | | |
| | | | |
| See Statement of Investments for additional detailed categorizations, if any. |
(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.
NOTES TO FINANCIAL STATEMENTS (continued)
Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of October 31, 2024, if any, are disclosed in the fund’s Statement of Assets and Liabilities.
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and 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. The securities on loan, if any, are also disclosed in the fund’s Statement 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 October 31, 2024, BNY earned $2,487 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 October 31, 2024, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:
| | |
| | |
Total gross amount of assets and
liabilities 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 normally 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 Statement 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.
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
NOTES TO FINANCIAL STATEMENTS (continued)
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.
(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the 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 October 31, 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 October 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended October 31, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At October 31, 2024, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $184,897, undistributed capital gains $17,982,392 and unrealized appreciation $86,588,296.
The tax character of distributions paid to shareholders during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows: ordinary income $435,166 and $544,978, and long-term capital gains $8,596,513 and $8,970,254, respectively.
During the period ended October 31, 2024, as a result of permanent book to tax differences, primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes, the fund decreased total distributable earnings (loss) by $794,192 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.
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 October 31, 2024, the fund did not borrow under either Facility.
NOTE 3—
Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to an investment management agreement with the Adviser, the Adviser provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services the fund. The Adviser also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Adviser a fee, calculated daily and paid monthly, at an annual rate of .95% of the value of the fund’s average daily net assets. The Adviser has agreed in its investment management agreement with the fund to: (1) pay all of the fund’s direct expenses, except management fees, Rule 12b-1 Distribution/Service Plan fees and certain other expenses, including the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members, and (2) reduce its fees pursuant to the management agreement in an amount equal to the fund’s allocable portion of the fees and expenses of the independent board members and independent counsel to the fund and to the independent board members. These provisions in the management agreement may not be amended without the approval of the fund’s shareholders. During the period ended October 31, 2024, fees reimbursed by the Adviser amounted to $18,300.
NOTES TO FINANCIAL STATEMENTS (continued)
The Adviser had contractually agreed, from March 1, 2024 through March 1, 2025, to waive receipt of a portion of the fund’s management fee, in the amount of .10% of the value of the funds average daily net assets. On or after March 1, 2025, the Adviser may terminate this waiver agreement at any time.The reduction in expenses, pursuant to the undertaking, amounted to $94,763 during the period ended October 31, 2024.
Effective October 18, 2024, the Adviser has agreed to waive receipt of the fund’s 12b-1 Distribution/Service Plan fee of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $11,415 during the period ended October 31, 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 .2175% of the value of the fund’s average daily net assets.
During the period ended October 31, 2024, the Distributor retained $1,100 from commissions earned on sales of the fund’s Class A shares and $94 from CDSC fees on redemptions of the fund’s Class C shares.
(b) Under the Distribution Plans adopted pursuant to Rule 12b-1 (the “Distribution Plans”) under the Act, Class A shares pay annually up to .25% of the value of its average daily net assets to compensate the Distributor and its affiliates for shareholder servicing activities and expenses primarily intended to result in the sale of Class A shares. The Distributor may compensate Service Agents in respect of distribution related services with regard to the fund and/or shareholder services to the Service Agents’ clients that hold Class A shares. Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets of Class C shares. The Distributor may pay one or more Service Agents for distribution related services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. Class C shares are also subject to a service plan adopted pursuant to Rule 12b-1 (the “Service Plan”), under which Class C shares pay the Distributor for providing certain services to the holders of their shares, a fee at an annual rate of .25% of the value of the average daily net assets of Class C shares. Services include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and providing services related to the maintenance of shareholder accounts. The Distributor may make payments to certain Service Agents in respect of these services. During the period ended October 31, 2024, Class A and Class C shares were charged $264,623 and $23,023, respectively, pursuant to their Distribution Plans. During the period ended October 31, 2024, Class C shares were charged $7,674 pursuant to the Service Plan.
Under its terms, the Distribution Plan and Service Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not “interested persons” of the Trust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan or Service Plan.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: Management fee of $116,022, Distribution Plan fees of $25,317, Services Plan fees of $658, which are offset against an expense reimbursement currently in effect in the amount of $26,402.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—
Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2024, amounted to $20,455,311 and $32,047,474, respectively.
At October 31, 2024, the cost of investments for federal income tax purposes was $55,415,377; accordingly, accumulated net unrealized appreciation on investments was $86,588,410, consisting of $87,252,797 gross unrealized appreciation and $664,387 gross unrealized depreciation.
NOTE 5—
Plan of Reorganization:
The Board has approved, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Agreement”) between the Company, on behalf of the fund and BNY Mellon ETF Trust II, on behalf of BNY Mellon Concentrated Growth ETF (the “Acquiring ETF”). If approved by fund shareholders, the fund, which is currently operated as a mutual fund, will be converted into an exchange-traded fund (“ETF”) through its reorganization with and into the Acquiring ETF. Accordingly, if the reorganization is approved by fund
NOTES TO FINANCIAL STATEMENTS (continued)
shareholders, the fund will transfer its assets to the Acquiring ETF, in exchange for whole shares of the Acquiring ETF and the assumption by the Acquiring ETF of the fund’s liabilities (the “Reorganization”).
It is currently contemplated that shareholders of the fund as of October 18, 2024 (the “Record Date”) will be asked to approve the Agreement on behalf of the fund at a special meeting of shareholders to be held on or about January 15, 2025. If the Agreement is approved, the Reorganization will be consummated on or about the close of business on March 28, 2025 (the “Closing Date”).
In addition, effective October 18, 2024, (i) CDSC applicable to Class C shares (and Class A shares, if applicable) of the fund is no longer imposed on redemptions made by shareholders of the fund before the Reorganization or in connection with the Reorganization, (ii) the applicable front-end sales load is no longer imposed on investments in the fund’s Class A shares, and (iii) any letters of intent are closed out.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of BNY Mellon Tax Managed Growth Fund and Board of Directors of BNY Mellon Investment Funds IV, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of BNY Mellon Tax Managed Growth Fund (the Fund), a series of BNY Mellon Investment Funds IV, Inc., including the statement of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 5 to the financial statements, The Board has approved, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Agreement”) between the Company, on behalf of the fund and BNY Mellon ETF Trust II, on behalf of BNY Mellon Concentrated Growth ETF (the “Acquiring ETF”). If the Agreement is approved, the Reorganization will be consummated on or about the close of business on March 28, 2025 (the “Closing Date”). Our opinion is not modified with respect to this matter.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Fund 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 and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion. We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
December 20, 2024
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes, the fund reports the maximum amount allowable, but not less than $435,166 as ordinary income dividends paid during the year ended October 31, 2024 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than 100.00% of ordinary income dividends paid during the year ended October 31, 2024 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2025 of the percentage applicable to the preparation of their 2024 income tax returns. The fund also hereby reports $2.5280 per share as a long-term capital gain distribution paid on December 7, 2023.
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. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors’ fees and expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
© 2024 BNY Mellon Securities CorporationCode-0149NCSRAR1024
| 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.
(a)(1) Code of ethics referred to in Item 2.
(a)(3) 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 IV, Inc.
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: December 20, 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: December 20, 2024
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: December 19, 2024
EXHIBIT INDEX
| (a)(1) | Code of ethics referred to in Item 2. |
| (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) |