# EDGAR Filing Document

**Accession Number:** 0002025968
**File Stem:** 0000030146-26-000219
**Filing Date:** 2026-5
**Character Count:** 897946
**Document Hash:** c5d6bf74d56c7475da1bf6c9a80f73c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000219.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0000030146-26-000219

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**EFFECTIVENESS DATE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon ETF Trust II
- **CENTRAL INDEX KEY:** 0002025968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23977
- **FILM NUMBER:** 26935940

**BUSINESS ADDRESS:**
- **STREET 1:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 212-922-6400

**MAIL ADDRESS:**
- **STREET 1:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

## Series and Classes Contracts Data

### BNY Mellon Enhanced Dividend and Income ETF (Series ID: S000090041)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000256918 | BNY Mellon Enhanced Dividend and Income ETF | BEDY            |

### BNY Mellon Active Core Bond ETF (Series ID: S000095602)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000264329 | BNY Mellon Active Core Bond ETF |  |

### BNY Mellon Core Plus ETF (Series ID: S000095603)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000264330 | BNY Mellon Core Plus ETF |  |

### BNY Mellon Municipal Intermediate ETF (Series ID: S000095604)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000264331 | BNY Mellon Municipal Intermediate ETF |  |

### BNY Mellon Municipal Opportunities ETF (Series ID: S000095605)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000264332 | BNY Mellon Municipal Opportunities ETF |  |

### BNY Mellon Municipal Short Duration ETF (Series ID: S000095606)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000264333 | BNY Mellon Municipal Short Duration ETF |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23977

#### BNY Mellon ETF Trust II
(Exact name of registrant as specified in charter)

------

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 8/31

#### Date of reporting period:

#### 2/28/26
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

BNY Mellon Enhanced Dividend and Income ETF

BNY Mellon Core Plus ETF

BNY Mellon Active Core Bond ETF

BNY Mellon Municipal Opportunities ETF

BNY Mellon Municipal Intermediate ETF

BNY Mellon Municipal Short Duration ETF

ITEM 1 - Reports to Stockholders

BNY Mellon Enhanced Dividend and Income ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BEDY (The NASDAQ Stock Market LLC)
This semi-annual shareholder report contains important information about BNY Mellon Enhanced Dividend and Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| BNY Mellon Enhanced Dividend and Income ETF<sup>\*</sup> | $56 1.07%<sup>\*\*</sup> |

---

\* <sup>During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc.</sup> <br> \*\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $131 | 61 | 70.55% |

---

**Portfolio Holdings (as of 2/28/26)**

**Top Ten Holdings (Based on Net Assets) <sup>\*</sup>**![Graphical Representation - Top N Holdings Chart](chartimages_11508854.jpg)

\* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11508861.jpg)

**How has the Fund changed?**

* On December 5, 2025, BNY Mellon Income Stock Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Class A, Class C, Class I, Class Y, and Investor shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of distribution fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .75% of the value of Class C shares based on average daily net assets. The Predecessor Fund also discontinued the imposition of shareholder services fees, which had previously been paid to the Distributor at an annual rate of .25% of the value of each of the Predecessor Fund's Investor, Class A and Class C shares based on average daily net assets. At the time of the Reorganization, the expense limitation agreement with the Predecessor Fund's investment adviser was discontinued.

#### Changes in or Disagreements with Accountants
* Starting December 5, 2025, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through December 5, 2025.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 5, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4870SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

BNY Mellon Core Plus ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BCPL (NYSE Arca, Inc.)
This semi-annual shareholder report contains important information about BNY Mellon Core Plus ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Core Plus ETF | $32 | 0.64%\* |

---

\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $366 | 281 | 116.39% |

---

**Portfolio Holdings (as of 2/28/26)**

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_11509211.jpg)

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11509218.jpg)

\* Amount represents less than .1%.

#### How has the Fund changed?
* On January 9, 2026, BNY Mellon Corporate Bond Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.

* In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund's investment adviser, engaged its affiliate, Insight North America LLC ("INA"), to serve as the sub-adviser to the Predecessor Fund.

#### Changes in or Disagreements with Accountants
* Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 31, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4871SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

BNY Mellon Active Core Bond ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BKFI (NYSE Arca, Inc.)
This semi-annual shareholder report contains important information about BNY Mellon Active Core Bond ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Active Core Bond ETF | $32 | 0.63%\* |

---

\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $369 | 249 | 64.97% |

---

**Portfolio Holdings (as of 2/28/26)**

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_11509364.jpg)

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11509371.jpg)

#### How has the Fund changed?
* On January 9, 2026, BNY Mellon Intermediate Bond Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.

* In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund's investment adviser, engaged its affiliate, Insight North America LLC ("INA"), to serve as the sub-adviser to the Predecessor Fund.

#### Changes in or Disagreements with Accountants
* Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 31, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4872SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

BNY Mellon Municipal Opportunities ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BMOP (The NASDAQ Stock Market LLC)
This semi-annual shareholder report contains important information about BNY Mellon Municipal Opportunities ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Municipal Opportunities ETF | $36 | 0.71%\* |

---

\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $1870 | 687 | 19.91% |

---

**Portfolio Holdings (as of 2/28/26)**

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_11509517.jpg)

**State Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11509524.jpg)

#### How has the Fund changed?
* On January 9, 2026, BNY Mellon Municipal Opportunities Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.

* In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund's investment adviser, engaged its affiliate, Insight North America LLC ("INA"), to serve as the sub-adviser to the Predecessor Fund.

#### Changes in or Disagreements with Accountants
* Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 31, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4875SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

BNY Mellon Municipal Intermediate ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BKMI (The NASDAQ Stock Market LLC)
This semi-annual shareholder report contains important information about BNY Mellon Municipal Intermediate ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BNY Mellon Municipal Intermediate ETF | $26 | 0.51%\* |

---

\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $1796 | 541 | 18.68% |

---

**Portfolio Holdings (as of 2/28/26)**

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_11509670.jpg)

**State Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11509677.jpg)

#### How has the Fund changed?
* On January 9, 2026, BNY Mellon National Intermediate Municipal Bond Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .25% of the value of Investor class shares based on average daily net assets.

* In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund's investment adviser, engaged its affiliate, Insight North America LLC ("INA"), to serve as the sub-adviser to the Predecessor Fund.

#### Changes in or Disagreements with Accountants
* Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 31, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4874SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

BNY Mellon Municipal Short Duration ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Ticker – BKMS (The NASDAQ Stock Market LLC)
This semi-annual shareholder report contains important information about BNY Mellon Municipal Short Duration ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/etfliterature. You can also request this information by calling 1-833-383-2696 or calling your financial adviser.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| BNY Mellon Municipal Short Duration ETF<sup>\*</sup> | $24 0.48%<sup>\*\*</sup> |

---

\* <sup>During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc.</sup> <br> \*\* <sup>Annualized.</sup>

**KEY FUND STATISTICS (AS OF 2/28/26)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **<br>Portfolio Turnover** |
| $450 | 242 | 16.41% |

---

**Portfolio Holdings (as of 2/28/26)**

**Sector Allocation (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_11509823.jpg)

**State Allocation (Based on Net Assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_11509830.jpg)

#### How has the Fund changed?
* On January 9, 2026, BNY Mellon National Short-Term Municipal Bond Fund ("Predecessor Fund"), a series of BNY Mellon Funds Trust, was reorganized into the Fund ("Reorganization"). The Fund commenced operations upon completion of the Reorganization and continues the operations of the Predecessor Fund. Prior to the Reorganization, the Predecessor Fund's Investor Shares redesignated into Class M shares. In addition, the Predecessor Fund's Class M shares effected a reverse share split to approximate the net asset value per share of the Fund prior to the Reorganization. Prior to the Reorganization, the Predecessor Fund discontinued the imposition of shareholder services fees, which had previously been paid to BNY Mellon Securities Corporation, the Predecessor Fund's distributor ("Distributor"), at an annual rate of .25% of the value of Investor class shares based on average daily net assets. At the time of the Reorganization, the expense limitation agreement with the Predecessor Fund's investment adviser was discontinued.

* In addition, effective October 1, 2025, BNY Mellon Investment Adviser, Inc., the Predecessor Fund's investment adviser, engaged its affiliate, Insight North America LLC ("INA"), to serve as the sub-adviser to the Predecessor Fund.

#### Changes in or Disagreements with Accountants
* Starting January 9, 2026, in connection with the Reorganization noted above, Ernst & Young LLP ("EY") became the independent registered public accounting firm of the Fund and KPMG LLP was discharged as the Predecessor Fund's accounting firm. EY serves as the independent registered public accounting firm for all funds in the BNY Mellon ETF Trust II. There were no disagreements with the former accounting firm during the Predecessor Fund's fiscal years ended August 31, 2025 and August 31, 2024 and the subsequent interim period through January 9, 2026.

**This is a summary of certain changes to the Fund since September 1, 2025 . For more complete information, you may review the Fund's current prospectus dated December 31, 2025 at bny.com/investments/etfliterature or upon request at 1-833-383-2696 or by calling your financial adviser.**

**For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/etfliterature .**

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2026 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4873SA0226

![TSR- BNY Investment Logo](images_30742.jpg)

------

**Item 1. Reports to Stockholders (cont.).**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period
 is included in the financial statements filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The following is a copy of the Registrant's most recent financial statements and financial highlights.

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

------

**BNY Mellon Active Core Bond ETF:** BKFI

Principal U.S. Listing Exchange: NYSE Arca, Inc.

![](imgd9dc647b1.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_SOI-Commoncontent-5172_1)**<br> **[Investment Companies](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_SOI-Commoncontent-5172_1)**<br>| 3 |
| [Schedule of Investments](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_SOI-Commoncontent-5172_1) | 3 |
| [Statement of Assets and Liabilities](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_FS-Commoncontent-5172_1) | 11 |
| [Statement of Operations](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_FS-Commoncontent-5172_2) | 12 |
| [Statement of Changes in Net Assets](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_FS-Commoncontent-5172_3) | 13 |
| [Financial Highlights](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_FIHI-Commoncontent-5172_1) | 15 |
| [Notes to Financial Statements](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_NTF-Commoncontent-5172_1) | 16 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_CDA-Commoncontent-5172_1)**<br> **[Investment Companies](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_CDA-Commoncontent-5172_1)**<br>| 25 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_PRXD-Commoncontent-5172_1)** | 26 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_RMNP-Commoncontent-5172_1)**<br> **[Management Investment Companies](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_RMNP-Commoncontent-5172_1)**<br>| 27 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_639ddacc-3a28-4bf7-b271-866daafb5070_AAA-Commoncontent-5172_1)** | 28 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Active Core Bond ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Asset-Backed Securities — 7.2%** | **Asset-Backed Securities — 7.2%** | **Asset-Backed Securities — 7.2%** | **Asset-Backed Securities — 7.2%** | **Asset-Backed Securities — 7.2%** |
| **Asset-Backed Certificates — 4.8%** | **Asset-Backed Certificates — 4.8%** | **Asset-Backed Certificates — 4.8%** | **Asset-Backed Certificates — 4.8%** | **Asset-Backed Certificates — 4.8%** |
| Affirm Master Trust, Ser. 2026-1A, Cl. B<sup>(b)</sup> <br>| 4.57 | 2/15/2034 | 1080000 | 1085984 |
| Affirm Master Trust, Ser. 2026-1A, Cl. C<sup>(b)</sup> <br>| 4.72 | 2/15/2034 | 1010000 | 1015646 |
| Amur Equipment Finance Receivables XV LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 4.70 | 9/22/2031 | 294675 | 298038 |
| Compass Datacenters Issuer III LLC, Ser. 2026-1A, Cl. A21<sup>(b)</sup> <br>| 4.90 | 2/25/2056 | 478885 | 483802 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Ser. <br> 2025-4A, Cl. A2<sup>(b)</sup> <br>| 5.52 | 12/20/2055 | 1250000 | 1277135 |
| DataBank Issuer, Ser. 2026-1A, Cl. A2<sup>(b)</sup> <br>| 5.81 | 2/25/2056 | 367000 | 372121 |
| DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.18 | 9/27/2055 | 1000000 | 999968 |
| DLLMT LLC, Ser. 2026-1A, Cl. A2<sup>(b)</sup> <br>| 4.03 | 7/20/2028 | 875000 | 876623 |
| DLLMT LLC, Ser. 2026-1A, Cl. A3<sup>(b)</sup> <br>| 4.20 | 12/20/2029 | 314000 | 316484 |
| Domino's Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2II<sup>(b)</sup> <br>| 3.15 | 4/25/2051 | 145875 | 136804 |
| Foundation Finance Trust, Ser. 2021-1A, Cl. C<sup>(b)</sup> <br>| 2.99 | 5/15/2041 | 191321 | 185921 |
| GBX Leasing LLC, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.13 | 2/20/2056 | 197000 | 201175 |
| HPEFS Equipment Trust, Ser. 2024-2A, Cl. D<sup>(b)</sup> <br>| 5.82 | 4/20/2032 | 235000 | 239912 |
| Jersey Mike's Funding LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 5.64 | 2/15/2055 | 544500 | 560758 |
| MAPS Trust, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.20 | 1/15/2051 | 993939 | 1009430 |
| MetroNet Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2<sup>(b)</sup> <br>| 5.16 | 12/20/2055 | 1099000 | 1119385 |
| NMEF Funding LLC, Ser. 2026-A, Cl. A3<sup>(b)</sup> <br>| 4.20 | 2/15/2034 | 148000 | 148683 |
| Phantom Aviation, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.24 | 1/15/2051 | 353000 | 360098 |
| PK Alift Loan Funding 8 LP, Ser. 2026-1, Cl. A<sup>(b)</sup> <br>| 4.61 | 9/15/2043 | 273000 | 275626 |
| Regional Management Issuance Trust, Ser. 2024-1, Cl. B<sup>(b)</sup> <br>| 6.45 | 7/15/2036 | 325000 | 333540 |
| Retained Vantage Data Centers Issuer LLC, Ser. 2023-2A, Cl. A2<sup>(b)</sup> <br>| 5.05 | 9/15/2048 | 429500 | 432308 |
| Retained Vantage Data Centers Issuer LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 4.99 | 9/15/2049 | 1213000 | 1216550 |
| SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. B<sup>(b)</sup> <br>| 4.44 | 12/26/2035 | 1000000 | 1008078 |
| SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. C<sup>(b)</sup> <br>| 4.74 | 12/26/2035 | 504000 | 509356 |
| Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.00 | 5/25/2050 | 1000000 | 995727 |
| VB-S1 Issuer LLC, Ser. 2026-1A, Cl. C2<sup>(b)</sup> <br>| 4.69 | 3/15/2056 | 361000 | 363458 |
| Verizon Master Trust, Ser. 2024-6, Cl. C | 4.67 | 8/20/2030 | 145000 | 146082 |
| Verizon Master Trust, Ser. 2025-8, Cl. B<sup>(b)</sup> <br>| 4.41 | 8/22/2033 | 155000 | 156345 |
| Verizon Master Trust, Ser. 2025-9, Cl. C | 4.41 | 10/21/2030 | 325000 | 326426 |
| Wendy's Funding LLC, Ser. 2025-1A, Cl. A2I<sup>(b)</sup> <br>| 5.42 | 12/15/2055 | 1000000 | 1022849 |
|  |  |  |  | **17474312** |
| **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2023-1A, Cl. A<sup>(b)</sup> <br>| 5.25 | 4/20/2029 | 1000000 | 1024925 |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-3A, Cl. B<sup>(b)</sup> <br>| 4.46 | 2/20/2030 | 625000 | 628699 |
| Bridgecrest Lending Auto Securitization Trust, Ser. 2026-1, Cl. C | 4.44 | 11/17/2031 | 504000 | 507617 |
| Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. D | 2.61 | 9/11/2028 | 175000 | 170357 |
| Carvana Auto Receivables Trust, Ser. 2022-P3, Cl. B | 5.04 | 10/10/2028 | 250000 | 252532 |
| Carvana Auto Receivables Trust, Ser. 2023-P2, Cl. C<sup>(b)</sup> <br>| 5.84 | 7/10/2029 | 190000 | 196690 |
| Exeter Automobile Receivables Trust, Ser. 2026-1A, Cl. C | 4.40 | 5/17/2032 | 758000 | 763918 |
| Ford Credit Auto Owner Trust, Ser. 2022-1, Cl. C<sup>(b)</sup> <br>| 4.67 | 11/15/2034 | 250000 | 251175 |
| Ford Credit Auto Owner Trust, Ser. 2025-2, Cl. B<sup>(b)</sup> <br>| 4.67 | 2/15/2038 | 575000 | 589747 |
| GLS Auto Receivables Issuer Trust, Ser. 2025-1A, Cl. B<sup>(b)</sup> <br>| 4.98 | 7/16/2029 | 800000 | 808526 |
| Hertz Vehicle Financing III LLC, Ser. 2025-1A, Cl. A<sup>(b)</sup> <br>| 4.91 | 9/25/2029 | 150000 | 152889 |
| LAD Auto Receivables Trust, Ser. 2026-1A, Cl. A3<sup>(b)</sup> <br>| 3.92 | 4/15/2031 | 574000 | 576348 |
| Nissan Auto Lease Trust, Ser. 2026-A, Cl. A3 | 3.87 | 3/15/2029 | 747000 | 748672 |
| Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. C | 4.52 | 1/15/2032 | 750000 | 760106 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Asset-Backed Securities — 7.2% (continued)** | **Asset-Backed Securities — 7.2% (continued)** | **Asset-Backed Securities — 7.2% (continued)** | **Asset-Backed Securities — 7.2% (continued)** | **Asset-Backed Securities — 7.2% (continued)** |
| **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** |
| Santander Drive Auto Receivables Trust, Ser. 2026-1, Cl. A3 | 3.93 | 7/15/2030 | 487000 | 488247 |
| Westlake Automobile Receivables Trust, Ser. 2025-3A, Cl. A3<sup>(b)</sup> <br>| 4.22 | 6/15/2029 | 975000 | 979311 |
|  |  |  |  | **8899759** |
| **Total Asset-Backed Securities** <br>(cost $26,161,874) | **Total Asset-Backed Securities** <br>(cost $26,161,874) | **Total Asset-Backed Securities** <br>(cost $26,161,874) |  | **26374071** |
| **Collateralized Loan Obligations — 3.6%** | **Collateralized Loan Obligations — 3.6%** | **Collateralized Loan Obligations — 3.6%** | **Collateralized Loan Obligations — 3.6%** | **Collateralized Loan Obligations — 3.6%** |
| **Collateralized Loan Obligations Debt — 3.6%** | **Collateralized Loan Obligations Debt — 3.6%** | **Collateralized Loan Obligations Debt — 3.6%** | **Collateralized Loan Obligations Debt — 3.6%** | **Collateralized Loan Obligations Debt — 3.6%** |
| AGL 45 Ltd. CLO, Ser. 2025-45A, Cl. A, (3 Month TSFR +1.20%)<sup>(b),(c)</sup> <br>| 5.08 | 1/22/2039 | 1000000 | 1000256 |
| Apidos LV CLO, Ser. 2025-55A, Cl. A1, (3 Month TSFR +1.21%)<sup>(b),(c)</sup> <br>| 4.93 | 1/20/2039 | 1500000 | 1504768 |
| Benefit Street Partners 41 Ltd. CLO, Ser. 2025-41A, Cl. A, (3 Month TSFR <br> +1.30%)<sup>(b),(c)</sup> <br>| 4.97 | 7/25/2038 | 250000 | 250698 |
| Benefit Street Partners 47 Ltd. CLO, Ser. 2026-47A, Cl. A, (3 Month TSFR <br> +1.19%)<sup>(b),(c),(d)</sup> <br>| 4.86 | 4/15/2039 | 1125000 | 1125821 |
| Churchill NCDLC LLC CLO-II, Ser. 2023-2A, Cl. AR, (3 Month TSFR <br> +1.38%)<sup>(b),(c)</sup> <br>| 5.04 | 1/20/2039 | 1500000 | 1501477 |
| Eldridge MMPC Ltd. CLO, Ser. 2026-1A, Cl. A1R, (3 Month TSFR <br> +1.40%)<sup>(b),(c)</sup> <br>| 5.02 | 1/15/2037 | 1250000 | 1250895 |
| Fortress Credit Opportunities XXXIII LLC CLO, Ser. 2026-33A, Cl. A1T, <br> (3 Month TSFR +1.43%)<sup>(b),(c)</sup> <br>| 5.15 | 4/20/2038 | 1500000 | 1500743 |
| HPS Loan Management Ltd., Ser. 2026-27A, Cl. A1, (3 Month TSFR <br> +1.16%)<sup>(b),(c)</sup> <br>| 4.87 | 4/15/2039 | 1300000 | 1300644 |
| MCF 11 LLC CLO, Ser. 2026-1A, Cl. A1, (3 Month TSFR +1.42%)<sup>(b),(c)</sup> <br>| 5.01 | 4/20/2038 | 1500000 | 1500817 |
| RIN XIII LLC, Ser. 2026-1A, Cl. D, (3 Month TSFR +2.85%)<sup>(b),(c),(d)</sup> <br>| 6.51 | 4/15/2039 | 1000000 | 1001847 |
| RR 44 Ltd., Ser. 2026-44A, Cl. A1A, (3 Month TSFR +1.17%)<sup>(b),(c),(d)</sup> <br>| 4.84 | 4/15/2041 | 1500000 | 1500449 |
| **Total Collateralized Loan Obligations** <br>(cost $13,434,615) | **Total Collateralized Loan Obligations** <br>(cost $13,434,615) | **Total Collateralized Loan Obligations** <br>(cost $13,434,615) |  | **13438415** |
| **Commercial Mortgage-Backed — 2.9%** | **Commercial Mortgage-Backed — 2.9%** | **Commercial Mortgage-Backed — 2.9%** | **Commercial Mortgage-Backed — 2.9%** | **Commercial Mortgage-Backed — 2.9%** |
| **Commercial Mortgage Pass-Through Certificates — 2.9%** | **Commercial Mortgage Pass-Through Certificates — 2.9%** | **Commercial Mortgage Pass-Through Certificates — 2.9%** | **Commercial Mortgage Pass-Through Certificates — 2.9%** | **Commercial Mortgage Pass-Through Certificates — 2.9%** |
| Barclays Commercial Mortgage Trust, Ser. 2019-C5, Cl. A4 | 3.06 | 11/15/2052 | 225000 | 216878 |
| BBCMS Mortgage Trust, Ser. 2026-5C40, Cl. A3 | 5.25 | 2/15/2059 | 1190000 | 1245311 |
| BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1<sup>(b)</sup> <br>| 5.08 | 6/25/2065 | 1300166 | 1307447 |
| BX Commercial Mortgage Trust, Ser. 2026-CSMO, Cl. A, (1 Month TSFR <br> +1.40%)<sup>(b),(c)</sup> <br>| 5.07 | 2/15/2042 | 450000 | 450694 |
| COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1<sup>(b)</sup> <br>| 5.48 | 8/25/2070 | 1165736 | 1179218 |
| Cross Mortgage Trust, Ser. 2024-H3, Cl. A2<sup>(b)</sup> <br>| 6.58 | 6/25/2069 | 271456 | 275011 |
| EFMT, Ser. 2025-RTL1, Cl. A1<sup>(b)</sup> <br>| 5.22 | 11/25/2040 | 1500000 | 1508380 |
| New Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1<sup>(b)</sup> <br>| 5.57 | 4/25/2065 | 1055384 | 1073056 |
| New Residential Mortgage Loan Trust, Ser. 2026-NQM2, Cl. A1<sup>(b)</sup> <br>| 4.74 | 12/25/2065 | 641241 | 644551 |
| Verus Securitization Trust, Ser. 2025-11, Cl. A1<sup>(b)</sup> <br>| 4.91 | 11/25/2070 | 1221075 | 1226560 |
| Verus Securitization Trust, Ser. 2025-5, Cl. A1<sup>(b)</sup> <br>| 5.43 | 6/25/2070 | 884066 | 893494 |
| Verus Securitization Trust, Ser. 2026-2, Cl. A3<sup>(b)</sup> <br>| 5.05 | 2/25/2071 | 734127 | 733761 |
| **Total Commercial Mortgage-Backed** <br>(cost $10,724,666) | **Total Commercial Mortgage-Backed** <br>(cost $10,724,666) | **Total Commercial Mortgage-Backed** <br>(cost $10,724,666) |  | **10754361** |
| **Corporate Bonds and Notes — 42.7%** | **Corporate Bonds and Notes — 42.7%** | **Corporate Bonds and Notes — 42.7%** | **Corporate Bonds and Notes — 42.7%** | **Corporate Bonds and Notes — 42.7%** |
| **Aerospace & Defense — .7%** | **Aerospace & Defense — .7%** | **Aerospace & Defense — .7%** | **Aerospace & Defense — .7%** | **Aerospace & Defense — .7%** |
| The Boeing Company, Sr. Unscd. Notes | 5.15 | 5/1/2030 | 2375000 | **2460316** |
| **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** | **Agriculture — .3%** |
| BAT Capital Corp., Gtd. Notes | 5.63 | 8/15/2035 | 1000000 | **1054967** |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** |
| **Airlines — 1.4%** | **Airlines — 1.4%** | **Airlines — 1.4%** | **Airlines — 1.4%** | **Airlines — 1.4%** |
| American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 2605102 | 2577433 |
| Delta Air Lines Pass-Through Trust, Ser. 2020-1, Cl. AA | 2.00 | 6/10/2028 | 2684534 | 2575311 |
|  |  |  |  | **5152744** |
| **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** | **Automobiles & Components — 2.0%** |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 5.75 | 4/6/2033 | 800000 | 815490 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 5.80 | 3/8/2029 | 710000 | 731534 |
| General Motors Financial Co., Inc., Gtd. Notes | 5.60 | 6/18/2031 | 3200000 | 3363128 |
| Toyota Motor Credit Corp., Sr. Unscd. Notes | 5.55 | 11/20/2030 | 2250000 | 2398413 |
|  |  |  |  | **7308565** |
| **Banks — 12.7%** | **Banks — 12.7%** | **Banks — 12.7%** | **Banks — 12.7%** | **Banks — 12.7%** |
| Bank of America Corp., Sr. Unscd. Notes | 5.47 | 1/23/2035 | 4500000 | 4717493 |
| Barclays PLC, Sub. Notes | 4.84 | 5/9/2028 | 3800000 | 3829486 |
| Canadian Imperial Bank of Commerce, Jr. Sub. Notes | 6.50 | 7/28/2086 | 600000 | 601935 |
| Citigroup, Inc., Sr. Unscd. Notes | 4.41 | 3/31/2031 | 2125000 | 2136472 |
| Citizens Financial Group, Inc., Sr. Unscd. Notes | 5.25 | 3/5/2031 | 2500000 | 2579453 |
| Citizens Financial Group, Inc., Sub. Notes | 5.30 | 1/29/2036 | 60000 | 60842 |
| Cooperatieve Rabobank UA, Gtd. Notes | 3.75 | 7/21/2026 | 3685000 | 3680399 |
| Credit Agricole SA, Sr. Notes<sup>(b)</sup> <br>| 6.32 | 10/3/2029 | 2245000 | 2363368 |
| HSBC Holdings PLC, Sr. Unscd. Notes | 2.87 | 11/22/2032 | 3460000 | 3184194 |
| JPMorgan Chase & Co., Jr. Sub. Notes, Ser. OO<sup>(e)</sup> <br>| 6.50 | 4/1/2030 | 3935000 | 4124229 |
| JPMorgan Chase & Co., Sub. Notes | 5.19 | 2/5/2037 | 1187000 | 1199554 |
| Morgan Stanley, Sub. Notes | 5.31 | 1/18/2041 | 623000 | 620070 |
| National Bank of Canada, Gtd. Notes | 5.60 | 12/18/2028 | 1670000 | 1744839 |
| NatWest Group PLC, Sr. Unscd. Notes | 4.96 | 8/15/2030 | 2375000 | 2435458 |
| Royal Bank of Canada, Jr. Sub. Notes | 6.50 | 5/24/2086 | 1265000 | 1263957 |
| Royal Bank of Canada, Sr. Unscd. Notes | 4.31 | 11/3/2031 | 855000 | 860696 |
| Santander Holdings USA, Inc., Sr. Unscd. Bonds | 7.66 | 11/9/2031 | 1000000 | 1129134 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 4.69 | 10/23/2030 | 2000000 | 2032898 |
| The Goldman Sachs Group, Inc., Sr. Unscd. Notes | 5.07 | 1/21/2037 | 1954000 | 1968503 |
| The PNC Financial Services Group, Inc., Sub. Notes | 5.42 | 1/25/2041 | 669000 | 676589 |
| Truist Financial Corp., Sr. Unscd. Notes | 4.60 | 1/27/2032 | 209000 | 211257 |
| US Bancorp, Sr. Unscd. Notes | 4.48 | 1/26/2032 | 1900000 | 1921467 |
| Wells Fargo & Co., Sr. Unscd. Notes | 4.96 | 1/23/2037 | 668000 | 670800 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.24 | 1/24/2031 | 1540000 | 1597983 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.43 | 1/23/2047 | 1300000 | 1287807 |
|  |  |  |  | **46898883** |
| **Beverage Products — .9%** | **Beverage Products — .9%** | **Beverage Products — .9%** | **Beverage Products — .9%** | **Beverage Products — .9%** |
| Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes | 4.75 | 1/23/2029 | 3225000 | **3301880** |
| **Chemicals — .1%** | **Chemicals — .1%** | **Chemicals — .1%** | **Chemicals — .1%** | **Chemicals — .1%** |
| FMC Corp., Sr. Unscd. Notes | 5.65 | 5/18/2033 | 500000 | **439141** |
| **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** | **Consumer Discretionary — .3%** |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 6.20 | 8/15/2034 | 900000 | **950723** |
| **Diversified Financials — 4.2%** | **Diversified Financials — 4.2%** | **Diversified Financials — 4.2%** | **Diversified Financials — 4.2%** | **Diversified Financials — 4.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 4.63 | 9/10/2029 | 2590000 | 2626939 |
| Air Lease Corp., Sr. Unscd. Notes | 5.10 | 3/1/2029 | 1750000 | 1790271 |
| American Express Co., Sr. Unscd. Notes | 5.10 | 2/16/2028 | 1345000 | 1359025 |
| Apollo Debt Solutions BDC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.70 | 1/23/2031 | 223000 | 221312 |
| Ares Capital Corp., Sr. Unscd. Notes | 2.88 | 6/15/2027 | 1250000 | 1227300 |
| Ares Capital Corp., Sr. Unscd. Notes | 2.88 | 6/15/2028 | 1725000 | 1645908 |
| Blackstone Private Credit Fund, Sr. Unscd. Notes | 5.35 | 3/12/2031 | 1000000 | 969325 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** |
| **Diversified Financials — 4.2% (continued)** | **Diversified Financials — 4.2% (continued)** | **Diversified Financials — 4.2% (continued)** | **Diversified Financials — 4.2% (continued)** | **Diversified Financials — 4.2% (continued)** |
| Blackstone Secured Lending Fund, Sr. Unscd. Notes | 5.25 | 9/4/2029 | 964000 | 957064 |
| CDP Financial, Inc., Gtd. Notes<sup>(b)</sup> <br>| 4.88 | 6/5/2029 | 1350000 | 1405553 |
| Goldman Sachs BDC, Inc., Sr. Unscd. Notes | 5.10 | 1/28/2029 | 444000 | 438199 |
| Ontario Teachers' Finance Trust, Gtd. Notes<sup>(b)</sup> <br>| 2.00 | 4/16/2031 | 1670000 | 1537545 |
| Ontario Teachers' Finance Trust, Gtd. Notes<sup>(b)</sup> <br>| 4.63 | 4/10/2029 | 1350000 | 1392917 |
|  |  |  |  | **15571358** |
| **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** |
| Jabil, Inc., Sr. Unscd. Notes | 4.75 | 2/1/2033 | 209000 | **208298** |
| **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** |
| Coterra Energy Operating Co., Sr. Unscd. Notes | 4.38 | 3/15/2029 | 3000000 | 2934302 |
| Occidental Petroleum Corp., Sr. Unscd. Notes | 4.40 | 4/15/2046 | 750000 | 614217 |
| ONEOK, Inc., Gtd. Notes | 4.00 | 7/13/2027 | 1250000 | 1251569 |
| Phillips 66 Co., Gtd. Notes, Ser. B | 6.20 | 3/15/2056 | 760000 | 770630 |
| Saudi Arabian Oil Co., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.00 | 2/2/2029 | 250000 | 250186 |
| Sunoco LP, Gtd. Notes<sup>(b)</sup> <br>| 5.63 | 3/15/2031 | 500000 | 504533 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 6.50 | 1/15/2034 | 400000 | 421180 |
|  |  |  |  | **6746617** |
| **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** | **Environmental Control — .0%** |
| GFL Environmental Holdings US, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 2/1/2034 | 206000 | **206999** |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. <br> Notes<sup>(b)</sup> <br>| 5.75 | 3/31/2034 | 1200000 | 1195533 |
| Kraft Heinz Foods Co., Gtd. Notes | 5.20 | 3/15/2032 | 1750000 | 1814783 |
| Mars, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.70 | 5/1/2055 | 900000 | 913294 |
|  |  |  |  | **3923610** |
| **Health Care — 5.3%** | **Health Care — 5.3%** | **Health Care — 5.3%** | **Health Care — 5.3%** | **Health Care — 5.3%** |
| Abbott Laboratories, Sr. Unscd. Notes | 5.50 | 3/15/2056 | 907000 | 910782 |
| AbbVie, Inc., Sr. Unscd. Notes | 3.20 | 11/21/2029 | 3925000 | 3834526 |
| Amgen, Inc., Sr. Unscd. Notes | 2.20 | 2/21/2027 | 2900000 | 2854281 |
| Amgen, Inc., Sr. Unscd. Notes | 5.65 | 2/19/2056 | 923000 | 921887 |
| CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 3000000 | 3019044 |
| HCA, Inc., Gtd. Notes | 4.90 | 11/15/2035 | 1000000 | 996215 |
| Pfizer Investment Enterprises Pte Ltd., Gtd. Notes | 4.75 | 5/19/2033 | 1820000 | 1858389 |
| Takeda Pharmaceutical Co., Ltd., Sr. Unscd. Notes | 5.30 | 7/5/2034 | 1150000 | 1199527 |
| Takeda US Financing Inc., Gtd. Notes | 5.90 | 7/7/2055 | 550000 | 567824 |
| UnitedHealth Group Inc., Sr. Unscd. Notes | 5.95 | 6/15/2055 | 700000 | 725428 |
| UnitedHealth Group, Inc., Sr. Unscd. Notes | 4.95 | 1/15/2032 | 2735000 | 2824629 |
|  |  |  |  | **19712532** |
| **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** |
| DAE Funding LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.95 | 1/15/2033 | 750000 | **746104** |
| **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** | **Information Technology — .6%** |
| Oracle Corp., Sr. Unscd. Notes | 4.70 | 9/27/2034 | 1390000 | 1306996 |
| Oracle Corp., Sr. Unscd. Notes | 5.88 | 9/26/2045 | 1000000 | 906603 |
|  |  |  |  | **2213599** |
| **Insurance — .3%** | **Insurance — .3%** | **Insurance — .3%** | **Insurance — .3%** | **Insurance — .3%** |
| Corebridge Financial, Inc., Jr. Sub. Notes | 6.38 | 9/15/2054 | 564000 | 564425 |
| Marsh & McLennan Companies, Inc., Sr. Unscd. Notes | 4.95 | 3/15/2036 | 454000 | 458212 |
|  |  |  |  | **1022637** |
| **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** | **Internet Software & Services — .7%** |
| Alphabet, Inc., Sr. Unscd. Notes | 5.65 | 2/15/2056 | 509000 | 521214 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** |
| **Internet Software & Services — .7% (continued)** | **Internet Software & Services — .7% (continued)** | **Internet Software & Services — .7% (continued)** | **Internet Software & Services — .7% (continued)** | **Internet Software & Services — .7% (continued)** |
| Amazon.com, Inc., Sr. Unscd. Notes | 5.55 | 11/20/2065 | 800000 | 783979 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.50 | 11/15/2045 | 700000 | 691984 |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.63 | 11/15/2055 | 800000 | 783678 |
|  |  |  |  | **2780855** |
| **Media — .4%** | **Media — .4%** | **Media — .4%** | **Media — .4%** | **Media — .4%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital, Sr. Scd. Notes<br>| 6.48 | 10/23/2045 | 1200000 | 1140238 |
| Paramount Global, Gtd. Debs. | 5.85 | 9/1/2043 | 700000 | 518905 |
|  |  |  |  | **1659143** |
| **Metals & Mining — .5%** | **Metals & Mining — .5%** | **Metals & Mining — .5%** | **Metals & Mining — .5%** | **Metals & Mining — .5%** |
| Commercial Metals Co., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 11/15/2033 | 755000 | 770772 |
| Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.53 | 1/30/2037 | 920000 | 943230 |
|  |  |  |  | **1714002** |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 5.50 | 2/1/2034 | 1000000 | 1033235 |
| Cousins Properties LP, Gtd. Notes | 4.88 | 3/1/2033 | 726000 | 719298 |
| CubeSmart LP, Gtd. Notes | 5.13 | 11/1/2035 | 1000000 | 1019118 |
| Equinix Asia Financing Corp. Pte Ltd., Gtd. Notes | 4.40 | 3/15/2031 | 372000 | 371808 |
| Kilroy Realty LP, Gtd. Notes | 5.88 | 10/15/2035 | 1000000 | 986216 |
| Regency Centers LP, Gtd. Notes | 4.50 | 3/15/2033 | 250000 | 250162 |
| Ventas Realty LP, Gtd. Notes | 5.63 | 7/1/2034 | 1200000 | 1265524 |
| Vornado Realty LP, Sr. Unscd. Notes | 5.75 | 2/1/2033 | 500000 | 507499 |
|  |  |  |  | **6152860** |
| **Retailing — .5%** | **Retailing — .5%** | **Retailing — .5%** | **Retailing — .5%** | **Retailing — .5%** |
| The Home Depot, Inc., Sr. Unscd. Notes | 4.85 | 6/25/2031 | 1855000 | **1933703** |
| **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.00 | 4/15/2029 | 3325000 | 3335766 |
| Foundry JV Holdco LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.88 | 1/25/2034 | 2000000 | 2090129 |
|  |  |  |  | **5425895** |
| **Telecommunication Services — 2.0%** | **Telecommunication Services — 2.0%** | **Telecommunication Services — 2.0%** | **Telecommunication Services — 2.0%** | **Telecommunication Services — 2.0%** |
| AT&T, Inc., Sr. Unscd. Notes | 4.30 | 2/15/2030 | 4250000 | 4291192 |
| AT&T, Inc., Sr. Unscd. Notes | 4.75 | 5/15/2046 | 1000000 | 880607 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.50 | 8/10/2033 | 1165000 | 1162415 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 5.75 | 11/30/2045 | 1000000 | 1011460 |
|  |  |  |  | **7345674** |
| **Transportation — .1%** | **Transportation — .1%** | **Transportation — .1%** | **Transportation — .1%** | **Transportation — .1%** |
| FedEx Freight Holding Co., Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.25 | 3/15/2036 | 254000 | **253312** |
| **Utilities — 3.3%** | **Utilities — 3.3%** | **Utilities — 3.3%** | **Utilities — 3.3%** | **Utilities — 3.3%** |
| Ameren Corp., Sr. Unscd. Notes | 5.00 | 5/15/2036 | 852000 | 853257 |
| American Electric Power Co., Inc., Jr. Sub. Notes, Ser. D | 6.05 | 3/15/2056 | 1000000 | 1003915 |
| Black Hills Corp., Sr. Unscd. Notes | 3.05 | 10/15/2029 | 2750000 | 2655047 |
| CenterPoint Energy Houston Electric LLC, General Ref. Mortgage Bonds, Ser. <br> AR<br>| 4.85 | 4/1/2036 | 331000 | 332152 |
| CMS Energy Corp., Jr. Sub. Notes | 6.50 | 6/1/2055 | 750000 | 784169 |
| Constellation Energy Generation LLC, Sr. Unscd. Notes | 5.88 | 1/15/2066 | 400000 | 399577 |
| DTE Electric Co., First Mortgage Bonds, Ser. B | 5.55 | 3/1/2056 | 379000 | 378605 |
| Duke Energy Corp., Sr. Unscd. Notes | 5.70 | 9/15/2055 | 700000 | 686835 |
| Entergy Louisiana LLC, First Mortgage Bonds | 4.90 | 4/15/2036 | 530000 | 530871 |
| Exelon Corp., Jr. Sub. Notes | 6.50 | 3/15/2055 | 700000 | 732908 |
| Hawaiian Electric Co., Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 10/1/2033 | 500000 | 509869 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** | **Corporate Bonds and Notes — 42.7% (continued)** |
| **Utilities — 3.3% (continued)** | **Utilities — 3.3% (continued)** | **Utilities — 3.3% (continued)** | **Utilities — 3.3% (continued)** | **Utilities — 3.3% (continued)** | **Utilities — 3.3% (continued)** |
| Louisville Gas & Electric Co., First Mortgage Bonds | 5.85 | 8/15/2055 |  | 350000 | 359291 |
| NiSource, Inc., Jr. Sub. Notes | 5.75 | 7/15/2056 |  | 900000 | 905759 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 5.05 | 10/15/2032 |  | 750000 | 764796 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 5.20 | 5/1/2036 |  | 140000 | 140518 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 6.00 | 5/1/2056 |  | 683000 | 675077 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 5.45 | 2/3/2036 |  | 200000 | 200352 |
| Vistra Operations Co. LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.35 | 1/31/2036 |  | 345000 | 347559 |
|  |  |  |  |  | **12260557** |
| **Total Corporate Bonds and Notes** <br>(cost $155,320,156) | **Total Corporate Bonds and Notes** <br>(cost $155,320,156) | **Total Corporate Bonds and Notes** <br>(cost $155,320,156) |  |  | **157444974** |
| **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** |
| Brazil, Sr. Unscd. Notes | 6.25 | 5/22/2036 |  | 698000 | 704073 |
| Brazil, Sr. Unscd. Notes | 7.25 | 1/12/2056 |  | 1100000 | 1120625 |
| Colombia, Sr. Unscd. Notes | 6.50 | 1/21/2033 |  | 1000000 | 994310 |
| Dominican Republic, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 3/17/2034 |  | 1200000 | 1200900 |
| Eagle Funding Luxco Sarl, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.50 | 8/17/2030 |  | 500000 | 509320 |
| Israel, Sr. Unscd. Notes, Ser. 30Y | 5.75 | 3/12/2054 |  | 450000 | 441196 |
| Israel, Sr. Unscd. Notes, Ser. 30Y | 5.88 | 1/13/2056 |  | 500000 | 498332 |
| Japan Finance Organization for Municipalities, Sr. Unscd. Notes<sup>(b)</sup> <br>| 1.38 | 2/10/2031 |  | 1670000 | 1488638 |
| Kuwait, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.65 | 10/9/2035 |  | 1000000 | 1008077 |
| Mexico, Sr. Unscd. Notes | 5.38 | 3/22/2033 |  | 400000 | 401020 |
| Mexico, Sr. Unscd. Notes | 6.13 | 2/9/2038 |  | 1400000 | 1419040 |
| Panama, Sr. Unscd. Notes | 5.66 | 2/23/2038 |  | 200000 | 201250 |
| Republic of South Africa, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.25 | 12/11/2055 |  | 600000 | 600895 |
| Romanian, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.63 | 3/4/2033 | EUR<br>| 639000 | 753685 |
| Romanian, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 9/24/2044 | EUR<br>| 658000 | 778634 |
| Saudi, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.88 | 1/12/2056 |  | 500000 | 503208 |
| **Total Foreign Governmental** <br>(cost $12,411,594) | **Total Foreign Governmental** <br>(cost $12,411,594) | **Total Foreign Governmental** <br>(cost $12,411,594) |  |  | **12623203** |
| **Municipal Securities — 2.5%** | **Municipal Securities — 2.5%** | **Municipal Securities — 2.5%** | **Municipal Securities — 2.5%** | **Municipal Securities — 2.5%** | **Municipal Securities — 2.5%** |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | 1.75 | 3/15/2028 |  | 4155000 | 4005540 |
| State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.71 | 7/1/2027 |  | 5315000 | 5184474 |
| **Total Municipal Securities** <br>(cost $9,470,000) | **Total Municipal Securities** <br>(cost $9,470,000) | **Total Municipal Securities** <br>(cost $9,470,000) |  |  | **9190014** |
| **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** | **U.S. Government Agencies Collateralized Mortgage Obligations — .5%** |
| Federal National Mortgage Association, REMICS, Ser. 2013-39, Cl. UP<sup>(f)</sup> <br>(cost $1,817,560)<br>| 2.50 | 5/25/2028 |  | 1862547 | **1840202** |
| **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** | **U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%** |
| Government National Mortgage Association, Ser. 2012-135, Cl. AE <br>(cost $2,200,908)<br>| 1.83 | 12/16/2052 |  | 2326627 | **1999529** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Government Agencies Mortgage-Backed — 20.1%** | **U.S. Government Agencies Mortgage-Backed — 20.1%** | **U.S. Government Agencies Mortgage-Backed — 20.1%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 2.00%, 12/1/2051<sup>(f)</sup> <br>| 15804737 | 13286668 |
| 2.50%, 4/1/2052-8/1/2052<sup>(f)</sup> <br>| 10247319 | 8983825 |
| 3.50%, 6/1/2035-12/1/2048<sup>(f)</sup> <br>| 5272191 | 5155284 |
| 4.00%, 5/1/2053<sup>(f)</sup> <br>| 2985482 | 2917495 |
| 4.50%, 2/1/2034<sup>(f)</sup> <br>| 87403 | 89103 |
| 5.00%, 6/1/2053<sup>(f)</sup> <br>| 5938380 | 6056289 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — 20.1% (continued)** | **U.S. Government Agencies Mortgage-Backed — 20.1% (continued)** | **U.S. Government Agencies Mortgage-Backed — 20.1% (continued)** |
| 5.50%, 7/1/2040-10/1/2054<sup>(f)</sup> <br>| 6626166 | 6836487 |
| 6.00%, 9/1/2055<sup>(f)</sup> <br>| 1670880 | 1732195 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 2.00%, 4/1/2051<sup>(f)</sup> <br>| 5305564 | 4432997 |
| 2.50%, 3/1/2052<sup>(f)</sup> <br>| 5513163 | 4863579 |
| 2.91%, 4/1/2026<sup>(f)</sup> <br>| 2000000 | 1992620 |
| 3.00%, 1/1/2050-12/1/2051<sup>(f)</sup> <br>| 9182165 | 8434468 |
| 4.50%, 8/1/2053<sup>(f)</sup> <br>| 2130138 | 2122729 |
| 5.50%, 8/1/2053<sup>(f)</sup> <br>| 3647781 | 3715798 |
| 6.00%, 6/1/2054<sup>(f)</sup> <br>| 1564161 | 1627452 |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 3.50%, 8/20/2055 | 2222177 | 2087183 |
| **Total U.S. Government Agencies Mortgage-Backed** <br>(cost $73,408,503) |  | **74334172** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>|  |  |
| **U.S. Government Agencies Obligations — 4.6%** | **U.S. Government Agencies Obligations — 4.6%** | **U.S. Government Agencies Obligations — 4.6%** | **U.S. Government Agencies Obligations — 4.6%** | **U.S. Government Agencies Obligations — 4.6%** |
| Federal Farm Credit Banks Funding Corp., Bonds | 4.70 | 3/5/2029 | 4035000 | 4035317 |
| Federal Farm Credit Banks Funding Corp., Bonds | 5.00 | 7/7/2032 | 4320000 | 4331320 |
| Federal Home Loan Banks, Bonds | 5.00 | 6/18/2029 | 1650000 | 1656198 |
| Federal Home Loan Banks, Bonds, Ser. 1 | 3.00 | 3/25/2027 | 6800000 | 6759794 |
| **Total U.S. Government Agencies Obligations** <br>(cost $16,806,432) | **Total U.S. Government Agencies Obligations** <br>(cost $16,806,432) | **Total U.S. Government Agencies Obligations** <br>(cost $16,806,432) |  | **16782629** |
| **U.S. Treasury Securities — 13.0%** | **U.S. Treasury Securities — 13.0%** | **U.S. Treasury Securities — 13.0%** | **U.S. Treasury Securities — 13.0%** | **U.S. Treasury Securities — 13.0%** |
| U.S. Treasury Bonds | 4.63 | 11/15/2055 | 913000 | 911645 |
| U.S. Treasury Bonds<sup>(g)</sup> <br>| 4.88 | 8/15/2045 | 22567000 | 23480258 |
| U.S. Treasury Inflation Indexed Bonds | 2.38 | 2/15/2055 | 1634000 | 1654561 |
| U.S. Treasury Notes | 2.75 | 8/15/2032 | 241000 | 228183 |
| U.S. Treasury Notes | 3.63 | 8/31/2029 | 2214000 | 2228227 |
| U.S. Treasury Notes | 4.00 | 11/15/2035 | 855000 | 858206 |
| U.S. Treasury Notes | 4.25 | 8/15/2035 | 1603000 | 1643075 |
| U.S. Treasury Notes | 4.38 | 8/31/2028 | 10300000 | 10542613 |
| U.S. Treasury Notes | 4.38 | 11/30/2030 | 1000000 | 1037324 |
| U.S. Treasury Notes | 4.38 | 5/15/2034 | 5168000 | 5366443 |
| **Total U.S. Treasury Securities** <br>(cost $46,694,808) | **Total U.S. Treasury Securities** <br>(cost $46,694,808) | **Total U.S. Treasury Securities** <br>(cost $46,694,808) |  | **47950535** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — .8%** | **Investment Companies — .8%** | **Investment Companies — .8%** | **Investment Companies — .8%** |
| **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** | **Registered Investment Companies — .8%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(h)</sup> <br>(cost $2,767,652)<br>| 3.63 | 2767652 | **2767652** |
| **Total Investments** (cost $371,218,768) | **Total Investments** (cost $371,218,768) | **101.8%** | **375499757** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(1.8%)** | **(6513756)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **368986001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUR—Euro<br>

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

TSFR—Term Secured Overnight Financing Rate Reference Rates<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount stated in U.S. Dollars unless otherwise noted above.

<sup>(b)</sup> 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 February 28, 2026, these securities amounted to $71,393,571 or 19.4% of net assets. 

<sup>(c)</sup> Variable rate security—Interest rate resets periodically and the rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of February 28, 2026.

<sup>(e)</sup> Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Held by a broker in a segregated account as collateral for open futures positions.

<sup>(h)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>8/31/2025<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>2/28/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - .8%**<sup>††</sup> | **Registered Investment Companies - .8%**<sup>††</sup> | **Registered Investment Companies - .8%**<sup>††</sup> | **Registered Investment Companies - .8%**<sup>††</sup> | **Registered Investment Companies - .8%**<sup>††</sup> | **Registered Investment Companies - .8%**<sup>††</sup> |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - .8%<br>| - | 36879774 | (34112122) | 2767652 | 19503 |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 5808795 | 16517421 | (22326216) | - | 25018 |
| **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 888983 | 45416004 | (46304987) | - | 9428<sup>†††</sup> <br>|
| **Total - .8%** | **6697778** | **98813199** | **(102743325)** | **2767652** | **53949** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Effective January 9, 2026, due to the fund converting to an ETF, the cash vehicle and the cash collateral for securities lending was transferred from Dreyfus <br> Institutional Preferred Government Plus Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares.<br>|
| <sup>†††</sup> <br>| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 8570965 | &nbsp;&nbsp; 8580211 | &nbsp;&nbsp; 9246 |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 21487244 | &nbsp;&nbsp; 21587563 | &nbsp;&nbsp; 100319 |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 701075 | &nbsp;&nbsp; 700406 | (669) |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 15329251 | &nbsp;&nbsp; 15564000 | &nbsp;&nbsp; 234749 |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 2037775 | &nbsp;&nbsp; 2048625 | &nbsp;&nbsp; 10850 |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **355164** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(669)** |

---

See notes to financial statements.

**10**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 368451116 | &nbsp;&nbsp;&nbsp;&nbsp; 372732105 |
| Affiliated issuers | 2767652 | &nbsp;&nbsp;&nbsp;&nbsp; 2767652 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 432367 |
| Dividends and interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 2945652 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 1315413 |
| Receivable for futures variation margin—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 393504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **380586693** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC, BNY Mellon Investment Adviser, Inc. and <br> affiliates—Note 4(b) <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 136894 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 11344217 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67016 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 8190 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 44375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11600692** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **368986001** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 389112340 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (20126339)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **368986001** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 15021435 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24.56** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24.57** |

---

See notes to financial statements.

**11**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 8580665 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 44521 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 9428 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **8634614** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 801875 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 215193 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 130700 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 30086 |
| Trustees' fees and expenses—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 28045 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 23922 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 10831 |
| Chief Compliance Officer fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7623 |
| Shareholder and regulatory reports service fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7500 |
| Shareholder servicing costs—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 4497 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 3396 |
| Custodian fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 2124 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 4685 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1270477** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **7364137** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 405210 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 333647 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **738857** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 3343065 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 354495 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **3697560** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **4436417** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **11800554** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on January 9, 2026, BNY Mellon Intermediate Bond Fund (the "Predecessor Fund") was reorganized into BNY Mellon Active Core Bond ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**12**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7364137 | &nbsp;&nbsp;&nbsp;&nbsp; 15007306 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 738857 | &nbsp;&nbsp;&nbsp;&nbsp; (4562720) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 3697560 | &nbsp;&nbsp;&nbsp;&nbsp; 7238880 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **11800554** | &nbsp;&nbsp;&nbsp;&nbsp; **17683466** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (1166920) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (4944613) | &nbsp;&nbsp;&nbsp;&nbsp; (15113016) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (83307) | &nbsp;&nbsp;&nbsp;&nbsp; (216542) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(6194840)** | &nbsp;&nbsp;&nbsp;&nbsp; **(15329558)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 18430372 | &nbsp;&nbsp;&nbsp;&nbsp; 61708466 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 2656249 | &nbsp;&nbsp;&nbsp;&nbsp; 5935438 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 388466587 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 894583 | &nbsp;&nbsp;&nbsp;&nbsp; 2662156 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 72440 | &nbsp;&nbsp;&nbsp;&nbsp; 184461 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (24277344) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (437177416) | &nbsp;&nbsp;&nbsp;&nbsp; (122074488) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (8736302) | &nbsp;&nbsp;&nbsp;&nbsp; (7451718) |
| Transaction fees—Note 6  | &nbsp;&nbsp;&nbsp;&nbsp; 36416 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(59634415)** | &nbsp;&nbsp;&nbsp;&nbsp; **(59035685)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(54028701)** | &nbsp;&nbsp;&nbsp;&nbsp; **(56681777)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 423014702 | &nbsp;&nbsp;&nbsp;&nbsp; 479696479 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **368986001** | &nbsp;&nbsp;&nbsp;&nbsp; **423014702** |

---

**13**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 16021435 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1000000) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **15021435** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 759666 | &nbsp;&nbsp;&nbsp;&nbsp; 2582714 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 36892 | &nbsp;&nbsp;&nbsp;&nbsp; 111218 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (18029690) | &nbsp;&nbsp;&nbsp;&nbsp; (5112963) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(17233132)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2419031)** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 217665 | &nbsp;&nbsp;&nbsp;&nbsp; 496460 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5945 | &nbsp;&nbsp;&nbsp;&nbsp; 15351 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (717527) | &nbsp;&nbsp;&nbsp;&nbsp; (622613) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(493917)** | &nbsp;&nbsp;&nbsp;&nbsp; **(110802)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.

<sup>(c)</sup> As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended February 28, 2026, 329,863 Investor Shares representing $4,007,348 were exchanged for 165,766 Class M shares and during the period ended August 31, 2025, 247,653 Class M shares representing $5,896,979 were exchanged for 493,261 Investor Shares. 

<sup>(e)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**14**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) <sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) <sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;&nbsp;23.22 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;26.22 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp; .48 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .16 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.52)<br>|
| Transaction fees<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;&nbsp;23.22 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;25.86 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.04 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; (6.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .62 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.08 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .63 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .63 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .59 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Portfolio Turnover Rate<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.97 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;64.17 | &nbsp;&nbsp;&nbsp;&nbsp;39.92 | &nbsp;&nbsp;&nbsp;&nbsp;26.10 | &nbsp;&nbsp;&nbsp;&nbsp;31.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.07 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 368986 | &nbsp;&nbsp;&nbsp;&nbsp; 417011 | &nbsp;&nbsp;&nbsp;&nbsp; 472402 | &nbsp;&nbsp;&nbsp;&nbsp; 506245 | &nbsp;&nbsp;&nbsp;&nbsp; 619470 | &nbsp;&nbsp;&nbsp;&nbsp; 779123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount does not include the expenses of the underlying funds.

<sup>(h)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(i)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**15**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Active Core Bond ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek total return (consisting of capital appreciation and current income). BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on January 2, 2026, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on January 9, 2026, at the time of the reorganization was $24.25 for Class M shares, and a total of 16,021,435 Class M shares, representing net assets of $388,466,587 (including $553,483 net appreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $130,700, of which $67,016 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on NYSE Arca, Inc. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the NYSE Arca, Inc., other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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).

**16**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Investments in other open-end investment companies are valued at their reported NAVs each day and are generally categorized within Level 1 of the fair value hierarchy.

Investments in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.

Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy.

**17**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 26374071 | &nbsp;&nbsp; — | &nbsp;&nbsp; **26374071** |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13438415 | &nbsp;&nbsp; — | &nbsp;&nbsp; **13438415** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 10754361 | &nbsp;&nbsp; — | &nbsp;&nbsp; **10754361** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 157444974 | &nbsp;&nbsp; — | &nbsp;&nbsp; **157444974** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 12623203 | &nbsp;&nbsp; — | &nbsp;&nbsp; **12623203** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9190014 | &nbsp;&nbsp; — | &nbsp;&nbsp; **9190014** |
| U.S. Government Agencies Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1840202 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1840202** |
| U.S. Government Agencies Collateralized Municipal-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1999529 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1999529** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 74334172 | &nbsp;&nbsp; — | &nbsp;&nbsp; **74334172** |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 16782629 | &nbsp;&nbsp; — | &nbsp;&nbsp; **16782629** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 47950535 | &nbsp;&nbsp; — | &nbsp;&nbsp; **47950535** |
| Investment Companies | &nbsp;&nbsp; 2767652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **2767652** |
|  | &nbsp;&nbsp; **2767652** | &nbsp;&nbsp; **372732105** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **375499757** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 355164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **355164** |
|  | &nbsp;&nbsp; **355164** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **355164** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| (669) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | **(669)** |
|  | **(669)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | **(669)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|

---

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 its affiliates, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended February 28, 2026, BNY earned $1,285 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 February 28, 2026, the fund had no securities on loan.

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "affiliated" under the Act.

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. In addition, the rates on floating rate instruments adjust periodically with changes in market interest rates. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

**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). During periods of reduced market liquidity, the fund may not be able to readily sell fixed-income securities at

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

prices at or near their perceived value. If the fund needed to sell large blocks of fixed-income securities to raise cash, those sales could further reduce the prices of such securities. Although the fund is expected to normally engage in in-kind redemptions, for any portion of the transaction not redeemed in-kind, an unexpected increase in fund redemption requests from Authorized Participants 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 certain of 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. Economic and other market developments can adversely affect fixed-income securities markets. Regulations and business practices, for example, have led some financial intermediaries to curtail their capacity to engage in trading (i.e., "market making") activities for certain fixed-income securities, which could have the potential to decrease liquidity and increase volatility in the fixed-income securities markets. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Further, some securities give the issuer the option to prepay or call the securities before their maturity date, which may reduce the market value of the security and the anticipated yield-to-maturity.

**Mortgage-Backed Securities Risk:** Mortgage-backed securities represent a participation in, or are secured by, mortgage loans. Certain of the mortgage-backed securities in which the fund may invest are not backed by the full faith and credit of the U.S. government and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so. The fund may also invest in non-agency mortgage-backed securities, including privately-issued mortgage pass-through securities, which generally offer a higher yield than similar securities issued by a government entity because of the absence of any direct or indirect government or agency payment guarantees. These mortgage-related securities typically do not have the same credit standing as U.S. government guaranteed mortgage-backed securities. In addition, some mortgage-related securities issued by private organizations may not be readily marketable, may be more difficult to value accurately and may be more volatile than similar securities issued by a government entity. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline. When interest rates rise, the effective duration of the fund's mortgage-backed 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 its potential for price declines. Because of prepayment and extension risk, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly affect the value of certain mortgage-backed securities. Transactions in mortgage-backed pass-through securities often occur through "to-be-announced transactions" or "TBA" transactions. Default by or bankruptcy of a counterparty to a TBA transaction could expose the fund to possible losses because of an adverse market action, expenses, or delays in connection with the purchase or sale of the pools of mortgage-backed pass-through securities specified in the TBA transaction.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(f) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. 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.

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

As of and during the period ended February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $27,139,818 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $2,744,953 of short-term capital losses and $24,394,865 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 was as follows: ordinary income $15,329,558. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**NOTE 3—**

**Bank Lines of Credit:**

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .40% of the value of the fund's average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .40% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

**21**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Effective January 9, 2026, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .20% of the value of the fund's average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

**(b)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Investor Shares were charged $4,440 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund had an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund received interest income or was charged overdraft fees when cash balances were 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 Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended February 28, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $2,124 pursuant to the custody agreement.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund's check writing privilege. During the period ended February 28, 2026, the Predecessor Fund was charged $57 pursuant to the agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $7,623 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $7,500 for financial reporting and regulatory services.

**22**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The components of "Due to BNY Mellon ETF Investment Adviser, LLC, BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $122,601, Custodian fees of $2,000, Chief Compliance Officer fees of $2,598, Checkwriting fees of $45 and shareholder and regulatory reports service fees of $9,650.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and in-kind transactions, if any, during the period ended February 28, 2026, amounted to $258,885,183 and $304,473,093, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended February 28, 2026 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2026 are set forth in the fund's Schedule of Investments.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Fair value of derivative instruments as of February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; 355164 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (669 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **355164** | &nbsp;&nbsp;&nbsp;&nbsp; **(669)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statement of Operations during the period ended February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 333647 | &nbsp;&nbsp;&nbsp;&nbsp; **333647** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **333647** | &nbsp;&nbsp;&nbsp;&nbsp; **333647** |

---

**23**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 354495 | &nbsp;&nbsp;&nbsp;&nbsp; **354495** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **354495** | &nbsp;&nbsp;&nbsp;&nbsp; **354495** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended February 28, 2026:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Long | &nbsp;&nbsp; 11793881 |
| Interest Rate Futures Short | &nbsp;&nbsp; 1459445 |

---

At February 28, 2026, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $4,635,484, consisting of $5,975,424 gross unrealized appreciation and $1,339,940 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had no in-kind transactions.

**24**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Intermediate Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

**25**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon Intermediate Bond Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on December 9, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 33,587,178 shares of stock of the Predecessor Fund, which constituted 97.18% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 33,577,582 9,596 0

**26**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $35,668.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**27**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on August 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Active Core Bond ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; and (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments. The Management Agreement and the Sub-Advisory Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below), (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser and the Sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon Intermediate Bond Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on January 9, 2026, the fund commenced investment operations and assumed the historical performance record of the Predecessor Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index and a peer group of short-intermediate investment grade debt funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have the same investment objective, similar investment strategies, and the same Sub-Adviser as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was above the performance of the broad-based index for the one-, five- and ten-year periods ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance was ranked in the fourth quartile of the Peer Group for the one- and

**28**

------

five-year periods, and the third quartile of the Peer Group for the ten-year period, ended December 31, 2024. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and the Sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed intermediate core bond ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed intermediate core bond ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**29**

------© 2026 BNY Mellon Securities Corporation

Code-4872NCSRSA0226

![](imgd9dc647b1.gif)

------

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

------

**BNY Mellon Core Plus ETF:** BCPL

Principal U.S. Listing Exchange: NYSE Arca, Inc.

![](imgbaee0df11.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_SOI-Commoncontent-5171_1)**<br> **[Investment Companies](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_SOI-Commoncontent-5171_1)**<br>| 3 |
| [Schedule of Investments](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_SOI-Commoncontent-5171_1) | 3 |
| [Statement of Assets and Liabilities](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_FS-Commoncontent-5171_1) | 12 |
| [Statement of Operations](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_FS-Commoncontent-5171_2) | 13 |
| [Statement of Changes in Net Assets](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_FS-Commoncontent-5171_3) | 14 |
| [Financial Highlights](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_FIHI-Commoncontent-5171_1) | 16 |
| [Notes to Financial Statements](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_NTF-Commoncontent-5171_1) | 17 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_CDA-Commoncontent-5171_1)**<br> **[Investment Companies](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_CDA-Commoncontent-5171_1)**<br>| 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_PRXD-Commoncontent-5171_1)** | 27 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_RMNP-Commoncontent-5171_1)**<br> **[Management Investment Companies](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_RMNP-Commoncontent-5171_1)**<br>| 28 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_ff7acb59-5594-4ec3-af58-bd2cdd1f774a_AAA-Commoncontent-5171_1)** | 29 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Core Plus ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<sup>(a)</sup> <br>| Value ($) |
| **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** |
| **Asset-Backed Certificates — 4.9%** | **Asset-Backed Certificates — 4.9%** | **Asset-Backed Certificates — 4.9%** | **Asset-Backed Certificates — 4.9%** | **Asset-Backed Certificates — 4.9%** |
| AASET MT-1 Ltd., Ser. 2025-3A, Cl. A<sup>(b)</sup> <br>| 5.24 | 2/16/2050 | 344952 | 350770 |
| Affirm Master Trust, Ser. 2026-1A, Cl. B<sup>(b)</sup> <br>| 4.57 | 2/15/2034 | 1080000 | 1085984 |
| Affirm Master Trust, Ser. 2026-1A, Cl. C<sup>(b)</sup> <br>| 4.72 | 2/15/2034 | 990000 | 995534 |
| Aligned Data Centers Issuer LLC, Ser. 2023-2A, Cl. A2<sup>(b)</sup> <br>| 6.50 | 11/16/2048 | 120000 | 121568 |
| Amur Equipment Finance Receivables XV LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 4.70 | 9/22/2031 | 295591 | 298964 |
| Compass Datacenters Issuer III LLC, Ser. 2026-1A, Cl. A21<sup>(b)</sup> <br>| 4.90 | 2/25/2056 | 473054 | 477911 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Ser. <br> 2025-4A, Cl. A2<sup>(b)</sup> <br>| 5.52 | 12/20/2055 | 1250000 | 1277135 |
| DataBank Issuer, Ser. 2026-1A, Cl. A2<sup>(b)</sup> <br>| 5.81 | 2/25/2056 | 352000 | 356912 |
| DataBank Issuer II LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.18 | 9/27/2055 | 1000000 | 999968 |
| DLLMT LLC, Ser. 2026-1A, Cl. A2<sup>(b)</sup> <br>| 4.03 | 7/20/2028 | 875000 | 876623 |
| DLLMT LLC, Ser. 2026-1A, Cl. A3<sup>(b)</sup> <br>| 4.20 | 12/20/2029 | 310000 | 312452 |
| Domino's Pizza Master Issuer LLC, Ser. 2021-1A, Cl. A2II<sup>(b)</sup> <br>| 3.15 | 4/25/2051 | 301475 | 282728 |
| Foundation Finance Trust, Ser. 2021-1A, Cl. C<sup>(b)</sup> <br>| 2.99 | 5/15/2041 | 191321 | 185921 |
| GBX Leasing LLC, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.13 | 2/20/2056 | 193000 | 197090 |
| HPEFS Equipment Trust, Ser. 2024-2A, Cl. D<sup>(b)</sup> <br>| 5.82 | 4/20/2032 | 240000 | 245016 |
| Jersey Mike's Funding LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 5.64 | 2/15/2055 | 544500 | 560758 |
| MAPS Trust, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.20 | 1/15/2051 | 993939 | 1009430 |
| MetroNet Infrastructure Issuer LLC, Ser. 2025-4A, Cl. A2<sup>(b)</sup> <br>| 5.16 | 12/20/2055 | 1099000 | 1119385 |
| NMEF Funding LLC, Ser. 2026-A, Cl. A3<sup>(b)</sup> <br>| 4.20 | 2/15/2034 | 146000 | 146673 |
| Phantom Aviation, Ser. 2026-1A, Cl. A<sup>(b)</sup> <br>| 5.24 | 1/15/2051 | 353000 | 360098 |
| PK Alift Loan Funding 8 LP, Ser. 2026-1, Cl. A<sup>(b)</sup> <br>| 4.61 | 9/15/2043 | 269000 | 271588 |
| Regional Management Issuance Trust, Ser. 2024-1, Cl. B<sup>(b)</sup> <br>| 6.45 | 7/15/2036 | 325000 | 333540 |
| Retained Vantage Data Centers Issuer LLC, Ser. 2024-1A, Cl. A2<sup>(b)</sup> <br>| 4.99 | 9/15/2049 | 1200000 | 1203512 |
| SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. B<sup>(b)</sup> <br>| 4.44 | 12/26/2035 | 1000000 | 1008078 |
| SoFi Consumer Loan Program Trust, Ser. 2026-1, Cl. C<sup>(b)</sup> <br>| 4.74 | 12/26/2035 | 496000 | 501271 |
| Stack Infrastructure Issuer LLC, Ser. 2025-1A, Cl. A2<sup>(b)</sup> <br>| 5.00 | 5/25/2050 | 1000000 | 995727 |
| Taco Bell Funding LLC, Ser. 2021-1A, Cl. A23<sup>(b)</sup> <br>| 2.54 | 8/25/2051 | 245625 | 220284 |
| VB-S1 Issuer LLC, Ser. 2026-1A, Cl. C2<sup>(b)</sup> <br>| 4.69 | 3/15/2056 | 355000 | 357417 |
| Verizon Master Trust, Ser. 2024-6, Cl. C | 4.67 | 8/20/2030 | 145000 | 146082 |
| Verizon Master Trust, Ser. 2025-10, Cl. C<sup>(b)</sup> <br>| 4.67 | 10/20/2033 | 180000 | 183606 |
| Verizon Master Trust, Ser. 2025-7, Cl. C | 4.40 | 8/20/2031 | 105000 | 105622 |
| Verizon Master Trust, Ser. 2025-9, Cl. C | 4.41 | 10/21/2030 | 325000 | 326426 |
| Volvo Financial Equipment LLC, Ser. 2024-1A, Cl. A4<sup>(b)</sup> <br>| 4.29 | 7/15/2031 | 45000 | 45454 |
| Wendy's Funding LLC, Ser. 2025-1A, Cl. A2I<sup>(b)</sup> <br>| 5.42 | 12/15/2055 | 1000000 | 1022849 |
|  |  |  |  | **17982376** |
| **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** | **Asset-Backed Certificates/Auto Receivables — 2.4%** |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2023-1A, Cl. A<sup>(b)</sup> <br>| 5.25 | 4/20/2029 | 1000000 | 1024925 |
| Avis Budget Rental Car Funding AESOP LLC, Ser. 2025-3A, Cl. B<sup>(b)</sup> <br>| 4.46 | 2/20/2030 | 625000 | 628699 |
| Bridgecrest Lending Auto Securitization Trust, Ser. 2026-1, Cl. C | 4.44 | 11/17/2031 | 496000 | 499560 |
| Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. D | 2.61 | 9/11/2028 | 175000 | 170357 |
| Carvana Auto Receivables Trust, Ser. 2022-P3, Cl. B | 5.04 | 10/10/2028 | 250000 | 252532 |
| Carvana Auto Receivables Trust, Ser. 2023-P2, Cl. C<sup>(b)</sup> <br>| 5.84 | 7/10/2029 | 188000 | 194620 |
| Exeter Automobile Receivables Trust, Ser. 2026-1A, Cl. C | 4.40 | 5/17/2032 | 742000 | 747793 |
| Ford Credit Auto Owner Trust, Ser. 2022-1, Cl. C<sup>(b)</sup> <br>| 4.67 | 11/15/2034 | 250000 | 251175 |
| Ford Credit Auto Owner Trust, Ser. 2025-2, Cl. B<sup>(b)</sup> <br>| 4.67 | 2/15/2038 | 575000 | 589747 |
| GLS Auto Receivables Issuer Trust, Ser. 2025-1A, Cl. B<sup>(b)</sup> <br>| 4.98 | 7/16/2029 | 795000 | 803473 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Asset-Backed Securities — 7.3% (continued)** | **Asset-Backed Securities — 7.3% (continued)** | **Asset-Backed Securities — 7.3% (continued)** | **Asset-Backed Securities — 7.3% (continued)** | **Asset-Backed Securities — 7.3% (continued)** |
| **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** | **Asset-Backed Certificates/Auto Receivables — 2.4% (continued)** |
| LAD Auto Receivables Trust, Ser. 2026-1A, Cl. A3<sup>(b)</sup> <br>| 3.92 | 4/15/2031 | 565000 | 567311 |
| Nissan Auto Lease Trust, Ser. 2026-A, Cl. A3 | 3.87 | 3/15/2029 | 738000 | 739651 |
| Santander Drive Auto Receivables Trust, Ser. 2025-4, Cl. C | 4.52 | 1/15/2032 | 750000 | 760106 |
| Santander Drive Auto Receivables Trust, Ser. 2026-1, Cl. A3 | 3.93 | 7/15/2030 | 480000 | 481229 |
| Westlake Automobile Receivables Trust, Ser. 2025-3A, Cl. A3<sup>(b)</sup> <br>| 4.22 | 6/15/2029 | 975000 | 979311 |
|  |  |  |  | **8690489** |
| **Total Asset-Backed Securities** <br>(cost $26,457,677) | **Total Asset-Backed Securities** <br>(cost $26,457,677) | **Total Asset-Backed Securities** <br>(cost $26,457,677) |  | **26672865** |
| **Collateralized Loan Obligations — 3.7%** | **Collateralized Loan Obligations — 3.7%** | **Collateralized Loan Obligations — 3.7%** | **Collateralized Loan Obligations — 3.7%** | **Collateralized Loan Obligations — 3.7%** |
| **Collateralized Loan Obligations Debt — 3.7%** | **Collateralized Loan Obligations Debt — 3.7%** | **Collateralized Loan Obligations Debt — 3.7%** | **Collateralized Loan Obligations Debt — 3.7%** | **Collateralized Loan Obligations Debt — 3.7%** |
| AGL 45 Ltd. CLO, Ser. 2025-45A, Cl. A, (3 Month TSFR +1.20%)<sup>(b),(c)</sup> <br>| 5.08 | 1/22/2039 | 1000000 | 1000256 |
| Apidos LV CLO, Ser. 2025-55A, Cl. A1, (3 Month TSFR +1.21%)<sup>(b),(c)</sup> <br>| 4.93 | 1/20/2039 | 1500000 | 1504768 |
| Benefit Street Partners 41 Ltd. CLO, Ser. 2025-41A, Cl. A, (3 Month TSFR <br> +1.30%)<sup>(b),(c)</sup> <br>| 4.97 | 7/25/2038 | 250000 | 250698 |
| Benefit Street Partners 47 Ltd. CLO, Ser. 2026-47A, Cl. A, (3 Month TSFR <br> +1.19%)<sup>(b),(c),(d)</sup> <br>| 4.86 | 4/15/2039 | 1125000 | 1125821 |
| Churchill NCDLC LLC CLO-II, Ser. 2023-2A, Cl. AR, (3 Month TSFR <br> +1.38%)<sup>(b),(c)</sup> <br>| 5.04 | 1/20/2039 | 1500000 | 1501477 |
| Eldridge MMPC Ltd. CLO, Ser. 2026-1A, Cl. A1R, (3 Month TSFR <br> +1.40%)<sup>(b),(c)</sup> <br>| 5.02 | 1/15/2037 | 1250000 | 1250895 |
| Fortress Credit Opportunities XXXIII LLC CLO, Ser. 2026-33A, Cl. A1T, <br> (3 Month TSFR +1.43%)<sup>(b),(c)</sup> <br>| 5.15 | 4/20/2038 | 1500000 | 1500743 |
| HPS Loan Management Ltd., Ser. 2026-27A, Cl. A1, (3 Month TSFR <br> +1.16%)<sup>(b),(c)</sup> <br>| 4.87 | 4/15/2039 | 1300000 | 1300644 |
| MCF 11 LLC CLO, Ser. 2026-1A, Cl. A1, (3 Month TSFR +1.42%)<sup>(b),(c)</sup> <br>| 5.01 | 4/20/2038 | 1500000 | 1500817 |
| RIN XIII LLC, Ser. 2026-1A, Cl. D, (3 Month TSFR +2.85%)<sup>(b),(c),(d)</sup> <br>| 6.51 | 4/15/2039 | 1000000 | 1001847 |
| RR 44 Ltd., Ser. 2026-44A, Cl. A1A, (3 Month TSFR +1.17%)<sup>(b),(c),(d)</sup> <br>| 4.84 | 4/15/2041 | 1500000 | 1500449 |
| **Total Collateralized Loan Obligations** <br>(cost $13,434,615) | **Total Collateralized Loan Obligations** <br>(cost $13,434,615) | **Total Collateralized Loan Obligations** <br>(cost $13,434,615) |  | **13438415** |
| **Commercial Mortgage-Backed — 3.2%** | **Commercial Mortgage-Backed — 3.2%** | **Commercial Mortgage-Backed — 3.2%** | **Commercial Mortgage-Backed — 3.2%** | **Commercial Mortgage-Backed — 3.2%** |
| **Commercial Mortgage Pass-Through Certificates — 3.2%** | **Commercial Mortgage Pass-Through Certificates — 3.2%** | **Commercial Mortgage Pass-Through Certificates — 3.2%** | **Commercial Mortgage Pass-Through Certificates — 3.2%** | **Commercial Mortgage Pass-Through Certificates — 3.2%** |
| Barclays Commercial Mortgage Trust, Ser. 2019-C5, Cl. A4 | 3.06 | 11/15/2052 | 225000 | 216878 |
| BBCMS Mortgage Trust, Ser. 2026-5C40, Cl. A3 | 5.25 | 2/15/2059 | 1160000 | 1213917 |
| BRAVO Residential Funding Trust, Ser. 2025-NQM8, Cl. A1<sup>(b)</sup> <br>| 5.08 | 6/25/2065 | 1300166 | 1307447 |
| BX Commercial Mortgage Trust, Ser. 2026-CSMO, Cl. A, (1 Month TSFR <br> +1.40%)<sup>(b),(c)</sup> <br>| 5.07 | 2/15/2042 | 450000 | 450694 |
| COLT Mortgage Loan Trust, Ser. 2025-8, Cl. A1<sup>(b)</sup> <br>| 5.48 | 8/25/2070 | 1165736 | 1179218 |
| Cross Mortgage Trust, Ser. 2024-H3, Cl. A2<sup>(b)</sup> <br>| 6.58 | 6/25/2069 | 271464 | 275018 |
| EFMT, Ser. 2025-RTL1, Cl. A1<sup>(b)</sup> <br>| 5.22 | 11/25/2040 | 1500000 | 1508380 |
| New Residential Mortgage Loan Trust, Ser. 2025-NQM2, Cl. A1<sup>(b)</sup> <br>| 5.57 | 4/25/2065 | 2051163 | 2085509 |
| New Residential Mortgage Loan Trust, Ser. 2026-NQM2, Cl. A1<sup>(b)</sup> <br>| 4.74 | 12/25/2065 | 580746 | 583744 |
| Verus Securitization Trust, Ser. 2025-11, Cl. A1<sup>(b)</sup> <br>| 4.91 | 11/25/2070 | 1221075 | 1226560 |
| Verus Securitization Trust, Ser. 2025-5, Cl. A1<sup>(b)</sup> <br>| 5.43 | 6/25/2070 | 884066 | 893494 |
| Verus Securitization Trust, Ser. 2026-2, Cl. A3<sup>(b)</sup> <br>| 5.05 | 2/25/2071 | 734127 | 733761 |
| **Total Commercial Mortgage-Backed** <br>(cost $11,644,891) | **Total Commercial Mortgage-Backed** <br>(cost $11,644,891) | **Total Commercial Mortgage-Backed** <br>(cost $11,644,891) |  | **11674620** |
| **Corporate Bonds and Notes — 40.5%** | **Corporate Bonds and Notes — 40.5%** | **Corporate Bonds and Notes — 40.5%** | **Corporate Bonds and Notes — 40.5%** | **Corporate Bonds and Notes — 40.5%** |
| **Advertising — .3%** | **Advertising — .3%** | **Advertising — .3%** | **Advertising — .3%** | **Advertising — .3%** |
| Omnicom Group, Inc., Sr. Unscd. Notes | 5.30 | 6/2/2036 | 1093000 | **1085373** |
| **Aerospace & Defense — .2%** | **Aerospace & Defense — .2%** | **Aerospace & Defense — .2%** | **Aerospace & Defense — .2%** | **Aerospace & Defense — .2%** |
| The Boeing Company, Sr. Unscd. Notes | 5.81 | 5/1/2050 | 759000 | **762555** |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** |
| **Agriculture — .2%** | **Agriculture — .2%** | **Agriculture — .2%** | **Agriculture — .2%** | **Agriculture — .2%** |
| BAT Capital Corp., Gtd. Notes | 7.08 | 8/2/2053 | 490000 | **562117** |
| **Airlines — 2.7%** | **Airlines — 2.7%** | **Airlines — 2.7%** | **Airlines — 2.7%** | **Airlines — 2.7%** |
| Air Canada Pass-Through Trust, Ser. 2015-1, Cl. A<sup>(b)</sup> <br>| 3.60 | 3/15/2027 | 1578006 | 1563511 |
| American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 2560064 | 2532873 |
| Avianca Midco 2 PLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 9.50 | 1/28/2031 | 679000 | 687488 |
| JetBlue Airways Corp. Pass-Through Trust, Ser. 2019-1, Cl. A | 2.95 | 5/15/2028 | 3597822 | 3408225 |
| United Airlines Pass-Through Trust, Ser. 2016-2, Cl. A | 3.10 | 10/7/2028 | 1722331 | 1663870 |
|  |  |  |  | **9855967** |
| **Automobiles & Components — 1.4%** | **Automobiles & Components — 1.4%** | **Automobiles & Components — 1.4%** | **Automobiles & Components — 1.4%** | **Automobiles & Components — 1.4%** |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 5.80 | 3/8/2029 | 675000 | 695472 |
| Ford Motor Credit Co. LLC, Sr. Unscd. Notes | 7.12 | 11/7/2033 | 1160000 | 1268089 |
| General Motors Financial Co., Inc., Sr. Unscd. Notes | 3.10 | 1/12/2032 | 2501000 | 2313569 |
| The Goodyear Tire & Rubber Company, Gtd. Notes | 5.00 | 7/15/2029 | 757000 | 742587 |
|  |  |  |  | **5019717** |
| **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
| Bank of America Corp., Jr. Sub. Notes, Ser. FF<sup>(e)</sup> <br>| 5.88 | 3/15/2028 | 1844000 | 1883421 |
| Bank of America Corp., Sub. Notes | 5.52 | 10/25/2035 | 918000 | 942391 |
| Canadian Imperial Bank of Commerce, Jr. Sub. Notes | 6.50 | 7/28/2086 | 568000 | 569832 |
| Citigroup, Inc., Sub. Notes | 6.17 | 5/25/2034 | 1778000 | 1898629 |
| Citizens Financial Group, Inc., Sub. Notes | 5.30 | 1/29/2036 | 59000 | 59828 |
| Danske Bank A/S, Sr. Notes<sup>(b)</sup> <br>| 5.71 | 3/1/2030 | 898000 | 937377 |
| ING Groep NV, Jr. Sub. Bonds<sup>(e)</sup> <br>| 7.00 | 11/16/2032 | 520000 | 540661 |
| JPMorgan Chase & Co., Sr. Unscd. Notes | 5.34 | 1/23/2035 | 3500000 | 3649057 |
| Morgan Stanley, Sub. Notes | 5.95 | 1/19/2038 | 2639000 | 2782918 |
| Royal Bank of Canada, Jr. Sub. Notes | 6.50 | 5/24/2086 | 520000 | 519572 |
| Royal Bank of Canada, Jr. Sub. Notes | 6.75 | 8/24/2085 | 349000 | 362340 |
| The Bank of Nova Scotia, Jr. Sub. Notes, (3 Month TSFR +2.91%)<sup>(c),(e)</sup> <br>| 6.56 | 4/12/2026 | 1904000 | 1903310 |
| The Goldman Sachs Group, Inc., Sub. Notes | 6.75 | 10/1/2037 | 2007000 | 2255366 |
| Truist Financial Corp., Sr. Unscd. Notes | 5.71 | 1/24/2035 | 2000000 | 2122762 |
| Wells Fargo & Co., Sr. Unscd. Notes | 5.21 | 12/3/2035 | 2225000 | 2285440 |
|  |  |  |  | **22712904** |
| **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** | **Chemicals — .3%** |
| Olin Corp., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.63 | 4/1/2033 | 376000 | 367623 |
| Sasol Financing USA LLC, Gtd. Notes | 5.50 | 3/18/2031 | 625000 | 549098 |
|  |  |  |  | **916721** |
| **Commercial & Professional Services — .8%** | **Commercial & Professional Services — .8%** | **Commercial & Professional Services — .8%** | **Commercial & Professional Services — .8%** | **Commercial & Professional Services — .8%** |
| Ashtead Capital, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.95 | 10/15/2033 | 532000 | 567913 |
| Global Payments, Inc., Sr. Unscd. Notes | 3.20 | 8/15/2029 | 1181000 | 1133542 |
| Herc Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.75 | 3/15/2031 | 747000 | 757653 |
| United Rentals North America, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.38 | 11/15/2033 | 615000 | 620448 |
|  |  |  |  | **3079556** |
| **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** |
| D.R. Horton, Inc., Gtd. Notes | 5.50 | 10/15/2035 | 721000 | 759188 |
| Flutter Treasury DAC, Sr. Scd. Bonds<sup>(b)</sup> <br>| 5.88 | 6/4/2031 | 371000 | 370176 |
| Las Vegas Sands Corp., Sr. Unscd. Notes | 5.63 | 6/15/2028 | 1480000 | 1516531 |
| Royal Caribbean Cruises Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.25 | 3/15/2032 | 1442000 | 1504147 |
|  |  |  |  | **4150042** |
| **Diversified Financials — 2.6%** | **Diversified Financials — 2.6%** | **Diversified Financials — 2.6%** | **Diversified Financials — 2.6%** | **Diversified Financials — 2.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | 6.50 | 1/31/2056 | 359000 | 372416 |
| Aircastle Ltd./Aircastle Ireland DAC, Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 9/15/2030 | 1000000 | 1022788 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** |
| **Diversified Financials — 2.6% (continued)** | **Diversified Financials — 2.6% (continued)** | **Diversified Financials — 2.6% (continued)** | **Diversified Financials — 2.6% (continued)** | **Diversified Financials — 2.6% (continued)** |
| Apollo Debt Solutions BDC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.70 | 1/23/2031 | 218000 | 216350 |
| Ares Capital Corp., Sr. Unscd. Notes | 2.88 | 6/15/2028 | 1275000 | 1216541 |
| Blue Owl Capital Corp., Sr. Unscd. Notes | 2.63 | 1/15/2027 | 1536000 | 1497754 |
| Blue Owl Credit Income Corp., Sr. Unscd. Notes | 6.60 | 9/15/2029 | 2000000 | 2019646 |
| Blue Owl Technology Finance Corp., Sr. Unscd. Notes | 6.13 | 1/23/2031 | 395000 | 377496 |
| Capital One Financial Corp., Sub. Notes | 6.18 | 1/30/2036 | 535000 | 556552 |
| Goldman Sachs BDC, Inc., Sr. Unscd. Notes | 5.10 | 1/28/2029 | 435000 | 429317 |
| Macquarie Airfinance Holdings Ltd., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.20 | 3/27/2028 | 739000 | 751586 |
| Voya Financial, Inc., Gtd. Notes | 5.05 | 3/2/2036 | 1097000 | 1085165 |
|  |  |  |  | **9545611** |
| **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** | **Electronic Components — .1%** |
| Jabil, Inc., Sr. Unscd. Notes | 4.75 | 2/1/2033 | 205000 | **204311** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| Azule Energy Finance PLC, Gtd. Bonds<sup>(b)</sup> <br>| 8.63 | 1/22/2033 | 250000 | 251701 |
| Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 2.74 | 12/31/2039 | 2000000 | 1740080 |
| Cheniere Energy Partners LP, Gtd. Notes | 4.50 | 10/1/2029 | 749000 | 753626 |
| Columbia Pipelines Holding Co. LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.00 | 11/17/2032 | 1130000 | 1153099 |
| Coterra Energy, Inc., Sr. Unscd. Notes | 5.90 | 2/15/2055 | 970000 | 965675 |
| CVR Energy, Inc., Gtd. Notes<sup>(b)</sup> <br>| 7.88 | 2/15/2034 | 934000 | 915847 |
| Ecopetrol SA, Sr. Unscd. Notes | 7.75 | 2/1/2032 | 720000 | 735283 |
| Enbridge, Inc., Sub. Notes | 7.38 | 3/15/2055 | 880000 | 941844 |
| Energean Israel Finance Ltd., Sr. Scd. Notes<sup>(b)</sup> <br>| 5.88 | 3/30/2031 | 350000 | 337144 |
| Energy Transfer LP, Jr. Sub. Notes | 6.75 | 2/15/2056 | 718000 | 734235 |
| Enterprise Products Operating LLC, Gtd. Notes | 5.35 | 1/31/2033 | 713000 | 753968 |
| Global Partners LP/GLP Finance Corp., Gtd. Notes<sup>(b)</sup> <br>| 8.25 | 1/15/2032 | 2000000 | 2117630 |
| Harbour Energy PLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.33 | 4/1/2035 | 927000 | 966001 |
| HF Sinclair Corp., Sr. Unscd. Notes | 5.50 | 9/1/2032 | 366000 | 374387 |
| Howard Midstream Energy Partners LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.38 | 7/15/2032 | 697000 | 736032 |
| Marathon Petroleum Corp., Sr. Unscd. Notes | 5.70 | 3/1/2035 | 1266000 | 1333968 |
| NGPL PipeCo LLC, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.77 | 12/15/2037 | 977000 | 1170222 |
| Pertamina Hulu Energi PT, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.25 | 5/21/2030 | 800000 | 816475 |
| Petroleos del Peru SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.75 | 6/19/2032 | 900000 | 659052 |
| Phillips 66 Co., Gtd. Notes, Ser. B | 6.20 | 3/15/2056 | 744000 | 754406 |
| SM Energy Co., Gtd. Notes<sup>(b)</sup> <br>| 8.75 | 7/1/2031 | 725000 | 761612 |
| Targa Resources Corp., Gtd. Notes | 6.13 | 3/15/2033 | 350000 | 378821 |
| Tecpetrol SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.63 | 1/22/2033 | 350000 | 362180 |
| Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds<sup>(b)</sup> <br>| 6.13 | 12/15/2030 | 1110000 | 1153615 |
| YPF SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 8.75 | 9/11/2031 | 300000 | 313000 |
|  |  |  |  | **21179903** |
| **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** | **Environmental Control — .1%** |
| GFL Environmental Holdings US, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 2/1/2034 | 202000 | **202979** |
| **Food Products — .9%** | **Food Products — .9%** | **Food Products — .9%** | **Food Products — .9%** | **Food Products — .9%** |
| Industrial F&B Investments III, Inc., Sr. Scd. Notes<sup>(b)</sup> <br>| 7.75 | 2/11/2033 | 708000 | 727204 |
| Post Holdings, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.38 | 3/1/2033 | 525000 | 534803 |
| The J.M. Smucker Company, Sr. Unscd. Notes | 4.25 | 3/15/2035 | 994000 | 954087 |
| The Kroger Company, Sr. Unscd. Notes | 5.00 | 9/15/2034 | 1119000 | 1138158 |
|  |  |  |  | **3354252** |
| **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** |
| GE HealthCare Technologies, Inc., Sr. Unscd. Notes | 4.80 | 8/14/2029 | 915000 | 938535 |
| HCA, Inc., Gtd. Notes | 4.90 | 11/15/2035 | 764000 | 761108 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** |
| **Health Care — 2.2% (continued)** | **Health Care — 2.2% (continued)** | **Health Care — 2.2% (continued)** | **Health Care — 2.2% (continued)** | **Health Care — 2.2% (continued)** |
| HCA, Inc., Gtd. Notes | 5.75 | 3/1/2035 | 2000000 | 2117874 |
| Royalty Pharma PLC, Gtd. Notes | 2.20 | 9/2/2030 | 3000000 | 2757347 |
| The Cigna Group, Sr. Unscd. Notes | 5.25 | 1/15/2036 | 1469000 | 1509363 |
|  |  |  |  | **8084227** |
| **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** |
| DAE Funding LLC, Gtd. Notes<sup>(b)</sup> <br>| 4.95 | 1/15/2033 | 769000 | **765005** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| Fiserv, Inc., Sr. Unscd. Notes | 3.50 | 7/1/2029 | 392000 | 380878 |
| Oracle Corp., Sr. Unscd. Notes | 6.25 | 11/9/2032 | 3000000 | 3168789 |
|  |  |  |  | **3549667** |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Corebridge Financial, Inc., Jr. Sub. Notes | 6.38 | 9/15/2054 | 553000 | 553417 |
| MetLife, Inc., Jr. Sub. Notes, Ser. D<sup>(e)</sup> <br>| 5.88 | 3/15/2028 | 2000000 | 2048204 |
| MetLife, Inc., Sub. Notes | 5.85 | 3/15/2056 | 1090000 | 1082740 |
|  |  |  |  | **3684361** |
| **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** | **Internet Software & Services — .3%** |
| Meta Platforms, Inc., Sr. Unscd. Notes | 5.60 | 5/15/2053 | 786000 | 765790 |
| Snap, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.88 | 3/1/2033 | 350000 | 348824 |
|  |  |  |  | **1114614** |
| **Materials — .1%** | **Materials — .1%** | **Materials — .1%** | **Materials — .1%** | **Materials — .1%** |
| Smurfit Westrock Financing DAC, Gtd. Notes | 5.42 | 1/15/2035 | 360000 | **374251** |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital, Sr. Scd. Notes<br>| 4.40 | 4/1/2033 | 2500000 | 2382038 |
| Paramount Global, Gtd. Debs. | 5.85 | 9/1/2043 | 1149000 | 851745 |
| Sirius XM Radio LLC, Gtd. Notes<sup>(b)</sup> <br>| 5.88 | 4/15/2032 | 454000 | 453207 |
|  |  |  |  | **3686990** |
| **Metals & Mining — .7%** | **Metals & Mining — .7%** | **Metals & Mining — .7%** | **Metals & Mining — .7%** | **Metals & Mining — .7%** |
| Commercial Metals Co., Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 11/15/2033 | 740000 | 755459 |
| Corp. Nacional del Cobre de Chile, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.53 | 1/30/2037 | 920000 | 943230 |
| First Quantum Minerals Ltd., Gtd. Notes<sup>(b)</sup> <br>| 6.38 | 2/15/2036 | 200000 | 200800 |
| Navoi Mining & Metallurgical Combinat, Sr. Unscd. Bonds<sup>(b)</sup> <br>| 6.75 | 5/14/2030 | 250000 | 264142 |
| Vedanta Resources Finance II PLC, Gtd. Notes<sup>(b)</sup> <br>| 9.13 | 10/15/2032 | 300000 | 310999 |
|  |  |  |  | **2474630** |
| **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 737000 | 751342 |
| American Homes 4 Rent LP, Sr. Unscd. Notes | 5.25 | 3/15/2035 | 556000 | 561167 |
| Boston Properties LP, Sr. Unscd. Notes | 5.75 | 1/15/2035 | 902000 | 919268 |
| Cousins Properties LP, Gtd. Notes | 5.38 | 2/15/2032 | 1084000 | 1119490 |
| CubeSmart LP, Gtd. Notes | 5.13 | 11/1/2035 | 1304000 | 1328929 |
| Healthcare Realty Holdings LP, Gtd. Notes | 3.10 | 2/15/2030 | 1188000 | 1138390 |
| Iron Mountain, Inc., Gtd. Notes<sup>(b)</sup> <br>| 6.25 | 1/15/2033 | 355000 | 362978 |
| Kilroy Realty LP, Gtd. Notes | 5.88 | 10/15/2035 | 722000 | 712048 |
| Phillips Edison Grocery Center Operating Partnership I LP, Gtd. Notes | 2.63 | 11/15/2031 | 2115000 | 1922120 |
| Store Capital LLC, Sr. Unscd. Notes | 4.63 | 3/15/2029 | 376000 | 377975 |
| Ventas Realty LP, Gtd. Notes | 5.10 | 7/15/2032 | 719000 | 743537 |
| Vornado Realty LP, Sr. Unscd. Notes | 5.75 | 2/1/2033 | 756000 | 767339 |
|  |  |  |  | **10704583** |
| **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** | **Retailing — .6%** |
| Asbury Automotive Group, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.00 | 2/15/2032 | 774000 | 753176 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** | **Corporate Bonds and Notes — 40.5% (continued)** |
| **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** | **Retailing — .6% (continued)** |
| AutoZone, Inc., Sr. Unscd. Notes | 4.75 | 2/1/2033 | 372000 | 376602 |
| Lithia Motors, Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 10/1/2030 | 1109000 | 1116691 |
|  |  |  |  | **2246469** |
| **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
| Broadcom, Inc., Sr. Unscd. Notes<sup>(b)</sup> <br>| 3.14 | 11/15/2035 | 880000 | 769745 |
| Foundry JV Holdco LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.88 | 1/25/2034 | 896000 | 936378 |
| Intel Corp., Sr. Unscd. Notes | 5.60 | 2/21/2054 | 990000 | 935597 |
| Micron Technology, Inc., Sr. Unscd. Notes | 5.80 | 1/15/2035 | 877000 | 939507 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., Gtd. Notes | 5.00 | 1/15/2033 | 914000 | 933985 |
|  |  |  |  | **4515212** |
| **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** | **Supranational Bank — .1%** |
| Banque Ouest Africaine de Developpement, Sr. Unscd. Notes | 4.70 | 10/22/2031 | 350000 | **328873** |
| **Technology Hardware & Equipment — .2%** | **Technology Hardware & Equipment — .2%** | **Technology Hardware & Equipment — .2%** | **Technology Hardware & Equipment — .2%** | **Technology Hardware & Equipment — .2%** |
| Dell International LLC/EMC Corp., Gtd. Notes | 8.10 | 7/15/2036 | 612000 | **744607** |
| **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** | **Telecommunication Services — 1.1%** |
| AT&T, Inc., Sr. Unscd. Notes | 3.50 | 9/15/2053 | 1393000 | 951207 |
| T-Mobile USA, Inc., Gtd. Notes | 3.00 | 2/15/2041 | 1275000 | 970942 |
| Verizon Communications, Inc., Sr. Unscd. Notes | 4.27 | 1/15/2036 | 2375000 | 2259434 |
|  |  |  |  | **4181583** |
| **Transportation — .0%** | **Transportation — .0%** | **Transportation — .0%** | **Transportation — .0%** | **Transportation — .0%** |
| FedEx Freight Holding Co., Inc., Gtd. Notes<sup>(b)</sup> <br>| 5.25 | 3/15/2036 | 182000 | **181507** |
| **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** |
| Ameren Corp., Sr. Unscd. Notes | 1.75 | 3/15/2028 | 796000 | 761355 |
| American Electric Power Co., Inc., Jr. Sub. Notes | 6.95 | 12/15/2054 | 1058000 | 1143803 |
| Arizona Public Service Co., Sr. Unscd. Notes | 4.25 | 3/1/2049 | 695000 | 568585 |
| CenterPoint Energy, Inc., Jr. Sub. Notes | 6.70 | 5/15/2055 | 915000 | 948936 |
| CMS Energy Corp., Jr. Sub. Notes | 3.75 | 12/1/2050 | 790000 | 739615 |
| Duke Energy Corp., Jr. Sub. Notes | 6.45 | 9/1/2054 | 675000 | 711497 |
| Electricite de France SA, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.90 | 5/23/2053 | 508000 | 569653 |
| Enel Finance International NV, Gtd. Notes<sup>(b)</sup> <br>| 5.50 | 6/26/2034 | 550000 | 574017 |
| Entergy Corp., Jr. Sub. Notes | 6.10 | 6/15/2056 | 1127000 | 1136736 |
| Evergy, Inc., Jr. Sub. Notes | 6.65 | 6/1/2055 | 920000 | 951051 |
| Eversource Energy, Jr. Sub. Notes, Ser. B | 6.35 | 8/15/2056 | 674000 | 678553 |
| Exelon Corp., Jr. Sub. Notes | 6.50 | 3/15/2055 | 895000 | 937075 |
| IPALCO Enterprises, Inc., Sr. Scd. Notes | 5.75 | 4/1/2034 | 1102000 | 1138846 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 6.50 | 8/15/2055 | 880000 | 933338 |
| NextEra Energy Capital Holdings, Inc., Gtd. Notes | 6.70 | 9/1/2054 | 1075000 | 1116883 |
| NiSource, Inc., Jr. Sub. Notes | 5.75 | 7/15/2056 | 933000 | 938970 |
| Pacific Gas and Electric Co., First Mortgage Bonds | 5.05 | 10/15/2032 | 747000 | 761737 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Sr. Unscd. <br> Notes<sup>(b)</sup> <br>| 5.45 | 2/3/2036 | 200000 | 200352 |
| PG&E Corp., Jr. Sub. Notes | 6.85 | 9/15/2056 | 723000 | 722003 |
| PG&E Corp., Sr. Scd. Notes | 5.25 | 7/1/2030 | 725000 | 726024 |
| Sierra Pacific Power Co., Jr. Sub. Notes | 6.20 | 12/15/2055 | 572000 | 569182 |
| Spire, Inc., Jr. Sub. Bonds | 6.45 | 6/1/2056 | 360000 | 367864 |
| The Southern Company, Jr. Sub. Notes, Ser. 2025 | 6.38 | 3/15/2055 | 1072000 | 1121938 |
| Vistra Operations Co. LLC, Sr. Scd. Notes<sup>(b)</sup> <br>| 5.35 | 1/31/2036 | 840000 | 846231 |
|  |  |  |  | **19164244** |
| **Total Corporate Bonds and Notes** <br>(cost $147,989,846) | **Total Corporate Bonds and Notes** <br>(cost $147,989,846) | **Total Corporate Bonds and Notes** <br>(cost $147,989,846) |  | **148432831** |

---

**8**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>|  | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** | **Foreign Governmental — 3.4%** |
| Argentine Republic, Sr. Unscd. Bonds<sup>(f)</sup> <br>| 4.88 | 7/9/2041 |  | 525000 | 368813 |
| Brazil, Sr. Unscd. Notes | 6.25 | 5/22/2036 |  | 698000 | 704073 |
| Brazil, Sr. Unscd. Notes | 7.25 | 1/12/2056 |  | 1100000 | 1120625 |
| Ciudad Autonoma De Buenos Aires, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.80 | 11/26/2033 |  | 275000 | 282202 |
| Dominican Republic, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.75 | 3/17/2034 |  | 750000 | 750562 |
| Eagle Funding Luxco Sarl, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.50 | 8/17/2030 |  | 800000 | 814912 |
| Ecuador, Sr. Unscd. Notes<sup>(b)</sup> <br>| 9.25 | 1/29/2039 |  | 200000 | 203000 |
| Gabon, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.00 | 11/24/2031 |  | 325000 | 266977 |
| Israel, Sr. Unscd. Notes, Ser. 30Y | 5.88 | 1/13/2056 |  | 750000 | 747498 |
| Kenya, Sr. Unscd. Notes<sup>(b)</sup> <br>| 8.70 | 2/26/2039 |  | 275000 | 268483 |
| Kuwait, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.65 | 10/9/2035 |  | 1250000 | 1260097 |
| Mexico, Sr. Unscd. Notes | 5.38 | 3/22/2033 |  | 450000 | 451147 |
| Mexico, Sr. Unscd. Notes | 6.13 | 2/9/2038 |  | 1110000 | 1125096 |
| Nigeria, Sr. Unscd. Notes<sup>(b)</sup> <br>| 8.63 | 1/13/2036 |  | 550000 | 592084 |
| Panama, Sr. Unscd. Notes | 5.66 | 2/23/2038 |  | 200000 | 201250 |
| Philippines, Sr. Unscd. Notes | 5.00 | 1/27/2036 |  | 607000 | 617460 |
| Republic of South Africa, Sr. Unscd. Notes<sup>(b)</sup> <br>| 7.25 | 12/11/2055 |  | 200000 | 200299 |
| Romanian, Sr. Unscd. Notes<sup>(b)</sup> <br>| 4.63 | 3/4/2033 | EUR<br>| 532000 | 627481 |
| Romanian, Sr. Unscd. Notes<sup>(b)</sup> <br>| 6.00 | 9/24/2044 | EUR<br>| 548000 | 648468 |
| Saudi, Sr. Unscd. Notes<sup>(b)</sup> <br>| 5.88 | 1/12/2056 |  | 900000 | 905774 |
| Ukraine, Sr. Unscd. Bonds<sup>(b),(f)</sup> <br>| 7.25 | 2/1/2032 |  | 375000 | 293801 |
| **Total Foreign Governmental** <br>(cost $12,285,775) | **Total Foreign Governmental** <br>(cost $12,285,775) | **Total Foreign Governmental** <br>(cost $12,285,775) |  |  | **12450102** |
| **Municipal Securities — 3.7%** | **Municipal Securities — 3.7%** | **Municipal Securities — 3.7%** | **Municipal Securities — 3.7%** | **Municipal Securities — 3.7%** | **Municipal Securities — 3.7%** |
| Detroit, GO, Ser. B-1 | 4.00 | 4/1/2044 |  | 4971590 | 4062989 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. <br> A-1<br>| 3.49 | 6/1/2036 |  | 4000000 | 3500453 |
| New York State Dormitory Authority, Revenue Bonds (Montefiore Obligated <br> Group) (Insured; Assured Guaranty Corp.) Ser. B<br>| 4.95 | 8/1/2048 |  | 2500000 | 2345250 |
| Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine <br> Project) Ser. C<br>| 5.45 | 8/15/2028 |  | 3750000 | 3744844 |
| **Total Municipal Securities** <br>(cost $14,311,155) | **Total Municipal Securities** <br>(cost $14,311,155) | **Total Municipal Securities** <br>(cost $14,311,155) |  |  | **13653536** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Government Agencies Mortgage-Backed — 19.2%** | **U.S. Government Agencies Mortgage-Backed — 19.2%** | **U.S. Government Agencies Mortgage-Backed — 19.2%** |
| Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: | Federal Home Loan Mortgage Corp.: |
| 2.00%, 12/1/2051<sup>(g)</sup> <br>| 15778629 | 13264725 |
| 2.50%, 4/1/2052-8/1/2052<sup>(g)</sup> <br>| 10247319 | 8983825 |
| 3.50%, 12/1/2048<sup>(g)</sup> <br>| 2321042 | 2221493 |
| 4.00%, 5/1/2053<sup>(g)</sup> <br>| 3230864 | 3157289 |
| 5.00%, 6/1/2053<sup>(g)</sup> <br>| 5819062 | 5934601 |
| 5.50%, 7/1/2040-10/1/2054<sup>(g)</sup> <br>| 6569589 | 6777634 |
| 6.00%, 9/1/2055<sup>(g)</sup> <br>| 1936702 | 2007771 |
| Federal National Mortgage Association: | Federal National Mortgage Association: | Federal National Mortgage Association: |
| 2.00%, 4/1/2051<sup>(g)</sup> <br>| 5291434 | 4421192 |
| 2.50%, 3/1/2052<sup>(g)</sup> <br>| 5513163 | 4863579 |
| 3.00%, 1/1/2050-12/1/2051<sup>(g)</sup> <br>| 9189455 | 8441132 |
| 4.50%, 8/1/2053<sup>(g)</sup> <br>| 2407192 | 2398818 |
| 5.50%, 8/1/2053<sup>(g)</sup> <br>| 3657206 | 3725399 |
| 6.00%, 6/1/2054<sup>(g)</sup> <br>| 1810298 | 1883549 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount ($)<sup>(a)</sup><br>| Value ($) |
| **U.S. Government Agencies Mortgage-Backed — 19.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 19.2% (continued)** | **U.S. Government Agencies Mortgage-Backed — 19.2% (continued)** |
| Government National Mortgage Association II: | Government National Mortgage Association II: | Government National Mortgage Association II: |
| 3.50%, 8/20/2055 | 2222177 | 2087183 |
| **Total U.S. Government Agencies Mortgage-Backed** <br>(cost $69,306,795) |  | **70168190** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>|  |  |
| **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** | **U.S. Treasury Securities — 20.3%** |
| U.S. Treasury Bonds | 4.63 | 11/15/2045 | 313000 | 315127 |
| U.S. Treasury Bonds | 4.63 | 11/15/2055 | 3700000 | 3694508 |
| U.S. Treasury Bonds | 4.75 | 8/15/2055 | 10294000 | 10485404 |
| U.S. Treasury Bonds | 4.88 | 8/15/2045 | 21459000 | 22327419 |
| U.S. Treasury Bonds | 5.00 | 5/15/2045 | 4479000 | 4736018 |
| U.S. Treasury Inflation Indexed Bonds | 2.38 | 2/15/2055 | 2040000 | 2065669 |
| U.S. Treasury Notes | 3.38 | 11/30/2027 | 7817000 | 7812725 |
| U.S. Treasury Notes | 3.63 | 8/31/2030 | 22750000 | 22869971 |
| **Total U.S. Treasury Securities** <br>(cost $73,058,084) | **Total U.S. Treasury Securities** <br>(cost $73,058,084) | **Total U.S. Treasury Securities** <br>(cost $73,058,084) |  | **74306841** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** | **Registered Investment Companies — 1.1%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(h)</sup> <br>(cost $4,178,643)<br>| 3.63 | 4178643 | **4178643** |
| **Total Investments** (cost $372,667,481) | **Total Investments** (cost $372,667,481) | **102.4%** | **374976043** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(2.4%)** | **(8831555)** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **366144488** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUR—Euro <br> GO—Government Obligation <br> TSFR—Term Secured Overnight Financing Rate Reference Rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount stated in U.S. Dollars unless otherwise noted above.

<sup>(b)</sup> 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 February 28, 2026, these securities amounted to $87,878,017 or 24.0% of net assets. 

<sup>(c)</sup> Variable rate security—Interest rate resets periodically and the rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of February 28, 2026.

<sup>(e)</sup> Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.

<sup>(f)</sup> Step coupon bond. Security begins as a zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

<sup>(g)</sup> 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. 

<sup>(h)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

**10**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>8/31/2025<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>2/28/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.1%**<sup>††</sup> | **Registered Investment Companies - 1.1%**<sup>††</sup> | **Registered Investment Companies - 1.1%**<sup>††</sup> | **Registered Investment Companies - 1.1%**<sup>††</sup> | **Registered Investment Companies - 1.1%**<sup>††</sup> | **Registered Investment Companies - 1.1%**<sup>††</sup> |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 1.1%<br>| - | 44116256 | (39937613) | 4178643 | 20781 |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 6513741 | 28890559 | (35404300) | - | 66205 |
| **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> | **Investment of Cash Collateral for Securities Loaned - .0%**<sup>††</sup> |
| Dreyfus Institutional Preferred Government Plus Money <br> Market Fund, Institutional Shares - .0%<br>| 12948667 | 26915857 | (39864524) | - | 50508<sup>†††</sup> <br>|
| **Total - 1.1%** | **19462408** | **99922672** | **(115206437)** | **4178643** | **137494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Effective January 9, 2026, due to the fund converting to an ETF, the cash vehicle and the cash collateral for securities lending was transferred from Dreyfus <br> Institutional Preferred Government Plus Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Money Market Fund, <br> Institutional Shares.<br>|
| <sup>†††</sup> <br>| Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and <br> other payments to and from borrowers of securities.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>Appreciation <br>(Depreciation) ($)<br>|
| **Futures Long** |  |  |  |  |  |
| 2 Year U.S. Treasury Note | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 35524373 | &nbsp;&nbsp; 35576484 | &nbsp;&nbsp; 52111 |
| 5 Year U.S. Treasury Note | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp; 24658694 | &nbsp;&nbsp; 24781641 | &nbsp;&nbsp; 122947 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 3985677 | &nbsp;&nbsp; 4012594 | &nbsp;&nbsp; 26917 |
| **Futures Short** |  |  |  |  |  |
| 10 Year U.S. Treasury Note | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 7123655 | &nbsp;&nbsp; 7170188 | &nbsp;&nbsp; (46533) |
| Ultra 10 Year U.S. Treasury Note | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 14563210 | &nbsp;&nbsp; 14708531 | &nbsp;&nbsp; (145321) |
| **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** | **Gross Unrealized Appreciation** |  |  | **201975** |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(191854)** |

---

See notes to financial statements.

**11**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 368488838 | &nbsp;&nbsp;&nbsp;&nbsp; 370797400 |
| Affiliated issuers | 4178643 | &nbsp;&nbsp;&nbsp;&nbsp; 4178643 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 367900 |
| Cash collateral held by broker—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 309907 |
| Dividends and interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 3320767 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 999000 |
| Receivable for futures variation margin—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **380009868** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC and affiliates—Note 4(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 120526 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 13622732 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69206 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 10144 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 42772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13865380** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **366144488** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 390222892 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (24078404)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **366144488** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 14418043 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.39** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.39** |

---

See notes to financial statements.

**12**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 10555804 |
| Dividends: |  |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 86986 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 50508 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **10693298** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 783905 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 209730 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 130700 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 40274 |
| Trustees' fees and expenses—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 30641 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 21228 |
| Chief Compliance Officer fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7623 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 7240 |
| Shareholder and regulatory reports service fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 5125 |
| Shareholder servicing costs—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 4964 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
| Custodian fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 5425 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1251906** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **9441392** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (2889791)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 6720 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2883071)**<br>|
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 8311755 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 10121 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **8321876** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **5438805** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **14880197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on January 9, 2026, BNY Mellon Corporate Bond Fund (the "Predecessor Fund") was reorganized into BNY Mellon Core Plus ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**13**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 9441392 | &nbsp;&nbsp;&nbsp;&nbsp; 16564581 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (2883071) | &nbsp;&nbsp;&nbsp;&nbsp; (1825942) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 8321876 | &nbsp;&nbsp;&nbsp;&nbsp; 6978690 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **14880197** | &nbsp;&nbsp;&nbsp;&nbsp; **21717329** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (1286744) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (6148362) | &nbsp;&nbsp;&nbsp;&nbsp; (17027555) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (120560) | &nbsp;&nbsp;&nbsp;&nbsp; (215081) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(7555666)** | &nbsp;&nbsp;&nbsp;&nbsp; **(17242636)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; 1012713 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 31094718 | &nbsp;&nbsp;&nbsp;&nbsp; 89826710 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1908884 | &nbsp;&nbsp;&nbsp;&nbsp; 9051208 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 380417475 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 1114822 | &nbsp;&nbsp;&nbsp;&nbsp; 3898738 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 108660 | &nbsp;&nbsp;&nbsp;&nbsp; 177643 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (20073347) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (443049275) | &nbsp;&nbsp;&nbsp;&nbsp; (105756621) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (9003297) | &nbsp;&nbsp;&nbsp;&nbsp; (5997472) |
| Transaction fees—Note 6  | &nbsp;&nbsp;&nbsp;&nbsp; 42172 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(56426475)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8799794)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(49101944)** | &nbsp;&nbsp;&nbsp;&nbsp; **(4325101)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 415246432 | &nbsp;&nbsp;&nbsp;&nbsp; 419571533 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **366144488** | &nbsp;&nbsp;&nbsp;&nbsp; **415246432** |

---

**14**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 15178043 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (800000) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **14418043** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1238586 | &nbsp;&nbsp;&nbsp;&nbsp; 3658243 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 44513 | &nbsp;&nbsp;&nbsp;&nbsp; 158645 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (17675128) | &nbsp;&nbsp;&nbsp;&nbsp; (4315814) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(16392029)** | &nbsp;&nbsp;&nbsp;&nbsp; **(498926)** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 151362 | &nbsp;&nbsp;&nbsp;&nbsp; 734588 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 8651 | &nbsp;&nbsp;&nbsp;&nbsp; 14407 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (717110) | &nbsp;&nbsp;&nbsp;&nbsp; (489260) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(557097)** | &nbsp;&nbsp;&nbsp;&nbsp; **259735** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.

<sup>(c)</sup> As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended February 28, 2026, 525,226 Investor Shares representing $6,582,481 were exchanged for 263,467 Class M shares and during the period ended August 31, 2025, 188,947 Class M shares representing $4,623,506 were exchanged for 376,903 Investor Shares. 

<sup>(e)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**15**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;23.28 | &nbsp;&nbsp;&nbsp;&nbsp;23.48 | &nbsp;&nbsp;&nbsp;&nbsp;27.60 | &nbsp;&nbsp;&nbsp;&nbsp;27.38 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp; .86 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.94)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.94)<br>|
| Transaction fees<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;23.28 | &nbsp;&nbsp;&nbsp;&nbsp;23.48 | &nbsp;&nbsp;&nbsp;&nbsp;27.60 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp; (11.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.29 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .64 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .64 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .60 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| Portfolio Turnover Rate<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116.39 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;25.87 | &nbsp;&nbsp;&nbsp;&nbsp;18.34 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 366144 | &nbsp;&nbsp;&nbsp;&nbsp; 408288 | &nbsp;&nbsp;&nbsp;&nbsp; 415902 | &nbsp;&nbsp;&nbsp;&nbsp; 416864 | &nbsp;&nbsp;&nbsp;&nbsp; 564925 | &nbsp;&nbsp;&nbsp;&nbsp; 757617 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount does not include the expenses of the underlying funds.

<sup>(h)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(i)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**16**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Core Plus ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek high total return consistent with preservation of capital. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on January 2, 2026, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on January 9, 2026, at the time of the reorganization was $25.06 for Class M shares, and a total of 15,178,043 Class M shares, representing net assets of $380,417,475 (including $3,884,934 net depreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $130,700, of which $69,206 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on NYSE Arca, Inc. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the NYSE Arca, Inc., other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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).

**17**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Investments in other open-end investment companies are valued at their reported NAVs each day and are generally categorized within Level 1 of the fair value hierarchy.

Investments in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.

Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy.

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 26672865 | &nbsp;&nbsp; — | &nbsp;&nbsp; **26672865** |
| Collateralized Loan Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13438415 | &nbsp;&nbsp; — | &nbsp;&nbsp; **13438415** |
| Commercial Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 11674620 | &nbsp;&nbsp; — | &nbsp;&nbsp; **11674620** |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 148432831 | &nbsp;&nbsp; — | &nbsp;&nbsp; **148432831** |
| Foreign Governmental | &nbsp;&nbsp; — | &nbsp;&nbsp; 12450102 | &nbsp;&nbsp; — | &nbsp;&nbsp; **12450102** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 13653536 | &nbsp;&nbsp; — | &nbsp;&nbsp; **13653536** |
| U.S. Government Agencies Mortgage-Backed | &nbsp;&nbsp; — | &nbsp;&nbsp; 70168190 | &nbsp;&nbsp; — | &nbsp;&nbsp; **70168190** |
| U.S. Treasury Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 74306841 | &nbsp;&nbsp; — | &nbsp;&nbsp; **74306841** |
| Investment Companies | &nbsp;&nbsp; 4178643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **4178643** |
|  | &nbsp;&nbsp; **4178643** | &nbsp;&nbsp; **370797400** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **374976043** |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; 201975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **201975** |
|  | &nbsp;&nbsp; **201975** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **201975** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (191854) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(191854)** |
|  | &nbsp;&nbsp; **(191854)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(191854)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|

---

**(b) Foreign currency transactions:** The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund's policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser or its affiliates, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended February 28, 2026, BNY earned $6,886 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 February 28, 2026, the fund had no securities on loan.

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "affiliated" under the Act.

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

**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 redemption requests, including requests from Authorized Participants 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

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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-Backed Securities Risk:** Mortgage-backed securities represent a participation in, or are secured by, mortgage loans. Certain of the mortgage-backed securities in which the fund may invest are not backed by the full faith and credit of the U.S. government and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so. The fund may also invest in non-agency mortgage-backed securities, including privately-issued mortgage pass-through securities, which generally offer a higher yield than similar securities issued by a government entity because of the absence of any direct or indirect government or agency payment guarantees. These mortgage-related securities typically do not have the same credit standing as U.S. government guaranteed mortgage-backed securities. In addition, some mortgage-related securities issued by private organizations may not be readily marketable, may be more difficult to value accurately and may be more volatile than similar securities issued by a government entity. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline. When interest rates rise, the effective duration of the fund's mortgage-backed 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 its potential for price declines. Because of prepayment and extension risk, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly affect the value of certain mortgage-backed securities. Transactions in mortgage-backed pass-through securities often occur through "to-be-announced transactions" or "TBA" transactions. Default by or bankruptcy of a counterparty to a TBA transaction could expose the fund to possible losses because of an adverse market action, expenses, or delays in connection with the purchase or sale of the pools of mortgage-backed pass-through securities specified in the TBA transaction.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(f) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. 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 February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $24,730,269 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $2,373,973 of short-term capital losses and $22,356,296 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 was as follows: ordinary income $17,242,636. The tax character of current year distributions will be determined at the end of the current fiscal year.

**21**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**NOTE 3—**

**Bank Lines of Credit:**

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .40% of the value of the fund's average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .40% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

Effective January 9, 2026, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

**22**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .20% of the value of the fund's average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

**(b)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Investor Shares were charged $4,936 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund had an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund received interest income or was charged overdraft fees when cash balances were 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 Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended February 28, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $1,931 pursuant to the custody agreement.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund's check writing privilege. During the period ended February 28, 2026, the Predecessor Fund was charged $28 pursuant to the agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $7,623 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $5,125 for financial reporting and regulatory services.

The components of "Due to BNY Mellon ETF Investment Adviser, LLC and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $108,623, Custodian fees of $2,000, Chief Compliance Officer fees of $2,598, Checkwriting fees of $30 and shareholder and regulatory reports service fees of $7,275.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**23**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and in-kind transactions, if any, during the period ended February 28, 2026, amounted to $451,907,076 and $493,824,193, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended February 28, 2026 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2026 are set forth in the fund's Schedule of Investments.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Fair value of derivative instruments as of February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; 201975 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (191854 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **201975** | &nbsp;&nbsp;&nbsp;&nbsp; **(191854)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statement of Operations during the period ended February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 6720 | &nbsp;&nbsp;&nbsp;&nbsp; **6720** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **6720** | &nbsp;&nbsp;&nbsp;&nbsp; **6720** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 10121 | &nbsp;&nbsp;&nbsp;&nbsp; **10121** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **10121** | &nbsp;&nbsp;&nbsp;&nbsp; **10121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

**24**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following table summarizes the monthly average market value of derivatives outstanding during the period ended February 28, 2026:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Long | &nbsp;&nbsp; 17171661 |
| Interest Rate Futures Short | &nbsp;&nbsp; 6081740 |

---

At February 28, 2026, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $2,318,683, consisting of $4,904,697 gross unrealized appreciation and $2,586,014 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had no in-kind transactions.

**25**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Corporate Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

**26**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon Corporate Bond Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on December 9, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 31,427,598 shares of stock of the Predecessor Fund, which constituted 97.64% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 31,418,250 6,886 2,462

**27**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $38,264.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**28**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on August 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Core Plus ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; and (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments. The Management Agreement and the Sub-Advisory Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below), (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser and the Sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon Corporate Bond Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on January 9, 2026, the fund commenced investment operations and assumed the historical performance record of the Predecessor Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index, a performance-based index and a peer group of corporate debt BBB-rated funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have a similar investment objective, similar investment strategies, and the same Sub-Adviser as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was above the performance of both the broad-based index and performance-based index for the one-, five- and ten-year periods ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance was ranked in the top quartile of

**29**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

the Peer Group for the one-, five- and ten-year periods ended December 31, 2024. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and the Sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed intermediate core plus bond ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed intermediate core plus bond ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**30**

------© 2026 BNY Mellon Securities Corporation

Code-4871NCSRSA0226

![](imgbaee0df11.gif)

------

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

------

**BNY Mellon Enhanced Dividend and Income ETF:** BEDY

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

![](img0e5422971.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_SOI-Commoncontent-5170_1)**<br> **[Investment Companies](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_SOI-Commoncontent-5170_1)**<br>| 3 |
| [Schedule of Investments](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_SOI-Commoncontent-5170_1) | 3 |
| [Statement of Assets and Liabilities](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_FS-Commoncontent-5170_1) | 6 |
| [Statement of Operations](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_FS-Commoncontent-5170_2) | 7 |
| [Statement of Changes in Net Assets](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_FS-Commoncontent-5170_3) | 8 |
| [Financial Highlights](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_FIHI-Commoncontent-5170_1) | 11 |
| [Notes to Financial Statements](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_NTF-Commoncontent-5170_1) | 12 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_CDA-Commoncontent-5170_1)**<br> **[Investment Companies](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_CDA-Commoncontent-5170_1)**<br>| 20 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_PRXD-Commoncontent-5170_1)** | 21 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_RMNP-Commoncontent-5170_1)**<br> **[Management Investment Companies](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_RMNP-Commoncontent-5170_1)**<br>| 22 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_79ca3cce-5260-40b6-ab41-114b6edf085a_AAA-Commoncontent-5170_1)** | 23 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Enhanced Dividend and Income ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 90.5%** | **Equity Securities - Common Stocks — 90.5%** | **Equity Securities - Common Stocks — 90.5%** |
| **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** | **Automobiles & Components — 1.0%** |
| Ford Motor Co. | 92294 | **1300422** |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| Bank of America Corp. | 30433 | 1516476 |
| Citigroup, Inc. | 15120 | 1666073 |
| Columbia Banking System, Inc. | 37833 | 1076349 |
| Fifth Third Bancorp | 60154 | 2975818 |
| First Horizon Corp. | 68138 | 1621003 |
| JPMorgan Chase & Co. | 11978 | 3596994 |
|  |  | **12452713** |
| **Capital Goods — 9.7%** | **Capital Goods — 9.7%** | **Capital Goods — 9.7%** |
| Carlisle Companies, Inc. | 3544 | 1399065 |
| Caterpillar, Inc. | 1758 | 1305895 |
| Dover Corp. | 9830 | 2216665 |
| Emerson Electric Co. | 7263 | 1094897 |
| Ferguson Enterprises, Inc. | 2819 | 735083 |
| Honeywell International, Inc. | 5188 | 1263745 |
| Hubbell, Inc. | 2811 | 1438192 |
| L3Harris Technologies, Inc. | 8789 | 3203942 |
|  |  | **12657484** |
| **Consumer Services — 1.0%** | **Consumer Services — 1.0%** | **Consumer Services — 1.0%** |
| Las Vegas Sands Corp. | 22935 | **1300873** |
| **Energy — 9.3%** | **Energy — 9.3%** | **Energy — 9.3%** |
| Diamondback Energy, Inc. | 9007 | 1567939 |
| Expand Energy Corp. | 14152 | 1527284 |
| Exxon Mobil Corp. | 29014 | 4424635 |
| Marathon Petroleum Corp. | 6663 | 1320673 |
| SLB Ltd. | 44417 | 2280369 |
| Valero Energy Corp. | 5307 | 1086024 |
|  |  | **12206924** |
| **Equity Real Estate Investment Trusts — 1.0%** | **Equity Real Estate Investment Trusts — 1.0%** | **Equity Real Estate Investment Trusts — 1.0%** |
| Weyerhaeuser Co.<sup>(a)</sup> <br>| 52884 | **1297245** |
| **Financial Services — 6.9%** | **Financial Services — 6.9%** | **Financial Services — 6.9%** |
| Capital One Financial Corp. | 5015 | 981135 |
| CME Group, Inc. | 12394 | 3959883 |
| Morgan Stanley | 11503 | 1915364 |
| The Goldman Sachs Group, Inc. | 1144 | 983348 |
| Voya Financial, Inc. | 18165 | 1214875 |
|  |  | **9054605** |
| **Health Care Equipment & Services — 5.9%** | **Health Care Equipment & Services — 5.9%** | **Health Care Equipment & Services — 5.9%** |
| Elevance Health, Inc. | 6641 | 2125120 |
| Medtronic PLC | 17717 | 1730242 |
| UnitedHealth Group, Inc. | 13023 | 3819255 |
|  |  | **7674617** |
| **Household & Personal Products — 3.4%** | **Household & Personal Products — 3.4%** | **Household & Personal Products — 3.4%** |
| Colgate-Palmolive Co. | 33019 | 3273504 |
| The Estee Lauder Companies, Inc., Cl. A | 10362 | 1134328 |
|  |  | **4407832** |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| Description | Shares | Value ($) |
| **Equity Securities - Common Stocks — 90.5% (continued)** | **Equity Securities - Common Stocks — 90.5% (continued)** | **Equity Securities - Common Stocks — 90.5% (continued)** |
| **Insurance — 9.3%** | **Insurance — 9.3%** | **Insurance — 9.3%** |
| American International Group, Inc. | 18149 | 1460813 |
| Aon PLC, Cl. A | 5862 | 1966525 |
| Assurant, Inc. | 17705 | 4064891 |
| Chubb Ltd. | 6307 | 2149804 |
| Old Republic International Corp. | 60177 | 2579788 |
|  |  | **12221821** |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| CRH PLC | 12372 | 1484393 |
| Freeport-McMoRan, Inc. | 16031 | 1091390 |
| International Paper Co. | 43016 | 1873347 |
| Newmont Corp. | 8512 | 1106560 |
| Packaging Corp. of America | 5807 | 1348037 |
|  |  | **6903727** |
| **Media & Entertainment — 3.9%** | **Media & Entertainment — 3.9%** | **Media & Entertainment — 3.9%** |
| Omnicom Group, Inc. | 43995 | 3752333 |
| The Walt Disney Company | 12844 | 1361978 |
|  |  | **5114311** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.1%** |
| Bristol-Myers Squibb Co. | 41172 | 2567898 |
| Johnson & Johnson | 16949 | 4210640 |
| Pfizer, Inc. | 43544 | 1203991 |
|  |  | **7982529** |
| **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** |
| Applied Materials, Inc. | 8734 | 3251668 |
| Texas Instruments, Inc. | 16712 | 3544783 |
|  |  | **6796451** |
| **Software & Services — 1.2%** | **Software & Services — 1.2%** | **Software & Services — 1.2%** |
| Dolby Laboratories, Inc., Cl. A | 12145 | 808493 |
| International Business Machines Corp. | 2919 | 701173 |
|  |  | **1509666** |
| **Technology Hardware & Equipment — 4.1%** | **Technology Hardware & Equipment — 4.1%** | **Technology Hardware & Equipment — 4.1%** |
| Cisco Systems, Inc. | 57870 | 4598350 |
| TE Connectivity PLC | 3417 | 786423 |
|  |  | **5384773** |
| **Telecommunication Services — 3.4%** | **Telecommunication Services — 3.4%** | **Telecommunication Services — 3.4%** |
| AT&T, Inc. | 89824 | 2515970 |
| Verizon Communications, Inc. | 37641 | 1887320 |
|  |  | **4403290** |
| **Transportation — 3.4%** | **Transportation — 3.4%** | **Transportation — 3.4%** |
| CSX Corp. | 52648 | 2247543 |
| Delta Air Lines, Inc. | 33175 | 2179598 |
|  |  | **4427141** |
| **Utilities — .9%** | **Utilities — .9%** | **Utilities — .9%** |
| Constellation Energy Corp. | 3413 | **1125880** |
| **Total Equity Securities - Common Stocks** <br>(cost $95,473,320)<br>|  | **118222304** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Structures Notes - Equity-Linked Securities — 6.8%** | **Structures Notes - Equity-Linked Securities — 6.8%** | **Structures Notes - Equity-Linked Securities — 6.8%** | **Structures Notes - Equity-Linked Securities — 6.8%** | **Structures Notes - Equity-Linked Securities — 6.8%** |
| GS Finance Corp., Sr. Unscd. Notes, Series O, ELN, linked to RCXTEQBI Index <br> (Guarantor: The Goldman Sachs Group, Inc.; Initial index level 100; Exit fee <br> 0.02%)<sup>(b)</sup> <br>(cost $9,501,713)<br>| 85.04 | 12/13/2028 | 9825000 | **8859999** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | 1-Day <br>Yield (%)<br>| Shares |  |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| **Registered Investment Companies — 1.4%** | **Registered Investment Companies — 1.4%** | **Registered Investment Companies — 1.4%** | **Registered Investment Companies — 1.4%** |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares<sup>(c)</sup> <br>(cost $1,813,694)<br>| 3.63 | 1813694 | **1813694** |
| **Total Investments** (cost $106,788,727) | **Total Investments** (cost $106,788,727) | **98.7%** | **128895997** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** | **1.3%** | **1745966** |
| **Net Assets**  | **Net Assets**  | **100.0%** | **130641963** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ELN—Equity-Linked Note |
| RCXTEQBI—Systematic Call Writing and Equity Exposure Series 1 Total Return Index |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investment in real estate investment trust within the United States.

<sup>(b)</sup> 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 February 28, 2026, these securities amounted to $8,859,999 or 6.8% of net assets. 

<sup>(c)</sup> Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** | **Affiliated Issuers** |
| Description | Value ($) <br>8/31/2025<br>| Purchases ($)<sup>†</sup> <br>| Sales ($) | Value ($) <br>2/28/2026<br>| Dividends/ <br>Distributions ($)<br>|
| **Registered Investment Companies - 1.4%**<sup>††</sup> | **Registered Investment Companies - 1.4%**<sup>††</sup> | **Registered Investment Companies - 1.4%**<sup>††</sup> | **Registered Investment Companies - 1.4%**<sup>††</sup> | **Registered Investment Companies - 1.4%**<sup>††</sup> | **Registered Investment Companies - 1.4%**<sup>††</sup> |
| Dreyfus Institutional Preferred Government Money Market <br> Fund, Institutional Shares - 1.4%<br>| - | 28511368 | (26697674) | 1813694 | 33063 |
| Dreyfus Institutional Preferred Government Plus Money Market <br> Fund, Institutional Shares - .0%<br>| 5565886 | 33553751 | (39119637) | - | 69953 |
| **Total - 1.4%** | **5565886** | **62065119** | **(65817311)** | **1813694** | **103016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvested dividends/distributions. |
| <sup>††</sup> <br>| Effective December 5, 2025, due to the fund converting to an ETF, the cash vehicle was transferred from Dreyfus Institutional Preferred Government Plus <br> Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares.<br>|

---

See notes to financial statements.

**5**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments: |  |  |
| Unaffiliated issuers | 104975033 | &nbsp;&nbsp;&nbsp;&nbsp; 127082303 |
| Affiliated issuers | 1813694 | &nbsp;&nbsp;&nbsp;&nbsp; 1813694 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 1776239 |
| Dividends and interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 380535 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 301238 |
| Tax reclaim receivable—Note 2(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **131435893** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 4(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58246 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 512021 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 202823 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 20840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **793930** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **130641963** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 96602632 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; 34039331 |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **130641963** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4603874 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**28.38** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**28.36** |

---

See notes to financial statements.

**6**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Income:** |  |
| Interest (inclusive of ELN income of $1,865,529) | &nbsp;&nbsp;&nbsp;&nbsp; 1970781 |
| Cash dividends: |  |
| Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 1750767 |
| Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp; 103016 |
| Affiliated income net of rebates from securities lending—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp; **3825141** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 420312 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 160891 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 68334 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 60334 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 15816 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 14916 |
| Shareholder servicing costs—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 14225 |
| Trustees' fees and expenses—Note 4(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 6764 |
| Shareholder and regulatory reports service fees—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Chief Compliance Officer fees—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 4615 |
| Distribution Plan fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| Custodian fees—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 3072 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **775792** |
| Less—reduction in expenses due to undertaking—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (14486)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **761306** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **3063835** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 15009216 |
| Net realized gain (loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 5175805 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **20185021** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8220673)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **11964348** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **15028183** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on December 5, 2025, BNY Mellon Income Stock Fund (the "Predecessor Fund") was reorganized into BNY Mellon Enhanced Dividend and Income ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**7**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3063835 | &nbsp;&nbsp;&nbsp;&nbsp; 2893253 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 20185021 | &nbsp;&nbsp;&nbsp;&nbsp; 31307170 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8220673) | &nbsp;&nbsp;&nbsp;&nbsp; (11233678) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **15028183** | &nbsp;&nbsp;&nbsp;&nbsp; **22966745** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp; (946837) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (19147169) | &nbsp;&nbsp;&nbsp;&nbsp; (27440427) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (2075902) | &nbsp;&nbsp;&nbsp;&nbsp; (2364579) |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (942996) | &nbsp;&nbsp;&nbsp;&nbsp; (931836) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (187388) | &nbsp;&nbsp;&nbsp;&nbsp; (197845) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (5505559) | &nbsp;&nbsp;&nbsp;&nbsp; (7604875) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (224813) | &nbsp;&nbsp;&nbsp;&nbsp; (111044) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(29030664)** | &nbsp;&nbsp;&nbsp;&nbsp; **(38650606)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp; 9056844 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 44949089 | &nbsp;&nbsp;&nbsp;&nbsp; 12860357 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 625256 | &nbsp;&nbsp;&nbsp;&nbsp; 3446759 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 173207 | &nbsp;&nbsp;&nbsp;&nbsp; 1893080 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 50400 | &nbsp;&nbsp;&nbsp;&nbsp; 108243 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 779950 | &nbsp;&nbsp;&nbsp;&nbsp; 11999738 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 2697 | &nbsp;&nbsp;&nbsp;&nbsp; 778111 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 132452347 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 9880520 | &nbsp;&nbsp;&nbsp;&nbsp; 12002758 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1652831 | &nbsp;&nbsp;&nbsp;&nbsp; 1948384 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 942991 | &nbsp;&nbsp;&nbsp;&nbsp; 920333 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 187388 | &nbsp;&nbsp;&nbsp;&nbsp; 197845 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 5461403 | &nbsp;&nbsp;&nbsp;&nbsp; 7520456 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 222986 | &nbsp;&nbsp;&nbsp;&nbsp; 108981 |
| Cost of shares redeemed: |  |  |
| ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp; (21048244) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (158331831) | &nbsp;&nbsp;&nbsp;&nbsp; (58418469) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (11564919) | &nbsp;&nbsp;&nbsp;&nbsp; (5377820) |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (5857092) | &nbsp;&nbsp;&nbsp;&nbsp; (1520814) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1235578) | &nbsp;&nbsp;&nbsp;&nbsp; (257835) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (33609418) | &nbsp;&nbsp;&nbsp;&nbsp; (24129486) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1213244) | &nbsp;&nbsp;&nbsp;&nbsp; (495306) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(26422417)** | &nbsp;&nbsp;&nbsp;&nbsp; **(36414685)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(40424898)** | &nbsp;&nbsp;&nbsp;&nbsp; **(52098546)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 171066861 | &nbsp;&nbsp;&nbsp;&nbsp; 223165407 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **130641963** | &nbsp;&nbsp;&nbsp;&nbsp; **171066861** |

---

**8**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF Shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 5053874 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (780000) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **4603874** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1795398 | &nbsp;&nbsp;&nbsp;&nbsp; 455824 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 391491 | &nbsp;&nbsp;&nbsp;&nbsp; 412080 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5971615) | &nbsp;&nbsp;&nbsp;&nbsp; (1926891) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(3784726)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1058987)** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 79640 | &nbsp;&nbsp;&nbsp;&nbsp; 449299 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 258013 | &nbsp;&nbsp;&nbsp;&nbsp; 265371 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1811638) | &nbsp;&nbsp;&nbsp;&nbsp; (720545) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1473985)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5875)** |
| **Class A**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 23083 | &nbsp;&nbsp;&nbsp;&nbsp; 260608 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 152698 | &nbsp;&nbsp;&nbsp;&nbsp; 129023 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (933488) | &nbsp;&nbsp;&nbsp;&nbsp; (210059) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(757707)** | &nbsp;&nbsp;&nbsp;&nbsp; **179572** |
| **Class C**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6694 | &nbsp;&nbsp;&nbsp;&nbsp; 14418 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 30756 | &nbsp;&nbsp;&nbsp;&nbsp; 28059 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (197207) | &nbsp;&nbsp;&nbsp;&nbsp; (31996) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(159757)** | &nbsp;&nbsp;&nbsp;&nbsp; **10481** |
| **Class I**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 105872 | &nbsp;&nbsp;&nbsp;&nbsp; 1629506 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 885477 | &nbsp;&nbsp;&nbsp;&nbsp; 1056714 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5383091) | &nbsp;&nbsp;&nbsp;&nbsp; (3283971) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4391742)** | &nbsp;&nbsp;&nbsp;&nbsp; **(597751)** |
| **Class Y**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; 110177 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 36332 | &nbsp;&nbsp;&nbsp;&nbsp; 15335 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (199451) | &nbsp;&nbsp;&nbsp;&nbsp; (63565) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(162760)** | &nbsp;&nbsp;&nbsp;&nbsp; **61947** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business December 5, 2025. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On November 21, 2025, the Predecessor Fund redesignated Class A, Class C, Class I, Class Y and Investor shares into Class M shares.

<sup>(c)</sup> As of the close of business on December 5, 2025, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

**9**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> During the period ended February 28, 2026, 1,596,370 Investor Shares representing $10,087,694 were exchanged for 404,634 Class M shares, 680,900 Class A representing $4,167,107 were exchanged for 166,586 Class M shares, 162,229 Class C representing $979,865 were exchanged for 39,172 Class M shares, 4,689,602 Class I representing $28,606,573 were exchanged for 1,143,588 Class M shares and 96,808 Class Y representing $588,593 were exchanged for 23,530 Class M shares. During the period ended August 31, 2025, 64,325 Class M shares representing $2,092,009 were exchanged for 256,390 Investor Shares. 

<sup>(e)</sup> After the close of business November 24, 2025, the Predecessor Fund Class M shares underwent a 1 for 4.1008 reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**10**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on December 5, 2025. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after December 5, 2025 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;31.17 | &nbsp;&nbsp;&nbsp;&nbsp;33.63 | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;36.25 | &nbsp;&nbsp;&nbsp;&nbsp;42.48 | &nbsp;&nbsp;&nbsp;&nbsp;30.10 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .74 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (5.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;31.17 | &nbsp;&nbsp;&nbsp;&nbsp;33.63 | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;36.25 | &nbsp;&nbsp;&nbsp;&nbsp;42.48 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;28.36 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 12.34 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;19.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;44.06 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 12.16 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 <br><sup>(e),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(e),(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .98 <br><sup>(g),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .86 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.29 <br><sup>(e),(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(g),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Portfolio Turnover Rate<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.55 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;78.49 | &nbsp;&nbsp;&nbsp;&nbsp;92.12 | &nbsp;&nbsp;&nbsp;&nbsp;83.54 | &nbsp;&nbsp;&nbsp;&nbsp;83.04 | &nbsp;&nbsp;&nbsp;&nbsp;69.79 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 130642 | &nbsp;&nbsp;&nbsp;&nbsp; 117914 | &nbsp;&nbsp;&nbsp;&nbsp; 162956 | &nbsp;&nbsp;&nbsp;&nbsp; 282598 | &nbsp;&nbsp;&nbsp;&nbsp; 429623 | &nbsp;&nbsp;&nbsp;&nbsp; 554602 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business November 24, 2025, the Predecessor Fund Class M shares underwent a 1 for 4.1008 reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business December 5, 2025. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount does not include the expenses of the underlying funds.

<sup>(g)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(h)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(i)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**11**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Enhanced Dividend and Income ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek total return (consisting of capital appreciation and income). BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Newton Investment Management North America, LLC (the "Sub-Adviser" or "NIMNA"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. NIMNA's principal office is located at BNY Mellon Center, 201 Washington Street, Boston, Massachusetts 02108. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited ("NIM"), which enables NIM to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and the Adviser. NIM is also an affiliate of the Adviser. NIM, located at 160 Queen Victoria Street, London, EC4V, 4LA, England, was formed in 1978. NIM is an indirect subsidiary of BNY. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on November 24, 2025, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a 1 for 4.1008 reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on December 5, 2025, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On November 21, 2025, the Predecessor Fund redesignated Class A, Class C, Class I, Class Y and Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on December 5, 2025, at the time of the reorganization was $26.21 for Class M shares, and a total of 5,053,874 Class M shares, representing net assets of $132,452,347 (including $23,038,012 net appreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through December 5, 2025. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $160,891, of which $202,823 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on The NASDAQ Stock Market LLC. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the The NASDAQ Stock Market LLC, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.

**12**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Equity investments (as applicable), including shares of REITs and ETFs (but not including investments in other open-end registered investment companies), generally are valued at the last sales price on the day of valuation of the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a NASDAQ market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported NAVs each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Restricted securities, ELNs, and securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Equity Securities - Common Stocks | &nbsp;&nbsp; 118222304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **118222304** |
| Structures Notes - Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 8859999 | &nbsp;&nbsp; — | &nbsp;&nbsp; **8859999** |

---

**13**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**<br>| **Level 2- Other**<br> **Significant** <br> **Observable Inputs**<br>| **Level 3-**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Assets ($) (continued)** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; 1813694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **1813694** |
|  | &nbsp;&nbsp; **120035998** | &nbsp;&nbsp; **8859999** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **128895997** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any.

**(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 February 28, 2026, if any, are disclosed in the fund's Statement of Assets and Liabilities.

**(c) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Income earned from ELNs is recorded as interest in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. Changes in the market value of ELNs are recorded as a net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. The fund realizes a gain or loss when an ELN is sold or matures, which is recorded as net realized gain (loss) on investments in the Statement of Operations.

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 its affiliates, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default, and is not reflected in the Statement of Assets and Liabilities. The securities on loan, if any, are also disclosed in the fund's Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund's rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended February 28, 2026, BNY earned $45 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 February 28, 2026, the fund had no securities on loan.

**(d) Affiliated issuers:** Investments in other investment companies advised by the Adviser or its affiliates are considered "affiliated" under the Act.

**(e) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

**14**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**ELN risk:**The fund's investment in an ELN involves risks related to the economic components underlying the ELN. ELNs in which the fund invests will write call options on reference securities. An ELN in which the fund invests will receive a premium from the buyer for selling the call option; however, the ELN may experience a loss if the price of the reference security appreciates above the strike price. To limit potential losses due to a reference security appreciating above the strike price, the ELN may purchase a corresponding call option on the reference security. The purchase of a call option requires the payment of a premium, regardless of whether the ELN exercises or does not exercise the call option. An ELN in which the fund may invest may also utilize futures contracts on a reference security. Risks of futures contracts may arise from an imperfect correlation between movements in the price of the futures and the price of the reference security. If the value of a reference security underlying a call option or futures contract moves in an unexpected manner, the fund may realize losses on its investment in an ELN, which could be significant and could include the entire principal investment. The reference securities of the futures strategy and written call options strategy in the same ELN may be the same or may differ. In either case, the ELN could incur losses on both the futures strategy and the written call options strategy. Due to the utilization of options and futures, an ELN may be sensitive to leverage risk. In addition, since ELNs are in note form, ELNs are also subject to certain fixed income securities risks, such as credit or counterparty risk. Investment in an ELN is subject to the risk that the issuer will fail to make payments when due or default completely. The value of an ELN may be adversely affected if the issuer is subject to an actual or perceived deterioration in its credit quality. Investments in ELNs are also subject to liquidity risk, meaning that ELNs may be difficult to sell and value. A lack of liquidity of an ELN may also cause the value of the ELN to decline. Unlike a direct investment in equity securities, ELNs typically involve a term or expiration date, potentially increasing the fund's turnover rate, transaction costs and tax liability. The ELNs in which the fund invests are expected to be unlisted. The liquidity of an unlisted ELN is normally determined by the willingness of the issuer to repurchase the ELN. While the fund will seek to purchase ELNs only from issuers it believes to be willing to, and capable of, repurchase the ELN at a reasonable price, there can be no assurance the fund will be able to sell the ELN at such price or at all. This may impair the fund's ability to enter into other transactions at a time when doing so might be advantageous.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(f) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. 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 February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

**15**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 were as follows: ordinary income $12,488,978 and long-term capital gains $26,161,628. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(h) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**NOTE 3—**

**Bank Lines of Credit:**

Prior to December 5, 2025, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .50% of the value of the fund's average daily net assets and is payable monthly. Prior to December 5, 2025, the Predecessor Fund Adviser fee was computed at an annual rate of .65% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Predecessor Fund Adviser had contractually agreed, from September 1, 2025 through December 5, 2025, to waive receipt of its fees and/or assume the direct expenses of the Predecessor Fund so that the direct expenses of none of Class A, C, I or Y share classes (excluding Rule 12b-1 Distribution Plan Fees, Shareholder Services Plan fees, taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) exceeded .90% of the value of the Predecessor Fund's average daily net assets. To the extent that it was necessary for the Predecessor Fund Adviser to waive receipt of its management fee or reimburse the Predecessor Fund's common expenses, the amount of the waiver or reimbursement was applied equally to each share class of the Predecessor Fund. On December 5, 2025, the Predecessor Fund Adviser terminated this expense limitation agreement. Prior to the reorganization of the fund, the reduction in expenses, pursuant to the undertaking, amounted to $14,486.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

**16**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Effective December 5, 2025, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .25% of the value of the fund's average daily net assets. Prior to December 5, 2025, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser a fee rate of .195%.

During the period prior to December 5, 2025, the Distributor retained $130 from commissions earned on sales of the Predecessor Fund's Class A shares and $28 from CDSC fees on redemptions of the Predecessor Fund's Class C shares.

**(b)** Under the Predecessor Fund's Distribution Plans adopted pursuant to Rule 12b-1 under the Act, Class C shares paid the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. The imposition of the distribution fee was discontinued prior to reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Class C shares were charged $714 pursuant to the Service Plan.

**(c)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor, Class A and Class C shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of each of its Investor, Class A and Class C shares, based on the Predecessor Fund's average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Investor, Class A and Class C shares were charged $2,354, $1,178 and $238, respectively, pursuant to each of their respective Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund had an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund received interest income or was charged overdraft fees when cash balances were 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 Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing transfer agency services for the Predecessor Fund's Class A, Class C, Class I and Class Y shares and cash management services for the Predecessor Fund. The majority of Transfer Agent fees for the Predecessor Funds' Class A, Class C, Class I and Class Y shares are comprised of amounts paid on a per account basis, while cash management fees are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY

**17**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Mellon Funds Trust, excluding the Predecessor Fund's Class A, Class C, Class I and Class Y shares. During the period ended February 28, 2026, the Predecessor Fund was charged $545 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $599 pursuant to the custody agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $4,615 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $5,000 for financial reporting and regulatory services.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $48,492, Custodian fees of $1,000, Chief Compliance Officer fees of $421 and shareholder and regulatory reports service fees of $8,333.

**(d)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and in-kind transactions, if any, during the period ended February 28, 2026, amounted to $99,121,031 and $138,571,629, respectively.

At February 28, 2026, accumulated net unrealized appreciation on investments was $22,107,270, consisting of $24,617,601 gross unrealized appreciation and $2,510,331 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is in-kind, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had in-kind transactions associated with creations of $7,963,947 and redemptions of $18,572,157.

**19**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Income Stock Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on December 5, 2025 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on December 5, 2025.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through December 5, 2025, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on December 5, 2025.

**20**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon Income Stock Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on September 10, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on December 5, 2025, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 15,862,627 shares of stock of the Predecessor Fund, which constituted 68.27% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 15,771,948 32,464 58,215

**21**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $11,379.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**22**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on May 20, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Enhanced Dividend and Income ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Newton Investment Management North America, LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments; and (iii) the sub-sub-investment advisory agreement (the "SSIA Agreement") between the Sub-Adviser and Newton Investment Management Limited (the "Sub-sub-Adviser"), also an affiliate of the Adviser, which permits the Sub-Adviser to use the investment advisory personnel, resources and capabilities ("Investment Advisory Services") available at the Sub-sub-Adviser, as its sister company, in providing the day-to-day management of the fund's investments. The Management Agreement, the Sub-Advisory Agreement and the SSIA Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser, the Sub-Adviser and the Sub-sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser, the Sub-Adviser and the Sub-sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below); (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, the Sub-sub-Adviser and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser, the Sub-Adviser and the Sub-sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser, the Sub-Adviser and the Sub-sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's, the Sub-Adviser's and the Sub-sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser. With respect to the Sub-sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of services that may be provided by the Sub-sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser, the Sub-Adviser and the Sub-sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser and the Sub-sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon Income Stock Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on December 5, 2025, the fund commenced investment operations and assumed the historical performance record of the Predecessor

**23**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index, a performance-based index, and a peer group of equity income funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have the same investment objective, similar investment strategies, and the same Sub-Adviser and portfolio managers as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was above the performance of the performance-based index, and below the performance of the broad-based index, for the one-, five- and ten-year periods ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance was ranked in the second quartile of the Peer Group for the one-year period, and the first quartile of the Peer Group for the five- and ten-year periods, ended December 31, 2024. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and its affiliates, including the Sub-Adviser and the Sub-sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed large value ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed large value ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund. Furthermore, the Board noted the Sub-sub-Adviser would not receive a fee in connection with providing the Investment Advisory Services.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser, the Sub-sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**24**

------© 2026 BNY Mellon Securities Corporation

Code-4870NCSRSA0226

![](img0e5422971.gif)

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**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

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**BNY Mellon Municipal Intermediate ETF:** BKMI

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

![](img4cb5f2db1.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_SOI-Commoncontent-5174_1)**<br> **[Investment Companies](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_SOI-Commoncontent-5174_1)**<br>| 3 |
| [Schedule of Investments](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_SOI-Commoncontent-5174_1) | 3 |
| [Statement of Assets and Liabilities](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_FS-Commoncontent-5174_1) | 21 |
| [Statement of Operations](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_FS-Commoncontent-5174_2) | 22 |
| [Statement of Changes in Net Assets](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_FS-Commoncontent-5174_3) | 23 |
| [Financial Highlights](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_FIHI-Commoncontent-5174_1) | 25 |
| [Notes to Financial Statements](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_NTF-Commoncontent-5174_1) | 26 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_CDA-Commoncontent-5174_1)**<br> **[Investment Companies](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_CDA-Commoncontent-5174_1)**<br>| 34 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_PRXD-Commoncontent-5174_1)** | 35 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_RMNP-Commoncontent-5174_1)**<br> **[Management Investment Companies](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_RMNP-Commoncontent-5174_1)**<br>| 36 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_424bed93-6fb1-4d82-b2ce-895a205144dc_AAA-Commoncontent-5174_1)** | 37 |

---

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Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Municipal Intermediate ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3%** | **Long-Term Municipal Investments — 101.3%** | **Long-Term Municipal Investments — 101.3%** | **Long-Term Municipal Investments — 101.3%** | **Long-Term Municipal Investments — 101.3%** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. E<sup>(a)</sup> <br>| 5.00 | 6/1/2028 | 8230000 | 8622362 |
| Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. F<sup>(a)</sup> <br>| 5.50 | 12/1/2028 | 8000000 | 8535771 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.25 | 12/1/2030 | 5000000 | 5477196 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 7/1/2031 | 5000000 | 5423185 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. <br> 4) Ser. B1<sup>(a)</sup> <br>| 5.00 | 8/1/2028 | 1045000 | 1098468 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. <br> 5) Ser. A<sup>(a)</sup> <br>| 5.25 | 7/1/2029 | 10000000 | 10675275 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C | 5.00 | 11/1/2026 | 500000 | 507609 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C | 5.00 | 11/1/2029 | 1000000 | 1070607 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. E | 5.00 | 10/1/2030 | 3000000 | 3271128 |
|  |  |  |  | **44681601** |
| **Alaska — .4%** | **Alaska — .4%** | **Alaska — .4%** | **Alaska — .4%** | **Alaska — .4%** |
| Alaska Housing Finance Corp., Revenue Bonds (Sustainable Bond) Ser. A | 3.00 | 6/1/2051 | 2815000 | 2810122 |
| Alaska International Airports System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2030 | 1610000 | 1805831 |
| Alaska International Airports System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2031 | 2740000 | 3129668 |
|  |  |  |  | **7745621** |
| **Arizona — 2.4%** | **Arizona — 2.4%** | **Arizona — 2.4%** | **Arizona — 2.4%** | **Arizona — 2.4%** |
| Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior <br> Living Communities LLC Project) Ser. A2<br>| 5.13 | 1/1/2059 | 3450000 | 3254121 |
| Arizona Industrial Development Authority, Revenue Bonds (Greathearts <br> Arizona Project) Ser. A<br>| 3.00 | 7/1/2034 | 770000 | 743195 |
| Arizona Industrial Development Authority, Revenue Bonds (Greathearts <br> Arizona Project) Ser. A<br>| 3.00 | 7/1/2035 | 795000 | 759035 |
| Arizona Industrial Development Authority, Revenue Bonds (Greathearts <br> Arizona Project) Ser. A<br>| 3.00 | 7/1/2036 | 820000 | 773525 |
| Arizona Industrial Development Authority, Revenue Bonds (Greathearts <br> Arizona Project) Ser. A<br>| 3.00 | 7/1/2037 | 1000000 | 928314 |
| Arizona Industrial Development Authority, Revenue Bonds (Greathearts <br> Arizona Project) Ser. A<br>| 5.00 | 7/1/2035 | 880000 | 953407 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2049 | 2000000 | 1804198 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2033 | 900000 | 988002 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2034 | 1000000 | 1093474 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2035 | 850000 | 924487 |
| Chandler Industrial Development Authority, Revenue Bonds (Intel Corp. <br> Project)<sup>(a)</sup> <br>| 4.00 | 6/1/2029 | 5000000 | 5145309 |
| Maricopa County Industrial Development Authority, Revenue Bonds, Refunding <br> (Banner Health Obligated Group)<br>| 5.00 | 1/1/2035 | 3050000 | 3114689 |
| Maricopa County Industrial Development Authority, Revenue Bonds, Refunding <br> (Banner Health Obligated Group) Ser. B<br>| 5.00 | 1/1/2034 | 15935000 | 18070049 |
| Phoenix Civic Improvement Corp., Revenue Bonds, Refunding | 5.00 | 7/1/2028 | 3775000 | 3997292 |
|  |  |  |  | **42549097** |
| **Arkansas — .4%** | **Arkansas — .4%** | **Arkansas — .4%** | **Arkansas — .4%** | **Arkansas — .4%** |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2029 | 1000000 | 1050135 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Arkansas — .4% (continued)** | **Arkansas — .4% (continued)** | **Arkansas — .4% (continued)** | **Arkansas — .4% (continued)** | **Arkansas — .4% (continued)** |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2030 | 1135000 | 1205509 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2031 | 1150000 | 1233126 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2032 | 500000 | 533860 |
| Beaver Water District of Benton & Washington Counties, Revenue Bonds | 5.00 | 4/15/2032 | 200000 | 229396 |
| Searcy Sales & Use Tax, Revenue Bonds | 4.00 | 11/1/2036 | 2365000 | 2439672 |
|  |  |  |  | **6691698** |
| **California — 7.3%** | **California — 7.3%** | **California — 7.3%** | **California — 7.3%** | **California — 7.3%** |
| Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 1500000 | 1517146 |
| Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. A<sup>(a)</sup> <br>| 2.63 | 4/1/2026 | 10000000 | 9999597 |
| California, GO, Refunding | 3.00 | 9/1/2030 | 8785000 | 9111145 |
| California Community Choice Financing Authority, Revenue Bonds (Clean <br> Energy Project) Ser. C<sup>(a)</sup> <br>| 5.00 | 10/1/2033 | 5000000 | 5428783 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) Ser. B1<sup>(a)</sup> <br>| 4.00 | 8/1/2031 | 1475000 | 1533243 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) Ser. F<sup>(a)</sup> <br>| 5.00 | 11/1/2032 | 3000000 | 3295445 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) Ser. F<br>| 5.00 | 11/1/2033 | 10000000 | 11075444 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project)<sup>(a)</sup> <br>| 5.00 | 8/1/2029 | 3675000 | 3909431 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project)<sup>(a)</sup> <br>| 5.00 | 4/1/2032 | 7400000 | 8072623 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project)<sup>(a)</sup> <br>| 5.25 | 10/1/2031 | 3000000 | 3225674 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project) Ser. E1<sup>(a)</sup> <br>| 5.00 | 3/1/2031 | 1325000 | 1433736 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project) Ser. H<sup>(a)</sup> <br>| 5.00 | 8/1/2033 | 2500000 | 2790959 |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 6/1/2032 | 300000 | 319199 |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 6/1/2033 | 250000 | 264643 |
| California Health Facilities Financing Authority, Revenue Bonds (City of Hope <br> Obligated Group)<br>| 5.00 | 11/15/2049 | 5375000 | 5394310 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Adventist Health System Obligated Group) Ser. A<br>| 4.00 | 3/1/2033 | 6990000 | 6992577 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Children's Hospital of Orange County Obligated Group)<br>| 3.00 | 11/1/2036 | 1250000 | 1237341 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2031 | 315000 | 320445 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2032 | 225000 | 228213 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2033 | 235000 | 237249 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2034 | 250000 | 251271 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2035 | 315000 | 315262 |
| California Municipal Finance Authority, Revenue Bonds (Concordia University <br> Irvine)<br>| 4.00 | 1/1/2036 | 385000 | 382436 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **California — 7.3% (continued)** | **California — 7.3% (continued)** | **California — 7.3% (continued)** | **California — 7.3% (continued)** | **California — 7.3% (continued)** |
| California Municipal Finance Authority, Revenue Bonds, Ser. A1 | 4.05 | 7/20/2041 | 5435000 | 5501993 |
| California Municipal Finance Authority, Revenue Bonds, Refunding <br> (Humangood – California Obligated Group) Ser. A<br>| 5.00 | 10/1/2040 | 3840000 | 4136637 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 4.21 | 6/1/2050 | 7250000 | 5558400 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding <br> (Insured; Build America Mutual) Ser. A<br>| 5.00 | 7/1/2040 | 1000000 | 1137545 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding <br> (Insured; Build America Mutual) Ser. A<br>| 5.00 | 7/1/2041 | 1000000 | 1131419 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding <br> (Insured; Build America Mutual) Ser. A<br>| 5.00 | 7/1/2042 | 625000 | 701203 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2037 | 1585000 | 1813805 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2041 | 5000000 | 5440725 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2038 | 6825000 | 7535297 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2041 | 2100000 | 2240805 |
| New Haven Unified School District, GO (Insured; Assured Guaranty Corp.)<sup>(b)</sup> <br>| 0.00 | 8/1/2033 | 4000000 | 3302110 |
| Sacramento County Water Financing Authority, Revenue Bonds (Insured; <br> National Public Finance Guarantee Corp.) Ser. B (.67 x (3 Month TSFR + <br> 0.26%) + 0.55%)<sup>(c)</sup> <br>| 3.27 | 6/1/2034 | 7630000 | 7509687 |
| San Francisco City & County Airport Commission, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 5/1/2032 | 2000000 | 2286891 |
| Santa Maria Joint Union High School District, GO | 3.00 | 8/1/2040 | 2390000 | 2232803 |
| Southern California Tobacco Securitization Authority, Revenue Bonds, <br> Refunding (San Diego County Tobacco Asset Securitization Corp.)<br>| 5.00 | 6/1/2034 | 500000 | 537639 |
| Southern California Tobacco Securitization Authority, Revenue Bonds, <br> Refunding (San Diego County Tobacco Asset Securitization Corp.)<br>| 5.00 | 6/1/2037 | 2000000 | 2128233 |
|  |  |  |  | **130531364** |
| **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** |
| Colorado, COP, Ser. A | 4.00 | 12/15/2036 | 3000000 | 3083329 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 5.00 | 12/1/2035 | 1000000 | 1189009 |
| Colorado Housing & Finance Authority, Revenue Bonds (Insured; Government <br> National Mortgage Association) Ser. F<br>| 4.25 | 11/1/2049 | 1445000 | 1466665 |
| Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 1825000 | 1835684 |
| Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2028 | 5000000 | 5340166 |
| Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2033 | 2000000 | 2269238 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 5.00 | 1/15/2029 | 1400000 | 1482962 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 5.00 | 1/15/2030 | 1000000 | 1078441 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 5.00 | 7/15/2031 | 1910000 | 2089789 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 5.00 | 1/15/2032 | 1300000 | 1422131 |
|  |  |  |  | **21257414** |
| **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** |
| Ansonia, COP (Ansonia Fuel Cell Project) | 4.13 | 12/1/2034 | 2250000 | 2382166 |
| Connecticut, GO (Sustainable Bond) Ser. B | 4.00 | 1/15/2037 | 4425000 | 4667121 |
| Connecticut, GO, Ser. A | 5.00 | 3/15/2033 | 2000000 | 2345134 |
| Connecticut, GO, Ser. A | 5.00 | 3/15/2036 | 2250000 | 2676981 |
| Connecticut, GO, Ser. A | 5.00 | 3/15/2040 | 1850000 | 2133685 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. <br> B2<sup>(a)</sup> <br>| 5.00 | 7/1/2032 | 10000000 | 11512263 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Connecticut — 2.1% (continued)** | **Connecticut — 2.1% (continued)** | **Connecticut — 2.1% (continued)** | **Connecticut — 2.1% (continued)** | **Connecticut — 2.1% (continued)** |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Connecticut College) Ser. M<br>| 4.00 | 7/1/2038 | 1045000 | 1065379 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Fairfield University) Ser. R<br>| 3.25 | 7/1/2035 | 1785000 | 1787769 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (The Stamford Hospital Obligated Group)<br>| 4.00 | 7/1/2035 | 4000000 | 4153060 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Insured; <br> GNMA, FNMA, FHLMC) Ser. D1<br>| 4.00 | 11/15/2047 | 145000 | 145487 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. D<br>| 5.00 | 11/15/2039 | 2715000 | 2900307 |
| Windsor, GO, Refunding | 2.00 | 6/15/2029 | 1420000 | 1381535 |
| Windsor, GO, Refunding | 2.00 | 6/15/2030 | 1420000 | 1369196 |
|  |  |  |  | **38520083** |
| **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** |
| District of Columbia, GO, Refunding, Ser. B | 5.00 | 6/1/2039 | 8000000 | 9353215 |
| District of Columbia, GO, Refunding, Ser. B | 5.00 | 6/1/2040 | 4000000 | 4639789 |
| District of Columbia, GO, Refunding, Ser. B | 5.00 | 6/1/2041 | 3000000 | 3461659 |
| District of Columbia, Revenue Bonds, Refunding (Friendship Public Charter <br> School)<br>| 5.00 | 6/1/2036 | 3200000 | 3208049 |
| District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. <br> A<br>| 5.00 | 7/1/2037 | 4925000 | 5048183 |
| District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. <br> A<br>| 5.00 | 7/1/2042 | 6205000 | 6294498 |
| District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. <br> B<br>| 5.00 | 7/1/2037 | 1010000 | 1035262 |
| District of Columbia Housing Finance Agency, Revenue Bonds, Ser. A2<sup>(a)</sup> <br>| 4.10 | 9/1/2030 | 2500000 | 2639694 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2036 | 1250000 | 1275274 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2038 | 1000000 | 1008563 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2027 | 4000000 | 4154641 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2031 | 3720000 | 4182589 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2032 | 7000000 | 7991807 |
|  |  |  |  | **54293223** |
| **Florida — 3.3%** | **Florida — 3.3%** | **Florida — 3.3%** | **Florida — 3.3%** | **Florida — 3.3%** |
| Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) <br> Ser. A<br>| 5.00 | 6/15/2035 | 1000000 | 1015884 |
| Florida Municipal Power Agency, Revenue Bonds, Ser. A | 3.00 | 10/1/2033 | 3610000 | 3607351 |
| Jacksonville Housing Authority, Revenue Bonds (Westwood Apartments) | 5.00 | 2/1/2034 | 8500000 | 9527652 |
| Miami-Dade County, Revenue Bonds, Ser. C | 4.00 | 4/1/2037 | 8000000 | 8302207 |
| Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2034 | 6000000 | 6937475 |
| Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2035 | 3000000 | 3442750 |
| Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2036 | 2500000 | 2842324 |
| Miami-Dade County Educational Facilities Authority, Revenue Bonds, <br> Refunding (University of Miami) Ser. B<br>| 5.25 | 4/1/2036 | 10000000 | 11940473 |
| Sarasota, Revenue Bonds (Bay Park) | 5.00 | 9/1/2040 | 1000000 | 1103491 |
| Sarasota, Revenue Bonds (Bay Park) | 5.00 | 9/1/2041 | 2095000 | 2290017 |
| Sarasota, Revenue Bonds (Bay Park) | 5.00 | 9/1/2042 | 1100000 | 1192753 |
| Sarasota, Revenue Bonds (Bay Park) | 5.00 | 9/1/2043 | 2260000 | 2430702 |
| Tampa, Revenue Bonds (Insured; Build America Mutual) Ser. C | 3.00 | 10/1/2036 | 4940000 | 4950301 |
|  |  |  |  | **59583380** |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Georgia — 3.0%** | **Georgia — 3.0%** | **Georgia — 3.0%** | **Georgia — 3.0%** | **Georgia — 3.0%** |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2039 | 1000000 | 1090706 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2040 | 800000 | 864382 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2041 | 750000 | 807176 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2042 | 1100000 | 1170960 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2043 | 1200000 | 1265896 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.00 | 10/1/2044 | 1050000 | 1093103 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) <br> Ser. A<br>| 5.00 | 1/1/2039 | 1100000 | 1234927 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2035 | 3325000 | 3861436 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 4.00 | 9/1/2027 | 10000000 | 10201035 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.00 | 6/1/2029 | 5000000 | 5301341 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 12/1/2031 | 10355000 | 11273249 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 12/1/2030 | 2000000 | 2147764 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 4/1/2031 | 5000000 | 5448063 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. E<sup>(a)</sup> <br>| 5.00 | 12/1/2032 | 7500000 | 8205892 |
|  |  |  |  | **53965930** |
| **Hawaii — .2%** | **Hawaii — .2%** | **Hawaii — .2%** | **Hawaii — .2%** | **Hawaii — .2%** |
| Hawaii Airports System, Revenue Bonds, Ser. A | 5.00 | 7/1/2030 | 1420000 | 1567141 |
| Honolulu City & County Wastewater System, Revenue Bonds, Refunding <br> (Senior-First Bond Solutions) Ser. A<br>| 5.00 | 7/1/2034 | 750000 | 897379 |
| Honolulu City & County Wastewater System, Revenue Bonds, Refunding <br> (Senior-First Bond Solutions) Ser. A<br>| 5.00 | 7/1/2035 | 1500000 | 1812521 |
|  |  |  |  | **4277041** |
| **Idaho — .5%** | **Idaho — .5%** | **Idaho — .5%** | **Idaho — .5%** | **Idaho — .5%** |
| Idaho Health Facilities Authority, Revenue Bonds (St. Luke's Health System <br> Project) Ser. B<sup>(a)</sup> <br>| 5.00 | 3/1/2032 | 4000000 | 4405235 |
| Idaho Health Facilities Authority, Revenue Bonds (St. Luke's Health System <br> Project) Ser. C<sup>(a)</sup> <br>| 5.00 | 3/1/2035 | 2500000 | 2812738 |
| Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health <br> System Obligated Group)<br>| 4.00 | 3/1/2033 | 575000 | 606853 |
| Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health <br> System Obligated Group)<br>| 4.00 | 3/1/2034 | 400000 | 420571 |
| Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health <br> System Obligated Group)<br>| 4.00 | 3/1/2035 | 275000 | 287752 |
|  |  |  |  | **8533149** |
| **Illinois — 9.3%** | **Illinois — 9.3%** | **Illinois — 9.3%** | **Illinois — 9.3%** | **Illinois — 9.3%** |
| Chicago, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 8000000 | 8336506 |
| Chicago, GO, Refunding, Ser. A | 5.00 | 1/1/2034 | 10000000 | 10582874 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) <br> Ser. A<br>| 5.00 | 12/1/2035 | 1000000 | 1039703 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 1340000 | 1507585 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 1675000 | 1869264 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 1780000 | 1971882 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2040 | 3350000 | 3760688 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2041 | 1650000 | 1835643 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2028 | 8145000 | 8502694 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Illinois — 9.3% (continued)** | **Illinois — 9.3% (continued)** | **Illinois — 9.3% (continued)** | **Illinois — 9.3% (continued)** | **Illinois — 9.3% (continued)** |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2041 | 2000000 | 2279112 |
| Chicago Park District, GO, Ser. B | 5.00 | 1/1/2035 | 2500000 | 2899356 |
| Chicago Park District, GO, Refunding, Ser. C | 4.00 | 1/1/2032 | 1000000 | 1041147 |
| Chicago Park District, GO, Refunding, Ser. C | 4.00 | 1/1/2034 | 10210000 | 10544640 |
| Chicago Park District, GO, Refunding, Ser. C | 4.00 | 1/1/2035 | 4250000 | 4371406 |
| Chicago Park District, GO, Refunding, Ser. D | 4.00 | 1/1/2032 | 960000 | 999502 |
| Chicago Park District, GO, Refunding, Ser. F2 | 4.00 | 1/1/2036 | 1250000 | 1280400 |
| Chicago Park District, GO, Refunding, Ser. F2 | 4.00 | 1/1/2038 | 2000000 | 2028589 |
| Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2042 | 3600000 | 4026999 |
| Cook County Community Unit Elmwood Park School District No. 401, GO <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 12/1/2029 | 1480000 | 1558761 |
| DuPage & Cook Counties Township High School District No. 86, GO | 4.00 | 1/15/2035 | 5205000 | 5311901 |
| DuPage County School District No. 60, GO, Ser. A | 4.00 | 12/30/2032 | 1500000 | 1532512 |
| Illinois, GO, Ser. A | 5.00 | 3/1/2031 | 480000 | 535402 |
| Illinois, GO, Ser. A | 5.00 | 3/1/2032 | 2045000 | 2272415 |
| Illinois, GO, Ser. B | 5.00 | 12/1/2030 | 5750000 | 6389268 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2036 | 3000000 | 3414356 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2037 | 3500000 | 3945030 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 10120000 | 10547494 |
| Illinois, GO, Refunding (Insured; Assured Guaranty Corp.) | 4.00 | 2/1/2030 | 7250000 | 7339809 |
| Illinois, Revenue Bonds, Ser. B | 5.00 | 6/15/2039 | 15000000 | 16858554 |
| Illinois Finance Authority, Revenue Bonds (Provident Group-UIC Grenshaw <br> Parking Properties LLC-University of Illinois Chicago Parking Structure <br> Project) Ser. A<br>| 5.00 | 10/1/2039 | 2010000 | 2268408 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2030 | 855000 | 918249 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2031 | 910000 | 987772 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2032 | 960000 | 1036770 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2033 | 695000 | 747113 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2034 | 730000 | 780570 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2035 | 770000 | 818848 |
| Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System <br> Obligated Group) Ser. B2<sup>(a)</sup> <br>| 5.00 | 11/15/2026 | 3000000 | 3012505 |
| Illinois Finance Authority, Revenue Bonds, Refunding (UChicago Medicine) Ser. <br> A1<sup>(a)</sup> <br>| 5.00 | 8/15/2030 | 4000000 | 4307870 |
| Illinois Toll Highway Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2042 | 3120000 | 3433747 |
| Maine Township High School District No. 207, GO | 3.00 | 12/1/2032 | 1650000 | 1668552 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 7200000 | 8156596 |
| University of Illinois Auxiliary Facilities System, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.25 | 4/1/2043 | 3000000 | 3312255 |
| University of Illinois Auxiliary Facilities System, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.25 | 4/1/2044 | 2000000 | 2183600 |
| Will County Forest Preserve District, GO | 5.00 | 12/15/2040 | 1225000 | 1367888 |
| Will County Forest Preserve District, GO | 5.00 | 12/15/2043 | 1950000 | 2105492 |
| Will County Forest Preserve District, GO | 5.00 | 12/15/2044 | 1400000 | 1500873 |
|  |  |  |  | **167190600** |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Indiana — 2.2%** | **Indiana — 2.2%** | **Indiana — 2.2%** | **Indiana — 2.2%** | **Indiana — 2.2%** |
| Clark-Pleasant Community School Building Corp., Revenue Bonds (Insured; <br> State Aid Intercept)<br>| 5.00 | 7/15/2041 | 1575000 | 1753075 |
| Columbus Multi School Building Corp., Revenue Bonds (Insured; State Aid <br> Intercept)<br>| 5.00 | 7/15/2041 | 1000000 | 1116918 |
| Columbus Multi School Building Corp., Revenue Bonds (Insured; State Aid <br> Intercept)<br>| 5.00 | 1/15/2044 | 1050000 | 1137257 |
| Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) <br> Ser. A<br>| 5.00 | 11/1/2027 | 740000 | 762129 |
| Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) <br> Ser. A<br>| 5.00 | 11/1/2028 | 775000 | 808610 |
| Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) <br> Ser. B<sup>(a)</sup> <br>| 2.10 | 11/1/2026 | 2700000 | 2666197 |
| Indiana Finance Authority, Revenue Bonds (Indiana University Health <br> Obligated Group) Ser. B2<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 5000000 | 5472874 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Indiana University <br> Health) Ser. D4<sup>(a)</sup> <br>| 5.00 | 10/1/2035 | 6000000 | 6950413 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Newsfields) | 4.00 | 2/1/2034 | 2000000 | 2160641 |
| IPS Multi-School Building Corp., Revenue Bonds (Insured; State Aid Intercept) | 5.00 | 7/15/2037 | 1000000 | 1166900 |
| IPS Multi-School Building Corp., Revenue Bonds (Insured; State Aid Intercept) | 5.00 | 7/15/2038 | 1650000 | 1908724 |
| IPS Multi-School Building Corp., Revenue Bonds (Sustainable Bond) (Insured; <br> State Aid Intercept)<br>| 5.00 | 7/15/2037 | 3825000 | 4341390 |
| IPS Multi-School Building Corp., Revenue Bonds (Sustainable Bond) (Insured; <br> State Aid Intercept)<br>| 5.00 | 7/15/2038 | 2940000 | 3313279 |
| Northern Indiana Commuter Transportation District, Revenue Bonds | 5.00 | 1/1/2043 | 710000 | 767697 |
| Northern Indiana Commuter Transportation District, Revenue Bonds | 5.00 | 1/1/2044 | 1500000 | 1606463 |
| Twin Lakes School Building Corp., Revenue Bonds (Insured; State Aid <br> Intercept)<br>| 5.00 | 1/15/2044 | 1500000 | 1576988 |
| Wawasee High School Building Corp., Revenue Bonds (Insured; State Aid <br> Intercept)<br>| 5.00 | 7/15/2041 | 1975000 | 2183168 |
|  |  |  |  | **39692723** |
| **Iowa — .1%** | **Iowa — .1%** | **Iowa — .1%** | **Iowa — .1%** | **Iowa — .1%** |
| Iowa Finance Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/1/2037 | 1175000 | 1394794 |
| Iowa Finance Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/1/2040 | 1000000 | 1158626 |
|  |  |  |  | **2553420** |
| **Kentucky — 1.6%** | **Kentucky — 1.6%** | **Kentucky — 1.6%** | **Kentucky — 1.6%** | **Kentucky — 1.6%** |
| Kentucky Property & Building Commission, Revenue Bonds (Project No. 132) <br> Ser. A<br>| 5.00 | 4/1/2043 | 2420000 | 2692324 |
| Kentucky Property & Building Commission, Revenue Bonds (Project No. 132) <br> Ser. A<br>| 5.00 | 4/1/2045 | 3750000 | 4072619 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 10000000 | 10718985 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A<sup>(a)</sup> <br>| 5.25 | 12/1/2029 | 5000000 | 5405709 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 5/1/2036 | 5000000 | 5500562 |
|  |  |  |  | **28390199** |
| **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** | **Louisiana — 1.1%** |
| East Baton Rouge Parish Industrial Development Board, Inc., Revenue Bonds <br> (ExxonMobile Project) Ser. A<sup>(d)</sup> <br>| 1.00 | 8/1/2035 | 7500000 | 7500000 |
| East Baton Rouge Sewerage Commission, Revenue Bonds, Refunding, Ser. A<sup>(a)</sup> <br>| 1.30 | 2/1/2028 | 5000000 | 4769743 |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Bonds | 5.00 | 7/15/2036 | 1330000 | 1545981 |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Bonds | 5.00 | 7/15/2037 | 1430000 | 1648422 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2039 | 1000000 | 1134688 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Louisiana — 1.1% (continued)** | **Louisiana — 1.1% (continued)** | **Louisiana — 1.1% (continued)** | **Louisiana — 1.1% (continued)** | **Louisiana — 1.1% (continued)** |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2041 | 1000000 | 1115439 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2044 | 1250000 | 1349613 |
|  |  |  |  | **19063886** |
| **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** |
| Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2037 | 3000000 | **3520607** |
| **Maryland — 1.7%** | **Maryland — 1.7%** | **Maryland — 1.7%** | **Maryland — 1.7%** | **Maryland — 1.7%** |
| Howard County Housing Commission, Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. A<br>| 1.20 | 6/1/2027 | 2000000 | 1954533 |
| Maryland, GO, Ser. A | 4.00 | 3/15/2035 | 5000000 | 5258696 |
| Maryland Community Development Administration, Revenue Bonds, <br> Refunding, Ser. B<br>| 4.00 | 9/1/2049 | 1185000 | 1209351 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2027 | 925000 | 956912 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2029 | 1395000 | 1506106 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2031 | 1375000 | 1532247 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2032 | 1550000 | 1751196 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2033 | 1150000 | 1313889 |
| Maryland Department of Transportation, Revenue Bonds (BWI Thurgood <br> Marshall Airport) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 8/1/2034 | 675000 | 778388 |
| Maryland Department of Transportation, Revenue Bonds, Ser. A | 3.00 | 10/1/2031 | 4000000 | 4059545 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (MedStar Health Obligated Group) Ser. B<sup>(a)</sup> <br>| 5.00 | 8/15/2036 | 5000000 | 5786269 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 7/1/2037 | 1050000 | 1173209 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 7/1/2038 | 1300000 | 1440047 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 7/1/2040 | 945000 | 1028756 |
|  |  |  |  | **29749144** |
| **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** |
| Massachusetts, GO, Refunding, Ser. A | 5.00 | 7/1/2035 | 2000000 | 2433429 |
| Massachusetts Development Finance Agency, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 11/1/2035 | 5000000 | 6049279 |
| Massachusetts Development Finance Agency, Revenue Bonds, Ser. T2<sup>(a)</sup> <br>| 5.00 | 10/1/2035 | 7000000 | 8152528 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Children's Hospital) (LOC; TD Bank NA) Ser. U2<sup>(d)</sup> <br>| 1.90 | 3/1/2048 | 7000000 | 7000000 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Emmanuel College) Ser. A<br>| 5.00 | 10/1/2033 | 5000000 | 5022959 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, <br> Ser. B<br>| 5.00 | 7/1/2028 | 2000000 | 2092256 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, <br> Ser. B<br>| 5.00 | 7/1/2029 | 2250000 | 2379257 |
| Massachusetts Health & Educational Facilities Authority, Revenue Bonds <br> (Museum of Fine Arts) Ser. A1<sup>(d)</sup> <br>| 1.05 | 12/1/2037 | 1000000 | 1000000 |
| Massachusetts Water Resources Authority, Revenue Bonds, Refunding, Ser. F<sup>(d)</sup> <br>| 1.80 | 8/1/2029 | 7000000 | 7000000 |
|  |  |  |  | **41129708** |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| L'Anse Creuse Public Schools, GO (Insured; Qualified School Board Loan Fund) <br> Ser. I<br>| 5.00 | 5/1/2042 | 1500000 | 1678752 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** |
| Michigan Finance Authority, Revenue Bonds, Refunding (McLaren Health Care <br> Corp. Obligated Group) Ser. D2<sup>(a)</sup> <br>| 1.20 | 4/13/2028 | 5000000 | 4807346 |
| Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit <br> Corp. Obligated Group)<br>| 4.00 | 12/1/2035 | 2500000 | 2567265 |
| Michigan Hospital Finance Authority, Revenue Bonds, Refunding, Ser. B1<sup>(a)</sup> <br>| 5.00 | 6/1/2032 | 5000000 | 5616287 |
| Utica Community Schools, GO (Insured; Qualified School Board Loan Fund) | 5.00 | 5/1/2033 | 5470000 | 6371157 |
|  |  |  |  | **21040807** |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** |
| Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Ser. B | 5.00 | 1/1/2031 | 3980000 | 4405893 |
| Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Ser. B | 5.00 | 1/1/2039 | 5000000 | 5543904 |
| Minnesota Health & Education Facilities Authority, Revenue Bonds (University <br> of St. Thomas) Ser. A<br>| 5.00 | 10/1/2039 | 3810000 | 4185661 |
| Minnesota Housing Finance Agency, Revenue Bonds, Refunding (Insured; <br> GNMA, FNMA, FHLMC) Ser. B<br>| 4.00 | 7/1/2047 | 90000 | 90366 |
| St. Cloud, Revenue Bonds, Refunding (CentraCare Health System) | 5.00 | 5/1/2041 | 2000000 | 2208136 |
| St. Cloud, Revenue Bonds, Refunding (CentraCare Health System) | 5.00 | 5/1/2042 | 2000000 | 2191957 |
|  |  |  |  | **18625917** |
| **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** |
| Cape Girardeau County Industrial Development Authority, Revenue Bonds, <br> Refunding (St. Francis Healthcare System Obligated Group)<br>| 5.00 | 6/1/2026 | 1000000 | 1005772 |
| Kansas City, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2038 | 4210000 | 4847921 |
| Kansas City, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2039 | 2175000 | 2487221 |
| Kansas City Industrial Development Authority, Revenue Bonds (Kansas City <br> International Airport)<br>| 4.00 | 3/1/2034 | 3500000 | 3608982 |
| Kansas City Industrial Development Authority, Revenue Bonds (Kansas City <br> International Airport)<br>| 4.00 | 3/1/2035 | 2000000 | 2059949 |
| Missouri Health & Educational Facilities Authority, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 4/1/2035 | 5000000 | 5848116 |
|  |  |  |  | **19857961** |
| **Montana — .0%** | **Montana — .0%** | **Montana — .0%** | **Montana — .0%** | **Montana — .0%** |
| Montana Board of Housing, Revenue Bonds, Ser. A2 | 3.50 | 6/1/2044 | 390000 | 390118 |
| Montana Facility Finance Authority, Revenue Bonds, Refunding (Billings Clinic <br> Obligated Group)<br>| 5.00 | 8/15/2027 | 500000 | 517141 |
|  |  |  |  | **907259** |
| **Nebraska — .7%** | **Nebraska — .7%** | **Nebraska — .7%** | **Nebraska — .7%** | **Nebraska — .7%** |
| Central Plains Energy, Revenue Bonds, Refunding (Project No. 4) Ser. A<sup>(a)</sup> <br>| 5.00 | 11/1/2029 | 5000000 | 5350494 |
| Nebraska Investment Finance Authority, Revenue Bonds (Sustainable Bond) <br> (Insured; GNMA, FNMA, FHLMC) Ser. C<br>| 5.50 | 9/1/2053 | 2130000 | 2265258 |
| Omaha Airport Authority, Revenue Bonds (Insured; Assured Guaranty Corp.) | 5.00 | 12/15/2029 | 1125000 | 1223708 |
| Omaha Airport Authority, Revenue Bonds (Insured; Assured Guaranty Corp.) | 5.00 | 12/15/2030 | 1875000 | 2068756 |
| Omaha Airport Authority, Revenue Bonds (Insured; Assured Guaranty Corp.) | 5.00 | 12/15/2031 | 2235000 | 2504535 |
|  |  |  |  | **13412751** |
| **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** |
| Clark County, Revenue Bonds | 5.00 | 7/1/2040 | 10000000 | 11172602 |
| Las Vegas Valley Water District, GO, Refunding, Ser. C | 4.00 | 6/1/2036 | 6295000 | 6691182 |
| Nevada, GO, Refunding, Ser. A | 3.00 | 5/1/2035 | 5005000 | 5012444 |
| Nevada Housing Division, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. <br> A<br>| 4.00 | 4/1/2049 | 895000 | 904763 |
| Washoe County, Revenue Bonds, Refunding (Sierra Pacific Power Co.) Ser. B<sup>(a)</sup> <br>| 3.63 | 10/1/2029 | 4015000 | 4124015 |
|  |  |  |  | **27905006** |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 5.00 | 11/1/2033 | 1000000 | 1155171 |

---

**11**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **New Jersey — 4.0% (continued)** | **New Jersey — 4.0% (continued)** | **New Jersey — 4.0% (continued)** | **New Jersey — 4.0% (continued)** | **New Jersey — 4.0% (continued)** |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2030 | 1000000 | 1108079 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2031 | 1370000 | 1543170 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2032 | 1355000 | 1546806 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2033 | 2400000 | 2772410 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2034 | 2300000 | 2682019 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2035 | 1600000 | 1853106 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2036 | 1250000 | 1434792 |
| Fair Lawn, GO | 2.00 | 9/1/2029 | 2215000 | 2151269 |
| New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 3.00 | 6/1/2032 | 1000000 | 1031504 |
| New Jersey Economic Development Authority, Revenue Bonds (Sustainable <br> Bond) Ser. QQQ<br>| 4.00 | 6/15/2034 | 1000000 | 1048967 |
| New Jersey Educational Facilities Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2031 | 8725000 | 9814638 |
| New Jersey Educational Facilities Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2035 | 5000000 | 5976793 |
| Sussex County, GO, Refunding | 2.00 | 6/15/2029 | 1945000 | 1892314 |
| Sussex County, GO, Refunding | 2.00 | 6/15/2030 | 1945000 | 1869870 |
| The Passaic County Improvement Authority, Revenue Bonds (Paterson Charter <br> School for Science and Technology Project)<br>| 4.13 | 7/1/2033 | 600000 | 620016 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2032 | 10000000 | 10478943 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 12000000 | 12552769 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2034 | 10000000 | 10442695 |
|  |  |  |  | **71975331** |
| **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** |
| New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, <br> FNMA, FHLMC) Ser. A<br>| 3.00 | 3/1/2053 | 1405000 | 1394880 |
| New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, <br> FNMA, FHLMC) Ser. D<br>| 5.30 | 9/1/2048 | 2975000 | 3081014 |
|  |  |  |  | **4475894** |
| **New York — 11.9%** | **New York — 11.9%** | **New York — 11.9%** | **New York — 11.9%** | **New York — 11.9%** |
| Build New York City Resource Corp., Revenue Bonds (The Nightingale-Bamford <br> School Project)<br>| 5.00 | 7/1/2040 | 5500000 | 6214264 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. B1<br>| 5.00 | 11/15/2036 | 9025000 | 9161815 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2037 | 10000000 | 11523852 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2034 | 6035000 | 7162266 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2031 | 10000000 | 10163019 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2037 | 1580000 | 1645266 |
| Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue <br> Bonds, Refunding, Ser. A<br>| 5.00 | 11/15/2051 | 5000000 | 5000048 |
| New York City, GO (LOC; Mizuho Bank Ltd) Ser. A2<sup>(d)</sup> <br>| 1.00 | 10/1/2038 | 2000000 | 2000000 |
| New York City, GO, Ser. C | 5.25 | 3/1/2047 | 5000000 | 5354958 |
| New York City, GO, Ser. D1 | 4.00 | 3/1/2042 | 1500000 | 1506046 |
| New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2030 | 10000000 | 11173288 |
| New York City Housing Development Corp., Revenue Bonds (Sustainable Bond) | 2.15 | 11/1/2028 | 1290000 | 1259064 |
| New York City Housing Development Corp., Revenue Bonds, Ser. A1 | 3.38 | 11/15/2029 | 3000000 | 3001358 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Ser. BB<sup>(d)</sup> <br>| 1.86 | 6/15/2051 | 7000000 | 7000000 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **New York — 11.9% (continued)** | **New York — 11.9% (continued)** | **New York — 11.9% (continued)** | **New York — 11.9% (continued)** | **New York — 11.9% (continued)** |
| New York City Municipal Water Finance Authority, Revenue Bonds, Ser. CC<sup>(d)</sup> <br>| 1.90 | 6/15/2056 | 6500000 | 6500000 |
| New York City Municipal Water Finance Authority, Revenue Bonds, <br> Refunding<sup>(d)</sup> <br>| 1.90 | 6/15/2049 | 4500000 | 4500000 |
| New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 5.25 | 5/1/2048 | 3225000 | 3479222 |
| New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. <br> F1<br>| 5.00 | 11/1/2033 | 4000000 | 4702264 |
| New York City Transitional Finance Authority Future Tax Secured, Revenue <br> Bonds, Ser. F1<br>| 5.00 | 2/1/2039 | 7700000 | 8909819 |
| New York City Transitional Finance Authority Future Tax Secured, Revenue <br> Bonds, Ser. F1<br>| 5.00 | 2/1/2045 | 2690000 | 2931963 |
| New York Energy Finance Development Corp., Revenue Bonds<sup>(a)</sup> <br>| 5.00 | 12/1/2033 | 5000000 | 5368821 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Class <br> 1-3 World Trade Center Project) Ser. 1<sup>(e)</sup> <br>| 5.00 | 11/15/2044 | 15400000 | 15425387 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Class <br> 2-3 World Trade Center Project) Ser. 2<sup>(e)</sup> <br>| 5.15 | 11/15/2034 | 3500000 | 3506599 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. A<br>| 1.45 | 11/15/2029 | 5000000 | 4635738 |
| New York Liberty Development Corp., Revenue Bonds, Refunding, Ser. 1WTC | 3.00 | 2/15/2042 | 5000000 | 4454344 |
| New York State Dormitory Authority, Revenue Bonds, Refunding (Northwell <br> Health Obligated Group) Ser. A<br>| 4.00 | 5/1/2039 | 2000000 | 2045061 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 3/15/2034 | 3500000 | 3747757 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 3/15/2038 | 5000000 | 5135044 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 3/15/2040 | 10000000 | 11255766 |
| New York State Housing Finance Agency, Revenue Bonds (LOC; TD Bank NA) <br> Ser. A8<sup>(d)</sup> <br>| 1.85 | 5/1/2044 | 100000 | 100000 |
| New York State Mortgage Agency, Revenue Bonds, Ser. 223 | 2.65 | 10/1/2034 | 7020000 | 6677762 |
| New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 220 | 2.40 | 10/1/2034 | 10545000 | 9741320 |
| New York Transportation Development Corp., Revenue Bonds (LaGuardia <br> Airport Terminal B Redevelopment Project) Ser. A<br>| 5.00 | 7/1/2041 | 2000000 | 2001895 |
| New York Transportation Development Corp., Revenue Bonds (LaGuardia <br> Airport Terminal B Redevelopment Project) Ser. A<br>| 5.00 | 7/1/2046 | 2500000 | 2500993 |
| Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 234 | 5.25 | 8/1/2047 | 5000000 | 5263540 |
| St. Lawrence County Industrial Development Agency, Revenue Bonds, <br> Refunding (Clarkson University Project)<br>| 5.00 | 9/1/2032 | 595000 | 630633 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2037 | 1150000 | 1203084 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. A<br>| 4.00 | 11/15/2037 | 4980000 | 5268886 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A<sup>(b)</sup> <br>| 0.00 | 11/15/2029 | 10000000 | 9080509 |
| Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer <br> Polytechnic Institute)<br>| 5.00 | 9/1/2031 | 1625000 | 1787836 |
| Webster Central School District, GO, Refunding (Insured; State Aid <br> Withholding)<br>| 2.00 | 6/15/2030 | 1180000 | 1129068 |
|  |  |  |  | **214148555** |
| **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** |
| Columbus Regional Airport Authority, Revenue Bonds, Refunding (John Glenn <br> Columbus International Airport) Ser. A<br>| 5.00 | 1/1/2030 | 1405000 | 1522681 |
| Columbus Regional Airport Authority, Revenue Bonds, Refunding (John Glenn <br> Columbus International Airport) Ser. A<br>| 5.00 | 1/1/2031 | 5910000 | 6514202 |
| Montgomery County, Revenue Bonds, Refunding (Kettering Health Network <br> Obligated Group)<br>| 4.00 | 8/1/2037 | 695000 | 707004 |
| Montgomery County, Revenue Bonds, Refunding (Kettering Health Network <br> Obligated Group)<br>| 5.00 | 8/1/2036 | 500000 | 543869 |

---

**13**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** |
| Ohio Air Quality Development Authority, Revenue Bonds (Ohio Valley Electric <br> Corp.)<sup>(a)</sup> <br>| 2.60 | 10/1/2029 | 2500000 | 2434678 |
| Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (John <br> Carroll University)<br>| 4.00 | 10/1/2037 | 4835000 | 4698904 |
| Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (John <br> Carroll University)<br>| 4.00 | 10/1/2042 | 3205000 | 2890131 |
| Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) <br> Ser. A<br>| 4.50 | 3/1/2047 | 360000 | 361653 |
| Ohio Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, <br> FNMA, FHLMC) Ser. D<br>| 4.00 | 3/1/2047 | 525000 | 526448 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, <br> Revenue Bonds, Ser. C<sup>(d)</sup> <br>| 1.90 | 12/1/2054 | 2000000 | 2000000 |
| The University of Akron, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 5000000 | 5034613 |
| Wadsworth School District, GO | 3.00 | 12/1/2045 | 2040000 | 1656341 |
| Wadsworth School District, GO | 4.00 | 12/1/2056 | 1500000 | 1411246 |
|  |  |  |  | **30301770** |
| **Oklahoma — 1.1%** | **Oklahoma — 1.1%** | **Oklahoma — 1.1%** | **Oklahoma — 1.1%** | **Oklahoma — 1.1%** |
| Oklahoma, GO | 2.00 | 3/1/2029 | 5190000 | 5040186 |
| Oklahoma, GO | 3.00 | 3/1/2038 | 1285000 | 1226271 |
| Oklahoma Industries Authority, Revenue Bonds (Oklahoma City Public Schools <br> Project)<br>| 5.00 | 4/1/2033 | 3000000 | 3490252 |
| Oklahoma Turnpike Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2039 | 5000000 | 5772627 |
| Oklahoma Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2032 | 1600000 | 1828425 |
| Tulsa County Industrial Authority, Revenue Bonds (Broken Arrow Public <br> Schools Project)<br>| 5.00 | 9/1/2032 | 1600000 | 1810510 |
| Tulsa County Industrial Authority, Revenue Bonds (Broken Arrow Public <br> Schools Project)<br>| 5.00 | 9/1/2033 | 1050000 | 1200727 |
|  |  |  |  | **20368998** |
| **Oregon — 1.9%** | **Oregon — 1.9%** | **Oregon — 1.9%** | **Oregon — 1.9%** | **Oregon — 1.9%** |
| Oregon, GO, Ser. E | 5.00 | 6/1/2040 | 2405000 | 2634093 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2030 | 225000 | 250238 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2031 | 325000 | 368640 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2032 | 350000 | 403984 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2033 | 300000 | 351309 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2034 | 300000 | 355784 |
| Oregon Health & Science University, Revenue Bonds, Refunding, Ser. B2<sup>(a)</sup> <br>| 5.00 | 2/1/2032 | 5500000 | 6144838 |
| Oregon State Business Development Commission, Revenue Bonds (Intel Corp. <br> Project) Ser. 232<sup>(a)</sup> <br>| 3.80 | 6/15/2028 | 7000000 | 7144486 |
| Portland Sewer System, Revenue Bonds, Ser. A | 4.50 | 5/1/2037 | 13635000 | 13660750 |
| Salem Hospital Facility Authority, Revenue Bonds, Refunding (Salem Health <br> Project) Ser. A<br>| 5.00 | 5/15/2038 | 2105000 | 2211760 |
|  |  |  |  | **33525882** |
| **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** | **Pennsylvania — 5.5%** |
| Allegheny County Higher Education Building Authority, Revenue Bonds, <br> Refunding (Duquesne University of the Holy Spirit) Ser. 20<br>| 5.00 | 3/1/2029 | 1005000 | 1078215 |
| Chester County Health & Education Facilities Authority, Revenue Bonds, <br> Refunding (Main Line Health System Obligated Group) Ser. A<br>| 4.00 | 10/1/2037 | 2105000 | 2116202 |
| Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. A | 2.00 | 10/1/2029 | 1000000 | 973476 |
| Delaware Valley Regional Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2036 | 4000000 | 4328408 |
| Delaware Valley Regional Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2038 | 3400000 | 3610489 |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System <br> Obligated Group)<sup>(a)</sup> <br>| 5.00 | 4/1/2030 | 5015000 | 5411293 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Pennsylvania — 5.5% (continued)** | **Pennsylvania — 5.5% (continued)** | **Pennsylvania — 5.5% (continued)** | **Pennsylvania — 5.5% (continued)** | **Pennsylvania — 5.5% (continued)** |
| Pennsylvania, GO | 3.00 | 5/15/2034 | 5280000 | 5297628 |
| Pennsylvania, GO | 3.00 | 5/15/2035 | 3000000 | 2977550 |
| Pennsylvania, GO | 3.50 | 3/1/2031 | 5000000 | 5081686 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 11/15/2036 | 3750000 | 3788773 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. AT-1<br>| 5.00 | 6/15/2029 | 750000 | 809102 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. AT-1<br>| 5.00 | 6/15/2029 | 4185000 | 4210757 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. AV-1<br>| 4.00 | 6/15/2032 | 1355000 | 1399082 |
| Pennsylvania Housing Finance Agency, Revenue Bonds (Sustainable Bond) | 4.95 | 10/1/2038 | 6645000 | 7202210 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 118B | 3.80 | 10/1/2035 | 3000000 | 3000458 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | 3.65 | 10/1/2032 | 4690000 | 4691474 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | 4.00 | 10/1/2046 | 455000 | 455222 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2038 | 10000000 | 10351850 |
| Philadelphia Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2028 | 2475000 | 2612083 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding <br> (St. Joseph's University)<br>| 5.00 | 11/1/2028 | 1000000 | 1059105 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding <br> (St. Joseph's University)<br>| 5.00 | 11/1/2029 | 1000000 | 1078184 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.00 | 3/1/2033 | 5125000 | 5780033 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.00 | 3/1/2036 | 5775000 | 6537767 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.25 | 3/1/2039 | 8320000 | 9414499 |
| The Pennsylvania State University, Revenue Bonds, Ser. A | 5.00 | 9/1/2042 | 5000000 | 5110191 |
|  |  |  |  | **98375737** |
| **Rhode Island — 2.0%** | **Rhode Island — 2.0%** | **Rhode Island — 2.0%** | **Rhode Island — 2.0%** | **Rhode Island — 2.0%** |
| Rhode Island, GO, Ser. A | 5.00 | 8/1/2038 | 14075000 | 15732003 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds (Providence <br> College)<br>| 5.00 | 11/1/2047 | 2045000 | 2051485 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. C<br>| 5.00 | 5/15/2040 | 1315000 | 1474750 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. C<br>| 5.00 | 5/15/2041 | 2490000 | 2754613 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. C<br>| 5.00 | 5/15/2042 | 4750000 | 5199047 |
| Rhode Island Health and Educational Building Corp., Revenue Bonds (Central <br> Falls Public School Projects)<br>| 5.00 | 5/15/2041 | 1595000 | 1775975 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Insured; <br> GNMA) Ser. 70<br>| 4.00 | 10/1/2049 | 1385000 | 1398213 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Sustainable <br> Bond) Ser. 76-A<br>| 3.00 | 10/1/2051 | 4275000 | 4245827 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Sustainable <br> Bond) Ser. 76-A<br>| 5.00 | 4/1/2029 | 535000 | 573182 |
|  |  |  |  | **35205095** |
| **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, <br> Refunding, Ser. B1<sup>(a)</sup> <br>| 5.00 | 11/1/2030 | 5000000 | 5522174 |

---

**15**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **South Carolina — .6% (continued)** | **South Carolina — .6% (continued)** | **South Carolina — .6% (continued)** | **South Carolina — .6% (continued)** | **South Carolina — .6% (continued)** |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, <br> Refunding, Ser. B2<sup>(a)</sup> <br>| 5.00 | 11/1/2032 | 2500000 | 2832751 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee <br> Cooper) Ser. A<br>| 4.00 | 12/1/2037 | 2750000 | 2856287 |
|  |  |  |  | **11211212** |
| **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |
| Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America <br> NA)<sup>(d)</sup> <br>| 1.08 | 7/1/2031 | 900000 | 900000 |
| Knoxville, GO, Refunding | 3.00 | 5/1/2036 | 2830000 | 2829257 |
| Nashville & Davidson County Metropolitan Government, GO, Refunding | 2.50 | 1/1/2029 | 5000000 | 5000583 |
| Tennessee Energy Acquisition Corp., Revenue Bonds, Refunding (Gas Project) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 5/1/2028 | 1105000 | 1154367 |
| Tennessee Housing Development Agency, Revenue Bonds, Ser. 1B | 3.50 | 1/1/2047 | 315000 | 315161 |
| Tennessee Housing Development Agency, Revenue Bonds, Ser. 2B | 4.00 | 1/1/2042 | 385000 | 388299 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2040 | 800000 | 921395 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2043 | 2750000 | 3073564 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2033 | 1000000 | 1081991 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2039 | 6000000 | 6338513 |
| Williamson County, GO | 3.10 | 4/1/2035 | 2185000 | 2189238 |
|  |  |  |  | **24192368** |
| **Texas — 12.9%** | **Texas — 12.9%** | **Texas — 12.9%** | **Texas — 12.9%** | **Texas — 12.9%** |
| Alief Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2039 | 3605000 | 3750872 |
| Alief Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2040 | 3445000 | 3541061 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Refunding, Ser. D | 4.00 | 1/1/2035 | 6000000 | 6302448 |
| Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/15/2036 | 10000000 | 11547811 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) <br> (Insured; Permanent School Fund Guarantee Program) Ser. T<br>| 4.00 | 8/15/2035 | 1100000 | 1171539 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA <br> Public Schools)(Insured; Permanent School Fund Guarantee Program)<br>| 5.00 | 8/15/2039 | 5150000 | 5794405 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 11/1/2031 | 5000000 | 5643250 |
| Dallas Hotel Occupancy, Revenue Bonds, Refunding | 4.00 | 8/15/2028 | 2220000 | 2232334 |
| Dallas Hotel Occupancy, Revenue Bonds, Refunding | 4.00 | 8/15/2035 | 2000000 | 2006463 |
| Dallas Hotel Occupancy, Revenue Bonds, Refunding | 4.00 | 8/15/2036 | 1000000 | 1002392 |
| Dallas Hotel Occupancy, Revenue Bonds, Refunding | 4.00 | 8/15/2038 | 2000000 | 2003998 |
| Dallas Hotel Occupancy, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.)<br>| 4.00 | 8/15/2038 | 1000000 | 1002044 |
| Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.00 | 8/15/2049 | 690000 | 510427 |
| Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.75 | 8/15/2034 | 1000000 | 954330 |
| Fort Bend Grand Parkway Toll Road Authority, Revenue Bonds, Refunding, Ser. <br> A<br>| 3.00 | 3/1/2035 | 4455000 | 4475160 |
| Fort Bend Grand Parkway Toll Road Authority, Revenue Bonds, Refunding, Ser. <br> A<br>| 3.00 | 3/1/2036 | 4330000 | 4315869 |
| FW Texas Street Public Facility Corp., Revenue Bonds (River Project) | 5.00 | 5/1/2038 | 5000000 | 5426487 |
| Greater Texoma Utility Authority, Revenue Bonds (Sherman Project) (Insured; <br> Build America Mutual) Ser. A<br>| 5.00 | 10/1/2036 | 1965000 | 2195932 |
| Greater Texoma Utility Authority, Revenue Bonds (Sherman Project) (Insured; <br> Build America Mutual) Ser. A<br>| 5.00 | 10/1/2039 | 5635000 | 6156160 |
| Greater Texoma Utility Authority, Revenue Bonds (Sherman Project) (Insured; <br> Build America Mutual) Ser. A<br>| 5.00 | 10/1/2041 | 2565000 | 2768072 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 4.00 | 12/1/2037 | 1545000 | 1560003 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 4.00 | 12/1/2038 | 1855000 | 1863700 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2028 | 100000 | 105085 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2029 | 250000 | 266557 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2030 | 500000 | 540422 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2031 | 985000 | 1077367 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2032 | 300000 | 326918 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2033 | 500000 | 542868 |
| Houston, GO, Refunding, Ser. A | 3.00 | 3/1/2036 | 1500000 | 1496388 |
| Houston, GO, Refunding, Ser. A | 3.00 | 3/1/2037 | 2305000 | 2262817 |
| Houston Community College System, GO, Refunding | 4.00 | 2/15/2036 | 5000000 | 5132157 |
| Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA <br> Transmission Services Corp.)<br>| 5.00 | 5/15/2044 | 4000000 | 4369758 |
| Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA <br> Transmission Services Corp.) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 5/15/2041 | 3710000 | 4104301 |
| Lower Colorado River Authority, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 5/15/2032 | 6250000 | 7035747 |
| Newark Higher Education Finance Corp., Revenue Bonds (Insured; Permanent <br> School Fund Guarantee Program) Ser. A<br>| 5.00 | 8/15/2039 | 1630000 | 1830121 |
| North Texas Tollway Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B<br>| 4.00 | 1/1/2034 | 5015000 | 5061635 |
| Northwest Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.00 | 2/15/2039 | 1940000 | 2177049 |
| Pewitt Consolidated Independent School District, GO (Insured; Permanent <br> School Fund Guarantee Program)<br>| 5.00 | 2/15/2039 | 1110000 | 1231990 |
| San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. C | 5.00 | 2/1/2035 | 2780000 | 3289158 |
| San Antonio Water System, Revenue Bonds, Ser. D<sup>(d)</sup> <br>| 1.85 | 5/1/2055 | 6900000 | 6900000 |
| Southwest Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/1/2040 | 1965000 | 2153766 |
| Southwest Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/1/2041 | 2000000 | 2179527 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds <br> (Baylor Scott & White Health Project) Ser. G<sup>(a)</sup> <br>| 5.00 | 5/1/2033 | 7000000 | 8006806 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds <br> (CHRISTUS Health Obligated Group) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2032 | 2750000 | 3045247 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds <br> (Texas Health Resources System) Ser. C<sup>(a)</sup> <br>| 5.00 | 11/15/2032 | 10000000 | 11299869 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Ascension Senior Credit Group) Ser. C2<sup>(a)</sup> <br>| 5.00 | 11/15/2035 | 4000000 | 4641721 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Baylor Scott & White Health Project) Ser. E<br>| 5.00 | 11/15/2040 | 4500000 | 5136243 |
| Texas, GO, Refunding | 5.00 | 10/1/2040 | 10000000 | 11485979 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.50 | 1/1/2034 | 8000000 | 9051162 |
| Texas Municipal Gas Acquisition & Supply Corp. VI, Revenue Bonds | 5.00 | 1/1/2036 | 7500000 | 8274007 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 6/30/2032 | 2800000 | 2918550 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 12/31/2033 | 1215000 | 1256325 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 6/30/2034 | 1500000 | 1544784 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 12/31/2034 | 1500000 | 1541734 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 6/30/2035 | 1330000 | 1361386 |

---

**17**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** | **Texas — 12.9% (continued)** |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 12/31/2035 | 1250000 | 1276245 |
| Texas Public Finance Authority, Revenue Bonds, Refunding | 4.00 | 2/1/2039 | 2000000 | 2024013 |
| Texas Water Development Board, Revenue Bonds (Sustainable Bond) | 4.50 | 10/15/2037 | 5700000 | 6207743 |
| Texas Water Development Board, Revenue Bonds, Ser. B | 4.00 | 10/15/2037 | 10000000 | 10248465 |
| The Mesquite Housing Finance Corp., Revenue Bonds (Palladium Carver <br> Living)<sup>(a)</sup> <br>| 3.35 | 8/1/2027 | 2750000 | 2773073 |
| Van Alstyne Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2041 | 1360000 | 1520727 |
| Van Alstyne Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2042 | 1425000 | 1579505 |
| Van Alstyne Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2043 | 1495000 | 1644553 |
| Van Alstyne Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2044 | 1555000 | 1692938 |
| Waxahachie Independent School District, GO, Refunding (Insured; Permanent <br> School Fund Guarantee Program)<br>| 4.00 | 8/15/2037 | 4700000 | 5040653 |
|  |  |  |  | **231880116** |
| **U.S. Related — .9%** | **U.S. Related — .9%** | **U.S. Related — .9%** | **U.S. Related — .9%** | **U.S. Related — .9%** |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2027 | 100000 | 102768 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2028 | 100000 | 104410 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2029 | 250000 | 264876 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2030 | 135000 | 144906 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2031 | 200000 | 217261 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2033 | 200000 | 221348 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2028 | 100000 | 104866 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2029 | 225000 | 239958 |
| Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2028 | 2000000 | 2026238 |
| Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2029 | 2000000 | 2026153 |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2031 | 1000000 | 1094645 |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2032 | 1000000 | 1109953 |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2033 | 1000000 | 1121969 |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2034 | 1000000 | 1132453 |
| Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.25 | 7/1/2040 | 1110000 | 1245346 |
| Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.25 | 7/1/2041 | 1060000 | 1172931 |
| Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.25 | 7/1/2042 | 1000000 | 1097705 |
| Puerto Rico, GO, Ser. A<sup>(b)</sup> <br>| 0.00 | 7/1/2033 | 25549 | 18918 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 19853 | 20333 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 17845 | 18152 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 15316 | 15348 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 20824 | 20211 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 21657 | 19553 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 21911 | 22424 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 21555 | 23032 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 20936 | 23265 |
| Puerto Rico, Notes, Ser. CW<sup>(d)</sup> <br>| 2.63 | 11/1/2043 | 106422 | 72766 |
| Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. ZZ<sup>(f)</sup> <br>| 5.25 | 7/1/2018 | 2500000 | 1668750 |
|  |  |  |  | **15350538** |
| **Utah — 1.0%** | **Utah — 1.0%** | **Utah — 1.0%** | **Utah — 1.0%** | **Utah — 1.0%** |
| Jordan School District, GO (Insured; School Board Guaranty) | 2.00 | 6/15/2032 | 1225000 | 1163141 |
| Jordan School District, GO (Insured; School Board Guaranty) | 2.00 | 6/15/2033 | 1250000 | 1172221 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **Utah — 1.0% (continued)** | **Utah — 1.0% (continued)** | **Utah — 1.0% (continued)** | **Utah — 1.0% (continued)** | **Utah — 1.0% (continued)** |
| Nebo School District, GO, Refunding (Insured; School Board Guaranty) | 2.00 | 7/1/2033 | 4490000 | 4199773 |
| Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2029 | 2500000 | 2578295 |
| Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2030 | 2000000 | 2061458 |
| Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2031 | 2400000 | 2472218 |
| Utah Charter School Finance Authority, Revenue Bonds (American Leadership <br> Academy Project)<br>| 5.00 | 10/15/2045 | 3180000 | 3331061 |
| Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Geneva <br> Urban Renewal Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 5/1/2029 | 200000 | 215837 |
| Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Geneva <br> Urban Renewal Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 5/1/2030 | 215000 | 236536 |
| Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Geneva <br> Urban Renewal Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 5/1/2031 | 235000 | 262660 |
|  |  |  |  | **17693200** |
| **Vermont — .6%** | **Vermont — .6%** | **Vermont — .6%** | **Vermont — .6%** | **Vermont — .6%** |
| Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, <br> Refunding (University of Vermont Medical Center Obligated Group) Ser. A<br>| 5.00 | 12/1/2032 | 10000000 | **10048869** |
| **Virginia — .3%** | **Virginia — .3%** | **Virginia — .3%** | **Virginia — .3%** | **Virginia — .3%** |
| Loudoun County Economic Development Authority, Revenue Bonds, Ser. E<sup>(d)</sup> <br>| 1.75 | 2/15/2038 | 2550000 | 2550000 |
| Roanoke Economic Development Authority, Revenue Bonds, Refunding <br> (Carilion Clinic Obligated Group) (LOC; TD Bank NA)<sup>(d)</sup> <br>| 1.90 | 7/1/2052 | 3750000 | 3750000 |
|  |  |  |  | **6300000** |
| **Washington — 3.1%** | **Washington — 3.1%** | **Washington — 3.1%** | **Washington — 3.1%** | **Washington — 3.1%** |
| Central Puget Sound Regional Transit Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. S1<br>| 3.00 | 11/1/2036 | 10000000 | 9983007 |
| King County Housing Authority, Revenue Bonds (Kirkland Heights Project) <br> (Insured; HUD SECT 8) Ser. A1<br>| 5.00 | 1/1/2028 | 4715000 | 4720518 |
| King County Housing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2040 | 1040000 | 1113576 |
| Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.25 | 7/1/2039 | 2200000 | 2504273 |
| Port of Seattle, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/1/2030 | 2800000 | 3094965 |
| Snohomish County, GO, Refunding, Ser. A | 2.00 | 12/1/2032 | 5450000 | 5140684 |
| Washington, GO, Refunding, Ser. R2023B | 5.00 | 7/1/2038 | 11690000 | 13310156 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred <br> Hutchinson Cancer Center) Ser. A<br>| 5.00 | 3/1/2036 | 4000000 | 4723751 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred <br> Hutchinson Cancer Center) Ser. A<br>| 5.00 | 3/1/2037 | 2360000 | 2792850 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred <br> Hutchinson Cancer Center) Ser. A<br>| 5.00 | 3/1/2038 | 2000000 | 2370208 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Providence St. Joseph Health Obligated Group) Ser. B<br>| 5.00 | 10/1/2032 | 2500000 | 2655468 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Seattle Cancer Care Alliance)<sup>(e)</sup> <br>| 3.00 | 12/1/2034 | 435000 | 432324 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Seattle Cancer Care Alliance)<sup>(e)</sup> <br>| 3.00 | 12/1/2035 | 445000 | 438117 |
| Washington Higher Education Facilities Authority, Revenue Bonds (Seattle <br> University Project)<br>| 5.00 | 5/1/2027 | 500000 | 513298 |
| Washington Higher Education Facilities Authority, Revenue Bonds (Seattle <br> University Project)<br>| 5.00 | 5/1/2029 | 500000 | 534702 |
| Washington Higher Education Facilities Authority, Revenue Bonds (Seattle <br> University Project)<br>| 5.00 | 5/1/2031 | 790000 | 866063 |
| Washington Higher Education Facilities Authority, Revenue Bonds (Seattle <br> University Project)<br>| 5.00 | 5/1/2032 | 500000 | 545994 |
|  |  |  |  | **55739954** |

---

**19**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** | **Long-Term Municipal Investments — 101.3% (continued)** |
| **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** |
| West Virginia Hospital Finance Authority, Revenue Bonds (West Virginia <br> University Health System Obligated Group) Ser. B<sup>(a)</sup> <br>| 5.00 | 6/1/2033 | 3250000 | **3635037** |
| **Wisconsin — 1.7%** | **Wisconsin — 1.7%** | **Wisconsin — 1.7%** | **Wisconsin — 1.7%** | **Wisconsin — 1.7%** |
| Wisconsin Center District, Revenue Bonds, Refunding | 5.00 | 12/15/2032 | 4210000 | 4868711 |
| Wisconsin Center District, Revenue Bonds, Refunding | 5.00 | 12/15/2033 | 7050000 | 8262273 |
| Wisconsin Center District, Revenue Bonds, Refunding | 5.00 | 12/15/2034 | 7385000 | 8746565 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds <br> (Marshfield Clinic Health System, Inc.) (LOC; Barclays Bank PLC) Ser. A<sup>(d)</sup> <br>| 2.00 | 2/15/2050 | 4500000 | 4500000 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Ascension Health Credit Group) Ser. A<br>| 5.00 | 11/15/2039 | 4000000 | 4012467 |
|  |  |  |  | **30390016** |
| **Total Investments** (cost $1,785,544,985) | **Total Investments** (cost $1,785,544,985) |  | **101.3%** | **1820488161** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** |  | **(1.3%)** | **(24222910)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **1796265251** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| COP—Certificate of Participation |
| FHLMC—Federal Home Loan Mortgage Corporation |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| GO—Government Obligation |
| LOC—Letter of Credit |
| TSFR—Term Secured Overnight Financing Rate Reference Rates |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

<sup>(b)</sup> Security issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(c)</sup> Variable rate security—Interest rate resets periodically and the rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices. 

<sup>(e)</sup> 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 February 28, 2026, these securities amounted to $19,802,427 or 1.1% of net assets. 

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $1,668,750, which represented .1% of net assets. 

See notes to financial statements.

**20**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 1785544985 | &nbsp;&nbsp;&nbsp;&nbsp; 1820488161 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 1467237 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 19326671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1841282069** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC and affiliates—Note 4(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 489425 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 44450537 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52002 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 24854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **45016818** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1796265251** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1823393832 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (27128581)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1796265251** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 66925810 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26.84** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26.85** |

---

See notes to financial statements.

**21**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **29559964** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 3092141 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 928150 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 125700 |
| Trustees' fees and expenses—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 107892 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 60412 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 42155 |
| Shareholder servicing costs—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 40807 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 20544 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 9707 |
| Custodian fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 8689 |
| Shareholder and regulatory reports service fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6792 |
| Chief Compliance Officer fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 34648 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **4483719** |
| Less—reduction in fees due to earnings credits—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (8689)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **4475030** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **25084934** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 3698080 |
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (65729)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **3632351** |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 62270100 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 13444 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **62283544** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **65915895** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **91000829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on January 9, 2026, BNY Mellon National Intermediate Municipal Bond Fund (the "Predecessor Fund") was reorganized into BNY Mellon Municipal Intermediate ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**22**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 25084934 | &nbsp;&nbsp;&nbsp;&nbsp; 49554085 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 3632351 | &nbsp;&nbsp;&nbsp;&nbsp; (7061233) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 62283544 | &nbsp;&nbsp;&nbsp;&nbsp; (12386267) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **91000829** | &nbsp;&nbsp;&nbsp;&nbsp; **30106585** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (2876375) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (18024019) | &nbsp;&nbsp;&nbsp;&nbsp; (47465746) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (555156) | &nbsp;&nbsp;&nbsp;&nbsp; (1693268) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(21455550)** | &nbsp;&nbsp;&nbsp;&nbsp; **(49159014)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; 4282655 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 145440652 | &nbsp;&nbsp;&nbsp;&nbsp; 527023967 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 15665636 | &nbsp;&nbsp;&nbsp;&nbsp; 44657205 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1778305856 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 1560240 | &nbsp;&nbsp;&nbsp;&nbsp; 4438122 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 315261 | &nbsp;&nbsp;&nbsp;&nbsp; 1291982 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (9559473) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (1890681033) | &nbsp;&nbsp;&nbsp;&nbsp; (578457075) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (78606383) | &nbsp;&nbsp;&nbsp;&nbsp; (47192518) |
| Transaction fees—Note 6  | &nbsp;&nbsp;&nbsp;&nbsp; 20763 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(33255826)** | &nbsp;&nbsp;&nbsp;&nbsp; **(48238317)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **36289453** | &nbsp;&nbsp;&nbsp;&nbsp; **(67290746)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1759975798 | &nbsp;&nbsp;&nbsp;&nbsp; 1827266544 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1796265251** | &nbsp;&nbsp;&nbsp;&nbsp; **1759975798** |

---

**23**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 67125811 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (360001) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **66925810** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5541079 | &nbsp;&nbsp;&nbsp;&nbsp; 20555101 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 59298 | &nbsp;&nbsp;&nbsp;&nbsp; 171928 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (71413347) | &nbsp;&nbsp;&nbsp;&nbsp; (22456278) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(65812970)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1729249)** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1195188 | &nbsp;&nbsp;&nbsp;&nbsp; 3456610 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 24007 | &nbsp;&nbsp;&nbsp;&nbsp; 100196 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5979840) | &nbsp;&nbsp;&nbsp;&nbsp; (3664127) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4760645)** | &nbsp;&nbsp;&nbsp;&nbsp; **(107321)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.

<sup>(c)</sup> As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended February 28, 2026, 3,629,179 Investor Shares representing $47,771,230 were exchanged for 1,817,876 Class M shares and during the period ended August 31, 2025, 1,681,396 Class M shares representing $43,503,988 were exchanged for 3,366,900 Investor Shares. 

<sup>(e)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**24**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;25.40 | &nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;28.46 | &nbsp;&nbsp;&nbsp;&nbsp;28.18 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .74 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .56 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .98 | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .38 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .94 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.56)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.10)<br>|
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.66)<br>|
| Transaction fees<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;26.84 | &nbsp;&nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;25.40 | &nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;28.46 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;26.85 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 5.20 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.34 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 5.24 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .51 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .51 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .52 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.84 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Portfolio Turnover Rate<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.68 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;66.38 | &nbsp;&nbsp;&nbsp;&nbsp;66.66 | &nbsp;&nbsp;&nbsp;&nbsp;80.75 | &nbsp;&nbsp;&nbsp;&nbsp;65.37 | &nbsp;&nbsp;&nbsp;&nbsp;46.51 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1796265 | &nbsp;&nbsp;&nbsp;&nbsp; 1698618 | &nbsp;&nbsp;&nbsp;&nbsp; 1763782 | &nbsp;&nbsp;&nbsp;&nbsp; 1861356 | &nbsp;&nbsp;&nbsp;&nbsp; 2163888 | &nbsp;&nbsp;&nbsp;&nbsp; 2740368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(h)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**25**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Municipal Intermediate ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on January 2, 2026, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on January 9, 2026, at the time of the reorganization was $26.49 for Class M shares, and a total of 67,125,811 Class M shares, representing net assets of $1,778,305,856 (including $19,200,193 net appreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $125,700, of which $52,002 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on The NASDAQ Stock Market LLC. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the The NASDAQ Stock Market LLC, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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).

**26**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Investments in municipal securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1820488161 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1820488161** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1820488161** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1820488161** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any.

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or

**27**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

**(c) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. The municipal securities market can be susceptible to increases in volatility and decreases in liquidity. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. 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). Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund. In addition, income from municipal securities held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (IRS) or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the fund to be taxable and may result in a significant decline in the values of such municipal securities

**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 redemption requests, including requests from Authorized Participants who may own

**28**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

a significant percentage of the fund's shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund's share price and increase the fund's liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(d) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(e) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, 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 February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $72,182,591 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $30,512,135 of short-term capital losses and $41,670,456 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 were as follows: tax-exempt income $48,839,824 and ordinary income $319,190. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(f) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**29**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 3—**

**Bank Lines of Credit:**

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .35% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

Effective January 9, 2026, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .175% of the value of the fund's average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

**(b)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28,

**30**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

2026, Investor Shares were charged $40,723 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"), both a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended February 28, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $8,689 pursuant to the custody agreement. These fees were offset by earnings credits of $8,689.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund's check writing privilege. During the period ended February 28, 2026, the Predecessor Fund was charged $84 pursuant to the agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $6,082 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $6,792 for financial reporting and regulatory services.

The components of "Due to BNY Mellon ETF Investment Adviser, LLC and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $479,401, Chief Compliance Officer fees of $1,056, Checkwriting fees of $26 and shareholder and regulatory reports service fees of $8,942.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and in-kind transactions, if any, during the period ended February 28, 2026, amounted to $343,700,793 and $330,611,129, respectively.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended February 28, 2026 is discussed below.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. As of February 28, 2026, there were no futures outstanding.

**31**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The effect of derivative instruments in the Statement of Operations during the period ended February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (65729) | &nbsp;&nbsp;&nbsp;&nbsp; **(65729)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(65729)** | &nbsp;&nbsp;&nbsp;&nbsp; **(65729)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 13444 | &nbsp;&nbsp;&nbsp;&nbsp; **13444** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **13444** | &nbsp;&nbsp;&nbsp;&nbsp; **13444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended February 28, 2026:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 3666326 |

---

At February 28, 2026, accumulated net unrealized appreciation on investments was $34,943,176, consisting of $51,628,079 gross unrealized appreciation and $16,684,903 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is cash, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund

**32**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had no in-kind transactions.

**33**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon National Intermediate Municipal Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

**34**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon National Intermediate Municipal Bond Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on December 9, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 125,746,789 shares of stock of the Predecessor Fund, which constituted 92.26% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 125,706,919 1,544 38,326

**35**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $113,974.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**36**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on August 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Municipal Intermediate ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; and (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments. The Management Agreement and the Sub-Advisory Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below), (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser and the Sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon National Intermediate Municipal Bond Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on January 9, 2026, the fund commenced investment operations and assumed the historical performance record of the Predecessor Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index and a peer group of intermediate municipal debt funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have the same investment objective, similar investment strategies, and the same Sub-Adviser as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was below the performance of the broad-based index for the one-, five- and ten-year periods ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance was ranked in the fourth, third, and second quartiles of the Peer Group

**37**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

for the one-, five- and ten-year periods ended December 31, 2024, respectively. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and the Sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed municipal national intermediate ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed municipal national intermediate ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**38**

------© 2026 BNY Mellon Securities Corporation

Code-4874NCSRSA0226

![](img4cb5f2db1.gif)

------

**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

------

**BNY Mellon Municipal Opportunities ETF:** BMOP

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

![](img92ccfe921.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_SOI-Commoncontent-5175_1)**<br> **[Investment Companies](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_SOI-Commoncontent-5175_1)**<br>| 3 |
| [Schedule of Investments](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_SOI-Commoncontent-5175_1) | 3 |
| [Statement of Assets and Liabilities](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_FS-Commoncontent-5175_1) | 27 |
| [Statement of Operations](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_FS-Commoncontent-5175_2) | 28 |
| [Statement of Changes in Net Assets](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_FS-Commoncontent-5175_3) | 29 |
| [Financial Highlights](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_FIHI-Commoncontent-5175_1) | 31 |
| [Notes to Financial Statements](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_NTF-Commoncontent-5175_1) | 33 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_CDA-Commoncontent-5175_1)**<br> **[Investment Companies](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_CDA-Commoncontent-5175_1)**<br>| 42 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_PRXD-Commoncontent-5175_1)** | 43 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_RMNP-Commoncontent-5175_1)**<br> **[Management Investment Companies](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_RMNP-Commoncontent-5175_1)**<br>| 44 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_2a107f3a-b7a5-4371-a13b-0a60ca726485_AAA-Commoncontent-5175_1)** | 45 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Municipal Opportunities ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Corporate Bonds and Notes — .2%** | **Corporate Bonds and Notes — .2%** | **Corporate Bonds and Notes — .2%** | **Corporate Bonds and Notes — .2%** | **Corporate Bonds and Notes — .2%** |
| **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** | **Industrial — .2%** |
| LBJ Infrastructure Group LLC, Sr. Scd. Bonds<sup>(a)</sup> <br>(cost $5,000,000)<br>| 3.80 | 12/31/2057 | 5000000 | **3647466** |
| **Long-Term Municipal Investments — 101.9%** | **Long-Term Municipal Investments — 101.9%** | **Long-Term Municipal Investments — 101.9%** | **Long-Term Municipal Investments — 101.9%** | **Long-Term Municipal Investments — 101.9%** |
| **Alabama — 2.1%** | **Alabama — 2.1%** | **Alabama — 2.1%** | **Alabama — 2.1%** | **Alabama — 2.1%** |
| Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2048 | 5000000 | 5097794 |
| Black Belt Energy Gas District, Revenue Bonds (Project No. 6) Ser. B<sup>(b)</sup> <br>| 4.00 | 12/1/2026 | 10000000 | 10092271 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. C<sup>(b)</sup> <br>| 5.00 | 7/1/2031 | 10000000 | 10846370 |
| Jefferson County, Revenue Bonds, Refunding | 5.25 | 10/1/2049 | 1000000 | 1054470 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project <br> No. 3) Ser. A1<sup>(b)</sup> <br>| 5.50 | 12/1/2029 | 5000000 | 5442364 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project <br> No. 5) Ser. A<sup>(b)</sup> <br>| 5.25 | 7/1/2029 | 5575000 | 5951466 |
|  |  |  |  | **38484735** |
| **Arizona — 2.8%** | **Arizona — 2.8%** | **Arizona — 2.8%** | **Arizona — 2.8%** | **Arizona — 2.8%** |
| Arizona Industrial Development Authority, Revenue Bonds (Academies of <br> Math & Science Projects)<sup>(a)</sup> <br>| 5.00 | 7/1/2049 | 1000000 | 939027 |
| Arizona Industrial Development Authority, Revenue Bonds (Academies of <br> Math & Science Projects) Ser. B<sup>(a)</sup> <br>| 5.50 | 7/1/2038 | 1240000 | 1249799 |
| Arizona Industrial Development Authority, Revenue Bonds (Academies of <br> Math & Science Projects) Ser. B<sup>(a)</sup> <br>| 5.63 | 7/1/2048 | 2000000 | 2002300 |
| Arizona Industrial Development Authority, Revenue Bonds (Academies of <br> Math & Science Projects) Ser. B<sup>(a)</sup> <br>| 5.75 | 7/1/2053 | 3260000 | 3265035 |
| Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of <br> Nevada) Ser. A<br>| 5.00 | 7/15/2039 | 1325000 | 1333032 |
| Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of <br> Nevada) Ser. A<br>| 5.00 | 7/15/2049 | 1675000 | 1549133 |
| Arizona Industrial Development Authority, Revenue Bonds (Equitable School <br> Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2049 | 2500000 | 2587110 |
| Arizona Industrial Development Authority, Revenue Bonds (Equitable School <br> Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2054 | 2750000 | 2814898 |
| Arizona Industrial Development Authority, Revenue Bonds (Great Lakes <br> Senior Living Communities LLC Project) Ser. A2<br>| 5.13 | 1/1/2059 | 1750000 | 1650641 |
| Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility <br> Project) Ser. B<br>| 4.00 | 7/1/2041 | 720000 | 682420 |
| Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility <br> Project) Ser. B<br>| 4.00 | 7/1/2051 | 1750000 | 1466864 |
| Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility <br> Project) Ser. B<br>| 4.00 | 7/1/2061 | 3700000 | 2959767 |
| Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain <br> Campus Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2039 | 400000 | 403916 |
| Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain <br> Campus Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2049 | 700000 | 661226 |
| Arizona Industrial Development Authority, Revenue Bonds (MACOMBS Facility <br> Project) Ser. A<br>| 4.00 | 7/1/2041 | 1000000 | 947806 |
| Arizona Industrial Development Authority, Revenue Bonds (NCCU Properties) <br> (Insured; Build America Mutual) Ser. A<br>| 4.00 | 6/1/2044 | 2000000 | 1938654 |
| Arizona Industrial Development Authority, Revenue Bonds (Phoenix <br> Children's Hospital Obligated Group)<br>| 3.00 | 2/1/2045 | 1600000 | 1286403 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Arizona — 2.8% (continued)** | **Arizona — 2.8% (continued)** | **Arizona — 2.8% (continued)** | **Arizona — 2.8% (continued)** | **Arizona — 2.8% (continued)** |
| Arizona Industrial Development Authority, Revenue Bonds (Somerset <br> Academy of Las Vegas)<sup>(a)</sup> <br>| 4.00 | 12/15/2041 | 500000 | 462901 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2049 | 2000000 | 1804198 |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. B | 5.13 | 1/1/2059 | 3185183 | 2427375 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2044 | 1625000 | 1669336 |
| Maricopa County Industrial Development Authority, Revenue Bonds (Banner <br> Health Obligated Group)<br>| 3.00 | 1/1/2049 | 3000000 | 2275763 |
| Maricopa County Pollution Control Corp., Revenue Bonds, Refunding <br> (Southern California Edison)<br>| 2.40 | 6/1/2035 | 5000000 | 4466686 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (American <br> Leadership Academy Project)<sup>(a)</sup> <br>| 5.00 | 6/15/2054 | 3700000 | 3258552 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (American <br> Leadership Academy Project)<sup>(a)</sup> <br>| 5.00 | 6/15/2064 | 2250000 | 1919554 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (American <br> Leadership Academy)<sup>(a)</sup> <br>| 5.00 | 6/15/2059 | 1500000 | 1298156 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (Wake <br> Preparatory Academy)<br>| 6.50 | 6/15/2055 | 4000000 | 4094423 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (Wake <br> Preparatory Academy)<br>| 6.50 | 6/15/2060 | 1000000 | 1020157 |
|  |  |  |  | **52435132** |
| **Arkansas — 1.2%** | **Arkansas — 1.2%** | **Arkansas — 1.2%** | **Arkansas — 1.2%** | **Arkansas — 1.2%** |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (Hybar Steel Project) Ser. A<sup>(a)</sup> <br>| 6.88 | 7/1/2048 | 2500000 | 2697353 |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 7000000 | 7158088 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2033 | 1080000 | 1149147 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2035 | 1485000 | 1560922 |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.45 | 9/1/2052 | 2500000 | 2521224 |
| University of Arkansas, Revenue Bonds (Fayetteville Campus) Ser. A | 5.00 | 11/1/2049 | 2750000 | 2899952 |
| University of Arkansas, Revenue Bonds (Fayetteville Campus) Ser. A | 5.00 | 11/1/2054 | 4200000 | 4393865 |
|  |  |  |  | **22380551** |
| **California — 16.9%** | **California — 16.9%** | **California — 16.9%** | **California — 16.9%** | **California — 16.9%** |
| California, GO, Refunding | 5.25 | 10/1/2045 | 4000000 | 4441603 |
| California Community Choice Financing Authority, Revenue Bonds (Clean <br> Energy Project) Ser. A1<sup>(b)</sup> <br>| 5.00 | 2/1/2036 | 6700000 | 7441547 |
| California Community Choice Financing Authority, Revenue Bonds (Clean <br> Energy Project) Ser. C<sup>(b)</sup> <br>| 5.00 | 10/1/2033 | 5000000 | 5428783 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) Ser. B1<sup>(b)</sup> <br>| 4.00 | 8/1/2031 | 3000000 | 3118459 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) Ser. F<br>| 5.00 | 11/1/2033 | 13000000 | 14398077 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) (Clean Energy Project)<sup>(b)</sup> <br>| 5.25 | 10/1/2031 | 6000000 | 6451348 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) (Clean Energy Project) Ser. C<sup>(b)</sup> <br>| 5.00 | 10/1/2032 | 10000000 | 10825886 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) (Clean Energy Project) Ser. H<sup>(b)</sup> <br>| 5.00 | 8/1/2033 | 2500000 | 2790959 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** |
| California Community College Financing Authority, Revenue Bonds (Orange <br> Coast Properties)<br>| 5.25 | 5/1/2043 | 1250000 | 1279152 |
| California Community College Financing Authority, Revenue Bonds (Orange <br> Coast Properties)<br>| 5.25 | 5/1/2048 | 2750000 | 2784756 |
| California Community Housing Agency, Revenue Bonds (Creekwood <br> Apartments) Ser. A<sup>(a)</sup> <br>| 4.00 | 2/1/2056 | 5000000 | 3284295 |
| California Community Housing Agency, Revenue Bonds (Fountains at Emerald <br> Park)<sup>(a)</sup> <br>| 3.00 | 8/1/2056 | 3000000 | 2099639 |
| California Community Housing Agency, Revenue Bonds (Serenity at Larkspur <br> Apartments) Ser. A<sup>(a)</sup> <br>| 5.00 | 2/1/2050 | 5000000 | 3825000 |
| California Community Housing Agency, Revenue Bonds (Verdant at Green <br> Valley Project)<sup>(a)</sup> <br>| 5.00 | 8/1/2049 | 5000000 | 4704853 |
| California Educational Facilities Authority, Revenue Bonds (Sustainable Bond) <br> (Loyola Marymount University)<br>| 5.00 | 10/1/2048 | 3000000 | 3066394 |
| California Educational Facilities Authority, Revenue Bonds, Refunding (Loma <br> Linda University Medical Center Obligated Group) Ser. A<br>| 5.00 | 4/1/2042 | 2000000 | 2023202 |
| California Educational Facilities Authority, Revenue Bonds, Refunding (Loma <br> Linda University Medical Center Obligated Group) Ser. A<br>| 5.00 | 4/1/2047 | 2500000 | 2512532 |
| California Health Facilities Financing Authority, Revenue Bonds (Sustainable <br> Bond)<br>| 4.35 | 6/1/2041 | 2000000 | 1925224 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Lucile Salter Packard Children's Hospital at Stanford Obligated Group)<br>| 4.00 | 5/15/2046 | 5000000 | 4852607 |
| California Infrastructure & Economic Development Bank, Revenue Bonds <br> (Equitable School Revolving Fund Obligated Group) Ser. B<br>| 5.00 | 11/1/2049 | 1500000 | 1563195 |
| California Infrastructure & Economic Development Bank, Revenue Bonds <br> (Equitable School Revolving Fund Obligated Group) Ser. B<br>| 5.00 | 11/1/2054 | 1500000 | 1546186 |
| California Infrastructure & Economic Development Bank, Revenue Bonds <br> (Equitable School Revolving Fund Obligated Group) Ser. B<br>| 5.00 | 11/1/2059 | 1000000 | 1026781 |
| California Infrastructure & Economic Development Bank, Revenue Bonds, <br> Refunding (Brightline West Passenger Rail) Ser. B<sup>(a),(b)</sup> <br>| 12.00 | 11/2/2026 | 15060000 | 8132400 |
| California Municipal Finance Authority, Revenue Bonds (Bowles Hall <br> Foundation) Ser. A<br>| 5.00 | 6/1/2035 | 600000 | 600666 |
| California Municipal Finance Authority, Revenue Bonds (Bowles Hall <br> Foundation) Ser. A<br>| 5.00 | 6/1/2050 | 2750000 | 2750155 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2040 | 5000000 | 5160933 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2043 | 5000000 | 5108619 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2048 | 6000000 | 6036262 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2034 | 2250000 | 2351389 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2037 | 2605000 | 2697340 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2039 | 3265000 | 3363768 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2043 | 2000000 | 2029131 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2052 | 7500000 | 7435166 |
| California Municipal Finance Authority, Revenue Bonds (CHF-Riverside II) | 5.00 | 5/15/2049 | 2000000 | 2001936 |
| California Municipal Finance Authority, Revenue Bonds (Claremont Colleges <br> Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2040 | 1515000 | 1529575 |
| California Municipal Finance Authority, Revenue Bonds (Claremont Colleges <br> Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2052 | 2075000 | 1908832 |
| California Municipal Finance Authority, Revenue Bonds (John Adams Academy <br> - Lincoln) Ser. A<sup>(a)</sup> <br>| 5.00 | 10/1/2049 | 1515000 | 1404834 |
| California Municipal Finance Authority, Revenue Bonds (John Adams Academy <br> - Lincoln) Ser. A<sup>(a)</sup> <br>| 5.00 | 10/1/2057 | 1650000 | 1485963 |
| California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare <br> Group Obligated Group) Ser. A<br>| 5.25 | 11/1/2041 | 1200000 | 1205170 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** |
| California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare <br> Group Obligated Group) Ser. A<br>| 5.25 | 11/1/2047 | 700000 | 700238 |
| California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace <br> Academy Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2038 | 1100000 | 1113880 |
| California Municipal Finance Authority, Revenue Bonds (United Airlines <br> Project)<br>| 4.00 | 7/15/2029 | 3000000 | 3059409 |
| California Municipal Finance Authority, Revenue Bonds, Ser. A1 | 4.05 | 7/20/2041 | 5680000 | 5750013 |
| California Municipal Finance Authority, Revenue Bonds, (St. Ignatius College <br> Preparatory) Ser. A<br>| 5.00 | 9/1/2049 | 1000000 | 1052378 |
| California Municipal Finance Authority, Revenue Bonds, Refunding <br> (Community Medical Centers) Ser. A<br>| 5.00 | 2/1/2042 | 1000000 | 1009131 |
| California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital <br> Presbyterian Obligated Group) Ser. A<br>| 4.00 | 7/15/2051 | 3555000 | 3400951 |
| California Public Finance Authority, Revenue Bonds (Sustainable Bond) (ENSO <br> Village Project)<sup>(a)</sup> <br>| 5.00 | 11/15/2036 | 500000 | 515776 |
| California Public Finance Authority, Revenue Bonds (Sustainable Bond) (ENSO <br> Village Project)<sup>(a)</sup> <br>| 5.00 | 11/15/2051 | 250000 | 228364 |
| California School Finance Authority, Revenue Bonds (Aspire Public Schools <br> Obligated Group) Ser. A<sup>(a)</sup> <br>| 4.00 | 8/1/2036 | 300000 | 300375 |
| California School Finance Authority, Revenue Bonds (Aspire Public Schools <br> Obligated Group) Ser. A<sup>(a)</sup> <br>| 4.00 | 8/1/2041 | 500000 | 474348 |
| California School Finance Authority, Revenue Bonds (Aspire Public Schools <br> Obligated Group) Ser. A<sup>(a)</sup> <br>| 4.00 | 8/1/2051 | 750000 | 629412 |
| California School Finance Authority, Revenue Bonds (Aspire Public Schools <br> Obligated Group) Ser. A<sup>(a)</sup> <br>| 4.00 | 8/1/2061 | 2270000 | 1830962 |
| California School Finance Authority, Revenue Bonds (Green Dot Public Schools <br> California Project)<sup>(a)</sup> <br>| 5.00 | 8/1/2038 | 1000000 | 1024244 |
| California School Finance Authority, Revenue Bonds (Green Dot Public Schools <br> California Project)<sup>(a)</sup> <br>| 5.00 | 8/1/2048 | 2750000 | 2755685 |
| California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2037 | 590000 | 599428 |
| California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2047 | 870000 | 871428 |
| California School Finance Authority, Revenue Bonds, Refunding (Alliance for <br> College-Ready Public Schools)<sup>(a)</sup> <br>| 5.00 | 7/1/2039 | 250000 | 271995 |
| California School Finance Authority, Revenue Bonds, Refunding (Alliance for <br> College-Ready Public Schools)<sup>(a)</sup> <br>| 5.00 | 7/1/2049 | 1000000 | 1022575 |
| California School Finance Authority, Revenue Bonds, Refunding (New Designs <br> Charter School) Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2064 | 1100000 | 1030642 |
| California School Finance Authority, Revenue Bonds, Refunding (Summit <br> Public Schools Obligated Group)<sup>(a),(c)</sup> <br>| 5.00 | 6/1/2027 | 800000 | 825773 |
| California School Finance Authority, Revenue Bonds, Refunding (Summit <br> Public Schools Obligated Group)<sup>(a)</sup> <br>| 5.00 | 6/1/2047 | 700000 | 666145 |
| California Statewide Communities Development Authority, Revenue Bonds <br> (Loma Linda University Medical Center Obligated Group)<sup>(a)</sup> <br>| 5.25 | 12/1/2038 | 1500000 | 1551993 |
| California Statewide Communities Development Authority, Revenue Bonds, <br> Refunding (CHF-Irvine)<br>| 5.00 | 5/15/2040 | 2000000 | 2005033 |
| California Statewide Communities Development Authority, Revenue Bonds, <br> Refunding (Front Porch Communities & Services Obligated Group)<br>| 4.00 | 4/1/2042 | 1525000 | 1525117 |
| California Statewide Communities Development Authority, Revenue Bonds, <br> Refunding (Front Porch Communities & Services Obligated Group)<br>| 5.00 | 4/1/2047 | 1500000 | 1504694 |
| California Statewide Communities Development Authority, Revenue Bonds, <br> Refunding (Loma Linda University Medical Center Obligated Group)<br>| 5.25 | 12/1/2044 | 3000000 | 3004001 |
| California Statewide Communities Development Authority, Revenue Bonds <br> (Loma Linda University Medical Center Obligated Group)<sup>(a)</sup> <br>| 5.00 | 12/1/2033 | 1000000 | 1040962 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** |
| CMFA Special Finance Agency, Revenue Bonds, Ser. A1<sup>(a)</sup> <br>| 3.00 | 12/1/2056 | 1000000 | 673325 |
| CMFA Special Finance Agency VIII, Revenue Bonds, (Elan Huntington Beach) <br> Ser. A2<sup>(a)</sup> <br>| 4.00 | 8/1/2047 | 3000000 | 2828227 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. B<br>| 2.96 | 1/15/2046 | 2000000 | 1499381 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. D<br>| 3.06 | 1/15/2043 | 1000000 | 797621 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, <br> Ser. A<br>| 4.09 | 1/15/2049 | 7500000 | 6425442 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, <br> Ser. B1<br>| 3.95 | 1/15/2053 | 5000000 | 4586960 |
| Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 3.38 | 8/1/2045 | 1200000 | 1086712 |
| Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 5.00 | 8/1/2050 | 3000000 | 3121363 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding <br> (Insured; State Appropriation) Ser. B<br>| 2.75 | 6/1/2034 | 3255000 | 2958236 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding <br> (Insured; State Appropriation) Ser. B<br>| 3.29 | 6/1/2042 | 6000000 | 4808231 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 4.21 | 6/1/2050 | 10410000 | 7981096 |
| Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. <br> B2<sup>(d)</sup> <br>| 0.00 | 6/1/2066 | 10000000 | 1070337 |
| Grant Joint Union High School District, GO (Insured; Assured Guaranty <br> Corp.)<sup>(d)</sup> <br>| 0.00 | 2/1/2033 | 4380000 | 3657485 |
| Irvine, Special Assessment Bonds, Refunding | 4.00 | 9/2/2029 | 1000000 | 1007808 |
| Lompoc Unified School District, GO, Ser. A | 5.25 | 8/1/2054 | 2000000 | 2177272 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2037 | 10000000 | 11443563 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2049 | 740000 | 784164 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2052 | 1000000 | 1049403 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2054 | 2505000 | 2607737 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2055 | 1000000 | 1046370 |
| Northern California Gas Authority No. 1, Revenue Bonds (Gas Project) Ser. B <br> (0.67\*(3 Month TSFR +0.26%)+0.72%)<sup>(e)</sup> <br>| 3.35 | 7/1/2027 | 225000 | 225582 |
| Oroville, Revenue Bonds (Oroville Hospital) | 5.25 | 4/1/2039 | 1750000 | 1242500 |
| Palomar Health, Revenue Bonds, Refunding | 5.00 | 11/1/2039 | 1000000 | 991065 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2046 | 2000000 | 1887552 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2051 | 2500000 | 2273276 |
| San Diego County Regional Transportation Commission, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 4/1/2042 | 1750000 | 1985555 |
| San Francisco City & County Airport Commission, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 5/1/2044 | 6500000 | 6696986 |
| Sierra Joint Community College District School Facilities District No. 2, GO <br> (Insured; National Public Finance Guarantee Corp.) Ser. B<sup>(d)</sup> <br>| 0.00 | 8/1/2030 | 3020000 | 2714520 |
| Sierra Joint Community College District School Facilities District No. 2, GO <br> (Insured; National Public Finance Guarantee Corp.) Ser. B<sup>(d)</sup> <br>| 0.00 | 8/1/2031 | 5330000 | 4671439 |
| Tender Option Bond Trust Receipts (Series 2022-XL0357), (Los <br> Angeles Department of Airports, Revenue Bonds, Refunding, Ser. H) Non-<br> recourse, Underlying Coupon Rate 5.50%<sup>(a),(f),(g)</sup> <br>| 17.62 | 5/15/2047 | 8010000 | 8515803 |
| Tender Option Bond Trust Receipts (Series 2025-XL0619), (Los <br> Angeles Department of Airports, Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. D) Non-recourse, Underlying Coupon Rate 5.25%<sup>(a),(f),(g)</sup> <br>| 20.43 | 5/15/2048 | 20000000 | 22206723 |
| The Morongo Band of Mission Indians, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 10/1/2042 | 1000000 | 1020687 |
| Tobacco Securitization Authority of Northern California, Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 6/1/2037 | 500000 | 505259 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** | **California — 16.9% (continued)** |
| Tobacco Securitization Authority of Northern California, Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 6/1/2038 | 800000 | 804564 |
| Tobacco Securitization Authority of Northern California, Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 6/1/2039 | 1000000 | 1001301 |
| Tobacco Securitization Authority of Northern California, Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 6/1/2040 | 280000 | 275501 |
| Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) <br> Ser. A<br>| 5.00 | 10/1/2039 | 900000 | 932404 |
| Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) <br> Ser. A<br>| 5.00 | 10/1/2040 | 1000000 | 1031666 |
| Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) <br> Ser. A<br>| 5.00 | 10/1/2045 | 1000000 | 1012944 |
| Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) <br> Ser. A<br>| 5.00 | 10/1/2049 | 1000000 | 1002194 |
| University of California, Revenue Bonds, Refunding, Ser. AZ | 5.00 | 5/15/2043 | 5000000 | 5211432 |
| Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | 5.00 | 8/1/2039 | 425000 | 462792 |
| Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | 5.00 | 8/1/2040 | 365000 | 395389 |
| Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | 5.00 | 8/1/2041 | 420000 | 451390 |
|  |  |  |  | **315486826** |
| **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** |
| Board of Governors of Colorado University System, Revenue Bonds, Refunding, <br> (Insured; State Aid) Ser. C<sup>(c)</sup> <br>| 5.00 | 3/1/2028 | 1720000 | 1818894 |
| Centennial Water & Sanitation District, Revenue Bonds | 5.00 | 12/1/2053 | 2500000 | 2617181 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 5.50 | 12/1/2054 | 4450000 | 4813252 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds, <br> Refunding (Ascent Classical Academy Charter Schools)<sup>(a)</sup> <br>| 5.75 | 4/1/2059 | 2000000 | 1993863 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds, <br> Refunding (Ascent Classical Academy Charter Schools)<sup>(a)</sup> <br>| 5.80 | 4/1/2054 | 3000000 | 3012590 |
| Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health <br> Obligated Group)<br>| 5.25 | 11/1/2052 | 1500000 | 1561634 |
| Colorado School of Mines, Revenue Bonds, (Insured; State Aid) Ser. A | 5.00 | 12/1/2054 | 3750000 | 3923769 |
| Colorado Springs School District No. 11 Facilities Corp., COP (Insured; Build <br> America Mutual)<br>| 5.25 | 12/15/2048 | 1710000 | 1821025 |
| Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A<sup>(a)</sup> <br>| 5.25 | 12/1/2039 | 2105000 | 2116999 |
| Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A<sup>(a)</sup> <br>| 5.25 | 12/1/2039 | 900000 | 904801 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 3.00 | 7/15/2037 | 1000000 | 933899 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 4.00 | 7/15/2033 | 1000000 | 1054120 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 4.00 | 7/15/2035 | 1000000 | 1029005 |
| University of Colorado, Revenue Bonds, Ser. A | 5.00 | 6/1/2050 | 2625000 | 2783219 |
| Vail Home Partners Corp., Revenue Bonds<sup>(a)</sup> <br>| 5.88 | 10/1/2055 | 1000000 | 1027511 |
|  |  |  |  | **31411762** |
| **Connecticut — .3%** | **Connecticut — .3%** | **Connecticut — .3%** | **Connecticut — .3%** | **Connecticut — .3%** |
| Connecticut, GO (Sustainable Bond) Ser. B | 3.00 | 6/1/2038 | 5850000 | **5620248** |
| **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** |
| District of Columbia, GO, Refunding, Ser. A | 5.25 | 1/1/2048 | 5375000 | 5748372 |
| District of Columbia, Revenue Bonds (District of Columbia International School <br> Obligated Group)<br>| 5.00 | 7/1/2049 | 3265000 | 3243055 |
| District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2039 | 1275000 | 1265736 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **District of Columbia — 2.2% (continued)** | **District of Columbia — 2.2% (continued)** | **District of Columbia — 2.2% (continued)** | **District of Columbia — 2.2% (continued)** | **District of Columbia — 2.2% (continued)** |
| District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2044 | 1240000 | 1164662 |
| District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2049 | 1375000 | 1204205 |
| District of Columbia, Revenue Bonds, Ser. A | 5.00 | 7/1/2042 | 6000000 | 6566821 |
| District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. A | 5.00 | 7/1/2048 | 5000000 | 5012111 |
| Metropolitan Washington Airports Authority, Revenue Bonds <br> (Dulles Metrorail & Capital Improvement Projects) (Insured; Assured <br> Guaranty Corp.)<sup>(d)</sup> <br>| 0.00 | 10/1/2036 | 6275000 | 4380987 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) (Insured; Assured Guaranty Corp.) Ser. B<br>| 4.00 | 10/1/2053 | 5000000 | 4543119 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable <br> Bond) Ser. A<br>| 3.00 | 7/15/2040 | 9520000 | 8719556 |
|  |  |  |  | **41848624** |
| **Florida — 3.4%** | **Florida — 3.4%** | **Florida — 3.4%** | **Florida — 3.4%** | **Florida — 3.4%** |
| Capital Trust Agency, Revenue Bonds (Franklin Academy Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2035 | 1085000 | 1087351 |
| Capital Trust Agency, Revenue Bonds (Franklin Academy Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2040 | 1220000 | 1220706 |
| Capital Trust Agency, Revenue Bonds (H-Bay Ministries-Superior Residences <br> Project) Ser. A1<sup>(h)</sup> <br>| 5.00 | 7/1/2048 | 750000 | 180937 |
| Capital Trust Agency, Revenue Bonds (H-Bay Ministries-Superior Residences <br> Project) Ser. B<sup>(h)</sup> <br>| 5.00 | 7/1/2053 | 250000 | 8125 |
| Capital Trust Authority, Revenue Bonds (Mason Classical Academy Project) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2039 | 2010000 | 2061226 |
| Capital Trust Authority, Revenue Bonds (Mason Classical Academy Project) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2044 | 1525000 | 1513958 |
| Capital Trust Authority, Revenue Bonds (Mason Classical Academy Project) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2054 | 2900000 | 2737301 |
| Collier County Health Facilities Authority, Revenue Bonds, Refunding <br> (Moorings, Inc.) Ser. A<br>| 5.00 | 5/1/2045 | 2500000 | 2500316 |
| Florida Development Finance Corp., Revenue Bonds (Imagine School At <br> Broward Project)<sup>(a)</sup> <br>| 4.00 | 12/15/2029 | 430000 | 434348 |
| Florida Development Finance Corp., Revenue Bonds (Imagine School At <br> Broward Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2034 | 500000 | 521555 |
| Florida Development Finance Corp., Revenue Bonds (Imagine School At <br> Broward Project)<sup>(a)</sup> <br>| 5.00 | 12/15/2039 | 500000 | 513801 |
| Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) <br> Ser. A<br>| 5.00 | 6/15/2040 | 1650000 | 1663488 |
| Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) <br> Ser. A<br>| 5.00 | 6/15/2050 | 6500000 | 6281647 |
| Florida Development Finance Corp., Revenue Bonds, Refunding (Glenridge on <br> Palmer Ranch Obligated Group)<sup>(a)</sup> <br>| 5.00 | 6/1/2051 | 1250000 | 1168721 |
| Florida Higher Educational Facilities Financing Authority, Revenue Bonds <br> (Rollins College Project)<br>| 4.13 | 12/1/2054 | 2775000 | 2513516 |
| Florida Higher Educational Facilities Financing Authority, Revenue Bonds, <br> Refunding (Rollins College Project) Ser. A<br>| 3.00 | 12/1/2048 | 7500000 | 5657811 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(a)</sup> <br>| 5.50 | 6/15/2040 | 3280000 | 3474887 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(a)</sup> <br>| 6.00 | 6/15/2045 | 2750000 | 2875451 |
| Greater Orlando Aviation Authority, Revenue Bonds (United Airlines, Inc. <br> Project)<br>| 5.50 | 11/1/2036 | 2000000 | 2201947 |
| Greater Orlando Aviation Authority, Revenue Bonds (United Airlines, Inc. <br> Project)<br>| 5.50 | 11/1/2037 | 1000000 | 1096728 |
| Halifax Hospital Medical Center, Revenue Bonds (Daytona Beach) | 4.25 | 6/1/2054 | 2000000 | 1863389 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Florida — 3.4% (continued)** | **Florida — 3.4% (continued)** | **Florida — 3.4% (continued)** | **Florida — 3.4% (continued)** | **Florida — 3.4% (continued)** |
| Hillsborough County Industrial Development Authority, Revenue Bonds <br> (Tampa General Hospital Project)<br>| 4.00 | 8/1/2045 | 2220000 | 2069853 |
| Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2040 | 1625000 | 1643445 |
| Miami-Dade County Expressway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 1050000 | 1051535 |
| Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding <br> (Children's Hospital Colorado Obligated Group)<br>| 5.00 | 8/1/2042 | 2000000 | 2040700 |
| Miami-Dade County Seaport Department, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. A1<br>| 4.00 | 10/1/2045 | 2500000 | 2407379 |
| Miami-Dade County Water & Sewer System, Revenue Bonds, Ser. A | 5.25 | 10/1/2054 | 5000000 | 5292199 |
| Palm Beach County, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.75 | 10/1/2055 | 1500000 | 1559779 |
| Seminole County, Revenue Bonds, Refunding | 5.00 | 10/1/2052 | 3600000 | 3718664 |
| Tampa, Revenue Bonds, Ser. A<sup>(d)</sup> <br>| 0.00 | 9/1/2041 | 1000000 | 542546 |
| Tampa, Revenue Bonds, Ser. A<sup>(d)</sup> <br>| 0.00 | 9/1/2042 | 1000000 | 515252 |
| Tampa, Revenue Bonds, Ser. A<sup>(d)</sup> <br>| 0.00 | 9/1/2045 | 1850000 | 774362 |
| Tampa, Revenue Bonds, Ser. A<sup>(d)</sup> <br>| 0.00 | 9/1/2049 | 1800000 | 575954 |
|  |  |  |  | **63768877** |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| DeKalb County Development Authority, Revenue Bonds (The Globe Academy <br> Project) Ser. A<br>| 5.00 | 6/1/2040 | 250000 | 255694 |
| DeKalb County Development Authority, Revenue Bonds (The Globe Academy <br> Project) Ser. A<br>| 5.00 | 6/1/2050 | 300000 | 293149 |
| DeKalb County Development Authority, Revenue Bonds (The Globe Academy <br> Project) Ser. A<br>| 5.00 | 6/1/2055 | 400000 | 384053 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.25 | 10/1/2049 | 3000000 | 3109105 |
| Fayette County Development Authority, Revenue Bonds (United States Soccer <br> Federation)<br>| 5.25 | 10/1/2054 | 3000000 | 3080142 |
| Fulton County Development Authority, Revenue Bonds, Refunding (Robert W. <br> Woodruff Arts Center)<br>| 5.00 | 3/15/2044 | 6000000 | 6190731 |
| George L Smith II Congress Center Authority, Revenue Bonds (Convention <br> Center Hotel)<sup>(a)</sup> <br>| 5.00 | 1/1/2054 | 3000000 | 2893762 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project)<br>| 4.00 | 1/1/2049 | 2000000 | 1818515 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle <br> Units 3&4 Project) Ser. A<br>| 4.00 | 1/1/2051 | 1000000 | 897977 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A<sup>(b)</sup> <br>| 5.00 | 6/1/2032 | 3500000 | 3844803 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A | 5.00 | 5/15/2043 | 1500000 | 1536887 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. B<sup>(b)</sup> <br>| 5.00 | 6/1/2029 | 5000000 | 5301341 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. C<sup>(b)</sup> <br>| 5.00 | 12/1/2031 | 10000000 | 10886769 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. D<sup>(b)</sup> <br>| 5.00 | 12/1/2030 | 5000000 | 5369411 |
| Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds (Sustainable <br> Bond) Ser. B<br>| 5.00 | 7/1/2042 | 1000000 | 1118612 |
| Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds (Sustainable <br> Bond) Ser. B<br>| 5.00 | 7/1/2044 | 1250000 | 1370269 |
| The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2044 | 1500000 | 1501506 |
| The Atlanta Development Authority, Tax Allocation Bonds (Westside Gulch <br> Area Project) Ser. A1<sup>(a)</sup> <br>| 5.00 | 4/1/2034 | 1250000 | 1303074 |
|  |  |  |  | **51155800** |
| **Idaho — .8%** | **Idaho — .8%** | **Idaho — .8%** | **Idaho — .8%** | **Idaho — .8%** |
| Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health <br> System Obligated Group)<br>| 4.00 | 3/1/2046 | 2000000 | 1860908 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Idaho — .8% (continued)** | **Idaho — .8% (continued)** | **Idaho — .8% (continued)** | **Idaho — .8% (continued)** | **Idaho — .8% (continued)** |
| Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health <br> System Obligated Group)<br>| 4.00 | 3/1/2051 | 2500000 | 2257723 |
| Idaho Housing & Finance Association, Revenue Bonds, Ser. A | 5.00 | 8/15/2043 | 9655000 | 10647964 |
|  |  |  |  | **14766595** |
| **Illinois — 6.1%** | **Illinois — 6.1%** | **Illinois — 6.1%** | **Illinois — 6.1%** | **Illinois — 6.1%** |
| Chicago, GO, Ser. A | 5.50 | 1/1/2049 | 1215000 | 1221142 |
| Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2041 | 1000000 | 1008211 |
| Chicago Board of Education, GO, Ser. A | 5.88 | 12/1/2047 | 2500000 | 2583809 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) <br> Ser. A<br>| 5.00 | 12/1/2026 | 1170000 | 1190666 |
| Chicago Board of Education, GO, Refunding, Ser. A | 4.00 | 12/1/2027 | 750000 | 756063 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 600000 | 615935 |
| Chicago Board of Education, GO, Refunding, Ser. B | 6.00 | 12/1/2043 | 6500000 | 7038394 |
| Chicago Board of Education, GO, Refunding, Ser. B<sup>(a)</sup> <br>| 6.75 | 12/1/2030 | 7500000 | 7882402 |
| Chicago Board of Education, GO, Refunding, Ser. C | 5.50 | 12/1/2045 | 7500000 | 7596898 |
| Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 1700000 | 1708711 |
| Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2046 | 1600000 | 1599784 |
| Chicago Board of Education, Revenue Bonds | 6.00 | 4/1/2046 | 1500000 | 1519917 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 3000000 | 3136933 |
| Chicago Wastewater Transmission, Revenue Bonds (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 5.25 | 1/1/2041 | 7225000 | 7952359 |
| Chicago Waterworks, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. B<br>| 5.00 | 11/1/2038 | 1150000 | 1269920 |
| Chicago Waterworks, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. B<br>| 5.00 | 11/1/2039 | 6080000 | 6677708 |
| Cook County, Revenue Bonds, Refunding, Ser. A | 5.25 | 11/15/2045 | 5000000 | 5344600 |
| Illinois, GO | 5.50 | 5/1/2030 | 2500000 | 2696087 |
| Illinois, GO | 5.50 | 5/1/2039 | 2500000 | 2705236 |
| Illinois, GO, Ser. A | 5.00 | 5/1/2042 | 2500000 | 2556073 |
| Illinois, GO, Ser. A | 5.00 | 3/1/2046 | 2500000 | 2563447 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2038 | 2000000 | 2234190 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2039 | 1000000 | 1107240 |
| Illinois, GO, Ser. B | 5.25 | 5/1/2044 | 1000000 | 1073211 |
| Illinois, GO, Ser. B | 5.25 | 5/1/2045 | 2000000 | 2128394 |
| Illinois, GO, Ser. B | 5.25 | 5/1/2047 | 1000000 | 1049468 |
| Illinois, GO, Ser. B | 5.25 | 5/1/2048 | 2500000 | 2606852 |
| Illinois, GO, Ser. B | 5.25 | 5/1/2049 | 2000000 | 2078505 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 5150000 | 5367549 |
| Illinois, Revenue Bonds, Ser. B | 5.00 | 6/15/2039 | 5000000 | 5561785 |
| Illinois Finance Authority, Revenue Bonds (Shedd Aquarium Society Project) | 5.00 | 6/1/2047 | 1000000 | 1044914 |
| Illinois Finance Authority, Revenue Bonds (The Chicago School) | 5.25 | 4/1/2043 | 1445000 | 1501831 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan <br> Communities Obligated Group) Ser. A<br>| 5.00 | 5/15/2037 | 3000000 | 3032536 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. A<br>| 5.25 | 4/1/2041 | 500000 | 565678 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. A<br>| 5.25 | 4/1/2042 | 1000000 | 1120336 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. A<br>| 5.25 | 4/1/2043 | 900000 | 996984 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. A<br>| 5.25 | 4/1/2044 | 750000 | 823207 |

---

**11**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Illinois — 6.1% (continued)** | **Illinois — 6.1% (continued)** | **Illinois — 6.1% (continued)** | **Illinois — 6.1% (continued)** | **Illinois — 6.1% (continued)** |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. B<br>| 5.25 | 4/1/2038 | 3000000 | 3468177 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. B<br>| 5.25 | 4/1/2039 | 1000000 | 1146529 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds (Insured; Assured <br> Guaranty Corp.) Ser. A<sup>(d)</sup> <br>| 0.00 | 12/15/2040 | 10000000 | 5722339 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding <br> (McCormick Place Expansion Project)<br>| 4.00 | 12/15/2047 | 2000000 | 1789575 |
|  |  |  |  | **114043595** |
| **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** |
| Indiana Finance Authority, Revenue Bonds (Butler University Project) | 4.00 | 2/1/2044 | 2595000 | 2425153 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.00 | 6/1/2032 | 320000 | 350041 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.00 | 6/1/2033 | 410000 | 450655 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.00 | 6/1/2038 | 750000 | 803551 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.00 | 6/1/2043 | 855000 | 885424 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.00 | 6/1/2053 | 2300000 | 2306532 |
| Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing <br> Project) Ser. A<br>| 5.13 | 6/1/2058 | 1650000 | 1652290 |
| Indiana Finance Authority, Revenue Bonds (U.S. Steel Corp.) Ser. A | 6.75 | 5/1/2039 | 1000000 | 1131894 |
| Indiana Finance Authority, Revenue Bonds, Refunding, Ser. D1<sup>(b)</sup> <br>| 5.00 | 10/1/2029 | 5000000 | 5397806 |
| Indiana Finance Authority, Revenue Bonds, Refunding, Ser. D2<sup>(b)</sup> <br>| 5.00 | 10/1/2031 | 5000000 | 5603059 |
| Northern Indiana Commuter Transportation District, Revenue Bonds | 5.00 | 1/1/2054 | 4000000 | 4169932 |
| Northern Indiana Commuter Transportation District, Revenue Bonds | 5.25 | 1/1/2049 | 3000000 | 3195689 |
|  |  |  |  | **28372026** |
| **Iowa — .3%** | **Iowa — .3%** | **Iowa — .3%** | **Iowa — .3%** | **Iowa — .3%** |
| Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) | 5.00 | 8/1/2042 | 4000000 | 4456638 |
| Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2040 | 905000 | 883671 |
|  |  |  |  | **5340309** |
| **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** |
| Kentucky Economic Development Finance Authority, Revenue Bonds, <br> Refunding (Louisville Arena Authority) (Insured; Assured Guaranty Corp.) <br> Ser. A<br>| 5.00 | 12/1/2047 | 1660000 | 1660611 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2030 | 5000000 | 5359493 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A<sup>(b)</sup> <br>| 5.25 | 12/1/2029 | 5000000 | 5405709 |
|  |  |  |  | **12425813** |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| East Baton Rouge Parish Industrial Development Board, Inc., Revenue Bonds <br> (ExxonMobile Project) Ser. B<sup>(f)</sup> <br>| 1.00 | 12/1/2040 | 3600000 | 3600000 |
| Jefferson Parish Economic Development & Port District, Revenue Bonds <br> (Kenner Discovery Health Sciences Foundation) Ser. A<sup>(a)</sup> <br>| 5.50 | 6/15/2038 | 3200000 | 3238919 |
| Jefferson Parish Economic Development & Port District, Revenue Bonds <br> (Kenner Discovery Health Sciences Foundation) Ser. A<sup>(a)</sup> <br>| 5.63 | 6/15/2048 | 4350000 | 4314586 |
| Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge <br> Partners LLC)<br>| 5.50 | 9/1/2054 | 8700000 | 8946690 |
| Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's <br> Medical Center Obligated Group) (Insured; Assured Guaranty Corp.)<br>| 3.00 | 6/1/2050 | 1000000 | 724722 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** |
| Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane <br> University) Ser. A<sup>(c)</sup> <br>| 4.00 | 4/1/2030 | 240000 | 254360 |
| Parish of St. James, Revenue Bonds (NuStar Logistics Project) Ser. 2<sup>(a)</sup> <br>| 6.35 | 7/1/2040 | 4115000 | 4552870 |
|  |  |  |  | **25632147** |
| **Maine — .1%** | **Maine — .1%** | **Maine — .1%** | **Maine — .1%** | **Maine — .1%** |
| Maine Housing Authority, Revenue Bonds (Sustainable Bond) Ser. D | 4.70 | 11/15/2053 | 2500000 | **2502123** |
| **Maryland — .8%** | **Maryland — .8%** | **Maryland — .8%** | **Maryland — .8%** | **Maryland — .8%** |
| Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine <br> Terminal Project)<br>| 5.00 | 6/1/2044 | 200000 | 204070 |
| Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine <br> Terminal Project)<br>| 5.00 | 6/1/2049 | 750000 | 756001 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (LOC; TD Bank NA) Ser. B<sup>(f)</sup> <br>| 1.85 | 4/1/2035 | 1700000 | 1700000 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (MedStar Health Obligated Group) Ser. B<sup>(b)</sup> <br>| 5.00 | 8/15/2036 | 10000000 | 11572538 |
|  |  |  |  | **14232609** |
| **Massachusetts — 5.0%** | **Massachusetts — 5.0%** | **Massachusetts — 5.0%** | **Massachusetts — 5.0%** | **Massachusetts — 5.0%** |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 755000 | 736379 |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2054 | 770000 | 735314 |
| Massachusetts, GO | 5.00 | 7/1/2045 | 5000000 | 5272581 |
| Massachusetts, GO, Ser. A | 5.00 | 1/1/2041 | 4750000 | 5378781 |
| Massachusetts, GO, Ser. E | 5.00 | 11/1/2045 | 7070000 | 7482715 |
| Massachusetts, GO, Refunding, Ser. E | 1.77 | 11/1/2032 | 90000 | 78716 |
| Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. A2<br>| 5.00 | 7/1/2052 | 2000000 | 2085830 |
| Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.00 | 7/1/2038 | 10715000 | 12517752 |
| Massachusetts Development Finance Agency, Revenue Bonds (Bentley <br> University)<br>| 5.00 | 7/1/2040 | 5500000 | 5527837 |
| Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber <br> Cancer Institute Obligated Group) Ser. N<br>| 5.00 | 12/1/2041 | 4060000 | 4106489 |
| Massachusetts Development Finance Agency, Revenue Bonds (Emerson <br> College) Ser. A<br>| 5.25 | 1/1/2042 | 5500000 | 5530666 |
| Massachusetts Development Finance Agency, Revenue Bonds (Wentworth <br> Institute of Technology)<br>| 5.00 | 10/1/2046 | 2015000 | 1971402 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding | 4.00 | 7/1/2045 | 1505000 | 1500917 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Emerson College) Ser. A<br>| 5.00 | 1/1/2040 | 1000000 | 1014322 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Obligated Group)<sup>(a)</sup> <br>| 5.00 | 10/1/2057 | 2150000 | 2106262 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (SABIS International Charter School)<br>| 5.00 | 4/15/2040 | 1500000 | 1500156 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Simmons College) Ser. K1<br>| 5.00 | 10/1/2036 | 2115000 | 2084063 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Simmons University) Ser. N<br>| 5.00 | 10/1/2043 | 1000000 | 902230 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Suffolk University)<br>| 5.25 | 7/1/2055 | 5000000 | 4986095 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Wellforce Obligated Group) (Insured; Assured Guaranty Corp.) Ser. C<br>| 4.00 | 10/1/2045 | 500000 | 468221 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.00 | 7/1/2044 | 1375000 | 1377441 |

---

**13**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Massachusetts — 5.0% (continued)** | **Massachusetts — 5.0% (continued)** | **Massachusetts — 5.0% (continued)** | **Massachusetts — 5.0% (continued)** | **Massachusetts — 5.0% (continued)** |
| Massachusetts Development Finance Agency, Revenue Bonds (Linden <br> Ponds Inc.)<sup>(a)</sup> <br>| 5.13 | 11/15/2046 | 1500000 | 1523441 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Inc.)<sup>(a)</sup> <br>| 5.00 | 10/1/2037 | 1000000 | 1015336 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Inc.)<sup>(a)</sup> <br>| 5.00 | 10/1/2047 | 3000000 | 3004943 |
| Massachusetts Health & Educational Facilities Authority, Revenue Bonds <br> (Museum of Fine Arts) Ser. A1<sup>(f)</sup> <br>| 1.05 | 12/1/2037 | 300000 | 300000 |
| Massachusetts School Building Authority, Revenue Bonds, Ser. B | 5.25 | 2/15/2048 | 10000000 | 10303270 |
| Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 2/15/2048 | 9500000 | 9788106 |
|  |  |  |  | **93299265** |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| Detroit, COP (Insured; Financial Guaranty Insurance Co.)<sup>(h)</sup> <br>| 4.61 | 6/15/2015 | 5340083 | 5673838 |
| Detroit, GO | 5.00 | 4/1/2028 | 900000 | 940627 |
| Detroit, GO | 5.00 | 4/1/2029 | 1000000 | 1045582 |
| Detroit, GO | 5.00 | 4/1/2030 | 700000 | 731728 |
| Detroit, GO | 5.00 | 4/1/2031 | 1000000 | 1044350 |
| Detroit, GO | 5.00 | 4/1/2032 | 850000 | 886821 |
| Detroit, GO | 5.00 | 4/1/2033 | 1150000 | 1197663 |
| Detroit, GO | 5.00 | 4/1/2034 | 1000000 | 1041195 |
| Detroit, GO | 5.00 | 4/1/2035 | 1660000 | 1725216 |
| Detroit, GO | 5.00 | 4/1/2036 | 1200000 | 1244504 |
| Detroit, GO (Sustainable Bond) Ser. A | 5.00 | 4/1/2046 | 1250000 | 1279734 |
| Detroit, GO (Sustainable Bond) Ser. A | 5.00 | 4/1/2050 | 2000000 | 2025055 |
| Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2038 | 1500000 | 1513479 |
| Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2040 | 2100000 | 2094008 |
| Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, <br> Ser. C<sup>(d)</sup> <br>| 0.00 | 6/1/2058 | 30000000 | 700758 |
|  |  |  |  | **23144558** |
| **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** |
| Forest Lake, Revenue Bonds, Refunding (North Lakes Academy Project) | 5.00 | 7/1/2056 | 4000000 | 3385006 |
| Minneapolis, Revenue Bonds (Allina Health System Obligated Group) | 4.00 | 11/15/2038 | 5000000 | 5093474 |
|  |  |  |  | **8478480** |
| **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** |
| Mississippi Development Bank, Revenue Bonds (Jackson Water & Sewer <br> System Project) (Insured; Assured Guaranty Corp.)<br>| 6.88 | 12/1/2040 | 1625000 | **1652051** |
| **Missouri — .6%** | **Missouri — .6%** | **Missouri — .6%** | **Missouri — .6%** | **Missouri — .6%** |
| Metropolitan St. Louis Sewer District, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/1/2047 | 2805000 | 2953870 |
| Metropolitan St. Louis Sewer District, Revenue Bonds, Refunding, Ser. B | 5.25 | 5/1/2052 | 3000000 | 3170738 |
| Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 4.25 | 4/1/2055 | 5000000 | 4691483 |
|  |  |  |  | **10816091** |
| **Nebraska — .5%** | **Nebraska — .5%** | **Nebraska — .5%** | **Nebraska — .5%** | **Nebraska — .5%** |
| Tender Option Bond Trust Receipts (Series 2022-XL0356), (Omaha Public <br> Power District, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying <br> Coupon Rate 5.00%<sup>(a),(f),(g)</sup> <br>| 14.41 | 2/1/2042 | 10000000 | **10276025** |
| **Nevada — .2%** | **Nevada — .2%** | **Nevada — .2%** | **Nevada — .2%** | **Nevada — .2%** |
| Nevada Department of Business & Industry, Revenue Bonds, Refunding <br> (Brightline West Passenger Rail)<sup>(a),(b)</sup> <br>| 12.00 | 11/2/2026 | 6580000 | **3553200** |
| **New Hampshire — .1%** | **New Hampshire — .1%** | **New Hampshire — .1%** | **New Hampshire — .1%** | **New Hampshire — .1%** |
| New Hampshire Business Finance Authority, Revenue Bonds (Presbyterian <br> Senior Living Project) Ser. A<br>| 5.25 | 7/1/2048 | 2500000 | **2545471** |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** | **New Jersey — 2.4%** |
| New Jersey Economic Development Authority, Revenue Bonds (Repauno Port <br> & Rail Terminal Project)<sup>(a)</sup> <br>| 6.38 | 1/1/2035 | 2500000 | 2636298 |
| New Jersey Economic Development Authority, Revenue Bonds (Repauno Port <br> & Rail Terminal Project)<sup>(a)</sup> <br>| 6.63 | 1/1/2045 | 2000000 | 2100171 |
| New Jersey Economic Development Authority, Revenue Bonds (The Goethals) | 5.13 | 1/1/2034 | 5325000 | 5336124 |
| New Jersey Economic Development Authority, Revenue Bonds (The Goethals) | 5.38 | 1/1/2043 | 5500000 | 5507137 |
| New Jersey Educational Facilities Authority, Revenue Bonds, Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2031 | 5000000 | 5624434 |
| New Jersey Educational Facilities Authority, Revenue Bonds, Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2035 | 5000000 | 5976793 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>(c)</sup> <br>| 5.50 | 12/15/2032 | 1000000 | 1208787 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. CC | 5.00 | 6/15/2041 | 1000000 | 1124930 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. CC | 5.00 | 6/15/2042 | 2000000 | 2229311 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. CC | 5.00 | 6/15/2043 | 1000000 | 1102791 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. CC | 5.00 | 6/15/2044 | 2000000 | 2181218 |
| South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 1250000 | 1272424 |
| South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2048 | 1500000 | 1506901 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 8000000 | 8014538 |
|  |  |  |  | **45821857** |
| **New York — 13.1%** | **New York — 13.1%** | **New York — 13.1%** | **New York — 13.1%** | **New York — 13.1%** |
| Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public <br> Charter Schools)<br>| 4.50 | 6/1/2044 | 400000 | 394127 |
| Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public <br> Charter Schools)<br>| 4.75 | 6/1/2054 | 1000000 | 954340 |
| Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public <br> Charter Schools)<br>| 5.00 | 6/1/2064 | 2600000 | 2530446 |
| Battery Park City Authority, Revenue Bonds, Refunding, Ser. D1<sup>(f)</sup> <br>| 1.93 | 11/1/2038 | 1500000 | 1500000 |
| Build New York City Resource Corp., Revenue Bonds | 5.50 | 7/1/2055 | 2500000 | 2620958 |
| Build New York City Resource Corp., Revenue Bonds (Hellenic Classical <br> Charter Schools) Ser. A<sup>(a)</sup> <br>| 5.00 | 12/1/2041 | 1200000 | 1201826 |
| Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse <br> Charter School Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2032 | 500000 | 504505 |
| Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse <br> Charter School Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2037 | 700000 | 702827 |
| Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse <br> Charter School Project) Ser. A<sup>(a)</sup> <br>| 5.00 | 6/1/2047 | 1000000 | 945588 |
| Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter <br> School Project) Ser. A<sup>(a)</sup> <br>| 4.00 | 6/15/2041 | 525000 | 482521 |
| Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter <br> School Project) Ser. A<sup>(a)</sup> <br>| 4.00 | 6/15/2051 | 690000 | 551499 |
| Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter <br> School Project) Ser. A<sup>(a)</sup> <br>| 4.00 | 6/15/2056 | 450000 | 346586 |
| Build New York City Resource Corp., Revenue Bonds (Riverspring Health <br> Senior Living, Inc. Project) Ser. A<sup>(a)</sup> <br>| 6.50 | 12/15/2045 | 3500000 | 3536581 |
| Build New York City Resource Corp., Revenue Bonds (Riverspring Health <br> Senior Living, Inc. Project) Ser. A<sup>(a)</sup> <br>| 7.00 | 12/15/2065 | 7300000 | 7331532 |
| Build New York City Resource Corp., Revenue Bonds (Shefa School Project) <br> Ser. A<sup>(a)</sup> <br>| 2.50 | 6/15/2031 | 250000 | 237048 |
| Build New York City Resource Corp., Revenue Bonds (Shefa School Project) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 6/15/2051 | 1250000 | 1181531 |
| Build New York City Resource Corp., Revenue Bonds (Sustainable Bond) (KIPP <br> NYC Public Charter Schools)<br>| 5.25 | 7/1/2052 | 1500000 | 1520077 |
| Build New York City Resource Corp., Revenue Bonds (Sustainable Bond) (KIPP <br> NYC Public Charter Schools)<br>| 5.25 | 7/1/2057 | 1750000 | 1766701 |

---

**15**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** |
| Build New York City Resource Corp., Revenue Bonds (Zeta Charter Schools, Inc. <br> Project) Ser. A<sup>(a)</sup> <br>| 7.00 | 12/15/2055 | 5000000 | 5045175 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. C1<br>| 5.00 | 11/15/2050 | 6000000 | 6121226 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. C2<br>| 5.18 | 11/15/2049 | 780000 | 757218 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2037 | 6000000 | 6914311 |
| Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue <br> Bonds, Refunding, Ser. A<br>| 5.00 | 11/15/2056 | 5000000 | 4999922 |
| Monroe County Industrial Development Corp., Revenue Bonds (Eugenio Maria <br> De Hostos Charter School Project)<sup>(a)</sup> <br>| 5.00 | 7/1/2044 | 1320000 | 1320468 |
| Monroe County Industrial Development Corp., Revenue Bonds (Eugenio Maria <br> De Hostos Charter School Project)<sup>(a)</sup> <br>| 5.00 | 7/1/2054 | 2000000 | 1857269 |
| Monroe County Industrial Development Corp., Revenue Bonds (Sustainable <br> Bond) (Insured; FNMA HUD SECT 8) Ser. A<br>| 4.72 | 1/1/2044 | 1500000 | 1573161 |
| New York City, GO, Ser. D | 5.25 | 4/1/2047 | 5000000 | 5357895 |
| New York City, GO, Ser. F1 | 3.00 | 3/1/2041 | 1215000 | 1081413 |
| New York City, GO, Ser. I3<sup>(f)</sup> <br>| 1.25 | 3/1/2044 | 5000000 | 5000000 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding <br> (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 3.00 | 1/1/2039 | 4285000 | 4031171 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding <br> (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 3.00 | 1/1/2040 | 1750000 | 1604140 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding <br> (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 3.00 | 1/1/2046 | 5000000 | 3986152 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding <br> (Yankee Stadium Project) (Insured; Assured Guaranty Corp.)<br>| 3.00 | 3/1/2036 | 2500000 | 2454983 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Ser. BB<sup>(f)</sup> <br>| 1.86 | 6/15/2051 | 6600000 | 6600000 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Ser. CC<sup>(f)</sup> <br>| 1.90 | 6/15/2056 | 5200000 | 5200000 |
| New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 5.25 | 5/1/2048 | 3000000 | 3236486 |
| New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 5.50 | 5/1/2050 | 4500000 | 4943353 |
| New York City Transitional Finance Authority, Revenue Bonds, Ser. F1 | 5.00 | 2/1/2046 | 2000000 | 2156906 |
| New York City Transitional Finance Authority, Revenue Bonds, Refunding <br> (Insured; State Aid Withholding) Ser. S1A<br>| 3.00 | 7/15/2039 | 1750000 | 1646786 |
| New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A2B | 5.00 | 6/1/2045 | 4500000 | 3980587 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of <br> America Tower)<br>| 2.80 | 9/15/2069 | 4000000 | 3771119 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. A<br>| 3.00 | 11/15/2051 | 2500000 | 1849316 |
| New York State Dormitory Authority, Revenue Bonds (White Plains Hospital <br> Obligated Group)<br>| 5.25 | 10/1/2049 | 500000 | 509352 |
| New York State Dormitory Authority, Revenue Bonds (White Plains Hospital <br> Obligated Group) (Insured; Assured Guaranty Corp.)<br>| 5.50 | 10/1/2054 | 1000000 | 1070871 |
| New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.)<br>| 5.00 | 10/1/2038 | 5000000 | 5534176 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 3/15/2052 | 3500000 | 3711639 |
| New York State Thruway Authority, Revenue Bonds, Refunding, Ser. P | 5.25 | 1/1/2054 | 1500000 | 1600708 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 10/1/2040 | 5000000 | 5177055 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2038 | 2805000 | 3028263 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2039 | 4000000 | 4295807 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2041 | 5335000 | 5685222 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** | **New York — 13.1% (continued)** |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2042 | 3000000 | 3172031 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.25 | 6/30/2049 | 5000000 | 5097405 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.50 | 6/30/2054 | 5000000 | 5116073 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable <br> Bond) (John F. Kennedy International Airport Terminal) (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 6/30/2049 | 2000000 | 2023269 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable <br> Bonds)<br>| 6.00 | 6/30/2059 | 4000000 | 4269277 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable <br> Bonds) (John F. Kennedy International Airport New Terminal One Project)<br>| 6.00 | 6/30/2055 | 2500000 | 2670456 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (American Airlines)<br>| 2.25 | 8/1/2026 | 215000 | 214401 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (American Airlines)<br>| 3.00 | 8/1/2031 | 1000000 | 964766 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (John F. Kennedy International Air Terminal) Ser. A<br>| 4.00 | 12/1/2039 | 2000000 | 2000041 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (John F. Kennedy International Air Terminal) Ser. A<br>| 5.00 | 12/1/2035 | 400000 | 429222 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (John F. Kennedy International Air Terminal) Ser. A<br>| 5.00 | 12/1/2037 | 700000 | 743653 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (Sustainable Bond) (John F. Kennedy International Airport Terminal) <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.25 | 12/31/2054 | 7500000 | 7704786 |
| Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk <br> Valley Health System Obligated Group) (Insured; Assured Guaranty Corp.)<br>| 4.00 | 12/1/2049 | 4000000 | 3677552 |
| Oneida Indian Nation of New York, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 6.00 | 9/1/2043 | 1150000 | 1257297 |
| Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2030 | 1675000 | 1856117 |
| Tender Option Bond Trust Receipts (Series 2025-XL0601), (New York Dorm <br> Authority, Personal Income Tax Revenue Bonds, Refunding, Ser. A) <br> Recourse, Underlying Coupon Rate 5.00%<sup>(a),(f),(g)</sup> <br>| 9.38 | 3/15/2049 | 21175000 | 22351164 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2049 | 5000000 | 5118015 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.25 | 12/1/2054 | 5500000 | 5871027 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 5.25 | 5/15/2064 | 5000000 | 5254326 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A2 | 5.25 | 5/15/2059 | 6000000 | 6292436 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A3 | 5.25 | 5/15/2064 | 10000000 | 10517444 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C1A | 5.00 | 5/15/2040 | 4000000 | 4401551 |
|  |  |  |  | **245413152** |
| **North Dakota — .3%** | **North Dakota — .3%** | **North Dakota — .3%** | **North Dakota — .3%** | **North Dakota — .3%** |
| North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) | 4.50 | 7/1/2043 | 2835000 | 2875200 |
| North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) | 4.55 | 7/1/2048 | 3410000 | 3419581 |
|  |  |  |  | **6294781** |
| **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** |
| Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding <br> (Playhouse Square Foundation Project)<br>| 5.25 | 12/1/2038 | 2420000 | 2479767 |
| Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding <br> (Playhouse Square Foundation Project)<br>| 5.50 | 12/1/2043 | 1580000 | 1612959 |
| Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding <br> (Playhouse Square Foundation Project)<br>| 5.50 | 12/1/2053 | 1500000 | 1505858 |
| Dayton-Montgomery County Port Authority, Revenue Bonds (Dayton Regional <br> STEM Schools Project)<br>| 5.00 | 12/1/2044 | 500000 | 512928 |

---

**17**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** |
| Montgomery County, Revenue Bonds, Refunding (Kettering Health Network <br> Obligated Group)<br>| 3.00 | 8/1/2040 | 1600000 | 1436935 |
| Ohio, GO, Ser. A | 3.00 | 5/1/2039 | 5000000 | 4776834 |
| Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 12/31/2035 | 3000000 | 3003291 |
| Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 12/31/2039 | 2000000 | 2000973 |
| Ohio, Revenue Bonds, Refunding (University Hospitals Health System <br> Obligated Group) Ser. E<br>| 4.00 | 1/15/2038 | 1600000 | 1617116 |
| Ohio, Revenue Bonds, Refunding (University Hospitals Health System <br> Obligated Group) Ser. E<br>| 4.00 | 1/15/2039 | 800000 | 806042 |
| Ohio, Revenue Bonds, Refunding (University Hospitals Health System <br> Obligated Group) Ser. E<br>| 4.00 | 1/15/2040 | 1300000 | 1305839 |
| Ohio, Revenue Bonds, Refunding (University Hospitals Health System <br> Obligated Group) Ser. E<br>| 5.00 | 1/15/2036 | 1400000 | 1478569 |
| Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding <br> (John Carroll University)<br>| 4.00 | 10/1/2042 | 5000000 | 4508784 |
| Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding <br> (John Carroll University)<br>| 4.00 | 10/1/2047 | 5000000 | 4178044 |
| Toledo-Lucas County Port Authority, Revenue Bonds (University of Toledo <br> Parking Project)<br>| 4.00 | 1/1/2051 | 1000000 | 855470 |
|  |  |  |  | **32079409** |
| **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** |
| Oklahoma City Water Utilities Trust, Revenue Bonds | 5.00 | 7/1/2049 | 6500000 | 6895364 |
| Oklahoma City Water Utilities Trust, Revenue Bonds | 5.00 | 7/1/2054 | 7000000 | 7362249 |
| Oklahoma Turnpike Authority, Revenue Bonds, Ser. A | 5.25 | 1/1/2050 | 5000000 | 5393039 |
| Oklahoma Turnpike Authority, Revenue Bonds, Ser. A | 5.50 | 1/1/2054 | 5000000 | 5434818 |
| Tulsa Municipal Airport Trust, Revenue Bonds, Refunding | 6.25 | 12/1/2040 | 1500000 | 1708334 |
|  |  |  |  | **26793804** |
| **Oregon — .3%** | **Oregon — .3%** | **Oregon — .3%** | **Oregon — .3%** | **Oregon — .3%** |
| Oregon, GO, Refunding, Ser. A | 5.00 | 5/1/2040 | 600000 | 695492 |
| Oregon, GO, Refunding, Ser. A | 5.25 | 5/1/2042 | 500000 | 579966 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2038 | 280000 | 323756 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2039 | 325000 | 373389 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2040 | 200000 | 227769 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2042 | 200000 | 223412 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2043 | 280000 | 309586 |
| Oregon Coast Community College District, GO (Insured; School Board <br> Guaranty)<br>| 5.00 | 6/15/2045 | 815000 | 883446 |
| Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. B<sup>(a)</sup> <br>| 5.00 | 11/1/2036 | 700000 | 741086 |
| Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. B<sup>(a)</sup> <br>| 5.00 | 11/1/2039 | 700000 | 736647 |
|  |  |  |  | **5094549** |
| **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** | **Pennsylvania — 1.4%** |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System <br> Obligated Group)<br>| 4.00 | 4/1/2039 | 1500000 | 1503936 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Pennsylvania — 1.4% (continued)** | **Pennsylvania — 1.4% (continued)** | **Pennsylvania — 1.4% (continued)** | **Pennsylvania — 1.4% (continued)** | **Pennsylvania — 1.4% (continued)** |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2037 | 600000 | 634331 |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2038 | 1085000 | 1142393 |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2039 | 1100000 | 1154524 |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2040 | 1300000 | 1359604 |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2041 | 1750000 | 1828456 |
| Lancaster County Hospital Authority, Revenue Bonds (Penn State Health <br> Obligated Group)<br>| 5.00 | 11/1/2046 | 2000000 | 2039706 |
| Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton <br> Hill University)<br>| 4.00 | 3/1/2046 | 685000 | 566270 |
| Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton <br> Hill University)<br>| 4.00 | 3/1/2051 | 700000 | 552647 |
| Lehigh County General Purpose Authority, Revenue Bonds, Refunding <br> (Muhlenberg College Project)<br>| 5.25 | 2/1/2054 | 1600000 | 1605175 |
| Montgomery County Higher Education & Health Authority, Revenue Bonds, <br> Refunding (Thomas Jefferson University Project)<br>| 4.00 | 9/1/2044 | 1750000 | 1630592 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (Tapestry Moon Senior Housing Project)<sup>(a),(h)</sup> <br>| 6.50 | 12/1/2038 | 3000000 | 390000 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds <br> (The Penndot Major Bridges) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 12/31/2057 | 1000000 | 1014338 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | 3.00 | 12/1/2051 | 3000000 | 2251247 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.25 | 3/1/2038 | 3000000 | 3417944 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.25 | 3/1/2040 | 5060000 | 5646876 |
|  |  |  |  | **26738039** |
| **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** |
| Rhode Island Health & Educational Building Corp., Revenue Bonds | 5.25 | 8/15/2043 | 1000000 | 1041383 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. C<br>| 5.00 | 5/15/2043 | 5690000 | 6169299 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Providence College)<br>| 5.00 | 11/1/2045 | 7000000 | 7003277 |
|  |  |  |  | **14213959** |
| **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** |
| South Carolina Housing Finance & Development Authority, Revenue Bonds <br> (Edgewood Place Apartment) Ser. A<br>| 4.80 | 7/1/2045 | 2000000 | 2084689 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, <br> Refunding (McLeod Health Project)<br>| 5.25 | 11/1/2054 | 5000000 | 5327627 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2036 | 2000000 | 2010201 |
| Spartanburg Regional Health Services District, Revenue Bonds, Refunding | 4.00 | 4/15/2036 | 1370000 | 1413375 |
|  |  |  |  | **10835892** |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** | **Tennessee — 1.0%** | **Tennessee — 1.0%** | **Tennessee — 1.0%** |
| Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America <br> NA)<sup>(f)</sup> <br>| 1.08 | 2/1/2038 | 600000 | 600000 |
| Metropolitan Government Nashville & Davidson County Sports Authority, <br> Revenue Bonds (Stadium Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.25 | 7/1/2053 | 1000000 | 1053587 |
| New Memphis Arena Public Building Authority, Revenue Bonds<sup>(i)</sup> <br>| 4.00 | 4/1/2031 | 750000 | 801400 |
| New Memphis Arena Public Building Authority, Revenue Bonds (Memphis <br> Project)<sup>(d)</sup> <br>| 0.00 | 4/1/2032 | 775000 | 620916 |

---

**19**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Tennessee — 1.0% (continued)** | **Tennessee — 1.0% (continued)** | **Tennessee — 1.0% (continued)** | **Tennessee — 1.0% (continued)** | **Tennessee — 1.0% (continued)** |
| Tennergy Corp., Revenue Bonds, Ser. A<sup>(b)</sup> <br>| 5.00 | 12/1/2029 | 10000000 | 10739624 |
| Tennessee Energy Acquisition Corp., Revenue Bonds, Refunding (Gas Project) <br> Ser. A<sup>(b)</sup> <br>| 5.00 | 5/1/2028 | 5000000 | 5223380 |
|  |  |  |  | **19038907** |
| **Texas — 9.2%** | **Texas — 9.2%** | **Texas — 9.2%** | **Texas — 9.2%** | **Texas — 9.2%** |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(a)</sup> <br>| 4.50 | 6/15/2044 | 830000 | 789457 |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(a)</sup> <br>| 4.75 | 6/15/2049 | 915000 | 848870 |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(a)</sup> <br>| 4.88 | 6/15/2054 | 1050000 | 967754 |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(a)</sup> <br>| 4.88 | 6/15/2059 | 1000000 | 913387 |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(a)</sup> <br>| 5.00 | 6/15/2064 | 1200000 | 1100822 |
| Arlington Higher Education Finance Corp., Revenue Bonds (Harmony Public <br> Schools) (Insured; Permanent School Fund Guarantee Program)<br>| 4.00 | 2/15/2049 | 6000000 | 5558701 |
| Arlington Higher Education Finance Corp., Revenue Bonds (Insured; <br> Permanent School Fund Guarantee Program)<br>| 4.50 | 8/15/2050 | 3600000 | 3607352 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2038 | 1000000 | 1005615 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2048 | 1900000 | 1805024 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2053 | 925000 | 855193 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift <br> Education) Ser. A<br>| 5.00 | 12/1/2036 | 1315000 | 1326385 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2036 | 330000 | 316256 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2041 | 610000 | 549936 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2046 | 860000 | 718962 |
| Austin Airport System, Revenue Bonds, Ser. A | 5.00 | 11/15/2046 | 13120000 | 13207282 |
| Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding <br> (Army Retirement Residence Foundation)<br>| 5.00 | 7/15/2041 | 1750000 | 1751431 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 1250000 | 1295850 |
| Central Texas Turnpike System, Revenue Bonds, Refunding (Second Tier) Ser. <br> C<br>| 5.00 | 8/15/2040 | 1000000 | 1120064 |
| Clifton Higher Education Finance Corp., Revenue Bonds (International <br> Leadership of Texas) (Insured; Permanent School Fund Guarantee Program)<br>| 5.00 | 8/15/2047 | 4305000 | 4453826 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured; <br> Permanent School Fund Guarantee Program)<br>| 4.00 | 8/15/2044 | 5000000 | 4942949 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured; <br> Permanent School Fund Guarantee Program)<br>| 4.00 | 8/15/2049 | 2000000 | 1862566 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding <br> (International Leadership of Texas, Inc.) (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.25 | 2/15/2049 | 1750000 | 1839555 |
| Collin County, GO | 5.00 | 2/15/2040 | 5000000 | 5543382 |
| Columbia-Brazoria Independent School District, GO (Insured; Permanent <br> School Fund Guarantee Program)<br>| 5.00 | 2/1/2044 | 2025000 | 2173009 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/1/2047 | 3625000 | 3821454 |
| Dallas Independent School District, GO, Refunding (Insured; Permanent School <br> Fund Guarantee Program) Ser. B<br>| 4.50 | 2/15/2045 | 3000000 | 3104801 |
| Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.00 | 8/15/2049 | 2290000 | 1694026 |
| Danbury Higher Education Authority, Revenue Bonds, Ser. A | 5.00 | 8/15/2039 | 2000000 | 1875617 |
| Fort Bend Independent School District, GO, Refunding (Insured; Permanent <br> School Fund Guarantee Program) Ser. A<br>| 4.25 | 8/15/2054 | 6300000 | 5974524 |
| Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.00 | 10/1/2043 | 5000000 | 5169392 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Texas — 9.2% (continued)** | **Texas — 9.2% (continued)** | **Texas — 9.2% (continued)** | **Texas — 9.2% (continued)** | **Texas — 9.2% (continued)** |
| Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5000000 | 4662960 |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Texas Children's Hospital Obligated Group)<br>| 3.00 | 10/1/2051 | 5000000 | 3665727 |
| Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | 4.00 | 12/1/2041 | 750000 | 730811 |
| Houston, GO, Refunding, Ser. A | 5.00 | 3/1/2040 | 3000000 | 3363543 |
| Houston, GO, Refunding, Ser. A | 5.00 | 3/1/2042 | 4000000 | 4404186 |
| Houston, GO, Refunding, Ser. A | 5.25 | 3/1/2049 | 5000000 | 5358057 |
| Houston Airport System, Revenue Bonds, (United Airlines) | 4.00 | 7/15/2041 | 2250000 | 2129720 |
| Houston Airport System, Revenue Bonds, (United Airlines) Ser. B | 5.50 | 7/15/2039 | 1750000 | 1918468 |
| Houston Airport System, Revenue Bonds, Refunding (United Airlines) | 5.00 | 7/15/2027 | 1000000 | 1021751 |
| Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. C | 5.00 | 7/15/2027 | 1000000 | 1021751 |
| Lower Colorado River Authority, Revenue Bonds, Refunding | 5.00 | 5/15/2042 | 1350000 | 1480696 |
| Lower Colorado River Authority, Revenue Bonds, Refunding | 5.00 | 5/15/2044 | 1000000 | 1082589 |
| Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline <br> Project)<sup>(a)</sup> <br>| 4.63 | 10/1/2031 | 3050000 | 3062589 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds <br> (Sanctuary LTC Project) Ser. A1<br>| 5.25 | 1/1/2042 | 5000000 | 5019544 |
| Port of Beaumont Navigation District, Revenue Bonds, Refunding (Jefferson <br> Gulf Coast Energy) Ser. B<sup>(a)</sup> <br>| 10.00 | 7/1/2026 | 5000000 | 5011211 |
| Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2046 | 1000000 | 948937 |
| San Antonio Water System, Revenue Bonds, Ser. D<sup>(f)</sup> <br>| 1.85 | 5/1/2055 | 3600000 | 3600000 |
| Temple Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/1/2044 | 3005000 | 3258375 |
| Texas, GO, Ser. B<sup>(f)</sup> <br>| 1.95 | 12/1/2043 | 1500000 | 1500000 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds <br> (NTE Mobility Partners LLC North Tarrant Express Project)<br>| 5.50 | 12/31/2058 | 7500000 | 7788851 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, <br> Refunding (LBJ Infrastructure Group)<br>| 4.00 | 6/30/2039 | 1500000 | 1506431 |
| Texas Public Finance Authority, Revenue Bonds (Texas Southern University) <br> (Insured; Build America Mutual)<br>| 5.25 | 5/1/2039 | 300000 | 333853 |
| Texas Public Finance Authority, Revenue Bonds (Texas Southern University) <br> (Insured; Build America Mutual)<br>| 5.25 | 5/1/2040 | 520000 | 575739 |
| Texas Public Finance Authority, Revenue Bonds (Texas Southern University) <br> (Insured; Build America Mutual)<br>| 5.25 | 5/1/2041 | 1000000 | 1098593 |
| Texas Water Development Board, Revenue Bonds | 5.00 | 8/1/2044 | 5600000 | 6106220 |
| Texas Water Development Board, Revenue Bonds (Master Trust) | 5.00 | 10/15/2057 | 3565000 | 3688474 |
| University of Texas, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2041 | 10300000 | 11523421 |
| University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.00 | 8/15/2043 | 5000000 | 5440461 |
|  |  |  |  | **171496400** |
| **U.S. Related — 5.6%** | **U.S. Related — 5.6%** | **U.S. Related — 5.6%** | **U.S. Related — 5.6%** | **U.S. Related — 5.6%** |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2032 | 500000 | 548474 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2034 | 100000 | 111557 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2035 | 100000 | 113116 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2037 | 175000 | 195505 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2038 | 100000 | 110935 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2039 | 100000 | 110227 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2040 | 100000 | 109430 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. A | 5.25 | 10/1/2041 | 100000 | 108044 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2040 | 100000 | 108763 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2041 | 150000 | 161062 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2042 | 100000 | 106564 |

---

**21**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2043 | 100000 | 105485 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.00 | 10/1/2028 | 865000 | 899168 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.25 | 10/1/2031 | 1515000 | 1664916 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.25 | 10/1/2035 | 265000 | 296213 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.25 | 10/1/2036 | 685000 | 761744 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.38 | 10/1/2033 | 1000000 | 1130668 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.38 | 10/1/2040 | 525000 | 573814 |
| Antonio B. Won Pat International Airport Authority, Revenue Bonds, <br> Refunding<br>| 5.38 | 10/1/2043 | 1250000 | 1329398 |
| Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2046 | 1500000 | 1511467 |
| Guam, Revenue Bonds, Refunding, Ser. F | 4.00 | 1/1/2042 | 2250000 | 2240548 |
| Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2050 | 2000000 | 2041322 |
| Guam Power Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2033 | 1000000 | 1121648 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 10/1/2030 | 3000000 | 3168794 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 10/1/2032 | 2090000 | 2245707 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 10/1/2039 | 8000000 | 8482697 |
| Puerto Rico, GO, Ser. A<sup>(d)</sup> <br>| 0.00 | 7/1/2033 | 1034664 | 766109 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 803995 | 823435 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 722684 | 735089 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 620253 | 621535 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 843308 | 818492 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 877029 | 791824 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 887317 | 908113 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 872922 | 932749 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 847862 | 942168 |
| Puerto Rico, Notes | 2.28 | 11/1/2051 | 6404064 | 3962515 |
| Puerto Rico, Notes | 2.96 | 11/1/2051 | 282849 | 196226 |
| Puerto Rico, Notes, Ser. CW<sup>(f)</sup> <br>| 2.63 | 11/1/2043 | 3091539 | 2113840 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, <br> Refunding, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 15000000 | 16000398 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, <br> Refunding, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2035 | 5000000 | 5225557 |
| Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A<sup>(h)</sup> <br>| 6.75 | 7/1/2036 | 10000000 | 6675000 |
| Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD<sup>(h)</sup> <br>| 5.00 | 7/1/2022 | 2000000 | 1335000 |
| Puerto Rico GDB Debt Recovery Authority, Revenue Bonds | 7.50 | 8/20/2040 | 2472388 | 2431698 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2027 | 283000 | 271767 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2029 | 387000 | 348990 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2031 | 498000 | 419218 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2033 | 561000 | 436239 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2046 | 5340000 | 1920855 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(d)</sup> <br>| 0.00 | 7/1/2051 | 4350000 | 1144517 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.50 | 7/1/2034 | 4311000 | 4311981 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.55 | 7/1/2040 | 208000 | 209394 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** | **U.S. Related — 5.6% (continued)** |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.75 | 7/1/2053 | 1526000 | 1488037 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 5.00 | 7/1/2058 | 8783000 | 8620765 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.33 | 7/1/2040 | 2112000 | 2116368 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.54 | 7/1/2053 | 63000 | 59112 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.78 | 7/1/2058 | 847000 | 820669 |
| Virgin Islands Hotel Development Financing Corp., Revenue Bonds, Ser. A1 | 6.00 | 12/1/2055 | 3880000 | 3896167 |
| Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 10/1/2029 | 1840000 | 1840656 |
| Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 10/1/2034 | 1500000 | 1500372 |
|  |  |  |  | **104042121** |
| **Utah — 4.0%** | **Utah — 4.0%** | **Utah — 4.0%** | **Utah — 4.0%** | **Utah — 4.0%** |
| High Star Ranch Infrastructure Financing District, Special Assessment Bonds <br> (High Star Ranch Assessment Area)<sup>(a)</sup> <br>| 6.25 | 12/1/2055 | 9000000 | 9039195 |
| Intermountain Power Agency, Revenue Bonds, Ser. A | 5.00 | 7/1/2042 | 15000000 | 16262489 |
| Mida Cormont Public Infrastructure District, GO, Ser. A1<sup>(a)</sup> <br>| 6.25 | 6/1/2055 | 2225000 | 2345937 |
| Mida Cormont Public Infrastructure District, GO, Ser. A2<sup>(a),(i)</sup> <br>| 6.75 | 6/1/2055 | 5000000 | 4323273 |
| Mida Mountain Veterans Program Public Infrastructure District, Tax Allocation <br> Bonds<sup>(a)</sup> <br>| 5.00 | 6/1/2044 | 1315000 | 1338143 |
| Mida Mountain Veterans Program Public Infrastructure District, Tax Allocation <br> Bonds<sup>(a)</sup> <br>| 5.20 | 6/1/2054 | 4250000 | 4254508 |
| Mida Mountain Village Public Infrastructure District, Special Assessment <br> Bonds<sup>(a)</sup> <br>| 4.00 | 8/1/2030 | 900000 | 916541 |
| Mida Mountain Village Public Infrastructure District, Special Assessment <br> Bonds<sup>(a)</sup> <br>| 4.00 | 8/1/2050 | 1800000 | 1562511 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 1<sup>(a)</sup> <br>| 5.13 | 6/15/2054 | 1000000 | 1001394 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 1<sup>(a)</sup> <br>| 5.25 | 6/1/2045 | 875000 | 897824 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 1<sup>(a)</sup> <br>| 5.50 | 6/1/2050 | 1725000 | 1754266 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 1<sup>(a)</sup> <br>| 5.50 | 6/1/2055 | 1500000 | 1511601 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 1<sup>(a)</sup> <br>| 5.75 | 6/1/2060 | 2650000 | 2708728 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 2<sup>(a)</sup> <br>| 5.50 | 6/15/2039 | 1000000 | 1046899 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 2<sup>(a),(i)</sup> <br>| 5.75 | 6/1/2043 | 2000000 | 1547770 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 2<sup>(a)</sup> <br>| 5.75 | 6/15/2044 | 1000000 | 1044912 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, Ser. <br> 2<sup>(a)</sup> <br>| 6.00 | 6/15/2054 | 4300000 | 4436771 |
| Military Installation Development Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2036 | 1000000 | 1000136 |
| Military Installation Development Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2041 | 2025000 | 1958675 |
| Military Installation Development Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2052 | 2000000 | 1675245 |
| Military Installation Development Authority, Revenue Bonds, Ser. A2 | 4.00 | 6/1/2052 | 2250000 | 1873302 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 5.88 | 3/1/2045 | 1000000 | 1049543 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 6.13 | 3/1/2055 | 5000000 | 5223453 |
| Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit <br> Academy) Ser. A<br>| 5.00 | 4/15/2044 | 625000 | 636712 |

---

**23**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Utah — 4.0% (continued)** | **Utah — 4.0% (continued)** | **Utah — 4.0% (continued)** | **Utah — 4.0% (continued)** | **Utah — 4.0% (continued)** |
| Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit <br> Academy) Ser. A<br>| 5.00 | 4/15/2049 | 1150000 | 1157559 |
| Wolf Creek Infrastructure Financing District No 1, Special Assessment Bonds | 5.75 | 12/1/2044 | 3665000 | 3812592 |
|  |  |  |  | **74379979** |
| **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** |
| Arlington County Industrial Development Authority, Revenue Bonds, <br> Refunding (Virginia Hospital Center)<br>| 4.00 | 7/1/2045 | 5000000 | 4800038 |
| Chesapeake Expressway, Revenue Bonds, Refunding, Ser. B | 4.88 | 7/15/2040 | 2000000 | 2068495 |
| Fairfax County, Revenue Bonds, Ser. A | 5.00 | 7/15/2054 | 1950000 | 2066095 |
| Virginia College Building Authority, Revenue Bonds (21st Century College) | 5.25 | 2/1/2042 | 6105000 | 6823869 |
| Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Ser. A | 5.00 | 7/1/2043 | 6550000 | 7169148 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (Elizabeth River Crossings OpCo)<br>| 4.00 | 1/1/2040 | 1000000 | 998281 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (National Senior Campuses Obligated Group) Ser. A<br>| 4.00 | 1/1/2036 | 2500000 | 2596368 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (National Senior Campuses Obligated Group) Ser. A<br>| 4.00 | 1/1/2045 | 3000000 | 2915821 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (National Senior Campuses Obligated Group) Ser. A<br>| 4.00 | 1/1/2051 | 2750000 | 2488144 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (95 Express Lanes)<br>| 4.00 | 1/1/2048 | 3500000 | 3112181 |
|  |  |  |  | **35038440** |
| **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |
| Central Puget Sound Regional Transit Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. S1<br>| 3.00 | 11/1/2036 | 5000000 | 4991503 |
| Washington, GO, Ser. A | 5.00 | 8/1/2040 | 10000000 | 11250612 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Seattle Cancer Care Alliance)<sup>(a)</sup> <br>| 4.00 | 12/1/2048 | 1000000 | 916732 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Seattle Cancer Care Alliance)<br>| 4.00 | 9/1/2050 | 1000000 | 893019 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Seattle Cancer Care Alliance)<br>| 5.00 | 9/1/2050 | 1500000 | 1534927 |
| Washington Housing Finance Commission, Revenue Bonds (Sustainable Bond) <br> (Insured; GNMA/FNMA/FHLMC) Ser. 2N<br>| 4.80 | 12/1/2043 | 2000000 | 2062480 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle <br> Academy of Arts)<sup>(a)</sup> <br>| 6.13 | 7/1/2053 | 1000000 | 1066586 |
|  |  |  |  | **22715859** |
| **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** | **West Virginia — .2%** |
| West Virginia Hospital Finance Authority, Revenue Bonds, Refunding <br> (Charleston Area Medical Center)<br>| 5.00 | 9/1/2038 | 1500000 | 1552777 |
| West Virginia Hospital Finance Authority, Revenue Bonds, Refunding <br> (Charleston Area Medical Center)<br>| 5.00 | 9/1/2039 | 1450000 | 1496131 |
|  |  |  |  | **3048908** |
| **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** | **Wisconsin — 3.7%** |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 5.75 | 6/30/2060 | 5750000 | 6028363 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 5.75 | 12/31/2065 | 5000000 | 5234491 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 6.50 | 6/30/2060 | 3500000 | 3898176 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 6.50 | 12/31/2065 | 5000000 | 5564873 |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** | **Long-Term Municipal Investments — 101.9% (continued)** |
| **Wisconsin — 3.7% (continued)** | **Wisconsin — 3.7% (continued)** | **Wisconsin — 3.7% (continued)** | **Wisconsin — 3.7% (continued)** | **Wisconsin — 3.7% (continued)** |
| Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) <br> Ser. A1<sup>(a),(h)</sup> <br>| 6.38 | 1/1/2048 | 2500000 | 1125000 |
| Public Finance Authority, Revenue Bonds (Piedmont Community Charter <br> School)<br>| 5.00 | 6/15/2049 | 3440000 | 3384483 |
| Public Finance Authority, Revenue Bonds (Piedmont Community Charter <br> School)<br>| 5.00 | 6/15/2053 | 1000000 | 967878 |
| Public Finance Authority, Revenue Bonds (Sky Harbour Capital Obligated <br> Group)<br>| 4.25 | 7/1/2054 | 5000000 | 4283185 |
| Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 2/1/2062 | 2500000 | 2466810 |
| Public Finance Authority, Revenue Bonds, Ser. A | 5.50 | 7/1/2044 | 4000000 | 4231284 |
| Public Finance Authority, Revenue Bonds, Refunding | 5.25 | 6/15/2045 | 1700000 | 1702456 |
| Public Finance Authority, Revenue Bonds, Refunding (Friends Homes <br> Obligated Group)<sup>(a)</sup> <br>| 5.00 | 9/1/2039 | 2230000 | 2296170 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.25 | 11/15/2055 | 1750000 | 1788231 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.25 | 11/15/2061 | 2290000 | 2329740 |
| Public Finance Authority, Revenue Bonds, Refunding (Nevada State College) <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 5/1/2060 | 3925000 | 2469991 |
| Public Finance Authority, Revenue Bonds, Refunding (Nevada State College) <br> Ser. B<sup>(a)</sup> <br>| 9.00 | 5/1/2071 | 1815000 | 880194 |
| Public Finance Authority, Revenue Bonds, Refunding (Renown Regional <br> Medical Center)<br>| 4.00 | 6/1/2045 | 6515000 | 6116545 |
| Public Finance Authority, Revenue Bonds, Refunding (Triad Educational <br> Services)<br>| 5.50 | 6/15/2055 | 1250000 | 1227013 |
| Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Corp.) <br> Ser. A<sup>(d)</sup> <br>| 0.00 | 12/15/2044 | 8735000 | 3793445 |
| Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Corp.) <br> Ser. A<sup>(d)</sup> <br>| 0.00 | 12/15/2046 | 3990000 | 1521702 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds <br> (Marshfield Clinic Health System, Inc.) (LOC; Barclays Bank PLC) Ser. A<sup>(f)</sup> <br>| 2.00 | 2/15/2050 | 2500000 | 2500000 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Marshfield Clinic Health System Obligated Group) Ser. C<br>| 5.00 | 2/15/2047 | 4500000 | 4513746 |
|  |  |  |  | **68323776** |
| **Total Long-Term Municipal Investments** <br>(cost $1,937,102,025) | **Total Long-Term Municipal Investments** <br>(cost $1,937,102,025) | **Total Long-Term Municipal Investments** <br>(cost $1,937,102,025) |  | **1905042745** |
| **Total Investments** (cost $1,942,102,025) | **Total Investments** (cost $1,942,102,025) | **Total Investments** (cost $1,942,102,025) | **102.1%** | **1908690211** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(2.1%)** | **(39134106)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **1869556105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| COP—Certificate of Participation |
| FHLMC—Federal Home Loan Mortgage Corporation |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| GO—Government Obligation |
| LOC—Letter of Credit |
| TSFR—Term Secured Overnight Financing Rate Reference Rates |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 February 28, 2026, these securities amounted to $317,272,734 or 17.0% of net assets. 

<sup>(b)</sup> These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

<sup>(c)</sup> These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. 

**25**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Security issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(e)</sup> Variable rate security—Interest rate resets periodically and the rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available. 

<sup>(f)</sup> The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices. 

<sup>(g)</sup> These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security. See Note 4 of the Notes to Financial Statements for details. 

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $15,387,900, which represented .8% of net assets. 

<sup>(i)</sup> Multi-coupon. Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Futures Short** |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 12049808 | &nbsp;&nbsp; 12159375 | &nbsp;&nbsp; (109567) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(109567)** |

---

See notes to financial statements.

**26**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 1942102025 | &nbsp;&nbsp;&nbsp;&nbsp; 1908690211 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 11369699 |
| Cash collateral held by broker—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 515000 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 21532794 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 595266 |
| Receivable for futures variation margin—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56904 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 14129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1942774003** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC and affiliates—Note 4(b)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 726363 |
| Payable for inverse floater notes issued—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45385000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 19672836 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 7064361 |
| Interest and expense payable related to inverse floater notes issued—Note 5  |  | &nbsp;&nbsp;&nbsp;&nbsp; 288215 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65196 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 15752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **73217898** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1869556105** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1973795831 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (104239726)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1869556105** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 74100124 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.23** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.23** |

---

See notes to financial statements.

**27**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **39954769** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 4690596 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 990785 |
| Interest and expense related to inverse floater notes issued—Note 5  | &nbsp;&nbsp;&nbsp;&nbsp; 531595 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 140700 |
| Trustees' fees and expenses—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 83705 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 69980 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 45404 |
| Shareholder servicing costs—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 35323 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 28323 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 8652 |
| Custodian fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7833 |
| Shareholder and regulatory reports service fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 7500 |
| Chief Compliance Officer fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 32156 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6678634** |
| Less—reduction in fees due to earnings credits—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (7833)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **6670801** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **33283968** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (4084957)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (5998777)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(10083734)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 94477678 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 269843 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **94747521** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **84663787** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **117947755** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on January 9, 2026, BNY Mellon Municipal Opportunities Fund (the "Predecessor Fund") was reorganized into BNY Mellon Municipal Opportunities ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**28**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 33283968 | &nbsp;&nbsp;&nbsp;&nbsp; 74497733 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (10083734) | &nbsp;&nbsp;&nbsp;&nbsp; (15125951) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 94747521 | &nbsp;&nbsp;&nbsp;&nbsp; (81523895) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **117947755** | &nbsp;&nbsp;&nbsp;&nbsp; **(22152113)** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (3753316) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (24104333) | &nbsp;&nbsp;&nbsp;&nbsp; (71300503) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (602116) | &nbsp;&nbsp;&nbsp;&nbsp; (2098230) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(28459765)** | &nbsp;&nbsp;&nbsp;&nbsp; **(73398733)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; 5983047 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 189689467 | &nbsp;&nbsp;&nbsp;&nbsp; 543785119 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 11258096 | &nbsp;&nbsp;&nbsp;&nbsp; 41258878 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1850792169 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 3159702 | &nbsp;&nbsp;&nbsp;&nbsp; 13493982 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 437605 | &nbsp;&nbsp;&nbsp;&nbsp; 1728922 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (10082173) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (2132192410) | &nbsp;&nbsp;&nbsp;&nbsp; (613872746) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (69772296) | &nbsp;&nbsp;&nbsp;&nbsp; (53803725) |
| Transaction fees—Note 6  | &nbsp;&nbsp;&nbsp;&nbsp; 32130 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(150694663)** | &nbsp;&nbsp;&nbsp;&nbsp; **(67409570)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(61206673)** | &nbsp;&nbsp;&nbsp;&nbsp; **(162960416)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1930762778 | &nbsp;&nbsp;&nbsp;&nbsp; 2093723194 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1869556105** | &nbsp;&nbsp;&nbsp;&nbsp; **1930762778** |

---

**29**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 74260125 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (400001) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **74100124** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7672809 | &nbsp;&nbsp;&nbsp;&nbsp; 22000071 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 127498 | &nbsp;&nbsp;&nbsp;&nbsp; 547201 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (85650566) | &nbsp;&nbsp;&nbsp;&nbsp; (25036708) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(77850259)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2489436)** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 910024 | &nbsp;&nbsp;&nbsp;&nbsp; 3337304 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 35287 | &nbsp;&nbsp;&nbsp;&nbsp; 140122 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5632588) | &nbsp;&nbsp;&nbsp;&nbsp; (4360169) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(4687277)** | &nbsp;&nbsp;&nbsp;&nbsp; **(882743)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.

<sup>(c)</sup> As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended February 28, 2026, 3,484,068 Investor Shares representing $43,240,955 were exchanged for 1,744,166 Class M shares and during the period ended August 31, 2025, 1,491,245 Class M shares representing $36,845,566 were exchanged for 2,981,840 Investor Shares. 

<sup>(e)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**30**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;24.06 | &nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp;&nbsp;&nbsp;27.04 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .72 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.72)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.72)<br>|
| Transaction fees<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;24.06 | &nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp;&nbsp;&nbsp;28.20 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.35 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.05 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.35 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

**31**

------

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup> | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup> | 2025<sup>(a)</sup> | 2024<sup>(a)</sup> | 2023<sup>(a)</sup> | 2022<sup>(a)</sup> | 2021<sup>(a)</sup> |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .71 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .65 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .71 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .65 |
| Ratio of interest and expense related to floating rate <br> notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .06 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.55 <br><sup>(f),(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| Portfolio Turnover Rate<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.91 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;45.11 | &nbsp;&nbsp;&nbsp;&nbsp;63.45 | &nbsp;&nbsp;&nbsp;&nbsp;72.98 | &nbsp;&nbsp;&nbsp;&nbsp;57.75 | &nbsp;&nbsp;&nbsp;&nbsp;52.25 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 1869556 | &nbsp;&nbsp;&nbsp;&nbsp; 1874321 | &nbsp;&nbsp;&nbsp;&nbsp; 2023553 | &nbsp;&nbsp;&nbsp;&nbsp; 1916777 | &nbsp;&nbsp;&nbsp;&nbsp; 2051296 | &nbsp;&nbsp;&nbsp;&nbsp; 2568933 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(h)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**32**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Municipal Opportunities ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on January 2, 2026, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on January 9, 2026, at the time of the reorganization was $24.92 for Class M shares, and a total of 74,260,125 Class M shares, representing net assets of $1,850,792,169 (including $51,119,949 net depreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $140,700, of which $65,196 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on The NASDAQ Stock Market LLC. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the The NASDAQ Stock Market LLC, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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).

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Investments in municipal and debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 3647466 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3647466** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1905042745 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1905042745** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1908690211** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1908690211** |

---

**34**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**<br>| **Level 2- Other**<br> **Significant** <br> **Observable Inputs**<br>| **Level 3-**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **(continued)** |  |  |  |  |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (109567) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(109567)** |
| Inverse Floater Notes<sup>†††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45385000) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(45385000)** |
|  | &nbsp;&nbsp; **(109567)** | &nbsp;&nbsp; **(45385000)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(45494567)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|
| <sup>†††</sup> <br>| Certain of the fund's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. |

---

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

**(c) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may

**35**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. The municipal securities market can be susceptible to increases in volatility and decreases in liquidity. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. 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). Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund. In addition, income from municipal securities held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (IRS) or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the fund to be taxable and may result in a significant decline in the values of such municipal securities

**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 redemption requests, including requests from Authorized Participants who may own a significant percentage of the fund's shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund's share price and increase the fund's liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(d) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(e) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, 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 February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

**36**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an unused capital loss carryover of $70,629,588 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $6,295,019 of short-term capital losses and $64,334,569 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 were as follows: tax-exempt income $73,154,385 and ordinary income $244,348. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(f) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**NOTE 3—**

**Bank Lines of Credit:**

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .50% of the value of the fund's average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .50% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

Effective January 9, 2026, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .25% of the value of the fund's average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

**(b)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Investor Shares were charged $35,243 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"), both a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended February 28, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $7,833 pursuant to the custody agreement. These fees were offset by earnings credits of $7,833.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund's check writing privilege. During the period ended February 28, 2026, the Predecessor Fund was charged $80 pursuant to the agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $6,082 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $7,500 for financial reporting and regulatory services.

The components of "Due to BNY Mellon ETF Investment Adviser, LLC and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $715,637, Chief Compliance Officer fees of $1,056, Checkwriting fees of $20 and shareholder and regulatory reports service fees of $9,650.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**38**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended February 28, 2026, amounted to $372,624,477 and $504,820,683, respectively.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund's investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the "Liquidity Provider") that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust ("Liquidation Shortfall"). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2026, was approximately $45,385,000, with a related weighted average annualized interest rate of 2.36%.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. Each type of derivative instrument that was held by the fund during the period ended February 28, 2026 is discussed below.

**Deposits with Broker:** The amount included in Cash collateral held by broker in the Statement of Asset and Liabilities represents cash balances that are held by a broker, including collateral required for derivative contracts. Any income earned on cash balances held by a broker is recorded as interest income to the fund.

**Futures:** In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2026 are set forth in the fund's Schedule of Investments.

The following tables show the fund's exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**39**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Fair value of derivative instruments as of February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (109567 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(109567)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Statement of Assets and Liabilities location: | Statement of Assets and Liabilities location: |
| <sup>(1)</sup> <br>| Includes cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments, but only the unpaid variation margin is reported in the <br> Statement of Assets and Liabilities.<br>|

---

The effect of derivative instruments in the Statement of Operations during the period ended February 28, 2026 is shown below:

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (5998777) | &nbsp;&nbsp;&nbsp;&nbsp; **(5998777)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(5998777)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5998777)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 269843 | &nbsp;&nbsp;&nbsp;&nbsp; **269843** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **269843** | &nbsp;&nbsp;&nbsp;&nbsp; **269843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations location: <br> <sup>(1)</sup> Net realized gain (loss) on futures. <br> <sup>(2)</sup> Net change in unrealized appreciation (depreciation) on futures.

The following table summarizes the monthly average market value of derivatives outstanding during the period ended February 28, 2026:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 72803788 |

---

At February 28, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $33,521,381, consisting of $37,886,687 gross unrealized appreciation and $71,408,068 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is cash, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset

**40**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had no in-kind transactions.

**41**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Municipal Opportunities Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

**42**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon Municipal Opportunities Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on December 9, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 144,897,329 shares of stock of the Predecessor Fund, which constituted 94.86% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 144,845,060 24,891 27,378

**43**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $89,787.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**44**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on August 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Municipal Opportunities ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; and (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments. The Management Agreement and the Sub-Advisory Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below), (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser and the Sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon Municipal Opportunities Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on January 9, 2026, the fund commenced investment operations and assumed the historical performance record of the Predecessor Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index and a peer group of general and insured municipal debt funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have the same investment objective, similar investment strategies, and the same Sub-Adviser as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was above the performance of the broad-based index for the one-, five- and ten-year periods ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance was ranked in the first quartile of the Peer Group for the one-, five- and

**45**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

ten-year periods ended December 31, 2024. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and the Sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed municipal national intermediate ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed municipal national intermediate ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**46**

------© 2026 BNY Mellon Securities Corporation

Code-4875NCSRSA0226

![](img92ccfe921.gif)

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**BNY Mellon ETF Trust II**

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

------

**BNY Mellon Municipal Short Duration ETF:** BKMS

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

![](img4b9e36f81.gif)

------

**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 herein are current to the date of this report. These views and the composition of the

fund's portfolio is subject to change at any time based on market and other conditions.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

------

Contents

The Fund

Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_SOI-Commoncontent-5173_1)**<br> **[Investment Companies](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_SOI-Commoncontent-5173_1)**<br>| 3 |
| [Schedule of Investments](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_SOI-Commoncontent-5173_1) | 3 |
| [Statement of Assets and Liabilities](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_FS-Commoncontent-5173_1) | 12 |
| [Statement of Operations](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_FS-Commoncontent-5173_2) | 13 |
| [Statement of Changes in Net Assets](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_FS-Commoncontent-5173_3) | 14 |
| [Financial Highlights](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_FIHI-Commoncontent-5173_1) | 16 |
| [Notes to Financial Statements](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_NTF-Commoncontent-5173_1) | 17 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_CDA-Commoncontent-5173_1)**<br> **[Investment Companies](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_CDA-Commoncontent-5173_1)**<br>| 24 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_PRXD-Commoncontent-5173_1)** | 25 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_RMNP-Commoncontent-5173_1)**<br> **[Management Investment Companies](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_RMNP-Commoncontent-5173_1)**<br>| 26 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_961a68d1-d66f-4d6a-b806-9bf111b80625_AAA-Commoncontent-5173_1)** | 27 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Municipal Short Duration ETF

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2%** | **Long-Term Municipal Investments — 99.2%** | **Long-Term Municipal Investments — 99.2%** | **Long-Term Municipal Investments — 99.2%** | **Long-Term Municipal Investments — 99.2%** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2026 | 450000 | 451600 |
| Jefferson County, Revenue Bonds, Refunding | 5.00 | 10/1/2027 | 1000000 | 1040089 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. <br> 4) Ser. B1<sup>(a)</sup> <br>| 5.00 | 8/1/2028 | 7360000 | 7736581 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C | 5.00 | 11/1/2027 | 500000 | 517753 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C | 5.00 | 11/1/2028 | 785000 | 828081 |
| The Southeast Alabama Gas Supply District, Revenue Bonds, Refunding (Project <br> No. 2)<br>| 5.00 | 5/1/2026 | 750000 | 752420 |
|  |  |  |  | **11326524** |
| **Alaska — 1.0%** | **Alaska — 1.0%** | **Alaska — 1.0%** | **Alaska — 1.0%** | **Alaska — 1.0%** |
| Alaska International Airports System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2028 | 2495000 | 2673504 |
| Alaska International Airports System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2029 | 1825000 | 2003921 |
|  |  |  |  | **4677425** |
| **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2028 | 4000000 | 4214890 |
| Chandler Industrial Development Authority, Revenue Bonds (Intel Corp. <br> Project)<sup>(a)</sup> <br>| 4.00 | 6/1/2029 | 2000000 | 2058123 |
| Maricopa County Industrial Development Authority, Revenue Bonds (Banner <br> Health Obligated Group) Ser. A1<sup>(a)</sup> <br>| 5.00 | 5/15/2026 | 2750000 | 2760429 |
|  |  |  |  | **9033442** |
| **Arkansas — .6%** | **Arkansas — .6%** | **Arkansas — .6%** | **Arkansas — .6%** | **Arkansas — .6%** |
| Arkansas Development Finance Authority, Revenue Bonds (Division of <br> Emergency Management Project)<br>| 4.00 | 6/1/2029 | 1000000 | 1023655 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2027 | 755000 | 767843 |
| Arkansas Development Finance Authority, Revenue Bonds (Washington <br> Regional Medical Center)<br>| 5.00 | 2/1/2028 | 820000 | 848133 |
|  |  |  |  | **2639631** |
| **California — 3.3%** | **California — 3.3%** | **California — 3.3%** | **California — 3.3%** | **California — 3.3%** |
| California Pollution Control Financing Authority, Revenue Bonds (Waste <br> Management Project) Ser. C<br>| 4.25 | 12/1/2027 | 1000000 | 1021490 |
| Inglewood Unified School District, GO, Ser. B | 5.00 | 8/1/2030 | 640000 | 720258 |
| Los Angeles Department of Water & Power, Revenue Bonds | 5.00 | 7/1/2028 | 2245000 | 2384557 |
| Los Angeles Department of Water & Power, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 1000000 | 1062164 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 500000 | 524546 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 2750000 | 2990035 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2028 | 580000 | 602558 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2028 | 1375000 | 1460475 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2030 | 2015000 | 2239561 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2028 | 1015000 | 1078096 |
| Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | 5.00 | 8/1/2026 | 600000 | 606073 |
|  |  |  |  | **14689813** |
| **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** |
| Colorado, COP, Ser. J | 5.00 | 3/15/2032 | 2070000 | 2126204 |
| Colorado Health Facilities Authority, Revenue Bonds (AdventHealth Obligated <br> Group) Ser. A<sup>(a)</sup> <br>| 5.00 | 11/15/2029 | 1000000 | 1091856 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Colorado — 3.1% (continued)** | **Colorado — 3.1% (continued)** | **Colorado — 3.1% (continued)** | **Colorado — 3.1% (continued)** | **Colorado — 3.1% (continued)** |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventhealth <br> Obligated Group)<sup>(a)</sup> <br>| 5.00 | 11/15/2028 | 2875000 | 3049961 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit <br> Health Obligated Group) Ser. A<br>| 5.00 | 12/1/2029 | 790000 | 856882 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 8/17/2026 | 3605000 | 3648182 |
| Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 805000 | 809713 |
| Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; <br> GNMA) Ser. K<br>| 3.88 | 5/1/2050 | 1000000 | 1008591 |
| Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Sustainable <br> Bond) (Insured; GNMA) Ser. B<br>| 3.00 | 5/1/2051 | 1315000 | 1307975 |
|  |  |  |  | **13899364** |
| **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** | **Connecticut — 2.1%** |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. A3<sup>(a)</sup> <br>| 2.95 | 7/1/2027 | 2105000 | 2125548 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. B1<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 5350000 | 5953240 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (The Stamford Hospital Obligated Group)<br>| 5.00 | 7/1/2026 | 200000 | 201344 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 11/15/2045 | 1075000 | 1085562 |
|  |  |  |  | **9365694** |
| **Delaware — .2%** | **Delaware — .2%** | **Delaware — .2%** | **Delaware — .2%** | **Delaware — .2%** |
| Delaware Housing Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) <br> Ser. B<br>| 6.00 | 1/1/2055 | 985000 | **1098872** |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| District of Columbia, GO, Refunding, Ser. A | 5.00 | 6/1/2031 | 2060000 | 2129311 |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. B | 5.00 | 10/1/2031 | 2750000 | 2829171 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2026 | 2250000 | 2284936 |
|  |  |  |  | **7243418** |
| **Florida — 8.0%** | **Florida — 8.0%** | **Florida — 8.0%** | **Florida — 8.0%** | **Florida — 8.0%** |
| Brevard County School District, COP, Refunding, Ser. A | 5.00 | 7/1/2028 | 1750000 | 1860430 |
| Brevard County School District, COP, Refunding, Ser. A | 5.00 | 7/1/2031 | 1390000 | 1437241 |
| Florida Insurance Assistance Interlocal Agency, Inc., Revenue Bonds, Refunding, <br> Ser. A1<br>| 5.00 | 9/1/2027 | 3410000 | 3454587 |
| Hialeah Utility System, Revenue Bonds, Refunding | 5.00 | 10/1/2027 | 1465000 | 1517938 |
| Hialeah Utility System, Revenue Bonds, Refunding | 5.00 | 10/1/2028 | 1540000 | 1627884 |
| Hillsborough County Industrial Development Authority, Revenue Bonds, <br> Refunding (BayCare Obligated Group) Ser. C<br>| 5.00 | 11/15/2029 | 3510000 | 3852025 |
| Lee County Housing Finance Authority, Revenue Bonds<sup>(a)</sup> <br>| 3.50 | 12/1/2027 | 2850000 | 2877907 |
| Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Historic <br> Convention Village)(Insured; Assured Guaranty Corp.)<br>| 5.00 | 2/1/2027 | 1000000 | 1023116 |
| Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Historic <br> Convention Village)(Insured; Assured Guaranty Corp.)<br>| 5.00 | 2/1/2028 | 1625000 | 1702992 |
| Miami-Dade County Aviation, Revenue Bonds, Refunding | 5.00 | 10/1/2028 | 1135000 | 1152981 |
| Miami-Dade County Housing Finance Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 3.25 | 8/1/2029 | 5000000 | 5072151 |
| Orange County Convention Center/Orlando, Revenue Bonds, Ser. A | 5.00 | 10/1/2031 | 1000000 | 1014230 |
| Palm Beach County School District, COP, Refunding, Ser. A | 5.00 | 8/1/2028 | 1750000 | 1863884 |
| Palm Beach County School District, COP, Refunding, Ser. A | 5.00 | 8/1/2029 | 2250000 | 2454627 |
| Palm Beach County School District, COP, Refunding, Ser. A | 5.00 | 8/1/2030 | 1100000 | 1226608 |
| Southeast Overtown Park West Community Redevelopment Agency, Tax <br> Allocation Bonds (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 3/1/2027 | 800000 | 820122 |
| Southeast Overtown Park West Community Redevelopment Agency, Tax <br> Allocation Bonds (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 3/1/2028 | 750000 | 787248 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Florida — 8.0% (continued)** | **Florida — 8.0% (continued)** | **Florida — 8.0% (continued)** | **Florida — 8.0% (continued)** | **Florida — 8.0% (continued)** |
| Southeast Overtown Park West Community Redevelopment Agency, Tax <br> Allocation Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. B<br>| 5.00 | 3/1/2027 | 1250000 | 1281440 |
| Southeast Overtown Park West Community Redevelopment Agency, Tax <br> Allocation Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. B<br>| 5.00 | 3/1/2028 | 1000000 | 1049664 |
|  |  |  |  | **36077075** |
| **Georgia — 3.5%** | **Georgia — 3.5%** | **Georgia — 3.5%** | **Georgia — 3.5%** | **Georgia — 3.5%** |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 4.00 | 9/1/2027 | 265000 | 270327 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A | 5.00 | 6/1/2027 | 500000 | 513552 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A | 5.00 | 12/1/2027 | 500000 | 518971 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. A | 5.00 | 12/1/2028 | 835000 | 882661 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. B | 5.00 | 12/1/2030 | 3300000 | 3572840 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. E | 5.00 | 12/1/2028 | 2225000 | 2342350 |
| Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory <br> University) Ser. A<br>| 5.00 | 9/1/2029 | 5000000 | 5474158 |
| The Burke County Development Authority, Revenue Bonds, Refunding (Vogtle <br> Power Co. Plant)<sup>(a)</sup> <br>| 3.38 | 3/12/2027 | 2000000 | 2015780 |
|  |  |  |  | **15590639** |
| **Hawaii — .8%** | **Hawaii — .8%** | **Hawaii — .8%** | **Hawaii — .8%** | **Hawaii — .8%** |
| Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaii <br> Pacific Health Obligated Group)<br>| 5.00 | 7/1/2027 | 2000000 | 2069227 |
| Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaii <br> Pacific Health Obligated Group) Ser. A<br>| 5.00 | 7/1/2027 | 1535000 | 1588132 |
|  |  |  |  | **3657359** |
| **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** | **Illinois — 5.0%** |
| Chicago Park District, GO, Refunding, Ser. C | 5.00 | 1/1/2027 | 2050000 | 2096093 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2027 | 1000000 | 1030249 |
| Illinois, GO, Ser. B | 5.00 | 5/1/2028 | 1050000 | 1108339 |
| Illinois, GO, Ser. C | 5.00 | 5/1/2029 | 550000 | 593642 |
| Illinois, GO, Refunding, Ser. B | 5.00 | 10/1/2028 | 1025000 | 1092316 |
| Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A | 5.00 | 6/15/2032 | 2750000 | 2894894 |
| Illinois, Revenue Bonds, Ser. A | 5.00 | 6/15/2030 | 1405000 | 1552354 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2027 | 490000 | 504611 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2028 | 515000 | 538778 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Noble Network of <br> Charter Schools) Ser. A<br>| 5.00 | 9/1/2029 | 810000 | 859545 |
| Illinois Finance Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2030 | 620000 | 684299 |
| Illinois Housing Development Authority, Revenue Bonds (Hope Manor Village <br> Joliet)(Insured; HUD SECT 8)<sup>(a)</sup> <br>| 3.15 | 2/1/2028 | 2000000 | 2021755 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding, <br> (McCormick Place Expansion Project) Ser. A<br>| 5.00 | 6/15/2029 | 3000000 | 3114866 |
| Metropolitan Water Reclamation District of Greater Chicago, GO, Refunding, Ser. <br> C<br>| 5.00 | 12/1/2030 | 1000000 | 1124473 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2029 | 1000000 | 1073904 |
| Winnebago-Boone ETC Counties Community College District No. 511, GO, <br> Refunding (Rock Valley College) Ser. B<br>| 5.00 | 1/1/2029 | 2145000 | 2303127 |
|  |  |  |  | **22593245** |
| **Indiana — 3.9%** | **Indiana — 3.9%** | **Indiana — 3.9%** | **Indiana — 3.9%** | **Indiana — 3.9%** |
| Indiana Finance Authority, Revenue Bonds (Indiana University Health Obligated <br> Group) Ser. B1<sup>(a)</sup> <br>| 5.00 | 7/1/2028 | 1105000 | 1163422 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Newsfields) | 4.00 | 2/1/2029 | 1500000 | 1556239 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Indiana — 3.9% (continued)** | **Indiana — 3.9% (continued)** | **Indiana — 3.9% (continued)** | **Indiana — 3.9% (continued)** | **Indiana — 3.9% (continued)** |
| Indiana Finance Authority, Revenue Bonds, Refunding, Ser. D1<sup>(a)</sup> <br>| 5.00 | 10/1/2029 | 4250000 | 4588136 |
| Indiana Finance Authority, Revenue Bonds, Refunding, (Indianapolis Power & <br> Light Company Project) Ser. B<sup>(a)</sup> <br>| 0.95 | 4/1/2026 | 3300000 | 3293878 |
| Rockport, Revenue Bonds, Refunding, Ser. A<sup>(a)</sup> <br>| 3.70 | 6/1/2029 | 3650000 | 3740225 |
| The Bloomington Public Building Corp., Revenue Bonds | 5.00 | 2/1/2028 | 710000 | 743260 |
| The Bloomington Public Building Corp., Revenue Bonds | 5.00 | 8/1/2028 | 840000 | 890184 |
| The Bloomington Public Building Corp., Revenue Bonds | 5.00 | 2/1/2029 | 760000 | 814527 |
| The Bloomington Public Building Corp., Revenue Bonds | 5.00 | 8/1/2029 | 740000 | 801714 |
|  |  |  |  | **17591585** |
| **Iowa — .7%** | **Iowa — .7%** | **Iowa — .7%** | **Iowa — .7%** | **Iowa — .7%** |
| Lewis Central Community School District, GO | 5.00 | 6/1/2027 | 3115000 | **3215743** |
| **Kansas — .7%** | **Kansas — .7%** | **Kansas — .7%** | **Kansas — .7%** | **Kansas — .7%** |
| Shawnee County, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 3.75 | 5/1/2028 | 3000000 | **3035684** |
| **Kentucky — 3.7%** | **Kentucky — 3.7%** | **Kentucky — 3.7%** | **Kentucky — 3.7%** | **Kentucky — 3.7%** |
| Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project <br> No. 130) Ser. B<br>| 5.00 | 11/1/2027 | 3750000 | 3926888 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2026 | 500000 | 503243 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2027 | 550000 | 564510 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2028 | 1000000 | 1044978 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 4.00 | 2/1/2028 | 1690000 | 1731456 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A<sup>(a)</sup> <br>| 5.25 | 12/1/2029 | 3550000 | 3838054 |
| Rural Water Financing Agency, Revenue Bonds, Ser. A | 2.75 | 5/1/2028 | 5000000 | 5000663 |
|  |  |  |  | **16609792** |
| **Louisiana — .6%** | **Louisiana — .6%** | **Louisiana — .6%** | **Louisiana — .6%** | **Louisiana — .6%** |
| Louisiana Local Government Environmental Facilities & Community <br> Development Authority, Revenue Bonds, Refunding (Calcasieu Parish School <br> Project) (Insured; Build America Mutual)<br>| 5.00 | 12/1/2026 | 510000 | 519925 |
| Louisiana Local Government Environmental Facilities & Community <br> Development Authority, Revenue Bonds, Refunding (Calcasieu Parish School <br> Project) (Insured; Build America Mutual)<br>| 5.00 | 12/1/2027 | 285000 | 297903 |
| Louisiana Local Government Environmental Facilities & Community <br> Development Authority, Revenue Bonds, Refunding (Calcasieu Parish School <br> Project) (Insured; Build America Mutual)<br>| 5.00 | 12/1/2029 | 330000 | 360035 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2026 | 275000 | 275000 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2027 | 375000 | 383461 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2028 | 340000 | 355395 |
| Shreveport, GO (Insured; Assured Guaranty Corp.) | 5.00 | 3/1/2029 | 310000 | 330455 |
|  |  |  |  | **2522174** |
| **Maine — .3%** | **Maine — .3%** | **Maine — .3%** | **Maine — .3%** | **Maine — .3%** |
| Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2027 | 350000 | 364974 |
| Maine Housing Authority, Revenue Bonds, Ser. C | 4.00 | 11/15/2050 | 605000 | 610294 |
| Maine Housing Authority, Revenue Bonds, Ser. F | 4.25 | 11/15/2048 | 565000 | 570282 |
|  |  |  |  | **1545550** |
| **Massachusetts — 2.6%** | **Massachusetts — 2.6%** | **Massachusetts — 2.6%** | **Massachusetts — 2.6%** | **Massachusetts — 2.6%** |
| Massachusetts, Revenue Bonds (Sustainable Bond) Ser. A | 3.68 | 7/15/2026 | 10000000 | 10000044 |
| Massachusetts Development Finance Agency, Revenue Bonds, Ser. N<sup>(a)</sup> <br>| 3.30 | 7/1/2028 | 1825000 | 1862486 |
|  |  |  |  | **11862530** |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| Michigan Finance Authority, Revenue Bonds (Trinity Health Credit Group) Ser. <br> B<sup>(a)</sup> <br>| 5.00 | 12/1/2028 | 1000000 | 1055247 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** | **Michigan — 1.2% (continued)** |
| Michigan Strategic Fund, Revenue Bonds (Consumers Energo Co.)<sup>(a)</sup> <br>| 3.35 | 10/1/2027 | 3000000 | 3013317 |
| Van Buren Public Schools, GO (Insured; Qualified School Board Loan Fund) Ser. <br> III<br>| 5.00 | 5/1/2027 | 1190000 | 1227477 |
|  |  |  |  | **5296041** |
| **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** | **Minnesota — 1.1%** |
| Minneapolis, Revenue Bonds (Allina Health System) Ser. A<sup>(a)</sup> <br>| 5.00 | 11/15/2028 | 1215000 | 1295097 |
| Minnesota Health & Education Facilities Authority, Revenue Bonds, Ser. B1<sup>(a)</sup> <br>| 5.00 | 10/1/2027 | 3000000 | 3068688 |
| Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. B<br>| 3.50 | 7/1/2050 | 620000 | 623552 |
|  |  |  |  | **4987337** |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| Mississippi Development Bank, Revenue Bonds (Insured; Build America Mutual) | 5.00 | 5/1/2027 | 810000 | 835036 |
| Mississippi Development Bank, Revenue Bonds (Insured; Build America Mutual) | 5.00 | 5/1/2029 | 1000000 | 1080775 |
| Mississippi Development Bank, Revenue Bonds (Insured; Build America Mutual) | 5.00 | 5/1/2030 | 1000000 | 1104339 |
| Mississippi Development Bank, Revenue Bonds, Ser. A | 5.00 | 5/1/2029 | 1225000 | 1286063 |
|  |  |  |  | **4306213** |
| **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** |
| Jackson County, Revenue Bonds | 4.00 | 12/1/2026 | 1345000 | 1346467 |
| Joplin Schools, GO, Refunding (Insured; Build America Mutual) | 5.00 | 3/1/2028 | 2000000 | 2103731 |
| Kansas Planned Industrial Expansion Authority, Revenue Bonds (The Depot on <br> Old Santa Fe)<sup>(a)</sup> <br>| 5.00 | 7/1/2027 | 3150000 | 3212126 |
| Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2026 | 2000000 | 2002486 |
| Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA, <br> FNMA, FHLMC) Ser. A<br>| 3.50 | 11/1/2050 | 1040000 | 1043470 |
|  |  |  |  | **9708280** |
| **Nebraska — 1.9%** | **Nebraska — 1.9%** | **Nebraska — 1.9%** | **Nebraska — 1.9%** | **Nebraska — 1.9%** |
| Gretna Public Schools, GO (Insured; Assured Guaranty Corp.) | 5.00 | 12/15/2030 | 4650000 | 4854310 |
| Nebraska Investment Finance Authority, Revenue Bonds (Insured; GNMA, <br> FNMA, FHLMC) Ser. A<br>| 3.00 | 9/1/2045 | 2710000 | 2693265 |
| Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; <br> GNMA, FNMA, FHLMC) Ser. E<br>| 3.75 | 9/1/2049 | 870000 | 871130 |
|  |  |  |  | **8418705** |
| **Nevada — 1.1%** | **Nevada — 1.1%** | **Nevada — 1.1%** | **Nevada — 1.1%** | **Nevada — 1.1%** |
| Clark County, GO, Refunding, Ser. B | 5.00 | 11/1/2028 | 5000000 | **5097908** |
| **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** |
| New Hampshire Health and Education Facilities Authority Act, Revenue Bonds, <br> Refunding, Ser. A<sup>(a)</sup> <br>| 3.30 | 8/3/2027 | 2565000 | **2583897** |
| **New Jersey — 1.6%** | **New Jersey — 1.6%** | **New Jersey — 1.6%** | **New Jersey — 1.6%** | **New Jersey — 1.6%** |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 5.00 | 11/1/2029 | 500000 | 544010 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2027 | 700000 | 728805 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2028 | 750000 | 798911 |
| Casino Reinvestment Development Authority, Inc., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 11/1/2029 | 1000000 | 1088019 |
| Passaic Valley Sewerage Commission, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. J<br>| 3.00 | 12/1/2028 | 4090000 | 4152116 |
|  |  |  |  | **7311861** |
| **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** | **New Mexico — .2%** |
| Rio Rancho, Revenue Bonds | 5.00 | 6/1/2029 | 1055000 | **1147518** |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **New York — 7.3%** | **New York — 7.3%** | **New York — 7.3%** | **New York — 7.3%** | **New York — 7.3%** |
| Build New York City Resource Corp., Revenue Bonds (The Young Men's And <br> Young Women's Hebrew Association Project)<br>| 5.00 | 12/1/2028 | 2750000 | 2940836 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2028 | 2900000 | 3117818 |
| New York City Housing Development Corp., Revenue Bonds, Ser. E2<sup>(a)</sup> <br>| 3.80 | 1/3/2028 | 2400000 | 2433300 |
| New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. <br> J1<br>| 5.00 | 11/1/2028 | 5000000 | 5368940 |
| New York State Dormitory Authority, Revenue Bonds (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 5.00 | 10/1/2028 | 1100000 | 1182146 |
| New York State Dormitory Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/2/2029 | 6000000 | 6410793 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | 5.00 | 3/15/2032 | 1010000 | 1082872 |
| New York State Housing Finance Agency, Revenue Bonds (Insured; State of New <br> York Mortgage Agency) Ser. B2<sup>(a)</sup> <br>| 3.60 | 5/1/2029 | 5000000 | 5051776 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, BAN, Ser. B | 5.00 | 3/15/2027 | 5000000 | 5153465 |
|  |  |  |  | **32741946** |
| **North Dakota — .5%** | **North Dakota — .5%** | **North Dakota — .5%** | **North Dakota — .5%** | **North Dakota — .5%** |
| Cass County Joint Water Resource District, Revenue Bonds, Refunding, Ser. A | 3.45 | 4/1/2027 | 2500000 | **2500984** |
| **Ohio — 2.7%** | **Ohio — 2.7%** | **Ohio — 2.7%** | **Ohio — 2.7%** | **Ohio — 2.7%** |
| Franklin County Convention Facilities Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2028 | 4050000 | 4343350 |
| Ohio Housing Finance Agency, Revenue Bonds<sup>(a)</sup> <br>| 3.70 | 5/1/2028 | 1000000 | 1013051 |
| Ohio Housing Finance Agency, Revenue Bonds, (Insured; GNMA, FNMA, FHLMC) <br> Ser. B<br>| 3.25 | 3/1/2050 | 975000 | 974415 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, <br> Revenue Bonds, Ser. C<sup>(b)</sup> <br>| 1.90 | 12/1/2054 | 6000000 | 6000000 |
|  |  |  |  | **12330816** |
| **Oklahoma — 2.1%** | **Oklahoma — 2.1%** | **Oklahoma — 2.1%** | **Oklahoma — 2.1%** | **Oklahoma — 2.1%** |
| Canadian County Educational Facilities Authority, Revenue Bonds (Mustang <br> Public Schools Project)<br>| 5.00 | 9/1/2027 | 300000 | 303624 |
| Oklahoma County Independent School District No. 89, GO, Ser. A | 4.00 | 7/1/2028 | 2000000 | 2075937 |
| Tulsa County Independent School District No. 4 Bixby, GO | 5.00 | 6/1/2027 | 5000000 | 5162332 |
| Tulsa County Industrial Authority, Revenue Bonds (Broken Arrow Public <br> Schools Project)<br>| 5.00 | 9/1/2028 | 350000 | 371096 |
| Tulsa County Industrial Authority, Revenue Bonds (Broken Arrow Public <br> Schools Project)<br>| 5.00 | 9/1/2029 | 350000 | 378401 |
| Tulsa County Industrial Authority, Revenue Bonds (Glenpool Public Schools <br> Project)<br>| 5.00 | 9/1/2026 | 300000 | 303708 |
| Tulsa County Industrial Authority, Revenue Bonds (Glenpool Public Schools <br> Project)<br>| 5.00 | 9/1/2027 | 305000 | 316277 |
| Tulsa County Industrial Authority, Revenue Bonds (Glenpool Public Schools <br> Project)<br>| 5.00 | 9/1/2028 | 700000 | 744116 |
|  |  |  |  | **9655491** |
| **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** |
| Lincoln County School District, GO (Insured; School Board Guaranty)<sup>(c)</sup> <br>| 5.00 | 6/15/2027 | 635000 | 646529 |
| Lincoln County School District, GO (Insured; School Board Guaranty)<sup>(c)</sup> <br>| 5.00 | 6/15/2028 | 925000 | 964513 |
| Lincoln County School District, GO (Insured; School Board Guaranty)<sup>(c)</sup> <br>| 5.00 | 6/15/2029 | 1220000 | 1301260 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2026 | 115000 | 115793 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2027 | 125000 | 128701 |
| Oregon Coast Community College District, GO (Insured; School Board Guaranty) | 5.00 | 6/15/2028 | 200000 | 212338 |
| Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | 4.75 | 1/1/2050 | 625000 | 631594 |
| Oregon State Business Development Commission, Revenue Bonds (Intel Corp. <br> Project) Ser. 232<sup>(a)</sup> <br>| 3.80 | 6/15/2028 | 3000000 | 3061923 |
|  |  |  |  | **7062651** |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** |
| Allegheny County Higher Education Building Authority, Revenue Bonds, <br> Refunding, Ser. 20<br>| 5.00 | 3/1/2026 | 1660000 | 1660000 |
| Cumberland County Municipal Authority, Revenue Bonds | 5.00 | 11/1/2028 | 1080000 | 1146697 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds <br> (Waste Management, Inc. Project) Ser. A<sup>(a)</sup> <br>| 4.00 | 7/1/2026 | 3250000 | 3252309 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<sup>(a)</sup> <br>| 5.00 | 3/15/2030 | 3000000 | 3236394 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 149A | 5.00 | 4/1/2029 | 500000 | 535531 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 149A | 5.00 | 10/1/2029 | 250000 | 271091 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 149A | 5.25 | 4/1/2030 | 300000 | 329487 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 149A | 5.25 | 10/1/2030 | 200000 | 221069 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.00 | 3/1/2027 | 2430000 | 2488939 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.00 | 3/1/2028 | 2730000 | 2861766 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) <br> Ser. A<br>| 5.00 | 3/1/2029 | 5200000 | 5544666 |
|  |  |  |  | **21547949** |
| **Rhode Island — 2.8%** | **Rhode Island — 2.8%** | **Rhode Island — 2.8%** | **Rhode Island — 2.8%** | **Rhode Island — 2.8%** |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Ser. E | 5.00 | 5/15/2027 | 600000 | 619881 |
| Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.)<br>| 5.00 | 5/15/2027 | 9915000 | 9935090 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.00 | 10/1/2050 | 880000 | 875370 |
| Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.50 | 10/1/2050 | 1025000 | 1028376 |
|  |  |  |  | **12458717** |
| **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** | **South Carolina — .6%** |
| South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. <br> B<br>| 3.25 | 1/1/2052 | 1360000 | 1359092 |
| South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. <br> B<br>| 5.00 | 1/1/2028 | 355000 | 371827 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2028 | 1000000 | 1072985 |
|  |  |  |  | **2803904** |
| **South Dakota — .5%** | **South Dakota — .5%** | **South Dakota — .5%** | **South Dakota — .5%** | **South Dakota — .5%** |
| South Dakota Conservancy District, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/1/2031 | 1980000 | **2060679** |
| **Tennessee — 1.7%** | **Tennessee — 1.7%** | **Tennessee — 1.7%** | **Tennessee — 1.7%** | **Tennessee — 1.7%** |
| Rutherford County Health & Educational Facilities Board, Revenue Bonds, <br> Refunding (Ascension Senior Credit Group) Ser. B1<sup>(a)</sup> <br>| 5.00 | 11/15/2030 | 3375000 | 3719522 |
| Tennergy Corp., Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 4.00 | 9/1/2028 | 3920000 | 4042245 |
|  |  |  |  | **7761767** |
| **Texas — 11.1%** | **Texas — 11.1%** | **Texas — 11.1%** | **Texas — 11.1%** | **Texas — 11.1%** |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Insured; <br> Permanent School Fund Guarantee Program) Ser. C<br>| 5.00 | 12/1/2028 | 820000 | 874647 |
| Boerne Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<sup>(a)</sup> <br>| 4.00 | 2/1/2028 | 4000000 | 4107786 |
| Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 8/15/2030 | 1625000 | 1776008 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Idea Public <br> Schools)(Insured; Permanent School Fund Guarantee Program)<br>| 5.00 | 8/15/2030 | 1500000 | 1660553 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 11/1/2026 | 2085000 | 2120474 |
| Dallas Waterworks & System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2029 | 2500000 | 2537905 |
| Eagle Mountain & Saginaw Independent School District, GO<sup>(a),(d)</sup> <br>| 4.00 | 8/1/2027 | 10000 | 10243 |
| Eagle Mountain & Saginaw Independent School District, GO<sup>(a)</sup> <br>| 4.00 | 8/1/2027 | 1115000 | 1138858 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Texas — 11.1% (continued)** | **Texas — 11.1% (continued)** | **Texas — 11.1% (continued)** | **Texas — 11.1% (continued)** | **Texas — 11.1% (continued)** |
| Fort Bend Independent School District, GO, Refunding (Insured; Permanent <br> School Fund Guarantee Program) Ser. B<sup>(a)</sup> <br>| 0.72 | 8/1/2026 | 1605000 | 1587832 |
| Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.00 | 10/1/2030 | 2025000 | 2139175 |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Memorial Hermann Health System Obligated Group) Ser. C<sup>(a)</sup> <br>| 5.00 | 7/1/2029 | 1250000 | 1337398 |
| Housing Options, Inc., Revenue Bonds (Royal Crest Apartments)(Insured; HUD <br> SECT 8)<sup>(a)</sup> <br>| 3.05 | 2/1/2028 | 2000000 | 2015072 |
| Lower Colorado River Authority, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 5/15/2028 | 590000 | 617852 |
| McLennan County Junior College District, GO, Refunding | 4.00 | 8/15/2028 | 2500000 | 2606704 |
| Northside Independent School District, GO, Refunding (Insured; Permanent <br> School Fund Guarantee Program) Ser. B<sup>(a)</sup> <br>| 3.45 | 8/1/2027 | 3945000 | 3998348 |
| San Antonio Municipal Facilities Corp., Revenue Bonds<sup>(a)</sup> <br>| 5.00 | 8/1/2027 | 2800000 | 2892642 |
| San Antonio Water System, Revenue Bonds<sup>(a)</sup> <br>| 1.00 | 11/1/2026 | 1275000 | 1259698 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds <br> (Baylor Scott & White Health Project) Ser. F<sup>(a)</sup> <br>| 5.00 | 5/1/2030 | 1350000 | 1480955 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 11/15/2029 | 7500000 | 8117442 |
| Texas A&M University, Revenue Bonds, Refunding, Ser. E | 5.00 | 5/15/2028 | 1710000 | 1767950 |
| Texas Independent School District, GO, Refunding (Insured; Permanent School <br> Fund Guarantee Program)<br>| 4.00 | 8/15/2027 | 1970000 | 2016435 |
| Thorndale Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 8/15/2028 | 615000 | 655353 |
| University of North Texas System, Revenue Bonds, Refunding, Ser. A | 5.00 | 4/15/2029 | 1250000 | 1353944 |
| Wink-Loving Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2030 | 1000000 | 1051758 |
| Wink-Loving Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 5.00 | 2/15/2031 | 1000000 | 1051223 |
|  |  |  |  | **50176255** |
| **U.S. Related — .8%** | **U.S. Related — .8%** | **U.S. Related — .8%** | **U.S. Related — .8%** | **U.S. Related — .8%** |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2028 | 1250000 | 1297830 |
| Guam, Revenue Bonds, Refunding, Ser. G | 5.00 | 1/1/2029 | 1255000 | 1328389 |
| Puerto Rico, Notes<sup>(b)</sup> <br>| 2.96 | 11/1/2051 | 1439959 | 998971 |
|  |  |  |  | **3625190** |
| **Utah — .2%** | **Utah — .2%** | **Utah — .2%** | **Utah — .2%** | **Utah — .2%** |
| Utah Charter School Finance Authority, Revenue Bonds (American Leadership <br> Academy Project)<br>| 5.00 | 10/15/2026 | 375000 | 379885 |
| Utah Charter School Finance Authority, Revenue Bonds (American Leadership <br> Academy Project)<br>| 5.00 | 10/15/2028 | 415000 | 442390 |
|  |  |  |  | **822275** |
| **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** | **Virginia — 1.9%** |
| Harrisonburg Redevelopment & Housing Authority, Revenue Bonds<sup>(a)</sup> <br>| 3.57 | 10/1/2027 | 2250000 | 2273680 |
| Louisa Industrial Development Authority, Revenue Bonds (Virginia Electric & <br> Power Co.) Ser. C<sup>(a)</sup> <br>| 3.80 | 5/28/2027 | 1125000 | 1144903 |
| Virginia Commonwealth Transportation Board, Revenue Bonds, Refunding, Ser. <br> A<br>| 5.00 | 5/15/2031 | 5000000 | 5237294 |
|  |  |  |  | **8655877** |
| **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** |
| King County Housing Authority, Revenue Bonds, Refunding | 4.00 | 10/1/2026 | 150000 | 151218 |
| King County Housing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2026 | 200000 | 201350 |
| King County Housing Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2027 | 200000 | 203582 |
| King County Housing Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2028 | 300000 | 310772 |
| Port of Seattle, Revenue Bonds | 5.00 | 5/1/2026 | 5000000 | 5020464 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** | **Long-Term Municipal Investments — 99.2% (continued)** |
| **Washington — 1.7% (continued)** | **Washington — 1.7% (continued)** | **Washington — 1.7% (continued)** | **Washington — 1.7% (continued)** | **Washington — 1.7% (continued)** |
| Snohomish County School District No. 103 Monroe, GO, Refunding (Insured; <br> School Board Guaranty)<br>| 5.00 | 12/1/2028 | 600000 | 646455 |
| Snohomish County School District No. 103 Monroe, GO, Refunding (Insured; <br> School Board Guaranty)<br>| 5.00 | 12/1/2029 | 1000000 | 1102334 |
|  |  |  |  | **7636175** |
| **West Virginia — .7%** | **West Virginia — .7%** | **West Virginia — .7%** | **West Virginia — .7%** | **West Virginia — .7%** |
| West Virginia Economic Development Authority, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 3.70 | 6/1/2028 | 2000000 | 2048473 |
| West Virginia Higher Education Policy Commission, Revenue Bonds, Refunding <br> (Community & Technical Colleges Capital Improvement)<br>| 5.00 | 7/1/2030 | 1000000 | 1033611 |
|  |  |  |  | **3082084** |
| **Wisconsin — 1.1%** | **Wisconsin — 1.1%** | **Wisconsin — 1.1%** | **Wisconsin — 1.1%** | **Wisconsin — 1.1%** |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.00 | 11/15/2026 | 275000 | 278834 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.00 | 11/15/2027 | 290000 | 299964 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.00 | 11/15/2028 | 375000 | 395409 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.00 | 11/15/2029 | 300000 | 322226 |
| Public Finance Authority, Revenue Bonds, Refunding (Oxford Properties Llc <br> Project)<br>| 5.00 | 6/1/2029 | 990000 | 1038608 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Advocate Aurora Health Obligated Group)<sup>(a)</sup> <br>| 5.00 | 6/24/2026 | 1500000 | 1510873 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Advocate Aurora Health Obligated Group) Ser. B2<sup>(a)</sup> <br>| 5.00 | 6/24/2026 | 1000000 | 1007696 |
|  |  |  |  | **4853610** |
| **Total Investments** (cost $440,929,445) | **Total Investments** (cost $440,929,445) |  | **99.2%** | **446909689** |
| **Cash and Receivables (Net)** | **Cash and Receivables (Net)** |  | **.8%** | **3472396** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **450382085** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| BAN—Bond Anticipation Notes |
| COP—Certificate of Participation |
| FHLMC—Federal Home Loan Mortgage Corporation |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| GO—Government Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

<sup>(b)</sup> The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices. 

<sup>(c)</sup> Multi-coupon. Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

<sup>(d)</sup> These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. 

See notes to financial statements.

**11**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 440929445 | &nbsp;&nbsp;&nbsp;&nbsp; 446909689 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 191786 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 5550807 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 999501 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **453652813** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon ETF Investment Adviser, LLC, BNY Mellon Investment Adviser, Inc. and affiliates—Note <br> 4(b)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 93032 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 2060937 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 1037886 |
| Reorganization expense payable—Note 1  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63104 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 15769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3270728** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **450382085** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 459694590 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (9312505)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **450382085** |
| **Shares Outstanding** |  |  |
| Shares outstanding no par value (unlimited shares authorized) |  | &nbsp;&nbsp;&nbsp;&nbsp; 17483507 |
| **Net Asset Value Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.76** |
| **Market Price Per Share ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25.78** |

---

See notes to financial statements.

**12**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026<sup>(a)</sup> (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **7544352** |
| **Expenses:** |  |
| Management fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 825293 |
| Administration fee—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 249815 |
| Reorganization expense—Note 1  | &nbsp;&nbsp;&nbsp;&nbsp; 125700 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 39557 |
| Trustees' fees and expenses—Note 4(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 23527 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 18798 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 16446 |
| Shareholder servicing costs—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6926 |
| Chief Compliance Officer fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| Shareholder and regulatory reports service fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 6000 |
| Loan commitment fees—Note 3  | &nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| Custodian fees—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 2939 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 8289 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1333160** |
| Less—reduction in expenses due to undertaking—Note 4(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (211145)<br>|
| Less—reduction in fees due to earnings credits—Note 4(b)  | &nbsp;&nbsp;&nbsp;&nbsp; (2939)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **1119076** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **6425276** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (10337)<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1963375 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **1953038** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **8378314** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business on January 9, 2026, BNY Mellon National Short-Term Municipal Bond Fund (the "Predecessor Fund") was reorganized into BNY Mellon Municipal Short Duration ETF. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

See notes to financial statements.

**13**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025<sup>(a)</sup>  |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6425276 | &nbsp;&nbsp;&nbsp;&nbsp; 10721877 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (10337) | &nbsp;&nbsp;&nbsp;&nbsp; (461389) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1963375 | &nbsp;&nbsp;&nbsp;&nbsp; 4865573 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **8378314** | &nbsp;&nbsp;&nbsp;&nbsp; **15126061** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (729821) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (4586342) | &nbsp;&nbsp;&nbsp;&nbsp; (10289462) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (86417) | &nbsp;&nbsp;&nbsp;&nbsp; (280309) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(5402580)** | &nbsp;&nbsp;&nbsp;&nbsp; **(10569771)** |
| **Beneficial Interest Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 59962823 | &nbsp;&nbsp;&nbsp;&nbsp; 302572648 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3338536 | &nbsp;&nbsp;&nbsp;&nbsp; 5736414 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 466336660 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; 439170 | &nbsp;&nbsp;&nbsp;&nbsp; 1136435 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 61977 | &nbsp;&nbsp;&nbsp;&nbsp; 244943 |
| Cost of shares redeemed: |  |  |
| ETF shares | &nbsp;&nbsp;&nbsp;&nbsp; (18500103) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Class M | &nbsp;&nbsp;&nbsp;&nbsp; (561258380) | &nbsp;&nbsp;&nbsp;&nbsp; (170435779) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (14308375) | &nbsp;&nbsp;&nbsp;&nbsp; (8530307) |
| Transaction fees—Note 6  | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(63918442)** | &nbsp;&nbsp;&nbsp;&nbsp; **130724354** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(60942708)** | &nbsp;&nbsp;&nbsp;&nbsp; **135280644** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 511324793 | &nbsp;&nbsp;&nbsp;&nbsp; 376044149 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **450382085** | &nbsp;&nbsp;&nbsp;&nbsp; **511324793** |

---

**14**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025<sup>(a)</sup> |
| **Capital Share Transactions (Shares):** |  |  |
| **ETF shares** |  |  |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 18203507 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (720000) | &nbsp;&nbsp;&nbsp;&nbsp; - |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **17483507** | &nbsp;&nbsp;&nbsp;&nbsp; **-** |
| **Class M**<sup>(d),(e)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2345463 | &nbsp;&nbsp;&nbsp;&nbsp; 11945344 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 17189 | &nbsp;&nbsp;&nbsp;&nbsp; 44740 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (21913184) | &nbsp;&nbsp;&nbsp;&nbsp; (6714521) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(19550532)** | &nbsp;&nbsp;&nbsp;&nbsp; **5275563** |
| **Investor Shares**<sup>(d)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 261283 | &nbsp;&nbsp;&nbsp;&nbsp; 451840 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4854 | &nbsp;&nbsp;&nbsp;&nbsp; 19305 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1121011) | &nbsp;&nbsp;&nbsp;&nbsp; (673503) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(854874)** | &nbsp;&nbsp;&nbsp;&nbsp; **(202358)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(b)</sup> On December 26, 2025, the Predecessor Fund redesignated Investor Shares into Class M shares.

<sup>(c)</sup> As of the close of business on January 9, 2026, pursuant to an Agreement and Plan of Reorganization (the "Agreement") previously approved by the Predecessor Fund's Board of Trustees (the "Predecessor Board"), all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund. 

<sup>(d)</sup> During the period ended February 28, 2026, 554,901 Investor Shares representing $7,075,973 were exchanged for 277,800 Class M shares and during the period ended August 31, 2025, 216,962 Class M shares representing $5,512,805 were exchanged for 434,223 Investor Shares. 

<sup>(e)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. Share amounts presented here have been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

See notes to financial statements.

**15**

------

FINANCIAL HIGHLIGHTS

Please note that financial highlights information in the following table represents the financial highlights of the Predecessor Fund (Class M shares) for periods prior to the commencement of operations of the Fund's ETF shares on January 9, 2026. On that date, all of the assets of the Predecessor Fund were transferred to the fund in exchange for ETF shares in a tax-free reorganization. Accordingly, financial highlights for periods after January 9, 2026 represent the results of the fund's ETF shares.

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. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<sup>(a)</sup>  | 2025<sup>(a)</sup> <br>| 2024<sup>(a)</sup> <br>| 2023<sup>(a)</sup> <br>| 2022<sup>(a)</sup> <br>| 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):**<sup>(b)</sup>  | **Per Share Data ($):**<sup>(b)</sup>  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;25.60 | &nbsp;&nbsp;&nbsp;&nbsp;25.40 | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;24.80 | &nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;&nbsp;&nbsp;25.90 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .26 | &nbsp;&nbsp;&nbsp;&nbsp; .28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.02)<br>|
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .26 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>|
| Transaction fees<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;25.60 | &nbsp;&nbsp;&nbsp;&nbsp;25.40 | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;24.80 | &nbsp;&nbsp;&nbsp;&nbsp;25.88 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **Market Price Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 2.08 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .57 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Ratio of net expenses to average net assets<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .48 <br><sup>(f),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .48 |
| Ratio of net investment income to average net assets<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 <br><sup>(f),(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Portfolio Turnover Rate<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;88.48 | &nbsp;&nbsp;&nbsp;&nbsp;90.99 | &nbsp;&nbsp;&nbsp;&nbsp;101.11 | &nbsp;&nbsp;&nbsp;&nbsp;92.90 | &nbsp;&nbsp;&nbsp;&nbsp;66.89 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 450382 | &nbsp;&nbsp;&nbsp;&nbsp; 500392 | &nbsp;&nbsp;&nbsp;&nbsp; 362626 | &nbsp;&nbsp;&nbsp;&nbsp; 454866 | &nbsp;&nbsp;&nbsp;&nbsp; 877683 | &nbsp;&nbsp;&nbsp;&nbsp; 894027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> After the close of business January 2, 2026, the Predecessor Fund Class M shares underwent a one for two reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 for additional information on the reverse stock split. 

<sup>(b)</sup> The fund commenced offering ETF shares after the close of business January 9, 2026. The amounts disclosed include those of the Predecessor Fund. See Note 1 for additional information on the reorganization. 

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Amount represents less than $.01 per share.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount inclusive of reduction in expenses due to undertaking.

<sup>(h)</sup> Amount inclusive of reduction in fees due to earnings credits.

<sup>(i)</sup> Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

**16**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Organization:**

BNY Mellon Municipal Short Duration ETF (the "fund") is a separate diversified series of BNY Mellon ETF Trust II (the "Trust"), which is registered as a Massachusetts business trust under the Investment Company Act of 1940, as amended (the "Act"), as an open-ended management investment company. The Trust operates as a series company currently consisting of eight series, including the fund. The investment objective of the fund is to seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The Bank of New York Mellon, a subsidiary of BNY and an affiliate of the Adviser, serves as administrator, custodian and transfer agent with the Trust. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares.

At the close of business on January 2, 2026, the Predecessor Fund's Class M shares outstanding (the Predecessor Fund's only existing share class) underwent a one for two reverse stock split, reducing the number of shares and increasing the net asset value per share proportionally, without affecting the total investment value or triggering a taxable event (the "Reverse Stock Split"). The Predecessor Fund's Class M shares were adjusted to reflect the Reverse Stock Split.

As of the close of business on January 9, 2026, pursuant to the Agreement previously approved by the Predecessor Board, all of the assets, subject to the liabilities, of the Predecessor Fund, a series of BNY Mellon Funds Trust, were transferred to the fund in a tax free exchange for ETF shares. Shareholders of Class M shares of the Predecessor Fund received ETF shares of the fund in each case in an amount equal to the aggregate net asset value of their investment in the Predecessor Fund at the time of the exchange. On December 26, 2025, the Predecessor Fund redesignated Investor shares into Class M shares. The net asset value of the fund's shares on the close of business on January 9, 2026, at the time of the reorganization was $25.62 for Class M shares, and a total of 18,203,507 Class M shares, representing net assets of $466,336,660 (including $4,691,218 net appreciation on investments) issued to shareholders of the Predecessor Fund in the exchange. The fund is the accounting survivor of the Predecessor Fund and the Predecessor Fund's historical performance is presented for periods through January 9, 2026. As of the end of the reporting period, total reorganization costs attributable to the reorganization paid by the Predecessor Fund were $125,700, of which $63,104 is open liability as of February 28, 2026.

The shares of the fund are referred to herein as "Shares" or "Fund Shares." Fund Shares are listed and traded on The NASDAQ Stock Market LLC. The market price of each Share may differ to some degree from the fund's net asset value ("NAV"). Unlike conventional mutual funds, the fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit". Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the fund. Individual Fund Shares may only be purchased and sold on the The NASDAQ Stock Market LLC, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares of the fund (bid) and the lowest price a seller is willing to accept for Shares of the fund (ask).

**NOTE 2—**

**Significant Accounting Policies:**

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Trust enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The funds do 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).

**17**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust's Board of Trustees (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio of investments, subject to the Board's oversight.

Investments in municipal securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service"). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.

Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

The following is a summary of the inputs used as of February 28, 2026 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 446909689 | &nbsp;&nbsp; — | &nbsp;&nbsp; **446909689** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **446909689** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **446909689** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Schedule of Investments for additional detailed categorizations, if any.

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or

**18**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

**(c) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the fund and its investments. To the extent the fund may overweight its investments in certain countries, companies, industries or sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

**Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:** As with all exchange-traded funds, fund shares may be bought and sold in the secondary market at market prices. The trading prices of fund shares in the secondary market may differ from the fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) of less than the net asset value per shares (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**Interest Rate Risk:** Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. The municipal securities market can be susceptible to increases in volatility and decreases in liquidity. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. 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). Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund. In addition, income from municipal securities held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (IRS) or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the fund to be taxable and may result in a significant decline in the values of such municipal securities

**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 redemption requests, including requests from Authorized Participants who may own

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

a significant percentage of the fund's shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund's share price and increase the fund's liquidity risk, fund expenses and/or taxable distributions. Federal Reserve policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

**Authorized Participants, Market Makers and Liquidity Providers Risk:** The fund has a limited number of financial institutions that may act as Authorized Participants, which are responsible for the creation and redemption activity for the fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, fund shares may trade at a material discount to net asset value and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**(d) Dividends and distributions to shareholders:** Dividends and distributions payable to shareholders are recorded by the fund on the ex-dividend date. The fund normally declares and pays dividends from net investment income monthly. Income dividends for the fund may vary significantly from period to period. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**(e) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, 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 February 28, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2026, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $16,951,105 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $3,585,694 of short-term capital losses and $13,365,411 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 were as follows: tax-exempt income $10,430,004 and ordinary income $139,767. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(f) Operating segment reporting:** In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 3—**

**Bank Lines of Credit:**

Prior to January 9, 2026, the Predecessor Fund had participated with other long-term open-end funds managed by the Predecessor Fund's investment adviser, BNY Mellon Investment Adviser, Inc. ("Predecessor Fund 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 Predecessor 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 Predecessor Fund agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest was charged to the Predecessor Fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the Predecessor Fund did not borrow under either Facility.

**NOTE 4—**

**Management Fee, Administration Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. Prior to January 9, 2026, the Predecessor Fund Adviser fee was computed at an annual rate of .35% of the Predecessor Fund's average daily net assets, and was payable monthly.

The Predecessor Fund Adviser had contractually agreed, from September 1, 2025 through January 9, 2026, to waive receipt of its fees and/or assume the direct expenses of the Predecessor Fund so that the direct expenses of neither class of Predecessor Fund shares (excluding Shareholder Services Plan fees, taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) exceeded .44% of the Predecessor Fund's average daily net assets. On January 9, 2026, the Predecessor Fund Adviser terminated this expense limitation agreement. Prior to the reorganization of the fund, the reduction in expenses, pursuant to the undertaking, amounted to $211,145.

The Bank of New York Mellon served as administrator for the Predecessor Fund pursuant to an Administration Agreement with BNY Mellon Funds Trust (the "Predecessor Administration Agreement"). The Bank of New York Mellon had entered into a Sub-Administration Agreement with the Predecessor Fund Adviser pursuant to which BNY paid the Predecessor Fund Adviser for performing certain administrative services. Pursuant to the Predecessor Administration Agreement, the Bank of New York Mellon had provided or arranged for fund accounting, transfer agency and other Predecessor Fund administration services and received a fee based on the total net assets of the BNY Mellon Funds Trust based on the following rates:

---

| | |
|:---|:---|
| 0 up to $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; .15% |
| $6 billion up to $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .12% |
| In excess of $12 billion | &nbsp;&nbsp;&nbsp;&nbsp; .10% |

---

Effective January 9, 2026, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser serves as the fund's sub-adviser responsible for the day-to-day management of the fund's portfolio. The Adviser pays the Sub-Adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser (not the fund) pays the Sub-Adviser a monthly fee at an annual rate of .175% of the value of the fund's average daily net assets. For the period October 1, 2025 to January 9, 2026, under a similar agreement between the Predecessor Fund Adviser and the Sub-Adviser, the Predecessor Fund Adviser paid the Sub-Adviser the same fee rate.

**(b)** The Predecessor Fund had adopted a Shareholder Services Plan with respect to its Investor shares. The Predecessor Fund paid the

**21**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may have included personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allowed the Distributor to make payments from the shareholder services fees it collected from the Predecessor Fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. The imposition of shareholder service fees was discontinued prior to the reorganization of the Predecessor Fund into the fund. During the period ended February 28, 2026, Investor Shares were charged $6,896 pursuant to the Shareholder Services Plan.

The Predecessor Fund had an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"), both a subsidiary of BNY and an affiliate of the Adviser, whereby the Predecessor Fund may have received earnings credits when positive cash balances were maintained, which were used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The Predecessor Fund compensated the Transfer Agent, under a transfer agency agreement, for providing cash management services for the Predecessor Fund. The Transfer Agent fees are comprised of amounts paid on cash management fees which are related to Predecessor Fund subscriptions and redemptions. BNY paid the Predecessor Fund's Transfer Agent fees comprised of amounts paid on a per account basis out of the administration fee it received from the BNY Mellon Funds Trust. During the period ended February 28, 2026, there were no transfer agent cash management fees or earnings credits for the Predecessor Fund.

The Predecessor Fund compensated the Custodian, under a custody agreement, for providing custodial services for the Predecessor Fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended February 28, 2026, the Predecessor Fund was charged $2,939 pursuant to the custody agreement. These fees were offset by earnings credits of $2,939.

The Predecessor Fund compensated the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the Predecessor Fund's check writing privilege. During the period ended February 28, 2026, the Predecessor Fund was charged $30 pursuant to the agreement.

During the period ended February 28, 2026, the Predecessor Fund was charged $6,082 for services performed by the Predecessor Fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The Predecessor Fund compensated the Custodian for providing shareholder reporting and regulatory services for the Predecessor Fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $6,000 for financial reporting and regulatory services.

The components of "Due to BNY Mellon ETF Investment Adviser, LLC, BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $122,578, Chief Compliance Officer fees of $1,056, Checkwriting fees of $8 and shareholder and regulatory reports service fees of $8,150, which were offset against an expense reimbursement in the amount of $38,760.

**(c)** Each current Board member of the fund serves as a board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets. As of the reorganization, members of the Predecessor Board are no longer board members of the fund.

**NOTE 5—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities and in-kind transactions, if any, during the period ended February 28, 2026, amounted to $76,936,986 and $137,807,671, respectively.

At February 28, 2026, accumulated net unrealized appreciation on investments was $5,980,244, consisting of $6,936,268 gross unrealized appreciation and $956,024 gross unrealized depreciation.

At February 28, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**22**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 6—**

**Shareholder Transactions:**

The fund issues and redeems its shares on a continuous basis, at NAV, to certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in a large specified number of shares called a Creation Unit. Except when aggregated in Creation Units, shares of the fund are not redeemable. The value of the fund is determined once each business day. The Creation Unit size for the fund may change. Authorized Participants will be notified of such change. Creation Unit transactions may be made in-kind, for cash, or for a combination of securities and cash. The principal consideration for creations and redemptions for the fund is cash, although this may be revised at any time without notice. The Trust issues and sells shares of the fund only: in Creation Units on a continuous basis through the Distributor, without a sales load, at their NAV per share determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement. Transactions in capital shares for the fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of the fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. The Adviser or its affiliates (the "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) funds as they are launched or may purchase shares from broker-dealers or other investors that have previously provided "seed" for funds when they were launched or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of such funds, the fund shares are being registered to permit the resale of these shares from time to time after purchase. The fund will not receive any of the proceeds from resale by the Selling Shareholders of these fund shares. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Transaction fees" on the Statement of Changes in Net Assets.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the fund. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value per share. During the period ended February 28, 2026, the fund had no in-kind transactions.

**23**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon National Short-Term Municipal Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's independent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

**24**

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Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

At a special meeting of shareholders of the BNY Mellon National Short-Term Municipal Bond Fund, a series of BNY Mellon Funds Trust, (the "Predecessor Fund") held on December 9, 2025 (the "Shareholder Meeting"), shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Predecessor Fund and the Trust, on behalf of the fund. After the close of business on January 9, 2026, the Predecessor Fund was reorganized into the fund and the fund acquired the assets and assumed the liabilities of the Predecessor Fund (the "Reorganization"). Upon completion of the Reorganization, the fund commenced operations and assumed the accounting history of the Predecessor Fund. See Note 1 in Item 7 for additional information regarding the Reorganization.

The proposal to approve the Agreement and Plan of Reorganization was the only matter submitted to shareholders at the Shareholder Meeting. Holders of 35,842,183 shares of stock of the Predecessor Fund, which constituted 94.62% of the outstanding shares of the Predecessor Fund eligible to vote, participated in the shareholder meeting or participated by proxy. Results of the vote are as follows:

  <u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> To approve the Agreement and Plan of Reorganization 35,834,187 0 7,996

**25**

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Each member of the Predecessor Board serves as a board member of other funds within BNY Mellon Funds Trust, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. As of the Reorganization, members of the Predecessor Board are no longer board members of the fund. The Predecessor Fund was charged for services performed by the Predecessor Fund's Chief Compliance Officer. Compensation paid by the Predecessor Fund during the period to the Predecessor Board members and the Chief Compliance Officer of the Predecessor Fund are within Item 7. Statement of Operations as Trustees' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees' fees and expenses and Chief Compliance Officer fees paid by the Predecessor Fund during the period was $29,609.

Each current Board member of the fund serves as a Board member of each fund within the Trust and BNY Mellon ETF Trust. The Board members are not compensated directly by the fund. The Board members are paid by the Adviser from the unitary management fees paid to the Adviser by the funds within the Trust and BNY Mellon ETF Trust, including the fund.

**26**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

At a meeting held on August 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), all the members of which are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended, evaluated proposals to approve: (i) the management agreement (the "Management Agreement") between the Trust and BNY Mellon ETF Investment Adviser, LLC (the "Adviser"), pursuant to which the Adviser will provide the BNY Mellon Municipal Short Duration ETF (the "fund"), which commenced operations during the semi-annual period ended February 28, 2026, with investment advisory and administrative services; and (ii) the sub-investment advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Insight North America LLC (the "Sub-Adviser"), an affiliate of the Adviser, pursuant to which the Sub-Adviser will provide day-to-day management of the fund's investments. The Management Agreement and the Sub-Advisory Agreement are each referred to herein as an "Agreement" and collectively, as the "Agreements." The Trustees met separately to consider the Agreements and were advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and the Sub-Adviser provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreements, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser under each respective Agreement, (ii) investment performance of the Predecessor Fund (as defined below), (iii) fees charged to comparable funds, (iv) other benefits to the Adviser, the Sub-Adviser, and/or their affiliates, and (v) the extent to which economies of scale would be shared as the fund grows. The Board considered each of the Agreements and the engagement of the Adviser and the Sub-Adviser separately.

<u>Nature, Extent and Quality of Services</u>

The Board considered the nature, extent and quality of services expected to be provided by the Adviser and the Sub-Adviser. The Board reviewed the Agreements and the Adviser's anticipated responsibilities of investment advisory and administrative services for the fund, including oversight of day-to-day fund operations, fund accounting, administration, and assistance in meeting legal and regulatory requirements, as well as the Adviser's and the Sub-Adviser's anticipated responsibilities for managing investment operations of the fund in accordance with the fund's investment objective and policies, and applicable legal and regulatory requirements.

The Board considered the background and experience of the Adviser's and the Sub-Adviser's senior management, including those individuals expected to be responsible for portfolio management and regulatory compliance of the fund, as well as the Adviser's supervisory activities over the Sub-Adviser. The Board also considered the Adviser's extensive administrative, accounting, and compliance infrastructures. With respect to the Sub-Adviser, the Board also considered the Adviser's favorable assessment of the nature and quality of the services expected to be provided by the Sub-Adviser.

The Board appreciated the nature of the fund as an exchange-traded fund ("ETF") and considered the portfolio management resources, structures and practices of the Adviser and the Sub-Adviser, including those associated with monitoring and securing the fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Sub-Adviser's best execution procedures and overall investment management business. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, including the Sub-Adviser.

<u>Investment Performance</u>

As the fund had not yet commenced operations, it did not have its own performance record for the Board to review. However, it was proposed at the Meeting that the BNY Mellon National Short-Term Municipal Bond Fund (the "Predecessor Fund"), a separate series of BNY Mellon Funds Trust, be reorganized with and into the fund pursuant to an agreement and plan of reorganization and subject to approval by the Predecessor Fund's shareholders (the "Reorganization"). Upon completion of the Reorganization, which subsequently occurred on January 9, 2026, the fund commenced investment operations and assumed the historical performance record of the Predecessor Fund. In light of the proposed Reorganization, the Board reviewed the Predecessor Fund's performance as compared to a broad-based index and a peer group of short municipal debt funds ("Peer Group"). In considering the Predecessor Fund's performance, the Board noted that the fund would have the same investment objective, similar investment strategies, and the same Sub-Adviser as the Predecessor Fund.

The Board reviewed the results of the Predecessor Fund's performance comparisons and considered that its total return performance was above the performance of the broad-based index for the one-year period, and below the performance of the broad-based index for the five- and ten-year periods, ended December 31, 2024. The Board also considered that the Predecessor Fund's total return performance

**27**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)

was ranked in the third quartile of the Peer Group for the one- and five-year periods, and the second quartile of the Peer Group for the ten-year period, ended December 31, 2024. Representatives of the Adviser indicated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the Predecessor Fund and comparison funds and the end date selected.

The Board discussed with representatives of the Adviser and the Sub-Adviser the proposed portfolio management team and the investment strategy to be employed in the management of the fund's assets. The Board also considered the reputation and experience of the Adviser and the Sub-Adviser.

<u>Fees Charged to Comparable Funds</u>

The Board evaluated the fund's proposed unitary fee through a review of a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, which included information comparing the fund's proposed contractual management fee and anticipated total expenses with a group of actively-managed municipal national short ETFs and, with respect to anticipated total expenses, with a broader group of actively-managed municipal national short ETFs, the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Representatives of the Adviser also discussed the Adviser's pricing strategy for the fund.

The Board considered the fee to be paid to the Sub-Adviser in relation to the fee to be paid to the Adviser by the fund and the respective services to be provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee will be paid by the Adviser and not the fund.

<u>Other Benefits</u>

The Board also considered whether the Adviser, the Sub-Adviser or their affiliates were expected to benefit in other ways from their relationship with the fund, including any soft dollar arrangements maintained with respect to the fund's brokerage transactions. The Board noted The Bank of New York Mellon Corporation may derive certain benefits from an incremental growth in its businesses that may possibly result from the availability of the fund to clients.

<u>Profitability and Economies of Scale</u>

The Board reviewed information regarding economies of scale or other efficiencies that may result as the fund's assets grow in size. The Board noted that the Management Agreement did not provide for breakpoints in the fund's advisory fee rate as assets of the fund increase. The Adviser asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the fund grows in size and assess whether fee breakpoints may be warranted. As the fund had not yet commenced operations, the Board was not able to review the dollar amount of expenses allocated and profit received by the Adviser or Sub-Adviser.

<u>Conclusion</u>

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board approved the Agreements for the fund.

**28**

------© 2026 BNY Mellon Securities Corporation

Code-4873NCSRSA0226

![](img4b9e36f81.gif)

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**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company 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 by which the shareholders may recommend nominees to the Registrant's Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act
 (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required
 by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b))
 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto](cert302-etftii.htm).

(a)(4) Not applicable.

(a)(5)(i) [Change in Registrant's Independent Public Accountant attached hereto](exhibit19a5i-etftii.htm).

(a)(5)(ii) [Letters from Registrant's former Independent Public Accountant attached hereto](kpmgresponseltr-etftii.htm).

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](cert906-etfii.htm) .

**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.

(Registrant) <u>BNY Mellon ETF Trust II</u> 

By (Signature and Title) \* <u>/s/ David J. DiPetrillo</u> 

David J. DiPetrillo, President

(Principal Executive Officer)

Date <u>4/28/2026</u> 

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 (Signature and Title) \* <u>/s/ David J. DiPetrillo</u> 

David J. DiPetrillo, President

(Principal Executive Officer)

Date <u>4/28/2026</u> 

By (Signature and Title) \* <u>/s/ James Windels</u> 

James Windels, Treasurer

(Principal Financial and Accounting Officer)

Date <u>4/28/2026</u> 

 

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>4/28/2026</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>4/28/2026</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer) |

---

## Ex-99.Ind

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Income Stock Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on December 5, 2025 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on December 5, 2025.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through Decem- ber 5, 2025, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclo- sure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on December 5, 2025.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Corporate Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Prede- cessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Intermediate Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Prede- cessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon Municipal Opportunities Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced opera- tions and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon National Intermediate Municipal Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Fund, which is a series of BNY Mellon ETF Trust II (the "Trust"), is the successor to the BNY Mellon National Short-Term Municipal Bond Fund, a series of BNY Mellon Funds Trust (the "Predecessor Fund"). The Fund acquired the assets and assumed the liabilities of the Predecessor Fund on January 9, 2026 (the "Reorganization"). Upon completion of the Reorganization, the Fund commenced operations and assumed the accounting history of the Predecessor Fund. KPMG LLP ("KPMG") was the independent registered public accounting firm for the Predecessor Fund until the Reorganization on January 9, 2026.

During each of the two fiscal years ended August 31, 2025 and August 31, 2024, and the subsequent interim period through January 9, 2026, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in connection with KPMG's reports on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934 with respect to the Predecessor Fund.

The audit reports of KPMG on the financial statements of the Predecessor Fund as of and for the fiscal years ended August 31, 2025 and August 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Fund provided KPMG with a copy of the foregoing disclosures and has requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating whether KPMG agrees with the above statements. A copy of the letter from KPMG is filed as an Exhibit to this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** At a meeting held on August 12, 2025, the Audit Committee and Board of Trustees of the Trust approved the appointment of Ernst & Young LLC ("EY") as the Fund's independent registered public accounting firm for the fiscal year ending August 31, 2026. EY serves as the independent registered public accounting firm for all funds in the Trust. Accordingly, a change in the Predecessor Fund's inde- pendent registered public accounting firm was deemed to occur as of the closing of the Reorganization on January 9, 2026.

## Ex-99.Ind

![](graphicsimage_001.gif)

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

April 28, 2026

Securities and Exchange Commission Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for BNY Mellon Corporate Bond Fund (successor fund is BNY Mellon Core Plus ETF), BNY Mellon Intermediate Bond Fund (successor fund is BNY Mellon Active Core Bond ETF), BNY Mellon National Short-Term Municipal Bond Fund (successor fund is BNY Mellon Municipal Short ETF), BNY Mellon National Intermediate Municipal Bond Fund (successor fund is BNY Mellon Municipal Intermediate ETF), and BNY Mellon Municipal Opportunities Fund (successor fund is BNY Mellon Municipal Opportunities ETF) (the "Funds") and, under the date of October 23, 2025, we reported on the financial statements of Funds as of and for the year ended August 31, 2025. On January 9, 2026, we were dismissed.

We have read the statements made by the Funds included under Item 8 of Form N-CSR dated April 28, 2026, and we agree with such statements, except we are not in a position to agree or disagree with the statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

![](image_001.jpg)

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

![](graphicsimage_001.gif)

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

April 28, 2026

Securities and Exchange Commission Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for BNY Mellon Income Stock Fund (successor fund is BNY Mellon Enhanced Dividend and Income ETF) and, under the date of October 23, 2025, we reported on the financial statements of BNY Mellon Income Stock Fund as of and for the year ended August 31, 2025. On December 5, 2025, we were dismissed.

We have read the statements made by BNY Mellon Income Stock Fund included under Item 8 of Form N-CSR dated April 28, 2026, and we agree with such statements, except we are not in a position to agree or disagree with the statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

![](image_001.jpg)

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Each of the undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BNY Mellon ETF Trust II (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of BNY Mellon ETF Trust II.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>4/28/2026</u> | &nbsp;&nbsp; <u>/s/ David J. DiPetrillo</u> <br> David J. DiPetrillo, President<br> (Principal Executive Officer)<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: <u>4/28/2026</u> | &nbsp;&nbsp; <u>/s/ James Windels</u> <br> James Windels, Treasurer<br> (Principal Financial and Accounting Officer) |

---