# EDGAR Filing Document

**Accession Number:** 0000878092
**File Stem:** 0000030146-25-000098
**Filing Date:** 2025-10
**Character Count:** 375211
**Document Hash:** 1949ab0f417ffd850e9619381b669a51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000098.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000030146-25-000098

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON MUNICIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000878092

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06377
- **FILM NUMBER:** 251428497

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MUNICIPAL FUNDS, INC.
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MUNICIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MUNICIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20030401

## Series and Classes Contracts Data

### BNY Mellon AMT-Free Municipal Bond Fund (Series ID: S000000330)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000815 | Class A        | DMUAX           |
| C000000817 | Class C        | DMUCX           |
| C000000818 | Class Z        | DRMBX           |
| C000073398 | Class I Shares | DMBIX           |
| C000130452 | Class Y        | DMUYX           |

### BNY Mellon High Yield Municipal Bond Fund (Series ID: S000002850)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007813 | Class Z        | DHMBX           |
| C000046743 | Class A        | DHYAX           |
| C000046744 | Class C        | DHYCX           |
| C000073399 | Class I Shares | DYBIX           |
| C000130453 | Class Y        | DHYYX           |

?xml version='1.0' encoding='ASCII'? a1ea4c2c-b845-47e9-8a53-374297d5059d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-06377

#### BNY Mellon Municipal Funds, Inc.
(Exact name of registrant as specified in charter)

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 8/31

#### Date of reporting period:

#### 8/31/25
ITEM 1 - Reports to Stockholders

BNY Mellon AMT-Free Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class A – DMUAX
This annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 0.69% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class A shares returned -1.29%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal bonds underperformed most U.S. fixed income sectors, driven by dramatic yield curve steepening, as intermediate and long rates rose while short rates declined.

* Security selection contributed positively to relative performance, particularly in health care, power, water & sewer and housing. Sector positioning was also positive, especially in airport and CCRC bonds.

* Primary detractors were the Fund's concentrated exposure to longer-dated maturities and weak sector allocation, notably an emphasis on tobacco bonds.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587374.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class A shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Sales Charge - 4.50% | -5.71% | -0.93% | 1.33% |
| without Sales Charge | -1.29% | -0.01% | 1.79% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1790 | 603 | $6585143 | 19.60% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587403.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587379.jpg)

**How has the Fund changed?**

* As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Company's Board of Directors, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies.

**This is a summary of certain changes to the Fund since September 1, 2024 . For more complete information, you may review the Fund's current prospectus dated December 31, 2024 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0319AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon AMT-Free Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class C – DMUCX
This annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C<sup>\*</sup> | $145 | 1.46% |

---

\* During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class C shares returned -2.06%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal bonds underperformed most U.S. fixed income sectors, driven by dramatic yield curve steepening, as intermediate and long rates rose while short rates declined.

* Security selection contributed positively to relative performance, particularly in health care, power, water & sewer and housing. Sector positioning was also positive, especially in airport and CCRC bonds.

* Primary detractors were the Fund's concentrated exposure to longer-dated maturities and weak sector allocation, notably an emphasis on tobacco bonds.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587424.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class C shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class C Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Deferred Sales Charge - 1.00% | -3.02% <sup>\*</sup> | -0.77% | 1.03% |
| without Deferred Sales Charge | -2.06% | -0.77% | 1.03% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

<sup>\*</sup> The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1790 | 603 | $6585143 | 19.60% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587453.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587429.jpg)

**How has the Fund changed?**

* As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Company's Board of Directors, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies.

**This is a summary of certain changes to the Fund since September 1, 2024 . For more complete information, you may review the Fund's current prospectus dated December 31, 2024 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0350AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon AMT-Free Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class I – DMBIX
This annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.43% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class I shares returned -1.05%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal bonds underperformed most U.S. fixed income sectors, driven by dramatic yield curve steepening, as intermediate and long rates rose while short rates declined.

* Security selection contributed positively to relative performance, particularly in health care, power, water & sewer and housing. Sector positioning was also positive, especially in airport and CCRC bonds.

* Primary detractors were the Fund's concentrated exposure to longer-dated maturities and weak sector allocation, notably an emphasis on tobacco bonds.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587474.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | -1.05% | 0.23% | 2.05% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter **.** 

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1790 | 603 | $6585143 | 19.60% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587503.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587479.jpg)

**How has the Fund changed?**

* As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Company's Board of Directors, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies.

**This is a summary of certain changes to the Fund since September 1, 2024 . For more complete information, you may review the Fund's current prospectus dated December 31, 2024 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-6015AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon AMT-Free Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class Y – DMUYX
This annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Y | $40 | 0.40% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class Y shares returned -1.01%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal bonds underperformed most U.S. fixed income sectors, driven by dramatic yield curve steepening, as intermediate and long rates rose while short rates declined.

* Security selection contributed positively to relative performance, particularly in health care, power, water & sewer and housing. Sector positioning was also positive, especially in airport and CCRC bonds.

* Primary detractors were the Fund's concentrated exposure to longer-dated maturities and weak sector allocation, notably an emphasis on tobacco bonds.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $1,000,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587524.jpg)

The above graph compares a hypothetical $1,000,000 investment in the Fund's Class Y shares to a hypothetical investment of $1,000,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class Y | -1.01% | 0.25% | 2.11% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1790 | 603 | $6585143 | 19.60% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587553.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587529.jpg)

**How has the Fund changed?**

* As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Company's Board of Directors, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies.

**This is a summary of certain changes to the Fund since September 1, 2024 . For more complete information, you may review the Fund's current prospectus dated December 31, 2024 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0365AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon AMT-Free Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class Z – DRMBX
This annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $53 | 0.53% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class Z shares returned -1.14%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal bonds underperformed most U.S. fixed income sectors, driven by dramatic yield curve steepening, as intermediate and long rates rose while short rates declined.

* Security selection contributed positively to relative performance, particularly in health care, power, water & sewer and housing. Sector positioning was also positive, especially in airport and CCRC bonds.

* Primary detractors were the Fund's concentrated exposure to longer-dated maturities and weak sector allocation, notably an emphasis on tobacco bonds.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587574.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class Z shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class Z | -1.14% | 0.19% | 2.01% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $1790 | 603 | $6585143 | 19.60% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587603.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587579.jpg)

**How has the Fund changed?**

* As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Company's Board of Directors, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies.

**This is a summary of certain changes to the Fund since September 1, 2024 . For more complete information, you may review the Fund's current prospectus dated December 31, 2024 at** bny.com/investments/literaturecenter **or upon request at 1-800-373-9387.**

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0125AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon High Yield Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class A – DHYAX
This annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $106 | 1.08% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class A shares returned -4.50%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal high yield performance was pressured by dramatic steepening of the yield curve and a remarkably high level of municipal supply.

* Compared to the Index, the Fund's performance benefited from its relatively high yield, which contributed to income generation.

* The Fund's relatively long duration positioning and concentrated exposure in longer-dated maturities were the primary detractors from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587624.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class A shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account the maximum initial sales charge on Class A shares and applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Sales Charge - 4.50% | -8.78% | -1.37% | 1.93% |
| without Sales Charge | -4.50% | -0.46% | 2.41% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $181 | 152 | $979300 | 16.77% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587653.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587629.jpg)

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-6165AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon High Yield Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class C – DHYCX
This annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $183 | 1.88% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class C shares returned -5.16%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal high yield performance was pressured by dramatic steepening of the yield curve and a remarkably high level of municipal supply.

* Compared to the Index, the Fund's performance benefited from its relatively high yield, which contributed to income generation.

* The Fund's relatively long duration positioning and concentrated exposure in longer-dated maturities were the primary detractors from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587674.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class C shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account the maximum deferred sales charge on Class C shares and applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Class C Shares** | **1YR** | **5YR** | **10YR** |
| with Maximum Deferred Sales Charge - 1.00% | -6.08% <sup>\*</sup> | -1.22% | 1.62% |
| without Deferred Sales Charge | -5.16% | -1.22% | 1.62% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

<sup>\*</sup> The maximum contingent deferred sales charge for Class C shares is 1.00% for shares redeemed within one year of the date purchased.

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $181 | 152 | $979300 | 16.77% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587703.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587679.jpg)

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-6166AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon High Yield Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class I – DYBIX
This annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $82 | 0.84% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class I shares returned -4.19%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal high yield performance was pressured by dramatic steepening of the yield curve and a remarkably high level of municipal supply.

* Compared to the Index, the Fund's performance benefited from its relatively high yield, which contributed to income generation.

* The Fund's relatively long duration positioning and concentrated exposure in longer-dated maturities were the primary detractors from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587724.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class I shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class I | -4.19% | -0.22% | 2.66% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter **.** 

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $181 | 152 | $979300 | 16.77% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587753.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587729.jpg)

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-6092AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon High Yield Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class Y – DHYYX
This annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Y | $82 | 0.84% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class Y shares returned -4.18%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal high yield performance was pressured by dramatic steepening of the yield curve and a remarkably high level of municipal supply.

* Compared to the Index, the Fund's performance benefited from its relatively high yield, which contributed to income generation.

* The Fund's relatively long duration positioning and concentrated exposure in longer-dated maturities were the primary detractors from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $1,000,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587774.jpg)

The above graph compares a hypothetical $1,000,000 investment in the Fund's Class Y shares to a hypothetical investment of $1,000,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class Y | -4.18% | -0.20% | 2.67% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $181 | 152 | $979300 | 16.77% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587803.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587779.jpg)

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-0572AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

BNY Mellon High Yield Municipal Bond Fund

#### ANNUAL SHAREHOLDER REPORT

#### August 31, 2025

#### Class Z – DHMBX
This annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $94 | 0.96% |

---

#### How did the Fund perform last year ?
* For the 12-month period ended August 31, 2025, the Fund's Class Z shares returned -4.38%.

* In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index") returned 0.08% for the same period.

**What affected the Fund's performance?**

* Municipal high yield performance was pressured by dramatic steepening of the yield curve and a remarkably high level of municipal supply.

* Compared to the Index, the Fund's performance benefited from its relatively high yield, which contributed to income generation.

* The Fund's relatively long duration positioning and concentrated exposure in longer-dated maturities were the primary detractors from relative performance.

#### How did the Fund perform over the past 10 years?
**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Cumulative Performance from September 1 , 2015 through August 31, 2025** 

**Initial Investment of $10,000**

![Fund Performance - Growth of 10K Chart](chartimages_10587824.jpg)

The above graph compares a hypothetical $10,000 investment in the Fund's Class Z shares to a hypothetical investment of $10,000 made in the Bloomberg U.S. Municipal Bond Index on 8/31/2015. The performance shown takes into account applicable fees and expenses of the Fund, including management fees, 12b-1 fees and other expenses. The Fund's performance also assumes the reinvestment of dividends and capital gains. Unlike the Fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

**AVERAGE ANNUAL TOTAL RETURNS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1YR** | **5YR** | **10YR** |
| Class Z | -4.38% | -0.32% | 2.53% |
| Bloomberg U.S. Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

**The performance data quoted represent past performance, which is no guarantee of future results. For more current information visit** bny.com/investments/literaturecenter .

**KEY FUND STATISTICS (AS OF 8/31/25)**

---

| | | | |
|:---|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** | **<br>Annual Portfolio Turnover** |
| $181 | 152 | $979300 | 16.77% |

---

**Portfolio Holdings (as of 8/31/25)**

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

![Graphical Representation - Top N Holdings Chart](chartimages_10587853.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_10587829.jpg)

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

 **Not FDIC Insured. Not Bank-Guaranteed. May Lose Value**© 2025 **BNY Mellon Securities Corporation**, Distributor,

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

Code-6133AR0825

![TSR- BNY Investment Logo](images_27696.jpg)

------

**Item 2.** **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

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

The Registrant's Board has determined that Alan H. Howard, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Howard is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $75,332 in 2024 and $76,838 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $40,312 in 2024 and $31,750 in 2025. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $10,027 in 2024 and $6,684 in 2025. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $25,508 in 2024 and $17,720 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $8,819 in

2024 and $9,257 in 2025. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $1,639,482 in 2024 and $1,822,595 in 2025.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

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

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

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

Not applicable.

**Item 6.** **Investments.**

Not applicable.

BNY Mellon AMT-Free Municipal Bond Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

August 31, 2025

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DMUAX |
| C | DMUCX |
| I | DMBIX |
| Y | DMUYX |
| Z | DRMBX |

---

![](img0869e02d1.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 in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon

Family of Funds.

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

------

Contents

The Fund

Please note the 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_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_SOI-Commoncontent-4699_1)**<br> **[Investment Companies](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_SOI-Commoncontent-4699_1)**<br>| 3 |
| [Schedule of Investments](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_SOI-Commoncontent-4699_1) | 3 |
| [Statement of Assets and Liabilities](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_FS-Commoncontent-4699_1) | 24 |
| [Statement of Operations](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_FS-Commoncontent-4699_2) | 25 |
| [Statement of Changes in Net Assets](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_FS-Commoncontent-4699_3) | 26 |
| [Financial Highlights](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_FIHI-Commoncontent-4699_1) | 28 |
| [Notes to Financial Statements](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_NTF-Commoncontent-4699_1) | 33 |
| [Report of Independent Registered Public Accounting Firm](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_AUD-Commoncontent-4699_1) | 41 |
| [Important Tax Information](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_ITI-Commoncontent-4699_1) | 42 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_CDA-Commoncontent-4699_1)**<br> **[Investment Companies](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_CDA-Commoncontent-4699_1)**<br>| 43 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_PRXD-Commoncontent-4699_1)** | 44 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_RMNP-Commoncontent-4699_1)**<br> **[Management Investment Companies](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_RMNP-Commoncontent-4699_1)**<br>| 45 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_99bb8c10-8fc3-4df7-971a-d51fd67b2abc_AAA-Commoncontent-4699_1)** | 46 |

---

------

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

BNY Mellon AMT-Free Municipal Bond Fund

SCHEDULE OF INVESTMENTS

August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — .5%** | **Bonds and Notes — .5%** | **Bonds and Notes — .5%** | **Bonds and Notes — .5%** | **Bonds and Notes — .5%** |
| **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 | 3.63 | 5/20/2033 | 5131229 | 4990154 |
| California Housing Finance Agency, Revenue Bonds, Ser. A | 3.25 | 8/20/2036 | 1880490 | 1766423 |
| Washington Housing Finance Commission, Revenue Bonds (Sustainable <br> Certificates) Ser. A<br>| 3.50 | 12/20/2035 | 2804864 | 2648571 |
| **Total Bonds and Notes** <br>(cost $10,796,285)<br>|  |  |  | **9405148** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long-Term Municipal Investments — 100.8%** | **Long-Term Municipal Investments — 100.8%** | **Long-Term Municipal Investments — 100.8%** | **Long-Term Municipal Investments — 100.8%** | **Long-Term Municipal Investments — 100.8%** |
| **Alabama — 3.3%** | **Alabama — 3.3%** | **Alabama — 3.3%** | **Alabama — 3.3%** | **Alabama — 3.3%** |
| Auburn University, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2036 | 1000000 | 998096 |
| Baldwin County Industrial Development Authority, Revenue Bonds (Novelis <br> Corporation Project) Ser. A<sup>(a),(b)</sup> <br>| 5.00 | 6/1/2032 | 2250000 | 2255271 |
| Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2043 | 9695000 | 9640082 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 11/1/2034 | 1500000 | 1582244 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D | 5.00 | 11/1/2034 | 6940000 | 7377563 |
| Black Belt Energy Gas District, Revenue Bonds, Refunding (Gas Project) Ser. D1<sup>(a)</sup> <br>| 5.50 | 2/1/2029 | 2320000 | 2462925 |
| Jefferson County, Revenue Bonds, Refunding | 5.00 | 9/15/2035 | 2500000 | 2524995 |
| Jefferson County, Revenue Bonds, Refunding | 5.50 | 10/1/2053 | 21000000 | 21410962 |
| Mobile County Industrial Development Authority, Revenue Bonds (Calvert LLC <br> Project) Ser. B<br>| 4.75 | 12/1/2054 | 500000 | 435147 |
| Selma Industrial Development Board, Revenue Bonds, Refunding (International <br> Paper Co.) Ser. A<br>| 4.20 | 5/1/2034 | 1975000 | 1993496 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 2) <br> Ser. B<sup>(a)</sup> <br>| 4.00 | 12/1/2031 | 1000000 | 996316 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.25 | 6/1/2032 | 1750000 | 1879798 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 2/1/2031 | 1550000 | 1651594 |
| University of Alabama at Birmingham, Revenue Bonds (Board of Trustees) Ser. B | 4.00 | 10/1/2035 | 3005000 | 3028894 |
|  |  |  |  | **58237383** |
| **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** |
| Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2050 | 2345000 | **1891292** |
| **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** |
| Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for Economic <br> & Educational Development)<br>| 5.00 | 8/1/2037 | 615000 | 648415 |
| Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for Economic <br> & Educational Development)<br>| 5.00 | 8/1/2038 | 3000000 | 3132311 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2050 | 2855000 | 2290553 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2037 | 4885000 | 4622649 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2051 | 10000000 | 7947504 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 5.00 | 11/1/2044 | 775000 | 754319 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health <br> Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2048 | 5170000 | 4887985 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health <br> Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2054 | 6330000 | 5855244 |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public <br> Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2036 | 1750000 | 1751056 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public <br> Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2046 | 3325000 | 3017677 |
| Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health <br> Obligated Group) Ser. A<br>| 5.00 | 1/1/2041 | 5000000 | 5065724 |
| Phoenix Civic Improvement Corp., Revenue Bonds | 4.00 | 7/1/2044 | 4000000 | 3656461 |
| Phoenix Civic Improvement Corp., Revenue Bonds (Junior Lien Airport) Ser. B | 4.00 | 7/1/2044 | 2000000 | 1748524 |
| Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 2190000 | 2291017 |
|  |  |  |  | **47669439** |
| **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 5550000 | 5585481 |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.45 | 9/1/2052 | 2500000 | 2428517 |
| Pulaski County, Revenue Bonds (Arkansas Children's Hospital) | 4.25 | 3/1/2048 | 2000000 | 1781581 |
|  |  |  |  | **9795579** |
| **California — 3.3%** | **California — 3.3%** | **California — 3.3%** | **California — 3.3%** | **California — 3.3%** |
| Burbank-Glendale-Pasadena Airport Authority, Revenue Bonds, Ser. B | 5.25 | 7/1/2040 | 2200000 | 2317648 |
| California, GO, Refunding | 5.00 | 4/1/2042 | 1100000 | 1152041 |
| California, GO, Refunding | 5.25 | 9/1/2047 | 1500000 | 1567079 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project) Ser. D<sup>(a)</sup> <br>| 5.00 | 7/1/2034 | 4815000 | 5064178 |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project) Ser. D<sup>(a)</sup> <br>| 5.00 | 9/1/2032 | 5000000 | 5386238 |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Kern <br> County Tobacco Funding Corp.)<br>| 5.00 | 6/1/2034 | 3640000 | 3611752 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Providence St. Joseph Health Obligated Group) Ser. C<sup>(a)</sup> <br>| 5.25 | 10/1/2035 | 1875000 | 2074358 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Providence St. Joseph Health Obligated Group) Ser. A<br>| 4.00 | 10/1/2036 | 1650000 | 1615502 |
| California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | 3.50 | 11/20/2035 | 5588694 | 5274075 |
| California Municipal Finance Authority, Revenue Bonds (Westside Neighborhood <br> School)<sup>(b)</sup> <br>| 6.38 | 6/15/2064 | 2200000 | 2267017 |
| California Municipal Finance Authority, Revenue Bonds, Refunding (California <br> Baptist University) Ser. A<sup>(b)</sup> <br>| 5.13 | 11/1/2040 | 2700000 | 2713519 |
| California Statewide Communities Development Authority, Revenue Bonds (Loma <br> Linda University Medical Center Obligated Group)<sup>(b)</sup> <br>| 5.00 | 12/1/2033 | 1000000 | 1017182 |
| California Statewide Communities Development Authority, Revenue Bonds (Loma <br> Linda University Medical Center Obligated Group)<sup>(b)</sup> <br>| 5.25 | 12/1/2048 | 1800000 | 1701715 |
| Jefferson Union High School District, COP (Teacher & Staff Housing Project) <br> (Insured; Build America Mutual)<br>| 4.00 | 8/1/2050 | 2980000 | 2615369 |
| Los Angeles Department of Airports, Revenue Bonds (Sustainable Bond) | 5.25 | 5/15/2047 | 5000000 | 5047543 |
| Los Angeles Department of Water & Power, Revenue Bonds, Ser. B | 5.00 | 7/1/2037 | 3405000 | 3615781 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2046 | 2780000 | 2388423 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2055 | 1000000 | 1036030 |
| San Jose Evergreen Community College District, GO, Ser. C | 4.00 | 9/1/2042 | 950000 | 920297 |
| San Jose Evergreen Community College District, GO, Ser. C | 4.00 | 9/1/2045 | 1560000 | 1459851 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **California — 3.3% (continued)** | **California — 3.3% (continued)** | **California — 3.3% (continued)** | **California — 3.3% (continued)** | **California — 3.3% (continued)** |
| Southern California Public Power Authority, Revenue Bonds (Southern <br> Transmission System Renewal Project) (Insured; Build America Mutual) Ser. 1<br>| 5.25 | 7/1/2050 | 2750000 | 2821378 |
| Tender Option Bond Trust Receipts (Series 2023-XM1114), (Long Beach Bond <br> Finance Authority, Revenue Bonds) Non-Recourse, Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 5.87 | 8/1/2053 | 3600000 | 3099628 |
|  |  |  |  | **58766604** |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement <br> Communities & Services Obligated Group)<br>| 5.00 | 12/1/2048 | 6000000 | 5627164 |
| Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement <br> Communities)<br>| 5.00 | 12/1/2043 | 2960000 | 2870869 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain <br> Healthcare Obligated Group) Ser. A<br>| 4.00 | 5/15/2052 | 4245000 | 3609213 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (School Health <br> System) Ser. A<br>| 4.00 | 1/1/2036 | 7525000 | 7461791 |
| Colorado High Performance Transportation Enterprise, Revenue Bonds (C-<br> 470 Express Lanes System)<br>| 5.00 | 12/31/2056 | 3000000 | 2785332 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2027 | 3860000 | 3932412 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 1500000 | 1520543 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2036 | 1315000 | 1321003 |
| Denver Health & Hospital Authority, Revenue Bonds, Ser. A | 6.00 | 12/1/2055 | 5250000 | 5499796 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 4.00 | 7/15/2034 | 2000000 | 2000778 |
| Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health <br> Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated <br> Group) Ser. A1) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 9.64 | 8/1/2044 | 1645000 | 1721632 |
| Tender Option Bond Trust Receipts (Series 2023-XM1124), (Colorado Health <br> Facilities Authority, Revenue Bonds (Adventist Health System/Sunbelt Obligated <br> Group) Ser. A) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 6.74 | 11/15/2048 | 2770000 | 2359429 |
| Vail Home Partners Corp., Revenue Bonds<sup>(b)</sup> <br>| 6.00 | 10/1/2064 | 3500000 | 3447920 |
|  |  |  |  | **44157882** |
| **Connecticut — 3.5%** | **Connecticut — 3.5%** | **Connecticut — 3.5%** | **Connecticut — 3.5%** | **Connecticut — 3.5%** |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 9/1/2035 | 5000000 | 5002276 |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2036 | 1000000 | 1010719 |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2037 | 1500000 | 1508889 |
| Connecticut, GO (Sustainable Bond) Ser. F | 5.00 | 11/15/2042 | 2000000 | 2083448 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (The <br> Greenwich Academy) Ser. G<br>| 4.00 | 3/1/2041 | 1170000 | 1094137 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (The <br> Stamford Hospital Obligated Group) Ser. K<br>| 4.00 | 7/1/2046 | 2270000 | 1934658 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Connecticut College) Ser. L1<br>| 4.00 | 7/1/2046 | 2000000 | 1737742 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Fairfield University) Ser. T<br>| 4.00 | 7/1/2055 | 1845000 | 1469310 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (The Trustees of Trinity College) Ser. R<br>| 4.00 | 6/1/2045 | 925000 | 798080 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church <br> Home of Hartford Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 9/1/2046 | 1000000 | 906295 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church <br> Home of Hartford Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 9/1/2053 | 1500000 | 1307132 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield <br> University) Ser. U<br>| 4.00 | 7/1/2052 | 2000000 | 1651723 |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Connecticut — 3.5% (continued)** | **Connecticut — 3.5% (continued)** | **Connecticut — 3.5% (continued)** | **Connecticut — 3.5% (continued)** | **Connecticut — 3.5% (continued)** |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford <br> HealthCare Obligated Group) Ser. A<br>| 4.00 | 7/1/2040 | 500000 | 459215 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford <br> HealthCare Project) Ser. A<br>| 4.00 | 7/1/2046 | 945000 | 809618 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Quinnipiac University) Ser. M<br>| 5.00 | 7/1/2036 | 200000 | 201025 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Sacred Heart University) Ser. I1<br>| 5.00 | 7/1/2042 | 2000000 | 2007675 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (The Greenwich Academy) (Insured; Assured Guaranty Corp.) Ser. E<br>| 5.25 | 3/1/2032 | 5000000 | 5533493 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (The Stamford Hospital Obligated Group) Ser. L1<br>| 4.00 | 7/1/2029 | 500000 | 516607 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, <br> Ser. S<br>| 4.00 | 6/1/2046 | 2250000 | 1903424 |
| Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. B | 3.25 | 11/15/2036 | 1185000 | 1079494 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. D1<br>| 3.00 | 5/15/2051 | 1950000 | 1935954 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 3.65 | 11/15/2032 | 1455000 | 1455653 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 3415000 | 3412244 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 4.00 | 11/15/2047 | 590000 | 591984 |
| Greater New Haven Water Pollution Control Authority, Revenue Bonds, Refunding <br> (Insured; National Public Finance Guarantee Corp.) Ser. A<br>| 5.00 | 8/15/2035 | 25000 | 25028 |
| Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding <br> (Harbor Point Project)<sup>(b)</sup> <br>| 5.00 | 4/1/2039 | 4000000 | 4008098 |
| New Haven, GO (Insured; Assured Guaranty Corp.) Ser. A | 5.00 | 8/1/2039 | 3000000 | 3053781 |
| Norwalk, GO, Ser. A | 3.00 | 7/15/2037 | 1070000 | 965018 |
| The Metropolitan District, GO, Refunding, Ser. A | 4.00 | 9/1/2039 | 4000000 | 3967970 |
| University of Connecticut, Revenue Bonds (Insured; State Appropriation) Ser. A | 5.25 | 11/15/2047 | 4000000 | 4063040 |
| Waterbury, GO, Ser. A | 4.00 | 2/1/2039 | 2200000 | 2176728 |
| Waterbury, GO, Ser. A | 4.00 | 2/1/2045 | 4700000 | 4243243 |
|  |  |  |  | **62913701** |
| **Delaware — .1%** | **Delaware — .1%** | **Delaware — .1%** | **Delaware — .1%** | **Delaware — .1%** |
| Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life <br> Communities Obligated Group) Ser. B<br>| 5.25 | 11/15/2053 | 1000000 | **962787** |
| **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |
| District of Columbia, Revenue Bonds, Refunding (The Catholic University of <br> America) Ser. A<br>| 5.75 | 10/1/2055 | 3950000 | 4050033 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2035 | 2000000 | 2036464 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. A<br>| 5.00 | 10/1/2037 | 2000000 | 2065090 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2049 | 1000000 | 829030 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2038 | 2855000 | 2701872 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2035 | 2000000 | 2018233 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2038 | 4000000 | 4050102 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable <br> Bond)<br>| 5.25 | 7/15/2053 | 3000000 | 3077844 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable <br> Bond) Ser. A<br>| 4.00 | 7/15/2039 | 3500000 | 3429724 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable <br> Bond) Ser. A<br>| 4.13 | 7/15/2047 | 2000000 | 1789840 |
|  |  |  |  | **26048232** |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Florida — 5.4%** | **Florida — 5.4%** | **Florida — 5.4%** | **Florida — 5.4%** | **Florida — 5.4%** |
| Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A | 5.00 | 11/15/2053 | 1670000 | 1510927 |
| Collier County Industrial Development Authority, Revenue Bonds (NCH Healthcare <br> System) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 10/1/2054 | 1480000 | 1455340 |
| Escambia County, Revenue Bonds | 5.00 | 10/1/2046 | 3820000 | 3825789 |
| Florida Development Finance Corp., Revenue Bonds, Refunding (Brightline Florida <br> Passenger Rail Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2053 | 10245000 | 9743460 |
| Florida Higher Educational Facilities Financing Authority, Revenue Bonds, <br> Refunding (Nova Southeastern University Project)<br>| 5.00 | 4/1/2035 | 1500000 | 1509503 |
| Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA, FNMA, FHLMC) <br> Ser. 1<br>| 4.40 | 7/1/2044 | 1075000 | 1016176 |
| Florida Housing Finance Corp., Revenue Bonds (Sustainable Bond) (Insured; GNMA, <br> FNMA, FHLMC) Ser. 2<br>| 3.00 | 7/1/2051 | 980000 | 971696 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 5.00 | 6/15/2035 | 3400000 | 3442074 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 6.25 | 6/15/2055 | 4220000 | 4215075 |
| Florida Municipal Power Agency, Revenue Bonds, Ser. A | 3.00 | 10/1/2032 | 1360000 | 1312969 |
| Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2049 | 1380000 | 1142417 |
| Hillsborough County Aviation Authority, Revenue Bonds (Tampa International <br> Airport)<br>| 5.00 | 10/1/2034 | 2110000 | 2234378 |
| Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding <br> (BayCare Obligated Group) Ser. C<br>| 4.13 | 11/15/2051 | 5000000 | 4299985 |
| Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | 4.00 | 11/1/2045 | 6000000 | 5041055 |
| JEA Electric System, Revenue Bonds, Refunding, Ser. 3A | 4.00 | 10/1/2037 | 2850000 | 2818628 |
| JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2039 | 1500000 | 1461578 |
| Miami Beach Stormwater, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 4500000 | 4533891 |
| Orange County Health Facilities Authority, Revenue Bonds (Orlando Health <br> Obligated Group) Ser. A<br>| 5.00 | 10/1/2053 | 2715000 | 2674765 |
| Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-<br> Life Communities Obligated Group)<br>| 5.00 | 11/15/2045 | 4025000 | 3860856 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist <br> Health South Florida Obligated Group)<br>| 4.00 | 8/15/2049 | 12215000 | 10162843 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist <br> Health South Florida Obligated Group)<br>| 5.00 | 8/15/2037 | 1000000 | 1034247 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist <br> Health South Florida Obligated Group)<br>| 5.00 | 8/15/2038 | 1200000 | 1231534 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist <br> Health South Florida Obligated Group)<br>| 5.00 | 8/15/2039 | 1000000 | 1021174 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Lifespace Communities Obligated Group) Ser. C<br>| 7.63 | 5/15/2058 | 1000000 | 1101345 |
| Polk County Utility System, Revenue Bonds, Refunding | 4.00 | 10/1/2043 | 2700000 | 2447584 |
| St. Johns County School Board, COP (Insured; Assured Guaranty Corp.) Ser. A | 5.50 | 7/1/2049 | 3250000 | 3384750 |
| Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2034 | 5650000 | 5735871 |
| Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2035 | 5875000 | 5930770 |
| Tender Option Bond Trust Receipts (Series 2023-XM1122), (Miami-Dade FL County <br> Water & Sewer System, Revenue Bonds, Refunding, Ser. B) Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 5.84 | 10/1/2049 | 9750000 | 8255392 |
|  |  |  |  | **97376072** |
| **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** |
| Fulton County Development Authority, Revenue Bonds, Ser. A | 5.00 | 4/1/2036 | 1000000 | 1016934 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project)<br>| 5.00 | 1/1/2038 | 1100000 | 1127031 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Georgia — 3.2% (continued)** | **Georgia — 3.2% (continued)** | **Georgia — 3.2% (continued)** | **Georgia — 3.2% (continued)** | **Georgia — 3.2% (continued)** |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project)<br>| 5.00 | 1/1/2039 | 1000000 | 1017676 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) Ser. A<br>| 5.00 | 7/1/2052 | 2535000 | 2487884 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) Ser. A<br>| 5.00 | 7/1/2052 | 1410000 | 1385811 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 7/1/2055 | 5000000 | 4992000 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. A<br>| 5.25 | 1/1/2054 | 5755000 | 5855780 |
| Main Street Natural Gas, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 9/1/2030 | 4250000 | 4513077 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.00 | 6/1/2029 | 2000000 | 2095535 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 4.00 | 9/1/2026 | 17000000 | 17098384 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 12/1/2030 | 3000000 | 3190798 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. E<sup>(a)</sup> <br>| 5.00 | 12/1/2032 | 5000000 | 5353214 |
| Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven <br> Development Authority, Revenue Bonds (Children's Healthcare of Atlanta) Ser. A) <br> Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 8.03 | 7/1/2044 | 2660000 | 2577460 |
| Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal Electric <br> Authority of Georgia, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A) <br> Recourse, Underlying Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.37 | 1/1/2059 | 1270000 | 1220282 |
| The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2040 | 3250000 | 3252055 |
|  |  |  |  | **57183921** |
| **Hawaii — .1%** | **Hawaii — .1%** | **Hawaii — .1%** | **Hawaii — .1%** | **Hawaii — .1%** |
| Honolulu County, GO, Ser. C | 4.00 | 7/1/2039 | 1000000 | **980401** |
| **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** |
| Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project) | 6.45 | 8/1/2032 | 7625000 | **7651963** |
| **Illinois — 8.1%** | **Illinois — 8.1%** | **Illinois — 8.1%** | **Illinois — 8.1%** | **Illinois — 8.1%** |
| Chicago, GO (Housing and Economic Development Projects) Ser. F | 6.00 | 1/1/2050 | 4500000 | 4593679 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2043 | 2130000 | 2023813 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2044 | 1000000 | 911799 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2045 | 6300000 | 5919532 |
| Chicago, GO, Ser. A | 6.00 | 1/1/2050 | 2000000 | 2038129 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2000000 | 2030594 |
| Chicago Board of Education, GO, Ser. A | 6.00 | 12/1/2049 | 5000000 | 5098438 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) Ser. <br> A<br>| 5.00 | 12/1/2029 | 2000000 | 2110999 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) Ser. <br> A<br>| 5.00 | 12/1/2034 | 1000000 | 1031744 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) Ser. <br> A<br>| 5.00 | 12/1/2035 | 1000000 | 1027022 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) Ser. C | 5.00 | 12/1/2030 | 3000000 | 3142866 |
| Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 4000000 | 3901253 |
| Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2036 | 4000000 | 4218946 |
| Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2040 | 1000000 | 1005463 |
| Chicago O'Hare International Airport, Revenue Bonds, Ser. A | 5.50 | 1/1/2055 | 3500000 | 3538836 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. D<br>| 5.00 | 1/1/2039 | 6530000 | 6900077 |
| Chicago Park District, GO, Refunding, Ser. A | 5.00 | 1/1/2045 | 5000000 | 5016555 |
| Chicago Park District, GO, Refunding, Ser. A | 5.25 | 1/1/2046 | 2500000 | 2537489 |
| Chicago Park District, GO, Refunding, Ser. C | 5.00 | 1/1/2037 | 1350000 | 1429194 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Illinois — 8.1% (continued)** | **Illinois — 8.1% (continued)** | **Illinois — 8.1% (continued)** | **Illinois — 8.1% (continued)** | **Illinois — 8.1% (continued)** |
| Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. A<br>| 5.00 | 1/1/2040 | 1000000 | 1049940 |
| Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. A<br>| 5.00 | 1/1/2043 | 2000000 | 2049189 |
| Chicago Waterworks, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2039 | 6730000 | 7065155 |
| Cook County, Revenue Bonds, Refunding | 5.00 | 11/15/2036 | 2000000 | 2040764 |
| Cook County, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2040 | 2500000 | 2305755 |
| Illinois, GO, Ser. A | 5.00 | 5/1/2038 | 1250000 | 1264733 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 1000000 | 1052141 |
| Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1000000 | 1067134 |
| Illinois, Revenue Bonds, Ser. C | 5.00 | 6/15/2045 | 7500000 | 7568974 |
| Illinois Finance Authority, Revenue Bonds (Centerpoint Joliet Terminal Railroad <br> Project)<sup>(a),(b)</sup> <br>| 4.80 | 7/2/2035 | 3000000 | 3004087 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind Franklin University <br> of Medical & Science)<br>| 5.00 | 8/1/2047 | 1350000 | 1273118 |
| Illinois Finance Authority, Revenue Bonds (Sustainable Bond) | 4.00 | 7/1/2038 | 4500000 | 4381105 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care <br> Project)<br>| 4.00 | 11/1/2030 | 670000 | 682903 |
| Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System <br> Obligated Group) Ser. A<br>| 5.00 | 11/15/2045 | 2835000 | 2779247 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) <br> Ser. A<br>| 4.00 | 4/1/2050 | 12740000 | 10804431 |
| Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond) <br> (Insured; GNMA, FNMA, FHLMC) Ser. A<br>| 3.00 | 4/1/2051 | 2785000 | 2766929 |
| Illinois Toll Highway Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2041 | 4500000 | 4600121 |
| Illinois Toll Highway Authority, Revenue Bonds, Ser. B | 5.00 | 1/1/2036 | 1500000 | 1505487 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place <br> Project) (Insured; National Public Finance Guarantee Corp.) Ser. A<sup>(e)</sup> <br>| 0.00 | 12/15/2036 | 2500000 | 1533685 |
| Metropolitan Water Reclamation District of Greater Chicago, GO (Sustainable Bond) <br> Ser. A<br>| 5.00 | 12/1/2044 | 4000000 | 4112628 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America <br> Mutual) Ser. B<br>| 4.00 | 4/1/2035 | 600000 | 601975 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America <br> Mutual) Ser. B<br>| 4.00 | 4/1/2036 | 650000 | 646497 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America <br> Mutual) Ser. A<br>| 4.00 | 1/1/2040 | 12350000 | 11527712 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2039 | 3015000 | 2880170 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 1500000 | 1663265 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 3300000 | 3611060 |
| Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional <br> Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, <br> Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 5.22 | 6/1/2048 | 1125000 | 953949 |
| Tender Option Bond Trust Receipts (Series 2025-XF3349), (Chicago O'Hare <br> International Airport, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying <br> Coupon Rate 5.50%<sup>(b),(c),(d)</sup> <br>| 12.39 | 1/1/2053 | 1440000 | 1471860 |
|  |  |  |  | **144740442** |
| **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** |
| Ball University, Revenue Bonds, Refunding, Ser. S | 4.00 | 7/1/2035 | 1200000 | 1207417 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Marquette Project) Ser. A | 5.00 | 3/1/2040 | 3445000 | 3438909 |
| Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3765000 | 3814081 |
| Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 2500000 | 2531153 |

---

**9**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Indiana — 1.0% (continued)** | **Indiana — 1.0% (continued)** | **Indiana — 1.0% (continued)** | **Indiana — 1.0% (continued)** | **Indiana — 1.0% (continued)** |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (City Moral <br> Obligation) (Insured; Build America Mutual) Ser. F1<br>| 5.25 | 3/1/2067 | 1000000 | 1011113 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | 4.13 | 2/1/2052 | 2640000 | 2320396 |
| Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health <br> Care Services) Ser. A<br>| 5.00 | 1/1/2035 | 3400000 | 3400353 |
|  |  |  |  | **17723422** |
| **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** |
| Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)<sup>(f)</sup> <br>| 5.00 | 12/1/2032 | 900000 | 1021930 |
| Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured; <br> GNMA, FNMA, FHLMC) Ser. A<br>| 3.00 | 1/1/2047 | 4415000 | 4384154 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | 5.00 | 12/1/2032 | 1000000 | 1068661 |
| PEFA, Inc., Revenue Bonds (Gas Project)<sup>(a)</sup> <br>| 5.00 | 9/1/2026 | 3000000 | 3051695 |
|  |  |  |  | **9526440** |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 1000000 | 1057486 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1<sup>(a)</sup> <br>| 5.25 | 2/1/2032 | 15900000 | 17133134 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 8/1/2032 | 1685000 | 1796562 |
| University of Kentucky, Revenue Bonds (Johnson Center Expansion) Ser. A | 5.25 | 4/1/2050 | 5000000 | 5100504 |
|  |  |  |  | **25087686** |
| **Louisiana — 1.3%** | **Louisiana — 1.3%** | **Louisiana — 1.3%** | **Louisiana — 1.3%** | **Louisiana — 1.3%** |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Bonds | 5.50 | 7/15/2050 | 6010000 | 6202218 |
| Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge Partners) | 5.50 | 9/1/2059 | 5000000 | 4865183 |
| Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River Bridge <br> Public-Private Partnership Project)<br>| 5.75 | 9/1/2064 | 2880000 | 2875523 |
| Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner Clinic <br> Foundation Obligated Group) Ser. A<br>| 5.50 | 5/15/2055 | 3000000 | 3099994 |
| New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car <br> Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 1/1/2037 | 1750000 | 1782120 |
| New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car <br> Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 1/1/2038 | 1500000 | 1522297 |
| New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured; <br> Assured Guaranty Corp.)<br>| 5.00 | 10/1/2048 | 1230000 | 1220410 |
| St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)<sup>(a)</sup> <br>| 2.20 | 7/1/2026 | 2000000 | 1987075 |
|  |  |  |  | **23554820** |
| **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** |
| Finance Authority of Maine, Revenue Bonds (University of New England) | 5.50 | 7/1/2055 | 3000000 | **3068757** |
| **Maryland — 1.6%** | **Maryland — 1.6%** | **Maryland — 1.6%** | **Maryland — 1.6%** | **Maryland — 1.6%** |
| Maryland Economic Development Corp., Revenue Bonds (College Park Leonardtown <br> Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2064 | 2350000 | 2357854 |
| Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) (Purple <br> Line Transit Partners) Ser. B<br>| 5.25 | 6/30/2055 | 10175000 | 9604567 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds <br> (Adventist Healthcare Obligated Group) Ser. A<br>| 5.50 | 1/1/2046 | 1500000 | 1502812 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (MedStar Health Inc.)<br>| 5.00 | 8/15/2038 | 5000000 | 5000889 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (University of Maryland Medical System Obligated Group) Ser. B2<sup>(a)</sup> <br>| 5.00 | 7/1/2027 | 4000000 | 4105385 |
| Maryland Stadium Authority, Revenue Bonds | 4.00 | 6/1/2049 | 4850000 | 4198128 |
| Tender Option Bond Trust Receipts (Series 2024-XF1758), (Maryland Stadium <br> Authority, Revenue Bonds) Non-Recourse, Underlying Coupon Rate <br> 5.00%<sup>(b),(c),(d)</sup> <br>| 10.62 | 6/1/2054 | 1900000 | 1905271 |
|  |  |  |  | **28674906** |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Massachusetts — 4.7%** | **Massachusetts — 4.7%** | **Massachusetts — 4.7%** | **Massachusetts — 4.7%** | **Massachusetts — 4.7%** |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2039 | 1000000 | 981458 |
| Massachusetts, GO, Ser. C | 3.00 | 3/1/2047 | 1350000 | 988048 |
| Massachusetts, GO, Ser. C | 5.25 | 10/1/2052 | 2000000 | 2058508 |
| Massachusetts Development Finance Agency, Revenue Bonds (Baystate Medical <br> Center Obligated Group) Ser. N<br>| 5.00 | 7/1/2034 | 1475000 | 1476347 |
| Massachusetts Development Finance Agency, Revenue Bonds (Brown University) <br> Ser. A<br>| 5.50 | 8/15/2050 | 6750000 | 6784203 |
| Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer <br> Institute Obligated Group) Ser. N<br>| 5.00 | 12/1/2041 | 1000000 | 1005040 |
| Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer <br> Institute Obligated Group) Ser. N<br>| 5.00 | 12/1/2046 | 1200000 | 1185372 |
| Massachusetts Development Finance Agency, Revenue Bonds, Ser. T | 4.00 | 3/1/2054 | 1000000 | 855163 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Beth <br> Israel Lahey Health Obligated Group) Ser. N<br>| 5.50 | 7/1/2055 | 13515000 | 13835201 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston <br> College) Ser. W<br>| 5.00 | 7/1/2055 | 10000000 | 10084416 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Obligated Group)<sup>(b)</sup> <br>| 5.00 | 10/1/2057 | 1500000 | 1342051 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk <br> University) Ser. A<br>| 4.00 | 7/1/2045 | 1250000 | 1021393 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The <br> Broad Institute)<br>| 5.00 | 4/1/2037 | 1000000 | 1014608 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees <br> of Boston University) Ser. FF<br>| 4.00 | 10/1/2046 | 1990000 | 1741305 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.25 | 11/1/2051 | 5000000 | 5072814 |
| Massachusetts Development Finance Agency, Revenue Bonds (Boston College) Ser. <br> BB1<br>| 4.00 | 10/1/2046 | 550000 | 479773 |
| Massachusetts Development Finance Agency, Revenue Bonds (Caregroup) Ser. J1 | 5.00 | 7/1/2043 | 350000 | 351146 |
| Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Inc.)<sup>(b)</sup> <br>| 5.13 | 11/15/2046 | 1500000 | 1504239 |
| Massachusetts Development Finance Agency, Revenue Bonds (Seven Hills <br> Foundation & Affiliates Obligated Group) Ser. A<br>| 5.00 | 9/1/2045 | 1500000 | 1500000 |
| Massachusetts Development Finance Agency, Revenue Bonds (Suffolk University <br> Project)<br>| 4.00 | 7/1/2046 | 500000 | 403077 |
| Massachusetts Development Finance Agency, Revenue Bonds (Sustainable Bond) <br> (Equitable School Revolving Fund Obligated Group) Ser. C<br>| 4.00 | 11/1/2046 | 2265000 | 1899101 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston <br> Medical Center) Ser. E<br>| 5.00 | 7/1/2037 | 1000000 | 1003678 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Caregroup) Ser. H1<br>| 5.00 | 7/1/2033 | 500000 | 500435 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Caregroup) Ser. I<br>| 5.00 | 7/1/2037 | 1500000 | 1508701 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of <br> the Holy Cross) Ser. A<br>| 5.00 | 9/1/2041 | 800000 | 812847 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Inc.)<sup>(b)</sup> <br>| 5.00 | 10/1/2047 | 1000000 | 928001 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Orchard <br> Cove Inc.)<br>| 5.00 | 10/1/2049 | 700000 | 656927 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Salem <br> Community Corp.)<br>| 5.25 | 1/1/2050 | 1000000 | 871454 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk <br> University)<br>| 5.00 | 7/1/2035 | 1000000 | 1003277 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk <br> University)<br>| 5.00 | 7/1/2036 | 755000 | 756139 |

---

**11**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Massachusetts — 4.7% (continued)** | **Massachusetts — 4.7% (continued)** | **Massachusetts — 4.7% (continued)** | **Massachusetts — 4.7% (continued)** | **Massachusetts — 4.7% (continued)** |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk <br> University)<br>| 5.00 | 7/1/2036 | 450000 | 452946 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Sustainable Bond) (Boston Medical Center)<br>| 4.38 | 7/1/2052 | 3000000 | 2552454 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (UMass <br> Memorial Health Care Obligated Group)<br>| 5.00 | 7/1/2031 | 1000000 | 1028631 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH <br> Educational Foundation)<br>| 5.00 | 1/1/2040 | 1000000 | 1001154 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 1450000 | 1532958 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Ser. B | 4.50 | 6/1/2056 | 2500000 | 2219380 |
| Massachusetts Municipal Wholesale Electric Co., Revenue Bonds (Project 2015-A) <br> Ser. A<br>| 4.00 | 7/1/2051 | 1000000 | 858849 |
| Massachusetts Port Authority, Revenue Bonds, Ser. E | 5.00 | 7/1/2040 | 1000000 | 1021305 |
| Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2046 | 2500000 | 2153631 |
| Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2040 | 1215000 | 1240885 |
| Massachusetts Transportation Fund, Revenue Bonds, Ser. A | 5.00 | 6/1/2041 | 1500000 | 1503880 |
| Massachusetts Transportation Fund, Revenue Bonds (Sustainable Bond) | 5.00 | 6/1/2050 | 1000000 | 1003738 |
| University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2046 | 2130000 | 1889127 |
| University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 5.00 | 11/1/2050 | 1220000 | 1221413 |
|  |  |  |  | **83305073** |
| **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2048 | 1110000 | 1122955 |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2041 | 2250000 | 2342098 |
| Great Lakes Water Authority, Revenue Bonds, Ser. D | 5.50 | 7/1/2050 | 5125000 | 5368616 |
| Great Lakes Water Authority Sewage Disposal System, Revenue Bonds (Sustainable <br> Bond) Ser. C<br>| 5.25 | 7/1/2053 | 1250000 | 1287432 |
| Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B | 5.25 | 7/1/2053 | 2250000 | 2315820 |
| Karegnondi Water Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2041 | 2620000 | 2641684 |
| Lansing Board of Water & Light, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 2.00 | 7/1/2026 | 5500000 | 5428650 |
| Michigan Finance Authority, Revenue Bonds (McLaren Health Care) | 4.00 | 2/15/2050 | 4970000 | 4077821 |
| Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2049 | 5550000 | 4681095 |
| Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford) | 4.38 | 2/28/2054 | 2000000 | 1768952 |
| Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum) | 5.00 | 4/15/2038 | 7135000 | 7515517 |
| Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 12/31/2043 | 3800000 | 3680960 |
| Michigan Trunk Line, Revenue Bonds (State Trunk Line Fund Bond) | 4.00 | 11/15/2046 | 14330000 | 12704931 |
| Pontiac School District, GO (Insured; Qualified School Board Loan Fund) | 4.00 | 5/1/2045 | 2440000 | 2136800 |
| Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan Wayne <br> County Airport)<br>| 5.00 | 12/1/2038 | 5000000 | 5079272 |
| Wayne County Airport Authority, Revenue Bonds, Ser. A | 5.50 | 12/1/2050 | 2500000 | 2620946 |
|  |  |  |  | **64773549** |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** | **Minnesota — 1.0%** |
| Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia <br> Health Obligated Group) Ser. A<br>| 5.00 | 2/15/2058 | 1000000 | 959718 |
| Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Ser. A | 4.00 | 1/1/2054 | 12000000 | 10017655 |
| Minnesota Agricultural & Economic Development Board, Revenue Bonds <br> (HealthPartners Obligated Group)<br>| 5.25 | 1/1/2054 | 5500000 | 5489697 |
| Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. E<br>| 3.50 | 7/1/2050 | 1485000 | 1490918 |
|  |  |  |  | **17957988** |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** |
| Mississippi Home Corp., Revenue Bonds, Refunding (Insured; GNMA, FNMA, <br> FHLMC) Ser. A<br>| 3.75 | 6/1/2049 | 1970000 | **1984926** |
| **Missouri — .3%** | **Missouri — .3%** | **Missouri — .3%** | **Missouri — .3%** | **Missouri — .3%** |
| St. Louis County Industrial Development Authority, Revenue Bonds, Refunding <br> (Friendship Village St. Louis Obligated Group)<br>| 5.00 | 9/1/2048 | 2250000 | 2037470 |
| Tender Option Bond Trust Receipts (Series 2023-XM1116), (Jackson County <br> Missouri Special Obligation, Revenue Bonds, Refunding, Ser. A) Non-Recourse, <br> Underlying Coupon Rate 4.25%<sup>(b),(c),(d)</sup> <br>| 6.56 | 12/1/2053 | 3000000 | 2664907 |
|  |  |  |  | **4702377** |
| **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** |
| Omaha Public Power District, Revenue Bonds, Ser. A | 5.25 | 2/1/2052 | 4000000 | 4089989 |
| Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2041 | 3050000 | 3086503 |
| Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2038 | 3655000 | 3704451 |
|  |  |  |  | **10880943** |
| **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** |
| Clark County, GO, Ser. A | 5.00 | 6/1/2043 | 2500000 | 2532180 |
| Clark County School District, GO (Insured; Assured Guaranty Corp.) Ser. A | 4.00 | 6/15/2037 | 1700000 | 1698352 |
| Clark County School District, GO (Insured; Assured Guaranty Corp.) Ser. A | 4.25 | 6/15/2041 | 1340000 | 1278366 |
| Clark County School District, GO, Ser. A | 5.00 | 6/15/2039 | 5000000 | 5244826 |
| Nevada Highway Improvement, Revenue Bonds, Ser. D | 3.00 | 12/1/2043 | 3625000 | 2854358 |
| Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) | 4.00 | 6/1/2058 | 1250000 | 1033571 |
| Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) Ser. <br> C<sup>(b),(e)</sup> <br>| 0.00 | 7/1/2058 | 13500000 | 2001114 |
| Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) <br> (Insured; Assured Guaranty Corp.)<br>| 4.13 | 6/1/2058 | 1250000 | 1066517 |
|  |  |  |  | **17709284** |
| **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** |
| New Hampshire Business Finance Authority, Revenue Bonds (Mill Creek Project, <br> Montgomery County)<sup>(b)</sup> <br>| 5.95 | 12/1/2031 | 2000000 | 2005484 |
| New Hampshire Business Finance Authority, Revenue Bonds (The Wildflower <br> Project)<sup>(b),(e)</sup> <br>| 0.00 | 12/15/2033 | 5450000 | 3320410 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada <br> Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.25 | 6/1/2051 | 1000000 | 1019629 |
| New Hampshire Business Finance Authority, Revenue Bonds (Winston-Salem <br> Sustainable Energy Partners) Ser. A<br>| 5.50 | 6/1/2050 | 1550000 | 1577075 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada <br> Reno Project) (Insured; Build America Mutual) Ser. A<br>| 4.50 | 6/1/2053 | 1550000 | 1430781 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada <br> Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.00 | 12/1/2038 | 665000 | 700495 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada <br> Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.25 | 12/1/2039 | 790000 | 839415 |
|  |  |  |  | **10893289** |
| **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 & Rail <br> Terminal Project)<sup>(b)</sup> <br>| 6.63 | 1/1/2045 | 3405000 | 3476870 |
| New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines <br> Project)<br>| 5.25 | 9/15/2029 | 7245000 | 7252564 |
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ <br> Barnabas Health Obligated Group)<br>| 4.00 | 7/1/2051 | 7220000 | 6139145 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 12/1/2029 | 2000000 | 2120928 |

---

**13**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **New Jersey — 2.4% (continued)** | **New Jersey — 2.4% (continued)** | **New Jersey — 2.4% (continued)** | **New Jersey — 2.4% (continued)** | **New Jersey — 2.4% (continued)** |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 12/1/2032 | 1200000 | 1281612 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2044 | 1250000 | 1261620 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.25 | 6/15/2050 | 4500000 | 4592559 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. <br> AA<br>| 5.00 | 6/15/2042 | 3750000 | 3843810 |
| New Jersey Turnpike Authority, Revenue Bonds, Ser. B | 4.13 | 1/1/2054 | 1300000 | 1128864 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2036 | 5000000 | 5092048 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2037 | 5000000 | 5070036 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 1860000 | 1843600 |
|  |  |  |  | **43103656** |
| **New Mexico — .3%** | **New Mexico — .3%** | **New Mexico — .3%** | **New Mexico — .3%** | **New Mexico — .3%** |
| New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. E<br>| 4.60 | 9/1/2049 | 4950000 | 4701485 |
| New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. E<br>| 4.70 | 9/1/2054 | 990000 | 943402 |
|  |  |  |  | **5644887** |
| **New York — 8.8%** | **New York — 8.8%** | **New York — 8.8%** | **New York — 8.8%** | **New York — 8.8%** |
| Build New York City Resource Corp., Revenue Bonds (The Nightingale-Bamford <br> School Project)<br>| 5.00 | 7/1/2040 | 750000 | 784531 |
| Empire State Development Corp., Revenue Bonds (Personal Income Tax) Ser. A | 4.00 | 3/15/2039 | 1160000 | 1112123 |
| Empire State Development Corp., Revenue Bonds, Refunding (Personal Income Tax) | 4.00 | 3/15/2042 | 4810000 | 4414476 |
| Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable <br> Bond) Ser. C1<br>| 5.00 | 11/15/2050 | 4850000 | 4752275 |
| New York City, GO, Ser. C | 4.00 | 8/1/2040 | 1500000 | 1405395 |
| New York City, GO, Ser. C | 4.00 | 8/1/2041 | 1000000 | 922357 |
| New York City, GO, Ser. D1 | 4.00 | 3/1/2041 | 4220000 | 3897153 |
| New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 7210000 | 6177068 |
| New York City, GO, Ser. F1 | 4.00 | 3/1/2047 | 1400000 | 1220086 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens <br> Baseball Stadium Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 1/1/2032 | 1000000 | 1033292 |
| New York City Municipal Water Finance Authority, Revenue Bonds, Refunding, Ser. <br> DD<br>| 4.13 | 6/15/2047 | 1840000 | 1661040 |
| New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2036 | 6780000 | 6748434 |
| New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) <br> (Insured; Assured Guaranty Corp.) Ser. B<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 6400000 | 1551479 |
| New York Energy Finance Development Corp., Revenue Bonds<sup>(a)</sup> <br>| 5.00 | 12/1/2033 | 5925000 | 6228552 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs <br> Headquarters)<br>| 5.25 | 10/1/2035 | 3500000 | 3941791 |
| New York State Dormitory Authority, Revenue Bonds (New York University) <br> (Insured; National Public Finance Guarantee Corp.) Ser. A<br>| 5.75 | 7/1/2027 | 1475000 | 1539362 |
| New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. A<sup>(f)</sup> <br>| 5.00 | 10/1/2028 | 10000 | 10781 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E<sup>(f)</sup> <br>| 4.00 | 3/15/2032 | 5000 | 5389 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E<sup>(f)</sup> <br>| 4.00 | 3/15/2032 | 290000 | 312572 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | 4.00 | 3/15/2040 | 4705000 | 4442760 |
| New York State Housing Finance Agency, Revenue Bonds (Sustainable Bonds) Ser. <br> B1<br>| 4.70 | 11/1/2059 | 1000000 | 932496 |
| New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B<br>| 4.00 | 1/1/2045 | 7665000 | 6822821 |
| New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 3/15/2036 | 3380000 | 3372617 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.00 | 1/1/2036 | 7035000 | 6572806 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **New York — 8.8% (continued)** | **New York — 8.8% (continued)** | **New York — 8.8% (continued)** | **New York — 8.8% (continued)** | **New York — 8.8% (continued)** |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.38 | 10/1/2045 | 7125000 | 6188855 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2032 | 2810000 | 2863005 |
| New York Transportation Development Corp., Revenue Bonds (John F. Kennedy <br> International Airport New Terminal One Project) (Insured; Assured Guaranty <br> Corp.)<br>| 6.00 | 6/30/2055 | 11500000 | 12027768 |
| New York Transportation Development Corp., Revenue Bonds (John F. Kennedy <br> International Airport Terminal)<br>| 5.00 | 12/1/2036 | 2455000 | 2560770 |
| New York Transportation Development Corp., Revenue Bonds (John F. Kennedy <br> International Airport Terminal)<br>| 5.00 | 12/1/2040 | 4000000 | 4019423 |
| New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport <br> Terminal B Redevelopment Project) Ser. A<br>| 5.00 | 7/1/2046 | 3350000 | 3173069 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) <br> (John F. Kennedy International Airport Terminal One Project) (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 6/30/2054 | 11755000 | 11203635 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) <br> (John F. Kennedy International Airport Terminal) (Insured; Assured Guaranty <br> Corp.)<br>| 5.00 | 6/30/2049 | 1500000 | 1445286 |
| New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) <br> (John F. Kennedy International Airport Terminal) (Insured; Assured Guaranty <br> Corp.)<br>| 5.13 | 6/30/2060 | 700000 | 677340 |
| New York Transportation Development Corp., Revenue Bonds, Refunding (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2035 | 1750000 | 1854878 |
| Port Authority of New York & New Jersey, Revenue Bonds, Refunding | 5.00 | 1/15/2052 | 3000000 | 2970412 |
| Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan <br> Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Insured; Assured Guaranty Corp.) Ser. C) Non-Recourse, Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 4.81 | 11/15/2047 | 2000000 | 1685558 |
| Tender Option Bond Trust Receipts (Series 2024-XM1174), (New York State <br> Transportation Development Corp., Revenue Bonds (Sustainable Bond) (John F. <br> Kennedy International Airport Terminal One Project) (Insured; Assured Guaranty <br> Corp.)) Recourse, Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.35 | 6/30/2060 | 1360000 | 1340642 |
| Tender Option Bond Trust Receipts (Series 2024-XM1181), (Triborough New York <br> Bridge & Tunnel Authority, Revenue Bonds, Ser. A1) Non-Recourse, Underlying <br> Coupon Rate 4.13%<sup>(b),(c),(d)</sup> <br>| 5.74 | 5/15/2064 | 1500000 | 1271110 |
| Tender Option Bond Trust Receipts (Series 2024-XM1194), (New York <br> Transportation Development Corp., Revenue Bonds, Refunding (Sustainable <br> Bond) (JFK International Airport Terminal Six Redevelopment Project) (Insured; <br> Assured Guaranty Corp.)) Recourse, Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.35 | 12/31/2054 | 1400000 | 1381440 |
| Tender Option Bond Trust Receipts (Series 2025-XF8040), (Long Island Power <br> Authority, Revenue Bonds, Ser. A) Non-Recourse, Underlying Coupon Rate <br> 5.25%<sup>(b),(c),(d)</sup> <br>| 11.54 | 9/1/2050 | 1400000 | 1445845 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds (MTA Bridges & Tunnels) <br> Ser. A<br>| 5.00 | 11/15/2049 | 2000000 | 2009403 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 4.13 | 5/15/2064 | 4000000 | 3389626 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 5.25 | 5/15/2059 | 5000000 | 5143841 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C3 | 3.00 | 5/15/2051 | 10000000 | 6994727 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (MTA Bridges & <br> Tunnels) Ser. C2<br>| 5.00 | 11/15/2042 | 8500000 | 8566179 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C | 5.25 | 5/15/2052 | 5000000 | 5125155 |
|  |  |  |  | **157199623** |
| **North Carolina — .9%** | **North Carolina — .9%** | **North Carolina — .9%** | **North Carolina — .9%** | **North Carolina — .9%** |
| Greater Asheville Regional Airport Authority, Revenue Bonds (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 7/1/2029 | 1160000 | 1245781 |
| Nash Health Care Systems, Revenue Bonds | 5.75 | 2/1/2050 | 4350000 | 4534975 |

---

**15**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **North Carolina — 0.9% (continued)** | **North Carolina — 0.9% (continued)** | **North Carolina — 0.9% (continued)** | **North Carolina — 0.9% (continued)** | **North Carolina — 0.9% (continued)** |
| North Carolina Housing Finance Agency, Revenue Bonds, Refunding (Insured; <br> GNMA, FNMA, FHLMC) Ser. 45<br>| 3.00 | 7/1/2051 | 3230000 | 3209150 |
| North Carolina Medical Care Commission, Revenue Bonds (Carolina Meadows <br> Obligated Group)<br>| 5.25 | 12/1/2049 | 2000000 | 1939581 |
| North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) <br> Ser. A<br>| 5.00 | 1/1/2049 | 2675000 | 2482446 |
| North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.)<br>| 5.00 | 1/1/2039 | 2000000 | 2019928 |
|  |  |  |  | **15431861** |
| **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** |
| North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. C | 5.00 | 7/1/2042 | 1500000 | 1540157 |
| University of North Dakota, COP (Insured; Assured Guaranty Corp.) Ser. A | 4.00 | 6/1/2051 | 2500000 | 2107576 |
|  |  |  |  | **3647733** |
| **Ohio — 2.1%** | **Ohio — 2.1%** | **Ohio — 2.1%** | **Ohio — 2.1%** | **Ohio — 2.1%** |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. <br> A2<br>| 4.00 | 6/1/2048 | 16000000 | 12905387 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1000000 | 896432 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 4500000 | 4273439 |
| Hamilton County Sewer System, Revenue Bonds (The Metropolitan Sewer District of <br> Greater Cincinnati) Ser. A<br>| 5.00 | 12/1/2053 | 3750000 | 3787083 |
| Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2036 | 1045000 | 1093848 |
| Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2037 | 1315000 | 1367577 |
| Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) | 3.75 | 9/1/2050 | 2930000 | 2957919 |
| Port of Greater Cincinnati Development Authority, Revenue Bonds, Refunding <br> (Duke Energy Co.) (Insured; Assured Guaranty Corp.) Ser. B<br>| 4.38 | 12/1/2058 | 750000 | 662097 |
| Tender Option Bond Trust Receipts (Series 2024-XF1711), (University of Cincinnati <br> Ohio Receipt, Revenue Bonds, Ser. A) Non-Recourse, Underlying Coupon Rate <br> 5.00%<sup>(b),(c),(d)</sup> <br>| 10.82 | 6/1/2049 | 2800000 | 2844462 |
| University of Cincinnati, Revenue Bonds, Ser. A | 5.25 | 6/1/2049 | 2500000 | 2585911 |
| Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group) | 5.00 | 7/1/2049 | 2000000 | 1913970 |
| Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group) | 5.00 | 7/1/2054 | 3000000 | 2817284 |
|  |  |  |  | **38105409** |
| **Oklahoma — .9%** | **Oklahoma — .9%** | **Oklahoma — .9%** | **Oklahoma — .9%** | **Oklahoma — .9%** |
| Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) <br> Ser. B<br>| 5.50 | 8/15/2057 | 3000000 | 2840599 |
| Oklahoma Water Resources Board, Revenue Bonds, Ser. B | 4.00 | 10/1/2048 | 8015000 | 6990092 |
| Tender Option Bond Trust Receipts (Series 2024-XM1163), (Oklahoma City Water <br> Utilities Trust, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon <br> Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.69 | 7/1/2064 | 3200000 | 3295484 |
| The Oklahoma University, Revenue Bonds, Refunding (Insured; Build America <br> Mutual) Ser. A<br>| 4.13 | 7/1/2054 | 2500000 | 2149387 |
| Tulsa Municipal Airport Trust, Revenue Bonds, Refunding | 6.25 | 12/1/2040 | 1250000 | 1355192 |
|  |  |  |  | **16630754** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29 | 5.50 | 7/1/2048 | 4510000 | 4643962 |
| Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29 | 5.50 | 7/1/2053 | 11750000 | 12027628 |
| Portland Sewer System, Revenue Bonds, Ser. A | 3.00 | 3/1/2036 | 5040000 | 4651713 |
|  |  |  |  | **21323303** |
| **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** |
| Allegheny County Hospital Development Authority, Revenue Bonds, Refunding <br> (UPMC Obligated Group) Ser. A<br>| 4.00 | 7/15/2035 | 2000000 | 1968121 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue <br> Bonds (City Center Project)<sup>(b)</sup> <br>| 5.00 | 5/1/2033 | 500000 | 511461 |
| Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 2/1/2033 | 1255000 | 1315979 |
| Allentown School District, GO (Insured; Build America Mutual) Ser. C | 5.00 | 2/1/2037 | 1600000 | 1644086 |
| Berks County Industrial Development Authority, Revenue Bonds, Refunding <br> (Highlands at Wyomissing Obligated Group)<br>| 5.00 | 5/15/2042 | 500000 | 482891 |
| Berks County Industrial Development Authority, Revenue Bonds, Refunding <br> (Highlands at Wyomissing Obligated Group)<br>| 5.00 | 5/15/2047 | 600000 | 547620 |
| Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line <br> Health System Obligated Group) Ser. A<br>| 4.00 | 9/1/2050 | 7300000 | 6052710 |
| Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 4.38 | 12/1/2042 | 1000000 | 913748 |
| Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2032 | 1845000 | 2002895 |
| Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement <br> Payment)<br>| 5.00 | 6/1/2034 | 1000000 | 1040656 |
| Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement <br> Payment)<br>| 5.00 | 6/1/2035 | 3500000 | 3623723 |
| Cumberland County Municipal Authority, Revenue Bonds, Refunding (Diakon <br> Lutheran Social Ministries Obligated Group)<br>| 5.00 | 1/1/2038 | 340000 | 335872 |
| East Hempfield Township Industrial Development Authority, Revenue Bonds, <br> Refunding (Willow Valley Communities Project)<br>| 5.00 | 12/1/2039 | 600000 | 599717 |
| Franklin County Industrial Development Authority, Revenue Bonds, Refunding <br> (Menno-Haven Project)<br>| 5.00 | 12/1/2048 | 1000000 | 837918 |
| Franklin County Industrial Development Authority, Revenue Bonds (Menno-Haven <br> Project)<br>| 5.00 | 12/1/2049 | 500000 | 415072 |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated <br> Group)<sup>(a)</sup> <br>| 5.00 | 4/1/2030 | 1000000 | 1079655 |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated <br> Group) Ser. A<br>| 5.00 | 6/1/2041 | 2500000 | 2500194 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village <br> Project)<br>| 5.13 | 7/1/2037 | 1000000 | 969791 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of <br> Pennsylvania Health System Obligated Group)<br>| 5.00 | 8/15/2042 | 6630000 | 6645398 |
| Lehigh County General Purpose Authority, Revenue Bonds (Lehigh Valley Academy <br> Regional Charter School)<br>| 4.00 | 6/1/2052 | 1000000 | 770530 |
| Luzerne County Industrial Development Authority, Revenue Bonds, Refunding <br> (Pennsylvania-American Water Co.)<sup>(a)</sup> <br>| 2.45 | 12/3/2029 | 4250000 | 3918080 |
| Montgomery County Higher Education & Health Authority, Revenue Bonds, <br> Refunding (Philadelphia Presbytery Homes Project)<br>| 5.00 | 12/1/2047 | 1000000 | 911706 |
| Montgomery County Higher Education & Health Authority, Revenue Bonds, <br> Refunding (Thomas Jefferson University Project)<br>| 4.00 | 9/1/2034 | 1000000 | 998621 |
| Montgomery County Industrial Development Authority, Revenue Bonds, Refunding <br> (ACTS Retirement-Life Communities Obligated Group)<br>| 5.00 | 11/15/2036 | 9200000 | 9265879 |
| Montgomery County Industrial Development Authority, Revenue Bonds, Refunding <br> (Meadowood Senior Living Project) Ser. A<br>| 5.00 | 12/1/2048 | 1000000 | 940818 |
| Montgomery County Industrial Development Authority, Revenue Bonds, Refunding <br> (Waverly Heights Project)<br>| 5.00 | 12/1/2049 | 500000 | 462918 |
| Pennsylvania, GO | 4.00 | 3/1/2037 | 1525000 | 1523286 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds (The <br> Penndot Major Bridges)<br>| 6.00 | 6/30/2061 | 1000000 | 1028522 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (Presbyterian Homes Obligated Group)<br>| 4.00 | 7/1/2033 | 1750000 | 1756257 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds (The <br> Penndot Major Bridges) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 12/31/2057 | 5050000 | 4824018 |

---

**17**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group)<br>| 4.00 | 3/15/2034 | 1000000 | 997256 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<br>| 4.00 | 10/15/2041 | 275000 | 249334 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<br>| 5.00 | 10/15/2036 | 1250000 | 1318259 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding <br> (Drexel University)<br>| 5.00 | 5/1/2035 | 1750000 | 1756677 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding <br> (University of Sciences in Philadelphia)<br>| 5.00 | 11/1/2031 | 1000000 | 1001013 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 4.00 | 12/1/2050 | 1000000 | 831514 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2043 | 6500000 | 6714996 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 4.00 | 12/1/2042 | 3725000 | 3405606 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 5.25 | 12/1/2052 | 1000000 | 1021179 |
| Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B | 5.25 | 12/1/2048 | 21855000 | 21926599 |
| Philadelphia, GO, Ser. A | 4.00 | 5/1/2042 | 1400000 | 1272716 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. <br> Joseph's University)<br>| 4.00 | 11/1/2045 | 1000000 | 812306 |
| Philadelphia Authority for Industrial Development, Revenue Bonds (Housing-<br> University Square Apartments Project)<sup>(f)</sup> <br>| 5.00 | 12/1/2026 | 1175000 | 1209664 |
| Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild <br> Project)<br>| 5.00 | 5/1/2043 | 6835000 | 7092904 |
| Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild <br> Project)<br>| 5.00 | 5/1/2044 | 5925000 | 6129209 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding <br> (Thomas Jefferson University) Ser. A<br>| 5.00 | 9/1/2047 | 575000 | 553620 |
| Philadelphia Gas Works Co., Revenue Bonds (Insured; Assured Guaranty Corp.) Ser. <br> A<br>| 4.00 | 8/1/2045 | 2500000 | 2237286 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) Ser. <br> A<br>| 5.25 | 3/1/2043 | 3000000 | 3063442 |
| Philadelphia Water & Wastewater, Revenue Bonds, Ser. C | 5.50 | 6/1/2052 | 2000000 | 2047599 |
| Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B<br>| 4.50 | 9/1/2048 | 9000000 | 8608108 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B<br>| 4.00 | 9/1/2034 | 1305000 | 1332648 |
| Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (WellSpan <br> Health Obligated Group)<br>| 5.00 | 6/1/2044 | 1000000 | 995599 |
| State Public School Building Authority, Revenue Bonds, Refunding (Harrisburg <br> School District) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 12/1/2032 | 1525000 | 1555324 |
| Tender Option Bond Trust Receipts (Series 2023-XF1525), (Pennsylvania Economic <br> Development Financing Authority, Revenue Bonds (University of Pittsburgh <br> Medical Center) Ser. A) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 4.73 | 5/15/2053 | 1700000 | 1390150 |
| Tender Option Bond Trust Receipts (Series 2023-XM1133), (Philadelphia Water & <br> Wastewater, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. <br> B) Non-Recourse, Underlying Coupon Rate 5.50%<sup>(b),(c),(d)</sup> <br>| 12.43 | 9/1/2053 | 2400000 | 2500993 |
| The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2040 | 2000000 | 2004901 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2037 | 1000000 | 994291 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) <br> Ser. F<sup>(f)</sup> <br>| 5.00 | 9/1/2026 | 5000 | 5130 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) <br> Ser. F<sup>(f)</sup> <br>| 5.00 | 9/1/2026 | 10000 | 10260 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) <br> Ser. F<br>| 5.00 | 9/1/2035 | 3500000 | 3541776 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** | **Pennsylvania — 8.8% (continued)** |
| The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) <br> Ser. F<br>| 5.00 | 9/1/2038 | 995000 | 1002799 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2036 | 1000000 | 1004544 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2038 | 1000000 | 1022915 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 9/1/2043 | 6280000 | 6327153 |
| Westmoreland County Municipal Authority, Revenue Bonds, Refunding (Insured; <br> Build America Mutual)<br>| 5.00 | 8/15/2042 | 1000000 | 1001243 |
| Wilkes-Barre Finance Authority, Revenue Bonds, Refunding (University of <br> Scranton) Ser. A<br>| 5.00 | 11/1/2034 | 1000000 | 1004125 |
|  |  |  |  | **157831280** |
| **Rhode Island — .3%** | **Rhode Island — .3%** | **Rhode Island — .3%** | **Rhode Island — .3%** | **Rhode Island — .3%** |
| Rhode Island Health & Educational Building Corp., Revenue Bonds (Lifespan <br> Obligated Group)<br>| 5.25 | 5/15/2054 | 2500000 | 2424318 |
| Tender Option Bond Trust Receipts (Series 2023-XM1117), (Rhode Island <br> Infrastructure Bank State Revolving Fund, Revenue Bonds, Ser. A) Non-Recourse, <br> Underlying Coupon Rate 4.25%<sup>(b),(c),(d)</sup> <br>| 5.21 | 10/1/2053 | 4000000 | 3628413 |
|  |  |  |  | **6052731** |
| **South Carolina — 2.5%** | **South Carolina — 2.5%** | **South Carolina — 2.5%** | **South Carolina — 2.5%** | **South Carolina — 2.5%** |
| Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | 4.00 | 1/1/2034 | 3180000 | 3202884 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding <br> (ACTS Retirement-Life Communities Obligated Group)<br>| 5.00 | 11/15/2047 | 5500000 | 5194043 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding <br> (Bon Secours Mercy Health)<br>| 4.00 | 12/1/2044 | 1000000 | 878244 |
| South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2037 | 2965000 | 3014369 |
| South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2038 | 1600000 | 1619707 |
| South Carolina Public Service Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2055 | 4000000 | 3950543 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) <br> Ser. A<br>| 4.00 | 12/1/2055 | 11500000 | 9392175 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) <br> Ser. B<br>| 5.25 | 12/1/2054 | 6000000 | 6061044 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2042 | 3000000 | 2697644 |
| Tender Option Bond Trust Receipts (Series 2024-XM1175), (South Carolina Public <br> Service Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) <br> Ser. B) Non-Recourse, Underlying Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 8.57 | 12/1/2054 | 4800000 | 4806875 |
| Tobacco Settlement Revenue Management Authority, Revenue Bonds, Ser. B | 6.38 | 5/15/2030 | 3750000 | 4305186 |
|  |  |  |  | **45122714** |
| **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** |
| South Dakota Housing Development Authority, Revenue Bonds, Refunding, Ser. A | 3.75 | 11/1/2050 | 1740000 | 1752373 |
| Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota Health & <br> Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health <br> Obligated Group)) Non-Recourse, Underlying Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.82 | 7/1/2046 | 2000000 | 1968928 |
|  |  |  |  | **3721301** |
| **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds (Insured; <br> Build America Mutual) Ser. A1<br>| 5.50 | 7/1/2059 | 1750000 | 1795736 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds, <br> Refunding (East Tennessee Children's Hospital)<br>| 4.00 | 11/15/2048 | 4215000 | 3448794 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds <br> (University of Tennessee Project) (Insured; Build America Mutual) Ser. B1<br>| 5.13 | 7/1/2054 | 2000000 | 1998526 |
| Metropolitan Government Nashville & Davidson County Health & Educational <br> Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project)<br>| 5.00 | 10/1/2036 | 1000000 | 1013714 |
| Metropolitan Government Nashville & Davidson County Health & Educational <br> Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project)<br>| 5.00 | 10/1/2037 | 1000000 | 1008937 |

---

**19**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Tennessee — 1.3% (continued)** | **Tennessee — 1.3% (continued)** | **Tennessee — 1.3% (continued)** | **Tennessee — 1.3% (continued)** | **Tennessee — 1.3% (continued)** |
| Metropolitan Government Nashville & Davidson County Health & Educational <br> Facilities Board, Revenue Bonds (Belmont University)<br>| 5.25 | 5/1/2053 | 7000000 | 6984206 |
| Tennergy Corp., Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 4.00 | 9/1/2028 | 5000000 | 5078172 |
| Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A | 3.50 | 7/1/2050 | 1150000 | 1154489 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2052 | 1500000 | 1532584 |
|  |  |  |  | **24015158** |
| **Texas — 8.3%** | **Texas — 8.3%** | **Texas — 8.3%** | **Texas — 8.3%** | **Texas — 8.3%** |
| Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 3000000 | 3009116 |
| Central Texas Turnpike System, Revenue Bonds, Refunding (Second Tier) Ser. C | 5.00 | 8/15/2042 | 5000000 | 5171307 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A | 4.00 | 8/15/2051 | 1100000 | 897382 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) <br> (Insured; Permanent School Fund Guarantee Program) Ser. T<br>| 4.00 | 8/15/2050 | 2500000 | 2132378 |
| Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 4.25 | 12/1/2034 | 1000000 | 994892 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Idea Public <br> Schools)(Insured; Permanent School Fund Guarantee Program)<br>| 5.00 | 8/15/2041 | 2555000 | 2636078 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (International <br> Leadership of Texas, Inc.) (Insured; Permanent School Fund Guarantee Program) <br> Ser. A<br>| 4.25 | 8/15/2053 | 1000000 | 859710 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (International <br> Leadership of Texas, Inc.) (Insured; Permanent School Fund Guarantee Program) <br> Ser. A<br>| 5.25 | 2/15/2049 | 6450000 | 6592563 |
| Corpus Christi Utility System, Revenue Bonds | 5.00 | 7/15/2040 | 2750000 | 2756862 |
| Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/15/2037 | 1250000 | 1247392 |
| Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B | 4.00 | 12/1/2051 | 3550000 | 2989622 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2035 | 2000000 | 2008443 |
| El Paso County Hospital District, GO (El Paso County) (Insured; Assured Guaranty <br> Corp.)<br>| 5.50 | 2/15/2050 | 3470000 | 3599135 |
| Garland Electric Utility System, Revenue Bonds, Refunding | 5.00 | 3/1/2044 | 5500000 | 5520950 |
| Garland Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.00 | 2/15/2042 | 2815000 | 2899136 |
| Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5000000 | 4228557 |
| Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. A<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 4000000 | 905145 |
| Houston Airport System, Revenue Bonds (United Airlines, Inc.) Ser. B | 5.25 | 7/15/2033 | 5000000 | 5269644 |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 4.50 | 7/1/2053 | 1000000 | 895065 |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 5.25 | 7/1/2053 | 3010000 | 3042771 |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. B<br>| 4.25 | 7/1/2053 | 4000000 | 3514161 |
| Houston Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2047 | 1560000 | 1308678 |
| Houston Airport System, Revenue Bonds, Refunding, Ser. D | 5.00 | 7/1/2039 | 4000000 | 4053830 |
| Lamar Consolidated Independent School District, GO | 4.00 | 2/15/2053 | 5540000 | 4774669 |
| Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co. <br> Project)<br>| 5.00 | 11/1/2028 | 2410000 | 2410393 |
| Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission <br> Services Corp.) Ser. A<br>| 4.00 | 5/15/2049 | 3000000 | 2447323 |
| Lubbock Electric Light & Power System, Revenue Bonds | 5.00 | 4/15/2048 | 2030000 | 2032725 |
| Mansfield Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2054 | 8500000 | 7055430 |
| Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline <br> Project)<sup>(b)</sup> <br>| 4.63 | 10/1/2031 | 3850000 | 3845986 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Texas — 8.3% (continued)** | **Texas — 8.3% (continued)** | **Texas — 8.3% (continued)** | **Texas — 8.3% (continued)** | **Texas — 8.3% (continued)** |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding <br> (Westminister Project)<br>| 4.00 | 11/1/2055 | 1650000 | 1277486 |
| North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 6250000 | 6266864 |
| Plano Independent School District, GO | 5.00 | 2/15/2043 | 2990000 | 3065596 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor <br> Scott & White Health Obligated Group) Ser. F<sup>(a)</sup> <br>| 5.00 | 11/15/2030 | 2000000 | 2175448 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Cook Children's Medical Center)<br>| 5.00 | 12/1/2043 | 2500000 | 2572130 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Trinity Terrace Project)<br>| 5.00 | 10/1/2049 | 1800000 | 1682391 |
| Tender Option Bond Trust Receipts (Series 2023-XM1125), (Medina Valley <br> Independent School District, GO (Insured; Permanent School Fund Guarantee <br> Program)) Non-Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 5.90 | 2/15/2053 | 3000000 | 2565422 |
| Tender Option Bond Trust Receipts (Series 2024-XM1164), (Texas University <br> System, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon Rate <br> 5.25%<sup>(b),(c),(d)</sup> <br>| 11.90 | 3/15/2054 | 2800000 | 2871751 |
| Texas Department of Housing & Community Affairs, Revenue Bonds (Insured; <br> GNMA) Ser. A<br>| 3.50 | 3/1/2051 | 1240000 | 1246449 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.50 | 1/1/2034 | 17285000 | 18915738 |
| Texas Municipal Power Agency, Revenue Bonds, Refunding (Insured; Build America <br> Mutual)<br>| 5.50 | 9/1/2055 | 1000000 | 1034412 |
| Texas Public Finance Authority, Revenue Bonds, Refunding | 4.00 | 2/1/2036 | 2675000 | 2706932 |
| University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2049 | 7000000 | 6035630 |
| Waxahachie Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.25 | 2/15/2053 | 1000000 | 895113 |
| West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2045 | 2750000 | 2385086 |
| West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2049 | 3850000 | 3297941 |
|  |  |  |  | **148093732** |
| **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** |
| Children's Trust Fund, Revenue Bonds, Refunding, Ser. A<sup>(e)</sup> <br>| 0.00 | 5/15/2050 | 17000000 | 3282156 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 6954781 | 7412169 |
|  |  |  |  | **10694325** |
| **Utah — .7%** | **Utah — .7%** | **Utah — .7%** | **Utah — .7%** | **Utah — .7%** |
| Downtown Revitalization Public Infrastructure District, Revenue Bonds (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 5.50 | 6/1/2055 | 2000000 | 2082922 |
| Mida Cormont Public Infrastructure District, GO, Ser. A1<sup>(b)</sup> <br>| 6.25 | 6/1/2055 | 1225000 | 1248582 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 5.88 | 3/1/2045 | 1000000 | 1001509 |
| Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2037 | 4500000 | 4539941 |
| Salt Lake City Airport, Revenue Bonds, Ser. B | 5.00 | 7/1/2036 | 1350000 | 1372598 |
| Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2037 | 1500000 | 1516320 |
| Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding | 4.38 | 6/1/2040 | 1500000 | 1506604 |
|  |  |  |  | **13268476** |
| **Virginia — 1.1%** | **Virginia — 1.1%** | **Virginia — 1.1%** | **Virginia — 1.1%** | **Virginia — 1.1%** |
| Danville Industrial Development Authority, Revenue Bonds, Refunding (Danville <br> Regional Medical Center) (Insured; American Municipal Bond Assurance Corp.)<br>| 5.25 | 10/1/2028 | 140000 | 145347 |
| Fairfax County, Revenue Bonds, Refunding, Ser. B | 3.00 | 7/15/2036 | 3585000 | 3318600 |
| Tender Option Bond Trust Receipts (Series 2024-XM1176), (Virginia State Housing <br> Development Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon <br> Rate 4.80%<sup>(b),(c),(d)</sup> <br>| 10.01 | 9/1/2059 | 1800000 | 1727173 |
| Virginia College Building Authority, Revenue Bonds (21st Century College & <br> Equipment Programs)<br>| 4.00 | 2/1/2036 | 4015000 | 4023868 |

---

**21**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Virginia — 1.1% (continued)** | **Virginia — 1.1% (continued)** | **Virginia — 1.1% (continued)** | **Virginia — 1.1% (continued)** | **Virginia — 1.1% (continued)** |
| Virginia Small Business Financing Authority, Revenue Bonds (Transform <br> 66 P3 Project)<br>| 5.00 | 12/31/2052 | 2000000 | 1867918 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding (I-495 HOT <br> Lanes Project)<br>| 5.00 | 12/31/2052 | 2500000 | 2368797 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (95 Express Lanes)<br>| 4.00 | 1/1/2048 | 1500000 | 1228485 |
| Williamsburg Economic Development Authority, Revenue Bonds (William & Mary <br> Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.13 | 7/1/2058 | 1000000 | 869669 |
| Williamsburg Economic Development Authority, Revenue Bonds (William & Mary <br> Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 7/1/2048 | 2220000 | 1940200 |
| Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley <br> Health System Obligated Group)<br>| 5.00 | 1/1/2035 | 1560000 | 1565965 |
|  |  |  |  | **19056022** |
| **Washington — 2.6%** | **Washington — 2.6%** | **Washington — 2.6%** | **Washington — 2.6%** | **Washington — 2.6%** |
| Energy Northwest, Revenue Bonds, Refunding (Columbia Generating Station) | 5.00 | 7/1/2040 | 2750000 | 2858476 |
| Kitsap County School District No. 100, GO (Insured; School Board Guaranty) Ser. C | 5.25 | 12/1/2047 | 3000000 | 3109407 |
| Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B | 5.25 | 7/1/2042 | 10000000 | 10400731 |
| Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A | 5.00 | 1/1/2054 | 1250000 | 1261883 |
| Tender Option Bond Trust Receipts (Series 2024-XF1730), (Port of Seattle <br> Washington, Revenue Bonds, Refunding (Intermediate Lien) Ser. B) Non-<br> Recourse, Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.61 | 7/1/2049 | 1000000 | 1015043 |
| Washington, GO, Ser. B | 5.00 | 2/1/2048 | 10000000 | 10148414 |
| Washington, GO, Refunding, Ser. R-2 | 4.00 | 7/1/2036 | 3500000 | 3543950 |
| Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2043 | 3560000 | 3484866 |
| Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2048 | 4340000 | 4113044 |
| Washington Convention Center Public Facilities District, Revenue Bonds <br> (Sustainable Bond) Ser. B<br>| 4.00 | 7/1/2058 | 3400000 | 2545990 |
| Washington Health Care Facilities Authority, Revenue Bonds, Refunding <br> (Providence Health & Services) Ser. A<br>| 5.00 | 10/1/2042 | 2235000 | 2199960 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald <br> Heights Project) Ser. A<br>| 5.00 | 7/1/2048 | 1250000 | 1183065 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle <br> Academy of Arts & Sciences)<sup>(b)</sup> <br>| 6.38 | 7/1/2063 | 800000 | 849203 |
|  |  |  |  | **46714032** |
| **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** |
| West Virginia Hospital Finance Authority, Revenue Bonds (West Virginia University <br> Health System Obligated Group) Ser. A<br>| 5.50 | 6/1/2050 | 11000000 | **11382419** |
| **Wisconsin — 4.4%** | **Wisconsin — 4.4%** | **Wisconsin — 4.4%** | **Wisconsin — 4.4%** | **Wisconsin — 4.4%** |
| Public Finance Authority, Revenue Bonds (Cone Health) Ser. A | 5.00 | 10/1/2052 | 3000000 | 2957015 |
| Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build <br> America Mutual) Ser. A1<br>| 5.50 | 7/1/2052 | 1000000 | 1022300 |
| Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build <br> America Mutual) Ser. A1<br>| 5.63 | 7/1/2055 | 1000000 | 1028725 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes Project) | 6.50 | 6/30/2060 | 3500000 | 3702735 |
| Public Finance Authority, Revenue Bonds (Heritage Bend Project)<sup>(b),(e)</sup> <br>| 0.00 | 12/15/2042 | 23500000 | 6830987 |
| Public Finance Authority, Revenue Bonds, Ser. 1 | 5.75 | 7/1/2062 | 10707502 | 10625544 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.25 | 11/15/2055 | 1705000 | 1669469 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education <br> System) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/1/2040 | 5000000 | 5059796 |
| Public Finance Authority, Revenue Bonds, Refunding (Triad Educational Services) | 5.50 | 6/15/2055 | 2000000 | 1923431 |
| Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project) | 5.00 | 3/1/2035 | 5000000 | 5024383 |
| Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project) | 5.00 | 3/1/2046 | 4100000 | 4100201 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** | **Long-Term Municipal Investments — 100.8% (continued)** |
| **Wisconsin — 4.4% (continued)** | **Wisconsin — 4.4% (continued)** | **Wisconsin — 4.4% (continued)** | **Wisconsin — 4.4% (continued)** | **Wisconsin — 4.4% (continued)** |
| Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Duke <br> Energy Progress) Ser. A2<sup>(a)</sup> <br>| 3.70 | 10/1/2030 | 8900000 | 9054374 |
| Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Duke <br> Energy Progress) Ser. B<sup>(a)</sup> <br>| 4.00 | 10/1/2030 | 5645000 | 5786926 |
| Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated <br> Group) Ser. A<br>| 5.00 | 10/1/2044 | 1725000 | 1690323 |
| Sheboygan Area School District, GO | 3.00 | 3/1/2042 | 3725000 | 2994049 |
| Sheboygan Area School District, GO | 3.00 | 3/1/2043 | 2835000 | 2237568 |
| Sparta Area School District, GO (Insured; Assured Guaranty Corp.) | 3.00 | 3/1/2040 | 1820000 | 1469822 |
| Sparta Area School District, GO (Insured; Assured Guaranty Corp.) | 3.00 | 3/1/2041 | 1250000 | 989067 |
| West Allis West Milwaukee School District, GO, Ser. W | 3.00 | 4/1/2038 | 1755000 | 1550993 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Bellin <br> Memorial Hospital Obligated Group)<br>| 5.50 | 12/1/2052 | 1000000 | 1033036 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Hospital Sisters Credit Group) Ser. A<br>| 5.50 | 8/15/2048 | 1500000 | 1549400 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Children's <br> Hospital of Wisconsin Obligated Group)<br>| 4.00 | 8/15/2050 | 4000000 | 3371671 |
| Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A | 4.25 | 4/1/2052 | 1500000 | 1316858 |
| Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A | 5.00 | 4/1/2049 | 1750000 | 1749869 |
|  |  |  |  | **78738542** |
| **Total Long-Term Municipal Investments** <br>(cost $1,906,547,523)<br>|  |  |  | **1803997116** |
| **Total Investments** (cost $1,917,343,808) | **Total Investments** (cost $1,917,343,808) |  | **101.3%** | **1813402264** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** |  | **(1.3%)** | **(23718233)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **1789684031** |

---

&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 |

---

&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 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 August 31, 2025, these securities amounted to $129,947,401 or 7.3% of net assets. 

<sup>(c)</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>(d)</sup> Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.

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

<sup>(f)</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. 

&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; 516 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 60097039 | &nbsp;&nbsp; 60146250 | &nbsp;&nbsp; (49211) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(49211)** |

---

See notes to financial statements.

**23**

------

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 1917343808 | &nbsp;&nbsp;&nbsp;&nbsp; 1813402264 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2765332 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 21506944 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 522206 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 451500 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 60529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1838708775** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 688372 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 288996 |
| Payable for inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45805000 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1658545 |
| Interest and expense payable related to inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 217157 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 35204 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 331470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **49024744** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1789684031** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1992386864 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (202702833)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1789684031** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y | Class Z |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 425878210 | &nbsp;&nbsp;&nbsp;&nbsp; 3125231 | &nbsp;&nbsp;&nbsp;&nbsp; 304928883 | &nbsp;&nbsp;&nbsp;&nbsp; 94299257 | &nbsp;&nbsp;&nbsp;&nbsp; 961452450 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 33074603 | &nbsp;&nbsp;&nbsp;&nbsp; 242729 | &nbsp;&nbsp;&nbsp;&nbsp; 23675184 | &nbsp;&nbsp;&nbsp;&nbsp; 7322397 | &nbsp;&nbsp;&nbsp;&nbsp; 74599812 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**12.88** | &nbsp;&nbsp;&nbsp;&nbsp;**12.88** | &nbsp;&nbsp;&nbsp;&nbsp;**12.88** | &nbsp;&nbsp;&nbsp;&nbsp;**12.88** | &nbsp;&nbsp;&nbsp;&nbsp;**12.89** |

---

See notes to financial statements.

**24**

------

STATEMENT OF OPERATIONS

Year Ended August 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **70241409** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 6585143 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 2855028 |
| Interest and expense related to inverse floater notes issued—Note 4  | &nbsp;&nbsp;&nbsp;&nbsp; 250407 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 173684 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 105680 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 100106 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 50267 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 44254 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 30895 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 28314 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 23989 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 8583 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 96877 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **10353227** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (1427)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (106785)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **10245015** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **59996394** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (21610750)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 99535 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(21511215)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (60635207)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (49211)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(60684418)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(82195633)**<br>|
| **Net (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(22199239)**<br>|

---

See notes to financial statements.

**25**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 59996394 | &nbsp;&nbsp;&nbsp;&nbsp; 45505271 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (21511215) | &nbsp;&nbsp;&nbsp;&nbsp; (6630460) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (60684418) | &nbsp;&nbsp;&nbsp;&nbsp; 44699113 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(22199239)** | &nbsp;&nbsp;&nbsp;&nbsp; **83573924** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (12662818) | &nbsp;&nbsp;&nbsp;&nbsp; (12056507) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (84672) | &nbsp;&nbsp;&nbsp;&nbsp; (107228) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (10793335) | &nbsp;&nbsp;&nbsp;&nbsp; (11684804) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (3426742) | &nbsp;&nbsp;&nbsp;&nbsp; (1841886) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (32716395) | &nbsp;&nbsp;&nbsp;&nbsp; (19527294) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(59683962)** | &nbsp;&nbsp;&nbsp;&nbsp; **(45217719)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24215456 | &nbsp;&nbsp;&nbsp;&nbsp; 31823364 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 572960 | &nbsp;&nbsp;&nbsp;&nbsp; 721267 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 121331242 | &nbsp;&nbsp;&nbsp;&nbsp; 128577246 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 17580143 | &nbsp;&nbsp;&nbsp;&nbsp; 120529040 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 8836874 | &nbsp;&nbsp;&nbsp;&nbsp; 10673629 |
| Net assets received in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 144896891 | &nbsp;&nbsp;&nbsp;&nbsp; 910413858<sup>(a)</sup> <br>|
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 10870378 | &nbsp;&nbsp;&nbsp;&nbsp; 10526570 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 71507 | &nbsp;&nbsp;&nbsp;&nbsp; 94212 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 9627857 | &nbsp;&nbsp;&nbsp;&nbsp; 10805526 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 3416637 | &nbsp;&nbsp;&nbsp;&nbsp; 1841886 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 26073012 | &nbsp;&nbsp;&nbsp;&nbsp; 15690633 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (163614499) | &nbsp;&nbsp;&nbsp;&nbsp; (73435830) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1772357) | &nbsp;&nbsp;&nbsp;&nbsp; (2654219) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (152276090) | &nbsp;&nbsp;&nbsp;&nbsp; (264766630) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (32690902) | &nbsp;&nbsp;&nbsp;&nbsp; (12523961) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (123799240) | &nbsp;&nbsp;&nbsp;&nbsp; (97895094) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(106660131)** | &nbsp;&nbsp;&nbsp;&nbsp; **790421497** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(188543332)** | &nbsp;&nbsp;&nbsp;&nbsp; **828777702** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1978227363 | &nbsp;&nbsp;&nbsp;&nbsp; 1149449661 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1789684031** | &nbsp;&nbsp;&nbsp;&nbsp; **1978227363** |

---

**26**

------

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2024 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(b),(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1828283 | &nbsp;&nbsp;&nbsp;&nbsp; 2419374 |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11222850 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 826016 | &nbsp;&nbsp;&nbsp;&nbsp; 798827 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (12567182) | &nbsp;&nbsp;&nbsp;&nbsp; (5598203) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1309967** | &nbsp;&nbsp;&nbsp;&nbsp; **(2380002)** |
| **Class C**<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 42962 | &nbsp;&nbsp;&nbsp;&nbsp; 54303 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5428 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (134205) | &nbsp;&nbsp;&nbsp;&nbsp; (202608) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(85815)** | &nbsp;&nbsp;&nbsp;&nbsp; **(141145)** |
| **Class I**<sup>(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 9205080 | &nbsp;&nbsp;&nbsp;&nbsp; 9734212 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 730591 | &nbsp;&nbsp;&nbsp;&nbsp; 821176 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11622851) | &nbsp;&nbsp;&nbsp;&nbsp; (20048901) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1687180)** | &nbsp;&nbsp;&nbsp;&nbsp; **(9493513)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1330733 | &nbsp;&nbsp;&nbsp;&nbsp; 9015279 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 259254 | &nbsp;&nbsp;&nbsp;&nbsp; 139555 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2484202) | &nbsp;&nbsp;&nbsp;&nbsp; (939005) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(894215)** | &nbsp;&nbsp;&nbsp;&nbsp; **8215829** |
| **Class Z**<sup>(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 669206 | &nbsp;&nbsp;&nbsp;&nbsp; 857526 |
| Shares issued in connection with reorganization—Note 1 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 67685113<sup>(a)</sup> <br>|
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1977758 | &nbsp;&nbsp;&nbsp;&nbsp; 1181748 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9376851) | &nbsp;&nbsp;&nbsp;&nbsp; (7360337) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(6729887)** | &nbsp;&nbsp;&nbsp;&nbsp; **62364050** |

---

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

<sup>(a)</sup> As of the close of business on March 8, 2024, pursuant to an Agreement and Plan of Reorganization previously approved by the Company's Board of Directors (the "Board"), all of the assets, subject to the liabilities, of BNY Mellon Municipal Bond Fund, Inc. were transferred to the fund in a tax free exchange at cost basis for Class Z shares of Common Stock of equal value. 

<sup>(b)</sup> During the period ended August 31, 2025, 5,041 Class C shares representing $67,340 were automatically converted to 5,041 Class A shares and during the period ended August 31, 2024, 328 Class C shares representing $4,331 were automatically converted to 328 Class A shares. 

<sup>(c)</sup> During the period ended August 31, 2025, 3,692 Class A shares representing $49,804 were exchanged for 3,692 Class I shares and 23,428 Class A shares representing $304,845 were exchanged for 23,432 Class Z shares. During the period ended August 31, 2024, 12,760 Class A shares representing $170,425 were exchanged for 12,757 Class I shares. 

See notes to financial statements.

**27**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class A Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; (9.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp; .92 |
| Ratio of net expenses to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(d)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp; 2.56 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 425878 | &nbsp;&nbsp;&nbsp;&nbsp; 427187 | &nbsp;&nbsp;&nbsp;&nbsp; 443675 | &nbsp;&nbsp;&nbsp;&nbsp; 323799 | &nbsp;&nbsp;&nbsp;&nbsp; 406057 |

---

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

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

<sup>(b)</sup> Exclusive of sales charge.

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

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

See notes to financial statements.

**28**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class C Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .18 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp; (10.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Ratio of net expenses to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets<sup>(c),(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 | &nbsp;&nbsp;&nbsp;&nbsp; 6104 | &nbsp;&nbsp;&nbsp;&nbsp; 7643 | &nbsp;&nbsp;&nbsp;&nbsp; 11657 |

---

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

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

<sup>(b)</sup> Exclusive of sales charge.

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

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

See notes to financial statements.

**29**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp; (9.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .67 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp; 2.79 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(c)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 304929 | &nbsp;&nbsp;&nbsp;&nbsp; 341205 | &nbsp;&nbsp;&nbsp;&nbsp; 453066 | &nbsp;&nbsp;&nbsp;&nbsp; 501481 | &nbsp;&nbsp;&nbsp;&nbsp; 797982 |

---

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

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

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

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

See notes to financial statements.

**30**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Y Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; (9.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .85 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(c)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; 2.78 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(c)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 94299 | &nbsp;&nbsp;&nbsp;&nbsp; 110528 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

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

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

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

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

See notes to financial statements.

**31**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Z Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Dividends from net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .69 |
| Ratio of net expenses to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .46 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .49 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .48 <br><sup>(c)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average net assets<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16 <br><sup>(c)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 961452 | &nbsp;&nbsp;&nbsp;&nbsp; 1094889 | &nbsp;&nbsp;&nbsp;&nbsp; 246595 | &nbsp;&nbsp;&nbsp;&nbsp; 125318 | &nbsp;&nbsp;&nbsp;&nbsp; 154558 |

---

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

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

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

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

See notes to financial statements.

**32**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon AMT-Free Municipal Bond Fund (the "fund") is a separate diversified series of BNY Mellon Municipal Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering two series, including the fund. The fund's investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser.

As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization ("Reorganization") previously approved by the Board, all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. (the "Acquired Fund") were transferred to the fund in a tax free exchange at cost basis for shares of Class A Common Stock of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of the Acquired Fund share class received Class A shares of the fund in an amount equal to the aggregate net asset value of their investment in the fund's Class A shares at the time of the exchange. The net asset value of the fund's Class A shares on the close of business on June 20, 2025, after the reorganization was $12.91 for Class A shares, and a total of 11,222,850 shares were issued to shareholders of the Acquired Fund in the exchange.

The net unrealized appreciation (depreciation) on investments and net assets as of the merger date for the Acquired Fund and the fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) ($)<br>| Net Assets ($) |
| BNY Mellon AMT-Free Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104008624)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771031116 |
| BNY Mellon Municipal Income, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6116460)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144896891 |

---

Assuming the merger had been completed on September 1, 2024, the fund's pro forma results in the Statement of Operations during the period ended August 31, 2025 would be as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64224540 <br><sup>†</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(97194224 )<sup>††</sup><br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(32969684)<br>|

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| $59,996,394 as reported in the Statement of Operations, plus $4,228,146 the Acquired Fund pre-merger. |
| <sup>††</sup> <br>| $(82195633) as reported in the Statement of Operations, plus $(14998591) the Acquired Fund pre-merger. |

---

Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and expenses of BNY Mellon Municipal Income, Inc. that have been included in the fund's Statement of Operations since June 20, 2025.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue 1.1 billion shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares: Class A (200 million shares authorized), Class C (200 million shares authorized), Class I (200 million shares authorized), Class Y (100 million shares authorized) and Class Z (400 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $250,000 or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts and bear Shareholder Services Plan fees. Class I, Class Y and Class Z shares are offered without a front-end sales charge or

**33**

------

NOTES TO FINANCIAL STATEMENTS (continued)

CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

**(a) Portfolio valuation:** The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund's investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

**Level 1**—unadjusted quoted prices in active markets for identical investments.

**Level 2**—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The Board has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in municipal securities and futures are valued each business day by an independent pricing service (the "Service"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Adviser based on values supplied by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Adviser. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in

**34**

------

NOTES TO FINANCIAL STATEMENTS (continued)

which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of August 31, 2025 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 ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Collateralized Municipal-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9405148 | &nbsp;&nbsp; — | &nbsp;&nbsp; **9405148** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1803997116 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1803997116** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1813402264** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1813402264** |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (49211) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(49211)** |
| Inverse Floater Notes<sup>†††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45805000) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(45805000)** |
|  | &nbsp;&nbsp; **(49211)** | &nbsp;&nbsp; **(45805000)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(45854211)** |

---

&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.

**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

**35**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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. 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.

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

**(e) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended August 31, 2025, 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 August 31, 2025, the fund did not incur any interest or penalties.

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

At August 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $1,001,073, accumulated capital losses $100,515,615 and unrealized depreciation $103,188,291.

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

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $25,518,375 of short-term capital losses and $74,997,240 of long-term capital losses which can be carried forward for an unlimited period.

As a result of the fund's merger with BNY Mellon Municipal Income, Inc., BNY Mellon Municipal Bond Fund, Inc., BNY Mellon Connecticut Fund, BNY Mellon Massachusetts Fund and BNY Mellon Pennsylvania Fund, capital losses of $49,507,480, included in the total above, are available to offset future realized gains, if any. Based on certain provisions in the Code, the amounts of losses which can be utilized in subsequent years are subject to an annual limitation.

The tax character of distributions paid to shareholders during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows: tax-exempt income $59,683,962 and $45,217,719, respectively.

During the period ended August 31, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment for capital loss carryovers and wash sales from a fund merger, the fund decreased total distributable earnings (loss) by $28,008,543 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

**(f) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

**36**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the Adviser, comprising Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended August 31, 2025, the fund did not borrow under either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from September 1, 2024 through December 31, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45% of the value of the fund's average daily net assets. On or after December 31, 2025, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $1,427 during the period ended August 31, 2025.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .168% of the value of the fund's average daily net assets.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. 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. During the period ended August 31, 2025, Class C shares were charged $28,314 pursuant to the Distribution Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended August 31, 2025, Class A and Class C shares were charged $1,043,668 and $9,438, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of Class Z shares' average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class Z shares, and services related to the maintenance of shareholder accounts. During the period ended August 31, 2025, Class Z shares were charged $1,048,919 pursuant to the Shareholder Services Plan.

The fund has arrangements with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"), both a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash

**37**

------

NOTES TO FINANCIAL STATEMENTS (continued)

balances are maintained, which are used to offset Transfer Agent and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended August 31, 2025, the fund was charged $256,744 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $75,890.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2025, the fund was charged $30,895 pursuant to the custody agreement. These fees were offset by earnings credits of $30,895.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended August 31, 2025, the fund was charged $21,584 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended August 31, 2025, the fund was charged $23,989 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended August 31, 2025, the Custodian was compensated $8,583 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 $534,248, Distribution Plan fees of $2,062, Shareholder Services Plan fees of $91,900, Custodian fees of $6,400, Chief Compliance Officer fees of $2,993, Transfer Agent fees of $42,502, Checkwriting fees of $1,750 and Shareholder and regulatory reports service fees of $6,667, which are offset against an expense reimbursement currently in effect in the amount of $150.

**(d)** Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended August 31, 2025, amounted to $366,440,558 and $604,422,507, 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 agree

**38**

------

NOTES TO FINANCIAL STATEMENTS (continued)

ment 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 August 31, 2025, was approximately $47,421,449, with a related weighted average annualized interest rate of 2.79%.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of applicable derivatives does not exceed 10% of the fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended August 31, 2025 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 August 31, 2025 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 August 31, 2025 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; (49211 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(49211)**<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 August 31, 2025 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; 99535 | &nbsp;&nbsp;&nbsp;&nbsp; **99535** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **99535** | &nbsp;&nbsp;&nbsp;&nbsp; **99535** |

---

&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; (49211) | &nbsp;&nbsp;&nbsp;&nbsp; **(49211)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(49211)** | &nbsp;&nbsp;&nbsp;&nbsp; **(49211)** |

---

&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.

**39**

------

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the monthly average market value of derivatives outstanding during the period ended August 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 11720659 |

---

At August 31, 2025, the cost of investments for federal income tax purposes was $1,870,785,555; accordingly, accumulated net unrealized depreciation on investments was $103,188,291, consisting of $7,784,216 gross unrealized appreciation and $110,972,507 gross unrealized depreciation.

**40**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of BNY Mellon AMT-Free Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") (one of the funds constituting BNY Mellon Municipal Funds, Inc. (the "Company")), including the schedule of investments, as of August 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Municipal Funds, Inc.) at August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img6747548d2.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

October 23, 2025

**41**

------

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from net investment income during the fiscal year ended August 31, 2025 as "exempt-interest dividends" (not generally subject to regular federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund's taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2025 calendar year on Form 1099-DIV, which will be mailed in early 2026.

**42**

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

N/A

**43**

------

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

N/A

**44**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $197,673.

**45**

------

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

N/A

**46**

------© 2025 BNY Mellon Securities Corporation

Code-0319NCSRAR0825

![](img0869e02d1.gif)

------

BNY Mellon High Yield Municipal Bond Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

August 31, 2025

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

---

| | |
|:---|:---|
| **Class** | **Ticker** |
| A | DHYAX |
| C | DHYCX |
| I | DYBIX |
| Y | DHYYX |
| Z | DHMBX |

---

![](imgefcef2091.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 in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon

Family of Funds.

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

------

Contents

The Fund

Please note the 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_2b80a045-6e1e-4328-bdc0-d85dffdcce92_SOI-Commoncontent-4729_1)**<br> **[Investment Companies](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_SOI-Commoncontent-4729_1)**<br>| 3 |
| [Schedule of Investments](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_SOI-Commoncontent-4729_1) | 3 |
| [Statement of Assets and Liabilities](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_FS-Commoncontent-4729_1) | 10 |
| [Statement of Operations](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_FS-Commoncontent-4729_2) | 11 |
| [Statement of Changes in Net Assets](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_FS-Commoncontent-4729_3) | 12 |
| [Financial Highlights](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_FIHI-Commoncontent-4729_1) | 14 |
| [Notes to Financial Statements](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_NTF-Commoncontent-4729_1) | 19 |
| [Report of Independent Registered Public Accounting Firm](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_AUD-Commoncontent-4729_1) | 26 |
| [Important Tax Information](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_ITI-Commoncontent-4729_1) | 27 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_CDA-Commoncontent-4729_1)**<br> **[Investment Companies](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_CDA-Commoncontent-4729_1)**<br>| 28 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_PRXD-Commoncontent-4729_1)** | 29 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_RMNP-Commoncontent-4729_1)**<br> **[Management Investment Companies](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_RMNP-Commoncontent-4729_1)**<br>| 30 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_2b80a045-6e1e-4328-bdc0-d85dffdcce92_AAA-Commoncontent-4729_1)** | 31 |

---

------

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

BNY Mellon High Yield Municipal Bond Fund

SCHEDULE OF INVESTMENTS

August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Bonds and Notes — 1.4%** | **Bonds and Notes — 1.4%** | **Bonds and Notes — 1.4%** | **Bonds and Notes — 1.4%** | **Bonds and Notes — 1.4%** |
| **Collateralized Municipal-Backed Securities — 1.4%** | **Collateralized Municipal-Backed Securities — 1.4%** | **Collateralized Municipal-Backed Securities — 1.4%** | **Collateralized Municipal-Backed Securities — 1.4%** | **Collateralized Municipal-Backed Securities — 1.4%** |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 | 3.63 | 5/20/2033 | 789420 | 767716 |
| Washington Housing Finance Commission, Revenue Bonds (Sustainable <br> Certificates) Ser. A<br>| 3.50 | 12/20/2035 | 1869909 | 1765714 |
| **Total Bonds and Notes** <br>(cost $2,946,127)<br>|  |  |  | **2533430** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long-Term Municipal Investments — 104.0%** | **Long-Term Municipal Investments — 104.0%** | **Long-Term Municipal Investments — 104.0%** | **Long-Term Municipal Investments — 104.0%** | **Long-Term Municipal Investments — 104.0%** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Baldwin County Industrial Development Authority, Revenue Bonds (Novelis <br> Corporation Project) Ser. A<sup>(a),(b)</sup> <br>| 5.00 | 6/1/2032 | 750000 | 751757 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 11/1/2034 | 1000000 | 1054830 |
| Jefferson County, Revenue Bonds, Refunding | 5.50 | 10/1/2053 | 1250000 | 1274462 |
| Mobile County Industrial Development Authority, Revenue Bonds (Calvert LLC <br> Project) Ser. B<br>| 4.75 | 12/1/2054 | 550000 | 478661 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 2) <br> Ser. B<sup>(a)</sup> <br>| 4.00 | 12/1/2031 | 1000000 | 996316 |
|  |  |  |  | **4556026** |
| **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** |
| Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2050 | 2500000 | **2016303** |
| **Arizona — 8.8%** | **Arizona — 8.8%** | **Arizona — 8.8%** | **Arizona — 8.8%** | **Arizona — 8.8%** |
| Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & <br> Science Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2054 | 1000000 | 865070 |
| Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus <br> Project) Ser. A<sup>(b)</sup> <br>| 4.00 | 7/15/2050 | 1600000 | 1223115 |
| Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of <br> Nevada) Ser. A<br>| 5.00 | 7/15/2049 | 1675000 | 1450460 |
| Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares <br> Project)<sup>(b),(c)</sup> <br>| 7.75 | 7/1/2050 | 2725000 | 83385 |
| Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) <br> Ser. A<sup>(b),(c)</sup> <br>| 6.00 | 7/1/2051 | 1000000 | 30600 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun <br> Health Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2054 | 1500000 | 1387498 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2036 | 1000000 | 1000603 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<br>| 5.00 | 2/15/2048 | 1600000 | 1430234 |
| Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin <br> Franklin Charter School Obligated Group)<sup>(b)</sup> <br>| 6.00 | 7/1/2038 | 2250000 | 2296771 |
| Maricopa County Industrial Development Authority, Revenue Bonds, Refunding <br> (Legacy Traditional Schools Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2049 | 700000 | 636502 |
| Maricopa County Industrial Development Authority, Revenue Bonds, Refunding <br> (Legacy Traditional Schools Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2054 | 1000000 | 893715 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (American <br> Leadership Academy Project)<sup>(b)</sup> <br>| 5.00 | 6/15/2054 | 1000000 | 862753 |
| Tempe Industrial Development Authority, Revenue Bonds, Refunding (Friendship <br> Village of Tempe) Ser. A<br>| 4.00 | 12/1/2046 | 2000000 | 1614454 |
| The Phoenix Arizona Industrial Development Authority, Revenue Bonds, <br> Refunding (BASIS Schools Projects) Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2046 | 2250000 | 2075519 |
|  |  |  |  | **15850679** |

---

**3**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Arkansas — 1.5%** | **Arkansas — 1.5%** | **Arkansas — 1.5%** | **Arkansas — 1.5%** | **Arkansas — 1.5%** |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 2650000 | **2666941** |
| **California — 3.2%** | **California — 3.2%** | **California — 3.2%** | **California — 3.2%** | **California — 3.2%** |
| California Community Choice Financing Authority, Revenue Bonds (Sustainable <br> Bond) (Clean Energy Project) Ser. B<sup>(a)</sup> <br>| 5.00 | 11/1/2035 | 1000000 | 1070185 |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Los <br> Angeles County Securitization Corp.) Ser. A<br>| 4.00 | 6/1/2049 | 1805000 | 1485744 |
| California Municipal Finance Authority, Revenue Bonds, Refunding (William <br> Jessup University)<sup>(b)</sup> <br>| 5.00 | 8/1/2039 | 140000 | 113573 |
| California Statewide Communities Development Authority, Revenue Bonds (Loma <br> Linda University Medical Center Obligated Group) Ser. A<sup>(b)</sup> <br>| 5.25 | 12/1/2056 | 1000000 | 912942 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E | 5.00 | 7/1/2034 | 1050000 | 1174149 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2055 | 1000000 | 1036030 |
|  |  |  |  | **5792623** |
| **Colorado — 6.1%** | **Colorado — 6.1%** | **Colorado — 6.1%** | **Colorado — 6.1%** | **Colorado — 6.1%** |
| Canyons Metropolitan District No. 5, GO, Refunding (Insured; Build America <br> Mutual) Ser. A<br>| 5.00 | 12/1/2038 | 350000 | 367955 |
| Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement <br> Communities & Services Obligated Group)<br>| 5.00 | 12/1/2048 | 1500000 | 1406791 |
| Denver International Business Center Metropolitan District No.1, GO | 6.00 | 12/1/2048 | 1000000 | 1000782 |
| Dominion Water & Sanitation District, Revenue Bonds, Refunding | 5.88 | 12/1/2052 | 2750000 | 2747645 |
| Hess Ranch Metropolitan District No. 6, GO, Ser. A1 | 5.00 | 12/1/2049 | 1500000 | 1315392 |
| Rampart Range Metropolitan District No. 5, Revenue Bonds | 4.00 | 12/1/2051 | 2000000 | 1551254 |
| Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health <br> Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated <br> Group) Ser. A1) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 9.64 | 8/1/2044 | 2200000 | 2301560 |
| Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Corp.) | 3.25 | 12/15/2050 | 515000 | 375824 |
|  |  |  |  | **11067203** |
| **Connecticut — 1.6%** | **Connecticut — 1.6%** | **Connecticut — 1.6%** | **Connecticut — 1.6%** | **Connecticut — 1.6%** |
| Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, <br> Refunding (Harbor Point Project)<sup>(b)</sup> <br>| 5.00 | 4/1/2039 | 1500000 | 1503037 |
| Stamford Housing Authority, Revenue Bonds, Refunding (Mozaic Concierge Living <br> Project) Ser. A<br>| 6.38 | 10/1/2045 | 1450000 | 1449905 |
|  |  |  |  | **2952942** |
| **District of Columbia — 3.4%** | **District of Columbia — 3.4%** | **District of Columbia — 3.4%** | **District of Columbia — 3.4%** | **District of Columbia — 3.4%** |
| District of Columbia, Revenue Bonds (Ingleside Rock Creek Project) Ser. A | 5.00 | 7/1/2052 | 2000000 | 1733315 |
| District of Columbia, Revenue Bonds, Refunding (The Catholic University of <br> America) Ser. A<br>| 5.75 | 10/1/2055 | 1000000 | 1025325 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2049 | 4090000 | 3390733 |
|  |  |  |  | **6149373** |
| **Florida — 4.6%** | **Florida — 4.6%** | **Florida — 4.6%** | **Florida — 4.6%** | **Florida — 4.6%** |
| Florida Development Finance Corp., Revenue Bonds, Refunding (Brightline Florida <br> Passenger Rail Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2053 | 1085000 | 1031884 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/15/2040 | 1000000 | 1001063 |
| Florida Local Government Finance Commission, Revenue Bonds (Fleet Landing at <br> Nocatee Project) Ser. A<sup>(b),(f)</sup> <br>| 6.63 | 11/15/2045 | 500000 | 507444 |
| Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2049 | 2280000 | 1887472 |
| Pinellas County Industrial Development Authority, Revenue Bonds (Foundation <br> for Global Understanding)<br>| 5.00 | 7/1/2039 | 1000000 | 962767 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Florida — 4.6% (continued)** | **Florida — 4.6% (continued)** | **Florida — 4.6% (continued)** | **Florida — 4.6% (continued)** | **Florida — 4.6% (continued)** |
| Seminole County Industrial Development Authority, Revenue Bonds, Refunding <br> (Legacy Pointe at UCF Project)<br>| 5.75 | 11/15/2054 | 2000000 | 1785187 |
| St. Johns County Industrial Development Authority, Revenue Bonds, Refunding <br> (Vicar's Landing Project)<br>| 4.00 | 12/15/2041 | 500000 | 404389 |
| St. Johns County Industrial Development Authority, Revenue Bonds, Refunding <br> (Vicar's Landing Project)<br>| 4.00 | 12/15/2046 | 1000000 | 742949 |
|  |  |  |  | **8323155** |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven <br> Development Authority, Revenue Bonds (Children's Healthcare of Atlanta) Ser. <br> A) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 8.03 | 7/1/2044 | 3180000 | 3081324 |
| Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal Electric <br> Authority of Georgia, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A) <br> Recourse, Underlying Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.37 | 1/1/2059 | 1850000 | 1778530 |
|  |  |  |  | **4859854** |
| **Illinois — 6.7%** | **Illinois — 6.7%** | **Illinois — 6.7%** | **Illinois — 6.7%** | **Illinois — 6.7%** |
| Chicago, GO, Ser. A | 5.00 | 1/1/2045 | 1000000 | 939608 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 700000 | 710708 |
| Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2047 | 1500000 | 1293093 |
| Chicago Board of Education, GO, Ser. D | 5.00 | 12/1/2046 | 1000000 | 854360 |
| Chicago Board of Education, GO, Ser. H | 5.00 | 12/1/2036 | 2000000 | 1973927 |
| Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2033 | 1000000 | 1007672 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 500000 | 504915 |
| Illinois Finance Authority, Revenue Bonds (Centerpoint Joliet Terminal Railroad <br> Project)<sup>(a),(b)</sup> <br>| 4.80 | 7/2/2035 | 1500000 | 1502044 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind Franklin <br> University of Medicine & Science)<br>| 5.00 | 8/1/2036 | 1075000 | 1086644 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America <br> Mutual)<br>| 4.00 | 10/1/2043 | 1000000 | 889373 |
| Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional <br> Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, <br> Underlying Coupon Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 5.22 | 6/1/2048 | 1625000 | 1377927 |
|  |  |  |  | **12140271** |
| **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** |
| Indiana Finance Authority, Revenue Bonds (Sustainable Bond)<sup>(b),(c)</sup> <br>| 7.00 | 3/1/2039 | 3325000 | **166250** |
| **Louisiana — .8%** | **Louisiana — .8%** | **Louisiana — .8%** | **Louisiana — .8%** | **Louisiana — .8%** |
| Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River Bridge <br> Public-Private Partnership Project)<br>| 5.75 | 9/1/2064 | 1480000 | **1477699** |
| **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** | **Maryland — 1.2%** |
| Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) <br> (Purple Line Transit Partners) Ser. B<br>| 5.25 | 6/30/2055 | 2375000 | **2241852** |
| **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 1750000 | **1590337** |
| **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** |
| Detroit, GO, Ser. C | 6.00 | 5/1/2043 | 500000 | 534231 |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2048 | 2220000 | 2245911 |
| Detroit Regional Convention Facility Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2039 | 1100000 | 1149244 |
| Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. <br> C<sup>(g)</sup> <br>| 0.00 | 6/1/2058 | 56880000 | 1479517 |
|  |  |  |  | **5408903** |

---

**5**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Minnesota — .5%** | **Minnesota — .5%** | **Minnesota — .5%** | **Minnesota — .5%** | **Minnesota — .5%** |
| Woodbury, Revenue Bonds, Refunding (Math & Science Academy)<sup>(b)</sup> <br>| 5.50 | 6/1/2063 | 1000000 | **881254** |
| **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** | **Missouri — 2.2%** |
| Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran <br> Senior Services Projects) Ser. A<br>| 5.00 | 2/1/2036 | 1000000 | 1000303 |
| The St. Louis Missouri Industrial Development Authority, Revenue Bonds, <br> Refunding (Ballpark Village Development Project) Ser. A<br>| 4.75 | 11/15/2047 | 2500000 | 2102932 |
| The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. <br> Louis Innovation District Project)<br>| 4.38 | 5/15/2036 | 845000 | 801309 |
|  |  |  |  | **3904544** |
| **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** |
| North Las Vegas, Special Assessment Bonds (Valley Vista Special Improvement <br> District)<br>| 4.63 | 6/1/2043 | 430000 | 388398 |
| North Las Vegas, Special Assessment Bonds (Valley Vista Special Improvement <br> District)<br>| 4.63 | 6/1/2049 | 880000 | 765499 |
| Reno, Revenue Bonds, Refunding, Ser. D<sup>(b),(g)</sup> <br>| 0.00 | 7/1/2058 | 13000000 | 1502391 |
|  |  |  |  | **2656288** |
| **New Hampshire — 1.4%** | **New Hampshire — 1.4%** | **New Hampshire — 1.4%** | **New Hampshire — 1.4%** | **New Hampshire — 1.4%** |
| New Hampshire Business Finance Authority, Revenue Bonds (Mill Creek Project, <br> Montgomery County)<sup>(b)</sup> <br>| 5.95 | 12/1/2031 | 1000000 | 1002742 |
| New Hampshire Business Finance Authority, Revenue Bonds (The Wildflower <br> Project)<sup>(b),(g)</sup> <br>| 0.00 | 12/15/2033 | 1000000 | 609249 |
| New Hampshire Business Finance Authority, Revenue Bonds, Refunding <br> (Springpoint Senior Living Obligated Group)<br>| 4.00 | 1/1/2041 | 1000000 | 863612 |
|  |  |  |  | **2475603** |
| **New Jersey — 1.0%** | **New Jersey — 1.0%** | **New Jersey — 1.0%** | **New Jersey — 1.0%** | **New Jersey — 1.0%** |
| New Jersey Economic Development Authority, Revenue Bonds (Beloved <br> Community Charter School Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 6/15/2039 | 825000 | 805735 |
| New Jersey Economic Development Authority, Revenue Bonds (Repauno Port & <br> Rail Terminal Project)<sup>(b)</sup> <br>| 6.63 | 1/1/2045 | 625000 | 638192 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 350000 | 346914 |
|  |  |  |  | **1790841** |
| **New York — 8.2%** | **New York — 8.2%** | **New York — 8.2%** | **New York — 8.2%** | **New York — 8.2%** |
| New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) <br> Ser. B<sup>(g)</sup> <br>| 0.00 | 11/15/2042 | 10815000 | 4434686 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.38 | 10/1/2045 | 2000000 | 1737223 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2032 | 1000000 | 1018863 |
| New York Transportation Development Corp., Revenue Bonds (John F. Kennedy <br> International Airport New Terminal One Project) (Insured; Assured Guaranty <br> Corp.)<br>| 6.00 | 6/30/2060 | 1500000 | 1568839 |
| Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan <br> Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Insured; Assured Guaranty Corp.) Ser. C) Non-Recourse, Underlying Coupon <br> Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 4.81 | 11/15/2047 | 3000000 | 2528337 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 4.13 | 5/15/2064 | 2500000 | 2118516 |
| Westchester County Local Development Corp., Revenue Bonds, Refunding <br> (Purchase Senior Learning Community Obligated Group)<sup>(b)</sup> <br>| 5.00 | 7/1/2046 | 1700000 | 1496159 |
|  |  |  |  | **14902623** |
| **North Carolina — 2.1%** | **North Carolina — 2.1%** | **North Carolina — 2.1%** | **North Carolina — 2.1%** | **North Carolina — 2.1%** |
| North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran <br> Services for the Aging Obligated Group)<br>| 4.00 | 3/1/2051 | 4000000 | 3049788 |
| North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty <br> Corp.)<br>| 4.00 | 1/1/2055 | 1000000 | 838841 |
|  |  |  |  | **3888629** |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. <br> B2<br>| 5.00 | 6/1/2055 | 3850000 | 3115067 |
| Centerville, Revenue Bonds, Refunding (Graceworks Lutheran Services Obligated <br> Group)<br>| 5.25 | 11/1/2047 | 1200000 | 1037306 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1000000 | 896432 |
| Franklin County Convention Facilities Authority, Revenue Bonds (GRTR Columbus <br> Convention Center)<br>| 5.00 | 12/1/2044 | 1250000 | 1151679 |
| Port of Greater Cincinnati Development Authority, Revenue Bonds, Refunding <br> (Duke Energy Co.) (Insured; Assured Guaranty Corp.) Ser. B<br>| 4.38 | 12/1/2058 | 1000000 | 882796 |
|  |  |  |  | **7083280** |
| **Oklahoma — 1.3%** | **Oklahoma — 1.3%** | **Oklahoma — 1.3%** | **Oklahoma — 1.3%** | **Oklahoma — 1.3%** |
| Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) <br> Ser. B<br>| 5.50 | 8/15/2057 | 1500000 | 1420299 |
| Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project) | 5.25 | 11/15/2037 | 1000000 | 1003013 |
|  |  |  |  | **2423312** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding <br> (Willamette View Obligated Group) Ser. A<br>| 5.00 | 11/15/2047 | 1500000 | 1343578 |
| Salem Hospital Facility Authority, Revenue Bonds, Refunding (Capital Manor <br> Project)<br>| 4.00 | 5/15/2047 | 1000000 | 786000 |
|  |  |  |  | **2129578** |
| **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue <br> Bonds (City Center Project)<sup>(b)</sup> <br>| 5.00 | 5/1/2042 | 1500000 | 1449641 |
| Chester County Industrial Development Authority, Special Assessment Bonds <br> (Woodlands at Graystone Project)<sup>(b)</sup> <br>| 5.13 | 3/1/2048 | 741000 | 664741 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village <br> Project)<br>| 5.25 | 7/1/2041 | 1000000 | 932767 |
| Lancaster Industrial Development Authority, Revenue Bonds, Refunding (Landis <br> Homes Obligated Group)<br>| 4.00 | 7/1/2051 | 1500000 | 1138609 |
| Luzerne County Industrial Development Authority, Revenue Bonds, Refunding <br> (Pennsylvania-American Water Co.)<sup>(a)</sup> <br>| 2.45 | 12/3/2029 | 2270000 | 2092716 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding <br> (University of Sciences in Philadephia)<br>| 5.00 | 11/1/2033 | 1000000 | 1000697 |
|  |  |  |  | **7279171** |
| **Rhode Island — .7%** | **Rhode Island — .7%** | **Rhode Island — .7%** | **Rhode Island — .7%** | **Rhode Island — .7%** |
| Rhode Island Student Loan Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2030 | 1175000 | **1247996** |
| **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** |
| Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota Health <br> & Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health <br> Obligated Group)) Non-Recourse, Underlying Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.82 | 7/1/2046 | 2400000 | **2362713** |
| **Texas — 9.1%** | **Texas — 9.1%** | **Texas — 9.1%** | **Texas — 9.1%** | **Texas — 9.1%** |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas Charter <br> Schools)<sup>(b)</sup> <br>| 4.88 | 6/15/2059 | 1220000 | 1037674 |
| Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education <br> Foundation, Inc.) (Insured; Permanent School Fund Guarantee Program)<br>| 4.50 | 8/15/2060 | 900000 | 802940 |
| Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift <br> Education) Ser. A<br>| 5.00 | 12/1/2046 | 1100000 | 1021628 |
| El Paso County Hospital District, GO (El Paso County) (Insured; Assured Guaranty <br> Corp.)<br>| 5.50 | 2/15/2050 | 1000000 | 1037215 |
| Fort Bend County, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) | 4.25 | 3/1/2049 | 1250000 | 1102844 |
| Houston Airport System, Revenue Bonds (United Airlines) Ser. B | 5.50 | 7/15/2038 | 1000000 | 1044433 |

---

**7**

------

SCHEDULE OF INVESTMENTS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Texas — 9.1% (continued)** | **Texas — 9.1% (continued)** | **Texas — 9.1% (continued)** | **Texas — 9.1% (continued)** | **Texas — 9.1% (continued)** |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. B<br>| 4.25 | 7/1/2053 | 1300000 | 1142102 |
| Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A | 6.50 | 7/15/2030 | 1285000 | 1288270 |
| Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline <br> Project)<sup>(b)</sup> <br>| 4.63 | 10/1/2031 | 1250000 | 1248697 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding <br> (Westminster Manor Project)<br>| 4.00 | 11/1/2049 | 1250000 | 1007483 |
| Port of Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast <br> Energy)<sup>(b)</sup> <br>| 3.00 | 1/1/2050 | 1750000 | 1079714 |
| San Antonio Education Facilities Corp., Revenue Bonds, Refunding (University of <br> the Incarnate Word)<br>| 4.00 | 4/1/2051 | 1750000 | 1295821 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE <br> Mobility Partners LLC North Tarrant Express Project)<br>| 5.50 | 12/31/2058 | 2000000 | 2015783 |
| Waxahachie Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.25 | 2/15/2053 | 1500000 | 1342669 |
|  |  |  |  | **16467273** |
| **U.S. Related — 2.7%** | **U.S. Related — 2.7%** | **U.S. Related — 2.7%** | **U.S. Related — 2.7%** | **U.S. Related — 2.7%** |
| Puerto Rico, GO, Ser. A<sup>(g)</sup> <br>| 0.00 | 7/1/2033 | 373154 | 261313 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 289963 | 283701 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 260638 | 249919 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 223696 | 207781 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 304141 | 264813 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 316303 | 261422 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 305783 | 335572 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(g)</sup> <br>| 0.00 | 7/1/2033 | 4031000 | 2952195 |
|  |  |  |  | **4816716** |
| **Utah — .6%** | **Utah — .6%** | **Utah — .6%** | **Utah — .6%** | **Utah — .6%** |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 5.88 | 3/1/2045 | 1000000 | **1001509** |
| **Virginia — 2.7%** | **Virginia — 2.7%** | **Virginia — 2.7%** | **Virginia — 2.7%** | **Virginia — 2.7%** |
| Virginia College Building Authority, Revenue Bonds (Sustainable Bond) <br> (Marymount University Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2045 | 500000 | 383876 |
| Virginia College Building Authority, Revenue Bonds, Refunding (Marymount <br> University Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2045 | 1000000 | 767751 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (95 Express Lanes)<br>| 4.00 | 1/1/2048 | 4500000 | 3685456 |
|  |  |  |  | **4837083** |
| **Washington — 5.0%** | **Washington — 5.0%** | **Washington — 5.0%** | **Washington — 5.0%** | **Washington — 5.0%** |
| Tender Option Bond Trust Receipts (Series 2024-XF1730), (Port of Seattle <br> Washington, Revenue Bonds, Refunding (Intermediate Lien) Ser. B) Non-<br> Recourse, Underlying Coupon Rate 5.25%<sup>(b),(d),(e)</sup> <br>| 11.61 | 7/1/2049 | 3500000 | 3552650 |
| Washington Convention Center Public Facilities District, Revenue Bonds <br> (Sustainable Bond) Ser. B<br>| 4.00 | 7/1/2058 | 4000000 | 2995283 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A<sup>(b)</sup> <br>| 5.00 | 1/1/2046 | 1680000 | 1507937 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A<sup>(b)</sup> <br>| 5.00 | 1/1/2051 | 1120000 | 972257 |
|  |  |  |  | **9028127** |
| **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** |
| West Virginia Economic Development Authority, Revenue Bonds (Commercial <br> Metals Company Project)<sup>(a)</sup> <br>| 4.63 | 5/15/2032 | 1040000 | **1023403** |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** | **Long-Term Municipal Investments — 104.0% (continued)** |
| **Wisconsin — 5.8%** | **Wisconsin — 5.8%** | **Wisconsin — 5.8%** | **Wisconsin — 5.8%** | **Wisconsin — 5.8%** |
| Public Finance Authority, Revenue Bonds (Appalachian State University Project) <br> (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 7/1/2045 | 1850000 | 1640324 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes Project) | 6.50 | 12/31/2065 | 1000000 | 1052547 |
| Public Finance Authority, Revenue Bonds (Heritage Bend Project)<sup>(b),(g)</sup> <br>| 0.00 | 12/15/2042 | 2500000 | 726701 |
| Public Finance Authority, Revenue Bonds, Ser. 1 | 5.75 | 7/1/2062 | 1184458 | 1175392 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.00 | 11/15/2042 | 755000 | 758214 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education <br> System) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/1/2040 | 1000000 | 1011959 |
| Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods At <br> Marylhurst Obligated Group)<sup>(b)</sup> <br>| 5.25 | 5/15/2037 | 625000 | 626313 |
| Public Finance Authority, Revenue Bonds, Refunding (Roseman University of <br> Health Sciences)<sup>(b)</sup> <br>| 5.00 | 4/1/2050 | 1750000 | 1542042 |
| Public Finance Authority, Revenue Bonds, Refunding (Triad Educational Services, <br> Inc.)<br>| 5.25 | 6/15/2065 | 1000000 | 904864 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (St. Camillus Health System Obligated Group)<br>| 5.00 | 11/1/2046 | 1250000 | 1091303 |
|  |  |  |  | **10529659** |
| **Total Long-Term Municipal Investments** <br>(cost $214,659,064)<br>|  |  |  | **187990013** |
| **Total Investments** (cost $217,605,191) | **Total Investments** (cost $217,605,191) |  | **105.4%** | **190523443** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** |  | **(5.4%)** | **(9803134)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **180720309** |

---

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

GO—Government Obligation<br>

&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 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 August 31, 2025, these securities amounted to $53,364,209 or 29.5% of net assets. 

<sup>(c)</sup> Non-income producing—security in default.

<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> Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.

<sup>(f)</sup> Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of August 31, 2025.

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

&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; 28 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; 3261080 | &nbsp;&nbsp; 3263750 | &nbsp;&nbsp; (2670) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(2670)** |

---

See notes to financial statements.

**9**

------

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 217605191 | &nbsp;&nbsp;&nbsp;&nbsp; 190523443 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 1142311 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 150401 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 2240431 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 40503 |
| Receivable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24500 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 43568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **194165157** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 127433 |
| Payable for inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12325000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 498565 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 342494 |
| Interest and expense payable related to inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63350 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 2137 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 85869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13444848** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **180720309** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 253434557 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (72714248)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **180720309** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y | Class Z |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 56572171 | &nbsp;&nbsp;&nbsp;&nbsp; 4102073 | &nbsp;&nbsp;&nbsp;&nbsp; 89326134 | &nbsp;&nbsp;&nbsp;&nbsp; 644018 | &nbsp;&nbsp;&nbsp;&nbsp; 30075913 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 5561157 | &nbsp;&nbsp;&nbsp;&nbsp; 403587 | &nbsp;&nbsp;&nbsp;&nbsp; 8795740 | &nbsp;&nbsp;&nbsp;&nbsp; 63316 | &nbsp;&nbsp;&nbsp;&nbsp; 2961692 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**10.17** | &nbsp;&nbsp;&nbsp;&nbsp;**10.16** | &nbsp;&nbsp;&nbsp;&nbsp;**10.16** | &nbsp;&nbsp;&nbsp;&nbsp;**10.17** | &nbsp;&nbsp;&nbsp;&nbsp;**10.15** |

---

See notes to financial statements.

**10**

------

STATEMENT OF OPERATIONS

Year Ended August 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **10767550** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 979300 |
| Interest and expense related to inverse floater notes issued—Note 4  | &nbsp;&nbsp;&nbsp;&nbsp; 483320 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 266905 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 98634 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 86043 |
| Distribution/Service Plans fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 76816 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 24051 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 23065 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 14973 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 8583 |
| Loan commitment fees—Note 2 | &nbsp;&nbsp;&nbsp;&nbsp; 5268 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 4773 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 30179 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **2101910** |
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (6040)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **2095870** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **8671680** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8556550)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 32267 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8524283)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (9589327)<br>|
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (2670)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **(9591997)**<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **(18116280)**<br>|
| **Net (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(9444600)**<br>|

---

See notes to financial statements.

**11**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 8671680 | &nbsp;&nbsp;&nbsp;&nbsp; 9471409 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8524283) | &nbsp;&nbsp;&nbsp;&nbsp; (5132811) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (9591997) | &nbsp;&nbsp;&nbsp;&nbsp; 16976758 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **(9444600)** | &nbsp;&nbsp;&nbsp;&nbsp; **21315356** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (2730326) | &nbsp;&nbsp;&nbsp;&nbsp; (3091749) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (157065) | &nbsp;&nbsp;&nbsp;&nbsp; (187184) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (4477096) | &nbsp;&nbsp;&nbsp;&nbsp; (4663912) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (34257) | &nbsp;&nbsp;&nbsp;&nbsp; (44266) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (1310601) | &nbsp;&nbsp;&nbsp;&nbsp; (1376914) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(8709345)** | &nbsp;&nbsp;&nbsp;&nbsp; **(9364025)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 20056672 | &nbsp;&nbsp;&nbsp;&nbsp; 30668771 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 362286 | &nbsp;&nbsp;&nbsp;&nbsp; 939001 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 37137376 | &nbsp;&nbsp;&nbsp;&nbsp; 47992638 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 15438 | &nbsp;&nbsp;&nbsp;&nbsp; 123461 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 1295498 | &nbsp;&nbsp;&nbsp;&nbsp; 1957518 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2394311 | &nbsp;&nbsp;&nbsp;&nbsp; 2737367 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 156451 | &nbsp;&nbsp;&nbsp;&nbsp; 187184 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 4419314 | &nbsp;&nbsp;&nbsp;&nbsp; 4654347 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 34070 | &nbsp;&nbsp;&nbsp;&nbsp; 44266 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 993064 | &nbsp;&nbsp;&nbsp;&nbsp; 1037219 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (40782644) | &nbsp;&nbsp;&nbsp;&nbsp; (40880511) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1662848) | &nbsp;&nbsp;&nbsp;&nbsp; (3295905) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (60709138) | &nbsp;&nbsp;&nbsp;&nbsp; (65173760) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (373206) | &nbsp;&nbsp;&nbsp;&nbsp; (861782) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (4672542) | &nbsp;&nbsp;&nbsp;&nbsp; (4460011) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(41335898)** | &nbsp;&nbsp;&nbsp;&nbsp; **24330197** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(59489843)** | &nbsp;&nbsp;&nbsp;&nbsp; **(12378866)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 240210152 | &nbsp;&nbsp;&nbsp;&nbsp; 252589018 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **180720309** | &nbsp;&nbsp;&nbsp;&nbsp; **240210152** |

---

**12**

------

---

| | | |
|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, |
|  | 2025 | 2024 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1853573 | &nbsp;&nbsp;&nbsp;&nbsp; 2864072 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 223509 | &nbsp;&nbsp;&nbsp;&nbsp; 255911 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3798146) | &nbsp;&nbsp;&nbsp;&nbsp; (3824450) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1721064)** | &nbsp;&nbsp;&nbsp;&nbsp; **(704467)** |
| **Class C** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 33103 | &nbsp;&nbsp;&nbsp;&nbsp; 87546 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 14634 | &nbsp;&nbsp;&nbsp;&nbsp; 17686 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (157624) | &nbsp;&nbsp;&nbsp;&nbsp; (308308) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(109887)** | &nbsp;&nbsp;&nbsp;&nbsp; **(203076)** |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3474646 | &nbsp;&nbsp;&nbsp;&nbsp; 4504720 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 414024 | &nbsp;&nbsp;&nbsp;&nbsp; 436132 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5753134) | &nbsp;&nbsp;&nbsp;&nbsp; (6222285) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1864464)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1281433)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp;&nbsp; 11905 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3178 | &nbsp;&nbsp;&nbsp;&nbsp; 4176 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (34602) | &nbsp;&nbsp;&nbsp;&nbsp; (81546) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(29988)** | &nbsp;&nbsp;&nbsp;&nbsp; **(65465)** |
| **Class Z** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 121460 | &nbsp;&nbsp;&nbsp;&nbsp; 195154 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 93116 | &nbsp;&nbsp;&nbsp;&nbsp; 97131 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (435718) | &nbsp;&nbsp;&nbsp;&nbsp; (418968) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(221142)** | &nbsp;&nbsp;&nbsp;&nbsp; **(126683)** |

---

See notes to financial statements.

**13**

------

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class A Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .40 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .85 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .85 <br><sup>(c)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.87 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 <br><sup>(c)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 56572 | &nbsp;&nbsp;&nbsp;&nbsp; 80582 | &nbsp;&nbsp;&nbsp;&nbsp; 83755 | &nbsp;&nbsp;&nbsp;&nbsp; 133316 | &nbsp;&nbsp;&nbsp;&nbsp; 150609 |

---

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

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

<sup>(b)</sup> Exclusive of sales charge.

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

See notes to financial statements.

**14**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class C Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.23 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.88 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 <br><sup>(c)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.07 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 <br><sup>(c)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 | &nbsp;&nbsp;&nbsp;&nbsp; 7511 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp;&nbsp; 14447 |

---

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

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

<sup>(b)</sup> Exclusive of sales charge.

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

See notes to financial statements.

**15**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class I Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .43 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .82 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .62 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .82 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .62 <br><sup>(b)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.10 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 <br><sup>(b)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 89326 | &nbsp;&nbsp;&nbsp;&nbsp; 117762 | &nbsp;&nbsp;&nbsp;&nbsp; 125017 | &nbsp;&nbsp;&nbsp;&nbsp; 127176 | &nbsp;&nbsp;&nbsp;&nbsp; 168242 |

---

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

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

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

See notes to financial statements.

**16**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Y Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .43 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .60 <br><sup>(b)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.35 <br><sup>(b)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp; 2212 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |

---

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

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

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

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Z Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.37 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .42 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .96 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(b)</sup><br>|
| Ratio of interest and expense related to floating rate <br>notes issued to average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25 <br><sup>(b)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 30076 | &nbsp;&nbsp;&nbsp;&nbsp; 35155 | &nbsp;&nbsp;&nbsp;&nbsp; 34642 | &nbsp;&nbsp;&nbsp;&nbsp; 41466 | &nbsp;&nbsp;&nbsp;&nbsp; 53781 |

---

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

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

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

See notes to financial statements.

**18**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

BNY Mellon High Yield Municipal Bond Fund (the "fund") is a separate diversified series of BNY Mellon Municipal Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering two series, including the fund. The fund's primary investment objective is to seek high current income exempt from federal income tax. As a secondary goal, the fund may seek capital appreciation to the extent consistent with its primary goal. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser.

BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue 600 million shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (150 million shares authorized), Class Y (150 million shares authorized) and Class Z (100 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts and bear Services Plan fees. Class I, Class Y and Class Z shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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

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

**(a) Portfolio valuation:** The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund's investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

**Level 1**—unadjusted quoted prices in active markets for identical investments.

**Level 2**—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

**19**

------

NOTES TO FINANCIAL STATEMENTS (continued)

**Level 3**—significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund's investments are as follows:

The Company's Board of Directors (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinations with respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.

Investments in municipal securities and futures are valued each business day by an independent pricing service (the "Service"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Adviser based on values supplied by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Adviser. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of August 31, 2025 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>|  |  |  |  |
| Collateralized Municipal-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2533430 | &nbsp;&nbsp; — | &nbsp;&nbsp; **2533430** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 187990013 | &nbsp;&nbsp; — | &nbsp;&nbsp; **187990013** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **190523443** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **190523443** |

---

**20**

------

NOTES TO FINANCIAL STATEMENTS (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; (2670) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(2670)** |
| Inverse Floater Notes<sup>†††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12325000) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(12325000)** |
|  | &nbsp;&nbsp; **(2670)** | &nbsp;&nbsp; **(12325000)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(12327670)** |

---

&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.

**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. 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.

**High Yield Securities Risk:** High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition

**21**

------

NOTES TO FINANCIAL STATEMENTS (continued)

of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade securities may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

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

**(e) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended August 31, 2025, 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 August 31, 2025, the fund did not incur any interest or penalties.

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

At August 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $401,127, accumulated capital losses $46,230,399 and unrealized depreciation $26,884,976.

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

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $13,639,784 of short-term capital losses and $32,590,615 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows: tax-exempt income $8,706,758 and $9,364,025, and ordinary income $2,587 and $0, respectively.

**(f) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the Adviser, comprising Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to

**22**

------

NOTES TO FINANCIAL STATEMENTS (continued)

pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended August 31, 2025, the fund did not borrow under either Facility.

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .45% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from September 1, 2024 through December 31, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of the fund's Class A, Class C, Class I, Class Y and Class Z shares (including Rule 12b-1 Distribution Plan fees and Shareholder Services Plan fees, but excluding taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) do not exceed an annual rate of .95%, 1.68%, .68%, .67% and .76%, respectively, of the value of the applicable share class' average daily net assets. On or after December 31, 2025, the Adviser may terminate this expense limitation agreement at any time. During the period ended August 31, 2025, there was no expense reimbursement pursuant to the undertaking.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .216% of the value of the fund's average daily net assets.

During the period ended August 31, 2025, the Distributor retained $188 from commissions earned on sales of the fund's Class A shares and $4,081 from CDSC fees on redemptions of the fund's Class A shares.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. 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. During the period ended August 31, 2025, Class C shares were charged $38,167 pursuant to the Distribution Plan.

Under the Service Plan adopted pursuant to Rule 12b-1 under the Act, Class Z reimburse the Distributor for distributing its shares and servicing shareholder accounts at an amount not to exceed an annual rate of up to .25% of the value of the average daily net assets of Class Z shares. During the period ended August 31, 2025, Class Z shares were charged $38,649 pursuant to the Service Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended August 31, 2025, Class A and Class C shares were charged $176,181 and $12,723, respectively, pursuant to the Shareholder Services Plan.

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended August 31, 2025, the fund was charged $15,322 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $1,267.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2025, the fund was charged $4,773 pursuant to the custody agreement. These fees were offset by earnings credits of $4,773.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended August 31, 2025, the fund was charged $557 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended August 31, 2025, the fund was charged $24,051 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

**23**

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NOTES TO FINANCIAL STATEMENTS (continued)

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended August 31, 2025, the Custodian was compensated $8,583 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 $94,838, Distribution/Service Plans fees of $5,486, Shareholder Services Plan fees of $13,183, Custodian fees of $1,651, Chief Compliance Officer fees of $2,993, Transfer Agent fees of $2,572, Checkwriting fees of $43 and Shareholder and regulatory reports service fees of $6,667.

**(d)** Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended August 31, 2025, amounted to $36,028,971 and $77,397,430, 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 August 31, 2025, was approximately $14,831,849, with a related weighted average annualized interest rate of 3.26%.

**Derivatives:** A derivative is a financial instrument whose performance is derived from the performance of another asset. Rule 18f-4 under the Act regulates the use of derivatives transactions for certain funds registered under the Act. The fund is deemed a "limited" derivatives user under the rule and is required to limit its derivatives exposure so that the total notional value of applicable derivatives does not exceed 10% of the fund's net assets, and is subject to certain reporting requirements. Each type of derivative instrument that was held by the fund during the period ended August 31, 2025 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

**24**

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NOTES TO FINANCIAL STATEMENTS (continued)

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 August 31, 2025 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 August 31, 2025 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; (2670 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(2670)**<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 August 31, 2025 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; 32267 | &nbsp;&nbsp;&nbsp;&nbsp; **32267** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **32267** | &nbsp;&nbsp;&nbsp;&nbsp; **32267** |

---

&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; (2670) | &nbsp;&nbsp;&nbsp;&nbsp; **(2670)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(2670)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2670)** |

---

&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 August 31, 2025:

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 760308 |

---

At August 31, 2025, the cost of investments for federal income tax purposes was $205,083,419; accordingly, accumulated net unrealized depreciation on investments was $26,884,976, consisting of $1,421,289 gross unrealized appreciation and $28,306,265 gross unrealized depreciation.

**25**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of BNY Mellon High Yield Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon High Yield Municipal Bond Fund (the "Fund") (one of the funds constituting BNY Mellon Municipal Funds, Inc. (the "Company")), including the schedule of investments, as of August 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Municipal Funds, Inc.) at August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](imgb934ee552.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

October 23, 2025

**26**

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IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from net investment income during the fiscal year ended August 31, 2025 as "exempt-interest dividends" (not generally subject to regular federal income tax), except $2,587 which is being reported as ordinary dividend income. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund's taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2025 calendar year on Form 1099-DIV, which will be mailed in early 2026.

**27**

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

N/A

**28**

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

N/A

**29**

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $47,116.

**30**

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

N/A

**31**

------© 2025 BNY Mellon Securities Corporation

Code-6165NCSRAR0825

![](imgefcef2091.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 for Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

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

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

**Item 16.** **Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their
evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the
Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required
to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's
management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required
disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred
during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

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

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert122.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](ex_99-906cert122.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.

BNY Mellon Municipal Funds, Inc.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: October 22, 2025

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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: October 22, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: October 22, 2025

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

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

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

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

------

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

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**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

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**Exhibit A**

**Persons Covered by the Code of Ethics**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Lisa M. Sampson | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Municipal Funds, Inc.;

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;(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;(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;(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;(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;(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;(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.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: October 22, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Municipal Funds, Inc.;

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;(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;(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;(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;(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;(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;(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.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: October 22, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&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 the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: October 22, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: October 22, 2025

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*