# EDGAR Filing Document

**Accession Number:** 0001565381
**File Stem:** 0000030146-25-000093
**Filing Date:** 2025-10
**Character Count:** 141562
**Document Hash:** aff8f5512013ac1fc01597cce00ab44f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-25-000093.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000030146-25-000093

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY Mellon Municipal Bond Infrastructure Fund, Inc.
- **CENTRAL INDEX KEY:** 0001565381

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22784
- **FILM NUMBER:** 251424619

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10289
- **BUSINESS PHONE:** 212-922-6400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10289

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dreyfus Municipal Bond Infrastructure Fund, Inc.
- **DATE OF NAME CHANGE:** 20130307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dreyfus Municipal Infrastructure Fund, Inc.
- **DATE OF NAME CHANGE:** 20121224

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

Investment Company Act file number 811-22784

BNY Mellon Municipal Bond Infrastructure Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286<br> (Address of Principal Executive Offices) (Zip Code)

Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286<br> (Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code: (212) 922-6400

Date of fiscal year end: 02/28

Date of reporting period: 08/31/2025

**FORM N-CSR**

**Item 1. Reports to Stockholders.** 

BNY Mellon Municipal Bond Infrastructure Fund, Inc.

**SEMI-ANNUAL REPORT**

August 31, 2025

![](img9530520e1.gif)

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

---

| |
|:---|
| **BNY Mellon Municipal Bond Infrastructure Fund, Inc.** |
| &nbsp;&nbsp;&nbsp; **Protecting Your Privacy** <br>**Our Pledge to You**<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND IS COMMITTED TO YOUR PRIVACY.** On this page, you <br> will find the fund's policies and practices for collecting, disclosing, and <br> safeguarding "nonpublic personal information," which may include <br> financial or other customer information. These policies apply to <br> individuals who purchase fund shares for personal, family, or household <br> purposes, or have done so in the past. This notification replaces all previous <br> statements of the fund's consumer privacy policy, and may be amended at <br> any time. We'll keep you informed of changes as required by law.<br>|
| &nbsp;&nbsp;&nbsp; **YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT**. <br> The fund maintains physical, electronic and procedural safeguards that <br> comply with federal regulations to guard nonpublic personal information. <br> The fund's agents and service providers have limited access to customer <br> information based on their role in servicing your account.<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE** <br> **AND ADMINISTER YOUR ACCOUNT.** The fund collects a variety of <br> nonpublic personal information, which may include:<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information we receive from you, such as your name, address, and <br> social security number.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information about your transactions with us, such as the purchase or <br> sale of fund shares.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;●Information we receive from agents and service providers, such as proxy <br> voting information.<br>|
| &nbsp;&nbsp;&nbsp; **THE FUND DOES NOT SHARE NONPUBLIC PERSONAL** <br> **INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY** <br> **LAW.**<br>|
| ***Thank you for this opportunity to serve you.*** |

---

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

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Contents

THE FUND

------

---

| | |
|:---|:---|
| [Discussion of Fund Performance](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_DFP-Commoncontent-4789_1) | 2 |
| [Portfolio Summary](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_PSS-Commoncontent-4789_1) | 3 |
| [Schedule of Investments](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_SOI-Commoncontent-4789_1) | 4 |
| [Statement of Assets and Liabilities](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_FS-Commoncontent-4789_1) | 28 |
| [Statement of Operations](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_FS-Commoncontent-4789_2) | 29 |
| [Statement of Cash Flows](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_FS-Commoncontent-4789_3) | 30 |
| [Statement of Changes in Net Assets](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_FS-Commoncontent-4789_4) | 31 |
| [Financial Highlights](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_FIHI-Commoncontent-4789_1) | 32 |
| [Notes to Financial Statements](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_NTF-Commoncontent-4789_1) | 34 |
| [Proxy Results](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_PVCEF-Commoncontent-4789_1) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Information About the Renewal of the Fund's Investment](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_AAA-Commoncontent-4789_1)<br> [Management and Sub-Investment Advisory Agreements](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_AAA-Commoncontent-4789_1)<br>| 45 |
| [Officers and Directors](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_OATD-Commoncontent-4789_1) | 49 |
| [FOR MORE INFORMATION](#xx_070db680-5f56-4704-b4a4-51f9ddb13e42_BC-Commoncontent-4789_1) |  |

---

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Back Cover

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**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.**

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DISCUSSION OF FUND PERFORMANCE (Unaudited)

**How did the Fund perform last six months?**

For the 6-month period ended August 31, 2025, BNY Mellon Municipal Bond Infrastructure Fund, Inc. (the "fund") produced a total return of -7.20% on a net-asset-value basis and -5.71% on a market price basis.<sup>1</sup> Over the same period, the fund provided aggregate income dividends of $.21 per share, which reflects an annualized distribution rate of 4.23%.<sup>2</sup> In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index"), the fund's performance benchmark, posted a total return of -1.16% for the same period.<sup>3</sup>

<sup>1</sup>

*Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share or market price per share, as applicable. Past performance is no guarantee of future results. Market price per share, net asset value per share and investment return fluctuate.*

<sup>2</sup>

*Distribution rate per share is based upon dividends per share paid from undistributed net investment income during the period, divided by the market price per share at the end of the period, adjusted for any capital gain distributions.*

<sup>3</sup>

*Source: Lipper, Inc. — The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any Index.*

**2**

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PORTFOLIO SUMMARY (Unaudited)

**State Allocation (Based on Total Investments)** 

---

| | |
|:---|:---|
| Texas | 9.9% |
| New York | 7.1% |
| Illinois | 6.6% |
| Ohio | 6.2% |
| Florida | 5.9% |
| Arizona | 4.9% |
| Pennsylvania | 4.9% |
| California | 4.9% |
| Wisconsin | 4.1% |
| Colorado | 3.9% |
| New Jersey | 3.7% |
| Alabama | 3.1% |
| Louisiana | 2.6% |
| Washington | 2.5% |
| Maryland | 2.4% |
| Michigan | 2.3% |
| Massachusetts | 1.9% |
| Georgia | 1.7% |
| Missouri | 1.7% |
| Oklahoma | 1.5% |
| Virginia | 1.5% |
| Minnesota | 1.4% |
| New Hampshire | 1.3% |
| South Carolina | 1.3% |
| North Carolina | 1.2% |
| Rhode Island | 1.2% |
| U.S. Related | 1.1% |
| Arkansas | 1.1% |
| States Under 1% | 8.1% |

---

**3**

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SCHEDULE OF INVESTMENTS

August 31, 2025 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3%** | **Long-Term Municipal Investments — 154.3%** | **Long-Term Municipal Investments — 154.3%** | **Long-Term Municipal Investments — 154.3%** | **Long-Term Municipal Investments — 154.3%** |
| **Alabama — 4.7%** | **Alabama — 4.7%** | **Alabama — 4.7%** | **Alabama — 4.7%** | **Alabama — 4.7%** |
| &nbsp;&nbsp;&nbsp; Alabama Special Care Facilities <br> Financing Authority, <br> Revenue Bonds (Methodist <br> Home for the Aging <br> Obligated Group)<br>| 6.00 | 6/1/2050 | 3820000 | 3350020 |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial <br> Development Authority, <br> Revenue Bonds (Novelis <br> Corporation Project) Ser. <br> A<sup>(a),(b)</sup> <br>| 5.00 | 6/1/2032 | 750000 | 751757 |
| &nbsp;&nbsp;&nbsp; Jefferson County, Revenue <br> Bonds, Refunding<br>| 5.50 | 10/1/2053 | 2750000 | 2803816 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial <br> Development Authority, <br> Revenue Bonds (Calvert LLC <br> Project) Ser. B<br>| 4.75 | 12/1/2054 | 725000 | 630963 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development <br> Board, Revenue Bonds, <br> Refunding (International <br> Paper Co.) Ser. A<br>| 4.20 | 5/1/2034 | 1000000 | 1009365 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A <br> Cooperative District, <br> Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 2/1/2031 | 1000000 | 1065545 |
|  |  |  |  | **9611466** |
| **Arizona — 7.6%** | **Arizona — 7.6%** | **Arizona — 7.6%** | **Arizona — 7.6%** | **Arizona — 7.6%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial <br> Development Authority, <br> Revenue Bonds (Legacy <br> Cares Project)<sup>(b),(c)</sup> <br>| 7.75 | 7/1/2050 | 3200000 | 97920 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial <br> Development Authority, <br> Revenue Bonds (Sustainable <br> Bond) (Equitable School <br> Revolving Fund Obligated <br> Group) Ser. A<br>| 4.00 | 11/1/2050 | 3425000 | 2747861 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority, <br> Revenue Bonds (Benjamin <br> Franklin Charter School <br> Obligated Group)<sup>(b)</sup> <br>| 6.00 | 7/1/2052 | 2000000 | 2002066 |

---

**4**

------

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Arizona — 7.6% (continued)** | **Arizona — 7.6% (continued)** | **Arizona — 7.6% (continued)** | **Arizona — 7.6% (continued)** | **Arizona — 7.6% (continued)** |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Legacy Traditional Schools <br> Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2049 | 1025000 | 932021 |
| &nbsp;&nbsp;&nbsp; Phoenix Civic Improvement <br> Corp., Revenue Bonds<br>| 4.00 | 7/1/2044 | 1905000 | 1741390 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., <br> Revenue Bonds<br>| 5.00 | 12/1/2037 | 5000000 | 5230633 |
| &nbsp;&nbsp;&nbsp; Sierra Vista Industrial <br> Development Authority, <br> Revenue Bonds (American <br> Leadership Academy <br> Project)<sup>(b)</sup> <br>| 5.00 | 6/15/2054 | 1000000 | 862753 |
| &nbsp;&nbsp;&nbsp; The Phoenix Arizona Industrial <br> Development Authority, <br> Revenue Bonds, Refunding <br> (BASIS Schools Projects) Ser. <br> A<sup>(b)</sup> <br>| 5.00 | 7/1/2046 | 2000000 | 1844906 |
|  |  |  |  | **15459550** |
| **Arkansas — 1.7%** | **Arkansas — 1.7%** | **Arkansas — 1.7%** | **Arkansas — 1.7%** | **Arkansas — 1.7%** |
| &nbsp;&nbsp;&nbsp; Arkansas Development <br> Finance Authority, Revenue <br> Bonds (Sustainable Bond) <br> (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 3500000 | **3522375** |
| **California — 7.5%** | **California — 7.5%** | **California — 7.5%** | **California — 7.5%** | **California — 7.5%** |
| &nbsp;&nbsp;&nbsp; California Community Choice <br> Financing Authority, <br> Revenue Bonds (Sustainable <br> Bond) (Clean Energy <br> Project) Ser. B<sup>(a)</sup> <br>| 5.00 | 11/1/2035 | 2250000 | 2407917 |
| &nbsp;&nbsp;&nbsp; California Community Choice <br> Financing Authority, <br> Revenue Bonds (Sustainable <br> Bond) (Clean Energy <br> Project) Ser. C<sup>(a)</sup> <br>| 5.00 | 10/1/2032 | 1690000 | 1796481 |
| &nbsp;&nbsp;&nbsp; California County Tobacco <br> Securitization Agency, <br> Revenue Bonds, Refunding <br> (Los Angeles County <br> Securitization Corp.) Ser. A<br>| 4.00 | 6/1/2049 | 1000000 | 823127 |

---

**5**

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*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **California — 7.5% (continued)** | **California — 7.5% (continued)** | **California — 7.5% (continued)** | **California — 7.5% (continued)** | **California — 7.5% (continued)** |
| &nbsp;&nbsp;&nbsp; California Health Facilities <br> Financing Authority, <br> Revenue Bonds, Refunding <br> (Providence St. Joseph <br> Health Obligated Group) Ser. <br> C<sup>(a)</sup> <br>| 5.25 | 10/1/2035 | 1000000 | 1106324 |
| &nbsp;&nbsp;&nbsp; California Statewide <br> Communities Development <br> Authority, Revenue Bonds, <br> Refunding (California <br> Baptist University) Ser. A<sup>(b)</sup> <br>| 5.00 | 11/1/2041 | 500000 | 478198 |
| &nbsp;&nbsp;&nbsp; Long Beach Bond Finance <br> Authority, Revenue Bonds, <br> Ser. A<br>| 5.50 | 11/15/2037 | 5000000 | 5515854 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional <br> Airport Authority, Revenue <br> Bonds, Ser. B<br>| 5.50 | 7/1/2055 | 1000000 | 1036030 |
| &nbsp;&nbsp;&nbsp; Southern California Public <br> Power Authority, Revenue <br> Bonds (Southern <br> Transmission System <br> Renewal Project) (Insured; <br> Build America Mutual) Ser. 1<br>| 5.25 | 7/1/2050 | 2000000 | 2051912 |
|  |  |  |  | **15215843** |
| **Colorado — 6.0%** | **Colorado — 6.0%** | **Colorado — 6.0%** | **Colorado — 6.0%** | **Colorado — 6.0%** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities <br> Authority, Revenue Bonds <br> (CommonSpirit Health <br> Obligated Group)<br>| 5.25 | 11/1/2052 | 1000000 | 999945 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities <br> Authority, Revenue Bonds, <br> Refunding (Covenant Living <br> Communities & Services <br> Obligated Group) Ser. A<br>| 4.00 | 12/1/2050 | 3000000 | 2385046 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities <br> Authority, Revenue Bonds, <br> Refunding (Intermountain <br> Healthcare Obligated Group) <br> Ser. A<br>| 4.00 | 5/15/2052 | 1255000 | 1067035 |
| &nbsp;&nbsp;&nbsp; Denver City & County Airport <br> System, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.50 | 11/15/2053 | 1000000 | 1026286 |

---

**6**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Colorado — 6.0% (continued)** | **Colorado — 6.0% (continued)** | **Colorado — 6.0% (continued)** | **Colorado — 6.0% (continued)** | **Colorado — 6.0% (continued)** |
| &nbsp;&nbsp;&nbsp; Dominion Water & Sanitation <br> District, Revenue Bonds, <br> Refunding<br>| 5.88 | 12/1/2052 | 2000000 | 1998287 |
| &nbsp;&nbsp;&nbsp; Hess Ranch Metropolitan <br> District No. 6, GO, Ser. A1<br>| 5.00 | 12/1/2049 | 1500000 | 1315392 |
| &nbsp;&nbsp;&nbsp; Rampart Range Metropolitan <br> District No. 5, Revenue <br> Bonds<br>| 4.00 | 12/1/2051 | 1000000 | 775627 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2020-<br> XM0829), (Colorado Health <br> Facilities Authority, Revenue <br> Bonds, Refunding <br> (CommonSpirit Health <br> Obligated Group) Ser. A1) <br> Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 9.64 | 8/1/2044 | 2455000 | 2568563 |
|  |  |  |  | **12136181** |
| **Connecticut — .8%** | **Connecticut — .8%** | **Connecticut — .8%** | **Connecticut — .8%** | **Connecticut — .8%** |
| &nbsp;&nbsp;&nbsp; Connecticut Health & <br> Educational Facilities <br> Authority, Revenue Bonds, <br> Refunding (Fairfield <br> University) Ser. T<br>| 4.00 | 7/1/2055 | 1500000 | 1194561 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, <br> Revenue Bonds, Refunding <br> (Mozaic Concierge Living), <br> Ser. A<br>| 6.25 | 10/1/2060 | 500000 | 473571 |
|  |  |  |  | **1668132** |
| **Delaware — .5%** | **Delaware — .5%** | **Delaware — .5%** | **Delaware — .5%** | **Delaware — .5%** |
| &nbsp;&nbsp;&nbsp; Delaware Economic <br> Development Authority, <br> Revenue Bonds (ACTS <br> Retirement-Life <br> Communities Obligated <br> Group) Ser. B<br>| 5.25 | 11/15/2053 | 1000000 | **962787** |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Revenue <br> Bonds, Refunding (The <br> Catholic University of <br> America) Ser. A<br>| 5.75 | 10/1/2055 | 2000000 | **2050650** |

---

**7**

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*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Florida — 9.2%** | **Florida — 9.2%** | **Florida — 9.2%** | **Florida — 9.2%** | **Florida — 9.2%** |
| &nbsp;&nbsp;&nbsp; Collier County Industrial <br> Development Authority, <br> Revenue Bonds (NCH <br> Healthcare System Project) <br> (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 5.00 | 10/1/2049 | 3425000 | 3436222 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance <br> Corp., Revenue Bonds, <br> Refunding (Brightline <br> Florida Passenger Rail <br> Project) (Insured; Assured <br> Guaranty Corp.)<br>| 5.25 | 7/1/2053 | 1570000 | 1493141 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., <br> Revenue Bonds (Insured; <br> GNMA, FNMA, FHLMC) Ser. 1<br>| 4.40 | 7/1/2044 | 1425000 | 1347024 |
| &nbsp;&nbsp;&nbsp; Florida Local Government <br> Finance Commission, <br> Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 6.25 | 6/15/2055 | 1500000 | 1498249 |
| &nbsp;&nbsp;&nbsp; Florida Local Government <br> Finance Commission, <br> Revenue Bonds (Fleet <br> Landing at Nocatee Project) <br> Ser. A<sup>(b),(f)</sup> <br>| 6.63 | 11/15/2045 | 1000000 | 1014888 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation <br> Authority, Revenue Bonds, <br> Ser. A<br>| 4.00 | 10/1/2049 | 2480000 | 2053040 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial <br> Development Authority, <br> Revenue Bonds, Refunding, <br> Ser. 1<br>| 4.00 | 4/1/2049 | 1750000 | 1443713 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Water & <br> Sewer System, Revenue <br> Bonds (Insured; Build <br> America Mutual)<br>| 4.00 | 10/1/2051 | 1000000 | 841397 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health <br> Facilities Authority, Revenue <br> Bonds, Refunding (ACTS <br> Retirement-Life <br> Communities Obligated <br> Group) Ser. B<br>| 5.00 | 11/15/2055 | 2300000 | 2106114 |

---

**8**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Florida — 9.2% (continued)** | **Florida — 9.2% (continued)** | **Florida — 9.2% (continued)** | **Florida — 9.2% (continued)** | **Florida — 9.2% (continued)** |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health <br> Facilities Authority, Revenue <br> Bonds, Refunding (Lifespace <br> Communities Obligated <br> Group) Ser. C<br>| 7.63 | 5/15/2058 | 1000000 | 1101345 |
| &nbsp;&nbsp;&nbsp; Pinellas County Industrial <br> Development Authority, <br> Revenue Bonds (Foundation <br> for Global Understanding)<br>| 5.00 | 7/1/2039 | 1000000 | 962767 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Legacy Pointe at UCF <br> Project)<br>| 5.75 | 11/15/2054 | 500000 | 446297 |
| &nbsp;&nbsp;&nbsp; Village Community <br> Development District No. 15, <br> Special Assessment Bonds<sup>(b)</sup> <br>| 5.25 | 5/1/2054 | 900000 | 873227 |
|  |  |  |  | **18617424** |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2020-<br> XM0825), (Brookhaven <br> Development Authority, <br> Revenue Bonds (Children's <br> Healthcare of Atlanta) Ser. <br> A) Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(d),(e)</sup> <br>| 8.03 | 7/1/2044 | 3600000 | 3488292 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XF3183), (Municipal Electric <br> Authority of Georgia, <br> Revenue Bonds (Plant Vogtle <br> Units 3&4 Project) Ser. A) <br> Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.37 | 1/1/2059 | 2060000 | 1979984 |
|  |  |  |  | **5468276** |
| **Illinois — 10.2%** | **Illinois — 10.2%** | **Illinois — 10.2%** | **Illinois — 10.2%** | **Illinois — 10.2%** |
| &nbsp;&nbsp;&nbsp; Chicago, GO (Housing and <br> Economic Development <br> Projects) Ser. F<br>| 6.00 | 1/1/2055 | 1000000 | 1015384 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2044 | 2000000 | 1823597 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2500000 | 2538242 |

---

**9**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Illinois — 10.2% (continued)** | **Illinois — 10.2% (continued)** | **Illinois — 10.2% (continued)** | **Illinois — 10.2% (continued)** | **Illinois — 10.2% (continued)** |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, <br> GO, Refunding, Ser. A<br>| 5.00 | 12/1/2035 | 1500000 | 1496821 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2027 | 3500000 | 3673349 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 2600000 | 2735567 |
| Illinois, Revenue Bonds, Ser. C | 5.00 | 6/15/2045 | 2000000 | 2018393 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, <br> Revenue Bonds (Plymouth <br> Place Obligated Group) Ser. <br> A<br>| 6.63 | 5/15/2052 | 1000000 | 1029850 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition <br> Authority, Revenue Bonds <br> (McCormick Place Project) <br> (Insured; National Public <br> Finance Guarantee Corp.) <br> Ser. A<sup>(g)</sup> <br>| 0.00 | 12/15/2036 | 1400000 | 858863 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XF1623), (Regional <br> Transportation Authority <br> Illinois, Revenue Bonds, Ser. <br> B) Non-Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(d),(e)</sup> <br>| 5.22 | 6/1/2048 | 1625000 | 1377927 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2025-<br> XF3349), (Chicago O'Hare <br> International Airport, <br> Revenue Bonds, Refunding, <br> Ser. A) Recourse, Underlying <br> Coupon Rate 5.50%<sup>(b),(d),(e)</sup> <br>| 12.39 | 1/1/2053 | 2100000 | 2146463 |
|  |  |  |  | **20714456** |
| **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, <br> Revenue Bonds (Sustainable <br> Bond)<sup>(b),(c)</sup> <br>| 7.00 | 3/1/2039 | 1925000 | 96250 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Indiana — 0.9% (continued)** | **Indiana — 0.9% (continued)** | **Indiana — 0.9% (continued)** | **Indiana — 0.9% (continued)** | **Indiana — 0.9% (continued)** |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public <br> Improvement Bond Bank, <br> Revenue Bonds (City Moral <br> Obligation) (Insured; Build <br> America Mutual) Ser. F1<br>| 5.25 | 3/1/2067 | 1000000 | 1011113 |
| &nbsp;&nbsp;&nbsp; Valparaiso, Revenue Bonds, <br> Refunding (Pratt Paper <br> (IN) LLC Project)<sup>(b)</sup> <br>| 5.00 | 1/1/2054 | 750000 | 691506 |
|  |  |  |  | **1798869** |
| **Iowa — .6%** | **Iowa — .6%** | **Iowa — .6%** | **Iowa — .6%** | **Iowa — .6%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, <br> Revenue Bonds, Refunding <br> (Iowa Fertilizer Co. <br> Project)<sup>(h)</sup> <br>| 5.00 | 12/1/2032 | 1150000 | **1305799** |
| **Kentucky — 1.0%** | **Kentucky — 1.0%** | **Kentucky — 1.0%** | **Kentucky — 1.0%** | **Kentucky — 1.0%** |
| &nbsp;&nbsp;&nbsp; Christian County, Revenue <br> Bonds, Refunding (Jennie <br> Stuart Medical Center <br> Obligated Group)<br>| 5.50 | 2/1/2044 | 1000000 | 989519 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy <br> Authority, Revenue Bonds, <br> Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 1000000 | 1057486 |
|  |  |  |  | **2047005** |
| **Louisiana — 4.0%** | **Louisiana — 4.0%** | **Louisiana — 4.0%** | **Louisiana — 4.0%** | **Louisiana — 4.0%** |
| &nbsp;&nbsp;&nbsp; Ernest N. Morial New Orleans <br> Exhibition Hall Authority, <br> Special Tax Bonds<br>| 5.50 | 7/15/2054 | 1500000 | 1543699 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities <br> Authority, Revenue Bonds <br> (I-10 Calcasieu River Bridge <br> Public-Private Partnership <br> Project)<br>| 5.75 | 9/1/2064 | 1825000 | 1822163 |

---

**11**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Louisiana — 4.0% (continued)** | **Louisiana — 4.0% (continued)** | **Louisiana — 4.0% (continued)** | **Louisiana — 4.0% (continued)** | **Louisiana — 4.0% (continued)** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities <br> Authority, Revenue Bonds, <br> Refunding (Ochsner Clinic <br> Foundation Obligated <br> Group) Ser. A<br>| 5.50 | 5/15/2050 | 1325000 | 1376057 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities <br> Authority, Revenue Bonds, <br> Refunding (Ochsner Clinic <br> Foundation Obligated <br> Group) Ser. A<br>| 5.50 | 5/15/2055 | 3300000 | 3409994 |
|  |  |  |  | **8151913** |
| **Maine — .6%** | **Maine — .6%** | **Maine — .6%** | **Maine — .6%** | **Maine — .6%** |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, <br> Revenue Bonds (University <br> of New England)<br>| 5.50 | 7/1/2055 | 1250000 | **1278649** |
| **Maryland — 3.8%** | **Maryland — 3.8%** | **Maryland — 3.8%** | **Maryland — 3.8%** | **Maryland — 3.8%** |
| &nbsp;&nbsp;&nbsp; Maryland Economic <br> Development Corp., Revenue <br> Bonds (College Park <br> Leonardtown Project) <br> (Insured; Assured Guaranty <br> Corp.)<br>| 5.25 | 7/1/2064 | 650000 | 652172 |
| &nbsp;&nbsp;&nbsp; Maryland Economic <br> Development Corp., Revenue <br> Bonds (Sustainable Bond) <br> (Purple Line Transit <br> Partners) Ser. B<br>| 5.25 | 6/30/2055 | 4200000 | 3964539 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XF1758), (Maryland Stadium <br> Authority, Revenue Bonds) <br> Non-Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.62 | 6/1/2054 | 3000000 | 3008322 |
|  |  |  |  | **7625033** |
| **Massachusetts — 3.0%** | **Massachusetts — 3.0%** | **Massachusetts — 3.0%** | **Massachusetts — 3.0%** | **Massachusetts — 3.0%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development <br> Finance Agency, Revenue <br> Bonds (Brown University) <br> Ser. A<br>| 5.50 | 8/15/2050 | 1000000 | 1005067 |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Massachusetts — 3.0% (continued)** | **Massachusetts — 3.0% (continued)** | **Massachusetts — 3.0% (continued)** | **Massachusetts — 3.0% (continued)** | **Massachusetts — 3.0% (continued)** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development <br> Finance Agency, Revenue <br> Bonds, Refunding (Beth <br> Israel Lahey Health <br> Obligated Group) Ser. N<br>| 5.50 | 7/1/2055 | 2080000 | 2129280 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development <br> Finance Agency, Revenue <br> Bonds, Refunding <br> (NewBridge <br> Charles Obligated Group)<sup>(b)</sup> <br>| 5.00 | 10/1/2057 | 1000000 | 894701 |
| &nbsp;&nbsp;&nbsp; Massachusetts Educational <br> Financing Authority, <br> Revenue Bonds, Ser. B<br>| 5.00 | 7/1/2030 | 1000000 | 1060641 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing <br> Finance Agency, Revenue <br> Bonds, Ser. B<br>| 4.50 | 6/1/2056 | 1000000 | 887752 |
|  |  |  |  | **5977441** |
| **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** | **Michigan — 3.6%** |
| &nbsp;&nbsp;&nbsp; Michigan Building Authority, <br> Revenue Bonds, Refunding<br>| 4.00 | 10/15/2049 | 2500000 | 2147746 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, <br> Revenue Bonds (Sustainable <br> Bond) (Henry Ford)<br>| 5.50 | 2/28/2049 | 1275000 | 1305133 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, <br> Revenue Bonds, Refunding, <br> Ser. A<br>| 4.00 | 12/1/2049 | 1000000 | 843441 |
| &nbsp;&nbsp;&nbsp; Michigan Housing <br> Development Authority, <br> Revenue Bonds, Ser. A<br>| 3.35 | 12/1/2034 | 2500000 | 2414508 |
| &nbsp;&nbsp;&nbsp; Michigan Tobacco Settlement <br> Finance Authority, Revenue <br> Bonds, Refunding, Ser. C<sup>(g)</sup> <br>| 0.00 | 6/1/2058 | 20000000 | 520224 |
|  |  |  |  | **7231052** |
| **Minnesota — 2.2%** | **Minnesota — 2.2%** | **Minnesota — 2.2%** | **Minnesota — 2.2%** | **Minnesota — 2.2%** |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development <br> Authority, Revenue Bonds, <br> Refunding (Essentia Health <br> Obligated Group) Ser. A<br>| 5.00 | 2/15/2058 | 1250000 | 1199648 |

---

**13**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Minnesota — 2.2% (continued)** | **Minnesota — 2.2% (continued)** | **Minnesota — 2.2% (continued)** | **Minnesota — 2.2% (continued)** | **Minnesota — 2.2% (continued)** |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul <br> Metropolitan Airports <br> Commission, Revenue <br> Bonds, Ser. A<br>| 4.00 | 1/1/2054 | 3000000 | 2504414 |
| &nbsp;&nbsp;&nbsp; Woodbury, Revenue Bonds, <br> Refunding (Math & <br> Science Academy)<sup>(b)</sup> <br>| 5.50 | 6/1/2063 | 855000 | 753472 |
|  |  |  |  | **4457534** |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development <br> Commission, Revenue Bonds <br> (Insured; GNMA, FNMA, <br> FHLMC) Ser. A<br>| 4.70 | 11/1/2054 | 980000 | 933441 |
| &nbsp;&nbsp;&nbsp; St. Louis County Industrial <br> Development Authority, <br> Revenue Bonds (Friendship <br> Village St. Louis Obligated <br> Group) Ser. A<br>| 5.13 | 9/1/2049 | 1000000 | 916741 |
| &nbsp;&nbsp;&nbsp; St. Louis County Industrial <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Friendship Village Sunset <br> Hills)<br>| 5.00 | 9/1/2042 | 1000000 | 929534 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1116), (Jackson County <br> Missouri Special Obligation, <br> Revenue Bonds, Refunding, <br> Ser. A) Non-Recourse, <br> Underlying Coupon Rate <br> 4.25%<sup>(b),(d),(e)</sup> <br>| 6.56 | 12/1/2053 | 3000000 | 2664907 |
|  |  |  |  | **5444623** |
| **Nebraska — .4%** | **Nebraska — .4%** | **Nebraska — .4%** | **Nebraska — .4%** | **Nebraska — .4%** |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, <br> Revenue Bonds, Ser. A<br>| 4.00 | 2/1/2051 | 1000000 | **851901** |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Nevada — 1.4%** | **Nevada — 1.4%** | **Nevada — 1.4%** | **Nevada — 1.4%** | **Nevada — 1.4%** |
| &nbsp;&nbsp;&nbsp; Clark County School District, <br> GO (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 4.25 | 6/15/2041 | 2155000 | 2055879 |
| &nbsp;&nbsp;&nbsp; Reno, Revenue Bonds, <br> Refunding (Insured; Assured <br> Guaranty Corp.)<br>| 4.00 | 6/1/2058 | 1000000 | 826857 |
|  |  |  |  | **2882736** |
| **New Hampshire — 2.1%** | **New Hampshire — 2.1%** | **New Hampshire — 2.1%** | **New Hampshire — 2.1%** | **New Hampshire — 2.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business <br> Finance Authority, Revenue <br> Bonds (The Wildflower <br> Project)<sup>(b),(g)</sup> <br>| 0.00 | 12/15/2033 | 1000000 | 609249 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business <br> Finance Authority, Revenue <br> Bonds (Winston-Salem <br> Sustainable Energy <br> Partners) Ser. A<br>| 5.50 | 6/1/2050 | 1000000 | 1017468 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business <br> Finance Authority, Revenue <br> Bonds, Refunding <br> (Springpoint Senior Living <br> Obligated Group)<br>| 4.00 | 1/1/2041 | 2925000 | 2526064 |
|  |  |  |  | **4152781** |
| **New Jersey — 5.7%** | **New Jersey — 5.7%** | **New Jersey — 5.7%** | **New Jersey — 5.7%** | **New Jersey — 5.7%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic <br> Development Authority, <br> Revenue Bonds (Repauno <br> Port & Rail Terminal <br> Project)<sup>(b)</sup> <br>| 6.38 | 1/1/2035 | 1045000 | 1070783 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic <br> Development Authority, <br> Revenue Bonds (The <br> Goethals)<br>| 5.38 | 1/1/2043 | 2500000 | 2501217 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care <br> Facilities Financing <br> Authority, Revenue Bonds <br> (RWJ Barnabas Health <br> Obligated Group)<br>| 4.00 | 7/1/2051 | 1250000 | 1062871 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation <br> Trust Fund Authority, <br> Revenue Bonds<br>| 5.00 | 6/15/2044 | 1250000 | 1261620 |

---

**15**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **New Jersey — 5.7% (continued)** | **New Jersey — 5.7% (continued)** | **New Jersey — 5.7% (continued)** | **New Jersey — 5.7% (continued)** | **New Jersey — 5.7% (continued)** |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation <br> Trust Fund Authority, <br> Revenue Bonds<sup>(h)</sup> <br>| 5.50 | 12/15/2032 | 1600000 | 1883773 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation <br> Trust Fund Authority, <br> Revenue Bonds, Ser. BB<br>| 5.25 | 6/15/2050 | 1000000 | 1020569 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2025-<br> XF3423), (New Jersey <br> Turnpike Authority, <br> Revenue Bonds, Ser. A) <br> Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(d),(e)</sup> <br>| 11.82 | 1/1/2055 | 2600000 | 2698857 |
|  |  |  |  | **11499690** |
| **New Mexico — .7%** | **New Mexico — .7%** | **New Mexico — .7%** | **New Mexico — .7%** | **New Mexico — .7%** |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance <br> Authority, Revenue Bonds <br> (Insured; GNMA, FNMA, <br> FHLMC) Ser. E<br>| 4.70 | 9/1/2054 | 1385000 | **1319811** |
| **New York — 10.9%** | **New York — 10.9%** | **New York — 10.9%** | **New York — 10.9%** | **New York — 10.9%** |
| &nbsp;&nbsp;&nbsp; New York Energy Finance <br> Development Corp., Revenue <br> Bonds<sup>(a)</sup> <br>| 5.00 | 12/1/2033 | 1000000 | 1051233 |
| &nbsp;&nbsp;&nbsp; New York Liberty <br> Development Corp., Revenue <br> Bonds, Refunding (Class <br> 1-3 World Trade Center <br> Project) Ser. 1<sup>(b)</sup> <br>| 5.00 | 11/15/2044 | 2000000 | 1943621 |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (John F. Kennedy <br> International Airport New <br> Terminal One Project) <br> (Insured; Assured Guaranty <br> Corp.)<br>| 6.00 | 6/30/2060 | 2100000 | 2196375 |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (John F. Kennedy <br> International Airport <br> Terminal)<br>| 5.00 | 12/1/2036 | 2000000 | 2086167 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (John F. Kennedy <br> International Airport <br> Terminal)<br>| 5.00 | 12/1/2040 | 1200000 | 1205827 |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (LaGuardia Airport <br> Terminal B Redevelopment <br> Project)<br>| 5.63 | 4/1/2040 | 1000000 | 1030619 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2022-<br> XM1004), (Metropolitan <br> Transportation Authority, <br> Revenue Bonds, Refunding <br> (Sustainable Bond) (Insured; <br> Assured Guaranty Corp.) Ser. <br> C) Non-Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(d),(e)</sup> <br>| 4.81 | 11/15/2047 | 3300000 | 2781170 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1174), (New York State <br> Transportation <br> Development Corp., Revenue <br> Bonds (Sustainable Bond) <br> (John F. Kennedy <br> International Airport <br> Terminal One Project) <br> (Insured; Assured Guaranty <br> Corp.)) Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(d),(e)</sup> <br>| 11.35 | 6/30/2060 | 2150000 | 2119255 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1181), (Triborough New <br> York Bridge & Tunnel <br> Authority, Revenue Bonds, <br> Ser. A1) Non-Recourse, <br> Underlying Coupon Rate <br> 4.13%<sup>(b),(d),(e)</sup> <br>| 5.74 | 5/15/2064 | 3000000 | 2542220 |

---

**17**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** | **New York — 10.9% (continued)** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1194), (New York <br> Transportation <br> Development Corp., Revenue <br> Bonds, Refunding <br> (Sustainable Bond) (JFK <br> International Airport <br> Terminal Six Redevelopment <br> Project) (Insured; Assured <br> Guaranty Corp.)) Recourse, <br> Underlying Coupon Rate <br> 5.25%<sup>(b),(d),(e)</sup> <br>| 11.35 | 12/31/2054 | 2100000 | 2072160 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2025-<br> XF8040), (Long Island <br> Power Authority, Revenue <br> Bonds, Ser. A) Non-<br> Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(d),(e)</sup> <br>| 11.54 | 9/1/2050 | 2100000 | 2168767 |
| &nbsp;&nbsp;&nbsp; Westchester County Local <br> Development Corp., Revenue <br> Bonds, Refunding (Senior <br> Learning Community)<sup>(b)</sup> <br>| 5.00 | 7/1/2041 | 1000000 | 941594 |
|  |  |  |  | **22139008** |
| **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care <br> Commission, Revenue Bonds <br> (Carolina Meadows <br> Obligated Group)<br>| 5.25 | 12/1/2054 | 2885000 | 2755384 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care <br> Commission, Revenue <br> Bonds, Refunding (Lutheran <br> Services for the Aging <br> Obligated Group)<br>| 4.00 | 3/1/2051 | 1300000 | 991181 |
|  |  |  |  | **3746565** |
| **Ohio — 9.6%** | **Ohio — 9.6%** | **Ohio — 9.6%** | **Ohio — 9.6%** | **Ohio — 9.6%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement <br> Financing Authority, <br> Revenue Bonds, Refunding, <br> Ser. B2<br>| 5.00 | 6/1/2055 | 6665000 | 5392707 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Ohio — 9.6% (continued)** | **Ohio — 9.6% (continued)** | **Ohio — 9.6% (continued)** | **Ohio — 9.6% (continued)** | **Ohio — 9.6% (continued)** |
| &nbsp;&nbsp;&nbsp; Cuyahoga County, Revenue <br> Bonds, Refunding (The <br> MetroHealth System)<br>| 5.00 | 2/15/2052 | 1980000 | 1774935 |
| &nbsp;&nbsp;&nbsp; Cuyahoga County, Revenue <br> Bonds, Refunding (The <br> MetroHealth System)<br>| 5.25 | 2/15/2047 | 2500000 | 2374133 |
| &nbsp;&nbsp;&nbsp; Muskingum County, Revenue <br> Bonds (Genesis Healthcare <br> System Project)<br>| 5.00 | 2/15/2048 | 6495000 | 5850779 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Duke Energy Co.) (Insured; <br> Assured Guaranty Corp.) Ser. <br> B<br>| 4.38 | 12/1/2058 | 1000000 | 882796 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XF1711), (University of <br> Cincinnati Ohio Receipt, <br> Revenue Bonds, Ser. A) Non-<br> Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.82 | 6/1/2049 | 3200000 | 3250814 |
|  |  |  |  | **19526164** |
| **Oklahoma — 2.3%** | **Oklahoma — 2.3%** | **Oklahoma — 2.3%** | **Oklahoma — 2.3%** | **Oklahoma — 2.3%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1163), (Oklahoma City <br> Water Utilities Trust, <br> Revenue Bonds, Refunding) <br> Non-Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(d),(e)</sup> <br>| 11.69 | 7/1/2064 | 3200000 | 3295484 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial <br> Authority, Revenue Bonds, <br> Refunding (Montereau <br> Project)<br>| 5.25 | 11/15/2045 | 1500000 | 1431340 |
|  |  |  |  | **4726824** |
| **Pennsylvania — 7.6%** | **Pennsylvania — 7.6%** | **Pennsylvania — 7.6%** | **Pennsylvania — 7.6%** | **Pennsylvania — 7.6%** |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood <br> Improvement Zone <br> Development Authority, <br> Revenue Bonds (City Center <br> Project)<sup>(b)</sup> <br>| 5.00 | 5/1/2042 | 1000000 | 966427 |

---

**19**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Pennsylvania — 7.6% (continued)** | **Pennsylvania — 7.6% (continued)** | **Pennsylvania — 7.6% (continued)** | **Pennsylvania — 7.6% (continued)** | **Pennsylvania — 7.6% (continued)** |
| &nbsp;&nbsp;&nbsp; Allentown School District, GO, <br> Refunding (Insured; Build <br> America Mutual) Ser. B<br>| 5.00 | 2/1/2033 | 1455000 | 1525697 |
| &nbsp;&nbsp;&nbsp; Clairton Municipal Authority, <br> Revenue Bonds, Refunding, <br> Ser. B<br>| 4.00 | 12/1/2038 | 3750000 | 3524773 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic <br> Development Financing <br> Authority, Revenue Bonds <br> (The Penndot Major <br> Bridges)<br>| 6.00 | 6/30/2061 | 2000000 | 2057043 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike <br> Commission, Revenue <br> Bonds, Ser. A<br>| 4.00 | 12/1/2050 | 1000000 | 831514 |
| &nbsp;&nbsp;&nbsp; Philadelphia Housing <br> Authority, Revenue Bonds <br> (PHADC Acquisition <br> Program) Ser. A<br>| 5.25 | 3/1/2043 | 2000000 | 2042295 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XF1525), (Pennsylvania <br> Economic Development <br> Financing Authority, <br> Revenue Bonds (University <br> of Pittsburgh Medical <br> Center) Ser. A) Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(d),(e)</sup> <br>| 4.73 | 5/15/2053 | 2300000 | 1880791 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1133), (Philadelphia <br> Water & Wastewater, <br> Revenue Bonds, Refunding <br> (Insured; Assured Guaranty <br> Corp.) Ser. B) Non-Recourse, <br> Underlying Coupon Rate <br> 5.50%<sup>(b),(d),(e)</sup> <br>| 12.43 | 9/1/2053 | 2400000 | 2500993 |
|  |  |  |  | **15329533** |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Rhode Island — 1.8%** | **Rhode Island — 1.8%** | **Rhode Island — 1.8%** | **Rhode Island — 1.8%** | **Rhode Island — 1.8%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1117), (Rhode Island <br> Infrastructure Bank State <br> Revolving Fund, Revenue <br> Bonds, Ser. A) Non-<br> Recourse, Underlying <br> Coupon Rate 4.13%<sup>(b),(d),(e)</sup> <br>| 4.89 | 10/1/2048 | 4000000 | **3668841** |
| **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** | **South Carolina — 1.9%** |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Bon Secours Mercy Health)<br>| 4.00 | 12/1/2044 | 1500000 | 1317367 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Lutheran Homes of South <br> Carolina Obligated Group)<br>| 5.13 | 5/1/2048 | 1750000 | 1400443 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service <br> Authority, Revenue Bonds, <br> Refunding (Santee Cooper) <br> Ser. A<br>| 4.00 | 12/1/2055 | 1500000 | 1225066 |
|  |  |  |  | **3942876** |
| **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** | **South Dakota — 1.3%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2022-<br> XF1409), (South Dakota <br> Health & Educational <br> Facilities Authority, Revenue <br> Bonds, Refunding (Avera <br> Health Obligated Group)) <br> Non-Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(d),(e)</sup> <br>| 10.82 | 7/1/2046 | 2680000 | **2638363** |
| **Tennessee — .6%** | **Tennessee — .6%** | **Tennessee — .6%** | **Tennessee — .6%** | **Tennessee — .6%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government <br> Nashville & Davidson County <br> Health & Educational <br> Facilities Board, Revenue <br> Bonds (Belmont University)<br>| 5.25 | 5/1/2048 | 1250000 | **1258828** |

---

**21**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Texas — 15.4%** | **Texas — 15.4%** | **Texas — 15.4%** | **Texas — 15.4%** | **Texas — 15.4%** |
| &nbsp;&nbsp;&nbsp; Aldine Independent School <br> District, GO (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2054 | 1000000 | 869038 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds (BASIS Texas Charter <br> Schools)<sup>(b)</sup> <br>| 4.88 | 6/15/2059 | 1000000 | 850552 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds (BASIS Texas Charter <br> Schools)<sup>(b)</sup> <br>| 5.00 | 6/15/2064 | 1000000 | 850079 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education <br> Finance Corp., Revenue <br> Bonds (Riverwalk Education <br> Foundation, Inc.) (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.50 | 8/15/2060 | 1000000 | 892155 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Revenue <br> Bonds, Refunding (IDEA <br> Public Schools) (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 8/15/2054 | 1000000 | 834607 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Revenue <br> Bonds, Refunding <br> (International Leadership of <br> Texas, Inc.) (Insured; <br> Permanent School Fund <br> Guarantee Program) Ser. A<br>| 4.25 | 8/15/2053 | 1000000 | 859710 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education <br> Finance Corp., Revenue <br> Bonds, Refunding <br> (International Leadership of <br> Texas, Inc.) (Insured; <br> Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.25 | 2/15/2049 | 1475000 | 1507602 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School <br> District, GO, Refunding <br> (Insured; Permanent School <br> Fund Guarantee Program)<br>| 4.00 | 2/15/2054 | 2000000 | 1713327 |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** |
| &nbsp;&nbsp;&nbsp; El Paso County Hospital <br> District, GO (El Paso County) <br> (Insured; Assured Guaranty <br> Corp.)<br>| 5.50 | 2/15/2050 | 2000000 | 2074429 |
| &nbsp;&nbsp;&nbsp; Fort Bend County, Revenue <br> Bonds, Refunding (Insured; <br> Assured Guaranty Corp.)<br>| 4.25 | 3/1/2049 | 1250000 | 1102844 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation <br> Corp., Revenue Bonds, <br> Refunding<br>| 4.00 | 10/1/2049 | 1165000 | 985254 |
| &nbsp;&nbsp;&nbsp; Houston Airport System, <br> Revenue Bonds (United <br> Airlines) Ser. B<br>| 5.50 | 7/15/2037 | 2000000 | 2101881 |
| &nbsp;&nbsp;&nbsp; Houston Airport System, <br> Revenue Bonds, Refunding <br> (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 4.50 | 7/1/2053 | 1400000 | 1253090 |
| &nbsp;&nbsp;&nbsp; Houston Airport System, <br> Revenue Bonds, Refunding, <br> Ser. A<br>| 4.00 | 7/1/2039 | 2480000 | 2308116 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated <br> Independent School District, <br> GO<br>| 4.00 | 2/15/2053 | 1000000 | 861854 |
| &nbsp;&nbsp;&nbsp; Medina Valley Independent <br> School District, GO (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2053 | 4500000 | 3848133 |
| &nbsp;&nbsp;&nbsp; Mission Economic <br> Development Corp., Revenue <br> Bonds, Refunding <br> (Natgasoline Project)<sup>(b)</sup> <br>| 4.63 | 10/1/2031 | 2000000 | 1997915 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1164), (Texas University <br> System, Revenue Bonds, <br> Refunding) Non-Recourse, <br> Underlying Coupon Rate <br> 5.25%<sup>(b),(d),(e)</sup> <br>| 11.90 | 3/15/2054 | 3200000 | 3282001 |

---

**23**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** | **Texas — 15.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Texas Municipal Power <br> Agency, Revenue Bonds, <br> Refunding (Insured; Build <br> America Mutual)<br>| 5.50 | 9/1/2055 | 1540000 | 1592995 |
| &nbsp;&nbsp;&nbsp; Waxahachie Independent <br> School District, GO (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.25 | 2/15/2053 | 1500000 | 1342669 |
|  |  |  |  | **31128251** |
| **U.S. Related — 1.8%** | **U.S. Related — 1.8%** | **U.S. Related — 1.8%** | **U.S. Related — 1.8%** | **U.S. Related — 1.8%** |
| Puerto Rico, GO, Ser. A<sup>(g)</sup> <br>| 0.00 | 7/1/2033 | 211359 | 148011 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 164238 | 160691 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 147628 | 141557 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 126704 | 117690 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 172269 | 149993 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 179157 | 148072 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 181259 | 187465 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 2178318 | 2321577 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 173199 | 190072 |
|  |  |  |  | **3565128** |
| **Utah — .9%** | **Utah — .9%** | **Utah — .9%** | **Utah — .9%** | **Utah — .9%** |
| &nbsp;&nbsp;&nbsp; Mida Cormont Public <br> Infrastructure District, GO, <br> Ser. A2<sup>(b),(i)</sup> <br>| 6.75 | 6/1/2055 | 1460000 | 1193480 |
| &nbsp;&nbsp;&nbsp; Point Phase 1 Public <br> Infrastructure District No. 1, <br> Revenue Bonds, Ser. A1<br>| 6.13 | 3/1/2055 | 700000 | 707847 |
|  |  |  |  | **1901327** |
| **Virginia — 2.3%** | **Virginia — 2.3%** | **Virginia — 2.3%** | **Virginia — 2.3%** | **Virginia — 2.3%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1176), (Virginia State <br> Housing Development <br> Authority, Revenue Bonds, <br> Ser. A) Recourse, Underlying <br> Coupon Rate 4.80%<sup>(b),(d),(e)</sup> <br>| 10.01 | 9/1/2059 | 3000000 | 2878622 |

---

**24**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Virginia — 2.3% (continued)** | **Virginia — 2.3% (continued)** | **Virginia — 2.3% (continued)** | **Virginia — 2.3% (continued)** | **Virginia — 2.3% (continued)** |
| &nbsp;&nbsp;&nbsp; Virginia Small Business <br> Financing Authority, <br> Revenue Bonds (Transform <br> 66 P3 Project)<br>| 5.00 | 12/31/2049 | 1000000 | 944817 |
| &nbsp;&nbsp;&nbsp; Williamsburg Economic <br> Development Authority, <br> Revenue Bonds (William & <br> Mary Project) (Insured; <br> Assured Guaranty Corp.) Ser. <br> A<br>| 4.13 | 7/1/2058 | 1000000 | 869669 |
|  |  |  |  | **4693108** |
| **Washington — 3.8%** | **Washington — 3.8%** | **Washington — 3.8%** | **Washington — 3.8%** | **Washington — 3.8%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XF1730), (Port of Seattle <br> Washington, Revenue Bonds, <br> Refunding (Intermediate <br> Lien) Ser. B) Non-Recourse, <br> Underlying Coupon Rate <br> 5.25%<sup>(b),(d),(e)</sup> <br>| 11.61 | 7/1/2049 | 2500000 | 2537607 |
| &nbsp;&nbsp;&nbsp; Washington Convention Center <br> Public Facilities District, <br> Revenue Bonds (Sustainable <br> Bond) Ser. B<br>| 4.00 | 7/1/2058 | 1000000 | 748821 |
| &nbsp;&nbsp;&nbsp; Washington Health Care <br> Facilities Authority, Revenue <br> Bonds, Refunding <br> (Providence Health & <br> Services) Ser. A<br>| 5.00 | 10/1/2042 | 3815000 | 3755190 |
| &nbsp;&nbsp;&nbsp; Washington Housing Finance <br> Commission, Revenue <br> Bonds, Refunding (Seattle <br> Academy of Arts & <br> Sciences)<sup>(b)</sup> <br>| 6.38 | 7/1/2063 | 700000 | 743052 |
|  |  |  |  | **7784670** |
| **West Virginia — 1.3%** | **West Virginia — 1.3%** | **West Virginia — 1.3%** | **West Virginia — 1.3%** | **West Virginia — 1.3%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance <br> Authority, Revenue Bonds <br> (West Virginia University <br> Health System Obligated <br> Group) Ser. A<br>| 5.50 | 6/1/2050 | 2500000 | **2586914** |

---

**25**

------

*SCHEDULE OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** | **Long-Term Municipal Investments — 154.3% (continued)** |
| **Wisconsin — 6.4%** | **Wisconsin — 6.4%** | **Wisconsin — 6.4%** | **Wisconsin — 6.4%** | **Wisconsin — 6.4%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds<sup>(b)</sup> <br>| 5.00 | 7/1/2055 | 1000000 | 863276 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (Cone <br> Health) Ser. A<br>| 5.00 | 10/1/2052 | 1000000 | 985672 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (EMU <br> Campus Living) (Insured; <br> Build America Mutual) Ser. <br> A1<br>| 5.50 | 7/1/2052 | 1200000 | 1226760 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (EMU <br> Campus Living) (Insured; <br> Build America Mutual) Ser. <br> A1<br>| 5.63 | 7/1/2055 | 1315000 | 1352774 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (Georgia SR <br> 400 Express Lanes Project)<br>| 6.50 | 12/31/2065 | 2625000 | 2762935 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (Heritage <br> Bend Project)<sup>(b),(g)</sup> <br>| 0.00 | 12/15/2042 | 3500000 | 1017381 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds, Ser. 1<br>| 5.75 | 7/1/2062 | 2676876 | 2656386 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds, Refunding <br> (Lindenwood Education <br> System) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/1/2040 | 1000000 | 1011959 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & <br> Educational Facilities <br> Authority, Revenue Bonds <br> (Bellin Memorial Hospital <br> Obligated Group)<br>| 5.50 | 12/1/2052 | 1000000 | 1033036 |
|  |  |  |  | **12910179** |
| **Total Investments** (cost $329,674,027) | **Total Investments** (cost $329,674,027) |  | **154.3%** | **312998556** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** |  | **(54.3%)** | **(110199679)** |
| **Net Assets Applicable to Common Stockholders** | **Net Assets Applicable to Common Stockholders** | **Net Assets Applicable to Common Stockholders** | **100.0%** | **202798877** |

---

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

*FHLMC—Federal Home Loan Mortgage Corporation* <br> *FNMA—Federal National Mortgage Association* <br> *GNMA—Government National Mortgage Association*

**26**

------

*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 $84,401,685 or 41.6% of net assets applicable to Common* *Stockholders.* 

<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.*

<sup>(h)</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.* 

<sup>(i)</sup> *Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Futures Short** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury <br> Bond<br>| 77 | 12/19/2025 | 8967969 | 8975312 | (7343) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(7343)** |

---

*See notes to financial statements.*

**27**

------

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 329674027 | &nbsp;&nbsp; 312998556 |
| Cash |  | &nbsp;&nbsp; 4523187 |
| Cash collateral held by broker—Note 3  |  | &nbsp;&nbsp; 413602 |
| Interest receivable |  | &nbsp;&nbsp; 3734026 |
| Receivable for futures variation margin—Note 3  |  | &nbsp;&nbsp; 67375 |
| Prepaid expenses |  | &nbsp;&nbsp; 58761 |
|  |  | &nbsp;&nbsp; **321795507** |
| **Liabilities ($):** |  |  |
| &nbsp;&nbsp;&nbsp; Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates—Note 2(b) <br>|  | &nbsp;&nbsp; 184916 |
| RVMTP Shares at liquidation value—Note 1 |  | &nbsp;&nbsp; 75000000 |
| Payable for inverse floater notes issued—Note 3  |  | &nbsp;&nbsp; 41730000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 997130 |
| Dividends payable to Common Stockholders |  | &nbsp;&nbsp; 699428 |
| &nbsp;&nbsp;&nbsp; Interest and expense payable related to inverse floater notes <br> issued—Note 3 <br>|  | &nbsp;&nbsp; 298827 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp; 9956 |
| Other accrued expenses |  | &nbsp;&nbsp; 76373 |
|  |  | &nbsp;&nbsp; **118996630** |
| **Net Assets Applicable to Common Stockholders ($)** |  | &nbsp;&nbsp; **202798877** |
| **Composition of Net Assets ($):** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock, par value, $.001 per share <br>(18,405,973 shares issued and outstanding)<br>|  | &nbsp;&nbsp; 18406 |
| Paid-in capital |  | &nbsp;&nbsp; 262501288 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp; (59720817) |
| **Net Assets Applicable to Common Stockholders ($)** |  | &nbsp;&nbsp; **202798877** |
| **Shares Outstanding** |  |  |
| (250 million shares authorized) |  | &nbsp;&nbsp; 18405973 |
| **Net Asset Value Per Share of Common Stock ($)** |  | **11.02** |

---

*See notes to financial statements.*

**28**

------

STATEMENT OF OPERATIONS

Six Months Ended August 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | **7921220** |
| **Expenses:** |  |
| Management fee—Note 2(a)  | 1064429 |
| RVMTP Shares interest expense—Note 1(g) | 1499199 |
| &nbsp;&nbsp;&nbsp; Interest and expense related to inverse floater <br>notes issued—Note 3 <br>| 655490 |
| Professional fees | 70685 |
| Directors' fees and expenses—Note 2(c)  | 25511 |
| Shareholders' reports | 12858 |
| Registration fees | 11875 |
| Shareholder servicing costs | 7548 |
| Shareholder and regulatory reports service fees—Note 2(b)  | 6583 |
| Chief Compliance Officer fees—Note 2(b)  | 6270 |
| Tender and Paying Agent fees—Note 2(b) | 4661 |
| Custodian fees—Note 2(b)  | 2098 |
| Miscellaneous | 42297 |
| **Total Expenses** | **3409504** |
| Less—reduction in fees due to earnings credits—Note 2(b)  | (2098) |
| **Net Expenses** | **3407406** |
| **Net Investment Income** | **4513814** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 3 ($):** |  |
| Net realized gain (loss) on investments | (2332854) |
| Net realized gain (loss) on futures | (24147) |
| **Net Realized Gain (Loss)** | **(2357001)** |
| Net change in unrealized appreciation (depreciation) on investments | (18396164) |
| Net change in unrealized appreciation (depreciation) on futures | (7343) |
| **Net Change in Unrealized Appreciation (Depreciation)** | **(18403507)** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(20760508)** |
| **Net (Decrease) in Net Assets Applicable to Common Stockholders** <br> **Resulting from Operations**<br>| **(16246694)** |

---

*See notes to financial statements.*

**29**

------

STATEMENT OF CASH FLOWS

Six Months Ended August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Cash Flows from Operating Activities ($):** |  |  |
| Purchases of long term portfolio securities | (80758136) |  |
| Proceeds from sales of long term portfolio securities | 84932689 |  |
| Interest income received | 8131015 |  |
| Interest and expense related to inverse floater notes issued | (778026) |  |
| RVMTP Shares interest expense | (1499199) |  |
| &nbsp;&nbsp;&nbsp; Expenses paid to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| (1076058) |  |
| Operating expenses paid | (227946) |  |
| Net realized and unrealized gain (loss) from futures<sup>†</sup> <br>| (98865) |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **8625474** |
| **Cash Flows From Financing Activities ($):** |  |  |
| Dividends paid to Common Stockholders | (3754818) |  |
| Decrease in payable for inverse floater notes issued | (1725000) |  |
| **Net Cash Provided (or Used) in Financing Activities** |  | &nbsp;&nbsp; **(5479818)** |
| **Net Increase (Decrease) in Cash** |  | &nbsp;&nbsp; **3145656** |
| Cash at beginning of period |  | &nbsp;&nbsp; 1791133 |
| **Cash at End of Period** |  | &nbsp;&nbsp; **4936789** |
| **Reconciliation of Net Increase (Decrease) in Net Assets** <br> **Applicable to Common Stockholders Resulting from** <br> **Operations to Net Cash Provided by (or Used) in** <br> **Operating Activities ($):**<br>|  |  |
| Net (Decrease) in Net Assets Resulting From Operations | (16246694) |  |
| **Adjustments to Reconcile Net Increase (Decrease) in Net** <br> **Assets Applicable to Common Stockholders Resulting** <br> **from Operations to Net Cash Provided (or Used) in** <br> **Operating Activities ($):**<br>|  |  |
| Decrease in investments in securities at cost | 5510277 |  |
| Decrease in interest receivable | 209795 |  |
| Increase futures variation margin paid | (74718) |  |
| Increase in prepaid expenses | (14973) |  |
| &nbsp;&nbsp;&nbsp; Increase in Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| 5885 |  |
| Increase in payable for investment securities purchased | 997130 |  |
| &nbsp;&nbsp;&nbsp; Decrease in interest and expense payable related to inverse <br> floater notes issued<br>| (122536) |  |
| Decrease in Directors' fees and expenses payable | (8485) |  |
| Decrease in other accrued expenses | (33714) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on <br> investments<br>| 18403507 |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **8625474** |

---

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

<sup>†</sup> *Includes change in variation margin from beginning of period.*

*See notes to financial statements.*

**30**

------

STATEMENT OF CHANGES IN NET ASSETS

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>August 31, 2025 (Unaudited) | Year Ended <br>February 28, 2025 |
|  | Six Months Ended <br>August 31, 2025 (Unaudited) | Year Ended <br>February 28, 2025 |
| **Operations ($):** |  |  |
| Net investment income | 4513814 | &nbsp;&nbsp; 8211074 |
| Net realized gain (loss) on investments | (2357001) | &nbsp;&nbsp; (1525421) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| (18403507) | &nbsp;&nbsp; 942800 |
| **Net Increase (Decrease) in Net** <br> **Assets Applicable to Common** <br> **Stockholders Resulting from** <br> **Operations**<br>| **(16246694)** | &nbsp;&nbsp; **7628453** |
| **Distributions ($):** |  |  |
| Distributions to stockholders | (3902066) | &nbsp;&nbsp; (6626150) |
| **Distributions to Common** <br> **Stockholders**<br>| **(3902066)** | &nbsp;&nbsp; **(6626150)** |
| **Total Increase (Decrease) in Net** <br> **Assets Applicable to Common** <br> **Stockholders**<br>| **(20148760)** | &nbsp;&nbsp; **1002303** |
| **Net Assets Applicable to Common** <br> **Stockholders ($):**<br>|  |  |
| Beginning of Period | 222947637 | &nbsp;&nbsp; 221945334 |
| **End of Period** | **202798877** | &nbsp;&nbsp; **222947637** |

---

*See notes to financial statements.*

**31**

------

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>August 31, 2025 <br>(Unaudited) | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | Six Months Ended <br>August 31, 2025 <br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, <br> beginning of period<br>| 12.11 | 12.06 | 11.70 | 13.86 | 14.41 | 15.06 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment <br> income<sup>(a)</sup> <br>| .25 | .45 | .42 | .53 | .63 | .66 |
| &nbsp;&nbsp;&nbsp; Net realized and <br> unrealized gain <br> (loss) on investments<br>| (1.13) | (.04) | .38 | (2.11) | (.54) | (.67) |
| &nbsp;&nbsp;&nbsp; Total from Investment <br> Operations<br>| (.88) | .41 | .80 | (1.58) | .09 | (.01) |
| &nbsp;&nbsp;&nbsp; Distributions to <br> Common <br> Stockholders:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net <br> investment income<br>| (.21) | (.36) | (.44) | (.58) | (.64) | (.64) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of <br> period<br>| 11.02 | 12.11 | 12.06 | 11.70 | 13.86 | 14.41 |
| &nbsp;&nbsp;&nbsp; Market value, end of <br> period<br>| 10.02 | 10.85 | 10.33 | 10.97 | 13.17 | 13.95 |
| **Market Price Total** <br> **Return (%)**<br>| (5.71) <br><sup>(b)</sup><br>| 8.65 | (1.82) | (12.41) | (1.33) | 3.15 |

---

**32**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> August 31, 2025 <br> (Unaudited) | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | Six Months Ended<br> August 31, 2025 <br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses <br> to average net assets<br>| 3.26 <br><sup>(c)</sup><br>| 3.26 | 3.53 | 2.60 | 1.68 | 1.87 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to <br> average net assets<br>| 3.26 <br><sup>(c),(d)</sup><br>| 3.26 <br><sup>(d)</sup><br>| 3.52 <br><sup>(d)</sup><br>| 2.60 <br><sup>(d)</sup><br>| 1.68 | 1.87 <br><sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ratio of interest and <br> expense related to <br>inverse floater notes <br> issued, RVMTP <br>Shares interest <br> expense to <br>average net assets<br>| 2.06 <br><sup>(c)</sup><br>| 2.14 | 2.36 | 1.45 | .55 | .69 |
| &nbsp;&nbsp;&nbsp; Ratio of net investment <br> income to average <br> net assets<br>| 4.32 <br><sup>(c),(d)</sup><br>| 3.69 <br><sup>(d)</sup><br>| 3.58 <br><sup>(d)</sup><br>| 4.29 <br><sup>(d)</sup><br>| 4.32 | 4.72 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | 27.34 <br><sup>(b)</sup><br>| 24.35 | 34.36 | 24.75 | 11.33 | 17.56 |
| &nbsp;&nbsp;&nbsp; Asset Coverage of <br> RVMTP Shares, end <br> of period<br>| 370 | 397 | 396 | 387 | 440 | 453 |
| **Net Assets, applicable** <br> **to Common** <br> **Stockholders, end** <br> **of period** <br> **($ x 1,000)**<br>| 202799 | 222948 | 221945 | 215286 | 255086 | 264941 |
| **RVMTP Shares** <br> **Outstanding, end of** <br> **period ($ x 1,000)**<br>| 75000 | 75000 | 75000 | 75000 | 75000 | 75000 |
| **Floating Rate Notes** <br> **Outstanding, end of** <br> **period ($ x 1,000)**<br>| 41730 | 43455 | 24895 | 38130 | 48640 | 59890 |

---

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

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

<sup>(b)</sup> *Not annualized.*

<sup>(c)</sup> *Annualized.*

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

*See notes to financial statements.*

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—Significant Accounting Policies:**

BNY Mellon Municipal Bond Infrastructure Fund, Inc. (the "fund"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), is a diversified closed-end management investment company. The fund's investment objective is to seek to provide as high a level of current income exempt from regular 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. The fund's common stock ("Common Stock") trades on the New York Stock Exchange (the "NYSE") under the ticker symbol DMB.

The fund has outstanding 750 shares of Remarketable Variable Rate MuniFund Term Preferred Shares ("RVMTP Shares"). The fund is subject to certain restrictions relating to the RVMTP Shares. Failure to comply with these restrictions could preclude the fund from declaring any distributions to shareholders of Common Stock ("Common Stockholders") or repurchasing shares of Common Stock and/or could trigger the mandatory redemption of RVMTP Shares at their liquidation value (i.e., $100,000 per share). Thus, redemptions of RVMTP Shares may be deemed to be outside of the control of the fund.

The RVMTP Shares have a mandatory redemption date of October 16, 2049, and are subject to mandatory tender upon each 42 month anniversary of October 16, 2020, the effective date of their refinancing, or upon the end of a Special Terms Period (as defined in the fund's articles supplementary) (each an Early Term Redemption Date (as defined in the fund's articles supplementary)), subject to the option of the holders to retain the RVMTP Shares. On October 16, 2023, the RVMTP Shares were successfully remarketed during their first Early Term Redemption Date, and the RVMTP Shares were extended through the 42 month anniversary of October 16, 2023. RVMTP Shares that are neither retained by the holders nor successfully remarketed by the Early Term Redemption Date will be redeemed by the fund. The fund is subject to a Tender and Paying Agent Agreement with the Bank of New York Mellon, with respect to the RVMTP Shares.

The holders of RVMTP Shares, voting as a separate class, have the right to elect at least two directors. The holders of RVMTP Shares will vote as a separate class on certain other matters, as required by law. The fund's Board of Directors (the "Board") has designated Nathan Leventhal and Benaree Pratt Wiley as directors to be elected by the holders of RVMTP Shares.

Dividends on RVMTP Shares are normally declared daily and paid monthly. The Dividend Rate on the RVMTP Shares is, except as otherwise provided, equal to the rate per annum that results from the sum of (1) the Index Rate plus (2) the Applicable Spread as determined for the RVMTP Shares on the Rate Determination Date immediately

**34**

------

preceding such Subsequent Rate Period plus (3) the Failed Remarketing Spread (all defined terms as defined in the fund's articles supplementary).

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

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

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

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

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

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

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

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

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

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:

**35**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

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.

**36**

------

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 ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in <br> Securities:<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal <br> Securities<br>|  | 312998556 |  | **312998556** |
|  | **—** | **312998556** | **—** | **312998556** |
| **Liabilities ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Financial <br> Instruments:<br>|  |  |  |  |
| Futures<sup>††</sup> <br>| (7343) |  |  | **(7343)** |
| &nbsp;&nbsp;&nbsp; Inverse Floater <br> Notes<sup>†††</sup> <br>|  | (41730000) |  | **(41730000)** |
| RVMTP Shares<sup>†††</sup> <br>|  | (75000000) |  | **(75000000)** |
|  | **(7343)** | **(116730000)** | **—** | **(116737343)** |

---

&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* <br> *on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and* <br> *Liabilities.*<br>|
| <sup>†††</sup> <br>| *Certain of the fund's liabilities are held at carrying amount, which approximates fair value for financial* <br> *reporting purposes.*<br>|

---

**(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. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally.

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

The Additional Information section within the annual report dated February 28, 2025, provides more details about the fund's principal risk factors.

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

Common Stockholders will have their distributions reinvested in additional shares of the fund, unless such Common Stockholders elect to receive cash, at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent for the fund's Common Stock, will buy fund shares in the open market and reinvest those shares accordingly.

On August 4, 2025, the Board declared a cash dividend of $.038 per share from undistributed net investment income, payable on September 2, 2025 to Common Stockholders of record as of the close of business on August 18, 2025, with an ex-dividend date of August 18, 2025.

**(e) Dividends to holders of RVMTP Shares:** Dividends on RVMTP Shares are normally declared daily and paid monthly. The Dividend Rate on the RVMTP Shares is, except as otherwise provided, equal to the rate per annum that results from the sum of (1) the Index Rate plus (2) the Applicable Spread as determined for the RVMTP Shares on the Rate Determination Date immediately preceding such Subsequent Rate Period plus (3) the Failed Remarketing Spread. The Applicable Rate of the RVMTP Shares was equal to the sum of 1.30% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index rate of 2.73% on August 31, 2025. The dividend rate as of August 31, 2025 for the RVMTP Shares was 4.03% (all defined terms as defined in the fund's articles supplementary).

**(f) 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 taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended 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.

**38**

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Each tax year in the three-year period ended February 28, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

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

The fund has an unused capital loss carryover of $43,489,301 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to February 28, 2025. The fund has $34,049,322 of short-term capital losses and $9,439,979 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to Common Stockholders during the fiscal year ended February 28, 2025 were as follows: tax-exempt income $6,626,150. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(g) RVMTP Shares:** The fund's RVMTP Shares aggregate liquidation preference is shown as a liability, since they have a stated mandatory redemption date of October 16, 2049. Dividends paid on RVMTP Shares are treated as interest expense and recorded on the accrual basis. Costs directly related to the issuance of the RVMTP Shares are considered debt issuance costs which has been fully amortized into expense over the life of the RVMTP Shares.

During the period ended August 31, 2025, total fees pursuant to RVMTP Shares amounted to $1,499,199. These fees are included in RVMTP Shares interest expense in the Statement of Operations.

The average amount of borrowings outstanding for the RVMTP Shares during the period ended August 31, 2025 was approximately $75,000,000, with a related weighted average annualized interest rate of 3.97%.

**(h) 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

**39**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

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—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 .65% of the value of the fund's daily total assets, including any assets attributable to effective leverage, minus certain defined accrued liabilities (the "Managed Assets") and is payable monthly.

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 .27% of the value of the fund's average daily Managed Assets.

**(b)** The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Custodian fees. For financial reporting purposes, the fund includes custody net earning credits as an expense offset in the Statement of Operations.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended August 31, 2025, the fund was charged $2,098 pursuant to the custody agreement. These fees were offset by earnings credits of $2,098.

The fund compensates The Bank of New York Mellon under a Tender and Paying Agent Agreement for providing certain transfer agency and payment services with respect to the RVMTP Shares. During the period ended August 31, 2025, the fund was charged $4,661 for the services provided by the Tender and Paying Agent.

During the period ended August 31, 2025, the fund was charged $6,270 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

**40**

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fees in the Statement of Operations. During the period ended August 31, 2025, the Custodian was compensated $6,583 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 $176,258, Custodian fees of $800, Tender and Paying Agent fees of $729, Chief Compliance Officer fees of $1,796 and Shareholder and regulatory reports service fees of $5,333.

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

**NOTE 3—Securities Transactions:**

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended August 31, 2025, amounted to $76,749,401 and $78,128,854, 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

**41**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (*continued*)

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 $42,948,750, with a related weighted average annualized interest rate of 3.03%.

**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.

**42**

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Fair value of derivative instruments as of August 31, 2025 is shown below:

---

| | | |
|:---|:---|:---|
|  | Derivative <br>Assets ($)<br>| Derivative <br>Liabilities ($)<br>|
| Interest Rate Risk | &nbsp;&nbsp; - | &nbsp;&nbsp; (7343) <br><sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **(7343)** |

---

&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* <br> *only the unpaid variation margin is reported in the 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; (24147) | &nbsp;&nbsp; **(24147)** |
| **Total** | &nbsp;&nbsp; **(24147)** | &nbsp;&nbsp; **(24147)** |

---

&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; (7343) | &nbsp;&nbsp; **(7343)** |
| **Total** | &nbsp;&nbsp; **(7343)** | &nbsp;&nbsp; **(7343)** |

---

&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 | 2572625 |

---

At August 31, 2025, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $16,682,814, consisting of $3,925,338 gross unrealized appreciation and $20,608,152 gross unrealized depreciation.

At August 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).

**43**

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PROXY RESULTS (Unaudited)

Common Stockholders and holders of RVMTP Shares voted together as a single class (except as noted below) on the following proposals presented at the annual shareholders' meeting held on September 12, 2025.

<u> Shares</u> <br>   <u> For </u> <u> Against </u> <u> Abstain </u> <br> Board De-Classification Proposal 7,366,824 1,634,829 112,479

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

---

| | | |
|:---|:---|:---|
|  | Shares | Shares |
|  | For | Authority Withheld |
| To elect three Class II Directors:<sup>†</sup>  | To elect three Class II Directors:<sup>†</sup>  | To elect three Class II Directors:<sup>†</sup>  |
| &nbsp;&nbsp;&nbsp; J. Charles Cardona | &nbsp;&nbsp; 13020708 | &nbsp;&nbsp; 2335632 |
| &nbsp;&nbsp;&nbsp; Robin A. Melvin | &nbsp;&nbsp; 13021292 | &nbsp;&nbsp; 2335048 |
| &nbsp;&nbsp;&nbsp; Nathan Leventhal<sup>††</sup> <br>| &nbsp;&nbsp; 750 | &nbsp;&nbsp; - |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> | *The term of the Class II Directors expires in 2028.* |
| <sup>††</sup> <br>| *Elected solely by holders of RVMTP Shares; Common Stockholders are not entitled to vote.* |

---

**44**

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INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund's Board of Directors held on August 13-14, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. Representatives of the Adviser noted that the fund is a closed-end fund without daily inflows and outflows of capital and provided the fund's asset size.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.</u> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Common Stock with the performance of a group of general and insured municipal debt leveraged closed-end funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all general and insured municipal debt leveraged closed-end funds (the "Performance Universe"), all for various periods ended June 30, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all general and insured municipal debt leveraged closed-end funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

*Performance Comparisons.* Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different

**45**

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INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (*continued*)

investment limitations and policies and the extent and manner in which leverage is employed that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance, on a net asset value basis, was above the Performance Group and Performance Universe medians for all periods, except for the one-, two- and three-year periods when the fund's total return performance, on a net asset value basis, was below the Performance Group and Performance Universe medians. The Board also considered that the fund's total return performance, on a market price basis, was above the Performance Group for all periods, except for the two-, three- and five-year periods when the fund's total return performance, on a market price basis, was below the Performance Group median, and was below the Performance Universe for all periods, except for the one- and ten-year periods when the fund's total return performance, on a market price basis, was above the Performance Group median. The Board also considered that the fund's yield performance, on a net asset value basis, was below the Performance Group for seven of the ten one-year periods and was below the Performance Universe medians for nine of the ten one-year periods ended June 30. The Board also considered that the fund's yield performance, on a market price basis, was below the Performance Group for seven of the ten one-year periods and was below the Performance Universe medians for eight of the ten one-year periods ended June 30. The Board considered the relative proximity of the fund's yield performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund's calendar year total returns (on a net asset value basis) to the returns of the fund's benchmark index, and it was noted that the fund's returns were above the returns of the index in seven of the ten calendar years shown. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund's underperformance versus the Performance Group and Performance Universe during certain periods under review, noting that the portfolio managers are very experienced with an impressive long-term track record and continued to apply a consistent investment strategy.

*Management Fee and Expense Ratio Comparisons.* The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund's contractual management fee was higher than the Expense Group median contractual management fee, the fund's actual management fee, based on common assets and leveraged assets together and common assets alone, was higher than the Expense Group median and the Expense Universe median actual management fees, and the fund's total expenses, based on common assets and leveraged assets together, were lower than the Expense Group median and equal to the Expense Universe median total expenses and,

**46**

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based on common assets alone, were lower than the Expense Group median and approximately equivalent to the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the "Similar Funds"), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale.</u> Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were not significant economies of scale at this time to be realized by the Adviser in managing the fund's assets. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to

**47**

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INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (*continued*)

the Adviser and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactory and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board generally was satisfied with the fund's relative long term total return performance on a net asset value basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

**48**

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OFFICERS AND DIRECTORS

BNY Mellon Municipal Bond Infrastructure Fund, Inc.

240 Greenwich Street <br>New York, NY 10286

**Directors**

Joseph S. DiMartino, Chairman

Francine J. Bovich

&nbsp;&nbsp;&nbsp;&nbsp;J. Charles Cardona

Andrew J. Donohue

Isabel P. Dunst

Nathan Leventhal<sup>†</sup>

Robin A. Melvin

Roslyn M. Watson

Benaree Pratt Wiley<sup>†</sup>

Tamara Belinfanti<sup>††</sup>

Gordon J. Davis<sup>††</sup>

<sup>†</sup> *Elected by holders of RVMTP Shares*

<sup>††</sup> *Advisory Board Member*

**Officers**

President

David DiPetrillo

Chief Legal Officer

Peter M. Sullivan

Vice President and Secretary

Sarah S. Kelleher

Vice Presidents and Assistant Secretaries

Deirdre Cunnane

Lisa M. King

Jeff Prusnofsky

Amanda Quinn

Treasurer

James Windels

Vice Presidents

Daniel Goldstein

Joseph Martella

**Officers (continued)**

Assistant Treasurers

Roberto G. Mazzeo

Gavin C. Reilly

Robert Salviolo

Robert Svagna

Chief Compliance Officer

Joseph W. Connolly

**Portfolio Managers**

Jeffrey B. Burger

Thomas C. Casey

Daniel A. Rabasco

**Adviser**

BNY Mellon Investment Adviser, Inc.

**Sub-Adviser**

Insight North America LLC

**Custodian**

The Bank of New York Mellon

**Counsel**

Stradley Ronon Stevens & Young, LLP

**Transfer Agent, Dividend Disbursing Agent and Registrar**

Computershare Inc. (Common Stock)

The Bank of New York Mellon (RVMTP Shares)

**Stock Exchange Listing**

NYSE Symbol: DMB

**Initial SEC Effective Date**

4/26/13

*The fund's net asset value per share appears in the following publications: Barron's, Closed-End Bond Funds section under the heading "Municipal Bond Funds" every Monday; The Wall Street Journal, Mutual Funds section under the heading "Closed-End Bond Funds" every Monday.*

*Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its beneficial interest in the open market when it can do so at prices below the then current net asset value per share.*

**49**

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For More Information

**BNY Mellon Municipal Bond Infrastructure Fund, Inc.**

240 Greenwich Street <br>New York, NY 10286

**Adviser**

BNY Mellon Investment Adviser, Inc. <br>240 Greenwich Street <br>New York, NY 10286

**Sub-Adviser**

Insight North America LLC <br>200 Park Avenue, 7th Floor <br>New York, NY 10166

**Custodian**

The Bank of New York Mellon <br>240 Greenwich Street <br>New York, NY 10286

**Transfer Agent & Registrar (Common Stock)**

Computershare Inc. <br>480 Washington Boulevard <br>Jersey City, NJ 07310

**Dividend Disbursing Agent (Common Stock)**

Computershare Inc. <br>P.O. Box 30170 <br>College Station, TX 77842

------

**Ticker Symbol:** DMB

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&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; <br>For more information about the fund, visit https://bny.com/investments/closed-end funds. Here you will find the fund's most recently available quarterly fact sheets and other information about the fund. The information posted on the fund's website is subject to change without notice.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The fund's Forms N-PORT are available on the SEC's website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent six-month period ended August 31 is available at www.bny.com/investments and on the SEC's website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

&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; <br>0805SA0825

![](img9530520e1.gif)

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**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 materials changes to the procedures applicable to Item 15.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

Not applicable.

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

Not applicable.

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

(a)(1) Not applicable.

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert0805.htm).

(a)(3) Not applicable.

&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;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](ex_99-906cert0805.htm).

**SIGNATURES<br>** 

<br> 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 Bond Infrastructure Fund, 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 21, 2025

**EXHIBIT INDEX**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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-99.906CERT)

## 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 Bond Infrastructure Fund, 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 Bond Infrastructure Fund, 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 21, 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 21, 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.*