# EDGAR Filing Document

**Accession Number:** 0000839122
**File Stem:** 0000839122-25-000002
**Filing Date:** 2025-6
**Character Count:** 106449
**Document Hash:** 6ed8077c8fa29700c2f1b355626ead08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000839122-25-000002.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0000839122-25-000002

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON MUNICIPAL INCOME, INC.
- **CENTRAL INDEX KEY:** 0000839122

**ORGANIZATION NAME:**
- **EIN:** 133482429
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05652
- **FILM NUMBER:** 251018517

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS MUNICIPAL INCOME INC
- **DATE OF NAME CHANGE:** 19920703

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-05652 | &nbsp;&nbsp;811-05652 |
| &nbsp;&nbsp;BNY Mellon Municipal Income, Inc. | &nbsp;&nbsp;BNY Mellon Municipal Income, Inc. | &nbsp;&nbsp;BNY Mellon Municipal Income, Inc. | &nbsp;&nbsp;BNY Mellon Municipal Income, Inc. |
| &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(212) 922-6400 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp;09/30 | &nbsp;&nbsp;09/30 | &nbsp;&nbsp;09/30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp; 03/31/25 | &nbsp;&nbsp; 03/31/25 | &nbsp;&nbsp; 03/31/25 |

---

**FORM N-CSR**

**Item 1.** **Reports to Stockholders.**

BNY Mellon Municipal Income, Inc.

**SEMI-ANNUAL REPORT**

March 31, 2025

![](img16b14b1c1.gif)

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

---

| |
|:---|
| **BNY Mellon Municipal Income, 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

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| | |
|:---|:---|
| [Discussion of Fund Performance](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_DFP-Commoncontent-4717_1) | 2 |
| [Statement of Investments](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_SOI-Commoncontent-4717_1) | 3 |
| [Statement of Assets and Liabilities](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_FS-Commoncontent-4717_1) | 19 |
| [Statement of Operations](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_FS-Commoncontent-4717_2) | 20 |
| [Statement of Cash Flows](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_FS-Commoncontent-4717_3) | 21 |
| [Statement of Changes in Net Assets](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_FS-Commoncontent-4717_4) | 22 |
| [Financial Highlights](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_FIHI-Commoncontent-4717_1) | 23 |
| [Notes to Financial Statements](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_NTF-Commoncontent-4717_1) | 26 |
| [Officers and Directors](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_OATD-Commoncontent-4717_1) | 36 |
| [FOR MORE INFORMATION](#xx_49baa88b-69a8-4401-b0e8-89aec0f0e696_BC-Commoncontent-4717_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 March 31, 2025, BNY Mellon Municipal Income, Inc. (the "fund") produced a total return of -5.13% on a net-asset-value basis and -0.22% on a market basis.<sup>1</sup> Over the same period, the fund provided aggregate income dividends of $.114 per share, which reflects a distribution rate of 1.59%.<sup>2</sup> In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index"), the fund's benchmark, posted a total return of -1.44% 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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STATEMENT OF INVESTMENTS

March 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6%** | **Long-Term Municipal Investments — 133.6%** | **Long-Term Municipal Investments — 133.6%** | **Long-Term Municipal Investments — 133.6%** | **Long-Term Municipal Investments — 133.6%** |
| **Alabama — 4.9%** | **Alabama — 4.9%** | **Alabama — 4.9%** | **Alabama — 4.9%** | **Alabama — 4.9%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, <br> Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 11/1/2034 | 1500000 | 1602724 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, <br> Revenue Bonds, Refunding <br> (Gas Project) Ser. D1<sup>(a)</sup> <br>| 5.50 | 2/1/2029 | 2320000 | 2446588 |
| &nbsp;&nbsp;&nbsp; Jefferson County, Revenue Bonds, <br> Refunding<br>| 5.25 | 10/1/2049 | 1000000 | 1031856 |
| &nbsp;&nbsp;&nbsp; Jefferson County, Revenue Bonds, <br> Refunding<br>| 5.50 | 10/1/2053 | 1800000 | 1883369 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial <br> Development Authority, <br> Revenue Bonds (Calvert LLC <br> Project) Ser. B<br>| 4.75 | 12/1/2054 | 500000 | 473211 |
|  |  |  |  | **7437748** |
| **Alaska — 1.3%** | **Alaska — 1.3%** | **Alaska — 1.3%** | **Alaska — 1.3%** | **Alaska — 1.3%** |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization <br> Corp., Revenue Bonds, <br> Refunding, Ser. A<br>| 4.00 | 6/1/2050 | 2345000 | **2023262** |
| **Arizona — 4.1%** | **Arizona — 4.1%** | **Arizona — 4.1%** | **Arizona — 4.1%** | **Arizona — 4.1%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development <br> Authority, Revenue Bonds <br> (Sustainable Bond) (Equitable <br> School Revolving Fund <br> Obligated Group) Ser. A<br>| 4.00 | 11/1/2050 | 1200000 | 1049658 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development <br> Authority, Revenue Bonds, <br> Refunding (Sun Health Services <br> Obligated Group) Ser. A<br>| 5.00 | 11/15/2054 | 1500000 | 1425386 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial <br> Development Authority, <br> Revenue Bonds (Harmony <br> Public Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2046 | 1500000 | 1418988 |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., <br> Revenue Bonds<br>| 5.00 | 12/1/2037 | 2190000 | 2306988 |
|  |  |  |  | **6201020** |
| **California — 8.3%** | **California — 8.3%** | **California — 8.3%** | **California — 8.3%** | **California — 8.3%** |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco <br> Securitization Corp., Revenue <br> Bonds, Refunding (Tobacco <br> Settlement Asset) Ser. B<br>| 5.00 | 6/1/2051 | 2000000 | 2024736 |

---

**3**

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*STATEMENT 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 — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **California — 8.3% (continued)** | **California — 8.3% (continued)** | **California — 8.3% (continued)** | **California — 8.3% (continued)** | **California — 8.3% (continued)** |
| &nbsp;&nbsp;&nbsp; San Diego County Regional <br> Airport Authority, Revenue <br> Bonds, Ser. B<br>| 5.00 | 7/1/2051 | 3750000 | 3787536 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1114), (Long Beach Bond <br> Finance Authority, Revenue <br> Bonds) Non-Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 5.69 | 8/1/2053 | 3600000 | 3394055 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2022-XF3024), <br> (San Francisco City & County, <br> Revenue Bonds, Refunding, Ser. <br> A) Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.54 | 5/1/2044 | 3360000 | 3400860 |
|  |  |  |  | **12607187** |
| **Colorado — 4.7%** | **Colorado — 4.7%** | **Colorado — 4.7%** | **Colorado — 4.7%** | **Colorado — 4.7%** |
| &nbsp;&nbsp;&nbsp; Colorado High Performance <br> Transportation Enterprise, <br> Revenue Bonds (C-470 Express <br> Lanes System)<br>| 5.00 | 12/31/2056 | 3000000 | 2922852 |
| &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 Coupon <br> Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 9.37 | 8/1/2044 | 1645000 | 1822477 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1124), (Colorado Health <br> Facilities Authority, Revenue <br> Bonds (Adventist Health <br> System/Sunbelt Obligated <br> Group) Ser. A) Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 6.47 | 11/15/2048 | 2770000 | 2420760 |
|  |  |  |  | **7166089** |

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**4**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Delaware — .7%** | **Delaware — .7%** | **Delaware — .7%** | **Delaware — .7%** | **Delaware — .7%** |
| &nbsp;&nbsp;&nbsp; Delaware Economic Development <br> Authority, Revenue Bonds <br> (ACTS Retirement-Life <br> Communities Obligated Group) <br> Ser. B<br>| 5.25 | 11/15/2053 | 1000000 | **1016922** |
| **Florida — 11.0%** | **Florida — 11.0%** | **Florida — 11.0%** | **Florida — 11.0%** | **Florida — 11.0%** |
| &nbsp;&nbsp;&nbsp; Atlantic Beach, Revenue Bonds <br> (Fleet Landing Project) Ser. A<br>| 5.00 | 11/15/2053 | 1670000 | 1622676 |
| &nbsp;&nbsp;&nbsp; Collier County Industrial <br> Development Authority, <br> Revenue Bonds (NCH <br> Healthcare System) (Insured; <br> Assured Guaranty Municipal <br> Corp.) Ser. A<br>| 5.00 | 10/1/2054 | 1480000 | 1518794 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., <br> Revenue Bonds (Insured; <br> GNMA, FNMA, FHLMC) Ser. 1<br>| 4.40 | 7/1/2044 | 1085000 | 1058077 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation <br> Authority, Revenue Bonds, Ser. <br> A<br>| 4.00 | 10/1/2049 | 1380000 | 1207902 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Port District, <br> Revenue Bonds (Tampa Port <br> Authority Project) Ser. B<br>| 5.00 | 6/1/2046 | 1450000 | 1461247 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health <br> Facilities Authority, Revenue <br> Bonds, Refunding (Lifespace <br> Communities Obligated Group) <br> Ser. C<br>| 7.63 | 5/15/2058 | 1000000 | 1118039 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1122), (Miami-Dade FL <br> County Water & Sewer System, <br> Revenue Bonds, Refunding, Ser. <br> B) Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 5.65 | 10/1/2049 | 9750000 | 8778313 |
|  |  |  |  | **16765048** |
| **Georgia — 5.5%** | **Georgia — 5.5%** | **Georgia — 5.5%** | **Georgia — 5.5%** | **Georgia — 5.5%** |
| &nbsp;&nbsp;&nbsp; Georgia Municipal Electric <br> Authority, Revenue Bonds <br> (Plant Vogtle Units <br> 3&4 Project) Ser. A<br>| 5.00 | 7/1/2052 | 1250000 | 1280469 |

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**5**

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*STATEMENT 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 — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Georgia — 5.5% (continued)** | **Georgia — 5.5% (continued)** | **Georgia — 5.5% (continued)** | **Georgia — 5.5% (continued)** | **Georgia — 5.5% (continued)** |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., <br> Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 9/1/2031 | 1550000 | 1645705 |
| &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. A) <br> Recourse, Underlying Coupon <br> Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 7.76 | 7/1/2044 | 2660000 | 2650363 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-XF3183), <br> (Municipal Electric Authority of <br> Georgia, Revenue Bonds (Plant <br> Vogtle Units 3&4 Project) Ser. <br> A) Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.10 | 1/1/2059 | 1270000 | 1275533 |
| &nbsp;&nbsp;&nbsp; The Atlanta Development <br> Authority, Revenue Bonds, Ser. <br> A1<br>| 5.25 | 7/1/2040 | 1500000 | 1502530 |
|  |  |  |  | **8354600** |
| **Illinois — 11.8%** | **Illinois — 11.8%** | **Illinois — 11.8%** | **Illinois — 11.8%** | **Illinois — 11.8%** |
| Chicago, GO, Ser. A | 5.00 | 1/1/2044 | 1000000 | 1003024 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2000000 | 2046106 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International <br> Airport, Revenue Bonds, <br> Refunding, Ser. C<br>| 5.00 | 1/1/2040 | 1000000 | 1035146 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International <br> Airport, Revenue Bonds, Ser. A<br>| 5.50 | 1/1/2055 | 1500000 | 1556735 |
| &nbsp;&nbsp;&nbsp; Chicago Park District, GO, <br> Refunding, Ser. A<br>| 5.00 | 1/1/2045 | 1000000 | 1023592 |
| Illinois, GO, Ser. A | 5.00 | 5/1/2038 | 1250000 | 1278421 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 1000000 | 1039281 |
| Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1000000 | 1049584 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, <br> Revenue Bonds, Refunding <br> (Rosalind Franklin University <br> of Medical & Science)<br>| 5.00 | 8/1/2047 | 1350000 | 1332119 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition <br> Authority, Revenue Bonds <br> (McCormick Place Expansion <br> Project)<br>| 5.00 | 6/15/2057 | 2500000 | 2509527 |

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**6**

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Illinois — 11.8% (continued)** | **Illinois — 11.8% (continued)** | **Illinois — 11.8% (continued)** | **Illinois — 11.8% (continued)** | **Illinois — 11.8% (continued)** |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition <br> Authority, Revenue Bonds <br> (McCormick Place Project) <br> (Insured; National Public <br> Finance Guarantee Corp.) Ser. <br> A<sup>(e)</sup> <br>| 0.00 | 12/15/2036 | 2500000 | 1501189 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-XF1623), <br> (Regional Transportation <br> Authority Illinois, Revenue <br> Bonds, Ser. B) Non-Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 5.08 | 6/1/2048 | 1125000 | 1001796 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-XF3244), <br> (Chicago O'Hare International <br> Airport, Revenue Bonds, <br> Refunding) Recourse, <br> Underlying Coupon Rate <br> 5.50%<sup>(b),(c),(d)</sup> <br>| 12.06 | 1/1/2059 | 1450000 | 1521729 |
|  |  |  |  | **17898249** |
| **Indiana — .7%** | **Indiana — .7%** | **Indiana — .7%** | **Indiana — .7%** | **Indiana — .7%** |
| &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 | **1038975** |
| **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Revenue <br> Bonds, Refunding (Iowa <br> Fertilizer Co. Project)<sup>(f)</sup> <br>| 5.00 | 12/1/2032 | 1500000 | **1692658** |
| **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** | **Kentucky — .7%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy <br> Authority, Revenue Bonds, Ser. <br> A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 1000000 | **1045182** |
| **Louisiana — 5.6%** | **Louisiana — 5.6%** | **Louisiana — 5.6%** | **Louisiana — 5.6%** | **Louisiana — 5.6%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities <br> Authority, Revenue Bonds (I-<br> 10 Calcasieu River Bridge <br> Public-Private Partnership <br> Project)<br>| 5.75 | 9/1/2064 | 1165000 | 1226790 |

---

**7**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Louisiana — 5.6% (continued)** | **Louisiana — 5.6% (continued)** | **Louisiana — 5.6% (continued)** | **Louisiana — 5.6% (continued)** | **Louisiana — 5.6% (continued)** |
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, <br> Revenue Bonds (General <br> Airport-N Terminal Project) <br> Ser. A<br>| 5.00 | 1/1/2048 | 1000000 | 1007945 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2018-XF2584), <br> (Louisiana Public Facilities <br> Authority, Revenue Bonds <br> (Franciscan Missionaries of Our <br> Lady Health System Project)) <br> Non-Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.01 | 7/1/2047 | 6320000 | 6320941 |
|  |  |  |  | **8555676** |
| **Maryland — 3.3%** | **Maryland — 3.3%** | **Maryland — 3.3%** | **Maryland — 3.3%** | **Maryland — 3.3%** |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development <br> Corp., Revenue Bonds (College <br> Park Leonardtown Project) <br> (Insured; Assured Guaranty <br> Municipal Corp.)<br>| 5.25 | 7/1/2064 | 500000 | 517155 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development <br> Corp., Revenue Bonds <br> (Sustainable Bond) (Purple <br> Line Transit Partners) Ser. B<br>| 5.25 | 6/30/2055 | 1000000 | 1018911 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher <br> Educational Facilities <br> Authority, Revenue Bonds <br> (Adventist Healthcare <br> Obligated Group) Ser. A<br>| 5.50 | 1/1/2046 | 1500000 | 1508664 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-XF1758), <br> (Maryland Stadium Authority, <br> Revenue Bonds) Non-Recourse, <br> Underlying Coupon Rate <br> 5.00%<sup>(b),(c),(d)</sup> <br>| 10.34 | 6/1/2054 | 1900000 | 1981388 |
|  |  |  |  | **5026118** |
| **Massachusetts — .6%** | **Massachusetts — .6%** | **Massachusetts — .6%** | **Massachusetts — .6%** | **Massachusetts — .6%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development <br> Finance Agency, Revenue <br> Bonds, Ser. T<br>| 4.00 | 3/1/2054 | 1000000 | **896393** |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |
| &nbsp;&nbsp;&nbsp; Detroit Downtown Development <br> Authority, Tax Allocation <br> Bonds, Refunding (Catalyst <br> Development Project)<br>| 5.00 | 7/1/2048 | 1250000 | 1281693 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, <br> Revenue Bonds, Refunding, Ser. <br> A<br>| 4.00 | 12/1/2049 | 2000000 | 1721635 |
|  |  |  |  | **3003328** |
| **Minnesota — 1.3%** | **Minnesota — 1.3%** | **Minnesota — 1.3%** | **Minnesota — 1.3%** | **Minnesota — 1.3%** |
| &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 | 1000000 | 984843 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & <br> Economic Development Board, <br> Revenue Bonds <br> (HealthPartners Obligated <br> Group)<br>| 5.25 | 1/1/2054 | 1000000 | 1030872 |
|  |  |  |  | **2015715** |
| **Missouri — 3.2%** | **Missouri — 3.2%** | **Missouri — 3.2%** | **Missouri — 3.2%** | **Missouri — 3.2%** |
| &nbsp;&nbsp;&nbsp; Missouri Health & Educational <br> Facilities Authority, Revenue <br> Bonds (Lutheran Senior <br> Services Projects) Ser. A<br>| 5.00 | 2/1/2042 | 2000000 | 2018014 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1116), (Jackson County <br> Missouri Special Obligation, <br> Revenue Bonds, Refunding, Ser. <br> A) Non-Recourse, Underlying <br> Coupon Rate 4.25%<sup>(b),(c),(d)</sup> <br>| 2.80 | 12/1/2053 | 3000000 | 2813285 |
|  |  |  |  | **4831299** |
| **Nevada — 2.4%** | **Nevada — 2.4%** | **Nevada — 2.4%** | **Nevada — 2.4%** | **Nevada — 2.4%** |
| &nbsp;&nbsp;&nbsp; Clark County School District, GO <br> (Insured; Assured Guaranty <br> Municipal Corp.) Ser. A<br>| 4.25 | 6/15/2041 | 1340000 | 1340030 |

---

**9**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Nevada — 2.4% (continued)** | **Nevada — 2.4% (continued)** | **Nevada — 2.4% (continued)** | **Nevada — 2.4% (continued)** | **Nevada — 2.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Reno, Revenue Bonds, Refunding <br> (Insured; Assured Guaranty <br> Municipal Corp.)<br>| 4.00 | 6/1/2058 | 1250000 | 1105967 |
| &nbsp;&nbsp;&nbsp; Reno, Revenue Bonds, Refunding <br> (Reno Transportation Rail <br> Access Project) (Insured; <br> Assured Guaranty Municipal <br> Corp.)<br>| 4.13 | 6/1/2058 | 1250000 | 1142460 |
|  |  |  |  | **3588457** |
| **New Hampshire — .7%** | **New Hampshire — .7%** | **New Hampshire — .7%** | **New Hampshire — .7%** | **New Hampshire — .7%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance <br> Authority, Revenue Bonds <br> (University of Nevada Reno <br> Project) (Insured; Build <br> America Mutual) Ser. A<br>| 5.25 | 6/1/2051 | 1000000 | **1048325** |
| **New Jersey — 5.2%** | **New Jersey — 5.2%** | **New Jersey — 5.2%** | **New Jersey — 5.2%** | **New Jersey — 5.2%** |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust <br> Fund Authority, Revenue <br> Bonds<br>| 5.00 | 6/15/2044 | 1250000 | 1294113 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust <br> Fund Authority, Revenue <br> Bonds, Refunding, Ser. AA<br>| 5.00 | 6/15/2042 | 1750000 | 1842461 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., Revenue <br> Bonds, Ser. B<br>| 5.00 | 1/1/2048 | 1000000 | 986980 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing <br> Corp., Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 6/1/2046 | 3860000 | 3859735 |
|  |  |  |  | **7983289** |
| **New Mexico — .6%** | **New Mexico — .6%** | **New Mexico — .6%** | **New Mexico — .6%** | **New Mexico — .6%** |
| &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 | 1000000 | **982803** |
| **New York — 7.9%** | **New York — 7.9%** | **New York — 7.9%** | **New York — 7.9%** | **New York — 7.9%** |
| &nbsp;&nbsp;&nbsp; New York Convention Center <br> Development Corp., Revenue <br> Bonds (Hotel Unit Fee) <br> (Insured; Assured Guaranty <br> Municipal Corp.) Ser. B<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 6400000 | 1537745 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance <br> Agency, Revenue Bonds <br> (Sustainable Bonds) Ser. B1<br>| 4.70 | 11/1/2059 | 1000000 | 983977 |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (JFK International <br> Airport Terminal)<br>| 5.00 | 12/1/2040 | 1000000 | 1015298 |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (LaGuardia Airport <br> Terminal B Redevelopment <br> Project) Ser. A<br>| 5.00 | 7/1/2046 | 1500000 | 1491078 |
| &nbsp;&nbsp;&nbsp; New York Transportation <br> Development Corp., Revenue <br> Bonds (Sustainable Bond) (JFK <br> International Airport Terminal <br> One Project) (Insured; Assured <br> Guaranty Municipal Corp.)<br>| 5.13 | 6/30/2060 | 1000000 | 1006285 |
| &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 Municipal <br> Corp.) Ser. C) Non-Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 4.72 | 11/15/2047 | 2000000 | 1790873 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1174), (New York State <br> Transportation Development <br> Corp., Revenue Bonds <br> (Sustainable Bond) (JFK <br> International Airport Terminal <br> One Project) (Insured; Assured <br> Guaranty Municipal Corp.)) <br> Recourse, Underlying Coupon <br> Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.08 | 6/30/2060 | 1360000 | 1384928 |

---

**11**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** | **New York — 7.9% (continued)** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1181), (Triborough New <br> York Bridge & Tunnel <br> Authority, Revenue Bonds, Ser. <br> A1) Non-Recourse, Underlying <br> Coupon Rate 4.13%<sup>(b),(c),(d)</sup> <br>| 2.75 | 5/15/2064 | 1500000 | 1352374 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1194), (New York <br> Transportation Development <br> Corp., Revenue Bonds, <br> Refunding (Sustainable Bond) <br> (JFK International Airport <br> Terminal Six Redevelopment <br> Project) (Insured; Assured <br> Guaranty Municipal Corp.)) <br> Recourse, Underlying Coupon <br> Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.08 | 12/31/2054 | 1400000 | 1448972 |
|  |  |  |  | **12011530** |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care <br> Commission, Revenue Bonds <br> (Carolina Meadows Obligated <br> Group)<br>| 5.25 | 12/1/2054 | 2000000 | **2088966** |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| &nbsp;&nbsp;&nbsp; Cuyahoga County, Revenue <br> Bonds, Refunding (The <br> MetroHealth System)<br>| 5.00 | 2/15/2052 | 1000000 | 957263 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati <br> Development Authority, <br> Revenue Bonds, Refunding <br> (Duke Energy Co.) (Insured; <br> Assured Guaranty Municipal <br> Corp.) Ser. B<br>| 4.38 | 12/1/2058 | 750000 | 716867 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-XF1711), <br> (University of Cincinnati Ohio <br> Receipt, Revenue Bonds, Ser. A) <br> Non-Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.55 | 6/1/2049 | 2800000 | 2917455 |
|  |  |  |  | **4591585** |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Oklahoma — 2.2%** | **Oklahoma — 2.2%** | **Oklahoma — 2.2%** | **Oklahoma — 2.2%** | **Oklahoma — 2.2%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1163), (Oklahoma City <br> Water Utilities Trust, Revenue <br> Bonds, Refunding) Non-<br> Recourse, Underlying Coupon <br> Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.42 | 7/1/2064 | 3200000 | **3413386** |
| **Pennsylvania — 7.8%** | **Pennsylvania — 7.8%** | **Pennsylvania — 7.8%** | **Pennsylvania — 7.8%** | **Pennsylvania — 7.8%** |
| &nbsp;&nbsp;&nbsp; Allentown School District, GO, <br> Refunding (Insured; Build <br> America Mutual) Ser. B<br>| 5.00 | 2/1/2033 | 1255000 | 1311199 |
| &nbsp;&nbsp;&nbsp; Clairton Municipal Authority, <br> Revenue Bonds, Refunding, Ser. <br> B<br>| 4.38 | 12/1/2042 | 1000000 | 966834 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial <br> Development Authority, <br> Revenue Bonds, Refunding <br> (ACTS Retirement-Life <br> Communities Obligated Group)<br>| 5.00 | 11/15/2036 | 1000000 | 1014507 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic <br> Development Financing <br> Authority, Revenue Bonds (The <br> Penndot Major Bridges)<br>| 6.00 | 6/30/2061 | 1000000 | 1070461 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike <br> Commission, Revenue Bonds, <br> Ser. A<br>| 4.00 | 12/1/2050 | 1000000 | 902502 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike <br> Commission, Revenue Bonds, <br> Ser. A1<br>| 5.00 | 12/1/2046 | 1000000 | 1007164 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-XF1525), <br> (Pennsylvania Economic <br> Development Financing <br> Authority UPMC, Revenue <br> Bonds, Ser. A) Recourse, <br> Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 4.64 | 5/15/2053 | 1700000 | 1513533 |

---

**13**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Pennsylvania — 7.8% (continued)** | **Pennsylvania — 7.8% (continued)** | **Pennsylvania — 7.8% (continued)** | **Pennsylvania — 7.8% (continued)** | **Pennsylvania — 7.8% (continued)** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1133), (Philadelphia Water <br> & Wastewater, Revenue Bonds, <br> Refunding (Insured; Assured <br> Guaranty Municipal Corp.) Ser. <br> B) Non-Recourse, Underlying <br> Coupon Rate 5.50%<sup>(b),(c),(d)</sup> <br>| 12.16 | 9/1/2053 | 2400000 | 2578621 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-XF1750), <br> (Philadelphia Gas Works, <br> Revenue Bonds, Refunding <br> (Insured; Assured Guaranty <br> Corp.) Ser. A) Non-Recourse, <br> Underlying Coupon Rate <br> 5.25%<sup>(b),(c),(d)</sup> <br>| 11.21 | 8/1/2054 | 1400000 | 1492537 |
|  |  |  |  | **11857358** |
| **Rhode Island — 3.2%** | **Rhode Island — 3.2%** | **Rhode Island — 3.2%** | **Rhode Island — 3.2%** | **Rhode Island — 3.2%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health & <br> Educational Building Corp., <br> Revenue Bonds (Lifespan <br> Obligated Group)<br>| 5.25 | 5/15/2054 | 1000000 | 1029473 |
| &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-Recourse, <br> Underlying Coupon Rate <br> 4.25%<sup>(b),(c),(d)</sup> <br>| 5.96 | 10/1/2053 | 4000000 | 3878949 |
|  |  |  |  | **4908422** |
| **South Carolina — 7.2%** | **South Carolina — 7.2%** | **South Carolina — 7.2%** | **South Carolina — 7.2%** | **South Carolina — 7.2%** |
| &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 | 1000000 | 950932 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service <br> Authority, Revenue Bonds, <br> Refunding (Santee Cooper) Ser. <br> A<br>| 4.00 | 12/1/2055 | 1000000 | 867772 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **South Carolina — 7.2% (continued)** | **South Carolina — 7.2% (continued)** | **South Carolina — 7.2% (continued)** | **South Carolina — 7.2% (continued)** | **South Carolina — 7.2% (continued)** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1175), (South Carolina <br> Public Service Authority, <br> Revenue Bonds, Refunding <br> (Insured; Assured Guaranty <br> Municipal Corp.) Ser. B) Non-<br> Recourse, Underlying Coupon <br> Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 8.39 | 12/1/2054 | 4800000 | 4961192 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Revenue <br> Management Authority, <br> Revenue Bonds, Ser. B<br>| 6.38 | 5/15/2030 | 3750000 | 4239434 |
|  |  |  |  | **11019330** |
| **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-XF1409), <br> (South Dakota Health & <br> Educational Facilities <br> Authority, Revenue Bonds, <br> Refunding (Avera Health <br> Obligated Group)) Non-<br> Recourse, Underlying Coupon <br> Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 10.55 | 7/1/2046 | 2000000 | **1999630** |
| **Texas — 10.7%** | **Texas — 10.7%** | **Texas — 10.7%** | **Texas — 10.7%** | **Texas — 10.7%** |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance <br> Corp., Revenue Bonds (IDEA <br> Public Schools) Ser. A<br>| 4.00 | 8/15/2051 | 1100000 | 965916 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance <br> Corp., Revenue Bonds (Uplift <br> Education) Ser. A<br>| 4.25 | 12/1/2034 | 1000000 | 982996 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance <br> Corp., Revenue Bonds, <br> Refunding (International <br> Leadership of Texas) (Insured; <br> Permanent School Fund <br> Guarantee Program) Ser. A<br>| 4.25 | 8/15/2053 | 1000000 | 930757 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports <br> Authority, Revenue Bonds, <br> Refunding (Insured; Assured <br> Guaranty Municipal Corp.) Ser. <br> A<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 4000000 | 974116 |

---

**15**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Texas — 10.7% (continued)** | **Texas — 10.7% (continued)** | **Texas — 10.7% (continued)** | **Texas — 10.7% (continued)** | **Texas — 10.7% (continued)** |
| &nbsp;&nbsp;&nbsp; Houston Airport System, Revenue <br> Bonds, Refunding (Insured; <br> Assured Guaranty Municipal <br> Corp.) Ser. A<br>| 4.50 | 7/1/2053 | 1000000 | 951919 |
| &nbsp;&nbsp;&nbsp; Houston Airport System, Revenue <br> Bonds, Refunding, Ser. A<br>| 4.00 | 7/1/2047 | 1560000 | 1382679 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent <br> School District, GO<br>| 4.00 | 2/15/2053 | 1000000 | 916189 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education <br> Facilities Finance Corp., <br> Revenue Bonds, Refunding <br> (Westminister Project)<br>| 4.00 | 11/1/2055 | 1650000 | 1438189 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2023-<br> XM1125), (Medina Valley <br> Independent School District, <br> GO (Insured; Permanent School <br> Fund Guarantee Program)) <br> Non-Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 2.75 | 2/15/2053 | 3000000 | 2726481 |
| &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),(c),(d)</sup> <br>| 2.75 | 3/15/2054 | 2800000 | 2943709 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition <br> & Supply Corp. IV, Revenue <br> Bonds, Ser. B<sup>(a)</sup> <br>| 5.50 | 1/1/2034 | 1000000 | 1098145 |
| &nbsp;&nbsp;&nbsp; Waxahachie Independent School <br> District, GO (Insured; <br> Permanent School Fund <br> Guarantee Program)<br>| 4.25 | 2/15/2053 | 1000000 | 947949 |
|  |  |  |  | **16259045** |
| **Utah — 1.7%** | **Utah — 1.7%** | **Utah — 1.7%** | **Utah — 1.7%** | **Utah — 1.7%** |
| &nbsp;&nbsp;&nbsp; Salt Lake City Airport, Revenue <br> Bonds, Ser. A<br>| 5.00 | 7/1/2048 | 1000000 | 1001749 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, <br> Revenue Bonds, Refunding, Ser. <br> A<br>| 5.00 | 10/15/2037 | 1500000 | 1520756 |
|  |  |  |  | **2522505** |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Virginia — 3.1%** | **Virginia — 3.1%** | **Virginia — 3.1%** | **Virginia — 3.1%** | **Virginia — 3.1%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-<br> XM1176), (Virginia State <br> Housing Development <br> Authority, Revenue Bonds, Ser. <br> A) Recourse, Underlying <br> Coupon Rate 4.80%<sup>(b),(c),(d)</sup> <br>| 9.74 | 9/1/2059 | 1800000 | 1780419 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing <br> Authority, Revenue Bonds <br> (Transform 66 P3 Project)<br>| 5.00 | 12/31/2052 | 2000000 | 1996971 |
| &nbsp;&nbsp;&nbsp; Williamsburg Economic <br> Development Authority, <br> Revenue Bonds (William & <br> Mary Project) (Insured; <br> Assured Guaranty Municipal <br> Corp.) Ser. A<br>| 4.13 | 7/1/2058 | 1000000 | 918626 |
|  |  |  |  | **4696016** |
| **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust <br> Receipts (Series 2024-XF1730), <br> (Port of Seattle Washington, <br> Revenue Bonds, Refunding, Ser. <br> B) Non-Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 11.21 | 7/1/2049 | 1000000 | 1041759 |
| &nbsp;&nbsp;&nbsp; Washington Housing Finance <br> Commission, Revenue Bonds, <br> Refunding (Seattle Academy of <br> Arts & Sciences)<sup>(b)</sup> <br>| 6.38 | 7/1/2063 | 800000 | 866547 |
|  |  |  |  | **1908306** |
| **Wisconsin — 3.2%** | **Wisconsin — 3.2%** | **Wisconsin — 3.2%** | **Wisconsin — 3.2%** | **Wisconsin — 3.2%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (EMU Campus <br> Living) (Insured; Build America <br> Mutual) Ser. A1<br>| 5.50 | 7/1/2052 | 1000000 | 1056160 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds (EMU Campus <br> Living) (Insured; Build America <br> Mutual) Ser. A1<br>| 5.63 | 7/1/2055 | 1000000 | 1059654 |

---

**17**

------

*STATEMENT OF INVESTMENTS (Unaudited) (continued)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** | **Long-Term Municipal Investments — 133.6% (continued)** |
| **Wisconsin — 3.2% (continued)** | **Wisconsin — 3.2% (continued)** | **Wisconsin — 3.2% (continued)** | **Wisconsin — 3.2% (continued)** | **Wisconsin — 3.2% (continued)** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br> Revenue Bonds, Ser. 1<br>| 5.75 | 7/1/2062 | 1713126 | 1754923 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational <br> Facilities Authority, Revenue <br> Bonds (Bellin Memorial <br> Hospital Obligated Group)<br>| 5.50 | 12/1/2052 | 1000000 | 1059623 |
|  |  |  |  | **4930360** |
| **Total Investments** (cost $203,891,324) | **Total Investments** (cost $203,891,324) |  | **133.6%** | **203384782** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** |  | **(33.6%)** | **(51116409)** |
| **Net Assets Applicable to Common Stockholders** | **Net Assets Applicable to Common Stockholders** | **Net Assets Applicable to Common Stockholders** | **100.0%** | **152268373** |

---

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

---

| |
|:---|
| *FHLMC—Federal Home Loan Mortgage Corporation* |
| *FNMA—Federal National Mortgage Association* |
| *GNMA—Government National Mortgage Association* |
| *GO—Government Obligation* |

---

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

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

<sup>(b)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities* *may be resold in transactions exempt from registration, normally to qualified institutional buyers. At* *March 31, 2025, these securities amounted to $76,891,853 or 50.5% of net assets applicable to Common* *Stockholders.* 

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

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

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

<sup>(f)</sup> *These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are* *prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay* *principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.* 

*See notes to financial statements.*

**18**

------

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments | 203891324 | &nbsp;&nbsp; 203384782 |
| Cash |  | &nbsp;&nbsp; 28775418 |
| Interest receivable |  | &nbsp;&nbsp; 2804558 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 1403499 |
| Prepaid expenses |  | &nbsp;&nbsp; 314968 |
|  |  | &nbsp;&nbsp; **236683225** |
| **Liabilities ($):** |  |  |
| &nbsp;&nbsp;&nbsp; Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates—Note 2(b) <br>|  | &nbsp;&nbsp; 119360 |
| Payable for inverse floater notes issued—Note 3  |  | &nbsp;&nbsp; 53225000 |
| &nbsp;&nbsp;&nbsp; VMTP Shares at liquidation value—Note 1 ($30,225,000 face <br> amount, report net of unamortized VMTP Shares deferred <br> offering cost of $121,779)—Note 1(g)<br>|  | &nbsp;&nbsp; 30103221 |
| &nbsp;&nbsp;&nbsp; Interest and expense payable related to inverse floater notes <br> issued—Note 3 <br>|  | &nbsp;&nbsp; 516337 |
| Reorganization expense payable—Note 4  |  | &nbsp;&nbsp; 400000 |
| Other accrued expenses |  | &nbsp;&nbsp; 50934 |
|  |  | &nbsp;&nbsp; **84414852** |
| **Net Assets Applicable to Common Stockholders ($)** |  | &nbsp;&nbsp; **152268373** |
| **Composition of Net Assets ($):** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock, par value, $.001 per share <br>(20,757,267 shares issued and outstanding)<br>|  | &nbsp;&nbsp; 20757 |
| Paid-in capital |  | &nbsp;&nbsp; 179014708 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp; (26767092) |
| **Net Assets Applicable to Common Stockholders ($)** |  | &nbsp;&nbsp; **152268373** |
| **Shares Outstanding** |  |  |
| (110 million shares authorized) |  | &nbsp;&nbsp; 20757267 |
| **Net Asset Value Per Share of Common Stock ($)** |  | **7.34** |

---

*See notes to financial statements.*

**19**

------

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | **5270581** |
| **Expenses:** |  |
| Management fee—Note 2(a)  | 658958 |
| &nbsp;&nbsp;&nbsp; Interest and expense related to inverse floater <br>notes issued—Note 3 <br>| 885632 |
| &nbsp;&nbsp;&nbsp; VMTP Shares interest expense and amortization of <br>offering costs—Note 1(g)<br>| 632019 |
| Reorganization expense—Note 4  | 102308 |
| Professional fees | 87898 |
| Directors' fees and expenses—Note 2(c)  | 66540 |
| Shareholders' reports | 31606 |
| Registration fees | 10000 |
| Chief Compliance Officer fees—Note 2(b)  | 8981 |
| Shareholder servicing costs | 7572 |
| Redemption and Paying Agent fees—Note 2(b) | 5000 |
| Custodian fees—Note 2(b)  | 2151 |
| Miscellaneous | 10137 |
| **Total Expenses** | **2508802** |
| Less—reduction in fees due to earnings credits—Note 2(b)  | (1549) |
| **Net Expenses** | **2507253** |
| **Net Investment Income** | **2763328** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 3 ($):** |  |
| Net realized gain (loss) on investments | (1709172) |
| Net change in unrealized appreciation (depreciation) on investments | (9600999) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(11310171)** |
| **Net (Decrease) in Net Assets Applicable to Common Stockholders** <br> **Resulting from Operations**<br>| **(8546843)** |

---

*See notes to financial statements.*

**20**

------

STATEMENT OF CASH FLOWS

Six Months Ended March 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Cash Flows from Operating Activities ($):** |  |  |
| Purchases of long term portfolio securities | (13594496) |  |
| Proceeds from sales of long term portfolio securities | 38685606 |  |
| Interest income received | 5574452 |  |
| Interest and expense related to inverse floater notes issued | (929771) |  |
| &nbsp;&nbsp;&nbsp; VMTP Shares interest expense and amortization of offering <br> costs paid<br>| (584962) |  |
| &nbsp;&nbsp;&nbsp; Expenses paid to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| (670989) |  |
| Operating expenses paid | (205965) |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **28273875** |
| **Cash Flows From Financing Activities ($):** |  |  |
| Dividends paid to Common Stockholders | (2760718) |  |
| Increase in payable for inverse floater notes issued | 2475000 |  |
| **Net Cash Provided (or Used) in Financing Activities** |  | &nbsp;&nbsp; **(285718)** |
| **Net Increase (Decrease) in Cash** |  | &nbsp;&nbsp; **27988157** |
| Cash at beginning of period |  | &nbsp;&nbsp; 787261 |
| **Cash at End of Period** |  | &nbsp;&nbsp; **28775418** |
| **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 ($):**<br>|  |  |
| Net (Decrease) in Net Assets Resulting From Operations | (8546843) |  |
| **Adjustments to Reconcile Net Increase (Decrease) in Net** <br> **Assets Applicable to Common Stockholders Resulting** <br> **from Operations to Net Cash Provided (or Used) in** <br> **Operating Activities ($):**<br>|  |  |
| Decrease in investments in securities at cost | 28203781 |  |
| Decrease in interest receivable | 303871 |  |
| Increase in receivable for investment securities sold | (1403499) |  |
| Decrease in unamortized VMTP Shares offering costs | 47057 |  |
| Increase in prepaid expenses | (307091) |  |
| &nbsp;&nbsp;&nbsp; Increase in Due to BNY Mellon Investment Adviser, Inc. and <br> affiliates<br>| 2552 |  |
| &nbsp;&nbsp;&nbsp; Decrease in interest and expense payable related to inverse <br> floater notes issued<br>| (44139) |  |
| Decrease in Directors' fees and expenses payable | (1100) |  |
| Increase in Reorganization expense payable | 400000 |  |
| Increase in other accrued expenses | 18287 |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on <br> investments<br>| 9600999 |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | &nbsp;&nbsp; **28273875** |

---

*See notes to financial statements.*

**21**

------

STATEMENT OF CHANGES IN NET ASSETS

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>March 31, 2025 (Unaudited) | Year Ended <br>September 30, 2024 |
|  | Six Months Ended <br>March 31, 2025 (Unaudited) | Year Ended <br>September 30, 2024 |
| **Operations ($):** |  |  |
| Net investment income | 2763328 | &nbsp;&nbsp; 5018500 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| (1709172) | &nbsp;&nbsp; (4361212) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br> (depreciation) on investments<br>| (9600999) | &nbsp;&nbsp; 24938491 |
| **Net Increase (Decrease) in Net** <br> **Assets Applicable to Common** <br> **Stockholders Resulting from** <br> **Operations**<br>| **(8546843)** | &nbsp;&nbsp; **25595779** |
| **Distributions ($):** |  |  |
| Distributions to stockholders | (2366328) | &nbsp;&nbsp; (4068424) |
| **Distributions to Common** <br> **Stockholders**<br>| **(2366328)** | &nbsp;&nbsp; **(4068424)** |
| **Total Increase (Decrease) in Net** <br> **Assets Applicable to Common** <br> **Stockholders**<br>| **(10913171)** | &nbsp;&nbsp; **21527355** |
| **Net Assets Applicable to Common** <br> **Stockholders ($):**<br>|  |  |
| Beginning of Period | 163181544 | &nbsp;&nbsp; 141654189 |
| **End of Period** | **152268373** | &nbsp;&nbsp; **163181544** |

---

*See notes to financial statements.*

**22**

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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>March 31, 2025 <br>(Unaudited) | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | Six Months Ended <br>March 31, 2025 <br>(Unaudited) | 2024 | 2023<sup>(a)</sup> <br>| 2022<sup>(b)</sup> <br>| 2021<sup>(c)</sup> <br>| 2020<sup>(d)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, <br> beginning of period<br>| 7.86 | 6.82 | 6.94 | 9.29 | 9.05 | 9.36 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment <br> income<sup>(e)</sup> <br>| .13 | .24 | .28 | .36 | .41 | .43 |
| &nbsp;&nbsp;&nbsp; Net realized and <br> unrealized gain <br> (loss) on <br> investments<br>| (.54) | 1.00 | (.13) | (2.35) | .25 | (.30) |
| &nbsp;&nbsp;&nbsp; Dividends to Preferred <br> Stockholders from <br> net investment <br> income<br>| - | - | (.06) | (.02) | (.00) <br><sup>(f)</sup><br>| (.02) |
| &nbsp;&nbsp;&nbsp; Total from Investment <br> Operations<br>| (.41) | 1.24 | (.09) | (2.01) | .66 | .11 |
| &nbsp;&nbsp;&nbsp; Distributions to <br> Common <br> Stockholders:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net <br> investment income<br>| (.11) | (.20) | (.21) | (.34) | (.42) | (.42) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of <br> period<br>| 7.34 | 7.86 | 6.82 | 6.94 | 9.29 | 9.05 |
| &nbsp;&nbsp;&nbsp; Market value, end of <br> period<br>| 7.18 | 7.31 | 5.67 | 6.01 | 9.63 | 8.63 |
| **Market Price Total** <br> **Return (%)**<br>| (.22) <br><sup>(g)</sup><br>| 32.73 | (2.41) | (34.69) | 16.90 | (3.13) |

---

**23**

------

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2025<br> (Unaudited) | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | Six Months Ended<br> March 31, 2025<br> (Unaudited) | 2024 | 2023<sup>(a)</sup> | 2022<sup>(b)</sup> | 2021<sup>(c)</sup> | 2020<sup>(d)</sup> |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of total expenses <br> to average net <br> assets<br>| 3.17 <br><sup>(h),(i)</sup><br>| 3.29 <br><sup>(i)</sup><br>| 2.48 | 1.48 | 1.25 | 1.68 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses <br> to average net <br> assets<br>| 3.17 <br><sup>(h),(i),(j)</sup><br>| 3.29 <br><sup>(i),(j)</sup><br>| 2.48 <br><sup>(j)</sup><br>| 1.48 | 1.25 <br><sup>(j)</sup><br>| 1.67 <br><sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ratio of interest and <br> expense related to <br> inverse floater <br>notes issued, and <br> VMTP Shares <br> interest expense to <br> average net assets<br>| 1.92 <br><sup>(h),(i)</sup><br>| 2.01 <br><sup>(i)</sup><br>| 1.40 | .42 | .25 | .67 |
| &nbsp;&nbsp;&nbsp; Ratio of net <br> investment income <br> to average net <br> assets<br>| 3.49 <br><sup>(h),(i),(j)</sup><br>| 3.21 <br><sup>(i),(j)</sup><br>| 3.82 <br><sup>(j)</sup><br>| 4.30 | 4.37 <br><sup>(j)</sup><br>| 4.78 <br><sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Portfolio Turnover <br> Rate<br>| 6.25 <br><sup>(g)</sup><br>| 34.88 | 25.17 | 31.87 | 11.33 | 26.85 |
| &nbsp;&nbsp;&nbsp; Asset Coverage of <br> VMTP Shares and <br> Preferred Stock, end <br> of period<br>| 604 | 640 | 569 | 576 | 738 | 721 |
| **Net Assets,** <br> **applicable to** <br> **Common** <br> **Stockholders, end** <br> **of period ($ x** <br> **1,000)**<br>| 152268 | 163182 | 141654 | 143952 | 192790 | 187703 |
| **VMTP Shares and** <br> **Preferred Stock** <br> **Outstanding, end** <br> **of period ($ x** <br> **1,000)**<br>| 30225 | 30225 | 30225 | 30225 | 30225 | 30225 |
| **Floating Rate Notes** <br> **Outstanding, end** <br> **of period ($ x** <br> **1,000)**<br>| 53225 | 50750 | 47127 | 57245 | 67430 | 71180 |

---

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

<sup>(a)</sup> *The ratios based on total average net assets including dividends to Preferred Stockholders are as* *follows: total expense ratio of 2.13%, a net expense ratio of 2.13%, an interest expense related to floating* *rate notes issued ratio of 1.20% and a net investment income of 3.29%.* 

<sup>(b)</sup> *The ratios based on total average net assets including dividends to Preferred Stockholders are as* *follows: total expense ratio of 1.26%, a net expense ratio of 1.26%, an interest expense related to floating* *rate notes issued ratio of .36% and a net investment income of 3.66%.* 

**24**

------

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

<sup>(c)</sup> *The ratios based on total average net assets including dividends to Preferred Stockholders are as* *follows: total expense ratio of 1.08%, a net expense ratio of 1.08%, an interest expense related to floating* *rate notes issued ratio of .22% and a net investment income of 3.78%.* 

<sup>(d)</sup> *The ratios based on total average net assets including dividends to Preferred Stockholders are as* *follows: total expense ratio of 1.44%, a net expense ratio of 1.44%, an interest expense related to floating* *rate notes issued ratio of .58% and a net investment income of 4.12%.* 

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

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

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

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

<sup>(i)</sup> *Amount inclusive of VMTP Shares amortization of offering cost.*

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

*See notes to financial statements.*

**25**

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—Significant Accounting Policies:**

BNY Mellon Municipal Income, 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 maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. The fund's common stock ("Common Stock") trades on the New York Stock Exchange (the "NYSE") under the ticker symbol DMF.

The fund has outstanding 1,209 shares of Variable Rate MuniFund Term Preferred Shares ("VMTP Shares"). The fund is subject to certain restrictions relating to the VMTP Shares. Failure to comply with these restrictions could preclude the fund from declaring any distributions to shareholders of the fund's Common Stock ("Common Stockholders") or repurchasing shares of Common Stock and/or could trigger the mandatory redemption of VMTP Shares at their liquidation value (i.e., $25,000 per share). Thus, redemptions of VMTP Shares may be deemed to be outside of the control of the fund.

The VMTP Shares have a mandatory redemption date of July 14, 2053, and are subject to an initial early redemption date of July 13, 2026, subject to the option of the holders to retain the VMTP Shares. VMTP Shares that are neither retained by the holder nor successfully remarketed by the early redemption date will be redeemed by the fund.

The holders of VMTP Shares, voting as a separate class, have the right to elect at least two directors. The holders of VMTP 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 VMTP Shares.

Dividends on VMTP Shares are normally declared daily and paid monthly. The Dividend Rate on the VMTP 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 VMTP Shares on the Rate Determination Date immediately 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

**26**

------

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:

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

Investments in municipal securities are valued each business day by an independent pricing service (the "Service") approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained

**27**

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

by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the 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.

**28**

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The following is a summary of the inputs used as of March 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 ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in <br> Securities:<sup>†</sup> <br>|  |  |  |  |
| Municipal Securities |  | 203384782 |  | **203384782** |
|  | **—** | **203384782** | **—** | **203384782** |
| **Liabilities ($)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Financial <br> Instruments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Inverse Floater <br> Notes<sup>††</sup> <br>|  | (53225000) |  | **(53225000)** |
| VMTP Shares<sup>††</sup> <br>|  | (30225000) |  | **(30225000)** |
|  | **—** | **(83450000)** | **—** | **(83450000)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| *See Statement of Investments for additional detailed categorizations, if any.* |
| <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.

The Additional Information section within the annual report dated September 30, 2024 provides more details about the fund's principal risk factors.

**(d) Dividends and distributions to Common Stockholders:** Dividends and

**29**

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

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 March 28, 2025, the Board declared a cash dividend of $.019 per share from undistributed net investment income, payable on April 30, 2025 to Common Stockholders of record as of the close of business on April 14, 2025. The ex-dividend date was April 14, 2025.

**(e) Dividends to holders of VMTP Shares:** The Dividend Rate on the VMTP 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 VMTP Shares on the Rate Determination Date immediately preceding such Subsequent Rate Period plus (3) the Failed Remarketing Spread. The Applicable Rate of the VMTP Shares was equal to the sum of .95% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index rate of 2.87% on March 31, 2025. The dividend rate as of March 31, 2025 for the VMTP Shares was 3.82% (all 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 March 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 March 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended September 30, 2024 remains subject to examination by the Internal Revenue Service and state taxing authorities.

**30**

------

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 $26,223,695 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2024. The fund has $10,322,932 of short-term capital losses and $15,900,763 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 September 30, 2024 were as follows: tax-exempt income $4,068,424. The tax character of current year distributions will be determined at the end of the current fiscal year.

**(g) VMTP Shares:** The fund's VMTP Shares aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date of July 14, 2053. Dividends paid on VMTP Shares are treated as interest expense and recorded on the accrual basis. Costs directly related to the issuance of the VMTP Shares are considered debt issuance costs which have been deferred and are being amortized into expense over 36 months from July 12, 2023. See Note 5 - Subsequent Event for additional information.

During the period ended March 31, 2025, total interest expenses and amortized offering costs with respect to VMTP Shares amounted to $632,019 inclusive of $584,386 of interest expense and $47,633 amortized deferred cost fees. These fees are included in VMTP Shares interest expense and amortization of offering costs in the Statement of Operations.

The average amount of borrowings outstanding for the VMTP Shares during the period ended March 31, 2025 was approximately $30,225,000, with a related weighted average annualized interest rate of 3.88%.

**(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

**31**

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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 Statement 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 (the "Agreement") with the Adviser, the management fee is computed at the annual rate of .70% of the value of the fund's average weekly net assets (including net assets representing VMTP Shares outstanding) and is payable monthly. The Agreement provides that if in any full fiscal year the aggregate expenses of the fund (excluding taxes, interest on borrowings, brokerage fees and extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the fund, the fund may deduct from payments to be made to the Adviser, or the Adviser will bear, the amount of such excess to the extent required by law. During the period ended March 31, 2025, there was no expense reimbursement pursuant to the Agreement.

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 .336% of the value of the fund's average weekly net assets (including net assets representing VMTP Shares outstanding).

**(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 March 31, 2025, the fund was charged $2,151 pursuant to the custody agreement. These fees were partially offset by earnings credits of $1,549.

The fund compensates The Bank of New York Mellon under a Redemption and Paying Agent Agreement for providing certain transfer agency and payment services with respect

**32**

------

to the VMTP Shares. During the period ended March 31, 2025, the fund was charged $5,000 for the services provided by the Redemption and Paying Agent (the "Redemption and Payment Agent").

During the period ended March 31, 2025, the fund was charged $8,981 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 components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $110,163, Custodian fees of $1,675, Redemption and Paying Agent fees of $2,500 and Chief Compliance Officer fees of $5,022.

During the period ended March 31, 2025, the fund received $344 related to short-swing profits pursuant to Section 16(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This amount is included in interest income in the Statement of Operations.

**(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 (including paydowns) of investment securities, excluding short-term securities and secured borrowings of inverse floater securities, during the period ended March 31, 2025, amounted to $11,352,742 and $40,120,868, 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.

**33**

------

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

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the "Liquidity Provider") that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust ("Liquidation Shortfall"). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

The average amount of borrowings outstanding under the inverse floater structure during the period ended March 31, 2025, was approximately $53,035,440, with a related weighted average annualized interest rate of 3.35%.

At March 31, 2025, accumulated net unrealized depreciation on investments was $506,542, consisting of $3,570,191 gross unrealized appreciation and $4,076,733 gross unrealized depreciation.

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

**NOTE 4—Plan of Reorganization:**

At a meeting on March 7, 2025, the Board of the fund, a registered closed-end fund, approved the reorganization of the fund with and into BNY Mellon AMT-Free Municipal Bond Fund (the "Acquiring Fund"), a series of BNY Mellon Municipal Funds, Inc., a registered open-end fund. The proposed reorganization of the fund is subject to certain conditions, including approval by the fund's Common Stockholders at a special meeting of Common Stockholders scheduled to be held on or about June 2, 2025. The fund's shares of common stock are listed on the NYSE under the symbol "DMF". If fund Common Stockholders approve the reorganization, the fund's shares of common stock would stop trading on, and would be delisted from, the NYSE on or about June 18, 2025, and the reorganization of the fund would occur on or about June 20, 2025. Common Stockholders of record as of the close of business on April 9, 2025 will be entitled to receive notice of and to vote at the special meeting of Common Stockholders.

**34**

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**NOTE 5—Subsequent Event:**

On April 2, 2025, the fund redeemed all 1,209 issued and outstanding shares of the fund's VMTP Shares of which the amortization of offering costs was fully amortized. The redemption price of the VMTP shares was the $25,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amount owed. The fund expected to finance the redemption with the proceeds from sales of portfolio securities.

**35**

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OFFICERS AND DIRECTORS

BNY Mellon Municipal Income, Inc.

240 Greenwich Street <br>New York, NY 10286

**Directors**

Joseph S. DiMartino, Chairman

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

Andrew Dakos

Andrew J. Donohue

Isabel P. Dunst

Nathan Leventhal<sup>†</sup>

Phillip Goldstein

Robin A. Melvin

Moritz Sell

Benaree Pratt Wiley<sup>†</sup>

Tamara Belinfanti<sup>††</sup>

Francine J. Bovich<sup>††</sup>

Gordon Davis<sup>††</sup>

Roslyn M. Watson<sup>††</sup>

<sup>†</sup> *Elected by VMTP Shares Holders*

<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

Assistant Treasurers

Roberto G. Mazzeo

Gavin C. Reilly

Robert Salviolo

Robert Svagna

**Chief Compliance Officer**

Joseph W. Connolly

**Portfolio Managers**

Daniel A. Rabasco

Jeffrey B. Burger

**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, Registrar and Dividend Disbursing Agent**

Computershare Inc. (Common Stock)

The Bank of New York Mellon (VMTP Shares)

**Stock Exchange Listing**

NYSE Symbol: DMF

**Initial SEC Effective Date**

10/21/88

*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.*

**36**

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For More Information

**BNY Mellon Municipal Income, 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:** DMF

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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 March 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>0424SA0325

![](img0922a7042.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](exhibit302-424.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](exhibit906-424.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 Income, Inc.

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: May 20, 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: May 20, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: May 20, 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 Income, 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: May 20, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Municipal Income, 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: May 20, 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: May 20, 2025

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

James Windels

Treasurer (Principal Financial Officer)

Date: May 20, 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.*