# EDGAR Filing Document

**Accession Number:** 0000878092
**File Stem:** 0000030146-26-000213
**Filing Date:** 2026-4
**Character Count:** 380884
**Document Hash:** 24f3dd461c3d8752dd7f71e1d37f0008
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000030146-26-000213.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000030146-26-000213

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06377
- **FILM NUMBER:** 26922806

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-06377

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

------

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

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

#### Date of fiscal year end:

#### 8/31

#### Date of reporting period:

#### 2/28/26
ITEM 1 - Reports to Stockholders

BNY Mellon AMT-Free Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class A – DMUAX
This semi-annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.77%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1847 | 589 | 17.54% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495279.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495255.jpg)

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

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

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

Code-0319SA0226

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

BNY Mellon AMT-Free Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class C – DMUCX
This semi-annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class C<sup>\*</sup> | $78 1.53%<sup>\*\*</sup> |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1847 | 589 | 17.54% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495330.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495306.jpg)

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

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

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

Code-0350SA0226

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

BNY Mellon AMT-Free Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class I – DMBIX
This semi-annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.51%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1847 | 589 | 17.54% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495381.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495357.jpg)

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

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

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

Code-6015SA0226

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

BNY Mellon AMT-Free Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class Y – DMUYX
This semi-annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Y | $24 | 0.47%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1847 | 589 | 17.54% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495432.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495408.jpg)

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

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

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

Code-0365SA0226

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

BNY Mellon AMT-Free Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class Z – DRMBX
This semi-annual shareholder report contains important information about BNY Mellon AMT-Free Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $30 | 0.59%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $1847 | 589 | 17.54% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495483.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495459.jpg)

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

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

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

Code-0125SA0226

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

BNY Mellon High Yield Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class A – DHYAX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.07%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $172 | 139 | 14.86% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495534.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495510.jpg)

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

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

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

Code-6165SA0226

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

BNY Mellon High Yield Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class C – DHYCX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class C<sup>\*</sup> | $94 1.82%<sup>\*\*</sup> |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $172 | 139 | 14.86% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495585.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495561.jpg)

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

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

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

Code-6166SA0226

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

BNY Mellon High Yield Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class I – DYBIX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $42 | 0.82%\* |

---

\* <sup>Annualized.</sup>

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $172 | 139 | 14.86% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495636.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495612.jpg)

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

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

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

Code-6092SA0226

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

BNY Mellon High Yield Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class Y – DHYYX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class Y<sup>\*</sup> | $42 0.81%<sup>\*\*</sup> |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $172 | 139 | 14.86% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495687.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495663.jpg)

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

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

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

Code-0572SA0226

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

BNY Mellon High Yield Municipal Bond Fund

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### February 28, 2026

#### Class Z – DHMBX
This semi-annual shareholder report contains important information about BNY Mellon High Yield Municipal Bond Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at bny.com/investments/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.

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

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| Class Z<sup>\*</sup> | $47 0.90%<sup>\*\*</sup> |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **<br> Portfolio Turnover** |
| $172 | 139 | 14.86% |

---

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

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

![Graphical Representation - Top N Holdings Chart](chartimages_11495738.jpg)

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

![Graphical Representation - Allocation 1 Chart](chartimages_11495714.jpg)

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

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

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

Code-6133SA0226

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

------

**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.

BNY Mellon AMT-Free Municipal Bond Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

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

---

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

---

![](img30ef571e1.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **and sign up for eCommunications. It's simple and only takes a few minutes.**

------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_SOI-Commoncontent-4699_1)**<br> **[Investment Companies](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_SOI-Commoncontent-4699_1)**<br>| 3 |
| [Schedule of Investments](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_SOI-Commoncontent-4699_1) | 3 |
| [Statement of Assets and Liabilities](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_FS-Commoncontent-4699_1) | 25 |
| [Statement of Operations](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_FS-Commoncontent-4699_2) | 26 |
| [Statement of Changes in Net Assets](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_FS-Commoncontent-4699_3) | 27 |
| [Financial Highlights](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_FIHI-Commoncontent-4699_1) | 29 |
| [Notes to Financial Statements](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_NTF-Commoncontent-4699_1) | 34 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_CDA-Commoncontent-4699_1)**<br> **[Investment Companies](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_CDA-Commoncontent-4699_1)**<br>| 41 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_PRXD-Commoncontent-4699_1)** | 42 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_RMNP-Commoncontent-4699_1)**<br> **[Management Investment Companies](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_RMNP-Commoncontent-4699_1)**<br>| 43 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_bb982ea4-b255-4a49-838e-c459f0fc224e_AAA-Commoncontent-4699_1)** | 44 |

---

------

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

BNY Mellon AMT-Free Municipal Bond Fund

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** | **Collateralized Municipal-Backed Securities — .5%** |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2, Cl. A | 3.63 | 5/20/2033 | 5069169 | 5177211 |
| California Housing Finance Agency, Revenue Bonds, Ser. A | 3.25 | 8/20/2036 | 1863192 | 1859239 |
| Washington Housing Finance Commission, Revenue Bonds (Sustainable <br> Certificates) Ser. 2021-1, Cl. A<br>| 3.50 | 12/20/2035 | 2744832 | 2726251 |
| **Total Collateralized Municipal-Backed Securities** <br>(cost $10,642,593) | **Total Collateralized Municipal-Backed Securities** <br>(cost $10,642,593) | **Total Collateralized Municipal-Backed Securities** <br>(cost $10,642,593) |  | **9762701** |
| **Long-Term Municipal Investments — 102.0%** | **Long-Term Municipal Investments — 102.0%** | **Long-Term Municipal Investments — 102.0%** | **Long-Term Municipal Investments — 102.0%** | **Long-Term Municipal Investments — 102.0%** |
| **Alabama — 5.9%** | **Alabama — 5.9%** | **Alabama — 5.9%** | **Alabama — 5.9%** | **Alabama — 5.9%** |
| Auburn University, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2036 | 1000000 | 1001992 |
| Baldwin County Industrial Development Authority, Revenue Bonds (Novelis <br> Corporation Project) Ser. A<sup>(a),(b)</sup> <br>| 4.30 | 3/1/2033 | 1750000 | 1765192 |
| Baldwin County Industrial Development Authority, Revenue Bonds (Novelis <br> Corporation Project) Ser. A<sup>(a),(b)</sup> <br>| 5.00 | 6/1/2032 | 6500000 | 6808498 |
| Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2043 | 9455000 | 9701096 |
| Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. B | 5.00 | 10/1/2035 | 2250000 | 2355327 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 11/1/2034 | 1500000 | 1655896 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D | 5.00 | 11/1/2034 | 6940000 | 7695086 |
| Black Belt Energy Gas District, Revenue Bonds, Refunding (Gas Project) Ser. <br> D1<sup>(a)</sup> <br>| 5.50 | 2/1/2029 | 2320000 | 2486956 |
| Jefferson County, Revenue Bonds, Refunding | 5.00 | 9/15/2035 | 2500000 | 2559669 |
| Jefferson County, Revenue Bonds, Refunding | 5.50 | 10/1/2053 | 21000000 | 22280710 |
| Mobile County Industrial Development Authority, Revenue Bonds (Calvert <br> LLC Project) Ser. B<br>| 4.75 | 12/1/2054 | 500000 | 479168 |
| Selma Industrial Development Board, Revenue Bonds, Refunding <br> (International Paper Co.) Ser. A<br>| 4.20 | 5/1/2034 | 1975000 | 2125933 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (Project <br> No. 2) Ser. B<sup>(a)</sup> <br>| 4.00 | 12/1/2031 | 1000000 | 1046461 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.25 | 6/1/2032 | 1750000 | 1933526 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 2/1/2031 | 1550000 | 1679714 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. D | 5.00 | 9/1/2035 | 3310000 | 3710367 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. E | 5.00 | 10/1/2030 | 34000000 | 37072781 |
| University of Alabama at Birmingham, Revenue Bonds (Board of Trustees) <br> Ser. B<br>| 4.00 | 10/1/2035 | 3005000 | 3108002 |
|  |  |  |  | **109466374** |
| **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** | **Alaska — .1%** |
| Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2050 | 2345000 | **1979565** |
| **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** | **Arizona — 2.7%** |
| Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for <br> Economic & Educational Development)<br>| 5.00 | 8/1/2037 | 615000 | 663449 |
| Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for <br> Economic & Educational Development)<br>| 5.00 | 8/1/2038 | 3000000 | 3223649 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable <br> Bond) (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2050 | 2855000 | 2554991 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable <br> Bond) (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2037 | 4885000 | 4951540 |
| Arizona Industrial Development Authority, Revenue Bonds (Sustainable <br> Bond) (Equitable School Revolving Fund Obligated Group) Ser. A<br>| 4.00 | 11/1/2051 | 10000000 | 8879976 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun <br> Health Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2048 | 5170000 | 5170455 |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** | **Arizona — 2.7% (continued)** |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun <br> Health Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2054 | 6330000 | 6211395 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2036 | 1750000 | 1751246 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2046 | 3175000 | 3150483 |
| Maricopa County Industrial Development Authority, Revenue Bonds (Banner <br> Health Obligated Group) Ser. A<br>| 5.00 | 1/1/2041 | 5000000 | 5141986 |
| Phoenix Civic Improvement Corp., Revenue Bonds | 4.00 | 7/1/2044 | 3610000 | 3627807 |
| Phoenix Civic Improvement Corp., Revenue Bonds (Junior Lien Airport) Ser. <br> B<br>| 4.00 | 7/1/2044 | 2000000 | 1926942 |
| Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 2190000 | 2441574 |
|  |  |  |  | **49695493** |
| **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** | **Arkansas — .5%** |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable <br> Bond) (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 5550000 | 5675341 |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable <br> Bond) (U.S. Steel Corp.)<br>| 5.45 | 9/1/2052 | 2500000 | 2521223 |
| Pulaski County, Revenue Bonds (Arkansas Children's Hospital) | 4.25 | 3/1/2048 | 1050000 | 1021235 |
|  |  |  |  | **9217799** |
| **California — 4.2%** | **California — 4.2%** | **California — 4.2%** | **California — 4.2%** | **California — 4.2%** |
| Burbank-Glendale-Pasadena Airport Authority, Revenue Bonds, Ser. B | 5.25 | 7/1/2040 | 2200000 | 2494867 |
| California, GO, Refunding | 5.00 | 4/1/2042 | 1100000 | 1216264 |
| California, GO, Refunding | 5.25 | 9/1/2047 | 1500000 | 1630855 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) (Clean Energy Project) Ser. D<sup>(a)</sup> <br>| 5.00 | 7/1/2034 | 4815000 | 5134082 |
| California Community Choice Financing Authority, Revenue Bonds <br> (Sustainable Bond) (Clean Energy Project) Ser. D<sup>(a)</sup> <br>| 5.00 | 9/1/2032 | 1750000 | 1937438 |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding <br> (Kern County Tobacco Funding Corp.)<br>| 5.00 | 6/1/2034 | 3640000 | 3640480 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Providence St. Joseph Health Obligated Group) Ser. C<sup>(a)</sup> <br>| 5.25 | 10/1/2035 | 1875000 | 2200804 |
| California Health Facilities Financing Authority, Revenue Bonds, Refunding <br> (Providence St. Joseph Health Obligated Group) Ser. A<br>| 4.00 | 10/1/2036 | 1650000 | 1654654 |
| California Housing Finance Agency, Revenue Bonds | 3.50 | 11/20/2035 | 5536950 | 5668657 |
| California Municipal Finance Authority, Revenue Bonds (Cabrillo College <br> Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2040 | 8115000 | 8463277 |
| California Municipal Finance Authority, Revenue Bonds (Westside <br> Neighborhood School)<sup>(b)</sup> <br>| 6.38 | 6/15/2064 | 2200000 | 2326342 |
| California Municipal Finance Authority, Revenue Bonds, Ser. A1 | 4.05 | 7/20/2041 | 5565000 | 5633596 |
| California Municipal Finance Authority, Revenue Bonds, Refunding <br> (California Baptist University) Ser. A<sup>(b)</sup> <br>| 5.13 | 11/1/2040 | 2700000 | 2884965 |
| California Statewide Communities Development Authority, Revenue Bonds <br> (Loma Linda University Medical Center Obligated Group)<sup>(b)</sup> <br>| 5.00 | 12/1/2033 | 1000000 | 1040963 |
| California Statewide Communities Development Authority, Revenue Bonds <br> (Loma Linda University Medical Center Obligated Group)<sup>(b)</sup> <br>| 5.25 | 12/1/2048 | 1800000 | 1818593 |
| Jefferson Union High School District, COP (Teacher & Staff Housing Project) <br> (Insured; Build America Mutual)<br>| 4.00 | 8/1/2050 | 1980000 | 1919281 |
| Los Angeles Department of Airports, Revenue Bonds (Sustainable Bond) | 5.25 | 5/15/2047 | 5000000 | 5251611 |
| Los Angeles Department of Water & Power, Revenue Bonds, Ser. B | 5.00 | 7/1/2037 | 3405000 | 3810795 |
| Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2045 | 7200000 | 7845251 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2046 | 2580000 | 2434942 |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **California — 4.2% (continued)** | **California — 4.2% (continued)** | **California — 4.2% (continued)** | **California — 4.2% (continued)** | **California — 4.2% (continued)** |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2055 | 1000000 | 1076375 |
| San Jose Evergreen Community College District, GO, Ser. C | 4.00 | 9/1/2042 | 950000 | 991346 |
| San Jose Evergreen Community College District, GO, Ser. C | 4.00 | 9/1/2045 | 185000 | 187263 |
| Southern California Public Power Authority, Revenue Bonds (Southern <br> Transmission System Renewal Project) (Insured; Build America Mutual) <br> Ser. 1<br>| 5.25 | 7/1/2050 | 2750000 | 2967393 |
| Tender Option Bond Trust Receipts (Series 2023-XM1114), (Long Beach <br> Bond Finance Authority, Revenue Bonds) Non-Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 8.10 | 8/1/2053 | 3600000 | 3398174 |
|  |  |  |  | **77628268** |
| **Colorado — 2.2%** | **Colorado — 2.2%** | **Colorado — 2.2%** | **Colorado — 2.2%** | **Colorado — 2.2%** |
| Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement <br> Communities & Services Obligated Group)<br>| 5.00 | 12/1/2048 | 4000000 | 4004139 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding <br> (Intermountain Healthcare Obligated Group) Ser. A<br>| 4.00 | 5/15/2052 | 4245000 | 3906541 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (School <br> Health System) Ser. A<br>| 4.00 | 1/1/2036 | 7525000 | 7752591 |
| Colorado University Research Foundation, Revenue Bonds (The Prospect <br> Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 3/1/2040 | 2000000 | 2110907 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2027 | 3860000 | 3913393 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 1500000 | 1518981 |
| Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2036 | 1315000 | 1326796 |
| Denver Health & Hospital Authority, Revenue Bonds, Ser. A | 6.00 | 12/1/2055 | 5250000 | 5660949 |
| Park Creek Metropolitan District, Tax Allocation Bonds, Refunding (Insured; <br> Assured Guaranty Corp.)<br>| 5.00 | 12/1/2044 | 1250000 | 1339097 |
| Regional Transportation District, Revenue Bonds, Refunding (Denver Transit <br> Partners) Ser. A<br>| 4.00 | 7/15/2034 | 2000000 | 2067145 |
| Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health <br> Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health <br> Obligated Group) Ser. A1) Recourse, Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 12.90 | 8/1/2044 | 1645000 | 1858419 |
| Tender Option Bond Trust Receipts (Series 2023-XM1124), (Colorado Health <br> Facilities Authority, Revenue Bonds (Adventist Health System/Sunbelt <br> Obligated Group) Ser. A) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 10.01 | 11/15/2048 | 2770000 | 2549126 |
| Vail Home Partners Corp., Revenue Bonds<sup>(b)</sup> <br>| 6.00 | 10/1/2064 | 3500000 | 3605806 |
|  |  |  |  | **41613890** |
| **Connecticut — 3.3%** | **Connecticut — 3.3%** | **Connecticut — 3.3%** | **Connecticut — 3.3%** | **Connecticut — 3.3%** |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 9/1/2035 | 5000000 | 5025375 |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2036 | 1000000 | 1055328 |
| Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2037 | 1500000 | 1570449 |
| Connecticut, GO (Sustainable Bond) Ser. F | 5.00 | 11/15/2042 | 2000000 | 2198450 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds (The <br> Stamford Hospital Obligated Group) Ser. K<br>| 4.00 | 7/1/2046 | 2270000 | 2090767 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Connecticut College) Ser. L1<br>| 4.00 | 7/1/2046 | 2000000 | 1946313 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Fairfield University) Ser. T<br>| 4.00 | 7/1/2055 | 1745000 | 1550278 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Hartford Healthcare Issue) Ser. A<br>| 5.00 | 7/1/2031 | 2500000 | 2802472 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (The Trustees of Trinity College) Ser. R<br>| 4.00 | 6/1/2045 | 925000 | 895115 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds <br> (Church Home of Hartford Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 9/1/2046 | 1000000 | 991162 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Connecticut — 3.3% (continued)** | **Connecticut — 3.3% (continued)** | **Connecticut — 3.3% (continued)** | **Connecticut — 3.3% (continued)** | **Connecticut — 3.3% (continued)** |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds <br> (Church Home of Hartford Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 9/1/2053 | 1500000 | 1425180 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds <br> (Fairfield University) Ser. U<br>| 4.00 | 7/1/2052 | 1240000 | 1121426 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds <br> (Hartford HealthCare Obligated Group) Ser. A<br>| 4.00 | 7/1/2040 | 500000 | 502758 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds <br> (Hartford HealthCare Project) Ser. A<br>| 4.00 | 7/1/2046 | 945000 | 891198 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Quinnipiac University) Ser. M<br>| 5.00 | 7/1/2036 | 200000 | 200903 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Sacred Heart University) Ser. I1<br>| 5.00 | 7/1/2042 | 2000000 | 2035226 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (The Greenwich Academy) (Insured; Assured Guaranty Corp.) <br> Ser. E<br>| 5.25 | 3/1/2032 | 5000000 | 5518338 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (The Stamford Hospital Obligated Group) Ser. L1<br>| 4.00 | 7/1/2029 | 500000 | 518171 |
| Connecticut Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding, Ser. S<br>| 4.00 | 6/1/2046 | 2250000 | 2158923 |
| Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, <br> Ser. B<br>| 3.25 | 11/15/2036 | 1130000 | 1093297 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding <br> (Sustainable Bond) Ser. D1<br>| 3.00 | 5/15/2051 | 1640000 | 1628963 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 3.65 | 11/15/2032 | 1455000 | 1459978 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 2695000 | 2696261 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 4.00 | 11/15/2047 | 165000 | 165612 |
| Greater New Haven Water Pollution Control Authority, Revenue Bonds, <br> Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A<br>| 5.00 | 8/15/2035 | 25000 | 25034 |
| Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, <br> Refunding (Harbor Point Project)<sup>(b)</sup> <br>| 5.00 | 4/1/2039 | 4000000 | 4060451 |
| New Haven, GO (Insured; Assured Guaranty Corp.) Ser. A | 5.00 | 8/1/2039 | 3000000 | 3184398 |
| Norwalk, GO, Ser. A | 3.00 | 7/15/2037 | 1070000 | 1067515 |
| The Metropolitan District, GO, Refunding, Ser. A | 4.00 | 9/1/2039 | 4000000 | 4201141 |
| University of Connecticut, Revenue Bonds (Insured; State Appropriation) Ser. <br> A<br>| 5.25 | 11/15/2047 | 4000000 | 4117989 |
| Waterbury, GO, Ser. A | 4.00 | 2/1/2039 | 2200000 | 2264103 |
|  |  |  |  | **60462574** |
| **Delaware — .0%** | **Delaware — .0%** | **Delaware — .0%** | **Delaware — .0%** | **Delaware — .0%** |
| Delaware Economic Development Authority, Revenue Bonds (ACTS <br> Retirement-Life Communities Obligated Group) Ser. B<br>| 5.25 | 11/15/2053 | 1000000 | **1014419** |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| District of Columbia, Revenue Bonds, Refunding (The Catholic University of <br> America) Ser. A<br>| 5.75 | 10/1/2055 | 3950000 | 4221069 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2035 | 2000000 | 2063026 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. A<br>| 5.00 | 10/1/2037 | 2000000 | 2107079 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2049 | 1000000 | 894417 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 4.00 | 10/1/2038 | 2855000 | 2894142 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 10/1/2035 | 2000000 | 2024847 |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **District of Columbia — 1.4% (continued)** | **District of Columbia — 1.4% (continued)** | **District of Columbia — 1.4% (continued)** | **District of Columbia — 1.4% (continued)** | **District of Columbia — 1.4% (continued)** |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.00 | 10/1/2038 | 4000000 | 4162611 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds <br> (Sustainable Bond)<br>| 5.25 | 7/15/2053 | 3000000 | 3152524 |
| Washington Metropolitan Area Transit Authority, Revenue Bonds <br> (Sustainable Bond) Ser. A<br>| 4.00 | 7/15/2039 | 3500000 | 3600738 |
|  |  |  |  | **25120453** |
| **Florida — 5.2%** | **Florida — 5.2%** | **Florida — 5.2%** | **Florida — 5.2%** | **Florida — 5.2%** |
| Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A | 5.00 | 11/15/2053 | 1670000 | 1620862 |
| Collier County Industrial Development Authority, Revenue Bonds (NCH <br> Healthcare System) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 10/1/2054 | 1480000 | 1519241 |
| Escambia County, Revenue Bonds | 5.00 | 10/1/2046 | 1820000 | 1845940 |
| Florida Development Finance Corp., Revenue Bonds, Refunding (Brightline <br> Florida Passenger Rail Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2053 | 10245000 | 10212347 |
| Florida Higher Educational Facilities Financing Authority, Revenue Bonds, <br> Refunding (Nova Southeastern University Project)<br>| 5.00 | 4/1/2035 | 1500000 | 1502142 |
| Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. 1<br>| 4.40 | 7/1/2044 | 1065000 | 1073684 |
| Florida Housing Finance Corp., Revenue Bonds (Sustainable Bond) (Insured; <br> GNMA, FNMA, FHLMC) Ser. 2<br>| 3.00 | 7/1/2051 | 830000 | 825974 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 5.00 | 6/15/2035 | 3400000 | 3612382 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 6.25 | 6/15/2055 | 4220000 | 4359354 |
| Florida Municipal Power Agency, Revenue Bonds, Ser. A | 3.00 | 10/1/2032 | 1360000 | 1362141 |
| Greater Orlando Aviation Authority, Revenue Bonds (United Airlines, Inc. <br> Project)<br>| 5.25 | 11/1/2035 | 1000000 | 1090020 |
| Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2049 | 1380000 | 1252518 |
| Hillsborough County Aviation Authority, Revenue Bonds (Tampa <br> International Airport)<br>| 5.00 | 10/1/2034 | 2110000 | 2333616 |
| Hillsborough County Industrial Development Authority, Revenue Bonds, <br> Refunding (BayCare Obligated Group) Ser. C<br>| 4.13 | 11/15/2051 | 5000000 | 4628759 |
| Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | 4.00 | 11/1/2045 | 6000000 | 5482715 |
| JEA Electric System, Revenue Bonds, Refunding, Ser. 3A | 4.00 | 10/1/2037 | 2850000 | 2929800 |
| JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2039 | 1500000 | 1541523 |
| Miami Beach Stormwater, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 4500000 | 4503117 |
| Orange County Health Facilities Authority, Revenue Bonds (Orlando Health <br> Obligated Group) Ser. A<br>| 5.00 | 10/1/2053 | 2715000 | 2801503 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Baptist Health South Florida Obligated Group)<br>| 4.00 | 8/15/2049 | 12215000 | 11053588 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Baptist Health South Florida Obligated Group)<br>| 5.00 | 8/15/2037 | 1000000 | 1063013 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Baptist Health South Florida Obligated Group)<br>| 5.00 | 8/15/2038 | 1200000 | 1272493 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Baptist Health South Florida Obligated Group)<br>| 5.00 | 8/15/2039 | 1000000 | 1057647 |
| Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding <br> (Lifespace Communities Obligated Group) Ser. C<br>| 7.63 | 5/15/2058 | 1000000 | 1113735 |
| Polk County Utility System, Revenue Bonds, Refunding | 4.00 | 10/1/2043 | 950000 | 958344 |
| St. Johns County School Board, COP (Insured; Assured Guaranty Corp.) Ser. A | 5.50 | 7/1/2049 | 3250000 | 3506571 |
| Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2034 | 5650000 | 5843677 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Florida — 5.2% (continued)** | **Florida — 5.2% (continued)** | **Florida — 5.2% (continued)** | **Florida — 5.2% (continued)** | **Florida — 5.2% (continued)** |
| Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2035 | 5875000 | 6055752 |
| Tender Option Bond Trust Receipts (Series 2023-XM1122), (Miami-Dade FL <br> County Water & Sewer System, Revenue Bonds, Refunding, Ser. B) <br> Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 8.01 | 10/1/2049 | 9750000 | 9015591 |
|  |  |  |  | **95438049** |
| **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** | **Georgia — 3.2%** |
| Fulton County Development Authority, Revenue Bonds, Ser. A | 5.00 | 4/1/2036 | 1000000 | 1020610 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project)<br>| 5.00 | 1/1/2038 | 1100000 | 1147389 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project)<br>| 5.00 | 1/1/2039 | 1000000 | 1039729 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) Ser. A<br>| 5.00 | 7/1/2052 | 1110000 | 1129842 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 7/1/2055 | 5000000 | 5136959 |
| Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Insured; <br> Build America Mutual) Ser. A<br>| 5.25 | 1/1/2054 | 8255000 | 8651033 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.00 | 6/1/2029 | 2000000 | 2120536 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 4.00 | 9/1/2026 | 17000000 | 17101470 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. C<sup>(a)</sup> <br>| 5.00 | 9/1/2030 | 4250000 | 4590122 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. D<sup>(a)</sup> <br>| 5.00 | 12/1/2030 | 3000000 | 3221647 |
| Main Street Natural Gas, Inc., Revenue Bonds, Ser. E<sup>(a)</sup> <br>| 5.00 | 12/1/2032 | 4000000 | 4376476 |
| Savannah Georgia Convention Center Authority, Revenue Bonds (Insured; <br> Assured Guaranty Corp.) (Convention Center Hotel) Ser. C<br>| 5.00 | 6/1/2038 | 495000 | 564840 |
| Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven <br> Development Authority, Revenue Bonds (Children's Healthcare of Atlanta) <br> Ser. A) Recourse, Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 11.30 | 7/1/2044 | 2660000 | 2859462 |
| Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal <br> Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) Ser. A) Recourse, Underlying Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 13.64 | 1/1/2059 | 1270000 | 1264598 |
| Tender Option Bond Trust Receipts (Series 2025-XF80660), (Atlanta <br> Department of Aviation, Revenue Bonds, Ser. B1), Non-Recourse, <br> Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 14.86 | 7/1/2050 | 1410000 | 1486347 |
| The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2040 | 3250000 | 3254605 |
|  |  |  |  | **58965665** |
| **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** | **Idaho — .4%** |
| Power County Industrial Development Corp., Revenue Bonds (FMC Corp. <br> Project)<br>| 6.45 | 8/1/2032 | 7625000 | **7653736** |
| **Illinois — 8.6%** | **Illinois — 8.6%** | **Illinois — 8.6%** | **Illinois — 8.6%** | **Illinois — 8.6%** |
| Chicago, GO (Housing and Economic Development Projects) Ser. F | 6.00 | 1/1/2050 | 4500000 | 4732957 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2043 | 2130000 | 2166220 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2044 | 260000 | 260914 |
| Chicago, GO, Ser. A | 5.00 | 1/1/2045 | 6300000 | 6334854 |
| Chicago, GO, Ser. A | 6.00 | 1/1/2050 | 2000000 | 2105832 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2000000 | 2029651 |
| Chicago Board of Education, GO, Ser. A | 6.00 | 12/1/2049 | 5000000 | 5182761 |
| Chicago Board of Education, GO, Ser. A | 6.25 | 12/1/2050 | 2750000 | 2920371 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 5.00 | 12/1/2029 | 2000000 | 2113953 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 5.00 | 12/1/2034 | 1000000 | 1043715 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 5.00 | 12/1/2035 | 1000000 | 1039703 |
| Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty <br> Corp.) Ser. C<br>| 5.00 | 12/1/2030 | 3000000 | 3162248 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.50 | 12/1/2032 | 2495000 | 2735676 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.50 | 12/1/2035 | 9000000 | 9934709 |
| Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 2500000 | 2523719 |
| Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2036 | 4000000 | 4500255 |
| Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2040 | 1000000 | 1094323 |
| Chicago O'Hare International Airport, Revenue Bonds, Ser. A | 5.50 | 1/1/2055 | 3500000 | 3636009 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. D<br>| 5.00 | 1/1/2039 | 6530000 | 7199698 |
| Chicago Park District, GO, Refunding, Ser. A | 5.00 | 1/1/2045 | 5000000 | 5233448 |
| Chicago Park District, GO, Refunding, Ser. A | 5.25 | 1/1/2046 | 2500000 | 2634622 |
| Chicago Park District, GO, Refunding, Ser. C | 5.00 | 1/1/2037 | 1350000 | 1494936 |
| Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; <br> Build America Mutual) Ser. A<br>| 5.00 | 1/1/2040 | 1000000 | 1119035 |
| Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; <br> Build America Mutual) Ser. A<br>| 5.00 | 1/1/2043 | 2000000 | 2179042 |
| Chicago Waterworks, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2039 | 6730000 | 7543877 |
| Cook County, Revenue Bonds, Refunding | 5.00 | 11/15/2036 | 2000000 | 2068850 |
| Cook County, Revenue Bonds, Refunding | 5.00 | 11/15/2045 | 2000000 | 2138311 |
| Cook County, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2040 | 2500000 | 2527192 |
| Illinois, GO, Ser. A | 5.00 | 5/1/2038 | 1250000 | 1291375 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 1000000 | 1042243 |
| Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1000000 | 1064639 |
| Illinois, Revenue Bonds, Ser. C | 5.00 | 6/15/2045 | 7500000 | 7962396 |
| Illinois Finance Authority, Revenue Bonds (Centerpoint Joliet Terminal <br> Railroad Project)<sup>(a),(b)</sup> <br>| 4.80 | 7/2/2035 | 3000000 | 3151532 |
| Illinois Finance Authority, Revenue Bonds (Sustainable Bond) | 4.00 | 7/1/2038 | 4500000 | 4643197 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care <br> Project)<br>| 4.00 | 11/1/2030 | 495000 | 508793 |
| Illinois Finance Authority, Revenue Bonds, Refunding (The University of <br> Chicago) Ser. A<br>| 4.00 | 4/1/2050 | 12740000 | 11570181 |
| Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond) <br> (Insured; GNMA, FNMA, FHLMC) Ser. A<br>| 3.00 | 4/1/2051 | 2455000 | 2441346 |
| Illinois Toll Highway Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2041 | 4500000 | 4842057 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place <br> Project) (Insured; National Public Finance Guarantee Corp.) Ser. A<sup>(e)</sup> <br>| 0.00 | 12/15/2036 | 2500000 | 1730355 |
| Metropolitan Water Reclamation District of Greater Chicago, GO (Sustainable <br> Bond) Ser. A<br>| 5.00 | 12/1/2044 | 4000000 | 4353596 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. B<br>| 4.00 | 4/1/2035 | 600000 | 613144 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. B<br>| 4.00 | 4/1/2036 | 650000 | 661102 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. A<br>| 4.00 | 1/1/2040 | 10350000 | 10439031 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2039 | 2765000 | 2784673 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 1500000 | 1721883 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 3300000 | 3767055 |

---

**9**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** | **Illinois — 8.6% (continued)** |
| Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional <br> Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, <br> Underlying Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 6.85 | 6/1/2048 | 1125000 | 1026532 |
| Tender Option Bond Trust Receipts (Series 2025-XF3349), (Chicago O'Hare <br> International Airport, Revenue Bonds, Refunding, Ser. A) Recourse, <br> Underlying Coupon Rate 5.50%<sup>(b),(c),(d)</sup> <br>| 15.78 | 1/1/2053 | 1440000 | 1513425 |
|  |  |  |  | **158785436** |
| **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** | **Indiana — .9%** |
| Ball University, Revenue Bonds, Refunding, Ser. S | 4.00 | 7/1/2035 | 1200000 | 1237291 |
| Indiana Finance Authority, Revenue Bonds, Refunding (Marquette Project) <br> Ser. A<br>| 5.00 | 3/1/2040 | 3445000 | 3700115 |
| Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3765000 | 3794823 |
| Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 2500000 | 2518721 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (City <br> Moral Obligation) (Insured; Build America Mutual) Ser. F1<br>| 5.25 | 3/1/2067 | 1000000 | 1045784 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | 4.13 | 2/1/2052 | 1290000 | 1220405 |
| Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & <br> Health Care Services) Ser. A<br>| 5.00 | 1/1/2035 | 3400000 | 3402418 |
|  |  |  |  | **16919557** |
| **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** | **Iowa — .5%** |
| Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. <br> Project)<sup>(f)</sup> <br>| 5.00 | 12/1/2032 | 900000 | 1050815 |
| Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Insured; GNMA, FNMA, FHLMC) Ser. A<br>| 3.00 | 1/1/2047 | 3850000 | 3848541 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | 5.00 | 12/1/2032 | 1000000 | 1094834 |
| PEFA, Inc., Revenue Bonds (Gas Project)<sup>(a)</sup> <br>| 5.00 | 9/1/2026 | 3000000 | 3034908 |
|  |  |  |  | **9029098** |
| **Kentucky — 1.9%** | **Kentucky — 1.9%** | **Kentucky — 1.9%** | **Kentucky — 1.9%** | **Kentucky — 1.9%** |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 5.00 | 7/1/2030 | 1000000 | 1071899 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 5.00 | 12/1/2033 | 9000000 | 9596825 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1<sup>(a)</sup> <br>| 5.25 | 2/1/2032 | 15900000 | 17499785 |
| Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. B<sup>(a)</sup> <br>| 5.00 | 8/1/2032 | 1685000 | 1837779 |
| University of Kentucky, Revenue Bonds (Johnson Center Expansion) Ser. A | 5.25 | 4/1/2050 | 5000000 | 5324521 |
|  |  |  |  | **35330809** |
| **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Bonds | 5.50 | 7/15/2050 | 6010000 | 6391426 |
| Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge <br> Partners)<br>| 5.50 | 9/1/2059 | 5000000 | 5139811 |
| Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River <br> Bridge Public-Private Partnership Project)<br>| 5.75 | 9/1/2064 | 2880000 | 2999620 |
| Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner <br> Clinic Foundation Obligated Group) Ser. A<br>| 5.50 | 5/15/2055 | 3000000 | 3204943 |
| New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated <br> Rental Car Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 1/1/2037 | 1750000 | 1812259 |
| New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated <br> Rental Car Project) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 1/1/2038 | 1500000 | 1550315 |
| Parish of St. James, Revenue Bonds (Nustar Logistics LP Project) Ser. B<sup>(a),(b)</sup> <br>| 6.10 | 6/1/2030 | 4865000 | 5426149 |
| Parish of St. John, Revenue Bonds, Refunding (Marathon Oil Corp.)<sup>(a)</sup> <br>| 2.20 | 7/1/2026 | 2000000 | 1997203 |
|  |  |  |  | **28521726** |
| **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** | **Maine — .2%** |
| Finance Authority of Maine, Revenue Bonds (University of New England) | 5.50 | 7/1/2055 | 3000000 | **3197498** |

---

**10**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** | **Maryland — 1.4%** |
| Maryland Economic Development Corp., Revenue Bonds (College Park <br> Leonardtown Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2064 | 2350000 | 2434155 |
| Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) <br> (Purple Line Transit Partners) Ser. B<br>| 5.25 | 6/30/2055 | 10175000 | 10196900 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds <br> (Adventist Healthcare Obligated Group) Ser. A<br>| 5.50 | 1/1/2046 | 1500000 | 1513436 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (Insured; Assured Guaranty Corp.) Ser. C<br>| 5.50 | 7/1/2055 | 1500000 | 1616432 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (University of Maryland Medical System Obligated Group) Ser. <br> B2<sup>(a)</sup> <br>| 5.00 | 7/1/2027 | 4000000 | 4072309 |
| Maryland Stadium Authority, Revenue Bonds | 4.00 | 6/1/2049 | 4000000 | 3741320 |
| Tender Option Bond Trust Receipts (Series 2024-XF1758), (Maryland <br> Stadium Authority, Revenue Bonds) Non-Recourse, Underlying Coupon <br> Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 13.89 | 6/1/2054 | 1900000 | 1980032 |
|  |  |  |  | **25554584** |
| **Massachusetts — 3.8%** | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2039 | 1000000 | 1001705 |
| Massachusetts, GO, Ser. C | 3.00 | 3/1/2047 | 1350000 | 1071175 |
| Massachusetts, GO, Ser. C | 5.25 | 10/1/2052 | 2000000 | 2120830 |
| Massachusetts Development Finance Agency, Revenue Bonds (Baystate <br> Medical Center Obligated Group) Ser. N<br>| 5.00 | 7/1/2034 | 1475000 | 1477453 |
| Massachusetts Development Finance Agency, Revenue Bonds (Brown <br> University) Ser. A<br>| 5.50 | 8/15/2050 | 6750000 | 7118279 |
| Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber <br> Cancer Institute Obligated Group) Ser. N<br>| 5.00 | 12/1/2041 | 1000000 | 1011451 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Beth Israel Lahey Health Obligated Group) Ser. N<br>| 5.50 | 7/1/2055 | 13515000 | 14415287 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (NewBridge Charles Obligated Group)<sup>(b)</sup> <br>| 5.00 | 10/1/2057 | 1500000 | 1469485 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Suffolk University) Ser. A<br>| 4.00 | 7/1/2045 | 1250000 | 1118040 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (The Broad Institute)<br>| 5.00 | 4/1/2037 | 1000000 | 1028359 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Trustees of Boston University) Ser. FF<br>| 4.00 | 10/1/2046 | 1740000 | 1688632 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. <br> G<br>| 5.25 | 11/1/2051 | 5000000 | 5294166 |
| Massachusetts Development Finance Agency, Revenue Bonds (Boston <br> College) Ser. BB1<br>| 4.00 | 10/1/2046 | 550000 | 542260 |
| Massachusetts Development Finance Agency, Revenue Bonds (Linden <br> Ponds Inc.)<sup>(b)</sup> <br>| 5.13 | 11/15/2046 | 1500000 | 1523441 |
| Massachusetts Development Finance Agency, Revenue Bonds (Suffolk <br> University Project)<br>| 4.00 | 7/1/2046 | 500000 | 440594 |
| Massachusetts Development Finance Agency, Revenue Bonds (Sustainable <br> Bond) (Equitable School Revolving Fund Obligated Group) Ser. C<br>| 4.00 | 11/1/2046 | 2265000 | 2130512 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Boston Medical Center) Ser. E<br>| 5.00 | 7/1/2037 | 1000000 | 1003272 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Caregroup) Ser. I<br>| 5.00 | 7/1/2037 | 1500000 | 1509045 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (College of the Holy Cross) Ser. A<br>| 5.00 | 9/1/2041 | 800000 | 804480 |

---

**11**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Massachusetts — 3.8% (continued)** | **Massachusetts — 3.8% (continued)** | **Massachusetts — 3.8% (continued)** | **Massachusetts — 3.8% (continued)** | **Massachusetts — 3.8% (continued)** |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Orchard Cove Inc.)<br>| 5.00 | 10/1/2049 | 650000 | 651427 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Salem Community Corp.)<br>| 5.25 | 1/1/2050 | 1000000 | 950602 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Suffolk University)<br>| 5.00 | 7/1/2035 | 1000000 | 1011430 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Suffolk University)<br>| 5.00 | 7/1/2036 | 755000 | 762464 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Suffolk University)<br>| 5.00 | 7/1/2036 | 450000 | 460724 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (Sustainable Bond) (Boston Medical Center)<br>| 4.38 | 7/1/2052 | 3000000 | 2727231 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (UMass Memorial Health Care Obligated Group)<br>| 5.00 | 7/1/2031 | 1000000 | 1026384 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding <br> (WGBH Educational Foundation)<br>| 5.00 | 1/1/2040 | 1000000 | 1007275 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 1450000 | 1533299 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Ser. B | 4.50 | 6/1/2056 | 2385000 | 2342083 |
| Massachusetts Municipal Wholesale Electric Co., Revenue Bonds (Project <br> 2015-A) Ser. A<br>| 4.00 | 7/1/2051 | 1000000 | 923379 |
| Massachusetts Port Authority, Revenue Bonds, Ser. E | 5.00 | 7/1/2040 | 1000000 | 1070857 |
| Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2046 | 2500000 | 2349842 |
| Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2040 | 1215000 | 1301091 |
| Massachusetts Transportation Fund, Revenue Bonds, Ser. A | 5.00 | 6/1/2041 | 1500000 | 1507846 |
| Massachusetts Transportation Fund, Revenue Bonds (Sustainable Bond) | 5.00 | 6/1/2050 | 1000000 | 1038422 |
| University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2046 | 1980000 | 1933936 |
| University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 5.00 | 11/1/2050 | 1220000 | 1255300 |
|  |  |  |  | **70622058** |
| **Michigan — 3.2%** | **Michigan — 3.2%** | **Michigan — 3.2%** | **Michigan — 3.2%** | **Michigan — 3.2%** |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2048 | 2035000 | 2125586 |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2041 | 2250000 | 2479361 |
| Great Lakes Water Authority, Revenue Bonds, Ser. D | 5.50 | 7/1/2050 | 5125000 | 5567056 |
| Great Lakes Water Authority Sewage Disposal System, Revenue Bonds <br> (Sustainable Bond) Ser. C<br>| 5.25 | 7/1/2053 | 1250000 | 1319429 |
| Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B | 5.25 | 7/1/2053 | 2250000 | 2374972 |
| Karegnondi Water Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2041 | 2620000 | 2685882 |
| Lansing Board of Water & Light, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 2.00 | 5/18/2026 | 5500000 | 5496595 |
| Michigan Finance Authority, Revenue Bonds (McLaren Health Care) | 4.00 | 2/15/2050 | 4970000 | 4417343 |
| Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2049 | 5550000 | 5012640 |
| Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry <br> Ford)<br>| 4.38 | 2/28/2054 | 2000000 | 1894904 |
| Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-<br> Spectrum)<br>| 5.00 | 4/15/2038 | 7135000 | 7860130 |
| Michigan Housing Development Authority, Revenue Bonds, Ser. C | 5.05 | 6/1/2051 | 2750000 | 2790671 |
| Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 12/31/2043 | 3800000 | 3857782 |
| Pontiac School District, GO (Insured; Qualified School Board Loan Fund) | 4.00 | 5/1/2045 | 2440000 | 2404783 |
| Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan <br> Wayne County Airport)<br>| 5.00 | 12/1/2038 | 5000000 | 5268742 |
| Wayne County Airport Authority, Revenue Bonds, Ser. A | 5.50 | 12/1/2050 | 2500000 | 2733385 |
|  |  |  |  | **58289261** |

---

**12**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** | **Minnesota — .4%** |
| Duluth Economic Development Authority, Revenue Bonds, Refunding <br> (Essentia Health Obligated Group) Ser. A<br>| 5.00 | 2/15/2058 | 1000000 | 1003836 |
| Minnesota Agricultural & Economic Development Board, Revenue Bonds <br> (HealthPartners Obligated Group)<br>| 5.25 | 1/1/2054 | 5500000 | 5724124 |
| Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC) Ser. E<br>| 3.50 | 7/1/2050 | 1315000 | 1321320 |
|  |  |  |  | **8049280** |
| **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** | **Mississippi — .1%** |
| Mississippi Home Corp., Revenue Bonds, Refunding (Insured; GNMA, FNMA, <br> FHLMC) Ser. A<br>| 3.75 | 6/1/2049 | 1560000 | **1578411** |
| **Missouri — .2%** | **Missouri — .2%** | **Missouri — .2%** | **Missouri — .2%** | **Missouri — .2%** |
| Tender Option Bond Trust Receipts (Series 2023-XM1116), (Jackson County <br> Missouri Special Obligation, Revenue Bonds, Refunding, Ser. A) Non-<br> Recourse, Underlying Coupon Rate 4.25%<sup>(b),(c),(d)</sup> <br>| 8.74 | 12/1/2053 | 3000000 | **2901236** |
| **Montana — .1%** | **Montana — .1%** | **Montana — .1%** | **Montana — .1%** | **Montana — .1%** |
| Montana Facility Finance Authority, Revenue Bonds (Benefis Health System <br> Obligated Group) Ser. A<br>| 5.50 | 2/15/2055 | 2300000 | **2430012** |
| **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** | **Nebraska — .6%** |
| Omaha Public Power District, Revenue Bonds, Ser. A | 5.25 | 2/1/2052 | 4000000 | 4216060 |
| Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2041 | 3050000 | 3067771 |
| Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2038 | 3655000 | 3678480 |
|  |  |  |  | **10962311** |
| **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** | **Nevada — 1.0%** |
| Clark County, GO, Ser. A | 5.00 | 6/1/2043 | 2500000 | 2594830 |
| Clark County School District, GO (Insured; Assured Guaranty Corp.) Ser. A | 4.00 | 6/15/2037 | 1700000 | 1753453 |
| Clark County School District, GO (Insured; Assured Guaranty Corp.) Ser. A | 4.25 | 6/15/2041 | 1340000 | 1386111 |
| Clark County School District, GO, Ser. A | 5.00 | 6/15/2039 | 5000000 | 5469838 |
| Nevada Highway Improvement, Revenue Bonds, Ser. D | 3.00 | 12/1/2043 | 3625000 | 3216821 |
| Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) | 4.00 | 6/1/2058 | 1250000 | 1156015 |
| Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) <br> Ser. C<sup>(b),(e)</sup> <br>| 0.00 | 7/1/2058 | 13500000 | 2153706 |
| Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) <br> (Insured; Assured Guaranty Corp.)<br>| 4.13 | 6/1/2058 | 1250000 | 1188832 |
|  |  |  |  | **18919606** |
| **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** | **New Hampshire — .6%** |
| New Hampshire Business Finance Authority, Revenue Bonds (Mill Creek <br> Project, Montgomery County)<sup>(b)</sup> <br>| 5.95 | 12/1/2031 | 1800000 | 1803628 |
| New Hampshire Business Finance Authority, Revenue Bonds (The <br> Wildflower Project)<sup>(b),(e)</sup> <br>| 0.00 | 12/15/2033 | 4250000 | 2620562 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of <br> Nevada Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.25 | 6/1/2051 | 1000000 | 1055667 |
| New Hampshire Business Finance Authority, Revenue Bonds (Winston-Salem <br> Sustainable Energy Partners) Ser. A<br>| 5.50 | 6/1/2050 | 1550000 | 1639072 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of <br> Nevada Reno Project) (Insured; Build America Mutual) Ser. A<br>| 4.50 | 6/1/2053 | 1550000 | 1511276 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of <br> Nevada Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.00 | 12/1/2038 | 665000 | 741175 |
| New Hampshire Business Finance Authority, Revenue Bonds (University of <br> Nevada Reno Project) (Insured; Build America Mutual) Ser. A<br>| 5.25 | 12/1/2039 | 790000 | 887671 |
|  |  |  |  | **10259051** |

---

**13**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **New Jersey — 2.3%** | **New Jersey — 2.3%** | **New Jersey — 2.3%** | **New Jersey — 2.3%** | **New Jersey — 2.3%** |
| New Jersey Economic Development Authority, Revenue Bonds (Repauno <br> Port & Rail Terminal Project)<sup>(b)</sup> <br>| 6.63 | 1/1/2045 | 3405000 | 3575541 |
| New Jersey Economic Development Authority, Revenue Bonds (Continental <br> Airlines Project)<br>| 5.25 | 9/15/2029 | 5965000 | 5976706 |
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ <br> Barnabas Health Obligated Group)<br>| 4.00 | 7/1/2051 | 7220000 | 6926850 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 12/1/2029 | 2000000 | 2158183 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, <br> Refunding, Ser. A<br>| 5.00 | 12/1/2032 | 1200000 | 1325215 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2044 | 1250000 | 1340636 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.25 | 6/15/2050 | 4500000 | 4776114 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, <br> Ser. AA<br>| 5.00 | 6/15/2042 | 3750000 | 4179959 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2036 | 5000000 | 5195396 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2037 | 5000000 | 5174345 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 1710000 | 1722454 |
|  |  |  |  | **42351399** |
| **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** |
| Albany Capital Resource Corp., Revenue Bonds, Refunding (Albany Medical <br> Center Hospital Project) Ser. A<br>| 5.50 | 5/1/2055 | 1500000 | 1606828 |
| Build New York City Resource Corp., Revenue Bonds (Riverspring Health <br> Senior Living, Inc. Project) Ser. A<br>| 4.75 | 6/15/2040 | 2080000 | 2122560 |
| Build New York City Resource Corp., Revenue Bonds (Riverspring Health <br> Senior Living, Inc. Project) Ser. A<sup>(b)</sup> <br>| 6.50 | 12/15/2045 | 5835000 | 5895985 |
| Build New York City Resource Corp., Revenue Bonds (The Nightingale-<br> Bamford School Project)<br>| 5.00 | 7/1/2040 | 750000 | 847400 |
| Build New York City Resource Corp., Revenue Bonds (The Renaissance <br> Charter School 2 Project) Ser. B<sup>(b)</sup> <br>| 5.00 | 6/1/2036 | 8750000 | 9317391 |
| Build New York City Resource Corp., Revenue Bonds (Zeta Charter Schools, <br> Inc. Project) Ser. A<sup>(b)</sup> <br>| 7.00 | 12/15/2055 | 4360000 | 4399393 |
| Empire State Development Corp., Revenue Bonds (Personal Income Tax) Ser. <br> A<br>| 4.00 | 3/15/2039 | 1160000 | 1184864 |
| Empire State Development Corp., Revenue Bonds, Refunding (Personal <br> Income Tax)<br>| 4.00 | 3/15/2042 | 2050000 | 2066333 |
| New York City, GO, Ser. D1 | 4.00 | 3/1/2041 | 1570000 | 1588303 |
| New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 6710000 | 6253087 |
| New York City, GO, Ser. F1 | 4.00 | 3/1/2047 | 710000 | 679239 |
| New York City Industrial Development Agency, Revenue Bonds, Refunding <br> (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) Ser. <br> A<br>| 4.00 | 1/1/2032 | 1000000 | 1060452 |
| New York City Municipal Water Finance Authority, Revenue Bonds, <br> Refunding, Ser. DD<br>| 4.13 | 6/15/2047 | 1840000 | 1800044 |
| New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2036 | 6780000 | 7098558 |
| New York Convention Center Development Corp., Revenue Bonds (Hotel Unit <br> Fee) (Insured; Assured Guaranty Corp.) Ser. B<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 6400000 | 1748186 |
| New York Energy Finance Development Corp., Revenue Bonds<sup>(a)</sup> <br>| 5.00 | 12/1/2033 | 5925000 | 6362053 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman <br> Sachs Headquarters)<br>| 5.25 | 10/1/2035 | 3500000 | 4198787 |
| New York State Dormitory Authority, Revenue Bonds (New York University) <br> (Insured; National Public Finance Guarantee Corp.) Ser. A<br>| 5.75 | 7/1/2027 | 1475000 | 1517640 |
| New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. A<sup>(f)</sup> <br>| 5.00 | 10/1/2028 | 10000 | 10705 |

---

**14**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **New York — 8.3% (continued)** | **New York — 8.3% (continued)** | **New York — 8.3% (continued)** | **New York — 8.3% (continued)** | **New York — 8.3% (continued)** |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E<sup>(f)</sup> <br>| 4.00 | 3/15/2032 | 5000 | 5482 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E<sup>(f)</sup> <br>| 4.00 | 3/15/2032 | 290000 | 317941 |
| New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | 4.00 | 3/15/2040 | 2705000 | 2759477 |
| New York State Thruway Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 4.00 | 1/1/2045 | 7665000 | 7508510 |
| New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 3/15/2036 | 3380000 | 3511359 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air <br> Lines)<br>| 4.00 | 1/1/2036 | 7035000 | 7056825 |
| New York Transportation Development Corp., Revenue Bonds (Delta Air <br> Lines)<br>| 5.00 | 1/1/2032 | 2810000 | 2908267 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport New Terminal One Project) (Insured; <br> Assured Guaranty Corp.)<br>| 6.00 | 6/30/2055 | 15500000 | 16809539 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport New Terminal One Project) (Insured; <br> Assured Guaranty Corp.)<br>| 6.00 | 6/30/2060 | 5000000 | 5410895 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2036 | 2455000 | 2682855 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2040 | 4000000 | 4269230 |
| New York Transportation Development Corp., Revenue Bonds, Refunding <br> (John F. Kennedy International Airport Terminal)<br>| 5.00 | 12/1/2035 | 1750000 | 1910786 |
| Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan <br> Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Insured; Assured Guaranty Corp.) Ser. C) Non-Recourse, Underlying <br> Coupon Rate 4.00%<sup>(b),(c),(d)</sup> <br>| 5.90 | 11/15/2047 | 2000000 | 1853167 |
| Tender Option Bond Trust Receipts (Series 2024-XM1174), (New York State <br> Transportation Development Corp., Revenue Bonds (Sustainable Bond) <br> (John F. Kennedy International Airport Terminal One Project) (Insured; <br> Assured Guaranty Corp.)) Recourse, Underlying Coupon Rate <br> 5.25%<sup>(b),(c),(d)</sup> <br>| 14.62 | 6/30/2060 | 1360000 | 1392234 |
| Tender Option Bond Trust Receipts (Series 2024-XM1181), (Triborough New <br> York Bridge & Tunnel Authority, Revenue Bonds, Ser. A1) Non-Recourse, <br> Underlying Coupon Rate 4.13%<sup>(b),(c),(d)</sup> <br>| 7.38 | 5/15/2064 | 1500000 | 1374668 |
| Tender Option Bond Trust Receipts (Series 2024-XM1194), (New York <br> Transportation Development Corp., Revenue Bonds, Refunding <br> (Sustainable Bond) (JFK International Airport Terminal Six <br> Redevelopment Project) (Insured; Assured Guaranty Corp.)) Recourse, <br> Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 14.62 | 12/31/2054 | 1400000 | 1438227 |
| Tender Option Bond Trust Receipts (Series 2025-XF8040), (Long Island <br> Power Authority, Revenue Bonds, Ser. A) Non-Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 14.81 | 9/1/2050 | 1400000 | 1523295 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 4.13 | 5/15/2064 | 3720000 | 3409178 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | 5.25 | 5/15/2059 | 5000000 | 5268352 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C3 | 3.00 | 5/15/2051 | 10000000 | 7454042 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (MTA <br> Bridges & Tunnels) Ser. C2<br>| 5.00 | 11/15/2042 | 8500000 | 8786236 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C | 5.25 | 5/15/2052 | 5000000 | 5244210 |
|  |  |  |  | **152652583** |
| **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** | **North Carolina — 1.4%** |
| Greater Asheville Regional Airport Authority, Revenue Bonds (Insured; <br> Assured Guaranty Corp.)<br>| 5.00 | 7/1/2029 | 1160000 | 1243723 |
| Nash Health Care Systems, Revenue Bonds | 5.75 | 2/1/2050 | 4350000 | 4713685 |

---

**15**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **North Carolina — 1.4% (continued)** | **North Carolina — 1.4% (continued)** | **North Carolina — 1.4% (continued)** | **North Carolina — 1.4% (continued)** | **North Carolina — 1.4% (continued)** |
| North Carolina Housing Finance Agency, Revenue Bonds (Insured; <br> GNMA,FNMA, FHLMC) Ser. A<br>| 3.50 | 1/1/2034 | 2525000 | 2599528 |
| North Carolina Housing Finance Agency, Revenue Bonds (Insured; <br> GNMA,FNMA, FHLMC) Ser. A<br>| 3.60 | 1/1/2035 | 2050000 | 2102952 |
| North Carolina Housing Finance Agency, Revenue Bonds, Refunding <br> (Insured; GNMA, FNMA, FHLMC) Ser. 45<br>| 3.00 | 7/1/2051 | 2805000 | 2804071 |
| North Carolina Medical Care Commission, Revenue Bonds (Carolina <br> Meadows Obligated Group)<br>| 5.25 | 12/1/2049 | 2000000 | 2065760 |
| North Carolina Medical Care Commission, Revenue Bonds (Deerfield <br> Episcopal Retirement Community Project)<br>| 3.45 | 11/1/2030 | 2865000 | 2879762 |
| North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes <br> Community) Ser. A<br>| 5.00 | 1/1/2049 | 2575000 | 2577364 |
| North Carolina Medical Care Commission, Revenue Bonds, Ser. B2 | 3.63 | 10/1/2030 | 1250000 | 1260181 |
| North Carolina Medical Care Commission, Revenue Bonds, Refunding | 5.38 | 10/1/2045 | 810000 | 833539 |
| North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.)<br>| 5.00 | 1/1/2039 | 2000000 | 2026635 |
|  |  |  |  | **25107200** |
| **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** | **North Dakota — .2%** |
| North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) <br> Ser. C<br>| 5.00 | 7/1/2042 | 1500000 | 1649826 |
| University of North Dakota, COP (Insured; Assured Guaranty Corp.) Ser. A | 4.00 | 6/1/2051 | 2500000 | 2295188 |
|  |  |  |  | **3945014** |
| **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, <br> Refunding, Ser. A2<br>| 4.00 | 6/1/2048 | 16000000 | 13908725 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1000000 | 926179 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 4500000 | 4485236 |
| Hamilton County, Revenue Bonds, Refunding (Life Enriching Communities <br> Project)<br>| 5.50 | 1/1/2055 | 1000000 | 1027640 |
| Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2036 | 1045000 | 1110419 |
| Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2037 | 1315000 | 1391177 |
| Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, <br> FHLMC)<br>| 3.75 | 9/1/2050 | 2650000 | 2684655 |
| Port of Greater Cincinnati Development Authority, Revenue Bonds, <br> Refunding (Duke Energy Co.) (Insured; Assured Guaranty Corp.) Ser. B<br>| 4.38 | 12/1/2058 | 550000 | 531796 |
| Tender Option Bond Trust Receipts (Series 2024-XF1711), (University of <br> Cincinnati Ohio Receipt, Revenue Bonds, Ser. A) Non-Recourse, Underlying <br> Coupon Rate 5.00%<sup>(b),(c),(d)</sup> <br>| 14.09 | 6/1/2049 | 2800000 | 2925784 |
| University of Cincinnati, Revenue Bonds, Ser. A | 5.25 | 6/1/2049 | 2500000 | 2661296 |
| Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated <br> Group)<br>| 5.00 | 7/1/2049 | 2000000 | 2019018 |
| Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated <br> Group)<br>| 5.00 | 7/1/2054 | 2665000 | 2669343 |
|  |  |  |  | **36341268** |
| **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** | **Oklahoma — 1.4%** |
| Oklahoma Capitol Improvement Authority, Revenue Bonds (Oklahoma <br> Department of Transportation Project) Ser. A<br>| 5.25 | 7/1/2055 | 10480000 | 11189589 |
| Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine <br> Project) Ser. B<br>| 5.50 | 8/15/2057 | 3000000 | 3005997 |
| Oklahoma Water Resources Board, Revenue Bonds, Ser. B | 4.00 | 10/1/2048 | 6665000 | 6330039 |
| Tender Option Bond Trust Receipts (Series 2024-XM1163), (Oklahoma City <br> Water Utilities Trust, Revenue Bonds, Refunding) Non-Recourse, <br> Underlying Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 14.96 | 7/1/2064 | 3200000 | 3392259 |

---

**16**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Oklahoma — 1.4% (continued)** | **Oklahoma — 1.4% (continued)** | **Oklahoma — 1.4% (continued)** | **Oklahoma — 1.4% (continued)** | **Oklahoma — 1.4% (continued)** |
| The University of Oklahoma, Revenue Bonds, Refunding (Insured; Build <br> America Mutual) Ser. A<br>| 4.13 | 7/1/2054 | 1500000 | 1432090 |
| Tulsa Municipal Airport Trust, Revenue Bonds, Refunding | 6.25 | 12/1/2040 | 1250000 | 1423611 |
|  |  |  |  | **26773585** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29 | 5.50 | 7/1/2048 | 4510000 | 4804240 |
| Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29 | 5.50 | 7/1/2053 | 11750000 | 12399729 |
| Portland Sewer System, Revenue Bonds, Ser. A | 3.00 | 3/1/2036 | 5040000 | 5004669 |
|  |  |  |  | **22208638** |
| **Pennsylvania — 8.4%** | **Pennsylvania — 8.4%** | **Pennsylvania — 8.4%** | **Pennsylvania — 8.4%** | **Pennsylvania — 8.4%** |
| Allegheny County Higher Education Building Authority, Revenue Bonds <br> (Duquesne University)<br>| 5.00 | 3/1/2045 | 9520000 | 10121626 |
| Allegheny County Hospital Development Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<br>| 4.00 | 7/15/2035 | 2000000 | 2051533 |
| Allentown Neighborhood Improvement Zone Development Authority, <br> Revenue Bonds (City Center Project)<sup>(b)</sup> <br>| 5.00 | 5/1/2033 | 500000 | 517193 |
| Allentown School District, GO, Refunding (Insured; Build America Mutual) <br> Ser. B<br>| 5.00 | 2/1/2033 | 1255000 | 1343145 |
| Allentown School District, GO (Insured; Build America Mutual) Ser. C | 5.00 | 2/1/2037 | 1600000 | 1685163 |
| Berks County Industrial Development Authority, Revenue Bonds, Refunding <br> (Highlands at Wyomissing Obligated Group)<br>| 5.00 | 5/15/2047 | 600000 | 600294 |
| Chester County Health & Education Facilities Authority, Revenue Bonds <br> (Main Line Health System Obligated Group) Ser. A<br>| 4.00 | 9/1/2050 | 7300000 | 6597526 |
| Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2032 | 1845000 | 2056719 |
| Commonwealth Financing Authority, Revenue Bonds (Tobacco Master <br> Settlement Payment)<br>| 5.00 | 6/1/2034 | 1000000 | 1048952 |
| Commonwealth Financing Authority, Revenue Bonds (Tobacco Master <br> Settlement Payment)<br>| 5.00 | 6/1/2035 | 3500000 | 3662188 |
| Cumberland County Municipal Authority, Revenue Bonds, Refunding (Diakon <br> Lutheran Social Ministries Obligated Group)<br>| 5.00 | 1/1/2038 | 340000 | 340277 |
| East Hempfield Township Industrial Development Authority, Revenue <br> Bonds, Refunding (Willow Valley Communities Project)<br>| 5.00 | 12/1/2039 | 600000 | 600393 |
| Franklin County Industrial Development Authority, Revenue Bonds, <br> Refunding (Menno-Haven Project)<br>| 5.00 | 12/1/2048 | 1000000 | 931949 |
| Franklin County Industrial Development Authority, Revenue Bonds (Menno-<br> Haven Project)<br>| 5.00 | 12/1/2049 | 500000 | 459928 |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System <br> Obligated Group)<sup>(a)</sup> <br>| 5.00 | 4/1/2030 | 1000000 | 1079021 |
| Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System <br> Obligated Group) Ser. A<br>| 5.00 | 6/1/2041 | 2500000 | 2501835 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren <br> Village Project)<br>| 5.13 | 7/1/2037 | 1000000 | 1006034 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (The <br> University of Pennsylvania Health System Obligated Group)<br>| 5.00 | 8/15/2042 | 4740000 | 4769282 |
| Lehigh County General Purpose Authority, Revenue Bonds (Lehigh Valley <br> Academy Regional Charter School)<br>| 4.00 | 6/1/2052 | 1000000 | 826730 |
| Luzerne County Industrial Development Authority, Revenue Bonds, <br> Refunding (Pennsylvania-American Water Co.)<sup>(a)</sup> <br>| 2.45 | 12/3/2029 | 4250000 | 3990929 |
| Montgomery County Higher Education & Health Authority, Revenue Bonds, <br> Refunding (Philadelphia Presbytery Homes Project)<br>| 5.00 | 12/1/2047 | 1000000 | 996059 |
| Montgomery County Higher Education & Health Authority, Revenue Bonds, <br> Refunding (Thomas Jefferson University Project)<br>| 4.00 | 9/1/2034 | 1000000 | 1029613 |

---

**17**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** |
| Montgomery County Industrial Development Authority, Revenue Bonds, <br> Refunding (ACTS Retirement-Life Communities Obligated Group)<br>| 5.00 | 11/15/2036 | 9200000 | 9304262 |
| Montgomery County Industrial Development Authority, Revenue Bonds, <br> Refunding (Meadowood Senior Living Project) Ser. A<br>| 5.00 | 12/1/2048 | 800000 | 801281 |
| Montgomery County Industrial Development Authority, Revenue Bonds, <br> Refunding (Waverly Heights Project)<br>| 5.00 | 12/1/2049 | 500000 | 499351 |
| Pennsylvania, GO | 4.00 | 3/1/2037 | 1525000 | 1559496 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds <br> (The Penndot Major Bridges)<br>| 6.00 | 6/30/2061 | 1000000 | 1063668 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (Presbyterian Homes Obligated Group)<br>| 4.00 | 7/1/2033 | 1750000 | 1790448 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds <br> (The Penndot Major Bridges) (Insured; Assured Guaranty Corp.)<br>| 5.00 | 12/31/2057 | 2525000 | 2561203 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group)<br>| 4.00 | 3/15/2034 | 1000000 | 1005061 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<br>| 4.00 | 10/15/2041 | 275000 | 275586 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br> Refunding (UPMC Obligated Group) Ser. A<br>| 5.00 | 10/15/2036 | 1250000 | 1371405 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (Drexel University)<br>| 5.00 | 5/1/2035 | 1750000 | 1753225 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (University of Sciences in Philadelphia)<br>| 5.00 | 11/1/2031 | 1000000 | 1000848 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 4.00 | 12/1/2050 | 1000000 | 922353 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.25 | 12/1/2048 | 21855000 | 22581449 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2043 | 6500000 | 7213933 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 5.25 | 12/1/2052 | 1000000 | 1056337 |
| Philadelphia, GO, Ser. A | 4.00 | 5/1/2042 | 1400000 | 1402211 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, <br> Refunding (St. Joseph's University)<br>| 4.00 | 11/1/2045 | 1000000 | 910182 |
| Philadelphia Authority for Industrial Development, Revenue Bonds <br> (Housing-University Square Apartments Project)<sup>(f)</sup> <br>| 5.00 | 12/1/2026 | 1130000 | 1150721 |
| Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild <br> Project)<br>| 5.00 | 5/1/2043 | 6835000 | 7475154 |
| Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild <br> Project)<br>| 5.00 | 5/1/2044 | 5925000 | 6400015 |
| Philadelphia Gas Works Co., Revenue Bonds (Insured; Assured Guaranty <br> Corp.) Ser. A<br>| 4.00 | 8/1/2045 | 2500000 | 2479788 |
| Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition <br> Program) Ser. A<br>| 5.25 | 3/1/2043 | 3000000 | 3243405 |
| Philadelphia Water & Wastewater, Revenue Bonds, Ser. C | 5.50 | 6/1/2052 | 2000000 | 2133508 |
| Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 4.50 | 9/1/2048 | 5500000 | 5581203 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; <br> Assured Guaranty Corp.) Ser. B<br>| 4.00 | 9/1/2034 | 1305000 | 1363910 |
| State Public School Building Authority, Revenue Bonds, Refunding <br> (Harrisburg School District) (Insured; Assured Guaranty Corp.) Ser. A<br>| 5.00 | 12/1/2032 | 1525000 | 1552971 |
| Tender Option Bond Trust Receipts (Series 2023-XF1525), (Pennsylvania <br> Economic Development Financing Authority, Revenue Bonds (University <br> of Pittsburgh Medical Center) Ser. A) Recourse, Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 5.82 | 5/15/2053 | 1700000 | 1510777 |

---

**18**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** | **Pennsylvania — 8.4% (continued)** |
| Tender Option Bond Trust Receipts (Series 2023-XM1133), (Philadelphia <br> Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B) Non-Recourse, Underlying Coupon Rate <br> 5.50%<sup>(b),(c),(d)</sup> <br>| 15.70 | 9/1/2053 | 2400000 | 2588179 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2037 | 1000000 | 1036353 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid <br> Withholding) Ser. F<sup>(f)</sup> <br>| 5.00 | 9/1/2026 | 5000 | 5070 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid <br> Withholding) Ser. F<sup>(f)</sup> <br>| 5.00 | 9/1/2026 | 10000 | 10140 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid <br> Withholding) Ser. F<br>| 5.00 | 9/1/2035 | 3500000 | 3538071 |
| The Philadelphia School District, GO, Refunding (Insured; State Aid <br> Withholding) Ser. F<br>| 5.00 | 9/1/2038 | 995000 | 1004099 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2036 | 1000000 | 1043124 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2038 | 1000000 | 1043271 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 9/1/2043 | 6280000 | 6511532 |
|  |  |  |  | **154959979** |
| **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** | **Rhode Island — .8%** |
| Rhode Island Health & Educational Building Corp., Revenue Bonds (Lifespan <br> Obligated Group)<br>| 5.25 | 5/15/2054 | 2500000 | 2562601 |
| Rhode Island Health and Educational Building Corp., Revenue Bonds <br> (Insured; Assured Guaranty Corp.) (PRG - RI Properties LLC) Ser. A<br>| 5.00 | 7/1/2050 | 2250000 | 2275671 |
| Rhode Island Health and Educational Building Corp., Revenue Bonds <br> (Insured; Assured Guaranty Corp.) (PRG - RI Properties LLC) Ser. A<br>| 5.00 | 7/1/2065 | 6250000 | 6227671 |
| Tender Option Bond Trust Receipts (Series 2023-XM1117), (Rhode Island <br> Infrastructure Bank State Revolving Fund, Revenue Bonds, Ser. A) Non-<br> Recourse, Underlying Coupon Rate 4.25%<sup>(b),(c),(d)</sup> <br>| 7.76 | 10/1/2053 | 4000000 | 3869184 |
|  |  |  |  | **14935127** |
| **South Carolina — 2.4%** | **South Carolina — 2.4%** | **South Carolina — 2.4%** | **South Carolina — 2.4%** | **South Carolina — 2.4%** |
| Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | 4.00 | 1/1/2034 | 3180000 | 3291099 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds <br> (Rolling Green Village Project) Ser. B3<br>| 4.00 | 12/1/2030 | 2350000 | 2375627 |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds, <br> Refunding (Bon Secours Mercy Health)<br>| 4.00 | 12/1/2044 | 1000000 | 942045 |
| South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2037 | 2965000 | 3068714 |
| South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2038 | 1600000 | 1652174 |
| South Carolina Public Service Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2055 | 4000000 | 4153273 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee <br> Cooper) Ser. A<br>| 4.00 | 12/1/2055 | 11400000 | 10181073 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee <br> Cooper) Ser. B<br>| 5.25 | 12/1/2054 | 6000000 | 6342079 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2042 | 3000000 | 3023085 |
| Tender Option Bond Trust Receipts (Series 2024-XM1175), (South Carolina <br> Public Service Authority, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. B) Non-Recourse, Underlying Coupon Rate <br> 5.00%<sup>(b),(c),(d)</sup> <br>| 10.75 | 12/1/2054 | 4800000 | 5026503 |
| Tobacco Settlement Revenue Management Authority, Revenue Bonds, Ser. B | 6.38 | 5/15/2030 | 3750000 | 4279771 |
|  |  |  |  | **44335443** |

---

**19**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** | **South Dakota — .2%** |
| South Dakota Housing Development Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 3.75 | 11/1/2050 | 1545000 | 1555171 |
| Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota <br> Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Avera Health Obligated Group)) Non-Recourse, Underlying Coupon Rate <br> 5.00%<sup>(b),(c),(d)</sup> <br>| 14.09 | 7/1/2046 | 2000000 | 2015939 |
|  |  |  |  | **3571110** |
| **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds <br> (Insured; Build America Mutual) Ser. A1<br>| 5.50 | 7/1/2059 | 1750000 | 1853590 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds, <br> Refunding (East Tennessee Children's Hospital)<br>| 4.00 | 11/15/2048 | 4215000 | 3723596 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds <br> (University of Tennessee Project) (Insured; Build America Mutual) Ser. B1<br>| 5.13 | 7/1/2054 | 2000000 | 2062719 |
| Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb <br> University Project)<br>| 5.00 | 10/1/2036 | 1000000 | 1026142 |
| Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb <br> University Project)<br>| 5.00 | 10/1/2037 | 1000000 | 1021934 |
| Metropolitan Government Nashville & Davidson County Health & <br> Educational Facilities Board, Revenue Bonds (Belmont University)<br>| 5.25 | 5/1/2053 | 7000000 | 7246937 |
| Tennergy Corp., Revenue Bonds, Ser. A<sup>(a)</sup> <br>| 4.00 | 9/1/2028 | 5000000 | 5155924 |
| Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A | 3.50 | 7/1/2050 | 975000 | 979533 |
| The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2052 | 1500000 | 1578411 |
|  |  |  |  | **24648786** |
| **Texas — 7.8%** | **Texas — 7.8%** | **Texas — 7.8%** | **Texas — 7.8%** | **Texas — 7.8%** |
| Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 3000000 | 3110040 |
| Central Texas Turnpike System, Revenue Bonds, Refunding (Second Tier) <br> Ser. C<br>| 5.00 | 8/15/2042 | 5000000 | 5543331 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public <br> Schools) Ser. A<br>| 4.00 | 8/15/2051 | 1100000 | 959731 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public <br> Schools) (Insured; Permanent School Fund Guarantee Program) Ser. T<br>| 4.00 | 8/15/2050 | 2500000 | 2309751 |
| Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) <br> Ser. A<br>| 4.25 | 12/1/2034 | 915000 | 915428 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Idea <br> Public Schools)(Insured; Permanent School Fund Guarantee Program)<br>| 5.00 | 8/15/2041 | 2555000 | 2841686 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding <br> (International Leadership of Texas, Inc.) (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 4.25 | 8/15/2053 | 1000000 | 934910 |
| Clifton Higher Education Finance Corp., Revenue Bonds, Refunding <br> (International Leadership of Texas, Inc.) (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.25 | 2/15/2049 | 6450000 | 6780072 |
| Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/15/2037 | 1250000 | 1283513 |
| Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B | 4.00 | 12/1/2051 | 3450000 | 3189891 |
| Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2035 | 2000000 | 2090553 |
| El Paso County Hospital District, GO (El Paso County) (Insured; Assured <br> Guaranty Corp.)<br>| 5.50 | 2/15/2050 | 3470000 | 3724817 |
| Garland Electric Utility System, Revenue Bonds, Refunding | 5.00 | 3/1/2044 | 5500000 | 5682807 |
| Garland Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program) Ser. A<br>| 5.00 | 2/15/2042 | 2815000 | 3086932 |
| Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5000000 | 4662960 |

---

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **Texas — 7.8% (continued)** | **Texas — 7.8% (continued)** | **Texas — 7.8% (continued)** | **Texas — 7.8% (continued)** | **Texas — 7.8% (continued)** |
| Harris County-Houston Sports Authority, Revenue Bonds, Refunding <br> (Insured; Assured Guaranty Corp.) Ser. A<sup>(e)</sup> <br>| 0.00 | 11/15/2052 | 4000000 | 1056230 |
| Houston Airport System, Revenue Bonds (United Airlines, Inc.) Ser. B | 5.25 | 7/15/2033 | 5000000 | 5514599 |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 4.50 | 7/1/2053 | 435000 | 418322 |
| Houston Airport System, Revenue Bonds, Refunding (Insured; Assured <br> Guaranty Corp.) Ser. A<br>| 5.25 | 7/1/2053 | 3010000 | 3107385 |
| Houston Airport System, Revenue Bonds, Refunding (United Airlines, Inc. <br> Terminal Improvement Projects) Ser. B<br>| 5.25 | 7/15/2033 | 4000000 | 4411679 |
| Houston Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2047 | 1560000 | 1418568 |
| Houston Airport System, Revenue Bonds, Refunding, Ser. D | 5.00 | 7/1/2039 | 4000000 | 4180391 |
| Lamar Consolidated Independent School District, GO | 4.00 | 2/15/2053 | 5540000 | 5116995 |
| Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines <br> Co. Project)<br>| 5.00 | 11/1/2028 | 1850000 | 1853276 |
| Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA <br> Transmission Services Corp.) Ser. A<br>| 4.00 | 5/15/2049 | 3000000 | 2731740 |
| Lubbock Electric Light & Power System, Revenue Bonds | 5.00 | 4/15/2048 | 680000 | 690832 |
| Mansfield Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)<br>| 4.00 | 2/15/2054 | 8500000 | 7834212 |
| Mission Economic Development Corp., Revenue Bonds, Refunding <br> (Natgasoline Project)<sup>(b)</sup> <br>| 4.63 | 10/1/2031 | 3550000 | 3564653 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Brazos Presbyterian Homes, Inc. Project)<br>| 5.25 | 1/1/2036 | 2510000 | 2801285 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Westminister Project)<br>| 4.00 | 11/1/2055 | 1650000 | 1374681 |
| North East Texas Regional Mobility Authority, Revenue Bonds, Refunding, <br> Ser. A<br>| 5.25 | 1/1/2046 | 1000000 | 1071277 |
| Plano Independent School District, GO | 5.00 | 2/15/2043 | 2990000 | 3246436 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds <br> (Baylor Scott & White Health Obligated Group) Ser. F<sup>(a)</sup> <br>| 5.00 | 11/15/2030 | 2000000 | 2192361 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Cook Children's Medical Center)<br>| 5.00 | 12/1/2043 | 2500000 | 2748366 |
| Tender Option Bond Trust Receipts (Series 2023-XM1125), (Medina Valley <br> Independent School District, GO (Insured; Permanent School Fund <br> Guarantee Program)) Non-Recourse, Underlying Coupon Rate <br> 4.00%<sup>(b),(c),(d)</sup> <br>| 8.08 | 2/15/2053 | 3000000 | 2727138 |
| Tender Option Bond Trust Receipts (Series 2024-XM1164), (Texas <br> University System, Revenue Bonds, Refunding) Non-Recourse, Underlying <br> Coupon Rate 5.25%<sup>(b),(c),(d)</sup> <br>| 15.17 | 3/15/2054 | 2800000 | 2981911 |
| Texas Department of Housing & Community Affairs, Revenue Bonds <br> (Insured; GNMA) Ser. A<br>| 3.50 | 3/1/2051 | 1160000 | 1167886 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B<sup>(a)</sup> <br>| 5.50 | 1/1/2034 | 17285000 | 19556166 |
| Texas Municipal Power Agency, Revenue Bonds, Refunding (Insured; Build <br> America Mutual)<br>| 5.50 | 9/1/2055 | 1000000 | 1069328 |
| Texas Public Finance Authority, Revenue Bonds, Refunding | 4.00 | 2/1/2036 | 2675000 | 2737224 |
| University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. <br> A<br>| 4.00 | 8/15/2049 | 4150000 | 3919770 |
| Waxahachie Independent School District, GO (Insured; Permanent School <br> Fund Guarantee Program)<br>| 4.25 | 2/15/2053 | 450000 | 429040 |
| West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2045 | 2750000 | 2662622 |
| West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2049 | 3850000 | 3547839 |
|  |  |  |  | **143248634** |

---

**21**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** | **U.S. Related — .6%** |
| Children's Trust Fund, Revenue Bonds, Refunding, Ser. A<sup>(e)</sup> <br>| 0.00 | 5/15/2050 | 17000000 | 3581139 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 6954781 | 7431435 |
|  |  |  |  | **11012574** |
| **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** | **Utah — 1.4%** |
| Downtown Revitalization Public Infrastructure District, Revenue Bonds <br> (Insured; Assured Guaranty Corp.) Ser. B<br>| 5.50 | 6/1/2055 | 2000000 | 2166873 |
| High Star Ranch Infrastructure Financing District, Special Assessment Bonds <br> (High Star Ranch Assessment Area)<sup>(b)</sup> <br>| 6.25 | 12/1/2055 | 10580000 | 10626076 |
| Mida Cormont Public Infrastructure District, GO, Ser. A1<sup>(b)</sup> <br>| 6.25 | 6/1/2055 | 1225000 | 1291583 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, <br> Ser. 1<sup>(b)</sup> <br>| 5.25 | 6/1/2045 | 875000 | 897824 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 5.88 | 3/1/2045 | 1000000 | 1049543 |
| Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2037 | 4500000 | 4602515 |
| Salt Lake City Airport, Revenue Bonds, Ser. B | 5.00 | 7/1/2036 | 1350000 | 1390557 |
| Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2037 | 1500000 | 1523658 |
| Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, <br> Refunding<br>| 4.38 | 6/1/2040 | 1500000 | 1585343 |
|  |  |  |  | **25133972** |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| Danville Industrial Development Authority, Revenue Bonds, Refunding <br> (Danville Regional Medical Center) (Insured; American Municipal Bond <br> Assurance Corp.)<br>| 5.25 | 10/1/2028 | 105000 | 109173 |
| Fairfax County, Revenue Bonds, Refunding, Ser. B | 3.00 | 7/15/2036 | 3585000 | 3594691 |
| Tender Option Bond Trust Receipts (Series 2024-XM1176), (Virginia State <br> Housing Development Authority, Revenue Bonds, Ser. A) Recourse, <br> Underlying Coupon Rate 4.80%<sup>(b),(c),(d)</sup> <br>| 13.29 | 9/1/2059 | 1800000 | 1804441 |
| Virginia College Building Authority, Revenue Bonds (21st Century College & <br> Equipment Programs)<br>| 4.00 | 2/1/2036 | 4015000 | 4159367 |
| Virginia Housing Development Authority, Revenue Bonds, Ser. G<sup>(a)</sup> <br>| 3.13 | 4/1/2027 | 4670000 | 4670674 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (95 Express Lanes)<br>| 4.00 | 1/1/2048 | 1500000 | 1333792 |
| Williamsburg Economic Development Authority, Revenue Bonds (William & <br> Mary Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.13 | 7/1/2058 | 1000000 | 957660 |
| Williamsburg Economic Development Authority, Revenue Bonds (William & <br> Mary Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 7/1/2048 | 2220000 | 2095571 |
|  |  |  |  | **18725369** |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| Energy Northwest, Revenue Bonds, Refunding (Columbia Generating Station) | 5.00 | 7/1/2040 | 2750000 | 3018605 |
| King County, Revenue Bonds, Refunding<sup>(c)</sup> <br>| 1.90 | 1/1/2042 | 7000000 | 7000000 |
| Kitsap County School District No. 100, GO (Insured; School Board Guaranty) <br> Ser. C<br>| 5.25 | 12/1/2047 | 3000000 | 3224077 |
| Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B | 5.25 | 7/1/2042 | 10000000 | 11113270 |
| Washington, GO, Refunding, Ser. R-2022 | 4.00 | 7/1/2036 | 3500000 | 3713387 |
| Washington Convention Center Public Facilities District, Revenue Bonds <br> (Sustainable Bond) Ser. B<br>| 4.00 | 7/1/2058 | 3400000 | 2905639 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Horizon House Project) Ser. B3<br>| 4.38 | 1/1/2033 | 2000000 | 2008147 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Seattle Academy of Arts & Sciences)<sup>(b)</sup> <br>| 6.38 | 7/1/2063 | 700000 | 751099 |
|  |  |  |  | **33734224** |

---

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** | **Long-Term Municipal Investments — 102.0% (continued)** |
| **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** |
| West Virginia Hospital Finance Authority, Revenue Bonds (West Virginia <br> University Health System Obligated Group) Ser. A<br>| 5.50 | 6/1/2050 | 11000000 | **11828390** |
| **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** |
| Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; <br> Build America Mutual) Ser. A1<br>| 5.50 | 7/1/2052 | 1000000 | 1060741 |
| Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; <br> Build America Mutual) Ser. A1<br>| 5.63 | 7/1/2055 | 1000000 | 1061409 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 6.50 | 6/30/2060 | 3500000 | 3898176 |
| Public Finance Authority, Revenue Bonds (Heritage Bend Project)<sup>(b),(e)</sup> <br>| 0.00 | 12/15/2042 | 23500000 | 7413825 |
| Public Finance Authority, Revenue Bonds (Insured; Build America Mutual) <br> (Lindenwood Education System) Ser. A<br>| 5.00 | 7/1/2045 | 1000000 | 1044457 |
| Public Finance Authority, Revenue Bonds (Pinecrest Academy Springs <br> Campus Project) Ser. A<sup>(b)</sup> <br>| 4.00 | 7/15/2033 | 3000000 | 3031564 |
| Public Finance Authority, Revenue Bonds, Ser. 2023-1, Cl. A | 5.75 | 7/1/2062 | 10678737 | 11119375 |
| Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project) | 5.25 | 11/15/2055 | 1705000 | 1742248 |
| Public Finance Authority, Revenue Bonds, Refunding (Legacy Hills Project)<sup>(b)</sup> <br>| 6.00 | 11/15/2045 | 8850000 | 8825531 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education <br> System)<br>| 5.00 | 6/1/2035 | 1275000 | 1386945 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education <br> System) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/1/2040 | 5000000 | 5360323 |
| Public Finance Authority, Revenue Bonds, Refunding (Triad Educational <br> Services)<br>| 5.50 | 6/15/2055 | 2000000 | 1963220 |
| Public Finance Authority, Revenue Bonds (KU Campus Development Corp. <br> Project)<br>| 5.00 | 3/1/2035 | 5000000 | 5007071 |
| Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Duke Energy Progress) Ser. A2<sup>(a)</sup> <br>| 3.70 | 10/1/2030 | 8900000 | 9209404 |
| Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Duke Energy Progress) Ser. B<sup>(a)</sup> <br>| 4.00 | 10/1/2030 | 5645000 | 5856872 |
| Sheboygan Area School District, GO | 3.00 | 3/1/2042 | 3725000 | 3394686 |
| Sheboygan Area School District, GO | 3.00 | 3/1/2043 | 2835000 | 2535987 |
| Sparta Area School District, GO (Insured; Assured Guaranty Corp.) | 3.00 | 3/1/2040 | 1820000 | 1681557 |
| Sparta Area School District, GO (Insured; Assured Guaranty Corp.) | 3.00 | 3/1/2041 | 1250000 | 1135800 |
| University of Wisconsin, Revenue Bonds (Sustainable Bond) Ser. A | 4.25 | 4/1/2052 | 1450000 | 1358554 |
| University of Wisconsin, Revenue Bonds (Sustainable Bond) Ser. A | 5.00 | 4/1/2049 | 1750000 | 1813761 |
| West Allis West Milwaukee School District, GO, Ser. W | 3.00 | 4/1/2038 | 1755000 | 1691893 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Bellin <br> Memorial Hospital Obligated Group)<br>| 5.50 | 12/1/2052 | 1000000 | 1075704 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (Hospital Sisters Credit Group) Ser. A<br>| 5.50 | 8/15/2048 | 1500000 | 1617277 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds <br> (Children's Hospital of Wisconsin Obligated Group)<br>| 4.00 | 8/15/2050 | 3900000 | 3589476 |
|  |  |  |  | **87875856** |
| **Total Long-Term Municipal Investments** <br>(cost $1,887,265,932) | **Total Long-Term Municipal Investments** <br>(cost $1,887,265,932) | **Total Long-Term Municipal Investments** <br>(cost $1,887,265,932) |  | **1882995370** |
| **Total Investments** (cost $1,897,908,525) | **Total Investments** (cost $1,897,908,525) | **Total Investments** (cost $1,897,908,525) | **102.5%** | **1892758071** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(2.5%)** | **(45664408)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **1847093663** |

---

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

COP—Certificate of Participation <br> FHLMC—Federal Home Loan Mortgage Corporation

**23**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

FNMA—Federal National Mortgage Association <br> GNMA—Government National Mortgage Association <br> 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 February 28, 2026, these securities amounted to $200,067,933 or 10.8% of net assets. 

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

<sup>(d)</sup> These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security. See Note 4 of the Notes to Financial Statements for details. 

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures** | **Futures** | **Futures** | **Futures** | **Futures** | **Futures** |
| Description | Number of <br>Contracts<br>| Expiration | Notional <br>Value ($)<br>| Market <br>Value ($)<br>| Unrealized <br>(Depreciation) ($)<br>|
| **Futures Short** |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp; 25907087 | &nbsp;&nbsp; 26142656 | &nbsp;&nbsp; (235569) |
| **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** | **Gross Unrealized Depreciation** |  |  | **(235569)** |

---

See notes to financial statements.

**24**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 1897908525 | &nbsp;&nbsp;&nbsp;&nbsp; 1892758071 |
| Cash collateral held by broker—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1171950 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 20968247 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 1060736 |
| Receivable for investment securities sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 584359 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 82978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1916626341** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 671500 |
| Cash overdraft due to Custodian |  | &nbsp;&nbsp;&nbsp;&nbsp; 39729 |
| Payable for inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46110000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 19266788 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 2693525 |
| Interest and expense payable related to inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 357229 |
| Payable for futures variation margin—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 154531 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 52177 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 187199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **69532678** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1847093663** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 1959744168 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (112650505)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1847093663** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y | Class Z |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 431093343 | &nbsp;&nbsp;&nbsp;&nbsp; 2913296 | &nbsp;&nbsp;&nbsp;&nbsp; 338095540 | &nbsp;&nbsp;&nbsp;&nbsp; 98931734 | &nbsp;&nbsp;&nbsp;&nbsp; 976059750 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 31862974 | &nbsp;&nbsp;&nbsp;&nbsp; 215345 | &nbsp;&nbsp;&nbsp;&nbsp; 24982606 | &nbsp;&nbsp;&nbsp;&nbsp; 7311143 | &nbsp;&nbsp;&nbsp;&nbsp; 72075700 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**13.53** | &nbsp;&nbsp;&nbsp;&nbsp;**13.53** | &nbsp;&nbsp;&nbsp;&nbsp;**13.53** | &nbsp;&nbsp;&nbsp;&nbsp;**13.53** | &nbsp;&nbsp;&nbsp;&nbsp;**13.54** |

---

See notes to financial statements.

**25**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **36706704** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 3172121 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1342609 |
| Interest and expense related to inverse floater notes issued—Note 4  | &nbsp;&nbsp;&nbsp;&nbsp; 689566 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 97797 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 79394 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 62951 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 51985 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 18271 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 15059 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 11750 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 11713 |
| Distribution Plan fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 11452 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 30682 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **5595350** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (860)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (10113)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **5584377** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **31122327** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (6210566)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (2463137)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8673703)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 98791090 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (186358)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **98604732** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **89931029** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **121053356** |

---

See notes to financial statements.

**26**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 31122327 | &nbsp;&nbsp;&nbsp;&nbsp; 59996394 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (8673703) | &nbsp;&nbsp;&nbsp;&nbsp; (21511215) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 98604732 | &nbsp;&nbsp;&nbsp;&nbsp; (60684418) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **121053356** | &nbsp;&nbsp;&nbsp;&nbsp; **(22199239)** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (7006567) | &nbsp;&nbsp;&nbsp;&nbsp; (12662818) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (38145) | &nbsp;&nbsp;&nbsp;&nbsp; (84672) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (5586293) | &nbsp;&nbsp;&nbsp;&nbsp; (10793335) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1704760) | &nbsp;&nbsp;&nbsp;&nbsp; (3426742) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (16665263) | &nbsp;&nbsp;&nbsp;&nbsp; (32716395) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(31001028)** | &nbsp;&nbsp;&nbsp;&nbsp; **(59683962)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 16008877 | &nbsp;&nbsp;&nbsp;&nbsp; 24215456 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 247104 | &nbsp;&nbsp;&nbsp;&nbsp; 572960 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 61153089 | &nbsp;&nbsp;&nbsp;&nbsp; 121331242 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 7222074 | &nbsp;&nbsp;&nbsp;&nbsp; 17580143 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 4678480 | &nbsp;&nbsp;&nbsp;&nbsp; 8836874 |
| Net assets received in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 144896891 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 6119016 | &nbsp;&nbsp;&nbsp;&nbsp; 10870378 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 32657 | &nbsp;&nbsp;&nbsp;&nbsp; 71507 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 4982016 | &nbsp;&nbsp;&nbsp;&nbsp; 9627857 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 1703768 | &nbsp;&nbsp;&nbsp;&nbsp; 3416637 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 13354955 | &nbsp;&nbsp;&nbsp;&nbsp; 26073012 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (38290404) | &nbsp;&nbsp;&nbsp;&nbsp; (163614499) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (644656) | &nbsp;&nbsp;&nbsp;&nbsp; (1772357) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (48582393) | &nbsp;&nbsp;&nbsp;&nbsp; (152276090) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (9047333) | &nbsp;&nbsp;&nbsp;&nbsp; (32690902) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (51579946) | &nbsp;&nbsp;&nbsp;&nbsp; (123799240) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(32642696)** | &nbsp;&nbsp;&nbsp;&nbsp; **(106660131)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **57409632** | &nbsp;&nbsp;&nbsp;&nbsp; **(188543332)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1789684031 | &nbsp;&nbsp;&nbsp;&nbsp; 1978227363 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **1847093663** | &nbsp;&nbsp;&nbsp;&nbsp; **1789684031** |

---

**27**

------

STATEMENT OF CHANGES IN NET ASSETS (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A**<sup>(b),(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1200511 | &nbsp;&nbsp;&nbsp;&nbsp; 1828283 |
| Shares issued in connection with reorganization<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 11222850 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 457687 | &nbsp;&nbsp;&nbsp;&nbsp; 826016 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2869827) | &nbsp;&nbsp;&nbsp;&nbsp; (12567182) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(1211629)** | &nbsp;&nbsp;&nbsp;&nbsp; **1309967** |
| **Class C**<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 18623 | &nbsp;&nbsp;&nbsp;&nbsp; 42962 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp;&nbsp; 5428 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (48450) | &nbsp;&nbsp;&nbsp;&nbsp; (134205) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(27384)** | &nbsp;&nbsp;&nbsp;&nbsp; **(85815)** |
| **Class I**<sup>(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4580877 | &nbsp;&nbsp;&nbsp;&nbsp; 9205080 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 372526 | &nbsp;&nbsp;&nbsp;&nbsp; 730591 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3645981) | &nbsp;&nbsp;&nbsp;&nbsp; (11622851) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **1307422** | &nbsp;&nbsp;&nbsp;&nbsp; **(1687180)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 541486 | &nbsp;&nbsp;&nbsp;&nbsp; 1330733 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 127413 | &nbsp;&nbsp;&nbsp;&nbsp; 259254 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (680153) | &nbsp;&nbsp;&nbsp;&nbsp; (2484202) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(11254)** | &nbsp;&nbsp;&nbsp;&nbsp; **(894215)** |
| **Class Z**<sup>(c)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 349910 | &nbsp;&nbsp;&nbsp;&nbsp; 669206 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 998024 | &nbsp;&nbsp;&nbsp;&nbsp; 1977758 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3872046) | &nbsp;&nbsp;&nbsp;&nbsp; (9376851) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(2524112)** | &nbsp;&nbsp;&nbsp;&nbsp; **(6729887)** |

---

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

<sup>(a)</sup> As of the close of business on June 20, 2025, pursuant to an Agreement and Plan of Reorganization previously approved by the Company's Board of Directors (the "Board"), all of the assets, subject to the liabilities, of BNY Mellon Municipal Income, Inc. were transferred to the fund in a tax free exchange at cost basis for Class A shares of Common Stock of equal value. 

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

<sup>(c)</sup> During the period ended February 28, 2026, 4,454 Class A shares representing $59,764 were exchanged for 4,467 Class I shares. During the period ended August 31, 2025, 3,692 Class A shares representing $49,804 were exchanged for 3,692 Class I shares and 23,428 Class A shares representing $304,845 were exchanged for 23,432 Class Z shares. 

See notes to financial statements.

**28**

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp; .29 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .51 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.29)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; (9.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp; .92 |
| Ratio of net expenses to average net <br> assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .77 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(f)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .08 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average <br> net assets<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp; 2.56 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94 <br><sup>(f)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 17.54 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 431093 | &nbsp;&nbsp;&nbsp;&nbsp; 425878 | &nbsp;&nbsp;&nbsp;&nbsp; 427187 | &nbsp;&nbsp;&nbsp;&nbsp; 443675 | &nbsp;&nbsp;&nbsp;&nbsp; 323799 | &nbsp;&nbsp;&nbsp;&nbsp; 406057 |

---

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

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

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

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

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

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

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

See notes to financial statements.

**29**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .18 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .72 | &nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.18)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp; (10.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Ratio of net expenses to average net <br> assets<sup>(e),(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .08 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average <br> net assets<sup>(e),(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 17.54 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 2913 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 | &nbsp;&nbsp;&nbsp;&nbsp; 6104 | &nbsp;&nbsp;&nbsp;&nbsp; 7643 | &nbsp;&nbsp;&nbsp;&nbsp; 11657 |

---

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

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

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

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

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

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

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

See notes to financial statements.

**30**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.90 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp; (9.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .51 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .67 |
| Ratio of net expenses to average net <br> assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .51 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .08 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average <br> net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp; 2.79 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(e)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 17.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 338096 | &nbsp;&nbsp;&nbsp;&nbsp; 304929 | &nbsp;&nbsp;&nbsp;&nbsp; 341205 | &nbsp;&nbsp;&nbsp;&nbsp; 453066 | &nbsp;&nbsp;&nbsp;&nbsp; 501481 | &nbsp;&nbsp;&nbsp;&nbsp; 797982 |

---

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

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

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

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

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

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

See notes to financial statements.

**31**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .89 | &nbsp;&nbsp;&nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.91 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; (9.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .48 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .51 | &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .85 |
| Ratio of net expenses to average net <br> assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .47 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 <br><sup>(e)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .08 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average <br> net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; 2.78 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(e)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 17.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 98932 | &nbsp;&nbsp;&nbsp;&nbsp; 94299 | &nbsp;&nbsp;&nbsp;&nbsp; 110528 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

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

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

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

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

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

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

See notes to financial statements.

**32**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Z Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Dividends from net realized gain on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 6.85 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .59 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .69 |
| Ratio of net expenses to average net <br> assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .59 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp; .46 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .49 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .48 <br><sup>(e)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .08 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Ratio of net investment income to average <br> net assets<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16 <br><sup>(e)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 17.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 976060 | &nbsp;&nbsp;&nbsp;&nbsp; 961452 | &nbsp;&nbsp;&nbsp;&nbsp; 1094889 | &nbsp;&nbsp;&nbsp;&nbsp; 246595 | &nbsp;&nbsp;&nbsp;&nbsp; 125318 | &nbsp;&nbsp;&nbsp;&nbsp; 154558 |

---

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

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

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

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

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

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

See notes to financial statements.

**33**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

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

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

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

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

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

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

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

**34**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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:

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

Restricted securities, as well as securities or other assets for which recent market quotations 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 materially affected by events occurring after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value ("NAV")), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund's valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Collateralized Municipal-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9762701 | &nbsp;&nbsp; — | &nbsp;&nbsp; **9762701** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1882995370 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1882995370** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1892758071** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **1892758071** |

---

**35**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**<br>| **Level 2- Other**<br> **Significant** <br> **Observable Inputs**<br>| **Level 3-**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **(continued)** |  |  |  |  |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures<sup>††</sup> <br>| &nbsp;&nbsp; (235569) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; **(235569)** |
| Inverse Floater Notes<sup>†††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (46110000) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(46110000)** |
|  | &nbsp;&nbsp; **(235569)** | &nbsp;&nbsp; **(46110000)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(46345569)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule of Investments for additional detailed categorizations, if any. |
| <sup>††</sup> <br>| Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, <br> if any, are reported in the Statement of Assets and Liabilities.<br>|
| <sup>†††</sup> <br>| Certain of the fund's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. |

---

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

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

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

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

**36**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

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

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

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

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

The fund has an unused capital loss carryover of $100,515,615 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $25,518,375 of short-term capital losses and $74,997,240 of long-term capital losses which can be carried forward for an unlimited period.

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

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 was as follows: tax-exempt income $59,683,962. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the fund did not borrow under either Facility.

**37**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .35% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from September 1, 2025 through December 31, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45% of the value of the fund's average daily net assets. On or after December 31, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $860 during the period ended February 28, 2026.

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

During the period ended February 28, 2026, the Distributor retained $485 from commissions earned on sales of the fund's Class A shares, $96 and $1,749 from CDSC fees on redemptions of the fund's Class A and Class C shares, respectively.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended February 28, 2026, Class C shares were charged $11,452 pursuant to the Distribution Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended February 28, 2026, Class A and Class C shares were charged $536,580 and $3,817, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of Class Z shares' average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class Z shares, and services related to the maintenance of shareholder accounts. During the period ended February 28, 2026, Class Z shares were charged $425,493 pursuant to the Shareholder Services Plan.

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended February 28, 2026, the fund was charged $125,586 for transfer agency services. These fees are included in Shareholder servicing costs 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 February 28, 2026, the fund was charged $11,713 pursuant to the custody agreement. These fees were partially offset by earnings credits of $10,113.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended February 28, 2026, the fund was charged $13,869 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended February 28, 2026, the fund was charged $15,059 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $11,750 for financial reporting and regulatory services.

**38**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $492,713, Distribution Plan fees of $1,664, Shareholder Services Plan fees of $83,016, Custodian fees of $8,000, Chief Compliance Officer fees of $5,361, Transfer Agent fees of $62,406, Checkwriting fees of $5,190 and shareholder and regulatory reports service fees of $13,333, which are offset against an expense reimbursement currently in effect in the amount of $183.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended February 28, 2026, amounted to $317,531,744 and $325,105,646, respectively.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund's investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

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

The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2026, was approximately $46,127,983, with a related weighted average annualized interest rate of 3.01%.

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

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

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

**39**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Assets ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Derivative** <br>**Liabilities ($)**<br>|
| Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (235569 )<sup>(1)</sup><br>|
| **Gross fair value of derivative contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **-** | &nbsp;&nbsp;&nbsp;&nbsp; **(235569)**<br>|

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (2463137) | &nbsp;&nbsp;&nbsp;&nbsp; **(2463137)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(2463137)** | &nbsp;&nbsp;&nbsp;&nbsp; **(2463137)** |

---

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (186358) | &nbsp;&nbsp;&nbsp;&nbsp; **(186358)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(186358)** | &nbsp;&nbsp;&nbsp;&nbsp; **(186358)** |

---

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

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

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

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 36901857 |

---

At February 28, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $5,386,023, consisting of $32,556,404 gross unrealized appreciation and $37,942,427 gross unrealized depreciation.

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

**40**

------

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

N/A

**41**

------

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

A special meeting of the fund's shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows:

---

| | | |
|:---|:---|:---|
|  | Shares | Shares |
|  | For | Withheld |
| To elect seven Board Members to the Board of Directors of the Fund: | To elect seven Board Members to the Board of Directors of the Fund: | To elect seven Board Members to the Board of Directors of the Fund: |
| Francine J. Bovich | 86818115 | 2369182 |
| Andrew J. Donohue | 86846881 | 2340416 |
| Joan L. Gulley | 86858825 | 2328472 |
| Alan H. Howard | 86845102 | 2342195 |
| Bradley J. Skapyak | 86907911 | 2279387 |
| Roslyn M. Watson | 86810437 | 2376861 |
| Benaree Pratt Wiley | 86767292 | 2420005 |

---

**42**

------

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $112,856.

**43**

------

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

At a meeting of the fund's Board of Directors (the "Board") held on October 28-29, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

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

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

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group median for all periods, except for the one- and four-year periods when the fund's total return performance was above the Performance Group median, and was above the Performance Universe median for all periods, except for the two- and three-year periods when the fund's total return performance was below the Performance Universe median. The Board also considered that the fund's yield performance during the ten one-year periods ended September 30th. The Board considered the relative proximity of the fund's performance to the Performance Group and/or Performance Universe medians during certain periods under review. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index, and it was noted that the fund's returns were above the returns of the index in six of the ten calendar years shown. The Board also noted that the fund had a four-star overall rating from Morningstar and a four-star rating for the ten-year period based on Morningstar's risk-adjusted return measure.

**44**

------

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

The Board considered that the fund's contractual management fee was lower than the Expense Group median contractual management fee, the fund's actual management fee was lower than the Expense Group median and lower than the Expense Universe median actual management fee, and the fund's total expenses were lower than the Expense Group median and lower than the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until December 31, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) exceed .45% of the fund's average daily net assets.

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

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

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

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

**45**

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was generally satisfied with the fund's relative performance.

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

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

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

**46**

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

Code-0319NCSRSA0226

![](img30ef571e1.gif)

------

BNY Mellon High Yield Municipal Bond Fund

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

February 28, 2026

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

---

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

---

![](img80127ac61.gif)

------

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into** www.bny.com/investments **and sign up for eCommunications. It's simple and only takes a few minutes.**

------

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

Family of Funds.

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

------

Contents

The Fund

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

------

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

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_SOI-Commoncontent-4729_1)**<br> **[Investment Companies](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_SOI-Commoncontent-4729_1)**<br>| 3 |
| [Schedule of Investments](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_SOI-Commoncontent-4729_1) | 3 |
| [Statement of Assets and Liabilities](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_FS-Commoncontent-4729_1) | 10 |
| [Statement of Operations](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_FS-Commoncontent-4729_2) | 11 |
| [Statement of Changes in Net Assets](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_FS-Commoncontent-4729_3) | 12 |
| [Financial Highlights](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_FIHI-Commoncontent-4729_1) | 14 |
| [Notes to Financial Statements](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_NTF-Commoncontent-4729_1) | 19 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_CDA-Commoncontent-4729_1)**<br> **[Investment Companies](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_CDA-Commoncontent-4729_1)**<br>| 26 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_PRXD-Commoncontent-4729_1)** | 27 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_RMNP-Commoncontent-4729_1)**<br> **[Management Investment Companies](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_RMNP-Commoncontent-4729_1)**<br>| 28 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts](#xx_a2fd9d13-6ea7-4c55-a391-94015a59214c_AAA-Commoncontent-4729_1)** | 29 |

---

------

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

BNY Mellon High Yield Municipal Bond Fund

SCHEDULE OF INVESTMENTS

February 28, 2026 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%)<br>| Maturity <br>Date<br>| Principal <br>Amount ($)<br>| Value ($) |
| **Collateralized Municipal-Backed Securities — 2.1%** | **Collateralized Municipal-Backed Securities — 2.1%** | **Collateralized Municipal-Backed Securities — 2.1%** | **Collateralized Municipal-Backed Securities — 2.1%** | **Collateralized Municipal-Backed Securities — 2.1%** |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2, Cl. A | 3.63 | 5/20/2033 | 779872 | 796494 |
| California Municipal Finance Authority, Revenue Bonds, Ser. 2026-1, Cl. <br> B<sup>(a),(b)</sup> <br>| 10.02 | 12/20/2043 | 1000000 | 1033333 |
| Washington Housing Finance Commission, Revenue Bonds (Sustainable <br> Certificates) Ser. 2021-1, Cl. A<br>| 3.50 | 12/20/2035 | 1829888 | 1817501 |
| **Total Collateralized Municipal-Backed Securities** <br>(cost $3,913,637) | **Total Collateralized Municipal-Backed Securities** <br>(cost $3,913,637) | **Total Collateralized Municipal-Backed Securities** <br>(cost $3,913,637) |  | **3647328** |
| **Long-Term Municipal Investments — 103.7%** | **Long-Term Municipal Investments — 103.7%** | **Long-Term Municipal Investments — 103.7%** | **Long-Term Municipal Investments — 103.7%** | **Long-Term Municipal Investments — 103.7%** |
| **Alabama — 4.5%** | **Alabama — 4.5%** | **Alabama — 4.5%** | **Alabama — 4.5%** | **Alabama — 4.5%** |
| Baldwin County Industrial Development Authority, Revenue Bonds (Novelis <br> Corporation Project) Ser. A<sup>(b),(c)</sup> <br>| 5.00 | 6/1/2032 | 1750000 | 1833057 |
| Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. B | 5.00 | 10/1/2035 | 1000000 | 1046812 |
| Black Belt Energy Gas District, Revenue Bonds, Ser. D<sup>(c)</sup> <br>| 5.00 | 11/1/2034 | 1000000 | 1103931 |
| Mobile County Industrial Development Authority, Revenue Bonds (Calvert <br> LLC Project) Ser. B<br>| 4.75 | 12/1/2054 | 550000 | 527085 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. E | 5.00 | 10/1/2030 | 3000000 | 3271128 |
|  |  |  |  | **7782013** |
| **Alaska — 1.2%** | **Alaska — 1.2%** | **Alaska — 1.2%** | **Alaska — 1.2%** | **Alaska — 1.2%** |
| Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2050 | 2500000 | **2110410** |
| **Arizona — 8.2%** | **Arizona — 8.2%** | **Arizona — 8.2%** | **Arizona — 8.2%** | **Arizona — 8.2%** |
| Arizona Industrial Development Authority, Revenue Bonds (Academics of <br> Math & Science Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2054 | 1000000 | 920576 |
| Arizona Industrial Development Authority, Revenue Bonds (Cadence <br> Campus Project) Ser. A<sup>(b)</sup> <br>| 4.00 | 7/15/2050 | 1600000 | 1328840 |
| Arizona Industrial Development Authority, Revenue Bonds (Doral Academy <br> of Nevada) Ser. A<br>| 5.00 | 7/15/2049 | 1675000 | 1549133 |
| Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares <br> Project)<sup>(b),(d)</sup> <br>| 7.75 | 7/1/2050 | 2725000 | 64037 |
| Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares <br> Project) Ser. A<sup>(b),(d)</sup> <br>| 6.00 | 7/1/2051 | 1000000 | 23500 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun <br> Health Services Obligated Group) Ser. A<br>| 5.00 | 11/15/2054 | 1500000 | 1471894 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<sup>(b)</sup> <br>| 5.00 | 2/15/2036 | 1000000 | 1000712 |
| La Paz County Industrial Development Authority, Revenue Bonds (Harmony <br> Public Schools) Ser. A<br>| 5.00 | 2/15/2048 | 1125000 | 1103479 |
| Maricopa County Industrial Development Authority, Revenue Bonds <br> (Benjamin Franklin Charter School Obligated Group)<sup>(b)</sup> <br>| 6.00 | 7/1/2038 | 2250000 | 2324149 |
| Maricopa County Industrial Development Authority, Revenue Bonds, <br> Refunding (Legacy Traditional Schools Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2049 | 700000 | 676671 |
| Maricopa County Industrial Development Authority, Revenue Bonds, <br> Refunding (Legacy Traditional Schools Project)<sup>(b)</sup> <br>| 5.00 | 7/1/2054 | 1000000 | 949885 |
| Sierra Vista Industrial Development Authority, Revenue Bonds (American <br> Leadership Academy Project)<sup>(b)</sup> <br>| 5.00 | 6/15/2054 | 1000000 | 880690 |
| Tempe Industrial Development Authority, Revenue Bonds, Refunding <br> (Friendship Village of Tempe) Ser. A<br>| 4.00 | 12/1/2046 | 2000000 | 1766286 |
|  |  |  |  | **14059852** |
| **Arkansas — 1.6%** | **Arkansas — 1.6%** | **Arkansas — 1.6%** | **Arkansas — 1.6%** | **Arkansas — 1.6%** |
| Arkansas Development Finance Authority, Revenue Bonds (Sustainable <br> Bond) (U.S. Steel Corp.)<br>| 5.70 | 5/1/2053 | 2650000 | **2709848** |

---

**3**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **California — 2.2%** | **California — 2.2%** | **California — 2.2%** | **California — 2.2%** | **California — 2.2%** |
| California County Tobacco Securitization Agency, Revenue Bonds, Refunding <br> (Los Angeles County Securitization Corp.) Ser. A<br>| 4.00 | 6/1/2049 | 1805000 | 1609745 |
| California Municipal Finance Authority, Revenue Bonds (Cabrillo College <br> Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2040 | 2000000 | 2085835 |
| California Municipal Finance Authority, Revenue Bonds, Refunding (William <br> Jessup University)<sup>(b)</sup> <br>| 5.00 | 8/1/2039 | 140000 | 105727 |
|  |  |  |  | **3801307** |
| **Colorado — 5.3%** | **Colorado — 5.3%** | **Colorado — 5.3%** | **Colorado — 5.3%** | **Colorado — 5.3%** |
| Canyons Metropolitan District No. 5, GO, Refunding (Insured; Build America <br> Mutual) Ser. A<br>| 5.00 | 12/1/2038 | 350000 | 393040 |
| Colorado University Research Foundation, Revenue Bonds (The Prospect <br> Project) Ser. A<sup>(b)</sup> <br>| 5.25 | 3/1/2045 | 500000 | 514551 |
| Denver International Business Center Metropolitan District No.1, GO | 6.00 | 12/1/2048 | 1000000 | 1004048 |
| Dominion Water & Sanitation District, Revenue Bonds, Refunding | 5.88 | 12/1/2052 | 2750000 | 2823275 |
| Rampart Range Metropolitan District No. 5, Revenue Bonds | 4.00 | 12/1/2051 | 2000000 | 1633870 |
| Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health <br> Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health <br> Obligated Group) Ser. A1) Recourse, Underlying Coupon Rate <br> 4.00%<sup>(a),(b),(e)</sup> <br>| 12.90 | 8/1/2044 | 2200000 | 2482844 |
| Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty <br> Corp.)<br>| 3.25 | 12/15/2050 | 375000 | 324497 |
|  |  |  |  | **9176125** |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, <br> Refunding (Harbor Point Project)<sup>(b)</sup> <br>| 5.00 | 4/1/2039 | 1500000 | 1522669 |
| Stamford Housing Authority, Revenue Bonds, Refunding (Mozaic Concierge <br> Living Project) Ser. A<br>| 6.38 | 10/1/2045 | 1450000 | 1520316 |
|  |  |  |  | **3042985** |
| **District of Columbia — 3.8%** | **District of Columbia — 3.8%** | **District of Columbia — 3.8%** | **District of Columbia — 3.8%** | **District of Columbia — 3.8%** |
| District of Columbia, Revenue Bonds (Ingleside Rock Creek Project) Ser. A | 5.00 | 7/1/2052 | 2000000 | 1868550 |
| District of Columbia, Revenue Bonds, Refunding (The Catholic University of <br> America) Ser. A<br>| 5.75 | 10/1/2055 | 1000000 | 1068625 |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding <br> (Dulles Metrorail) Ser. B<br>| 4.00 | 10/1/2049 | 4090000 | 3658168 |
|  |  |  |  | **6595343** |
| **Florida — 5.3%** | **Florida — 5.3%** | **Florida — 5.3%** | **Florida — 5.3%** | **Florida — 5.3%** |
| Florida Development Finance Corp., Revenue Bonds, Refunding (Brightline <br> Florida Passenger Rail Project) (Insured; Assured Guaranty Corp.)<br>| 5.25 | 7/1/2053 | 1085000 | 1081542 |
| Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep <br> Academy Projects) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/15/2040 | 1000000 | 1059417 |
| Florida Local Government Finance Commission, Revenue Bonds (Fleet <br> Landing at Nocatee Project) Ser. A<sup>(b)</sup> <br>| 6.63 | 11/15/2045 | 500000 | 538255 |
| Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2049 | 2280000 | 2069377 |
| Pinellas County Industrial Development Authority, Revenue Bonds <br> (Foundation for Global Understanding)<br>| 5.00 | 7/1/2039 | 1000000 | 1017901 |
| Seminole County Industrial Development Authority, Revenue Bonds, <br> Refunding (Legacy Pointe at UCF Project)<br>| 5.75 | 11/15/2054 | 2000000 | 1935861 |
| St. Johns County Industrial Development Authority, Revenue Bonds, <br> Refunding (Vicar's Landing Project)<br>| 4.00 | 12/15/2041 | 500000 | 464488 |
| St. Johns County Industrial Development Authority, Revenue Bonds, <br> Refunding (Vicar's Landing Project)<br>| 4.00 | 12/15/2046 | 1000000 | 842124 |
|  |  |  |  | **9008965** |

---

**4**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **Georgia — 3.1%** | **Georgia — 3.1%** | **Georgia — 3.1%** | **Georgia — 3.1%** | **Georgia — 3.1%** |
| Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven <br> Development Authority, Revenue Bonds (Children's Healthcare of Atlanta) <br> Ser. A) Recourse, Underlying Coupon Rate 4.00%<sup>(a),(b),(e)</sup> <br>| 11.30 | 7/1/2044 | 3180000 | 3418455 |
| Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal <br> Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Units <br> 3&4 Project) Ser. A) Recourse, Underlying Coupon Rate 5.00%<sup>(a),(b),(e)</sup> <br>| 13.64 | 1/1/2059 | 1850000 | 1842235 |
|  |  |  |  | **5260690** |
| **Illinois — 7.0%** | **Illinois — 7.0%** | **Illinois — 7.0%** | **Illinois — 7.0%** | **Illinois — 7.0%** |
| Chicago, GO, Ser. A | 5.00 | 1/1/2045 | 1000000 | 1005532 |
| Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 700000 | 710378 |
| Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2047 | 1500000 | 1410952 |
| Chicago Board of Education, GO, Ser. A | 6.25 | 12/1/2050 | 750000 | 796465 |
| Chicago Board of Education, GO, Ser. D | 5.00 | 12/1/2046 | 1000000 | 951162 |
| Chicago Board of Education, GO, Ser. H | 5.00 | 12/1/2036 | 2000000 | 2002718 |
| Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2033 | 1000000 | 1017259 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 500000 | 513279 |
| Illinois Finance Authority, Revenue Bonds (Centerpoint Joliet Terminal <br> Railroad Project)<sup>(b),(c)</sup> <br>| 4.80 | 7/2/2035 | 1500000 | 1575766 |
| Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind Franklin <br> University of Medicine & Science)<br>| 5.00 | 8/1/2036 | 1075000 | 1091907 |
| Northern Illinois University, Revenue Bonds, Refunding (Insured; Build <br> America Mutual)<br>| 4.00 | 10/1/2043 | 1000000 | 976163 |
|  |  |  |  | **12051581** |
| **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** | **Indiana — .1%** |
| Indiana Finance Authority, Revenue Bonds (Sustainable Bond)<sup>(b),(d)</sup> <br>| 7.00 | 3/1/2039 | 3325000 | **166250** |
| **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** | **Louisiana — 1.5%** |
| Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River <br> Bridge Public-Private Partnership Project)<br>| 5.75 | 9/1/2064 | 1480000 | 1541472 |
| Parish of St. James, Revenue Bonds (Nustar Logistics LP Project)<sup>(b),(c)</sup> <br>| 6.10 | 6/1/2030 | 1000000 | 1114557 |
|  |  |  |  | **2656029** |
| **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** | **Massachusetts — .9%** |
| Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 1650000 | **1609305** |
| **Michigan — 2.5%** | **Michigan — 2.5%** | **Michigan — 2.5%** | **Michigan — 2.5%** | **Michigan — 2.5%** |
| Detroit, GO, Ser. C | 6.00 | 5/1/2043 | 500000 | 565050 |
| Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding <br> (Catalyst Development Project)<br>| 5.00 | 7/1/2048 | 2220000 | 2318822 |
| Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, <br> Ser. C<sup>(f)</sup> <br>| 0.00 | 6/1/2058 | 56880000 | 1328637 |
|  |  |  |  | **4212509** |
| **Minnesota — .6%** | **Minnesota — .6%** | **Minnesota — .6%** | **Minnesota — .6%** | **Minnesota — .6%** |
| Woodbury, Revenue Bonds, Refunding (Math & Science Academy)<sup>(b)</sup> <br>| 5.50 | 6/1/2063 | 1000000 | **945540** |
| **Missouri — 2.3%** | **Missouri — 2.3%** | **Missouri — 2.3%** | **Missouri — 2.3%** | **Missouri — 2.3%** |
| Missouri Health & Educational Facilities Authority, Revenue Bonds <br> (Lutheran Senior Services Projects) Ser. A<br>| 5.00 | 2/1/2036 | 1000000 | 1001002 |
| The St. Louis Missouri Industrial Development Authority, Revenue Bonds, <br> Refunding (Ballpark Village Development Project) Ser. A<br>| 4.75 | 11/15/2047 | 2500000 | 2211287 |
| The St. Louis Missouri Industrial Development Authority, Tax Allocation <br> Bonds (St. Louis Innovation District Project)<br>| 4.38 | 5/15/2036 | 715000 | 715054 |
|  |  |  |  | **3927343** |
| **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** | **Nevada — 1.6%** |
| North Las Vegas, Special Assessment Bonds (Valley Vista Special <br> Improvement District)<br>| 4.63 | 6/1/2043 | 430000 | 430422 |

---

**5**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **Nevada — 1.6% (continued)** | **Nevada — 1.6% (continued)** | **Nevada — 1.6% (continued)** | **Nevada — 1.6% (continued)** | **Nevada — 1.6% (continued)** |
| North Las Vegas, Special Assessment Bonds (Valley Vista Special <br> Improvement District)<br>| 4.63 | 6/1/2049 | 880000 | 831285 |
| Reno, Revenue Bonds, Refunding, Ser. D<sup>(b),(f)</sup> <br>| 0.00 | 7/1/2058 | 13000000 | 1504378 |
|  |  |  |  | **2766085** |
| **New Hampshire — 1.3%** | **New Hampshire — 1.3%** | **New Hampshire — 1.3%** | **New Hampshire — 1.3%** | **New Hampshire — 1.3%** |
| New Hampshire Business Finance Authority, Revenue Bonds (Mill Creek <br> Project, Montgomery County)<sup>(b)</sup> <br>| 5.95 | 12/1/2031 | 900000 | 901814 |
| New Hampshire Business Finance Authority, Revenue Bonds (The <br> Wildflower Project)<sup>(b),(f)</sup> <br>| 0.00 | 12/15/2033 | 700000 | 431622 |
| New Hampshire Business Finance Authority, Revenue Bonds, Refunding <br> (Springpoint Senior Living Obligated Group)<br>| 4.00 | 1/1/2041 | 1000000 | 966837 |
|  |  |  |  | **2300273** |
| **New Jersey — .9%** | **New Jersey — .9%** | **New Jersey — .9%** | **New Jersey — .9%** | **New Jersey — .9%** |
| New Jersey Economic Development Authority, Revenue Bonds (Beloved <br> Community Charter School Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 6/15/2039 | 825000 | 826313 |
| New Jersey Economic Development Authority, Revenue Bonds (Repauno <br> Port & Rail Terminal Project)<sup>(b)</sup> <br>| 6.63 | 1/1/2045 | 625000 | 656303 |
|  |  |  |  | **1482616** |
| **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** |
| Build New York City Resource Corp., Revenue Bonds (Riverspring Health <br> Senior Living, Inc. Project) Ser. A<sup>(b)</sup> <br>| 7.00 | 12/15/2065 | 1400000 | 1406047 |
| Build New York City Resource Corp., Revenue Bonds (The Renaissance <br> Charter School 2 Project) Ser. B<sup>(b)</sup> <br>| 5.00 | 6/1/2036 | 1500000 | 1597267 |
| New York Convention Center Development Corp., Revenue Bonds (Hotel <br> Unit Fee) Ser. B<sup>(f)</sup> <br>| 0.00 | 11/15/2042 | 10815000 | 5168181 |
| New York Transportation Development Corp., Revenue Bonds (John F. <br> Kennedy International Airport New Terminal One Project) (Insured; <br> Assured Guaranty Corp.)<br>| 6.00 | 6/30/2060 | 1500000 | 1623269 |
| Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan <br> Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) <br> (Insured; Assured Guaranty Corp.) Ser. C) Non-Recourse, Underlying <br> Coupon Rate 4.00%<sup>(a),(b),(e)</sup> <br>| 5.90 | 11/15/2047 | 3000000 | 2779750 |
| Westchester County Local Development Corp., Revenue Bonds, Refunding <br> (Purchase Senior Learning Community Obligated Group)<sup>(b)</sup> <br>| 5.00 | 7/1/2046 | 1700000 | 1660828 |
|  |  |  |  | **14235342** |
| **North Carolina — 2.5%** | **North Carolina — 2.5%** | **North Carolina — 2.5%** | **North Carolina — 2.5%** | **North Carolina — 2.5%** |
| North Carolina Medical Care Commission, Revenue Bonds (Deerfield <br> Episcopal Retirement Community Project) Ser. A<br>| 5.00 | 11/1/2040 | 500000 | 548423 |
| North Carolina Medical Care Commission, Revenue Bonds, Refunding <br> (Lutheran Services for the Aging Obligated Group)<br>| 4.00 | 3/1/2051 | 4000000 | 3392006 |
| North Carolina Medical Care Commission, Revenue Bonds, Refunding (The <br> United Methodist Retirement Homes Project)<br>| 5.63 | 10/1/2055 | 360000 | 366301 |
|  |  |  |  | **4306730** |
| **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, <br> Refunding, Ser. B2<br>| 5.00 | 6/1/2055 | 3850000 | 3184038 |
| Centerville, Revenue Bonds, Refunding (Graceworks Lutheran Services <br> Obligated Group) Ser. C<br>| 5.25 | 11/1/2047 | 1200000 | 1173554 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1000000 | 926179 |
|  |  |  |  | **5283771** |

---

**6**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **Oklahoma — 1.5%** | **Oklahoma — 1.5%** | **Oklahoma — 1.5%** | **Oklahoma — 1.5%** | **Oklahoma — 1.5%** |
| Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine <br> Project) Ser. B<br>| 5.50 | 8/15/2057 | 1500000 | 1502998 |
| Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau <br> Project)<br>| 5.25 | 11/15/2037 | 1000000 | 1018798 |
|  |  |  |  | **2521796** |
| **Oregon — 1.3%** | **Oregon — 1.3%** | **Oregon — 1.3%** | **Oregon — 1.3%** | **Oregon — 1.3%** |
| Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding <br> (Willamette View Obligated Group) Ser. A<br>| 5.00 | 11/15/2047 | 1400000 | 1369691 |
| Salem Hospital Facility Authority, Revenue Bonds, Refunding (Capital Manor <br> Project)<br>| 4.00 | 5/15/2047 | 1000000 | 871175 |
|  |  |  |  | **2240866** |
| **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** |
| Chester County Industrial Development Authority, Special Assessment <br> Bonds (Woodlands at Graystone Project)<sup>(b)</sup> <br>| 5.13 | 3/1/2048 | 741000 | 742088 |
| Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren <br> Village Project)<br>| 5.25 | 7/1/2041 | 1000000 | 1003266 |
| Lancaster Industrial Development Authority, Revenue Bonds, Refunding <br> (Landis Homes Obligated Group)<br>| 4.00 | 7/1/2051 | 1500000 | 1261042 |
| Luzerne County Industrial Development Authority, Revenue Bonds, <br> Refunding (Pennsylvania-American Water Co.)<sup>(c)</sup> <br>| 2.45 | 12/3/2029 | 2270000 | 2131626 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, <br> Refunding (University of Sciences in Philadephia)<br>| 5.00 | 11/1/2033 | 1000000 | 1000812 |
|  |  |  |  | **6138834** |
| **Rhode Island — 1.1%** | **Rhode Island — 1.1%** | **Rhode Island — 1.1%** | **Rhode Island — 1.1%** | **Rhode Island — 1.1%** |
| Rhode Island Health and Educational Building Corp., Revenue Bonds (PRG - <br> RI Properties LLC) (Insured; Assured Guaranty Corp.) Ser. B<br>| 5.63 | 7/1/2065 | 600000 | 617698 |
| Rhode Island Student Loan Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2030 | 1175000 | 1271069 |
|  |  |  |  | **1888767** |
| **South Dakota — 1.4%** | **South Dakota — 1.4%** | **South Dakota — 1.4%** | **South Dakota — 1.4%** | **South Dakota — 1.4%** |
| Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota <br> Health & Educational Facilities Authority, Revenue Bonds, Refunding <br> (Avera Health Obligated Group)) Non-Recourse, Underlying Coupon Rate <br> 5.00%<sup>(a),(b),(e)</sup> <br>| 14.09 | 7/1/2046 | 2400000 | **2419126** |
| **Texas — 4.7%** | **Texas — 4.7%** | **Texas — 4.7%** | **Texas — 4.7%** | **Texas — 4.7%** |
| Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas <br> Charter Schools)<sup>(b)</sup> <br>| 4.88 | 6/15/2059 | 1220000 | 1114332 |
| Houston Airport System, Revenue Bonds (United Airlines) Ser. B | 5.50 | 7/15/2038 | 1000000 | 1100511 |
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, <br> Refunding (Westminster Manor Project)<br>| 4.00 | 11/1/2049 | 1250000 | 1083796 |
| Port of Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast <br> Energy)<sup>(b)</sup> <br>| 3.00 | 1/1/2050 | 1750000 | 1201789 |
| San Antonio Education Facilities Corp., Revenue Bonds, Refunding <br> (University of the Incarnate Word)<br>| 4.00 | 4/1/2051 | 1750000 | 1436243 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds <br> (NTE Mobility Partners LLC North Tarrant Express Project)<br>| 5.50 | 12/31/2058 | 2000000 | 2077027 |
|  |  |  |  | **8013698** |
| **U.S. Related — 3.0%** | **U.S. Related — 3.0%** | **U.S. Related — 3.0%** | **U.S. Related — 3.0%** | **U.S. Related — 3.0%** |
| Puerto Rico, GO, Ser. A<sup>(f)</sup> <br>| 0.00 | 7/1/2033 | 373154 | 276299 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 289963 | 296974 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 260638 | 265112 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 223696 | 224158 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 304141 | 295191 |

---

**7**

------

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **U.S. Related — 3.0% (continued)** | **U.S. Related — 3.0% (continued)** | **U.S. Related — 3.0% (continued)** | **U.S. Related — 3.0% (continued)** | **U.S. Related — 3.0% (continued)** |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 316303 | 285574 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 305783 | 339794 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1<sup>(f)</sup> <br>| 0.00 | 7/1/2033 | 4031000 | 3134545 |
|  |  |  |  | **5117647** |
| **Utah — 2.6%** | **Utah — 2.6%** | **Utah — 2.6%** | **Utah — 2.6%** | **Utah — 2.6%** |
| High Star Ranch Infrastructure Financing District, Special Assessment Bonds <br> (High Star Ranch Assessment Area)<sup>(b)</sup> <br>| 6.25 | 12/1/2055 | 1715000 | 1722469 |
| Mida Mountain Village Public Infrastructure District, Tax Allocation Bonds, <br> Ser. 1<sup>(b)</sup> <br>| 5.50 | 6/1/2050 | 725000 | 737300 |
| Pine View Public Infrastructure District No. 2, Special Assessment Bonds <br> (Firelight Assessment Area No. 1)<sup>(b)</sup> <br>| 6.25 | 12/1/2055 | 1000000 | 1008904 |
| Point Phase 1 Public Infrastructure District No. 1, Revenue Bonds, Ser. A1 | 5.88 | 3/1/2045 | 1000000 | 1049543 |
|  |  |  |  | **4518216** |
| **Virginia — 3.0%** | **Virginia — 3.0%** | **Virginia — 3.0%** | **Virginia — 3.0%** | **Virginia — 3.0%** |
| Virginia College Building Authority, Revenue Bonds (Sustainable Bond) <br> (Marymount University Project) Ser. B<sup>(b)</sup> <br>| 5.00 | 7/1/2045 | 500000 | 381386 |
| Virginia College Building Authority, Revenue Bonds, Refunding (Marymount <br> University Project) Ser. A<sup>(b)</sup> <br>| 5.00 | 7/1/2045 | 1000000 | 762773 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding <br> (95 Express Lanes)<br>| 4.00 | 1/1/2048 | 4500000 | 4001376 |
|  |  |  |  | **5145535** |
| **Washington — 4.1%** | **Washington — 4.1%** | **Washington — 4.1%** | **Washington — 4.1%** | **Washington — 4.1%** |
| Washington Convention Center Public Facilities District, Revenue Bonds <br> (Sustainable Bond) Ser. B<br>| 4.00 | 7/1/2058 | 4000000 | 3418399 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Horizon House Project) Ser. B3<br>| 4.38 | 1/1/2033 | 1000000 | 1004074 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Presbyterian Retirement Communities Northwest Obligated Group) Ser. <br> A<sup>(b)</sup> <br>| 5.00 | 1/1/2046 | 1680000 | 1632697 |
| Washington Housing Finance Commission, Revenue Bonds, Refunding <br> (Presbyterian Retirement Communities Northwest Obligated Group) Ser. <br> A<sup>(b)</sup> <br>| 5.00 | 1/1/2051 | 1120000 | 1041013 |
|  |  |  |  | **7096183** |
| **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** | **West Virginia — .6%** |
| West Virginia Economic Development Authority, Revenue Bonds <br> (Commercial Metals Company Project)<sup>(c)</sup> <br>| 4.63 | 5/15/2032 | 1040000 | **1071197** |
| **Wisconsin — 7.2%** | **Wisconsin — 7.2%** | **Wisconsin — 7.2%** | **Wisconsin — 7.2%** | **Wisconsin — 7.2%** |
| Public Finance Authority, Revenue Bonds (Appalachian State University <br> Project) (Insured; Assured Guaranty Corp.) Ser. A<br>| 4.00 | 7/1/2045 | 1850000 | 1771207 |
| Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes <br> Project)<br>| 6.50 | 12/31/2065 | 1000000 | 1112974 |
| Public Finance Authority, Revenue Bonds (Heritage Bend Project)<sup>(b),(f)</sup> <br>| 0.00 | 12/15/2042 | 2500000 | 788705 |
| Public Finance Authority, Revenue Bonds, Ser. 2023-1, Cl. A | 5.75 | 7/1/2062 | 1181276 | 1230019 |
| Public Finance Authority, Revenue Bonds, Refunding (Legacy Hills <br> Project)<sup>(b)</sup> <br>| 6.00 | 11/15/2045 | 1000000 | 997235 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood <br> Education System)<br>| 5.00 | 6/1/2037 | 950000 | 1022851 |
| Public Finance Authority, Revenue Bonds, Refunding (Lindenwood <br> Education System) Ser. A<sup>(b)</sup> <br>| 5.50 | 6/1/2040 | 1000000 | 1072065 |
| Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods At <br> Marylhurst Obligated Group)<sup>(b)</sup> <br>| 5.25 | 5/15/2037 | 625000 | 632932 |
| Public Finance Authority, Revenue Bonds, Refunding (Roseman University of <br> Health Sciences)<sup>(b)</sup> <br>| 5.00 | 4/1/2050 | 1750000 | 1658723 |

---

**8**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon<br> Rate (%)<br>| Maturity<br> Date<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** | **Long-Term Municipal Investments — 103.7% (continued)** |
| **Wisconsin — 7.2% (continued)** | **Wisconsin — 7.2% (continued)** | **Wisconsin — 7.2% (continued)** | **Wisconsin — 7.2% (continued)** | **Wisconsin — 7.2% (continued)** |
| Public Finance Authority, Revenue Bonds, Refunding (Triad Educational <br> Services, Inc.)<br>| 5.25 | 6/15/2065 | 1000000 | 928097 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, <br> Refunding (St. Camillus Health System Obligated Group)<br>| 5.00 | 11/1/2046 | 1250000 | 1194772 |
|  |  |  |  | **12409580** |
| **Total Long-Term Municipal Investments** <br>(cost $193,022,945) | **Total Long-Term Municipal Investments** <br>(cost $193,022,945) | **Total Long-Term Municipal Investments** <br>(cost $193,022,945) |  | **178072357** |
| **Total Investments** (cost $196,936,582) | **Total Investments** (cost $196,936,582) | **Total Investments** (cost $196,936,582) | **105.8%** | **181719685** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(5.8%)** | **(10040060)** |
| **Net Assets**  | **Net Assets**  | **Net Assets**  | **100.0%** | **171679625** |

---

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

GO—Government Obligation<br>

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

<sup>(a)</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>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2026, these securities amounted to $58,085,410 or 33.8% of net assets. 

<sup>(c)</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>(d)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $253,787, which represented .0% of net assets. 

<sup>(e)</sup> These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security. See Note 4 of the Notes to Financial Statements for details. 

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

See notes to financial statements.

**9**

------

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Schedule of Investments | 196936582 | &nbsp;&nbsp;&nbsp;&nbsp; 181719685 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 830281 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 1921345 |
| Receivable for shares of Common Stock subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 40071 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 48256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **184559638** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95634 |
| Payable for inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8725000 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 3758090 |
| Payable for shares of Common Stock redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 188951 |
| Interest and expense payable related to inverse floater notes issued—Note 4  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35972 |
| Directors' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 5996 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 70370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12880013** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **171679625** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 232894174 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (61214549)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **171679625** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Class A | Class C | Class I | Class Y | Class Z |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 51390709 | &nbsp;&nbsp;&nbsp;&nbsp; 3774018 | &nbsp;&nbsp;&nbsp;&nbsp; 86678912 | &nbsp;&nbsp;&nbsp;&nbsp; 84955 | &nbsp;&nbsp;&nbsp;&nbsp; 29751031 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 4741119 | &nbsp;&nbsp;&nbsp;&nbsp; 348486 | &nbsp;&nbsp;&nbsp;&nbsp; 8010563 | &nbsp;&nbsp;&nbsp;&nbsp; 7839 | &nbsp;&nbsp;&nbsp;&nbsp; 2749462 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**10.84** | &nbsp;&nbsp;&nbsp;&nbsp;**10.83** | &nbsp;&nbsp;&nbsp;&nbsp;**10.82** | &nbsp;&nbsp;&nbsp;&nbsp;**10.84** | &nbsp;&nbsp;&nbsp;&nbsp;**10.82** |

---

See notes to financial statements.

**10**

------

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **4366445** |
| **Expenses:** |  |
| Management fee—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 400328 |
| Interest and expense related to inverse floater notes issued—Note 4  | &nbsp;&nbsp;&nbsp;&nbsp; 124981 |
| Shareholder servicing costs—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 104761 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 77881 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 42054 |
| Distribution/Service Plans fees—Note 3(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 32195 |
| Chief Compliance Officer fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 15059 |
| Directors' fees and expenses—Note 3(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 11948 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 11140 |
| Shareholder and regulatory reports service fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Loan commitment fees—Note 2  | &nbsp;&nbsp;&nbsp;&nbsp; 1780 |
| Custodian fees—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1696 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **839030** |
| Less—reduction in expenses due to undertaking—Note 3(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (7120)<br>|
| Less—reduction in fees due to earnings credits—Note 3(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (1443)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **830467** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **3535978** |
| **Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (284021)<br>|
| Net realized gain (loss) on futures | &nbsp;&nbsp;&nbsp;&nbsp; (28466)<br>|
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **(312487)**<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 11864851 |
| Net change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp;&nbsp; 2670 |
| **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **11867521** |
| **Net Realized and Unrealized Gain (Loss) on Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **11555034** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **15091012** |

---

See notes to financial statements.

**11**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>August 31, 2025 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3535978 | &nbsp;&nbsp;&nbsp;&nbsp; 8671680 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (312487) | &nbsp;&nbsp;&nbsp;&nbsp; (8524283) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 11867521 | &nbsp;&nbsp;&nbsp;&nbsp; (9591997) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **15091012** | &nbsp;&nbsp;&nbsp;&nbsp; **(9444600)** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1072294) | &nbsp;&nbsp;&nbsp;&nbsp; (2730326) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (60626) | &nbsp;&nbsp;&nbsp;&nbsp; (157065) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (1835745) | &nbsp;&nbsp;&nbsp;&nbsp; (4477096) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (12052) | &nbsp;&nbsp;&nbsp;&nbsp; (34257) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (610596) | &nbsp;&nbsp;&nbsp;&nbsp; (1310601) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(3591313)** | &nbsp;&nbsp;&nbsp;&nbsp; **(8709345)** |
| **Capital Stock Transactions ($):** |  |  |
| Net proceeds from shares sold: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 9850550 | &nbsp;&nbsp;&nbsp;&nbsp; 20056672 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 108979 | &nbsp;&nbsp;&nbsp;&nbsp; 362286 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 15521179 | &nbsp;&nbsp;&nbsp;&nbsp; 37137376 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 20293 | &nbsp;&nbsp;&nbsp;&nbsp; 15438 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 53517 | &nbsp;&nbsp;&nbsp;&nbsp; 1295498 |
| Distributions reinvested: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 934882 | &nbsp;&nbsp;&nbsp;&nbsp; 2394311 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 60583 | &nbsp;&nbsp;&nbsp;&nbsp; 156451 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 1820281 | &nbsp;&nbsp;&nbsp;&nbsp; 4419314 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 10911 | &nbsp;&nbsp;&nbsp;&nbsp; 34070 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; 458605 | &nbsp;&nbsp;&nbsp;&nbsp; 993064 |
| Cost of shares redeemed: |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (19536705) | &nbsp;&nbsp;&nbsp;&nbsp; (40782644) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (752338) | &nbsp;&nbsp;&nbsp;&nbsp; (1662848) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (25710956) | &nbsp;&nbsp;&nbsp;&nbsp; (60709138) |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (625134) | &nbsp;&nbsp;&nbsp;&nbsp; (373206) |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; (2755030) | &nbsp;&nbsp;&nbsp;&nbsp; (4672542) |
| **Increase (Decrease) in Net Assets from Capital Stock Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(20540383)** | &nbsp;&nbsp;&nbsp;&nbsp; **(41335898)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(9040684)** | &nbsp;&nbsp;&nbsp;&nbsp; **(59489843)** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 180720309 | &nbsp;&nbsp;&nbsp;&nbsp; 240210152 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **171679625** | &nbsp;&nbsp;&nbsp;&nbsp; **180720309** |

---

**12**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended<br> February 28, 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> August 31, 2025 |
| **Capital Share Transactions (Shares):** |  |  |
| **Class A** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 930549 | &nbsp;&nbsp;&nbsp;&nbsp; 1853573 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 87676 | &nbsp;&nbsp;&nbsp;&nbsp; 223509 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1838263) | &nbsp;&nbsp;&nbsp;&nbsp; (3798146) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(820038)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1721064)** |
| **Class C** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 10285 | &nbsp;&nbsp;&nbsp;&nbsp; 33103 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5687 | &nbsp;&nbsp;&nbsp;&nbsp; 14634 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (71073) | &nbsp;&nbsp;&nbsp;&nbsp; (157624) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(55101)** | &nbsp;&nbsp;&nbsp;&nbsp; **(109887)** |
| **Class I** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1468408 | &nbsp;&nbsp;&nbsp;&nbsp; 3474646 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 171010 | &nbsp;&nbsp;&nbsp;&nbsp; 414024 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2424595) | &nbsp;&nbsp;&nbsp;&nbsp; (5753134) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(785177)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1864464)** |
| **Class Y** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp;&nbsp; 3178 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (58430) | &nbsp;&nbsp;&nbsp;&nbsp; (34602) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(55477)** | &nbsp;&nbsp;&nbsp;&nbsp; **(29988)** |
| **Class Z** |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp;&nbsp; 121460 |
| Shares issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 43085 | &nbsp;&nbsp;&nbsp;&nbsp; 93116 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (260350) | &nbsp;&nbsp;&nbsp;&nbsp; (435718) |
| **Net Increase (Decrease) in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; **(212230)** | &nbsp;&nbsp;&nbsp;&nbsp; **(221142)** |

---

See notes to financial statements.

**13**

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class A Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .40 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp;&nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.40)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.66 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .85 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .85 <br><sup>(e)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83 <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.87 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 <br><sup>(e)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14.86 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 51391 | &nbsp;&nbsp;&nbsp;&nbsp; 56572 | &nbsp;&nbsp;&nbsp;&nbsp; 80582 | &nbsp;&nbsp;&nbsp;&nbsp; 83755 | &nbsp;&nbsp;&nbsp;&nbsp; 133316 | &nbsp;&nbsp;&nbsp;&nbsp; 150609 |

---

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

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

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

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

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

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

See notes to financial statements.

**14**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class C Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .16 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.30)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| **Total Return (%)**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.23 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.87 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.82 <br><sup>(d),(e),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 <br><sup>(e)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08 <br><sup>(d),(e),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 <br><sup>(e)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14.86 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3774 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 | &nbsp;&nbsp;&nbsp;&nbsp; 7511 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp;&nbsp; 14447 |

---

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

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

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

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

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

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

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

See notes to financial statements.

**15**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class I Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .43 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .66 | &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .82 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 8.70 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .82 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .62 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .82 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .84 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .82 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .78 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .62 <br><sup>(d)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09 <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 86679 | &nbsp;&nbsp;&nbsp;&nbsp; 89326 | &nbsp;&nbsp;&nbsp;&nbsp; 117762 | &nbsp;&nbsp;&nbsp;&nbsp; 125017 | &nbsp;&nbsp;&nbsp;&nbsp; 127176 | &nbsp;&nbsp;&nbsp;&nbsp; 168242 |

---

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

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

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

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

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

See notes to financial statements.

**16**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Y Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp; .43 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .89 | &nbsp;&nbsp;&nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 8.78 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .83 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .60 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .81 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .84 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .80 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .75 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .60 <br><sup>(d)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.35 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp; 2212 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |

---

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

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

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

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

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

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

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, | Year Ended August 31, |
| **Class Z Shares** | &nbsp;&nbsp;&nbsp; Six Months Ended <br>February 28, 2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.37 |
| Investment Operations: | Investment Operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .42 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; .83 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions: |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.42)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 8.75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .94 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .70 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .90 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .96 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .93 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .89 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp; .70 <br><sup>(d)</sup><br>|
| Ratio of interest and expense related to <br> floating rate notes issued to average <br>net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .14 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .03 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01 <br><sup>(c),(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25 <br><sup>(d)</sup><br>|
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 29751 | &nbsp;&nbsp;&nbsp;&nbsp; 30076 | &nbsp;&nbsp;&nbsp;&nbsp; 35155 | &nbsp;&nbsp;&nbsp;&nbsp; 34642 | &nbsp;&nbsp;&nbsp;&nbsp; 41466 | &nbsp;&nbsp;&nbsp;&nbsp; 53781 |

---

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

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

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

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

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

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

See notes to financial statements.

**18**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited)

**NOTE 1—**

**Significant Accounting Policies:**

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

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

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

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

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

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

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

**19**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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:

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

Restricted securities, as well as securities or other assets for which recent market quotations 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 materially affected by events occurring after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value ("NAV")), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund's valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| Collateralized Municipal-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3647328 | &nbsp;&nbsp; — | &nbsp;&nbsp; **3647328** |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 178072357 | &nbsp;&nbsp; — | &nbsp;&nbsp; **178072357** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **181719685** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **181719685** |

---

**20**

------

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**<br>| **Level 2- Other**<br> **Significant** <br> **Observable Inputs**<br>| **Level 3-**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **(continued)** |  |  |  |  |
| **Liabilities ($)** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Inverse Floater Notes<sup>††</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8725000) | &nbsp;&nbsp; — | &nbsp;&nbsp; **(8725000)** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(8725000)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(8725000)** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| See Schedule 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 reporting purposes. |

---

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

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

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

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

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

**21**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

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

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

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

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

The fund has an unused capital loss carryover of $46,230,399 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2025. The fund has $13,639,784 of short-term capital losses and $32,590,615 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 were as follows: tax-exempt income $8,706,758 and ordinary income $2,587. The tax character of current year distributions will be determined at the end of the current fiscal year.

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

**NOTE 2—**

**Bank Lines of Credit:**

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2026, the fund did not borrow under either Facility.

**22**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

**NOTE 3—**

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

**(a)** Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .45% of the value of the fund's average daily net assets and is payable monthly. The Adviser has also contractually agreed, from September 1, 2025 through December 31, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of the fund's Class A, Class C, Class I, Class Y and Class Z shares (including Rule 12b-1 Distribution Plan fees and Shareholder Services Plan fees, but excluding taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) do not exceed an annual rate of .95%, 1.68%, .68%, .67% and .76%, respectively, of the value of the applicable share class' average daily net assets. On or after December 31, 2026, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $7,120 during the period ended February 28, 2026.

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

During the period ended February 28, 2026, the Distributor retained $75 from commissions earned on sales of the fund's Class A shares, $2,267 and $9 from CDSC fees on redemptions of the fund's Class A and Class C shares, respectively.

**(b)** Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended February 28, 2026, Class C shares were charged $14,618 pursuant to the Distribution Plan.

Under the Service Plan adopted pursuant to Rule 12b-1 under the Act, Class Z reimburse the Distributor for distributing its shares and servicing shareholder accounts at an amount not to exceed an annual rate of up to .25% of the value of the average daily net assets of Class Z shares. During the period ended February 28, 2026, Class Z shares were charged $17,577 pursuant to the Service Plan.

**(c)** Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended February 28, 2026, Class A and Class C shares were charged $68,682 and $4,873, respectively, pursuant to the Shareholder Services Plan.

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

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended February 28, 2026, the fund was charged $7,366 for transfer agency services. These fees are included in Shareholder servicing costs 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 February 28, 2026, the fund was charged $1,696 pursuant to the custody agreement. These fees were partially offset by earnings credits of $1,443.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended February 28, 2026, the fund was charged $257 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended February 28, 2026, the fund was charged $15,059 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended February 28, 2026, the Custodian was compensated $10,000 for financial reporting and regulatory services.

**23**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $59,113, Distribution/Service Plans fees of $4,638, Shareholder Services Plan fees of $10,521, Custodian fees of $1,904, Chief Compliance Officer fees of $5,361, Transfer Agent fees of $3,693, Checkwriting fees of $43 and shareholder and regulatory reports service fees of $13,333, which are offset against an expense reimbursement currently in effect in the amount of $2,972.

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

**NOTE 4—**

**Securities Transactions:**

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, derivatives and secured borrowings of inverse floater securities, during the period ended February 28, 2026, amounted to $26,287,081 and $43,121,186, respectively.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund's investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

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

The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2026, was approximately $8,923,895, with a related weighted average annualized interest rate of 2.82%.

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

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

**24**

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
| Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) | Amount of realized gain (loss) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(1)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; (28466) | &nbsp;&nbsp;&nbsp;&nbsp; **(28466)** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **(28466)** | &nbsp;&nbsp;&nbsp;&nbsp; **(28466)** |

---

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

---

| | | |
|:---|:---|:---|
| Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) | Net change in unrealized appreciation (depreciation) on derivatives recognized in income ($) |
| **Underlying risk** | **Futures**<sup>(2)</sup> <br>| **Total** |
| Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; **2670** |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **2670** | &nbsp;&nbsp;&nbsp;&nbsp; **2670** |

---

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

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

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

---

| | |
|:---|:---|
|  | Average Market Value ($) |
| **Futures:** |  |
| Interest Rate Futures Short | &nbsp;&nbsp; 466250 |

---

At February 28, 2026, accumulated net unrealized depreciation on investments was $15,216,897, consisting of $3,873,539 gross unrealized appreciation and $19,090,436 gross unrealized depreciation.

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

**25**

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

N/A

**26**

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

A special meeting of the fund's shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows:

---

| | | |
|:---|:---|:---|
|  | Shares | Shares |
|  | For | Withheld |
| To elect seven Board Members to the Board of Directors of the Fund: | To elect seven Board Members to the Board of Directors of the Fund: | To elect seven Board Members to the Board of Directors of the Fund: |
| Francine J. Bovich | 86818115 | 2369182 |
| Andrew J. Donohue | 86846881 | 2340416 |
| Joan L. Gulley | 86858825 | 2328472 |
| Alan H. Howard | 86845102 | 2342195 |
| Bradley J. Skapyak | 86907911 | 2279387 |
| Roslyn M. Watson | 86810437 | 2376861 |
| Benaree Pratt Wiley | 86767292 | 2420005 |

---

**27**

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

Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $27,007.

**28**

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

At a meeting of the fund's Board of Directors (the "Board") held on October 28-29, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</u> The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

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

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

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group and Performance Universe medians for all periods, except for the ten-year period when the fund's total return performance was above the Performance Group and the Performance Universe medians. The Board also considered that the fund's yield performance during the ten one-year periods ended September 30th. The Board considered the relative proximity of the fund's yield performance to the Performance Group and/or Performance Universe medians in certain periods when the fund's yield performance was below median. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund's underperformance versus the Performance Group and Performance Universe during certain periods under review and noted that the portfolio managers are very experienced with an impressive long-term track record and continued to apply a consistent investment strategy. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark index, and it was noted that the fund's returns were above the returns of the index in eight of the ten calendar years shown.

**29**

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

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

The Board considered that the fund's contractual management fee was lower than the Expense Group median contractual management fee, the fund's actual management fee was approximately equivalent to the Expense Group median and approximately equivalent to the Expense Universe median actual management fee, and the fund's total expenses were approximately equivalent to the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until December 31, 2026, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of Class A, Class C, Class I, Class Y and Class Z shares of the fund (including Rule 12b-1 fees and shareholder services fees, but excluding taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) do not exceed an annual rate of .95%, 1.68%, .68%, .67% and .76%, respectively.

Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

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

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

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

**30**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;●The Board was generally satisfied with the fund's relative performance as compared to the fund's benchmark index.

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

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

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

**31**

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

Code-6165NCSRSA0226

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers for Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

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

There have been no 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) Not applicable.

(a)(3) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](ex_99-302cert122.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

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

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Municipal Funds, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: April 22, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: April 22, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: April 22, 2026

**EXHIBIT INDEX**

(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

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

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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

David J. DiPetrillo

President (Principal Executive Officer)

Date: April 22, 2026

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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

James Windels

Treasurer (Principal Financial Officer)

Date: April 22, 2026

## 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: April 22, 2026

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

James Windels

Treasurer (Principal Financial Officer)

Date: April 22, 2026

*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.*