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			811-02653
	BNY Mellon Municipal Bond 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 offices)        (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:				(212) 922-6400
Date of fiscal year end:		08/31
Date of reporting period:		02/28/22

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Municipal Bond Fund

SEMIANNUAL REPORT

February 28, 2022

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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

T H E F U N D

Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses With Those of Other Funds	5
Statement of Investments	6
Statement of Assets and Liabilities	26
Statement of Operations	27
Statement of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	30
Information About the Renewal of the Fund’s Management and Sub-Investment Advisory Agreements	38

F O R M O R E I N F O R M AT I O N

Back Cover

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from September 1, 2021 through February 28, 2022, as provided by portfolio managers Daniel Marques and Daniel Rabasco of Insight North America, LLC, Sub-Investment Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Municipal Bond Fund (the “fund”) achieved a total return of -3.31%.¹ In comparison, the fund’s benchmark, the Bloomberg U.S. Municipal Bond Index (the “Index”), produced a total return of -3.09%.²

Municipal bonds lost ground over the reporting period due to concerns about inflation and interest-rate hikes by the Federal Reserve (the “Fed”). The fund lagged the Index, primarily due to security selection and duration positioning.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax, to the extent consistent with the preservation of capital.

To pursue this goal, the fund normally invests substantially all of its net assets in municipal bonds that provide income exempt from federal income tax. The fund invests at least 75% of its assets in municipal bonds rated A or higher or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The fund may invest up to 25% of its assets in municipal bonds rated below A or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc., including bonds rated below-investment-grade quality (“high yield” or “junk” bonds). The dollar-weighted average maturity of the fund’s portfolio is not restricted, but normally exceeds 10 years.

We focus on identifying undervalued sectors and securities and minimize the use of interest-rate forecasting. The portfolio managers select municipal bonds for the fund’s portfolio by:

·Using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities, and to exploit pricing inefficiencies in the municipal bond market.

·Actively trading among various sectors, such as pre-refunded, general obligation and revenue, based on their apparent relative values. The fund seeks to invest in several of these sectors.

Market Experiences Headwinds and Volatility Despite Strong Fundamentals

During the reporting period, the market continued to process a number of headwinds. The outlook for inflation shifted away from the view that pricing pressures were “transitory” as

2

oil prices rose, and inflation measures reached multi-decade highs. In addition, investors began to anticipate that the Fed would move to a policy of tightening as quantitative easing came to an end, and Fed officials signaled that short-term interest rates would be raised.

The defeat of the Build Back Better legislation in Congress and the end of other policies that have been supportive of municipal bonds also weighed on the market, leading to fund outflows. In addition, the latter part of the period was characterized by volatility stemming from these headwinds as well as the war in Ukraine.

On the other hand, the fiscal health of issuers has continued to be strong. Issuers are flush with cash because real estate and income tax collections have failed to decline as much as expected. Progressive tax regimes proved beneficial because higher-earning, white-collar workers were largely unaffected by the pandemic. In addition, strong stock market returns have boosted revenues from capital gains taxes.

Sector Allocation and Duration Hindered Performance

The fund lagged the Index during the reporting period, primarily due to sector allocation decisions within revenue bonds and to duration positioning. In the revenue bond sector, the fund’s decision to overweight tobacco securitization and prepaid gas issues detracted as those segments lagged the overall market. Certain revenue bond selections in the health care and housing segments also detracted. In addition, the fund’s duration was long versus the Index, and this hindered returns as well. Specifically, bonds in the seven- to 10-year portion of the curve saw rates rise more than other portions of the curve. The fund did not make use of derivatives during the period.

On a more positive note, the fund’s overweight position in revenue bonds contributed positively to returns. In addition, certain security selections in the revenue bond segment added to performance, including those in education, transportation, industrial development, and water & sewer.

Limited Supply, Credit Fundamentals Should Support the Market

A number of factors could hinder the municipal bond market in the near term. We anticipate that the Fed will raise short-term interest rates four to five times in 2022 and three times in 2023. In addition, in the short term, reinvestment rates are likely to be low, and outflows could occur as investors redeem shares to meet tax obligations.

On the other hand, the municipal bond market often outperforms Treasuries during periods of rising rates, and when rates rise, new supply often declines, which could support the market. In addition, although federal relief programs are waning, economic fundamentals remain strong, which will also bolster the market.

3

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

We will continue to focus on security selection, adding yield where we find opportunities. In addition, we will keep the fund’s duration positioning neutral versus the benchmark in the coming months.

March 15, 2022

¹Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.

²Source: Lipper Inc. — The Bloomberg U.S. Municipal Bond Index covers the USD-denominated, long-term, tax-exempt bond market. Investors cannot invest directly in any index.

Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. High yield bond funds involve increased credit and liquidity risk compared with higher-quality bond funds. Below-investment-grade bonds are considered speculative as to the continuing ability of an issuer to make interest payments and repay principal.

Auction-rate securities include preferred shares of closed-end funds, long-term debt issued by municipalities and many other taxable and tax-exempt issuers. The dividend rates on these securities generally reset through bank-managed auctions periodically, including periods ranging from 7 days to 35 days.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

4

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Municipal Bond Fund from September 1, 2021 to February 28, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended February 28, 2022
Expenses paid per $1,000†	$3.51
Ending value (after expenses)	$966.90

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended February 28, 2022
Expenses paid per $1,000†		$3.61
Ending value (after expenses)		$1,021.22
†	Expenses are equal to the fund’s annualized expense ratio of .72%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

5

STATEMENT OF INVESTMENTS

February 28, 2022 (Unaudited)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - .3%
Collateralized Municipal-Backed Securities - .3%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $3,686,561)		3.63	5/20/2033	3,358,778		3,589,624
Long-Term Municipal Investments - 99.4%
Alabama - 6.0%
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A		4.00	11/1/2036	6,000,000		6,943,837
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B		5.00	7/1/2043	7,500,000		8,599,972
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1		4.00	12/1/2025	1,190,000	a	1,279,579
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1		4.00	10/1/2026	1,000,000	a	1,087,928
Black Belt Energy Gas District, Revenue Bonds, Ser. B1, 1 Month LIBOR x.67 +.90%		0.97	12/1/2023	5,000,000	a,b	5,008,624
Jefferson County, Revenue Bonds, Refunding		5.00	9/15/2035	2,500,000		2,914,247
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		6.60	10/1/2042	20,000,000	c	20,567,902
The Lower Alabama Gas District, Revenue Bonds (Gas Project)		4.00	12/1/2025	5,000,000	a	5,377,600
The Lower Alabama Gas District, Revenue Bonds, Ser. A		5.00	9/1/2028	3,300,000		3,849,291
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A		4.00	6/1/2024	7,960,000	a	8,344,419
University of Alabama at Birmingham, Revenue Bonds, Ser. B		4.00	10/1/2035	4,005,000		4,560,956
					68,534,355
Arizona - 2.1%
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A		4.00	11/1/2037	4,885,000		5,502,690

6

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Arizona - 2.1% (continued)
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A		5.00	11/1/2044	1,975,000		2,275,550
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A		5.00	11/15/2054	4,000,000		4,442,517
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A		5.00	11/15/2048	1,500,000		1,668,743
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A		5.00	2/15/2046	1,500,000	d	1,617,340
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A		5.00	1/1/2041	2,500,000		2,905,948
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group)		5.00	1/1/2031	1,750,000		2,017,850
Maricopa County Special Health Care District, GO, Ser. D		4.00	7/1/2035	1,375,000		1,588,633
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B		4.00	7/1/2044	2,000,000		2,151,725
					24,170,996
California - 6.9%
California, GO		5.00	10/1/2030	8,000,000		9,674,723
California, GO, Refunding		5.00	4/1/2033	7,900,000		9,619,769
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.25	8/1/2032	5,500,000		7,219,445
California Community Choice Financing Authority, Revenue Bonds (Green Bond) Ser. B1		4.00	8/1/2031	1,235,000	a	1,408,236
California County Tobacco Securitization Agency, Revenue Bonds, Refunding		5.00	6/1/2034	5,295,000		5,416,247
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B		5.00	11/15/2046	4,000,000		4,561,077
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1		3.50	11/20/2035	2,960,505		3,165,069

7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
California - 6.9% (continued)
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group)		5.25	12/1/2048	1,800,000	d	2,087,760
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2027	3,265,000	e	3,832,870
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual)		4.00	8/1/2050	3,255,000		3,615,067
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B		4.00	7/1/2051	6,650,000		7,231,762
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B		4.00	7/1/2046	2,780,000		3,035,205
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (San Francisco International Airport) Ser. B		5.00	5/1/2041	12,500,000		13,947,167
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E		5.00	5/1/2050	3,500,000		4,010,790
					78,825,187
Colorado - 3.7%
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group)		5.00	12/1/2048	6,000,000		6,758,968
Colorado Health Facilities Authority, Revenue Bonds, Refunding (AdventHealth Obligated Group)		5.00	11/19/2026	5,000,000	a	5,756,443
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		5.00	8/1/2044	3,500,000		4,064,148
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A		4.00	1/1/2036	5,000,000		5,572,011
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2048	5,000,000		5,760,805
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2031	2,000,000		2,346,865

8

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Colorado - 3.7% (continued)
Denver City & County School District No. 1, GO (Insured; State Aid Withholding) Ser. A		5.50	12/1/2041	1,550,000		1,869,524
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding		5.00	12/1/2036	1,315,000		1,464,149
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding		5.00	12/1/2027	3,860,000		4,361,775
Dominion Water & Sanitation District, Revenue Bonds		5.75	12/1/2036	3,500,000		3,579,394
Dominion Water & Sanitation District, Revenue Bonds		6.00	12/1/2046	485,000		495,935
					42,030,017
Connecticut - 1.3%
Connecticut, GO, Ser. C		5.00	6/15/2035	1,000,000		1,187,905
Connecticut, GO, Ser. C		5.00	6/15/2034	1,020,000		1,212,654
Connecticut, Revenue Bonds, Ser. A		5.00	9/1/2033	6,000,000		6,509,448
Connecticut, Revenue Bonds, Ser. A		5.00	5/1/2034	3,000,000		3,777,153
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1		3.25	5/15/2044	2,165,000		2,263,753
					14,950,913
District of Columbia - 1.1%
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding		5.00	10/1/2035	2,000,000		2,303,215
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2038	4,000,000		4,670,970
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2035	2,000,000		2,259,850
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2031	1,500,000		1,799,436
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B		4.00	10/1/2049	1,000,000		1,081,278
					12,114,749
Florida - 6.8%
Broward County Airport System, Revenue Bonds		5.00	10/1/2047	5,000,000		5,684,046
Broward County School District, COP, Refunding, Ser. A		5.00	7/1/2027	4,900,000		5,749,678

9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Florida - 6.8% (continued)
Central Florida Expressway Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. D		5.00	7/1/2035	3,500,000		4,402,211
Central Florida Expressway Authority, Revenue Bonds, Refunding		5.00	7/1/2038	2,500,000		2,900,207
Escambia County, Revenue Bonds		5.00	10/1/2046	5,000,000		5,764,335
Florida Department of Management Services, COP, Ser. A		5.00	11/1/2030	2,000,000		2,511,923
Gainesville Utilities System, Revenue Bonds, Ser. A		5.00	10/1/2037	2,000,000		2,340,205
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project)		4.00	11/1/2045	3,000,000		3,293,624
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding		5.00	2/1/2035	1,500,000		1,597,212
Miami Beach Stormwater, Revenue Bonds, Refunding		5.00	9/1/2047	7,000,000		7,126,785
Miami-Dade County Water & Sewer System, Revenue Bonds		4.00	10/1/2051	5,000,000		5,558,067
Orlando Utilities Commission, Revenue Bonds (Series 2018 Project) Ser. A		5.00	10/1/2038	3,000,000		3,505,096
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)		5.00	11/15/2045	11,500,000		12,816,262
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		4.00	8/15/2049	4,760,000		5,161,051
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		5.00	8/15/2039	1,000,000		1,196,870
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		5.00	8/15/2038	1,200,000		1,438,582
Sunshine Skyway Bridge, Revenue Bonds, Ser. A		4.00	7/1/2035	5,875,000		6,624,160
					77,670,314
Georgia - 3.5%
Atlanta Airport Passenger Facility Charge, Revenue Bonds, Ser. C		5.00	7/1/2040	8,555,000		10,237,413

10

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Georgia - 3.5% (continued)
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project)		5.00	1/1/2039	1,000,000		1,163,364
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A		5.00	1/1/2028	8,400,000		9,550,855
Main Street Natural Gas, Revenue Bonds, Ser. C		4.00	9/1/2026	9,000,000	a	9,777,320
Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University) Ser. A		5.00	10/1/2043	8,875,000		9,390,815
					40,119,767
Hawaii - .6%
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2043	5,000,000		5,758,617
Honolulu City & County, GO, Ser. C		4.00	7/1/2041	1,000,000		1,143,494
					6,902,111
Idaho - .7%
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)		6.45	8/1/2032	7,625,000		7,660,300
Illinois - 8.5%
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	12/1/2035	1,000,000		1,183,039
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	12/1/2034	1,000,000		1,183,961
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	12/1/2030	1,500,000		1,784,670
Chicago Board of Education, Revenue Bonds		5.00	4/1/2042	2,500,000		2,799,541
Chicago II Waterworks, Revenue Bonds		5.00	11/1/2028	7,200,000		8,258,290
Chicago II Waterworks, Revenue Bonds (Second Lien Project)		5.00	11/1/2027	2,695,000		2,936,030
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2048	3,500,000		3,989,133
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2029	6,185,000		6,727,718
Chicago Park District, GO, Refunding, Ser. B		5.00	1/1/2027	3,000,000		3,181,158

11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Illinois - 8.5% (continued)
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2055	2,500,000		2,937,317
Cook County II, GO, Refunding, Ser. A		5.00	11/15/2026	1,500,000		1,727,934
Cook County II, Revenue Bonds, Refunding		5.00	11/15/2036	7,000,000		8,215,357
Cook County II, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2031	2,250,000		2,779,268
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A		5.00	6/15/2032	4,325,000		5,073,871
Illinois Finance Authority, Revenue Bonds (University of Illinois At Urbana-Champaign Project)		5.00	10/1/2044	1,100,000		1,302,514
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A		5.00	11/15/2045	2,500,000		2,756,922
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A		4.00	4/1/2050	7,970,000		8,857,081
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A		6.00	7/1/2043	3,250,000		3,452,065
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A		5.00	2/1/2032	5,000,000		5,560,778
Illinois Toll Highway Authority, Revenue Bonds, Ser. A		5.00	1/1/2041	4,500,000		5,493,113
Illinois Toll Highway Authority, Revenue Bonds, Ser. B		5.00	1/1/2036	1,500,000		1,674,603
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B		4.00	4/1/2036	650,000		722,811
Railsplitter Tobacco Settlement Authority, Revenue Bonds		5.00	6/1/2026	4,290,000		4,812,579
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A		4.00	1/1/2040	6,175,000		6,898,800
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00	1/1/2033	1,500,000		1,904,819
					96,213,372
Indiana - .6%
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project)		4.00	10/1/2035	1,000,000		1,173,009
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2037	2,500,000		2,828,614

12

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Indiana - .6% (continued)
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, Refunding, Ser. A1		5.00	1/1/2026	2,000,000		2,226,525
					6,228,148
Iowa - .8%
Iowa Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. A		3.00	1/1/2047	3,505,000		3,635,754
Iowa Finance Authority, Revenue Bonds, Refunding (Unitypoint Health) Ser. E		5.00	8/15/2032	2,500,000		2,827,691
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1		4.00	6/1/2049	1,000,000		1,063,561
PEFA, Revenue Bonds (PEFA Gas Project)		5.00	9/1/2026	1,000,000	a	1,125,811
					8,652,817
Kentucky - 2.6%
Kentucky Public Energy Authority, Revenue Bonds (Gas Supply) Ser. B		4.00	1/1/2025	19,625,000	a	20,742,907
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	4/1/2024	2,780,000		2,911,811
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	4/1/2024	1,040,000	a	1,087,676
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	6/1/2026	4,500,000	a	4,866,182
					29,608,576
Louisiana - 2.9%
Lafayette Utilities, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)		5.00	11/1/2044	1,500,000		1,788,359
Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Obligated Group) Ser. A		5.00	7/1/2047	4,250,000		4,846,834
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car Project) (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2037	1,750,000		2,040,941
New Orleans Aviation Board, Revenue Bonds, Ser. B		5.00	1/1/2045	5,000,000		5,381,257
New Orleans Aviation Board, Revenue Bonds, Ser. B		5.00	1/1/2040	7,825,000		8,428,374

13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Louisiana - 2.9% (continued)
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)		2.20	7/1/2026	1,000,000	a	1,003,281
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25	5/15/2035	9,140,000		9,752,530
					33,241,576
Maryland - .8%
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (MedStar Health Obligated Group)		5.00	8/15/2038	4,000,000		4,388,508
Maryland Transportation Authority, Revenue Bonds		5.00	6/1/2029	4,360,000		5,172,078
					9,560,586
Massachusetts - .8%
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2044	1,000,000		1,159,071
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K		5.25	7/1/2029	1,220,000		1,234,659
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B		5.00	7/1/2029	1,450,000		1,715,929
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	4,000,000		4,804,726
					8,914,385
Michigan - 3.7%
Great Lakes Water Authority, Revenue Bonds, Ser. B		5.00	7/1/2046	10,000,000		11,216,885
Karegnondi Water Authority, Revenue Bonds, Refunding		5.00	11/1/2045	4,690,000		5,436,890
Lansing Board of Water & Light, Revenue Bonds, Ser. B		2.00	7/1/2026	2,500,000	a	2,553,702
Michigan Finance Authority, Revenue Bonds, Refunding		5.00	11/15/2034	2,965,000		3,263,235
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3		5.00	7/1/2032	3,500,000		3,789,089
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. A		5.00	12/1/2042	1,000,000		1,155,772

14

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Michigan - 3.7% (continued)
Michigan Housing Development Authority, Revenue Bonds, Ser. A		3.50	12/1/2050	1,395,000		1,462,501
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)		5.00	6/30/2048	7,000,000		7,839,362
Wayne County Airport Authority, Revenue Bonds, Ser. D		5.00	12/1/2045	5,000,000		5,576,621
					42,294,057
Missouri - 1.0%
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group)		5.00	9/1/2048	2,250,000		2,426,782
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2029	3,770,000		4,226,100
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2030	3,725,000		4,172,802
					10,825,684
Nebraska - .3%
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2041	3,050,000		3,454,991
Nevada - 1.8%
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2040	14,000,000		15,463,463
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)		5.00	6/1/2048	1,000,000		1,122,475
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) Ser. C		0.00	7/1/2058	21,000,000	d,f	3,373,201
					19,959,139
New Jersey - 4.0%
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN		5.00	3/1/2023	2,000,000	e	2,081,940
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2025	2,130,000	e	2,397,653
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2025	7,550,000	e	8,498,722

15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
New Jersey - 4.0% (continued)
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25	6/15/2027	5,000,000		5,563,278
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Virtua Health Obligated Group)		5.00	7/1/2028	3,000,000		3,190,774
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.00	6/15/2032	1,250,000		1,447,215
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB		5.00	6/15/2044	1,000,000		1,136,394
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D		5.00	1/1/2028	1,000,000		1,140,271
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2046	10,490,000		11,784,639
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2037	5,000,000		5,694,557
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25	6/1/2046	1,860,000		2,121,723
					45,057,166
New Mexico - .3%
New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. C		3.00	1/1/2052	3,230,000		3,357,929
New York - 6.5%
Long Island Power Authority, Revenue Bonds		5.00	9/1/2034	1,000,000		1,174,383
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1		5.00	11/15/2031	4,170,000		4,796,377
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D		5.00	11/15/2030	1,000,000		1,123,442
New York City, GO, Refunding, Ser. A1		4.00	8/1/2034	2,525,000		2,878,699
New York City, GO, Ser. C		4.00	8/1/2040	3,000,000		3,363,219
New York City, GO, Ser. D1		4.00	3/1/2050	3,710,000		4,082,362
New York City, GO, Ser. D1		4.00	3/1/2041	4,000,000		4,456,357
New York City, GO, Ser. F1		4.00	3/1/2047	1,400,000		1,557,755
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	1/1/2027	1,000,000		1,148,548

16

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
New York - 6.5% (continued)
New York City Municipal Water Finance Authority, Revenue Bonds, Ser. DD1		4.00	6/15/2050	3,500,000		3,884,599
New York City Transitional Finance Authority, Revenue Bonds		4.00	5/1/2036	7,780,000		8,856,688
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)		5.00	11/15/2044	7,500,000	d	7,990,864
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters)		5.25	10/1/2035	1,000,000		1,304,778
New York State Dormitory Authority, Revenue Bonds (New York University) (Insured; National Public Finance Guarantee Corp.) Ser. A		5.75	7/1/2027	3,960,000		4,450,418
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E		4.00	3/15/2038	2,420,000		2,769,637
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.00	1/1/2050	3,655,000		3,995,867
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1		4.00	3/15/2036	2,915,000		3,324,406
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.25	1/1/2050	6,500,000		6,923,054
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C2		5.00	11/15/2042	3,500,000		4,118,065
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A		5.00	11/15/2049	1,000,000		1,209,875
					73,409,393
North Carolina - .7%
North Carolina Medical Care Commission, Revenue Bonds (Caromont Health Obligated Group) Ser. B		5.00	2/1/2026	2,250,000	a	2,543,283
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) Ser. A		5.00	1/1/2049	3,000,000		3,276,222

17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
North Carolina - .7% (continued)
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2039	2,000,000		2,290,874
					8,110,379
Ohio - .9%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		4.00	6/1/2048	7,500,000		7,881,594
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)		5.25	2/15/2047	2,500,000		2,886,638
					10,768,232
Oregon - .6%
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A		5.00	8/15/2045	1,500,000		1,786,169
Portland, Revenue Bonds, Ser. A		3.00	3/1/2036	5,040,000		5,390,842
					7,177,011
Pennsylvania - 8.3%
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A		4.00	7/15/2035	2,000,000		2,244,606
Berks County Industrial Development Authority, Revenue Bonds, Refunding (The Highlands at Wyomissing Obligated Group)		5.00	5/15/2048	1,000,000		1,078,778
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2035	3,500,000		4,095,324
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2031	1,250,000		1,470,610
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. C, 1 Month MUNIPSA +.53%		0.73	9/1/2023	11,000,000	a,b	11,022,766
Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group)		5.00	8/15/2042	5,240,000		5,953,052
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water)		2.45	12/3/2029	2,500,000	a	2,622,775
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2046	6,250,000		7,789,293

18

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Pennsylvania - 8.3% (continued)
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B		4.00	12/1/2042	5,500,000		6,206,395
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B		5.00	6/1/2028	4,500,000		5,093,289
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.00	12/1/2034	2,160,000		2,430,836
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.25	12/1/2048	16,855,000		20,059,312
Philadelphia Gas Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	8/1/2045	1,500,000		1,681,394
The Philadelphia Redevelopment Authority, Revenue Bonds, Refunding, Ser. B		5.00	4/15/2024	1,810,000		1,941,069
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2044	7,500,000		8,998,245
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B		5.00	9/1/2043	5,280,000		6,222,428
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2027	4,990,000		5,733,211
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2026	10,000	e	11,554
					94,654,937
South Carolina - 3.1%
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B		4.00	1/1/2034	3,180,000		3,642,366
South Carolina Ports Authority, Revenue Bonds		5.00	7/1/2038	1,600,000		1,854,780
South Carolina Ports Authority, Revenue Bonds		5.00	7/1/2037	2,965,000		3,442,093
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B		5.13	12/1/2043	16,000,000		17,053,072
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A		4.00	12/1/2052	5,500,000		6,047,361
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A		4.00	12/1/2042	3,000,000		3,311,852
					35,351,524

19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
South Dakota - .8%
South Dakota Health & Educational Facilities Authority, Revenue Bonds (Avera Health Obligated Group)		5.00	7/1/2044	5,000,000		5,383,056
South Dakota Health & Educational Facilities Authority, Revenue Bonds, Refunding (Sanford Obligated Group)		5.00	11/1/2035	3,000,000		3,333,539
					8,716,595
Tennessee - 1.1%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project)		5.00	10/1/2037	1,000,000		1,147,283
Tennergy Corp., Revenue Bonds, Ser. A		4.00	9/1/2028	1,000,000	a	1,104,492
Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A		3.50	7/1/2050	930,000		978,780
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B		5.00	7/1/2044	8,000,000		9,399,627
					12,630,182
Texas - 7.2%
Austin Water & Wastewater System, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2043	10,500,000		10,963,927
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E		5.00	1/1/2045	3,000,000		3,552,841
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C		5.00	8/15/2031	5,000,000		5,407,450
Clifton Higher Education Finance Corp., Revenue Bonds (Insured; Permanent School Fund Guaranteed) Ser. T		4.00	8/15/2050	2,500,000		2,852,494
Corpus Christi Utility System, Revenue Bonds		5.00	7/15/2040	5,000,000		5,540,259
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A		4.00	7/15/2036	1,500,000		1,735,453
Garland Electric Utility System, Revenue Bonds, Refunding		5.00	3/1/2044	3,000,000		3,534,419
Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co. Project)		5.00	11/1/2028	4,450,000		4,559,204
Lower Colorado River Authority, Revenue Bonds, Refunding		5.00	5/15/2039	6,750,000		7,039,125

20

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Texas - 7.2% (continued)
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.)		5.00	5/15/2046	3,750,000		4,539,961
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A		4.00	5/15/2049	1,500,000		1,625,607
Lubbock Electric Light & Power System, Revenue Bonds		5.00	4/15/2048	5,000,000		5,719,763
North Texas Tollway Authority, Revenue Bonds, Refunding		5.00	1/1/2048	1,750,000		2,025,850
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2039	14,250,000		15,953,617
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Obligated Group) Ser. A		5.00	11/15/2045	2,500,000		2,822,215
West Harris County Regional Water Authority, Revenue Bonds, Refunding		4.00	12/15/2049	3,850,000		4,322,164
					82,194,349
U.S. Related - .5%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. L		5.25	7/1/2041	4,900,000		5,097,422
Utah - .6%
Salt Lake City, Revenue Bonds, Ser. A		5.00	7/1/2037	4,500,000		5,101,902
Utah Charter School Finance Authority, Revenue Bonds		5.00	10/15/2048	1,200,000		1,349,831
					6,451,733
Virginia - .6%
Danville Industrial Development Authority, Revenue Bonds, Refunding (Danville Regional Medical Center) (Insured; American Municipal Bond Assurance Corp.)		5.25	10/1/2028	875,000		951,218
Virginia College Building Authority, Revenue Bonds		4.00	2/1/2036	2,000,000		2,294,542
Virginia Small Business Financing Authority, Revenue Bonds, Refunding		5.00	12/31/2047	2,500,000	g	3,008,595
					6,254,355

21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Washington - 4.2%
Energy Northwest, Revenue Bonds, Refunding		5.00	7/1/2040	2,500,000		3,137,377
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. 2017-O		5.00	1/1/2047	3,400,000		3,965,131
Port of Seattle, Revenue Bonds		5.00	4/1/2044	5,000,000		5,878,925
Washington, GO, Refunding, Ser. A		4.00	2/1/2037	4,500,000		5,320,107
Washington, GO, Ser. A1		5.00	8/1/2035	4,500,000		5,014,231
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2048	5,440,000		6,200,131
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2043	6,560,000		7,522,109
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Provident Health & Services) Ser. A		5.00	10/1/2042	9,375,000		9,573,649
Washington Housing Finance Commission, Revenue Bonds, Ser. A1		3.50	12/20/2035	989,408		1,031,915
					47,643,575
Wisconsin - 3.5%
Public Finance Authority, Revenue Bonds (KU Campus Development Corporation Project)		5.00	3/1/2046	5,000,000		5,596,043
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A		5.00	6/1/2040	6,000,000		6,746,516
Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated Group) Ser. A		5.00	10/1/2044	3,890,000		4,565,476
Tender Option Bond Trust Receipts (Series 2017-XF2418), (Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Ascension Health Alliance Senior Credit Group)) Recourse, Underlying Coupon Rate (%) 5.00		12.16	11/15/2043	10,000,000	d,h,i	10,654,660
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Children's Hospital of Wisconsin Obligated Group)		4.00	8/15/2050	4,000,000		4,390,048
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group)		5.00	8/15/2039	6,100,000		6,597,217

22

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 99.4%(continued)
Wisconsin - 3.5% (continued)
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Rogers Memorial Hospital Obligated Group) Ser. A		5.00	7/1/2049	1,500,000		1,677,907
					40,227,867
TotalLong-Term Municipal Investments (cost $1,092,331,981)				1,129,034,689
Total Investments (cost $1,096,018,542)				99.7%	1,132,624,313
Cash and Receivables (Net)				0.3%	3,586,910
Net Assets				100.0%	1,136,211,223

^aThese 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.

^bVariable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

^cZero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

^dSecurity 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, 2022, these securities were valued at $25,723,825 or 2.26% of net assets.

^eThese 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.

^fSecurity issued with a zero coupon. Income is recognized through the accretion of discount.

^gSecurity purchased on a when-issued or delayed basis for which the fund has not taken delivery as of February 28, 2022.

^hThe Variable Rate shall be 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.

ⁱCollateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.

23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Portfolio Summary (Unaudited) †	Value (%)
General	13.8
Transportation	12.8
Airport	12.4
Medical	12.2
Water	8.1
Education	6.5
Power	6.4
General Obligation	5.8
Tobacco Settlement	4.8
Nursing Homes	3.4
Utilities	2.7
Development	2.6
School District	2.4
Prerefunded	1.5
Facilities	1.3
Single Family Housing	1.0
Special Tax	.8
Multifamily Housing	.7
Student Loan	.3
Bond Bank	.2
	99.7

^†Based on net assets.

See notes to financial statements.

24

Summary of Abbreviations (Unaudited)
ABAG	Association of Bay Area Governments	AGC	ACE Guaranty Corporation
AGIC	Asset Guaranty Insurance Company	AMBAC	American Municipal Bond Assurance Corporation
BAN	Bond Anticipation Notes	BSBY	Bloomberg Short-Term Bank Yield Index
CIFG	CDC Ixis Financial Guaranty	COP	Certificate of Participation
CP	Commercial Paper	DRIVERS	Derivative Inverse Tax-Exempt Receipts
EFFR	Effective Federal Funds Rate	FGIC	Financial Guaranty Insurance Company
FHA	Federal Housing Administration	FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation	FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Notes	GIC	Guaranteed Investment Contract
GNMA	Government National Mortgage Association	GO	General Obligation
IDC	Industrial Development Corporation	LIBOR	London Interbank Offered Rate
LOC	Letter of Credit	LR	Lease Revenue
NAN	Note Anticipation Notes	MFHR	Multi-Family Housing Revenue
MFMR	Multi-Family Mortgage Revenue	MUNIPSA	Securities Industry and Financial Markets Association Municipal Swap Index Yield
OBFR	Overnight Bank Funding Rate	PILOT	Payment in Lieu of Taxes
PRIME	Prime Lending Rate	PUTTERS	Puttable Tax-Exempt Receipts
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RIB	Residual Interest Bonds	SFHR	Single Family Housing Revenue
SFMR	Single Family Mortgage Revenue	SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Notes	TRAN	Tax and Revenue Anticipation Notes
U.S. T-Bill	U.S. Treasury Bill Money Market Yield	XLCA	XL Capital Assurance

See notes to financial statements.

25

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2022 (Unaudited)

	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	1,096,018,542	1,132,624,313
Cash		916,814
Interest receivable		11,596,483
Receivable for shares of Common Stock subscribed		132,788
Prepaid expenses		24,337
		1,145,294,735
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		624,005
Payable for floating rate notes issued—Note 4		5,000,000
Payable for investment securities purchased		2,997,750
Payable for shares of Common Stock redeemed		318,542
Directors’ fees and expenses payable		23,302
Interest and expense payable related to floating rate notes issued—Note 4		16,279
Other accrued expenses		103,634
		9,083,512
Net Assets ($)		1,136,211,223
Composition of Net Assets ($):
Paid-in capital		1,094,942,949
Total distributable earnings (loss)		41,268,274
Net Assets ($)		1,136,211,223

Shares Outstanding
(600 million shares of $.001 par value Common Stock authorized)	98,128,756
Net Asset Value Per Share ($)	11.58
See notes to financial statements.

26

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2022 (Unaudited)

Investment Income ($):
Interest Income	17,392,757
Expenses:
Management fee—Note 3(a)	3,505,146
Shareholder servicing costs—Note 3(b)	512,540
Professional fees	56,613
Directors’ fees and expenses—Note 3(c)	43,765
Interest and expense related to floating rate notes issued—Note 4	22,624
Registration fees	18,571
Prospectus and shareholders’ reports	16,806
Custodian fees—Note 3(b)	10,100
Chief Compliance Officer fees—Note 3(b)	7,254
Loan commitment fees—Note 2	4,546
Miscellaneous	25,177
Total Expenses	4,223,142
Net Investment Income	13,169,615
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	4,147,082
Net change in unrealized appreciation (depreciation) on investments	(56,374,408)
Net Realized and Unrealized Gain (Loss) on Investments	(52,227,326)
Net (Decrease) in Net Assets Resulting from Operations	(39,057,711)
See notes to financial statements.

27

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended February 28, 2022 (Unaudited)	Year Ended August 31, 2021
Operations ($):
Net investment income	13,169,615	28,906,565
Net realized gain (loss) on investments	4,147,082	8,054,661
Net change in unrealized appreciation (depreciation) on investments	(56,374,408)	16,879,163
Net Increase (Decrease) in Net Assets Resulting from Operations	(39,057,711)	53,840,389
Distributions ($):
Distributions to shareholders	(20,840,662)	(35,216,044)
Capital Stock Transactions ($):
Net proceeds from shares sold	19,775,935	40,107,513
Distributions reinvested	16,903,028	28,038,232
Cost of shares redeemed	(48,006,527)	(95,567,533)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(11,327,564)	(27,421,788)
Total Increase (Decrease) in Net Assets	(71,225,937)	(8,797,443)
Net Assets ($):
Beginning of Period	1,207,437,160	1,216,234,603
End of Period	1,136,211,223	1,207,437,160
Capital Share Transactions (Shares):
Shares sold	1,652,953	3,311,438
Shares issued for distributions reinvested	1,414,548	2,314,862
Shares redeemed	(4,007,021)	(7,889,309)
Net Increase (Decrease) in Shares Outstanding	(939,520)	(2,263,009)
See notes to financial statements.

28

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. 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. These figures have been derived from the fund’s financial statements.

Six Months Ended
February 28, 2022			Year Ended August 31,
(Unaudited)			2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		12.19	12.00	12.16	11.56	11.85	12.18
Investment Operations:
Net investment incomea		.13	.29	.31	.32	.34	.36
Net realized and unrealized gain (loss) on investments		(.53)	.25	(.07)	.63	(.29)	(.33)
Total from Investment Operations		(.40)	.54	.24	.95	.05	.03
Distributions:
Dividends from net investment income		(.13)	(.29)	(.31)	(.33)	(.34)	(.36)
Dividends from net realized gain on investments		(.08)	(.06)	(.09)	(.02)	(.00)b	-
Total Distributions		(.21)	(.35)	(.40)	(.35)	(.34)	(.36)
Net asset value, end of period		11.58	12.19	12.00	12.16	11.56	11.85
Total Return (%)		(3.31)c	4.57	2.05	8.35	.52	.29
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.72d	.72	.72	.73	.72	.73
Ratio of net expenses to average net assets		.72d	.72	.72	.73	.72	.73
Ratio of interest and expense related to floating rate notes issued to average net assets		.00d,e	.00e	.01	.01	.01	.00e
Ratio of net investment income to average net assets		2.25d	2.38	2.60	2.78	2.90	3.07
Portfolio Turnover Rate		5.67c	9.11	19.23	14.49	31.21	13.89
Net Assets, end of period ($ x 1,000)	1,136,211		1,207,437	1,216,235	1,279,132	1,283,287	1,364,939

^aBased on average shares outstanding.

^bAmount represents less than $.01 per share.

^cNot Annualized.

^dAnnualized.

^eAmount represents less than .01%.

See notes to financial statements.

29

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

BNY Mellon Municipal Bond Fund (the “fund”) is the sole series of BNY Mellon Municipal Bond Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company. The fund’s investment objective is to seek to maximize current income exempt from federal income tax, to the extent consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Insight North America, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the fund’s sub-investment adviser. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

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 Companyenters 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

30

such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

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

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

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

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

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

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

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained 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). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general oversight of the Board.

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

31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

The following is a summary of the inputs used as of February 28, 2022in valuing the fund’s investments:

	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:†
Collateralized Municipal-Backed Securities	-	3,589,624	-	3,589,624
Municipal Securities	-	1,129,034,689	-	1,129,034,689
Liabilities ($)
Other Financial Instruments:
Floating Rate Notes††	-	(5,000,000)	-	(5,000,000)

^†See Statement of Investments for additional detailed categorizations, if any.

^††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 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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial

32

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. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(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, 2022, 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

33

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

tax expense in the Statement of Operations. During the period ended February 28, 2022, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2021 was as follows: tax-exempt income $28,857,535, ordinary income $151,761 and long-term capital gains $6,206,748. The tax character of current year distributions will be determined at the end of the current fiscal year.

(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY Mellon (the “BNYM Credit Facility”), a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon

34

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 BNYM 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, 2022, the fund did not borrow under the Facilities.

NOTE 3—Management Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with the Adviser, the management fee is computed at the annual rate of 0.60% of the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any fiscal year the aggregate expenses of the fund (excluding taxes, interest expense, brokerage commissions and extraordinary expenses) exceed 1½% of the value of the fund’s average daily net assets, the fund may deduct from the payment to be made to the Adviser or the Adviser will bear, such excess expense. During the period ended February 28, 2022, there was no expense reimbursement pursuant to the Agreement.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of 0.288% of the value of the fund’s average daily net assets.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of 0.25% of the value of the fund’s average daily net assets for certain allocated expenses of providing certain services. These 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. During the period ended February 28, 2022, the fund was charged $294,939 pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as shareholder servicing costs and includes custody net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, for the fund. The majority of transfer agency fees are comprised of

35

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended February 28, 2022, the fund was charged $127,533 for transfer agency services, inclusive of earnings credit, if any. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates BNY Mellon 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, 2022, the fund was charged $10,100 pursuant to the custody agreement.

The fund compensates BNY Mellon 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, 2022, the fund was charged $6,988 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended February 28, 2022, the fund was charged $7,254 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $524,872, Shareholder Services Plan fees $52,000, custodian fees of $8,441, Chief Compliance Officer fees of $6,045 and transfer agency fees of $32,647.

(c) Each Board member 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, during the period ended February 28, 2022, amounted to $66,131,339 and $76,937,430, respectively.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A

36

residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

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, 2022, was approximately $5,000,000, with a related weighted average annualized interest rate of 0.91%.

At February 28, 2022, accumulated net unrealized appreciation on investments was $36,605,771, consisting of $44,599,322 gross unrealized appreciation and $7,993,551 gross unrealized depreciation.

At February 28, 2022, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

37

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

At a meeting of the fund’s Board of Directors held on November 1-2, 2021, 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 (the “Agreement”), and the Sub-Investment Advisory Agreement (together, 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.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. 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 Mellon 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.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. 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, which included information comparing (1) the performance of the fund’s shares with the performance of a group of retail no-load intermediate 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 intermediate municipal debt funds (the “Performance Universe”), all for various periods ended September 30, 2021, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of

38

funds in the Performance Group (the “Expense Group”) and with a broader group of all retail no-load intermediate 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 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 the ten-year period when it was above the Performance Group median and the Performance Universe median. The Board also considered that the fund’s yield performance was at, above or within one basis point of the Performance Group median for all ten of the one-year periods ended September 30th and above the Performance Universe median for nine of 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 in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

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 and sub-advisory services provided by the Adviser and the Sub-adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

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

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised or administered 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

39

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

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.

Analysis of Profitability and Economies of Scale. 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 Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon 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. Since the Adviser, and not the fund, pays the Sub-adviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Sub-adviser’s profitability to be relevant to its deliberations. 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 Mellon 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.

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

40

renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

·The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-adviser are adequate and appropriate.

·The Board was satisfied with the fund’s long-term performance.

·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.

·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 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 Mellon 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 their consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

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For More Information

BNY Mellon Municipal Bond Fund

240 Greenwich Street

New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Sub-Adviser

Insight North America, LLC
200 Park Avenue, 7^th Floor

New York, NY 10166

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.

240 Greenwich Street

New York, NY 10286

Distributor

BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

Ticker Symbol: DRTAX

Telephone Call your financial representative or 1-800-373-9387

Mail The BNY Mellon Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request toinfo@bnymellon.com

Internet Information can be viewed online or downloaded at www.im.bnymellon.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.comand on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

© 2022 BNY Mellon Securities Corporation
0054SA0222

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.

(a)        Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

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 Bond Funds, Inc.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: April 21, 2022

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 DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: April 21, 2022

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: April 21, 2022

EXHIBIT INDEX

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

(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)