Summary

• For the quarter ended March 31, 2026, the BNY Mellon New York AMT-Free Municipal Bond Fund’s Class I shares returned 0.05%, excluding sales charges.
• Negative price pressures pushed yields higher in March as concerns over labor market weakness were replaced by concerns on inflation due to war-induced higher energy prices.
• Security selection was the primary driver of Fund performance, with special tax, healthcare, and power credits delivering the strongest relative performance.
• The BNY Mellon New York AMT-Free Municipal Bond Fund duration stance is neutral to modestly long versus our benchmarks amid a backdrop of a slowing economy and prospect for further easing.
• The Iran conflict is amplifying geopolitical, energy cost, and cyber security risks across the municipal landscape, contributing to negative sentiment that could widen spreads in select sectors.

Market Review

The bond markets including U. S. Treasuries and municipals turned markedly bearish during March, as the US-Israel/Iran conflict drove macro rate volatility and uncertainty. Negative price pressures pushed yields higher in March as concerns over labor market

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