STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.

May 31, 2020 (Unaudited)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9%
Alabama - 2.5%
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)		5.75	6/1/2045	2,500,000		2,400,850
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)		6.00	6/1/2050	1,350,000		1,337,013
Jefferson County, Revenue Bonds, Refunding, Ser. F		0/7.90	10/1/2050	2,500,000	a	2,367,900
					6,105,763
Arizona - 5.6%
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)		6.00	7/1/2052	2,000,000	b	2,112,460
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project)		5.00	7/1/2049	1,025,000	b	1,021,843
Salt Verde Financial Corp., Revenue Bonds		5.00	12/1/2037	5,000,000		6,527,300
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A		5.00	7/1/2046	2,000,000	b	1,988,380
The Pima County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project)		5.00	6/15/2047	2,390,000	b	2,166,750
					13,816,733
California - 11.1%
California Public Finance Authority, Revenue Bonds, Ser. A		5.00	7/1/2032	725,000	b	543,750
California Statewide Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A		6.38	11/1/2043	2,035,000		2,189,070
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A		5.00	11/1/2041	1,875,000	b	1,896,919

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
California - 11.1% (continued)
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2047	2,500,000		2,502,025
Long Beach Bond Finance Authority, Revenue Bonds, Ser. A		5.50	11/15/2037	5,000,000		7,064,750
Riverside County Transportation Commission, Revenue Bonds, Ser. A		5.75	6/1/2044	3,250,000		3,481,205
San Buenaventura, Revenue Bonds (Community Memorial Health System)		7.50	12/1/2041	2,500,000		2,543,400
Tender Option Bond Trust Receipts (Series 2020-XF2876), (San Francisco California City & County Airport Commission, Revenue Bonds, Refunding, Ser. E) Recourse, Underlying Coupon Rate (%) 5.00		17.07	5/1/2050	1,100,000	b,c,d	1,792,637
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J		5.00	5/15/2043	5,000,000		5,413,350
					27,427,106
Colorado - 5.7%
Colorado Health Facilities Authority, Revenue Bonds (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A		5.00	1/1/2044	2,500,000		2,695,900
Denver City & County Airport System, Revenue Bonds, Ser. A		5.25	11/15/2043	5,000,000		5,476,650
Dominion Water & Sanitation District, Revenue Bonds		6.00	12/1/2046	1,910,000		1,981,415
Hess Ranch Metropolitan District No. 6, GO, Ser. A1		5.00	12/1/2049	1,500,000		1,356,690
Sterling Ranch Community Authority Board, Revenue Bonds (Insured; Municipal Government Guaranteed) Ser. A		5.00	12/1/2038	1,500,000		1,437,120
Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A1) Recourse, Underlying Coupon Rate (%) 4.00		16.51	8/1/2044	615,000	b,c,d	1,170,450
					14,118,225
District of Columbia - .8%
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group)		6.00	7/1/2023	1,700,000	e	1,999,200

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Florida - 4.1%
Davie, Revenue Bonds (Nova Southeastern University Project) Ser. A		5.63	4/1/2043	4,805,000		5,157,591
Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Ringling College Project)		5.00	3/1/2049	2,000,000		2,043,200
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding)		5.00	7/1/2039	1,000,000		982,110
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project)		5.75	11/15/2054	500,000		385,630
Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort Myers Florida Utility, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 4.00		11.69	10/1/2049	450,000	b,c,d	682,191
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00		13.45	10/1/2049	620,000	b,c,d	805,423
					10,056,145
Georgia - 1.9%
Fulton County Development Authority, Revenue Bonds (WellStar Health System Group Obligated Group) Ser. A		5.00	4/1/2042	1,250,000		1,392,975
Gainesville & Hall County Development Authority, Revenue Bonds, Refunding (Riverside Military Academy)		5.00	3/1/2037	1,000,000		912,760
Tender Option Bond Trust Receipts (Series 2019-XF2847), (Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Unis 3&4 Project) Ser. A) Recourse, Underlying Coupon Rate (%) 5.00		17.30	1/1/2056	515,000	b,c,d	734,545
Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven Development Authority, Revenue Bonds (Children's Healthcare of Atlanta) Ser. A) Recourse, Underlying Coupon Rate (%) 4.00		14.98	7/1/2044	900,000	b,c,d	1,624,221
					4,664,501

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Illinois - 12.4%
Chicago Board of Education, GO, Refunding, Ser. A		5.00	12/1/2035	1,500,000		1,489,635
Chicago II, GO, Refunding, Ser. A		6.00	1/1/2038	2,500,000		2,682,025
Chicago II, GO, Ser. A		5.00	1/1/2044	2,000,000		1,953,660
Chicago O'Hare International Airport, Revenue Bonds		5.75	1/1/2043	3,750,000		3,948,862
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2048	2,500,000		2,816,150
Illinois, GO, Refunding, Ser. A		5.00	10/1/2029	1,500,000		1,520,295
Illinois, GO, Ser. D		5.00	11/1/2028	2,600,000		2,640,118
Illinois, GO, Ser. D		5.00	11/1/2027	3,500,000		3,564,960
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A		0.00	12/15/2036	2,500,000	f	1,211,000
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion)		5.00	6/15/2050	3,500,000		3,382,785
Tender Option Bond Trust Receipts (Series 2017-XM0492), (Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)) Non-recourse, Underlying Coupon Rate (%) 5.00		14.88	10/1/2040	1,750,000	b,c,d	2,898,577
University of Illinois, Revenue Bonds, Ser. A		5.00	4/1/2044	2,500,000		2,691,000
					30,799,067
Indiana - 6.2%
Indiana Finance Authority, Revenue Bonds (Baptist Homes of Indiana Senior Living Obligated Group) Ser. A		6.00	11/15/2041	3,500,000		3,680,915
Indiana Finance Authority, Revenue Bonds (Greed Bond) (RES Polyflow Indiana)		7.00	3/1/2039	2,125,000	b	1,793,500
Indiana Finance Authority, Revenue Bonds (Ohio River Bridges East End Crossing Project) Ser. A		5.00	7/1/2040	5,000,000		5,237,950
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. A		5.00	6/1/2032	2,750,000		2,805,330
Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A		5.00	11/1/2043	1,500,000		1,750,290
					15,267,985

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Iowa - 2.9%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)		5.25	12/1/2025	7,000,000		7,077,840
Kansas - .7%
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Project) Ser. A		5.25	11/15/2053	1,000,000		832,630
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Project) Ser. B		4.00	11/15/2025	1,000,000		919,050
					1,751,680
Kentucky - .4%
Christian County, Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group)		5.50	2/1/2044	1,000,000		1,087,320
Louisiana - .8%
Louisiana Public Facilities Authority, Revenue Bonds (Impala Warehousing LLC Project)		6.50	7/1/2036	2,000,000	b	2,067,280
Maryland - .4%
Rockville, Revenue Bonds (Ingleside At King Farm Project) Ser. B		5.00	11/1/2047	1,000,000		912,470
Massachusetts - 3.1%
Massachusetts Development Finance Agency, Revenue Bonds (North Hill Communities Obligated Group) Ser. A		6.50	11/15/2023	2,000,000	b,e	2,425,620
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)		5.00	10/1/2057	1,000,000	b	970,330
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University)		5.00	7/1/2034	1,550,000		1,699,420
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2029	900,000		1,095,471
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A		4.00	7/1/2044	1,500,000		1,581,075
					7,771,916
Michigan - 6.9%
Michigan Building Authority, Revenue Bonds, Refunding		4.00	4/15/2054	2,500,000		2,868,975
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6		5.00	7/1/2036	2,250,000		2,583,090

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Michigan - 6.9% (continued)
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group)		5.00	12/1/2021	10,000	e	10,709
Michigan Housing Development Authority, Revenue Bonds, Ser. A		3.35	12/1/2034	2,500,000		2,743,575
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C		0.00	6/1/2058	41,200,000	f	1,557,772
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Ser. A		6.00	6/1/2034	5,000,000		5,000,150
Tender Option Bond Trust Receipts (Series 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System)) Recourse, Underlying Coupon Rate (%) 4.00		12.85	11/15/2050	830,000	b,c,d	1,035,707
Wayne County Airport Authority, Revenue Bonds (Insured; Build America Mutual) Ser. B		5.00	12/1/2039	1,250,000		1,389,188
					17,189,166
Minnesota - .9%
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A		5.00	2/15/2058	2,000,000		2,212,300
Missouri - 2.0%
Kansas City Industrial Development Authority, Revenue Bonds, Ser. A		5.00	3/1/2044	1,000,000		1,154,900
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Louis College of Pharmacy Project)		5.50	5/1/2043	2,000,000		2,070,180
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group)		5.13	9/1/2049	1,000,000		896,360
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group)		5.00	9/1/2042	1,000,000		912,280
					5,033,720
Multi-State - .7%
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate, Revenue Bonds, Ser. M048		3.15	1/15/2036	1,500,000	b	1,691,010

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Nevada - .4%
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		4.00	6/1/2058	1,000,000		1,022,030
New Jersey - 5.0%
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project)		5.13	9/15/2023	2,500,000		2,494,050
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project)		5.38	1/1/2043	2,500,000		2,711,600
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25	6/15/2027	2,500,000		2,678,425
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW		5.25	6/15/2040	1,890,000		1,957,114
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW		5.25	6/15/2025	110,000	e	136,759
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D		4.00	4/1/2024	1,320,000		1,456,607
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.00	6/15/2046	1,000,000		1,028,550
					12,463,105
New York - 9.4%
New York City, GO, Ser. D1		4.00	3/1/2050	1,750,000		1,970,692
New York City Industrial Development Agency, Revenue Bonds (Queens Baseball Stadium Project) (Insured; American Municipal Bond Assurance Corp.)		5.00	1/1/2036	8,000,000		8,000,320
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center)		5.00	11/15/2044	3,500,000	b	3,470,635
New York State Dormitory Authority, Revenue Bonds (St. John's University) Ser. A		5.00	7/1/2044	2,000,000		2,108,020
Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Holding Project) Ser. A		4.75	11/1/2042	2,000,000	b	1,994,440
Tender Option Bond Trust Receipts (Series 2017-XF2419), (Metropolitan Transportation Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00		16.94	11/15/2038	3,750,000	b,c,d	4,078,537

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
New York - 9.4% (continued)
Tender Option Bond Trust Receipts (Series 2020-XM0826), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp.) Ser. C) Non-recourse, Underlying Coupon Rate (%) 4.00		11.47	11/15/2046	920,000	b,c,d	1,148,206
TSASC, Revenue Bonds, Refunding, Ser. B		5.00	6/1/2045	585,000		551,421
					23,322,271
North Carolina - .4%
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)		4.00	1/1/2055	1,000,000		1,084,330
Ohio - 9.5%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2		5.00	6/1/2055	8,000,000		8,085,360
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Ser. A3		6.25	6/1/2022	5,000,000	e	5,601,600
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)		5.25	2/15/2047	2,500,000		2,658,725
Muskingum County, Revenue Bonds (Genesis HealthCare System Project)		5.00	2/15/2044	7,000,000		7,128,030
					23,473,715
Oklahoma - .6%
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project)		5.25	11/15/2045	1,500,000		1,493,700
Pennsylvania - 7.2%
Allentown City School District, GO, Refunding (Insured; Build American Mutual) Ser. B		5.00	2/1/2032	1,455,000		1,876,877
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project)		5.00	5/1/2042	1,000,000	b	1,001,110
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B		5.00	12/1/2042	1,500,000		1,610,025
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B		5.00	12/1/2037	4,000,000		4,313,800

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Pennsylvania - 7.2% (continued)
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A		5.00	9/1/2045	3,000,000		3,222,240
Tender Option Bond Trust Receipts (Series 2017-XF1060), (Pennsylvania State Turnpike Commission, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00		11.48	12/1/2042	4,250,000	b,c,d	5,749,570
					17,773,622
Rhode Island - 2.0%
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/15/2037	4,000,000		4,967,920
South Carolina - 2.7%
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (The Lutheran Homes of South Carolina Obligated Group)		5.13	5/1/2048	1,750,000		1,435,998
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B		5.13	12/1/2043	5,000,000		5,309,900
					6,745,898
Texas - 9.1%
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools)		6.00	8/15/2043	1,500,000		1,654,425
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A		5.75	8/15/2045	2,500,000		2,633,850
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D		6.13	8/15/2048	3,500,000		3,742,060
Grand Parkway Transportation Corp., Revenue Bonds, Refunding (Grand Parkway System)		4.00	10/1/2049	2,000,000		2,279,700
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)		4.63	10/1/2031	1,500,000	b	1,514,265

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Texas - 9.1% (continued)
Tender Option Bond Trust Receipts (Series 2016-XM0374), (Tarrant County Cultural Education Facilities Finance Corporation, Revenue Bonds (Baylor Health Care System Project)) Non-recourse, Underlying Coupon Rate (%) 5.00		14.90	11/15/2038	1,855,000	b,c,d	2,535,228
Tender Option Bond Trust Receipts (Series 2017-XF1061), (Dallas Fort Worth International Airport, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00		14.60	11/1/2045	3,750,000	b,c,d	4,275,150
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project)		5.00	6/30/2058	3,500,000		3,853,710
					22,488,388
U.S. Related - 2.0%
Guam Waterworks Authority, Revenue Bonds		5.50	7/1/2043	3,000,000		3,160,080
Puerto Rico, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/1/2035	1,750,000		1,766,030
					4,926,110
Utah - .7%
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A		5.00	4/15/2039	1,400,000		1,709,232
Virginia - 5.6%
Norfolk Redevelopment & Housing Authority, Revenue Bonds (Fort Norfolk Retirement Community Obligated Group) Ser. A		5.00	1/1/2049	1,000,000		951,810
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project)		5.00	1/1/2040	7,640,000		7,792,036
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project)		5.50	1/1/2042	5,000,000		5,153,950
					13,897,796
Washington - 2.5%
Port of Seattle, Revenue Bonds		4.00	4/1/2044	1,000,000		1,065,200
Washington Health Care Facilities Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2042	5,000,000		5,219,750
					6,284,950

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 128.9% (continued)
Wisconsin - 2.7%
Public Finance Authority, Revenue Bonds, Refunding (Transportation Infrastructure Properties Obligated Group) Ser. B		5.00	7/1/2042	5,000,000		5,068,400
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Sauk-Prairie Memorial Hospital) Ser. A		5.38	2/1/2048	2,000,000		1,679,120
					6,747,520
Total Investments (cost $301,721,860)				128.9%	319,450,014
Cash and Receivables (Net)				1.4%	3,350,915
VMTPS, at liquidation value				(30.3%)	(75,000,000)
Net Assets Applicable to Common Shareholders				100.0%	247,800,929

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

^bSecurity 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 May 31, 2020, these securities were valued at $55,188,734 or 22.27% of net assets.

^cThe 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.

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

^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.

STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.

May 31, 2020 (Unaudited)

The following is a summary of the inputs used as of May 31, 2020in 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: †
Municipal Securities	-	319,450,014	-	319,450,014

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

NOTES

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

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

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

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

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

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

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

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

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

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (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

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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 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.

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 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

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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.

At May 31, 2020, accumulated net unrealized appreciation on investments was $17,728,154, consisting of $21,827,068 gross unrealized appreciation and $4,098,914 gross unrealized depreciation.

At May 31, 2020, 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).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.