NPORT-EX 2 c10289bnymello-february20241.htm Untitled Document

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

February 29, 2024 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%

     

Alabama - 3.6%

     

Alabama Special Care Facilities Financing Authority,Revenue Bonds (Methodist Home for the Aging Obligated Group)

 

5.50

 

6/1/2030

 

1,800,000

 

1,750,799

 

Alabama Special Care Facilities Financing Authority,Revenue Bonds (Methodist Home for the Aging Obligated Group)

 

6.00

 

6/1/2050

 

2,710,000

 

2,415,779

 

Black Belt Energy Gas District,Revenue Bonds, Refunding (Gas Project) Ser. D1

 

5.50

 

2/1/2029

 

4,625,000

a 

4,926,840

 

Jefferson County,Revenue Bonds, Refunding

 

5.50

 

10/1/2053

 

2,500,000

 

2,734,352

 
 

11,827,770

 

Alaska - .8%

     

Northern Tobacco Securitization Corp.,Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2050

 

2,900,000

 

2,694,692

 

Arizona - 5.6%

     

Arizona Industrial Development Authority,Revenue Bonds (Legacy Cares Project) Ser. A

 

7.75

 

7/1/2050

 

4,305,000

b,c 

258,300

 

Arizona Industrial Development Authority,Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A

 

4.00

 

11/1/2045

 

1,500,000

 

1,450,167

 

Arizona Industrial Development Authority,Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.25

 

7/1/2047

 

2,000,000

b 

1,975,995

 

Glendale Industrial Development Authority,Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A

 

5.00

 

11/15/2054

 

1,500,000

 

1,464,268

 

La Paz County Industrial Development Authority,Revenue Bonds (Harmony Public Schools) Ser. A

 

5.00

 

2/15/2048

 

1,550,000

 

1,519,287

 

Maricopa County Industrial Development Authority,Revenue Bonds, Refunding (Legacy Traditional Schools Project)

 

5.00

 

7/1/2049

 

1,775,000

b 

1,708,287

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Arizona - 5.6%(continued)

     

Salt Verde Financial Corp.,Revenue Bonds

 

5.00

 

12/1/2037

 

1,345,000

 

1,476,821

 

Tender Option Bond Trust Receipts (Series 2018-XF2537),(Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate 5.00%

 

9.42

 

12/1/2037

 

4,550,000

b,d,e 

4,995,878

 

The Phoenix Arizona Industrial Development Authority,Revenue Bonds (Legacy Traditional Schools Project) Ser. A

 

6.75

 

7/1/2044

 

1,000,000

b 

1,005,668

 

The Phoenix Arizona Industrial Development Authority,Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2046

 

3,000,000

b 

2,886,237

 
 

18,740,908

 

Arkansas - .6%

     

Arkansas Development Finance Authority,Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.)

 

5.70

 

5/1/2053

 

1,900,000

 

1,969,813

 

California - 6.2%

     

California Housing Finance Agency,Revenue Bonds, Ser. A

 

3.25

 

8/20/2036

 

1,640,934

 

1,505,524

 

California Municipal Finance Authority,Revenue Bonds (United Airlines Project)

 

4.00

 

7/15/2029

 

1,000,000

 

986,911

 

Golden State Tobacco Securitization Corp.,Revenue Bonds, Refunding (Tobacco Settlement Asset) Ser. B

 

5.00

 

6/1/2051

 

1,000,000

 

1,049,633

 

San Diego County Regional Airport Authority,Revenue Bonds, Ser. B

 

5.00

 

7/1/2051

 

5,250,000

 

5,448,600

 

Tender Option Bond Trust Receipts (Series 2022-XF3024),(San Francisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate 5.00%

 

10.04

 

5/1/2044

 

5,280,000

b,d,e 

5,497,964

 

Tender Option Bond Trust Receipts (Series 2023-XM1114),(Long Beach Finance Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate 4.00%

 

4.54

 

8/1/2053

 

6,400,000

b,d,e 

6,284,048

 
 

20,772,680

 

Colorado - 5.2%

     

Colorado Health Facilities Authority,Revenue Bonds (CommonSpirit Health Obligated Group)

 

5.25

 

11/1/2052

 

1,000,000

 

1,060,088

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Colorado - 5.2%(continued)

     

Colorado Health Facilities Authority,Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A

 

4.00

 

12/1/2050

 

4,000,000

 

3,409,748

 

Colorado High Performance Transportation Enterprise,Revenue Bonds (C-470 Express Lanes System)

 

5.00

 

12/31/2056

 

1,000,000

 

1,002,254

 

Dominion Water & Sanitation District,Revenue Bonds, Refunding

 

5.88

 

12/1/2052

 

2,750,000

 

2,774,558

 

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%

 

8.94

 

8/1/2044

 

3,260,000

b,d,e 

3,777,854

 

Tender Option Bond Trust Receipts (Series 2023-XM1124),(Colorado Health Facilities Authority, Revenue Bonds (Adventist Health System/Sunbelt Obligated Group) Ser. A) Recourse, Underlying Coupon Rate 4.00%

 

6.11

 

11/15/2048

 

5,535,000

b,d,e 

5,290,159

 
 

17,314,661

 

Connecticut - .2%

     

Connecticut Housing Finance Authority,Revenue Bonds, Refunding, Ser. A1

 

3.65

 

11/15/2032

 

530,000

 

527,929

 

Delaware - 1.1%

     

Delaware Economic Development Authority,Revenue Bonds (ACTS Retirement-Life Communities Inc Obligated Group)

 

5.00

 

11/15/2048

 

3,700,000

 

3,774,162

 

District of Columbia - .3%

     

Metropolitan Washington Airports Authority,Revenue Bonds, Refunding (Dulles Metrorail) Ser. B

 

4.00

 

10/1/2049

 

1,000,000

 

940,582

 

Florida - 7.2%

     

Atlantic Beach,Revenue Bonds (Fleet Landing Project) Ser. A

 

5.00

 

11/15/2053

 

2,500,000

 

2,381,051

 

Greater Orlando Aviation Authority,Revenue Bonds, Ser. A

 

4.00

 

10/1/2049

 

4,065,000

 

3,841,395

 

Hillsborough County Port District,Revenue Bonds (Tampa Port Authority Project) Ser. B

 

5.00

 

6/1/2046

 

2,500,000

 

2,552,227

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Florida - 7.2%(continued)

     

Lee Memorial Health System,Revenue Bonds, Refunding, Ser. A1

 

4.00

 

4/1/2049

 

1,600,000

 

1,512,409

 

Miami-Dade County Water & Sewer System,Revenue Bonds (Insured; Build America Mutual)

 

4.00

 

10/1/2051

 

1,500,000

 

1,460,428

 

Palm Beach County Health Facilities Authority,Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)

 

5.00

 

11/15/2045

 

2,075,000

 

2,128,067

 

Palm Beach County Health Facilities Authority,Revenue Bonds (Lifespace Communities Obligated Group) Ser. B

 

4.00

 

5/15/2053

 

1,000,000

 

693,520

 

Palm Beach County Health Facilities Authority,Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. C

 

7.63

 

5/15/2058

 

1,000,000

 

1,079,883

 

Seminole County Industrial Development Authority,Revenue Bonds, Refunding (Legacy Pointe at UCF Project)

 

5.75

 

11/15/2054

 

1,000,000

 

802,885

 

Tender Option Bond Trust Receipts (Series 2023-XM1122),(Miami-Dade FL County Water & Sewer System, Revenue Bonds, Refunding, Ser. B) Recourse, Underlying Coupon Rate 4.00%

 

5.40

 

10/1/2049

 

7,500,000

b,d,e 

7,331,700

 
 

23,783,565

 

Georgia - 8.2%

     

Atlanta Water & Wastewater,Revenue Bonds (Proctor Creek Watershed) Ser. D

 

3.50

 

11/1/2028

 

500,000

b 

497,844

 

Georgia Municipal Electric Authority,Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A

 

5.00

 

7/1/2052

 

2,500,000

 

2,589,324

 

Main Street Natural Gas,Revenue Bonds, Ser. A

 

5.00

 

6/1/2030

 

1,000,000

a 

1,052,994

 

Main Street Natural Gas,Revenue Bonds, Ser. A

 

5.00

 

9/1/2031

 

4,560,000

a 

4,879,848

 

Tender Option Bond Trust Receipts (Series 2016-XM0435),(Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate 5.00%

 

9.92

 

10/1/2043

 

6,000,000

b,d,e 

6,000,597

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Georgia - 8.2%(continued)

     

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%

 

7.37

 

7/1/2044

 

4,220,000

b,d,e 

4,476,257

 

Tender Option Bond Trust Receipts (Series 2023-XF3183),(Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Units 3 & 4 Project) Ser. A) Recourse, Underlying Coupon Rate 5.00%

 

9.69

 

1/1/2059

 

2,720,000

b,d,e 

2,733,720

 

The Atlanta Development Authority,Revenue Bonds, Ser. A1

 

5.25

 

7/1/2040

 

1,000,000

 

1,021,778

 

The Burke County Development Authority,Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D

 

4.13

 

11/1/2045

 

4,200,000

 

3,941,464

 
 

27,193,826

 

Hawaii - 1.3%

     

Hawaii Airports System,Revenue Bonds, Ser. A

 

5.00

 

7/1/2047

 

2,500,000

 

2,635,563

 

Hawaii Department of Budget & Finance,Revenue Bonds, Refunding (Hawaiian Electric Co.)

 

4.00

 

3/1/2037

 

2,500,000

 

1,734,993

 
 

4,370,556

 

Illinois - 13.5%

     

Chicago Board of Education,GO, Refunding, Ser. A

 

5.00

 

12/1/2033

 

1,250,000

 

1,282,650

 

Chicago II,GO, Refunding, Ser. A

 

6.00

 

1/1/2038

 

3,000,000

 

3,144,676

 

Chicago II,GO, Ser. A

 

5.00

 

1/1/2044

 

3,000,000

 

3,076,029

 

Chicago II Wastewater Transmission,Revenue Bonds, Refunding, Ser. C

 

5.00

 

1/1/2039

 

2,330,000

 

2,342,614

 

Chicago Midway International Airport,Revenue Bonds, Refunding, Ser. C

 

5.00

 

1/1/2040

 

1,500,000

 

1,629,843

 

Chicago Transit Authority,Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2057

 

1,000,000

 

1,027,386

 

Chicago Transit Authority,Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2045

 

1,000,000

 

1,041,483

 

Illinois,GO, Ser. A

 

5.00

 

5/1/2038

 

2,850,000

 

2,984,418

 

Illinois,GO, Ser. B

 

5.00

 

11/1/2030

 

1,500,000

 

1,650,521

 

Illinois,GO, Ser. D

 

5.00

 

11/1/2028

 

3,000,000

 

3,191,729

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Illinois - 13.5%(continued)

     

Metropolitan Pier & Exposition Authority,Revenue Bonds (McCormick Place Expansion Project)

 

5.00

 

6/15/2057

 

2,500,000

 

2,538,077

 

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 

1,505,253

 

Sales Tax Securitization Corp.,Revenue Bonds, Refunding, Ser. A

 

4.00

 

1/1/2039

 

2,250,000

 

2,262,368

 

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%

 

8.04

 

4/1/2025

 

3,880,000

b,d,e 

3,926,662

 

Tender Option Bond Trust Receipts (Series 2023-XF1623),(Regional Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 4.00%

 

4.13

 

6/1/2048

 

2,625,000

b,d,e 

2,563,711

 

Tender Option Bond Trust Receipts (Series 2023-XM1112),(Chicago IL Water Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A) Non-recourse, Underlying Coupon Rate 5.25%

 

3.82

 

11/1/2053

 

10,000,000

b,d,e 

10,901,980

 
 

45,069,400

 

Indiana - 1.4%

     

Indiana Finance Authority,Revenue Bonds (Sustainable Bond)

 

7.00

 

3/1/2039

 

4,225,000

b 

3,205,651

 

Indianapolis Local Public Improvement Bond Bank,Revenue Bonds (City Moral Obligation) (Insured; Build America Mutual) Ser. F1

 

5.25

 

3/1/2067

 

1,250,000

 

1,333,470

 
 

4,539,121

 

Iowa - 1.2%

     

Iowa Finance Authority,Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)

 

5.00

 

12/1/2050

 

2,195,000

 

2,312,376

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Iowa - 1.2%(continued)

     

Iowa Finance Authority,Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A

 

4.00

 

5/15/2053

 

1,000,000

 

693,520

 

Iowa Student Loan Liquidity Corp.,Revenue Bonds, Ser. B

 

5.00

 

12/1/2032

 

1,000,000

 

1,088,275

 
 

4,094,171

 

Kentucky - 2.1%

     

Christian County,Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group)

 

5.50

 

2/1/2044

 

2,800,000

 

2,837,913

 

Kentucky Public Energy Authority,Revenue Bonds, Ser. A

 

5.00

 

5/1/2055

 

1,250,000

a 

1,312,655

 

Kentucky Public Energy Authority,Revenue Bonds, Ser. A1

 

4.00

 

8/1/2030

 

2,680,000

a 

2,691,944

 
 

6,842,512

 

Louisiana - 3.5%

     

Louisiana Local Government Environmental Facilities & Community Development Authority,Revenue Bonds, Refunding (Westlake Chemical Project)

 

3.50

 

11/1/2032

 

2,400,000

 

2,321,363

 

New Orleans Aviation Board,Revenue Bonds (General Airport-N Terminal Project) Ser. A

 

5.00

 

1/1/2048

 

1,000,000

 

1,021,989

 

Tender Option Bond Trust Receipts (Series 2018-XF2584),(Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project)) Non-recourse, Underlying Coupon Rate 5.00%

 

9.67

 

7/1/2047

 

8,195,000

b,d,e 

8,339,634

 
 

11,682,986

 

Maryland - 2.0%

     

Maryland Economic Development Corp.,Revenue Bonds (Sustainable Bond) (Purple Line Transit Partners) Ser. B

 

5.25

 

6/30/2055

 

2,575,000

 

2,620,853

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Maryland - 2.0%(continued)

     

Maryland Health & Higher Educational Facilities Authority,Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A

 

5.50

 

1/1/2046

 

3,250,000

 

3,301,496

 

Maryland Health & Higher Educational Facilities Authority,Revenue Bonds, Refunding (Stevenson University Project)

 

4.00

 

6/1/2051

 

1,000,000

 

835,150

 
 

6,757,499

 

Massachusetts - 3.6%

     

Massachusetts Development Finance Agency,Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group)

 

5.25

 

7/1/2052

 

1,000,000

 

1,079,452

 

Massachusetts Development Finance Agency,Revenue Bonds, Refunding (UMass Memorial Health Care Obligated Group) Ser. K

 

5.00

 

7/1/2038

 

1,130,000

 

1,155,062

 

Massachusetts Development Finance Agency,Revenue Bonds, Refunding, Ser. A

 

5.00

 

7/1/2029

 

1,000,000

 

1,030,777

 

Massachusetts Development Finance Agency,Revenue Bonds, Ser. T

 

4.00

 

3/1/2054

 

1,000,000

 

971,913

 

Massachusetts Educational Financing Authority,Revenue Bonds, Ser. B

 

5.00

 

7/1/2030

 

1,000,000

 

1,074,290

 

Tender Option Bond Trust Receipts (Series 2023-XF1604),(Massachusetts State Transportation Fund, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 5.00%

 

8.45

 

6/1/2053

 

6,000,000

b,d,e 

6,553,723

 
 

11,865,217

 

Michigan - 4.9%

     

Great Lakes Water Authority Sewage Disposal System,Revenue Bonds, Refunding, Ser. C

 

5.00

 

7/1/2036

 

2,000,000

 

2,068,714

 

Michigan Building Authority,Revenue Bonds, Refunding

 

4.00

 

10/15/2049

 

2,500,000

 

2,447,858

 

Michigan Finance Authority,Revenue Bonds, Refunding (Beaumont-Spectrum)

 

4.00

 

4/15/2042

 

1,000,000

 

993,304

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Michigan - 4.9%(continued)

     

Michigan Finance Authority,Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6

 

5.00

 

7/1/2036

 

1,000,000

 

1,003,367

 

Michigan Finance Authority,Revenue Bonds, Refunding, Ser. A

 

4.00

 

12/1/2049

 

2,000,000

 

1,910,830

 

Michigan Strategic Fund,Revenue Bonds (AMT-I-75 Improvement Project)

 

5.00

 

12/31/2043

 

5,000,000

 

5,103,535

 

Pontiac School District,GO (Insured; Qualified School Board Loan Fund)

 

4.00

 

5/1/2045

 

2,700,000

 

2,672,827

 
 

16,200,435

 

Minnesota - 1.2%

     

Duluth Economic Development Authority,Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A

 

5.00

 

2/15/2058

 

4,000,000

 

4,041,972

 

Missouri - 3.8%

     

Missouri Health & Educational Facilities Authority,Revenue Bonds, Refunding (Lutheran Senior Services Projects)

 

5.00

 

2/1/2046

 

1,200,000

 

1,152,108

 

St. Louis Land Clearance for Redevelopment Authority,Revenue Bonds

 

5.13

 

6/1/2046

 

4,570,000

 

4,608,579

 

Tender Option Bond Trust Receipts (Series 2023-XM1116),(Jackson County Missouri Special Obligation, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate 4.25%

 

3.82

 

12/1/2053

 

6,000,000

b,d,e 

5,864,898

 

The Missouri Health & Educational Facilities Authority,Revenue Bonds (Lutheran Senior Services Projects) Ser. A

 

5.00

 

2/1/2042

 

1,000,000

 

980,252

 
 

12,605,837

 

Nebraska - .3%

     

Omaha Public Power District,Revenue Bonds, Ser. A

 

4.00

 

2/1/2051

 

1,000,000

 

974,593

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Nevada - 2.2%

     

Clark County School District,GO (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.25

 

6/15/2041

 

2,770,000

 

2,866,026

 

Reno,Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

4.00

 

6/1/2058

 

5,000,000

 

4,593,929

 
 

7,459,955

 

New Hampshire - .9%

     

New Hampshire Business Finance Authority,Revenue Bonds (University of Nevada Reno Project) (Insured; Build America Mutual) Ser. A

 

5.25

 

6/1/2051

 

1,500,000

 

1,646,070

 

New Hampshire Business Finance Authority,Revenue Bonds, Refunding (Springpoint Senior Living Obligated Group)

 

4.00

 

1/1/2041

 

1,500,000

 

1,265,260

 
 

2,911,330

 

New Jersey - 4.6%

     

New Jersey Health Care Facilities Financing Authority,Revenue Bonds (RWJ Barnabas Health Obligated Group)

 

4.00

 

7/1/2051

 

1,250,000

 

1,226,210

 

New Jersey Housing & Mortgage Finance Agency,Revenue Bonds, Refunding, Ser. D

 

4.00

 

10/1/2024

 

570,000

 

569,816

 

New Jersey Transportation Trust Fund Authority,Revenue Bonds

 

5.00

 

6/15/2044

 

1,500,000

 

1,635,951

 

New Jersey Transportation Trust Fund Authority,Revenue Bonds

 

5.25

 

6/15/2043

 

1,500,000

 

1,584,381

 

New Jersey Transportation Trust Fund Authority,Revenue Bonds

 

5.50

 

6/15/2050

 

2,000,000

 

2,218,114

 

South Jersey Port Corp.,Revenue Bonds, Ser. B

 

5.00

 

1/1/2042

 

2,025,000

 

2,081,403

 

Tender Option Bond Trust Receipts (Series 2018-XF2538),(New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate 5.25%

 

10.42

 

6/15/2040

 

4,250,000

b,d,e 

4,364,684

 

Tobacco Settlement Financing Corp.,Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2046

 

1,555,000

 

1,584,624

 
 

15,265,183

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

New York - 11.2%

     

New York Convention Center Development Corp.,Revenue Bonds (Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

0.00

 

11/15/2052

 

6,400,000

f 

1,538,234

 

New York Liberty Development Corp.,Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)

 

5.00

 

11/15/2044

 

3,400,000

b 

3,400,903

 

New York State Dormitory Authority,Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A

 

4.00

 

9/1/2050

 

1,000,000

 

878,476

 

New York Transportation Development Corp.,Revenue Bonds (Delta Air Lines)

 

4.00

 

1/1/2036

 

2,190,000

 

2,168,897

 

New York Transportation Development Corp.,Revenue Bonds (JFK International Airport Terminal)

 

5.00

 

12/1/2040

 

3,050,000

 

3,215,648

 

New York Transportation Development Corp.,Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A

 

5.00

 

7/1/2046

 

3,000,000

 

2,983,903

 

New York Transportation Development Corp.,Revenue Bonds (LaGuradia Airport Terminal)

 

5.63

 

4/1/2040

 

1,000,000

 

1,086,539

 

New York Transportation Development Corp.,Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project) (Insured; Assured Guaranty Municipal Corp.)

 

5.13

 

6/30/2060

 

1,000,000

 

1,049,059

 

Niagara Area Development Corp.,Revenue Bonds, Refunding (Covanta Project) Ser. A

 

4.75

 

11/1/2042

 

1,000,000

b 

868,835

 

Tender Option Bond Trust Receipts (Series 2022-XM1004),(Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured; Assured Guaranty Municipal Corp.) Ser. C) Non-recourse, Underlying Coupon Rate 4.00%

 

5.26

 

11/15/2047

 

5,400,000

b,d,e 

5,264,643

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

New York - 11.2%(continued)

     

Tender Option Bond Trust Receipts (Series 2023-XF1638),(New York City Transitional Finance Authority, Revenue Bonds, Ser. E1) Non-recourse, Underlying Coupon Rate 4.00%

 

4.22

 

2/1/2049

 

10,000,000

b,d,e 

9,679,216

 

Triborough Bridge & Tunnel Authority,Revenue Bonds, Ser. A1

 

4.13

 

5/15/2064

 

3,500,000

 

3,386,487

 

Westchester County Local Development Corp.,Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group)

 

5.00

 

7/1/2046

 

1,650,000

b 

1,585,532

 
 

37,106,372

 

North Carolina - .4%

     

North Carolina Medical Care Commission,Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group)

 

4.00

 

3/1/2051

 

2,000,000

 

1,483,496

 

Ohio - 3.4%

     

Buckeye Tobacco Settlement Financing Authority,Revenue Bonds, Refunding, Ser. B2

 

5.00

 

6/1/2055

 

9,350,000

 

8,923,246

 

Centerville,Revenue Bonds, Refunding (Graceworks Lutheran Services Obligated Group)

 

5.25

 

11/1/2047

 

1,500,000

 

1,363,951

 

Cuyahoga County,Revenue Bonds, Refunding (The MetroHealth System)

 

5.00

 

2/15/2052

 

1,000,000

 

991,023

 
 

11,278,220

 

Oklahoma - 3.0%

     

Tender Option Bond Trust Receipts (Series 2023-XF1572),(Oklahoma Water Resources Board State Loan Program, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 4.13%

 

4.92

 

10/1/2053

 

10,000,000

b,d,e 

9,872,129

 

Oregon - 1.0%

     

Port of Portland,Revenue Bonds, Refunding, Ser. 28

 

4.00

 

7/1/2047

 

2,720,000

 

2,604,349

 

Yamhill County Hospital Authority,Revenue Bonds, Refunding (Friendsview Retirement Community) Ser. A

 

5.00

 

11/15/2046

 

1,000,000

 

815,023

 
 

3,419,372

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Pennsylvania - 8.2%

     

Crawford County Hospital Authority,Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A

 

6.00

 

6/1/2046

 

1,000,000

 

1,015,364

 

Franklin County Industrial Development Authority,Revenue Bonds, Refunding (Menno-Haven Project)

 

5.00

 

12/1/2053

 

1,000,000

 

801,354

 

Pennsylvania Economic Development Financing Authority,Revenue Bonds (The Penndot Major Bridges)

 

6.00

 

6/30/2061

 

2,000,000

 

2,267,707

 

Pennsylvania Economic Development Financing Authority,Revenue Bonds, Refunding (Presbyterian Senior Living)

 

4.00

 

7/1/2046

 

1,000,000

 

886,062

 

Pennsylvania Higher Educational Facilities Authority,Revenue Bonds, Refunding (University of Sciences in Philadelphia)

 

5.00

 

11/1/2033

 

2,805,000

 

2,856,561

 

Pennsylvania Turnpike Commission,Revenue Bonds, Ser. A

 

4.00

 

12/1/2050

 

1,500,000

 

1,444,108

 

Tender Option Bond Trust Receipts (Series 2022-XF1408),(Pennsylvania State Turnpike Commission, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate 4.00%

 

5.38

 

12/1/2051

 

10,000,000

b,d,e 

9,777,678

 

Tender Option Bond Trust Receipts (Series 2022-XF1525),(Pennsylvania Economic Development Financing Authority UPMC, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate 4.00%

 

4.10

 

5/15/2053

 

3,440,000

b,d,e 

3,244,284

 

Tender Option Bond Trust Receipts (Series 2023-XM1133),(Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B) Non-recourse, Underlying Coupon Rate 5.50%

 

10.27

 

9/1/2053

 

4,380,000

b,d,e 

4,975,522

 
 

27,268,640

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Rhode Island - 2.2%

     

Rhode Island Health & Educational Building Corp.,Revenue Bonds (Lifespan Obligated Group)

 

5.25

 

5/15/2054

 

1,250,000

 

1,344,460

 

Tender Option Bond Trust Receipts (Series 2023-XM1117),(Rhode Island Infrastructure Bank State Revolving Fund, Revenue Bonds, Ser. A) Non-recourse, Underlying Coupon Rate 4.25%

 

4.11

 

10/1/2053

 

6,000,000

b,d,e 

5,996,577

 
 

7,341,037

 

South Carolina - 4.9%

     

South Carolina Jobs-Economic Development Authority,Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group)

 

5.00

 

4/1/2054

 

1,000,000

 

929,597

 

South Carolina Jobs-Economic Development Authority,Revenue Bonds, Refunding (Bon Secours Mercy Health)

 

4.00

 

12/1/2044

 

3,500,000

 

3,425,660

 

South Carolina Public Service Authority,Revenue Bonds, Refunding (Santee Cooper) Ser. A

 

4.00

 

12/1/2055

 

2,000,000

 

1,807,690

 

Tender Option Bond Trust Receipts (Series 2016-XM0384),(South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying Coupon Rate 5.13%

 

9.10

 

12/1/2043

 

10,200,000

b,d,e 

10,192,278

 
 

16,355,225

 

South Dakota - 1.0%

     

Tender Option Bond Trust Receipts (Series 2022-XF1409),(South Dakota Heath & Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health Obligated Group)) Non-recourse, Underlying Coupon Rate 5.00%

 

8.87

 

7/1/2046

 

3,200,000

b,d,e 

3,224,019

 

Texas - 10.7%

     

Aldine Independent School District,GO (Insured; Permanent School Fund Guarantee Program)

 

4.00

 

2/15/2054

 

1,000,000

 

962,092

 

Arlington Higher Education Finance Corp.,Revenue Bonds (Uplift Education) (Insured; Permanent School Fund Guarantee Program) Ser. A

 

4.25

 

12/1/2048

 

1,500,000

 

1,448,588

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Texas - 10.7%(continued)

     

Clifton Higher Education Finance Corp.,Revenue Bonds (IDEA Public Schools) Ser. A

 

4.00

 

8/15/2051

 

2,000,000

 

1,695,284

 

Clifton Higher Education Finance Corp.,Revenue Bonds (International Leadership of Texas) Ser. A

 

5.75

 

8/15/2045

 

2,500,000

 

2,551,348

 

Clifton Higher Education Finance Corp.,Revenue Bonds (International Leadership of Texas) Ser. D

 

6.13

 

8/15/2048

 

3,000,000

 

3,071,506

 

Clifton Higher Education Finance Corp.,Revenue Bonds (Uplift Education) Ser. A

 

4.50

 

12/1/2044

 

2,500,000

 

2,390,355

 

Clifton Higher Education Finance Corp.,Revenue Bonds, Refunding (International Leadership of Texas) (Insured; Permanent School Fund Guarantee Program) Ser. A

 

4.25

 

8/15/2053

 

2,000,000

 

1,962,307

 

Dallas Independent School District,GO, Refunding (Insured; Permanent School Fund Guarantee Program)

 

4.00

 

2/15/2054

 

1,000,000

 

965,390

 

Grand Parkway Transportation Corp.,Revenue Bonds, Refunding

 

4.00

 

10/1/2049

 

2,000,000

 

1,908,889

 

Harris County-Houston Sports Authority,Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

0.00

 

11/15/2051

 

7,500,000

f 

1,999,889

 

Houston Airport System,Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.50

 

7/1/2053

 

1,700,000

 

1,700,532

 

Houston Airport System,Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/1/2046

 

1,000,000

 

954,436

 

Lamar Consolidated Independent School District,GO

 

4.00

 

2/15/2053

 

1,000,000

 

959,516

 

Love Field Airport Modernization Corp.,Revenue Bonds (Southwest Airlines Co. Project)

 

5.00

 

11/1/2028

 

850,000

 

850,062

 

Mission Economic Development Corp.,Revenue Bonds, Refunding (Natgasoline Project)

 

4.63

 

10/1/2031

 

1,000,000

b 

998,385

 

Tarrant County Cultural Education Facilities Finance Corp.,Revenue Bonds (Baylor Scott & White Health Obligated Group)

 

5.00

 

11/15/2051

 

1,500,000

 

1,582,761

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Texas - 10.7%(continued)

     

Tarrant County Cultural Education Facilities Finance Corp.,Revenue Bonds, Refunding (MRC Stevenson Oaks Project)

 

6.75

 

11/15/2051

 

1,000,000

 

921,560

 

Tender Option Bond Trust Receipts (Series 2023-XM1125),(Medina Valley Independent School District, GO (Insured; Permanent School Fund Guarantee Program)) Non-recourse, Underlying Coupon Rate 4.00%

 

3.77

 

2/15/2053

 

6,000,000

b,d,e 

5,793,804

 

Texas Municipal Gas Acquisition & Supply Corp. IV,Revenue Bonds, Ser. B

 

5.50

 

1/1/2034

 

1,500,000

a 

1,666,833

 

Texas Private Activity Bond Surface Transportation Corp.,Revenue Bonds, Refunding (LBJ Infrastructure Group)

 

4.00

 

12/31/2039

 

1,345,000

 

1,339,819

 
 

35,723,356

 

U.S. Related - 1.4%

     

Puerto Rico,GO, Ser. A

 

0.00

 

7/1/2024

 

35,840

f 

35,366

 

Puerto Rico,GO, Ser. A

 

0.00

 

7/1/2033

 

284,274

f 

183,227

 

Puerto Rico,GO, Ser. A1

 

4.00

 

7/1/2037

 

170,415

 

162,760

 

Puerto Rico,GO, Ser. A1

 

4.00

 

7/1/2041

 

231,699

 

215,210

 

Puerto Rico,GO, Ser. A1

 

4.00

 

7/1/2046

 

240,964

 

217,784

 

Puerto Rico,GO, Ser. A1

 

4.00

 

7/1/2035

 

198,557

 

192,731

 

Puerto Rico,GO, Ser. A1

 

4.00

 

7/1/2033

 

220,898

 

217,006

 

Puerto Rico,GO, Ser. A1

 

5.38

 

7/1/2025

 

246,018

 

249,786

 

Puerto Rico,GO, Ser. A1

 

5.63

 

7/1/2029

 

2,489,835

 

2,700,640

 

Puerto Rico,GO, Ser. A1

 

5.63

 

7/1/2027

 

243,790

 

257,550

 

Puerto Rico,GO, Ser. A1

 

5.75

 

7/1/2031

 

232,950

 

260,166

 
 

4,692,226

 

Utah - 1.6%

     

Salt Lake City,Revenue Bonds, Ser. A

 

5.00

 

7/1/2048

 

2,000,000

 

2,050,263

 

Salt Lake City,Revenue Bonds, Ser. A

 

5.00

 

7/1/2042

 

1,265,000

 

1,287,320

 

Utah Infrastructure Agency,Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/15/2037

 

2,000,000

 

2,034,433

 
 

5,372,016

 

Virginia - 6.8%

     

Henrico County Economic Development Authority,Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

7.71

 

8/23/2027

 

3,200,000

d 

3,552,444

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Virginia - 6.8%(continued)

     

Tender Option Bond Trust Receipts (Series 2018-XM0593),(Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate 5.50%

 

10.24

 

7/1/2057

 

7,500,000

b,d,e 

8,299,352

 

Virginia College Building Authority,Revenue Bonds (Sustainable Bond) (Marymount University Project)

 

5.00

 

7/1/2045

 

1,000,000

b 

937,585

 

Virginia Housing Development Authority,Revenue Bonds, Ser. A

 

4.80

 

9/1/2059

 

3,495,000

 

3,514,853

 

Virginia Small Business Financing Authority,Revenue Bonds (Transform 66 P3 Project)

 

5.00

 

12/31/2052

 

4,350,000

 

4,381,440

 

Virginia Small Business Financing Authority,Revenue Bonds, Refunding (95 Express Lanes)

 

4.00

 

1/1/2048

 

1,000,000

 

930,835

 

Williamsburg Economic Development Authority,Revenue Bonds (William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.13

 

7/1/2058

 

1,000,000

 

994,515

 
 

22,611,024

 

Washington - .3%

     

Washington Housing Finance Commission,Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A

 

5.00

 

1/1/2051

 

1,465,000

b 

993,148

 

Wisconsin - 4.7%

     

Public Finance Authority,Revenue Bonds (CHF - Wilmington) (Insured; Assured Guaranty Municipal Corp.)

 

5.00

 

7/1/2058

 

3,665,000

 

3,755,625

 

Public Finance Authority,Revenue Bonds (Cone Health) Ser. A

 

5.00

 

10/1/2052

 

1,000,000

 

1,053,045

 

Public Finance Authority,Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.50

 

7/1/2052

 

1,500,000

 

1,645,632

 

Public Finance Authority,Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.63

 

7/1/2055

 

1,650,000

 

1,825,258

 

Public Finance Authority,Revenue Bonds (Gannon University Project)

 

5.00

 

5/1/2042

 

750,000

 

738,386

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 146.3%(continued)

     

Wisconsin - 4.7%(continued)

     

Public Finance Authority,Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)

 

5.25

 

5/15/2042

 

750,000

b 

707,962

 

Public Finance Authority,Revenue Bonds, Ser. 1

 

5.75

 

7/1/2062

 

3,600,000

 

3,837,569

 

Wisconsin Health & Educational Facilities Authority,Revenue Bonds (Bellin Memorial Hospital Obligated Group)

 

5.50

 

12/1/2052

 

1,000,000

 

1,100,460

 

Wisconsin Health & Educational Facilities Authority,Revenue Bonds, Refunding (St. Camillus Health System Obligated Group)

 

5.00

 

11/1/2046

 

1,250,000

 

1,026,581

 
 

15,690,518

 

Total Investments (cost $483,872,914)

 

146.3%

486,652,153

 

Liabilities, Less Cash and Receivables

 

(46.3%)

(154,033,199)

 

Net Assets Applicable to Common Stockholders

 

100.0%

332,618,954

 

GO—General Obligation

a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2024, these securities were valued at $186,253,303 or 56.0% of net assets.

c Non-income producing—security in default.

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

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

f Security issued with a zero coupon. Income is recognized through the accretion of discount.


STATEMENT OF FINANCIAL FUTURES
BNY Mellon Strategic Municipal Bond Fund, Inc.

February 29, 2024 (Unaudited)

The following is a summary of the inputs used as of February 29, 2024 in 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

-

486,652,153

 

-

486,652,153

 

Liabilities ($)

  

Other Financial Instruments:

  

Inverse Floater Notes††

-

(110,555,000)

 

-

(110,555,000)

 

VMTPS††

-

(49,300,000)

 

-

(49,300,000)

 

 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.


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

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

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

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

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

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

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

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

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


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

When market quotations or official closing prices are not readily available, or are determined not to 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 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 February 29, 2024, accumulated net unrealized appreciation on investments was $2,779,239 consisting of $15,366,746 gross unrealized appreciation and $12,587,507 gross unrealized depreciation.

At February 29, 2024, 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.