STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
November 30, 2020 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% | |||||||||
Alabama - 2.4% | |||||||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 5.75 | 6/1/2045 | 2,500,000 | 2,557,825 | |||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 6.00 | 6/1/2050 | 1,350,000 | 1,393,254 | |||||
Jefferson County, Revenue Bonds, Refunding, Ser. F | 7.90 | 10/1/2050 | 2,500,000 | a | 2,516,225 | ||||
6,467,304 | |||||||||
Arizona - 6.9% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 7.75 | 7/1/2050 | 3,200,000 | b | 3,236,256 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | 6.00 | 7/1/2052 | 2,000,000 | b | 2,321,660 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project) | 5.00 | 7/1/2049 | 1,025,000 | b | 1,141,297 | ||||
Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 5,000,000 | 7,075,350 | |||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.00 | 7/1/2046 | 2,000,000 | b | 2,152,200 | ||||
The Pima County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project) | 5.00 | 6/15/2047 | 2,390,000 | b | 2,429,865 | ||||
18,356,628 | |||||||||
California - 11.0% | |||||||||
California Statewide Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A | 6.38 | 11/1/2043 | 2,035,000 | 2,217,906 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | 5.00 | 11/1/2041 | 1,875,000 | b | 2,018,888 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
California - 11.0% (continued) | |||||||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2047 | 2,500,000 | 2,580,275 | |||||
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | 4.00 | 8/1/2055 | 1,000,000 | 1,153,030 | |||||
Long Beach Bond Finance Authority, Revenue Bonds, Ser. A | 5.50 | 11/15/2037 | 5,000,000 | 7,500,750 | |||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2044 | 3,250,000 | 3,536,065 | |||||
San Buenaventura, Revenue Bonds (Community Memorial Health System) | 7.50 | 12/1/2041 | 2,500,000 | 2,646,900 | |||||
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 | 17.52 | 5/1/2050 | 1,100,000 | b,c,d | 2,075,315 | ||||
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J | 5.00 | 5/15/2043 | 5,000,000 | 5,472,050 | |||||
29,201,179 | |||||||||
Colorado - 6.8% | |||||||||
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 | 2,743,650 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A | 4.00 | 12/1/2050 | 3,000,000 | 3,311,550 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. A | 5.25 | 11/15/2043 | 5,000,000 | 5,473,650 | |||||
Dominion Water & Sanitation District, Revenue Bonds | 6.00 | 12/1/2046 | 1,875,000 | 1,958,100 | |||||
Hess Ranch Metropolitan District No. 6, GO, Ser. A1 | 5.00 | 12/1/2049 | 1,500,000 | 1,579,425 | |||||
Sterling Ranch Community Authority Board, Revenue Bonds (Insured; Municipal Government Guaranteed) Ser. A | 5.00 | 12/1/2038 | 1,500,000 | 1,552,665 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Colorado - 6.8% (continued) | |||||||||
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 | 16.92 | 8/1/2044 | 615,000 | b,c,d | 1,422,144 | ||||
18,041,184 | |||||||||
District of Columbia - .7% | |||||||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,700,000 | e | 1,948,897 | ||||
Florida - 4.9% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital & Clinics Obligated Group) | 4.00 | 12/1/2049 | 1,750,000 | 1,957,935 | |||||
Davie, Revenue Bonds (Nova Southeastern University Project) Ser. A | 5.63 | 4/1/2023 | 4,805,000 | e | 5,403,559 | ||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Ringling College Project) | 5.00 | 3/1/2049 | 2,000,000 | 2,179,820 | |||||
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding) | 5.00 | 7/1/2039 | 1,000,000 | 1,140,870 | |||||
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project) | 5.75 | 11/15/2054 | 500,000 | 470,340 | |||||
Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort Myers Florida Utility, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 4.00 | 14.11 | 10/1/2049 | 450,000 | b,c,d | 742,293 | ||||
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds) Ser. A, Recourse, Underlying Coupon Rate (%) 4.00 | 13.91 | 10/1/2049 | 620,000 | b,c,d | 948,389 | ||||
12,843,206 | |||||||||
Georgia - 2.0% | |||||||||
Fulton County Development Authority, Revenue Bonds (WellStar Health System Group Obligated Group) Ser. A | 5.00 | 4/1/2042 | 1,250,000 | 1,498,100 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Georgia - 2.0% (continued) | |||||||||
Gainesville & Hall County Development Authority, Revenue Bonds, Refunding (Riverside Military Academy) | 5.00 | 3/1/2037 | 1,000,000 | 973,950 | |||||
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 | 17.71 | 1/1/2056 | 515,000 | b,c,d | 911,195 | ||||
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 | 15.38 | 7/1/2044 | 900,000 | b,c,d | 1,791,639 | ||||
5,174,884 | |||||||||
Illinois - 12.9% | |||||||||
Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2035 | 1,500,000 | 1,627,020 | |||||
Chicago II, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2,500,000 | 2,823,500 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2044 | 2,000,000 | 2,130,100 | |||||
Chicago O'Hare International Airport, Revenue Bonds (Customer Facility Charge) | 5.75 | 1/1/2043 | 3,750,000 | 4,008,787 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 2,500,000 | 2,992,350 | |||||
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2045 | 1,000,000 | 1,206,280 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1,500,000 | 1,668,000 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 2,600,000 | 2,849,080 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2027 | 3,500,000 | 3,861,655 | |||||
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 | 1,462,450 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 5.00 | 6/15/2050 | 3,500,000 | 3,918,950 | |||||
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 | 17.91 | 10/1/2040 | 1,750,000 | b,c,d | 2,897,527 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Illinois - 12.9% (continued) | |||||||||
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A | 5.00 | 4/1/2044 | 2,500,000 | 2,730,575 | |||||
34,176,274 | |||||||||
Indiana - 6.0% | |||||||||
Indiana Finance Authority, Revenue Bonds (Baptist Homes of Indiana Senior Living Obligated Group) Ser. A | 6.00 | 11/15/2041 | 3,500,000 | 3,780,105 | |||||
Indiana Finance Authority, Revenue Bonds (Green Bond) (RES Polyflow Indiana) | 7.00 | 3/1/2039 | 2,125,000 | b | 2,050,582 | ||||
Indiana Finance Authority, Revenue Bonds (Ohio River Bridges East End Crossing Project) Ser. A | 5.00 | 7/1/2040 | 5,000,000 | 5,359,850 | |||||
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. A | 5.00 | 6/1/2032 | 2,750,000 | 2,861,237 | |||||
Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A | 5.00 | 11/1/2043 | 1,500,000 | 1,851,165 | |||||
15,902,939 | |||||||||
Iowa - 2.9% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.25 | 12/1/2025 | 7,000,000 | 7,611,940 | |||||
Kansas - .6% | |||||||||
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Project) Ser. A | 5.25 | 11/15/2053 | 1,000,000 | 951,920 | |||||
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Project) Ser. B | 4.00 | 11/15/2025 | 625,000 | 619,450 | |||||
1,571,370 | |||||||||
Kentucky - .4% | |||||||||
Christian County, Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group) | 5.50 | 2/1/2044 | 1,000,000 | 1,116,700 | |||||
Louisiana - .8% | |||||||||
Louisiana Public Facilities Authority, Revenue Bonds (Impala Warehousing Project) | 6.50 | 7/1/2036 | 1,000,000 | b | 1,049,910 | ||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) | 4.00 | 4/1/2050 | 1,000,000 | 1,132,840 | |||||
2,182,750 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
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 | 2,363,600 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2057 | 1,000,000 | b | 1,067,830 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | 5.00 | 7/1/2034 | 1,550,000 | 1,863,751 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 900,000 | 1,119,663 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 4.00 | 7/1/2044 | 1,500,000 | 1,658,565 | |||||
8,073,409 | |||||||||
Michigan - 4.8% | |||||||||
Michigan Building Authority, Revenue Bonds, Refunding | 4.00 | 4/15/2054 | 2,500,000 | 2,869,950 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | 5.00 | 7/1/2036 | 2,250,000 | 2,554,020 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) | 5.00 | 12/1/2021 | 10,000 | e | 10,465 | ||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A | 3.35 | 12/1/2034 | 2,500,000 | 2,771,175 | |||||
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C | 0.00 | 6/1/2058 | 41,200,000 | f | 1,867,184 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System)) Recourse, Underlying Coupon Rate (%) 4.00 | 13.83 | 11/15/2050 | 830,000 | b,c,d | 1,303,947 | ||||
Wayne County Airport Authority, Revenue Bonds (Insured; Build America Mutual) Ser. B | 5.00 | 12/1/2039 | 1,250,000 | 1,421,188 | |||||
12,797,929 | |||||||||
Minnesota - .9% | |||||||||
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | 5.00 | 2/15/2058 | 2,000,000 | 2,334,260 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Missouri - 2.0% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds, Ser. A | 5.00 | 3/1/2044 | 1,000,000 | 1,208,990 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Louis College of Pharmacy Project) | 5.50 | 5/1/2043 | 2,000,000 | 2,106,580 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A | 5.13 | 9/1/2049 | 1,000,000 | 1,083,460 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group) | 5.00 | 9/1/2042 | 1,000,000 | 1,023,620 | |||||
5,422,650 | |||||||||
Multi-State - .6% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | 3.15 | 1/15/2036 | 1,465,000 | b | 1,676,605 | ||||
Nevada - .4% | |||||||||
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 6/1/2058 | 1,000,000 | 1,071,820 | |||||
New Jersey - 5.1% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | 5.13 | 9/15/2023 | 1,935,000 | 2,028,248 | |||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.38 | 1/1/2043 | 2,500,000 | 2,752,400 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 2,500,000 | 2,891,750 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW | 5.25 | 6/15/2040 | 1,890,000 | 2,115,760 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW | 5.25 | 6/15/2025 | 110,000 | e | 134,681 | ||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D | 4.00 | 4/1/2024 | 1,320,000 | 1,443,631 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2046 | 1,000,000 | 1,151,560 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 750,000 | 905,160 | |||||
13,423,190 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
New York - 9.2% | |||||||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 1,750,000 | 2,024,837 | |||||
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 | 8,003,120 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 3,500,000 | b | 3,628,030 | ||||
New York State Dormitory Authority, Revenue Bonds (St. John's University) Ser. A | 5.00 | 7/1/2044 | 2,000,000 | 2,150,860 | |||||
Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Holding Project) Ser. A | 4.75 | 11/1/2042 | 2,000,000 | b | 2,055,640 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF2419), (Metropolitan Transportation Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.40 | 11/15/2038 | 3,750,000 | b,c,d | 4,457,700 | ||||
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 | 13.87 | 11/15/2046 | 920,000 | b,c,d | 1,362,299 | ||||
TSASC, Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2045 | 585,000 | 616,298 | |||||
24,298,784 | |||||||||
North Carolina - .4% | |||||||||
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 1/1/2055 | 1,000,000 | 1,142,570 | |||||
Ohio - 7.3% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 8,000,000 | 8,996,960 | |||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 2,500,000 | 2,928,775 | |||||
Muskingum County, Revenue Bonds (Genesis HealthCare System Project) | 5.00 | 2/15/2044 | 7,000,000 | 7,262,360 | |||||
19,188,095 | |||||||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Oklahoma - .6% | |||||||||
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project) | 5.25 | 11/15/2045 | 1,500,000 | 1,596,930 | |||||
Pennsylvania - 7.1% | |||||||||
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project) | 5.00 | 5/1/2042 | 1,000,000 | b | 1,056,030 | ||||
Allentown School District, GO, Refunding (Insured; Build American Mutual) Ser. B | 5.00 | 2/1/2032 | 1,455,000 | 1,867,434 | |||||
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2042 | 1,500,000 | 1,595,700 | |||||
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2037 | 4,000,000 | 4,273,880 | |||||
Montgomery County Industrial Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. C | 5.00 | 11/15/2045 | 1,000,000 | 1,170,490 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A | 5.00 | 9/1/2045 | 3,000,000 | 3,358,680 | |||||
Tender Option Bond Trust Receipts (Series 2017-XF1060), (Pennsylvania State Turnpike Commission, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 13.76 | 12/1/2042 | 4,250,000 | b,c,d | 5,479,270 | ||||
18,801,484 | |||||||||
Rhode Island - 1.9% | |||||||||
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/15/2037 | 4,000,000 | 5,006,600 | |||||
South Carolina - 2.8% | |||||||||
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 | 1,713,338 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B | 5.13 | 12/1/2043 | 5,000,000 | 5,586,500 | |||||
7,299,838 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Texas - 8.9% | |||||||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2043 | 1,500,000 | 1,660,590 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.75 | 8/15/2045 | 2,500,000 | 2,841,625 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D | 6.13 | 8/15/2048 | 3,500,000 | 4,030,950 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 2,000,000 | 2,349,460 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 1,500,000 | b | 1,593,090 | ||||
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 | 17.89 | 11/15/2038 | 1,855,000 | b,c,d | 2,515,213 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF1061), (Dallas Fort Worth International Airport, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 17.59 | 11/1/2045 | 3,750,000 | b,c,d | 4,382,812 | ||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | 5.00 | 6/30/2058 | 3,500,000 | 4,142,040 | |||||
23,515,780 | |||||||||
U.S. Related - 2.0% | |||||||||
Guam Waterworks Authority, Revenue Bonds | 5.50 | 7/1/2023 | 3,000,000 | e | 3,399,870 | ||||
Puerto Rico, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2035 | 1,750,000 | 1,836,450 | |||||
5,236,320 | |||||||||
Utah - .7% | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2039 | 1,400,000 | 1,725,542 | |||||
Virginia - 5.4% | |||||||||
Norfolk Redevelopment & Housing Authority, Revenue Bonds (Fort Norfolk Retirement Community Obligated Group) Ser. A | 5.00 | 1/1/2049 | 1,000,000 | 1,037,360 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | 5.00 | 1/1/2040 | 7,640,000 | 7,920,388 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 125.9% (continued) | |||||||||
Virginia - 5.4% (continued) | |||||||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | 5.50 | 1/1/2042 | 5,000,000 | 5,233,950 | |||||
14,191,698 | |||||||||
Washington - 2.4% | |||||||||
Port of Seattle, Revenue Bonds | 4.00 | 4/1/2044 | 1,000,000 | 1,100,570 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2042 | 5,000,000 | 5,277,450 | |||||
6,378,020 | |||||||||
Wisconsin - 2.0% | |||||||||
Public Finance Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2042 | 5,000,000 | 5,204,250 | |||||
Total Investments (cost $300,073,221) | 125.9% | 332,981,029 | |||||||
Cash and Receivables (Net) | 2.5% | 6,499,843 | |||||||
VMTPS, at liquidation value | (28.4%) | (75,000,000) | |||||||
Net Assets Applicable to Common Shareholders | 100.0% | 264,480,872 | |||||||
GO—General Obligation
a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
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 November 30, 2020, these securities were valued at $60,131,226 or 22.74% of net assets.
c The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
d Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
e These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
f Security issued with a zero coupon. Income is recognized through the accretion of discount.
STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
November 30, 2020 (Unaudited)
The following is a summary of the inputs used as of November 30, 2020 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |
Assets ($) |
|
|
|
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Investments in Securities: † | ||||
Municipal Securities | - | 332,981,029 | - | 332,981,029 |
† See Statement of Investments for additional detailed categorizations, if any.
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
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
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 November 30, 2020, accumulated net unrealized appreciation on investments was $32,907,808, consisting of $33,226,145 gross unrealized appreciation and $318,337 gross unrealized depreciation.
At November 30, 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.