STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
November 30, 2019 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Bonds and Notes - .6% | |||||||||
Collateralized Municipal-Backed Securities - .6% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate, Revenue Bonds, Ser. M048 | 3.15 | 1/15/2036 | 1,500,000 | 1,599,810 | |||||
Long-Term Municipal Investments - 126.4% | |||||||||
Alabama - 2.5% | |||||||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 5.75 | 6/1/2045 | 1,500,000 | 1,677,000 | |||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 6.00 | 6/1/2050 | 2,350,000 | 2,653,714 | |||||
Jefferson County, Revenue Bonds, Refunding, Ser. F | 0/7.90 | 10/1/2050 | 2,500,000 | a | 2,407,925 | ||||
6,738,639 | |||||||||
Arizona - 5.5% | |||||||||
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | 6.00 | 7/1/2052 | 2,000,000 | b | 2,279,100 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional School Obligated Group) | 5.00 | 7/1/2054 | 1,000,000 | b | 1,096,780 | ||||
Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 5,000,000 | 6,675,550 | |||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Obligated Group Projects) | 5.00 | 7/1/2045 | 2,000,000 | b | 2,133,020 | ||||
The Pima County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project) | 5.00 | 6/15/2047 | 1,390,000 | b | 1,434,994 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Arizona - 5.5% (continued) | |||||||||
The Pima County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project) | 5.00 | 6/15/2052 | 1,000,000 | b | 1,028,710 | ||||
14,648,154 | |||||||||
California - 10.7% | |||||||||
California Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2032 | 725,000 | b | 731,728 | ||||
California Statewide Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A | 6.38 | 11/1/2043 | 2,035,000 | 2,339,314 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | 5.00 | 11/1/2041 | 1,875,000 | b | 2,161,537 | ||||
Golden Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2047 | 2,500,000 | 2,572,275 | |||||
Long Beach Bond Finance Authority, Revenue Bonds, Ser. A | 5.50 | 11/15/2037 | 5,000,000 | 7,056,050 | |||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2044 | 3,250,000 | 3,635,417 | |||||
San Buenaventura, Revenue Bonds (Community Memorial Health System) | 7.50 | 12/1/2041 | 2,500,000 | 2,752,675 | |||||
Tender Option Bond Trust Receipts (Series 2019-XF2838), (San Francisco California City & County Airports Community International Airport, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate (%) 4.00 | 11.01 | 5/1/2050 | 1,100,000 | b,c,d | 1,559,932 | ||||
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J | 5.00 | 5/15/2043 | 5,000,000 | 5,545,450 | |||||
28,354,378 | |||||||||
Colorado - 4.9% | |||||||||
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 | 2,777,950 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. A | 5.25 | 11/15/2043 | 5,000,000 | 5,617,100 | |||||
Dominion Water & Sanitation District, Revenue Bonds | 6.00 | 12/1/2046 | 1,910,000 | 2,042,993 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Colorado - 4.9% (continued) | |||||||||
Sterling Ranch Community Authority Board, Revenue Bonds (Insured; Municipal Government Guaranteed) Ser. A | 5.00 | 12/1/2038 | 1,500,000 | 1,567,770 | |||||
Tender Option Bond Trust Receipts (Series 2019-XM0767), (Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health)) Recourse, Underlying Coupon Rate (%) 4.00 | 10.86 | 8/1/2049 | 825,000 | b,c,d | 1,049,351 | ||||
13,055,164 | |||||||||
District of Columbia - .8% | |||||||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) | 6.00 | 7/1/2023 | 1,700,000 | e | 1,987,521 | ||||
Florida - 3.9% | |||||||||
Davie, Revenue Bonds (Nova Southeastern University Project) Ser. A | 5.63 | 4/1/2043 | 4,805,000 | 5,317,982 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Ringling College Project) | 5.00 | 3/1/2049 | 2,000,000 | 2,350,960 | |||||
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding) | 5.00 | 7/1/2039 | 1,000,000 | 1,163,590 | |||||
Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort Myers Florida Utility, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 4.00 | 11.18 | 10/1/2049 | 450,000 | b,c,d | 649,431 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2840), (Broward County Florida Port Facilities, Revenue Bonds, Ser. B) Recourse, Underlying Coupon Rate (%) 4.00 | 10.78 | 9/1/2049 | 625,000 | b,c,d | 840,094 | ||||
10,322,057 | |||||||||
Georgia - 1.8% | |||||||||
Fulton County Development Authority, Revenue Bonds (WellStar Health System Group Obligated Group) Ser. A | 5.00 | 4/1/2042 | 1,250,000 | 1,460,313 | |||||
Gainesville & Hall County Development Authority, Revenue Bonds, Refunding (Riverside Military Academy) | 5.00 | 3/1/2037 | 1,000,000 | 1,098,080 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Georgia - 1.8% (continued) | |||||||||
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 | 14.86 | 1/1/2056 | 515,000 | b,c,d | 833,564 | ||||
Tender Option Bond Trust Receipts (Series 2019-XM0766), (Brookhaven Development Authority, Revenue Bonds (Children's Healthcare of Atlanta)) Recourse, Underlying Coupon Rate (%) 4.00 | 11.33 | 7/1/2049 | 950,000 | b,c,d | 1,366,186 | ||||
4,758,143 | |||||||||
Illinois - 12.4% | |||||||||
Chicago, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 2,500,000 | 3,006,025 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2035 | 1,500,000 | 1,728,630 | |||||
Chicago II, GO, Ser. A | 5.50 | 1/1/2049 | 2,000,000 | 2,363,320 | |||||
Chicago O'Hare International Airport, Revenue Bonds | 5.75 | 1/1/2043 | 3,750,000 | 4,190,775 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 2,500,000 | 2,953,250 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1,500,000 | 1,742,835 | |||||
Illinois, GO, Ser. C | 5.00 | 11/1/2029 | 2,600,000 | 2,961,192 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 3,500,000 | 3,992,240 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project) Ser. A | 5.00 | 6/15/2053 | 2,500,000 | 2,714,350 | |||||
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 | 1,425,375 | ||||
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 | 15.01 | 10/1/2040 | 1,750,000 | b,c,d | 2,908,185 | ||||
University of Illinois, Revenue Bonds, Ser. A | 5.00 | 4/1/2044 | 2,500,000 | 2,775,125 | |||||
32,761,302 | |||||||||
Indiana - 5.3% | |||||||||
Indiana Finance Authority, Revenue Bonds (Baptist Homes of Indiana Senior Living) Ser. A | 6.00 | 11/15/2041 | 3,500,000 | 3,960,040 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Indiana - 5.3% (continued) | |||||||||
Indiana Finance Authority, Revenue Bonds (Ohio River Bridges East End Crossing Project) Ser. A | 5.00 | 7/1/2040 | 5,000,000 | 5,450,200 | |||||
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. A | 5.00 | 6/1/2032 | 2,750,000 | 2,873,915 | |||||
Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A | 5.00 | 11/1/2043 | 1,500,000 | 1,805,250 | |||||
14,089,405 | |||||||||
Iowa - 2.9% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.25 | 12/1/2025 | 7,000,000 | 7,610,750 | |||||
Kansas - .8% | |||||||||
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Obligated Group Project) Ser. A | 5.25 | 11/15/2053 | 1,000,000 | 1,062,060 | |||||
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Obligated Group Project) Ser. B | 4.00 | 11/15/2025 | 1,000,000 | 1,041,920 | |||||
2,103,980 | |||||||||
Kentucky - .4% | |||||||||
Christian County, Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group) | 5.50 | 2/1/2044 | 1,000,000 | 1,119,960 | |||||
Louisiana - .8% | |||||||||
Louisiana Public Facilities Authority, Revenue Bonds (Impala Warehousing LLC Project) | 6.50 | 7/1/2036 | 2,000,000 | b | 2,203,600 | ||||
Maryland - .4% | |||||||||
Rockville, Revenue Bonds (Ingleside At King Farm Project) Ser. B | 5.00 | 11/1/2047 | 1,000,000 | 1,100,560 | |||||
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 | 2,409,440 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles) | 5.00 | 10/1/2057 | 1,000,000 | b | 1,096,850 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2034 | 1,550,000 | 1,887,497 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Massachusetts - 3.1% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 900,000 | 1,114,713 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 4.00 | 7/1/2044 | 1,500,000 | 1,641,480 | |||||
8,149,980 | |||||||||
Michigan - 7.4% | |||||||||
Michigan Building Authority, Revenue Bonds, Refunding (State of Michigan) | 4.00 | 4/15/2054 | 2,500,000 | 2,749,500 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | 5.00 | 7/1/2036 | 2,250,000 | 2,546,055 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp. Obligated Group) | 5.00 | 12/1/2039 | 2,490,000 | 2,654,116 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp. Obligated Group) | 5.00 | 12/1/2021 | 10,000 | e | 10,753 | ||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A | 3.35 | 12/1/2034 | 2,500,000 | 2,645,925 | |||||
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C | 0.00 | 6/1/2058 | 41,200,000 | f | 1,411,100 | ||||
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Ser. A | 6.00 | 6/1/2034 | 5,000,000 | 5,027,250 | |||||
Tender Option Bond Trust Receipts (Series 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System)) Recourse, Underlying Coupon Rate (%) 4.00 | 10.99 | 11/15/2050 | 830,000 | b,c,d | 1,139,441 | ||||
Wayne County Airport Authority, Revenue Bonds (Insured; Build America Mutual) Ser. B | 5.00 | 12/1/2039 | 1,250,000 | 1,428,050 | |||||
19,612,190 | |||||||||
Minnesota - .9% | |||||||||
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | 5.00 | 2/15/2058 | 2,000,000 | 2,350,480 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Missouri - 1.6% | |||||||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Louis College of Pharmacy Project) | 5.50 | 5/1/2043 | 2,000,000 | 2,160,140 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A | 5.25 | 9/1/2053 | 1,000,000 | 1,130,040 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village Sunset Hills) | 5.00 | 9/1/2042 | 1,000,000 | 1,051,730 | |||||
4,341,910 | |||||||||
Nevada - .4% | |||||||||
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 6/1/2058 | 1,000,000 | 1,077,140 | |||||
New Jersey - 6.8% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | 5.13 | 9/15/2023 | 2,500,000 | 2,684,625 | |||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | 5.25 | 9/15/2029 | 4,500,000 | 4,906,395 | |||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.38 | 1/1/2043 | 2,500,000 | 2,796,525 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW | 5.25 | 6/15/2040 | 2,000,000 | 2,262,800 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 2,500,000 | 2,894,950 | |||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D | 4.00 | 4/1/2024 | 1,320,000 | 1,432,068 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2046 | 1,000,000 | 1,134,770 | |||||
18,112,133 | |||||||||
New York - 9.3% | |||||||||
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 | 8,021,920 | |||||
New York Counties Tobacco Trust V, Revenue Bonds, Ser. S2 | 0.00 | 6/1/2050 | 7,825,000 | f | 1,197,225 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
New York - 9.3% (continued) | |||||||||
New York Dormitory Authority, Revenue Bonds (St. John's University) Ser. A | 5.00 | 7/1/2044 | 2,000,000 | 2,197,660 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 3,500,000 | b | 3,867,185 | ||||
Niagara Area Development Corp., Revenue Bonds, Refunding (Convanta Holding Project) Ser. A | 4.75 | 11/1/2042 | 2,000,000 | b | 2,112,980 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF2419), (Metropolitan Transportation Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 15.04 | 11/15/2038 | 3,750,000 | b,c,d | 5,299,200 | ||||
Tender Option Bond Trust Receipts (Series 2019-XM0771), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)) Non-recourse, Underlying Coupon Rate (%) 4.00 | 11.27 | 11/15/2048 | 920,000 | b,c,d | 1,362,952 | ||||
TSASC, Revenue Bonds, Refunding (TSASC) Ser. B | 5.00 | 6/1/2048 | 585,000 | 580,607 | |||||
24,639,729 | |||||||||
North Carolina - .4% | |||||||||
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 1/1/2055 | 1,000,000 | 1,099,760 | |||||
Ohio - 6.6% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Ser. A3 | 6.25 | 6/1/2037 | 7,000,000 | 7,162,750 | |||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 2,500,000 | 2,864,100 | |||||
Muskingum County, Revenue Bonds (Genesis HealthCare System Obligated Group Project) | 5.00 | 2/15/2044 | 7,000,000 | 7,467,950 | |||||
17,494,800 | |||||||||
Oklahoma - .6% | |||||||||
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project) | 5.25 | 11/15/2045 | 1,500,000 | 1,697,205 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Pennsylvania - 8.7% | |||||||||
Allentown City School District, GO, Refunding (Insured; Build American Mutual) Ser. B | 5.00 | 2/1/2032 | 1,455,000 | 1,808,623 | |||||
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project) | 5.00 | 5/1/2042 | 1,000,000 | b | 1,120,700 | ||||
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2042 | 1,500,000 | 1,610,640 | |||||
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2037 | 4,000,000 | 4,320,800 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A | 5.00 | 9/1/2045 | 3,000,000 | 3,371,370 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 12/1/2042 | 5,000,000 | 5,394,350 | |||||
Tender Option Bond Trust Receipts (Series 2017-XF1060), (Pennsylvania State Turnpike Commission, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 4.00 | 11.85 | 12/1/2042 | 4,250,000 | b,c,d | 5,315,560 | ||||
22,942,043 | |||||||||
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 | 1,818,933 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B | 5.13 | 12/1/2043 | 5,000,000 | 5,569,200 | |||||
7,388,133 | |||||||||
Texas - 10.2% | |||||||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2041 | 2,500,000 | 2,699,725 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2043 | 1,500,000 | 1,697,475 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.75 | 8/15/2045 | 2,500,000 | 2,740,875 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D | 6.13 | 8/15/2048 | 3,500,000 | 3,913,280 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Texas - 10.2% (continued) | |||||||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 1,500,000 | b | 1,624,230 | ||||
North Texas Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 5.13 | 6/1/2022 | 2,750,000 | e | 3,012,322 | ||||
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 | 14.93 | 11/15/2038 | 1,855,000 | b,c,d | 2,601,786 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF1061), (Dallas Fort Worth International Airport, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 14.81 | 11/1/2045 | 3,750,000 | b,c,d | 4,627,162 | ||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | 5.00 | 6/30/2058 | 3,500,000 | 4,069,905 | |||||
26,986,760 | |||||||||
U.S. Related - 1.9% | |||||||||
Guam Waterworks Authority, Revenue Bonds | 5.50 | 7/1/2043 | 3,000,000 | 3,289,320 | |||||
Puerto Rico, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2035 | 1,750,000 | 1,833,212 | |||||
5,122,532 | |||||||||
Utah - .6% | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2039 | 1,400,000 | 1,707,440 | |||||
Virginia - 5.5% | |||||||||
Norfolk Redevelopment & Housing Authority, Revenue Bonds (Fort Norfolk Retirement Community Obligated Group) Ser. A | 5.00 | 1/1/2049 | 1,000,000 | 1,084,810 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes LLC Project) | 5.00 | 1/1/2040 | 7,640,000 | 8,126,592 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco, LLC Project) | 5.50 | 1/1/2042 | 5,000,000 | 5,432,200 | |||||
14,643,602 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 126.4% (continued) | |||||||||
Washington - 2.5% | |||||||||
Port of Seattle, Revenue Bonds | 4.00 | 4/1/2044 | 1,000,000 | 1,099,410 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2042 | 5,000,000 | 5,436,050 | |||||
6,535,460 | |||||||||
Wisconsin - 4.0% | |||||||||
Public Finance Authority, Revenue Bonds, Refunding (Transportation Infrastructure Properties, LLC Obligated Group) Ser. B | 5.00 | 7/1/2042 | 5,000,000 | 5,317,700 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Sauk-Prairie Memorial Hospital Obligated Group Project) Ser. A | 5.38 | 2/1/2048 | 2,000,000 | 2,052,680 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Beaver Dam Community Hospitals) Ser. A | 5.25 | 8/15/2034 | 3,000,000 | 3,247,620 | |||||
10,618,000 | |||||||||
Total Long-Term Municipal Investments | 335,372,910 | ||||||||
Description | Annualized | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Investments - .1% | |||||||||
U.S. Government Securities | |||||||||
U.S. Treasury Bills | 1.53 | 4/16/2020 | 330,000 | g,h | 328,075 | ||||
Total Investments (cost $304,067,354) | 127.1% | 337,300,795 | |||||||
Cash and Receivables (Net) | 1.2% | 3,078,301 | |||||||
VMTPS, at liquidation value | (28.3%) | (75,000,000) | |||||||
Net Assets Applicable to Common Shareholders | 100.0% | 265,379,096 |
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, 2019, these securities were valued at $54,853,698 or 20.67% of net assets.
c The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
d Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
e These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
f Security issued with a zero coupon. Income is recognized through the accretion of discount.
g Held by a counterparty for open exchange traded derivative contracts.
h Security is a discount security. Income is recognized through the accretion of discount.
STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
November 30, 2019 (Unaudited)
The following is a summary of the inputs used as of November 30, 2019 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |
Assets ($) |
|
|
|
|
Investments in Securities: † | ||||
Collateralized Municipal-Backed Securities | - | 1,599,810 | - | 1,599,810 |
Municipal Securities | - | 335,372,910 | - | 335,372,910 |
U.S. Treasury Securities | - | 328,075 | - | 328,075 |
Other Financial Instruments: | ||||
Futures†† | 64,303 | - | - | 64,303 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Amount shown represents unrealized appreciation at period end.
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
NOTES
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 restricted 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.
Financial futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 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
NOTES
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.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at November 30, 2019 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.
NOTES
At November 30, 2019, accumulated net unrealized appreciation on investments was $33,233,441, consisting of $33,686,616 gross unrealized appreciation and $453,175 gross unrealized depreciation.
At November 30, 2019, 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.