STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
May 31, 2023 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% | | | | | |
Alabama - 3.2% | | | | | |
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | | 6.00 | | 6/1/2050 | | 3,820,000 | | 3,237,896 | |
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | | 4.00 | | 6/1/2027 | | 1,000,000 | a | 996,127 | |
Jefferson County, Revenue Bonds, Refunding, Ser. F | | 7.90 | | 10/1/2050 | | 2,500,000 | b | 2,588,412 | |
| | 6,822,435 | |
Arizona - 7.6% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) | | 4.25 | | 11/1/2052 | | 3,425,000 | | 3,076,967 | |
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | | 7.75 | | 7/1/2050 | | 3,200,000 | c,d | 1,760,000 | |
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | | 6.00 | | 7/1/2052 | | 2,000,000 | c | 2,033,958 | |
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project) | | 5.00 | | 7/1/2049 | | 1,025,000 | c | 905,388 | |
Phoenix Civic Improvement Corp., Revenue Bonds | | 4.00 | | 7/1/2044 | | 1,905,000 | | 1,850,676 | |
Salt Verde Financial Corp., Revenue Bonds | | 5.00 | | 12/1/2037 | | 5,000,000 | | 5,084,461 | |
The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | | 5.00 | | 7/1/2046 | | 2,000,000 | c | 1,828,599 | |
| | 16,540,049 | |
Arkansas - 1.6% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds (Green Bond) (U.S. Steel Corp.) | | 5.70 | | 5/1/2053 | | 3,500,000 | | 3,517,494 | |
California - 10.6% | | | | | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2049 | | 1,000,000 | | 918,080 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
California - 10.6% (continued) | | | | | |
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | | 3.50 | | 11/20/2035 | | 1,452,023 | | 1,349,180 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A | | 5.00 | | 10/1/2044 | | 1,000,000 | | 1,016,323 | |
California Statewide Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A | | 6.38 | | 11/1/2043 | | 2,035,000 | c | 2,048,793 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2041 | | 1,875,000 | c | 1,850,493 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2051 | | 1,000,000 | | 1,042,126 | |
Long Beach Bond Finance Authority, Revenue Bonds, Ser. A | | 5.50 | | 11/15/2037 | | 5,000,000 | | 5,397,592 | |
Orange County Community Facilities District, Special Tax Bonds, Ser. A | | 5.00 | | 8/15/2052 | | 1,000,000 | | 1,008,294 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2051 | | 3,500,000 | | 3,612,000 | |
Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Francisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate (%) 5.00 | | 6.30 | | 5/1/2044 | | 4,500,000 | c,e,f | 4,655,063 | |
| | 22,897,944 | |
Colorado - 9.2% | | | | | |
Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health Obligated Group) | | 5.25 | | 11/1/2052 | | 1,000,000 | | 1,040,174 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A | | 4.00 | | 12/1/2050 | | 3,000,000 | | 2,392,378 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. A | | 4.00 | | 5/15/2052 | | 1,255,000 | | 1,187,789 | |
Colorado Health Facilities Authority, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2024 | | 2,500,000 | g | 2,524,575 | |
Denver County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.50 | | 11/15/2053 | | 1,000,000 | | 1,083,585 | |
Denver County Airport System, Revenue Bonds, Ser. A | | 5.25 | | 11/15/2043 | | 5,000,000 | | 5,002,589 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Colorado - 9.2% (continued) | | | | | |
Dominion Water & Sanitation District, Revenue Bonds, Refunding | | 5.88 | | 12/1/2052 | | 2,000,000 | | 1,945,960 | |
Hess Ranch Metropolitan District No. 6, GO, Ser. A1 | | 5.00 | | 12/1/2049 | | 1,500,000 | | 1,314,583 | |
Rampart Range Metropolitan District No. 5, Revenue Bonds | | 4.00 | | 12/1/2051 | | 1,000,000 | | 695,240 | |
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 | | 5.23 | | 8/1/2044 | | 2,455,000 | c,e,f | 2,737,279 | |
| | 19,924,152 | |
Connecticut - 1.7% | | | | | |
Connecticut, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2041 | | 1,000,000 | | 1,108,443 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds (The Hartford University) Ser. P | | 5.38 | | 7/1/2052 | | 1,250,000 | | 1,207,006 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T | | 4.00 | | 7/1/2055 | | 1,500,000 | | 1,314,748 | |
| | 3,630,197 | |
District of Columbia - .8% | | | | | |
District of Columbia, Revenue Bonds, Refunding | | 6.00 | | 7/1/2023 | | 1,700,000 | g | 1,703,201 | |
Florida - 4.7% | | | | | |
Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Ringling College Project) | | 5.00 | | 3/1/2049 | | 2,000,000 | | 1,960,208 | |
Hillsborough County Port District, Revenue Bonds (Tampa Port Authority Project) Ser. B | | 5.00 | | 6/1/2046 | | 1,250,000 | | 1,270,733 | |
Lee Memorial Health System, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 4/1/2049 | | 1,750,000 | | 1,575,829 | |
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding) | | 5.00 | | 7/1/2039 | | 1,000,000 | | 1,004,119 | |
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project) | | 5.75 | | 11/15/2054 | | 500,000 | | 391,869 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Florida - 4.7% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00 | | 2.26 | | 10/1/2049 | | 2,480,000 | c,e,f | 2,264,362 | |
Tender Option Bond Trust Receipts (Series 2022-XF1385), (Fort Myers FL Utility, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.00 | | 2.49 | | 10/1/2044 | | 1,640,000 | c,e,f | 1,603,403 | |
| | 10,070,523 | |
Georgia - 4.5% | | | | | |
Fulton County Development Authority, Revenue Bonds, Ser. A | | 5.00 | | 4/1/2042 | | 1,250,000 | | 1,282,327 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 7/1/2052 | | 2,500,000 | | 2,557,415 | |
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 | | 6.00 | | 1/1/2056 | | 2,060,000 | c,e,f | 2,083,959 | |
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 | | 3.68 | | 7/1/2044 | | 3,600,000 | c,e,f | 3,782,046 | |
| | 9,705,747 | |
Hawaii - .6% | | | | | |
Hawaii Airports System, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2047 | | 1,250,000 | | 1,301,956 | |
Illinois - 15.1% | | | | | |
Chicago Board of Education, GO, Refunding, Ser. A | | 5.00 | | 12/1/2035 | | 1,500,000 | | 1,525,000 | |
Chicago II, GO, Refunding, Ser. A | | 6.00 | | 1/1/2038 | | 2,500,000 | | 2,651,254 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2044 | | 2,000,000 | | 1,969,600 | |
Chicago O'Hare International Airport, Revenue Bonds (Customer Facility Charge) | | 5.75 | | 1/1/2043 | | 3,750,000 | | 3,754,144 | |
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2057 | | 2,000,000 | | 2,057,324 | |
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2045 | | 1,000,000 | | 1,042,860 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2027 | | 3,500,000 | | 3,734,831 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2028 | | 2,600,000 | | 2,770,487 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Illinois - 15.1% (continued) | | | | | |
Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A | | 5.00 | | 4/1/2044 | | 2,500,000 | | 2,502,214 | |
Illinois Finance Authority, Revenue Bonds (Plymouth Place Obligated Group) Ser. A | | 6.63 | | 5/15/2052 | | 1,000,000 | | 1,011,493 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A | | 0.00 | | 12/15/2036 | | 1,400,000 | h | 769,777 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 5.00 | | 6/15/2050 | | 1,750,000 | | 1,759,266 | |
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 | | 5.33 | | 10/1/2040 | | 7,000,000 | c,e,f | 7,148,746 | |
| | 32,696,996 | |
Indiana - 4.6% | | | | | |
Indiana Finance Authority, Revenue Bonds (BHI Senior Living Obligated Group) Ser. A | | 6.00 | | 11/15/2023 | | 3,500,000 | g | 3,534,035 | |
Indiana Finance Authority, Revenue Bonds (Green Bond) | | 7.00 | | 3/1/2039 | | 1,925,000 | c | 1,454,042 | |
Indiana Finance Authority, Revenue Bonds (Ohio River Bridges East End Crossing Project) Ser. A | | 5.00 | | 7/1/2023 | | 5,000,000 | g | 5,005,336 | |
| | 9,993,413 | |
Iowa - .6% | | | | | |
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | | 5.00 | | 12/1/2050 | | 1,250,000 | | 1,255,629 | |
Kansas - .1% | | | | | |
Kansas Development Finance Authority, Revenue Bonds, Ser. B | | 4.00 | | 11/15/2025 | | 150,000 | | 141,006 | |
Kentucky - 1.3% | | | | | |
Christian County, Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group) | | 5.50 | | 2/1/2044 | | 1,000,000 | | 1,016,361 | |
Henderson, Revenue Bonds (Pratt Paper Project) Ser. A | | 4.70 | | 1/1/2052 | | 600,000 | c | 558,112 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 8/1/2030 | | 1,310,000 | a | 1,275,992 | |
| | 2,850,465 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Louisiana - .9% | | | | | |
Louisiana Public Facilities Authority, Revenue Bonds (Impala Warehousing Project) | | 6.50 | | 7/1/2036 | | 1,000,000 | c | 1,000,979 | |
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A | | 4.00 | | 4/1/2050 | | 885,000 | | 844,799 | |
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A | | 4.00 | | 4/1/2030 | | 115,000 | g | 122,891 | |
| | 1,968,669 | |
Maryland - .6% | | | | | |
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners) Ser. B | | 5.25 | | 6/30/2052 | | 1,200,000 | | 1,221,098 | |
Massachusetts - 2.7% | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2057 | | 1,000,000 | c | 878,684 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | | 5.00 | | 7/1/2034 | | 1,550,000 | | 1,626,021 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2029 | | 900,000 | | 931,783 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2030 | | 1,000,000 | | 1,071,827 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 4.00 | | 7/1/2044 | | 1,500,000 | | 1,397,527 | |
| | 5,905,842 | |
Michigan - 5.0% | | | | | |
Detroit, GO, Ser. A | | 5.00 | | 4/1/2050 | | 1,000,000 | | 952,254 | |
Michigan Building Authority, Revenue Bonds, Refunding | | 4.00 | | 10/15/2049 | | 2,500,000 | | 2,437,270 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | | 5.00 | | 7/1/2036 | | 2,250,000 | | 2,270,261 | |
Michigan Housing Development Authority, Revenue Bonds, Ser. A | | 3.35 | | 12/1/2034 | | 2,500,000 | | 2,377,317 | |
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C | | 0.00 | | 6/1/2058 | | 41,200,000 | h | 1,600,768 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Michigan - 5.0% (continued) | | | | | |
Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan Wayne County Airport) (Insured; Build America Mutual) Ser. B | | 5.00 | | 12/1/2039 | | 1,250,000 | | 1,265,340 | |
| | 10,903,210 | |
Minnesota - .9% | | | | | |
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | | 5.00 | | 2/15/2058 | | 2,000,000 | | 2,019,130 | |
Missouri - 2.5% | | | | | |
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A | | 5.13 | | 9/1/2049 | | 1,000,000 | | 845,500 | |
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group) | | 5.00 | | 9/1/2042 | | 1,000,000 | | 867,127 | |
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 | | 0.01 | | 12/1/2053 | | 3,000,000 | c,e,f | 2,849,336 | |
The Missouri Health & Educational Facilities Authority, Revenue Bonds (Mercy Health) | | 4.00 | | 6/1/2053 | | 1,000,000 | | 913,701 | |
| | 5,475,664 | |
Multi-State - .6% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | | 3.15 | | 1/15/2036 | | 1,410,000 | c | 1,273,040 | |
Nevada - 1.4% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.25 | | 6/15/2041 | | 2,155,000 | | 2,179,492 | |
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 6/1/2058 | | 1,000,000 | | 868,971 | |
| | 3,048,463 | |
New Hampshire - 1.0% | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Springpoint Senior Living Obligated Group) | | 4.00 | | 1/1/2051 | | 3,000,000 | | 2,257,869 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
New Jersey - 5.6% | | | | | |
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | | 5.13 | | 9/15/2023 | | 685,000 | | 685,339 | |
New Jersey Economic Development Authority, Revenue Bonds (The Goethals) | | 5.38 | | 1/1/2043 | | 2,500,000 | | 2,507,430 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | | 5.25 | | 6/15/2027 | | 1,155,000 | | 1,188,457 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW | | 5.25 | | 6/15/2025 | | 110,000 | g | 114,601 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. WW | | 5.25 | | 6/15/2025 | | 1,890,000 | g | 1,969,057 | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ Barnabas Health Obligated Group) | | 4.00 | | 7/1/2051 | | 1,250,000 | | 1,173,206 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.00 | | 6/15/2046 | | 1,000,000 | | 1,032,432 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.50 | | 6/15/2050 | | 1,600,000 | | 1,745,446 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | | 4.00 | | 1/1/2048 | | 1,800,000 | | 1,737,982 | |
| | 12,153,950 | |
New York - 15.1% | | | | | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 3,500,000 | c | 3,436,667 | |
New York State Dormitory Authority, Revenue Bonds (St. John's University) Ser. A | | 5.00 | | 7/1/2044 | | 2,000,000 | | 2,002,299 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2040 | | 1,200,000 | | 1,241,801 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2037 | | 2,000,000 | | 2,092,882 | |
Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Project) Ser. A | | 4.75 | | 11/1/2042 | | 2,000,000 | c | 1,738,231 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
New York - 15.1% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2017-XF2419), (Metropolitan Transportation Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | | 5.65 | | 11/15/2038 | | 15,000,000 | c,e,f | 15,002,140 | |
Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp., Ser. C)) Non-recourse, Underlying Coupon Rate (%) 4.00 | | 2.93 | | 11/15/2047 | | 3,300,000 | c,e,f | 3,174,277 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 5/15/2051 | | 2,410,000 | | 2,577,438 | |
TSASC, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2045 | | 585,000 | | 549,359 | |
Westchester County Local Development Corp., Revenue Bonds, Refunding (Senior Learning Community) | | 5.00 | | 7/1/2041 | | 1,000,000 | c | 822,374 | |
| | 32,637,468 | |
North Carolina - 1.1% | | | | | |
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group) | | 4.00 | | 3/1/2051 | | 2,000,000 | | 1,374,559 | |
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 1/1/2055 | | 1,000,000 | | 919,055 | |
| | 2,293,614 | |
Ohio - 7.4% | | | | | |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | | 5.00 | | 6/1/2055 | | 7,700,000 | | 7,134,105 | |
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | | 5.25 | | 2/15/2047 | | 2,500,000 | | 2,524,196 | |
Muskingum County, Revenue Bonds (Genesis HealthCare System Project) | | 5.00 | | 2/15/2044 | | 7,000,000 | | 6,263,445 | |
| | 15,921,746 | |
Oklahoma - .7% | | | | | |
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project) | | 5.25 | | 11/15/2045 | | 1,500,000 | | 1,472,798 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Pennsylvania - 8.0% | | | | | |
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project) | | 5.00 | | 5/1/2042 | | 1,000,000 | c | 975,119 | |
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B | | 5.00 | | 2/1/2032 | | 1,455,000 | | 1,597,175 | |
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/1/2042 | | 1,500,000 | | 1,500,760 | |
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/1/2037 | | 4,000,000 | | 4,002,462 | |
Montgomery County Industrial Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. C | | 5.00 | | 11/15/2045 | | 1,000,000 | | 942,091 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) | | 6.00 | | 6/30/2061 | | 2,000,000 | | 2,214,897 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A | | 5.00 | | 9/1/2045 | | 3,000,000 | | 3,025,812 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2050 | | 1,000,000 | | 930,115 | |
Tender Option Bond Trust Receipts (Series 2022-XF1525), (Pennsylvania Economic Development Financing Authority UPMC, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00 | | 1.56 | | 5/15/2053 | | 2,300,000 | c,e,f | 2,117,020 | |
| | 17,305,451 | |
Rhode Island - 3.7% | | | | | |
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/15/2037 | | 4,000,000 | | 4,244,612 | |
Tender Option Bond Trust Receipts (Series 2023-XM1117), (Rhode Island Infrastructure Bank State Revolving Fund, Revenue Bonds) Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.13 | | 0.01 | | 10/1/2048 | | 4,000,000 | c,e,f | 3,865,490 | |
| | 8,110,102 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
South Carolina - 4.2% | | | | | |
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (Bon Secours Mercy Health) | | 4.00 | | 12/1/2044 | | 1,500,000 | | 1,428,147 | |
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (Lutheran Homes of South Carolina Obligated Group) | | 5.13 | | 5/1/2048 | | 1,750,000 | | 1,384,510 | |
South Carolina Public Service Authority, Revenue Bonds (Santee Cooper) Ser. A | | 4.00 | | 12/1/2055 | | 1,500,000 | | 1,336,161 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) | | 5.13 | | 12/1/2043 | | 5,000,000 | | 5,008,598 | |
| | 9,157,416 | |
South Dakota - 1.3% | | | | | |
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 | | 5.62 | | 7/1/2046 | | 2,680,000 | c,e,f | 2,717,962 | |
Texas - 7.9% | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2043 | | 1,500,000 | | 1,505,448 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. A | | 5.75 | | 8/15/2045 | | 2,500,000 | | 2,447,613 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D | | 6.13 | | 8/15/2048 | | 3,500,000 | | 3,512,093 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/1/2040 | | 1,500,000 | | 1,654,492 | |
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | | 4.00 | | 10/1/2045 | | 1,165,000 | | 1,086,696 | |
Lamar Consolidated Independent School District, GO | | 4.00 | | 2/15/2053 | | 1,000,000 | | 943,069 | |
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | | 4.63 | | 10/1/2031 | | 2,500,000 | c | 2,423,353 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Texas - 7.9% (continued) | | | | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | | 5.00 | | 6/30/2058 | | 3,500,000 | | 3,459,877 | |
| | 17,032,641 | |
U.S. Related - 1.8% | | | | | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2024 | | 54,647 | h | 52,098 | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2033 | | 211,359 | h | 124,168 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2037 | | 126,704 | | 110,272 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2035 | | 147,628 | | 132,247 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2046 | | 179,157 | | 144,860 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2041 | | 172,269 | | 144,292 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2033 | | 164,238 | | 151,106 | |
Puerto Rico, GO, Ser. A1 | | 5.25 | | 7/1/2023 | | 91,712 | | 91,807 | |
Puerto Rico, GO, Ser. A1 | | 5.38 | | 7/1/2025 | | 182,915 | | 186,891 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2029 | | 2,178,318 | | 2,310,897 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 181,259 | | 189,670 | |
Puerto Rico, GO, Ser. A1 | | 5.75 | | 7/1/2031 | | 173,199 | | 186,871 | |
| | 3,825,179 | |
Utah - 1.7% | | | | | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2048 | | 1,000,000 | | 1,019,681 | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 1,205,000 | | 1,229,012 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | | 5.00 | | 4/15/2039 | | 1,400,000 | | 1,447,640 | |
| | 3,696,333 | |
Virginia - 1.9% | | | | | |
Norfolk Redevelopment & Housing Authority, Revenue Bonds (Fort Norfolk Retirement Community Obligated Group) Ser. A | | 5.00 | | 1/1/2049 | | 1,000,000 | | 775,114 | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2049 | | 1,000,000 | | 995,007 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding | | 5.00 | | 12/31/2057 | | 1,500,000 | | 1,508,012 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express Lanes) | | 4.00 | | 1/1/2048 | | 1,000,000 | | 864,363 | |
| | 4,142,496 | |
Washington - 2.3% | | | | | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence Health & Services) Ser. A | | 5.00 | | 10/1/2042 | | 5,000,000 | | 4,957,172 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 149.0% (continued) | | | | | |
Wisconsin - 4.5% | | | | | |
Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1 | | 5.50 | | 7/1/2052 | | 1,200,000 | | 1,304,818 | |
Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1 | | 5.63 | | 7/1/2055 | | 1,315,000 | | 1,431,505 | |
Public Finance Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2042 | | 5,000,000 | | 4,945,588 | |
Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2052 | | 1,000,000 | | 1,034,147 | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Bellin Memorial Hospital Obligated Group) | | 5.50 | | 12/1/2052 | | 1,000,000 | | 1,080,928 | |
| | 9,796,986 | |
Total Investments (cost $332,754,033) | | 149.0% | 322,345,506 | |
Liabilities, Less Cash and Receivables | | (14.3%) | (31,071,201) | |
RVMTPS, at liquidation value | | (34.7%) | (75,000,000) | |
Net Assets Applicable to Common Stockholders | | 100.0% | 216,274,305 | |
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 Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
c 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 May 31, 2023, these securities were valued at $78,988,915 or 36.52% of net assets.
d Non-income producing—security in default.
e The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
g These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
h Security issued with a zero coupon. Income is recognized through the accretion of discount.
STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
May 31, 2023 (Unaudited)
The following is a summary of the inputs used as of May 31, 2023 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Municipal Securities | - | 322,345,506 | | - | 322,345,506 | |
Liabilities ($) | | |
Other Financial Instruments: | | |
Inverse Floater Notes†† | - | (38,405,000) | | - | (38,405,000) | |
RVMTPS†† | - | (75,000,000) | | - | (75,000,000) | |
† 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 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:
The Company's Board of Directors (the "Board") has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, 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 May 31, 2023, accumulated net unrealized depreciation on investments was $10,408,527, consisting of $4,945,805 gross unrealized appreciation and $15,354,332 gross unrealized depreciation.
At May 31, 2023, 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.
