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

August 31, 2024 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%

     

Alabama - 3.9%

     

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

 

5.50

 

6/1/2030

 

1,800,000

 

1,795,455

 

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

 

6.00

 

6/1/2050

 

2,710,000

 

2,613,451

 

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

 

5.50

 

2/1/2029

 

4,625,000

a 

4,954,404

 

Energy Southeast A Cooperative District, Revenue Bonds, Ser. B

 

5.25

 

6/1/2032

 

1,000,000

a 

1,087,530

 

Jefferson County, Revenue Bonds, Refunding

 

5.50

 

10/1/2053

 

2,500,000

 

2,732,532

 
 

13,183,372

 

Alaska - .8%

     

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

 

4.00

 

6/1/2050

 

2,900,000

 

2,663,498

 

Arizona - 4.9%

     

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

 

7.75

 

7/1/2050

 

4,305,000

b,c 

172,200

 

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

 

4.00

 

11/1/2045

 

1,500,000

 

1,472,483

 

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

 

5.25

 

7/1/2047

 

2,000,000

b 

2,008,698

 

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

 

5.00

 

11/15/2054

 

1,500,000

 

1,471,676

 

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

 

5.00

 

2/15/2048

 

1,550,000

 

1,554,579

 

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

 

5.00

 

7/1/2049

 

1,775,000

b 

1,789,812

 

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

 

6.42

 

12/1/2037

 

4,550,000

b,d,e 

5,046,230

 

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

 

5.00

 

7/1/2046

 

3,000,000

b 

3,000,355

 
 

16,516,033

 

Arkansas - .6%

     

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

 

5.70

 

5/1/2053

 

1,900,000

 

2,027,398

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

California - 5.7%

     

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

 

4.00

 

7/15/2029

 

1,000,000

 

1,003,035

 

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

 

5.00

 

6/1/2051

 

1,000,000

 

1,038,682

 

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

 

5.00

 

7/1/2051

 

5,250,000

 

5,445,263

 

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

 

6.99

 

5/1/2044

 

5,280,000

b,d,e 

5,448,429

 

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

 

5.46

 

8/1/2053

 

6,400,000

b,d,e 

6,284,797

 
 

19,220,206

 

Colorado - 5.2%

     

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

 

5.25

 

11/1/2052

 

1,000,000

 

1,084,277

 

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

 

4.00

 

12/1/2050

 

4,000,000

 

3,600,467

 

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

 

5.00

 

12/31/2056

 

1,000,000

 

1,000,520

 

Dominion Water & Sanitation District, Revenue Bonds, Refunding

 

5.88

 

12/1/2052

 

2,750,000

 

2,812,497

 

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%

 

6.09

 

8/1/2044

 

3,260,000

b,d,e 

3,729,835

 

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

 

3.59

 

11/15/2048

 

5,535,000

b,d,e 

5,335,414

 
 

17,563,010

 

Connecticut - .2%

     

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

 

3.65

 

11/15/2032

 

530,000

 

530,843

 

Delaware - 1.1%

     

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

 

5.00

 

11/15/2048

 

3,700,000

 

3,772,675

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

District of Columbia - .4%

     

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

 

4.00

 

10/1/2049

 

1,500,000

 

1,417,502

 

Florida - 9.4%

     

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

 

5.00

 

11/15/2053

 

2,500,000

 

2,531,913

 

Collier County Industrial Development Authority, Revenue Bonds (NCH Healthcare System Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

10/1/2054

 

2,000,000

 

2,142,469

 

Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. 1

 

4.40

 

7/1/2044

 

2,150,000

 

2,145,297

 

Greater Orlando Aviation Authority, Revenue Bonds, Ser. A

 

4.00

 

10/1/2049

 

4,065,000

 

3,817,811

 

Hillsborough County Industrial Development Authority, Revenue Bonds (BayCare Obligated Group) Ser. C

 

4.13

 

11/15/2051

 

3,000,000

 

2,917,284

 

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

 

5.00

 

6/1/2046

 

2,500,000

 

2,561,464

 

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

 

4.00

 

4/1/2049

 

1,600,000

 

1,520,675

 

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

 

4.00

 

10/1/2051

 

1,500,000

 

1,448,182

 

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

 

5.00

 

11/15/2045

 

2,075,000

 

2,126,134

 

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

 

4.00

 

5/15/2053

 

1,000,000

 

815,647

 

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

 

7.63

 

5/15/2058

 

1,000,000

 

1,135,247

 

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

 

5.75

 

11/15/2054

 

1,000,000

 

1,003,017

 

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

 

3.54

 

10/1/2049

 

7,500,000

b,d,e 

7,264,483

 
 

31,429,623

 

Georgia - 8.0%

     

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

 

5.00

 

7/1/2052

 

2,500,000

 

2,638,269

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

6/1/2030

 

1,000,000

a 

1,063,479

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

9/1/2031

 

4,560,000

a 

4,929,184

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Georgia - 8.0%(continued)

     

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

 

6.86

 

10/1/2043

 

6,000,000

b,d,e 

6,010,667

 

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%

 

4.71

 

7/1/2044

 

4,220,000

b,d,e 

4,528,419

 

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

 

6.71

 

1/1/2059

 

2,720,000

b,d,e 

2,761,877

 

The Atlanta Development Authority, Revenue Bonds, Ser. A1

 

5.25

 

7/1/2040

 

1,000,000

 

1,013,004

 

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

 

4.13

 

11/1/2045

 

4,200,000

 

4,019,166

 
 

26,964,065

 

Hawaii - .8%

     

Hawaii Airports System, Revenue Bonds, Ser. A

 

5.00

 

7/1/2047

 

2,500,000

 

2,620,548

 

Illinois - 12.5%

     

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

 

5.00

 

12/1/2033

 

1,250,000

 

1,293,631

 

Chicago II, GO, Refunding, Ser. A

 

6.00

 

1/1/2038

 

3,000,000

 

3,115,679

 

Chicago II, GO, Ser. A

 

5.00

 

1/1/2044

 

3,000,000

 

3,088,084

 

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

 

5.00

 

1/1/2039

 

2,330,000

 

2,336,344

 

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

 

5.00

 

1/1/2040

 

1,500,000

 

1,599,560

 

Illinois, GO, Ser. A

 

5.00

 

5/1/2038

 

2,850,000

 

2,970,404

 

Illinois, GO, Ser. B

 

5.00

 

11/1/2030

 

1,500,000

 

1,640,430

 

Illinois, GO, Ser. D

 

5.00

 

11/1/2028

 

3,000,000

 

3,188,554

 

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

 

5.00

 

6/15/2057

 

2,500,000

 

2,544,995

 

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 

1,529,840

 

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

 

4.00

 

1/1/2039

 

2,250,000

 

2,256,834

 

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

 

4.93

 

6/1/2048

 

2,625,000

b,d,e 

2,515,897

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Illinois - 12.5%(continued)

     

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

 

3.00

 

11/1/2053

 

10,000,000

b,d,e 

10,869,441

 

Tender Option Bond Trust Receipts (Series 2024-XF3244), (Chicago O' International Airport, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate 5.50%

 

5.50

 

1/1/2059

 

2,850,000

b,d,e 

3,098,516

 
 

42,048,209

 

Indiana - .9%

     

Indiana Finance Authority, Revenue Bonds (Sustainable Bond)

 

7.00

 

3/1/2039

 

4,025,000

b 

738,708

 

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

 

5.25

 

3/1/2067

 

1,250,000

 

1,341,751

 

Valparaiso, Revenue Bonds, Refunding (Pratt Paper (IN) LLC Project)

 

5.00

 

1/1/2054

 

750,000

b 

775,375

 
 

2,855,834

 

Iowa - 1.3%

     

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

 

5.00

 

12/1/2032

 

2,195,000

g 

2,552,845

 

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

 

4.00

 

5/15/2053

 

1,000,000

 

815,647

 

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

 

5.00

 

12/1/2032

 

1,000,000

 

1,074,403

 
 

4,442,895

 

Kentucky - 2.1%

     

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

 

5.50

 

2/1/2044

 

2,800,000

 

2,824,924

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A

 

5.00

 

5/1/2055

 

1,250,000

a 

1,327,578

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A1

 

4.00

 

8/1/2030

 

2,680,000

a 

2,694,809

 
 

6,847,311

 

Louisiana - 4.2%

     

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

 

3.50

 

11/1/2032

 

2,285,000

 

2,232,494

 

Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge Partners)

 

5.75

 

9/1/2064

 

2,345,000

 

2,568,967

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Louisiana - 4.2%(continued)

     

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

 

5.00

 

1/1/2048

 

1,000,000

 

1,019,175

 

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

 

6.57

 

7/1/2047

 

8,195,000

b,d,e 

8,362,872

 
 

14,183,508

 

Maryland - 2.1%

     

Maryland Economic Development Corp., Revenue Bonds (College Park Leonardtown Project) (Insured; Assured Guaranty Municipal Corp.)

 

5.25

 

7/1/2064

 

1,000,000

 

1,062,307

 

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

 

5.25

 

6/30/2055

 

2,575,000

 

2,681,537

 

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

 

5.50

 

1/1/2046

 

3,250,000

 

3,305,012

 
 

7,048,856

 

Massachusetts - 3.3%

     

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

 

5.25

 

7/1/2052

 

1,000,000

 

1,091,063

 

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

 

5.00

 

7/1/2038

 

1,130,000

 

1,153,588

 

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

 

5.00

 

7/1/2029

 

205,000

 

211,989

 

Massachusetts Development Finance Agency, Revenue Bonds, Ser. T

 

4.00

 

3/1/2054

 

1,000,000

 

968,268

 

Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2030

 

1,000,000

 

1,065,842

 

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

 

7.09

 

6/1/2053

 

6,000,000

b,d,e 

6,533,712

 
 

11,024,462

 

Michigan - 4.9%

     

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

 

5.00

 

7/1/2036

 

2,000,000

 

2,055,409

 

Michigan Building Authority, Revenue Bonds, Refunding

 

4.00

 

10/15/2049

 

2,500,000

 

2,428,801

 

Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford)

 

5.50

 

2/28/2049

 

1,000,000

 

1,127,634

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Michigan - 4.9%(continued)

     

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

 

4.00

 

4/15/2042

 

1,000,000

 

986,800

 

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

 

4.00

 

12/1/2049

 

2,000,000

 

1,900,513

 

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

 

5.00

 

12/31/2043

 

5,000,000

 

5,123,302

 

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

 

4.00

 

5/1/2045

 

2,700,000

 

2,657,865

 
 

16,280,324

 

Minnesota - 1.2%

     

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

 

5.00

 

2/15/2058

 

4,000,000

 

4,065,320

 

Missouri - 3.8%

     

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

 

5.00

 

2/1/2046

 

1,200,000

 

1,207,904

 

St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds (National Geospatial Intelligence)

 

5.13

 

6/1/2046

 

4,570,000

 

4,594,115

 

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

 

3.00

 

12/1/2053

 

6,000,000

b,d,e 

5,860,410

 

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

 

5.00

 

2/1/2042

 

1,000,000

 

1,025,461

 
 

12,687,890

 

Nebraska - .3%

     

Omaha Public Power District, Revenue Bonds, Ser. A

 

4.00

 

2/1/2051

 

1,000,000

 

965,527

 

Nevada - 2.3%

     

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

 

4.25

 

6/15/2041

 

2,770,000

 

2,832,238

 

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

 

4.00

 

6/1/2058

 

5,000,000

 

4,714,330

 
 

7,546,568

 

New Hampshire - .9%

     

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

 

5.25

 

6/1/2051

 

1,500,000

 

1,633,280

 

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

 

4.00

 

1/1/2041

 

1,500,000

 

1,382,762

 
 

3,016,042

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

New Jersey - 3.9%

     

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

 

4.00

 

7/1/2051

 

1,250,000

 

1,227,404

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.00

 

6/15/2044

 

1,500,000

 

1,622,787

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.25

 

6/15/2043

 

1,500,000

 

1,573,880

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.50

 

6/15/2050

 

2,000,000

 

2,207,829

 

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

 

5.00

 

1/1/2042

 

2,025,000

 

2,079,128

 

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

 

7.28

 

6/15/2040

 

4,250,000

b,d,e 

4,335,186

 
 

13,046,214

 

New Mexico - .5%

     

New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. E

 

4.70

 

9/1/2054

 

1,650,000

 

1,658,831

 

New York - 12.5%

     

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

 

0.00

 

11/15/2052

 

6,400,000

f 

1,659,631

 

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

 

5.00

 

11/15/2044

 

3,400,000

b 

3,402,846

 

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

 

4.00

 

9/1/2050

 

1,000,000

 

907,668

 

New York State Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. B1

 

4.70

 

11/1/2059

 

1,455,000

 

1,465,805

 

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

 

4.00

 

1/1/2036

 

2,190,000

 

2,168,256

 

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

 

5.00

 

12/1/2040

 

3,050,000

 

3,221,745

 

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

 

5.00

 

7/1/2046

 

3,000,000

 

2,999,883

 

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

 

5.63

 

4/1/2040

 

1,000,000

 

1,077,875

 

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

 

5.13

 

6/30/2060

 

1,000,000

 

1,042,099

 

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

 

4.75

 

11/1/2042

 

1,000,000

b 

958,805

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

New York - 12.5%(continued)

     

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

 

4.62

 

11/15/2047

 

5,400,000

b,d,e 

5,283,759

 

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

 

5.01

 

2/1/2049

 

10,000,000

b,d,e 

9,798,417

 

Tender Option Bond Trust Receipts (Series 2024-XM1174), (New York State Transportation Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal one Project) (Insured; Assured Guaranty Municipal Corp.)) Recourse, Underlying Coupon Rate 5.25%

 

7.66

 

6/30/2060

 

2,760,000

b,d,e 

2,927,874

 

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

 

4.13

 

5/15/2064

 

3,500,000

 

3,420,827

 

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

 

5.00

 

7/1/2046

 

1,650,000

b 

1,666,039

 
 

42,001,529

 

North Carolina - 1.0%

     

North Carolina Medical Care Commission, Revenue Bonds (Carolina Meadows Obligated Group)

 

5.25

 

12/1/2054

 

2,500,000

 

2,675,686

 

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

 

4.00

 

3/1/2051

 

900,000

 

766,293

 
 

3,441,979

 

Ohio - 3.2%

     

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

 

5.00

 

6/1/2055

 

8,030,000

 

7,392,472

 

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

 

5.25

 

11/1/2047

 

1,500,000

 

1,437,848

 

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

 

5.00

 

2/15/2052

 

1,000,000

 

1,011,131

 

Port of Greater Cincinnati Development Authority, Revenue Bonds, Refunding (Duke Energy Co.) (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

4.38

 

12/1/2058

 

890,000

 

891,485

 
 

10,732,936

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Oklahoma - 2.9%

     

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

 

5.84

 

10/1/2053

 

10,000,000

b,d,e 

9,860,842

 

Oregon - 1.0%

     

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

 

4.00

 

7/1/2047

 

2,720,000

 

2,606,544

 

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

 

5.00

 

11/15/2046

 

1,000,000

 

853,050

 
 

3,459,594

 

Pennsylvania - 7.6%

     

Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B

 

4.38

 

12/1/2042

 

1,250,000

 

1,267,794

 

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

 

6.00

 

6/1/2046

 

1,000,000

 

1,010,752

 

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

 

5.00

 

12/1/2053

 

1,000,000

 

923,516

 

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

 

6.00

 

6/30/2061

 

2,000,000

 

2,219,494

 

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

 

4.00

 

7/1/2046

 

1,000,000

 

940,184

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A

 

4.00

 

12/1/2050

 

1,500,000

 

1,413,013

 

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

 

4.74

 

12/1/2051

 

10,000,000

b,d,e 

9,558,522

 

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

 

4.54

 

5/15/2053

 

3,440,000

b,d,e 

3,249,995

 

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

 

8.61

 

9/1/2053

 

4,380,000

b,d,e 

4,984,298

 
 

25,567,568

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Rhode Island - 2.2%

     

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

 

5.25

 

5/15/2054

 

1,250,000

 

1,340,929

 

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

 

4.93

 

10/1/2053

 

6,000,000

b,d,e 

6,023,557

 
 

7,364,486

 

South Carolina - 4.8%

     

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

 

4.00

 

12/1/2044

 

3,500,000

 

3,427,265

 

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

 

4.00

 

12/1/2055

 

2,000,000

 

1,860,556

 

Tender Option Bond Trust Receipts (Series 2024-XM1175), (South Carolina Public Service Authority,Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B) Non-Recourse, Underlying Coupon Rate 5.00%

 

5.86

 

12/1/2054

 

10,200,000

b,d,e 

10,945,776

 
 

16,233,597

 

South Dakota - 1.0%

     

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

 

7.10

 

7/1/2046

 

3,200,000

b,d,e 

3,253,010

 

Tennessee - .4%

     

Knox County Health Educational & Housing Facility Board, Revenue Bond (University of Tennessee Project) (Insured; Build America Mutual) Ser. B1

 

5.25

 

7/1/2064

 

1,300,000

 

1,374,860

 

Texas - 11.7%

     

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

 

4.00

 

2/15/2054

 

1,000,000

 

958,530

 

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

 

4.25

 

12/1/2048

 

1,500,000

 

1,490,477

 

Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast Energy Project) Ser. A

 

5.25

 

1/1/2054

 

1,000,000

b 

1,063,608

 

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

 

4.00

 

8/15/2051

 

2,000,000

 

1,835,005

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Texas - 11.7%(continued)

     

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

 

5.75

 

8/15/2045

 

2,500,000

 

2,529,371

 

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

 

6.13

 

8/15/2048

 

3,000,000

 

3,043,496

 

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

 

4.50

 

12/1/2044

 

2,500,000

 

2,398,309

 

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

 

4.25

 

8/15/2053

 

2,000,000

 

2,025,843

 

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

 

4.00

 

2/15/2054

 

1,000,000

 

965,052

 

Fort Bend County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

4.25

 

3/1/2054

 

1,500,000

 

1,491,737

 

Grand Parkway Transportation Corp., Revenue Bonds, Refunding

 

4.00

 

10/1/2049

 

2,000,000

 

1,910,559

 

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

 

0.00

 

11/15/2051

 

7,500,000

f 

2,024,750

 

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

 

4.50

 

7/1/2053

 

1,700,000

 

1,715,501

 

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

 

4.00

 

7/1/2046

 

1,000,000

 

944,159

 

Lamar Consolidated Independent School District, GO

 

4.00

 

2/15/2053

 

1,000,000

 

956,745

 

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

 

5.00

 

11/1/2028

 

850,000

 

850,173

 

Midland Independent School District, GO (Insured; Permanent School Fund Guaranteed)

 

5.00

 

2/15/2050

 

1,500,000

 

1,554,055

 

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

 

4.63

 

10/1/2031

 

1,000,000

b 

1,001,437

 

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

 

5.00

 

11/15/2051

 

1,500,000

 

1,588,867

 

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

 

2.95

 

2/15/2053

 

6,000,000

b,d,e 

5,782,310

 


          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Texas - 11.7%(continued)

     

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

 

5.50

 

1/1/2034

 

1,500,000

a 

1,690,475

 

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

 

4.00

 

12/31/2039

 

1,345,000

 

1,344,125

 
 

39,164,584

 

U.S. Related - 1.4%

     

Puerto Rico, GO, Ser. A

 

0.00

 

7/1/2033

 

284,274

f 

191,594

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2037

 

170,415

 

166,722

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2035

 

198,557

 

195,971

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2046

 

240,964

 

223,743

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2041

 

231,699

 

220,221

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2033

 

220,898

 

219,266

 

Puerto Rico, GO, Ser. A1

 

5.38

 

7/1/2025

 

122,839

 

123,705

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2029

 

2,489,835

 

2,678,503

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2027

 

243,790

 

253,937

 

Puerto Rico, GO, Ser. A1

 

5.75

 

7/1/2031

 

232,950

 

258,110

 
 

4,531,772

 

Utah - 1.6%

     

Salt Lake City, Revenue Bonds, Ser. A

 

5.00

 

7/1/2048

 

2,000,000

 

2,047,036

 

Salt Lake City, Revenue Bonds, Ser. A

 

5.00

 

7/1/2042

 

1,265,000

 

1,287,866

 

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

 

5.00

 

10/15/2037

 

2,000,000

 

2,051,762

 
 

5,386,664

 

Virginia - 6.2%

     

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

 

4.07

 

8/23/2027

 

2,500,000

d 

2,797,031

 

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

 

8.58

 

7/1/2057

 

7,500,000

b,d,e 

8,211,840

 

Tender Option Bond Trust Receipts (Series 2024-XM1176), (Virginia State Housing Development Authority, Revenue Bonds) Ser. A) Recourse, Underlying Coupon Rate 4.80%

 

6.40

 

9/1/2059

 

3,495,000

b,d,e 

3,560,486

 

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

 

5.00

 

7/1/2045

 

1,000,000

b 

891,705

 

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

 

5.00

 

12/31/2052

 

4,350,000

 

4,413,740

 

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

 

4.13

 

7/1/2058

 

1,000,000

 

985,928

 
 

20,860,730

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 148.4%(continued)

     

Washington - 1.0%

     

Tender Option Bond Trust Receipts (Series 2024--XF1730), (Port of Seattle Washington, Revenue Bonds, Refunding, Ser. B) Non-Recourse, Underlying Coupon Rate 5.25%

 

7.81

 

7/1/2049

 

1,750,000

b,d,e 

1,882,378

 

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

 

5.00

 

1/1/2051

 

1,465,000

b 

1,305,856

 
 

3,188,234

 

Wisconsin - 4.7%

     

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

 

5.00

 

7/1/2058

 

3,665,000

 

3,743,664

 

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

 

5.00

 

10/1/2052

 

1,000,000

 

1,056,061

 

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

 

5.50

 

7/1/2052

 

1,500,000

 

1,632,617

 

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

 

5.63

 

7/1/2055

 

1,650,000

 

1,810,789

 

Public Finance Authority, Revenue Bonds (Gannon University Project)

 

5.00

 

5/1/2042

 

750,000

 

741,124

 

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

 

5.25

 

5/15/2042

 

750,000

b 

755,376

 

Public Finance Authority, Revenue Bonds, Ser. 1

 

5.75

 

7/1/2062

 

3,590,782

 

3,852,121

 

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

 

5.50

 

12/1/2052

 

1,000,000

 

1,111,155

 

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

 

5.00

 

11/1/2046

 

1,250,000

 

1,136,189

 
 

15,839,096

 

Total Investments (cost $490,776,158)

 

148.4%

497,888,045

 

Liabilities, Less Cash and Receivables

 

(48.4%)

(162,298,795)

 

Net Assets Applicable to Common Stockholders

 

100.0%

335,589,250

 

GO—General Obligation

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

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2024, these securities were valued at $192,840,069 or 57.46% of net assets.

c Non-income producing—security in default.

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

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

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

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.


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

August 31, 2024 (Unaudited)

The following is a summary of the inputs used as of August 31, 2024 in valuing the fund’s investments:

       
 

Level 1-Unadjusted Quoted Prices

Level 2- Other Significant Observable Inputs

 

Level 3-Significant Unobservable Inputs

Total

 

Assets ($) 

  

Investments in Securities:

  

Municipal Securities

-

497,888,045

 

-

497,888,045

 

Liabilities ($)

  

Other Financial Instruments:

  

Inverse Floater Notes††

-

(115,790,000)

 

-

(115,790,000)

 

VMTP Shares††

-

(49,300,000)

 

-

(49,300,000)

 

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

†† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.


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

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

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

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

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

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

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

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

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

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


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

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.


The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At August 31, 2024, accumulated net unrealized appreciation on investments was $7,111,887, consisting of $17,872,308 gross unrealized appreciation and $10,760,421 gross unrealized depreciation.

At August 31, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

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



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