STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Income, Inc.
December 31, 2023 (Unaudited)
| | | | | | | | | | |
| |
Description
| Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% | | | | | |
Alabama
- 4.2% | | | | | |
Black Belt Energy Gas District, Revenue Bonds, Refunding (Gas Project) Ser. D1 | | 5.50 | | 2/1/2029 | | 2,320,000 | a | 2,483,776 | |
Jefferson County, Revenue Bonds, Refunding, Ser. F | | 7.75 | | 10/1/2046 | | 4,000,000 | | 4,199,996 | |
| | 6,683,772 | |
Alaska - 1.4% | | | | | |
Northern
Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2050 | | 2,345,000 | | 2,175,036 | |
Arizona - 5.6% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable
Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2050 | | 1,200,000 | | 1,149,171 | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable
Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2045 | | 1,355,000 | | 1,337,667 | |
Glendale Industrial Development Authority, Revenue Bonds, Refunding
(Sun Health Services Obligated Group) Ser. A | | 5.00 | | 11/15/2054 | | 1,500,000 | | 1,494,208 | |
La Paz County Industrial Development Authority, Revenue Bonds
(Harmony Public Schools) Ser. A | | 5.00 | | 2/15/2046 | | 1,500,000 | b | 1,500,426 | |
La Paz County Industrial Development Authority, Revenue Bonds
(Harmony Public Schools) Ser. A | | 5.00 | | 2/15/2036 | | 1,100,000 | b | 1,118,519 | |
Salt Verde Financial Corp., Revenue Bonds | | 5.00 | | 12/1/2037 | | 2,190,000 | | 2,442,297 | |
| | 9,042,288 | |
California
- 9.2% | | | | | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond)
(Clean Energy Project) | | 5.25 | | 10/1/2031 | | 1,000,000 | a | 1,058,422 | |
California County Tobacco Securitization Agency, Revenue Bonds,
Refunding, Ser. A | | 4.00 | | 6/1/2039 | | 565,000 | | 568,616 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
California
- 9.2% (continued) | | | | | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding,
Ser. B | | 5.00 | | 6/1/2051 | | 2,000,000 | | 2,097,030 | |
San Diego County Regional
Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2051 | | 3,750,000 | | 3,920,187 | |
Tender Option Bond Trust Receipts (Series 2022-XF3024), (San
Francisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate 5.00% | | 4.73 | | 5/1/2044 | | 3,360,000 | b,c,d | 3,508,312 | |
Tender Option Bond Trust Receipts (Series 2023-XM1114), (Long
Beach Finance Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate 4.00% | | 1.63 | | 8/1/2053 | | 3,600,000 | b,c,d | 3,544,344 | |
| | 14,696,911 | |
Colorado
- 5.8% | | | | | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living
Communities & Services Obligated Group) Ser. A | | 4.00 | | 12/1/2050 | | 2,000,000 | | 1,736,105 | |
Colorado High Performance Transportation Enterprise, Revenue
Bonds (C-470 Express Lanes System) | | 5.00 | | 12/31/2056 | | 3,000,000 | | 3,005,461 | |
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% | | 3.67 | | 8/1/2044 | | 1,645,000 | b,c,d | 1,950,668 | |
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% | | 0.83 | | 11/15/2048 | | 2,770,000 | b,c,d | 2,656,026 | |
| | 9,348,260 | |
Delaware
- .6% | | | | | |
Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life Communities
Obligated Group) | | 5.25 | | 11/15/2053 | | 1,000,000 | | 1,024,238 | |
Florida
- 9.9% | | | | | |
Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A | | 5.00 | | 11/15/2053 | | 1,500,000 | | 1,407,199 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Florida
- 9.9% (continued) | | | | | |
Florida Higher Educational Facilities Financial Authority,
Revenue Bonds (Ringling College Project) | | 5.00 | | 3/1/2049 | | 1,500,000 | | 1,510,280 | |
Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | | 4.00 | | 10/1/2049 | | 1,380,000 | | 1,326,900 | |
Hillsborough County
Port District, Revenue Bonds (Tampa Port Authority Project) Ser. B | | 5.00 | | 6/1/2046 | | 1,450,000 | | 1,484,384 | |
Palm Beach County Health Facilities Authority, Revenue Bonds
(Lifespace Communities Obligated Group) Ser. B | | 4.00 | | 5/15/2053 | | 1,000,000 | | 617,885 | |
Tender Option Bond Trust Receipts (Series 2023-XM1122), (Miami-Dade
FL County Water & Sewer System, Revenue Bonds, Refunding, Ser. B) Recourse, Underlying Coupon Rate
4.00% | | 1.87 | | 10/1/2049 | | 9,750,000 | b,c,d | 9,547,527 | |
| | 15,894,175 | |
Georgia - 4.9% | | | | | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant
Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 7/1/2052 | | 1,250,000 | | 1,300,386 | |
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% | | 2.11 | | 7/1/2044 | | 2,660,000 | b,c,d | 2,871,881 | |
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% | | 4.64 | | 1/1/2059 | | 1,270,000 | b,c,d | 1,283,260 | |
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | | 5.25 | | 7/1/2040 | | 1,500,000 | | 1,534,204 | |
The Burke County Development
Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D | | 4.13 | | 11/1/2045 | | 1,000,000 | | 926,000 | |
| | 7,915,731 | |
Hawaii
- .8% | | | | | |
Hawaii Airports System, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2047 | | 1,250,000 | | 1,319,026 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Illinois
- 16.9% | | | | | |
Chicago Board of Education, Revenue Bonds | | 5.00 | | 4/1/2046 | | 1,725,000 | | 1,732,702 | |
Chicago II, GO, Refunding, Ser. A | | 6.00 | | 1/1/2038 | | 2,000,000 | | 2,100,836 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2044 | | 1,000,000 | | 1,026,638 | |
Chicago II Wastewater Transmission, Revenue Bonds, Refunding,
Ser. C | | 5.00 | | 1/1/2039 | | 1,100,000 | | 1,108,042 | |
Chicago Midway International
Airport, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2040 | | 1,000,000 | | 1,094,823 | |
Chicago O'Hare International Airport, Revenue Bonds, Ser. A | | 5.50 | | 1/1/2055 | | 1,500,000 | | 1,628,675 | |
Chicago Park District,
GO, Refunding, Ser. A | | 5.00 | | 1/1/2045 | | 1,000,000 | | 1,077,106 | |
Chicago Transit Authority,
Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2045 | | 1,000,000 | | 1,041,181 | |
Illinois, GO, Refunding, Ser. A | | 5.00 | | 10/1/2029 | | 1,000,000 | | 1,087,005 | |
Illinois, GO, Ser. A | | 5.00 | | 5/1/2038 | | 1,250,000 | | 1,313,568 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2028 | | 1,000,000 | | 1,073,841 | |
Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind
Franklin University of Medicine & Science) | | 5.00 | | 8/1/2047 | | 1,350,000 | | 1,364,044 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds
(McCormick Place Expansion Project) | | 5.00 | | 6/15/2057 | | 2,500,000 | | 2,551,572 | |
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 | e | 1,569,744 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser.
A | | 4.00 | | 1/1/2039 | | 1,500,000 | | 1,520,956 | |
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% | | 3.97 | | 4/1/2025 | | 4,600,000 | b,c,d | 4,681,620 | |
Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional
Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, Underlying Coupon Rate 4.00% | | 4.37 | | 6/1/2048 | | 1,125,000 | b,c,d | 1,121,124 | |
| | 27,093,477 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Indiana
- .7% | | | | | |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (Insured; Build
America Mutual) Ser. F1 | | 5.25 | | 3/1/2067 | | 1,000,000 | | 1,074,828 | |
Iowa
- 1.0% | | | | | |
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | | 5.00 | | 12/1/2050 | | 1,500,000 | | 1,571,332 | |
Kentucky
- 2.1% | | | | | |
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville
Arena Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2045 | | 1,000,000 | | 1,046,367 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 8/1/2030 | | 2,320,000 | a | 2,329,877 | |
| | 3,376,244 | |
Louisiana - 5.3% | | | | | |
Louisiana Local Government
Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical
Project) | | 3.50 | | 11/1/2032 | | 1,000,000 | | 950,189 | |
New Orleans Aviation
Board, Revenue Bonds (General Airport-N Terminal Project) Ser. A | | 5.00 | | 1/1/2048 | | 1,000,000 | | 1,026,957 | |
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% | | 4.24 | | 7/1/2047 | | 6,320,000 | b,c,d | 6,446,333 | |
| | 8,423,479 | |
Maryland
- 3.3% | | | | | |
Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) Ser. B | | 5.25 | | 6/30/2055 | | 1,000,000 | | 1,030,770 | |
Maryland Health &
Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A | | 5.50 | | 1/1/2046 | | 1,500,000 | | 1,530,513 | |
Maryland Health &
Higher Educational Facilities Authority, Revenue Bonds, Refunding (Stevenson University Project) | | 4.00 | | 6/1/2046 | | 750,000 | | 677,428 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Maryland
- 3.3% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2016-XM0391), (Mayor
& City Council of Baltimore, Revenue Bonds, Refunding (Water Projects)) Non-recourse, Underlying
Coupon Rate 5.00% | | 0.01 | | 1/1/2024 | | 2,000,000 | b,c,d | 2,000,000 | |
| | 5,238,711 | |
Massachusetts - 3.7% | | | | | |
Massachusetts Development
Finance Agency, Revenue Bonds, Refunding (Atrius Health Obligated Group) Ser. A | | 4.00 | | 6/1/2029 | | 1,500,000 | f | 1,621,809 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(UMass Memorial Health Care Obligated Group) | | 5.00 | | 7/1/2046 | | 1,835,000 | | 1,862,344 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding,
Ser. A | | 5.00 | | 7/1/2026 | | 950,000 | | 970,860 | |
Massachusetts Port
Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 4.00 | | 7/1/2044 | | 1,500,000 | | 1,472,852 | |
| | 5,927,865 | |
Michigan
- 1.6% | | | | | |
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum) | | 4.00 | | 4/15/2042 | | 1,000,000 | | 998,251 | |
Michigan Finance Authority,
Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | | 5.00 | | 7/1/2036 | | 500,000 | | 502,171 | |
Pontiac School District, GO (Insured; Qualified School Board
Loan Fund) | | 4.00 | | 5/1/2045 | | 1,000,000 | | 1,001,559 | |
| | 2,501,981 | |
Minnesota - .9% | | | | | |
Duluth
Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | | 5.00 | | 2/15/2058 | | 1,000,000 | | 1,012,762 | |
St. Paul Minnesota
Housing & Redevelopment Authority, Revenue Bonds, Refunding (HealthEast Care System Project) | | 5.00 | | 11/15/2025 | | 400,000 | f | 412,746 | |
| | 1,425,508 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Missouri
- 3.1% | | | | | |
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% | | 2.27 | | 12/1/2053 | | 3,000,000 | b,c,d | 2,983,716 | |
The Missouri Health & Educational Facilities Authority,
Revenue Bonds (Lutheran Senior Services Projects) Ser. A | | 5.00 | | 2/1/2042 | | 2,000,000 | | 1,953,402 | |
| | 4,937,118 | |
Multi-State
- .8% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue
Bonds, Ser. M048 | | 3.15 | | 1/15/2036 | | 1,410,000 | b | 1,262,724 | |
Nebraska - .7% | | | | | |
Douglas
County Hospital Authority No. 2, Revenue Bonds (Children's Hospital Obligated Group) | | 5.00 | | 11/15/2036 | | 1,000,000 | | 1,048,372 | |
Nevada - 2.3% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty
Municipal Corp.) Ser. A | | 4.25 | | 6/15/2041 | | 1,340,000 | | 1,398,508 | |
Reno, Revenue Bonds,
Refunding (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 6/1/2058 | | 1,250,000 | | 1,142,253 | |
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal
Corp.) | | 4.13 | | 6/1/2058 | | 1,250,000 | | 1,192,639 | |
| | 3,733,400 | |
New Hampshire - 1.2%
| | | | | |
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A | | 5.25 | | 6/1/2051 | | 1,000,000 | | 1,109,154 | |
New Hampshire Business Finance Authority, Revenue Bonds, Refunding
(Springpoint Senior Living Obligated Group) | | 4.00 | | 1/1/2051 | | 1,000,000 | | 758,181 | |
| | 1,867,335 | |
New
Jersey - 7.7% | | | | | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | | 5.25 | | 6/15/2027 | | 350,000 | | 360,795 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
New
Jersey - 7.7% (continued) | | | | | |
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds (RWJ Barnabas Health Obligated Group) | | 4.00 | | 7/1/2051 | | 855,000 | | 840,140 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.00 | | 6/15/2044 | | 1,250,000 | | 1,376,654 | |
New Jersey Transportation
Trust Fund Authority, Revenue Bonds | | 5.25 | | 6/15/2043 | | 2,000,000 | | 2,135,836 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Ser. AA | | 5.25 | | 6/15/2033 | | 1,000,000 | | 1,028,887 | |
New Jersey Turnpike
Authority, Revenue Bonds, Ser. A | | 4.00 | | 1/1/2048 | | 1,200,000 | | 1,198,185 | |
South Jersey Port Corp., Revenue Bonds, Ser. B | | 5.00 | | 1/1/2048 | | 1,000,000 | | 1,021,440 | |
Tobacco Settlement
Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2046 | | 3,860,000 | | 3,927,017 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding,
Ser. A | | 5.25 | | 6/1/2046 | | 390,000 | | 402,198 | |
| | 12,291,152 | |
New York - 6.2% | | | | | |
New
York Convention Center Development Corp., Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser.
B | | 0.00 | | 11/15/2052 | | 6,400,000 | e | 1,584,315 | |
New York Transportation Development Corp., Revenue Bonds (JFK
International Air Terminal) | | 5.00 | | 12/1/2040 | | 1,000,000 | | 1,069,058 | |
New York Transportation
Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | | 5.00 | | 7/1/2046 | | 1,500,000 | | 1,499,374 | |
New York Transportation
Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project)
(Insured; Assured Guaranty Municipal Corp.) | | 5.13 | | 6/30/2060 | | 1,000,000 | | 1,049,462 | |
Port Authority of New York & New Jersey, Revenue Bonds,
Refunding, Ser. 223 | | 4.00 | | 7/15/2051 | | 750,000 | | 721,286 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
New
York - 6.2% (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% | | 4.03 | | 11/15/2047 | | 2,000,000 | b,c,d | 1,965,538 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser.
C1A | | 4.00 | | 5/15/2046 | | 2,000,000 | | 2,010,754 | |
| | 9,899,787 | |
Ohio - .6% | | | | | |
Cuyahoga
County, Revenue Bonds, Refunding (The MetroHealth System) | | 5.00 | | 2/15/2052 | | 1,000,000 | | 996,129 | |
Oregon - .5% | | | | | |
Salem Hospital Facility Authority, Revenue Bonds, Refunding
(Capital Manor Project) | | 4.00 | | 5/15/2057 | | 1,000,000 | | 733,341 | |
Pennsylvania
- 10.3% | | | | | |
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser.
B | | 5.00 | | 2/1/2033 | | 1,255,000 | | 1,374,779 | |
Clairton Municipal
Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/1/2042 | | 1,000,000 | | 1,000,236 | |
Montgomery County Industrial Development Authority, Revenue
Bonds, Refunding (ACTS Retirement-Life Communities Obligated Group) | | 5.00 | | 11/15/2036 | | 1,000,000 | | 1,026,511 | |
Pennsylvania Economic Development Financing Authority, Revenue
Bonds (The Penndot Major Bridges) | | 6.00 | | 6/30/2061 | | 1,000,000 | | 1,111,286 | |
Pennsylvania Economic Development Financing Authority, Revenue
Bonds, Refunding (Presbyterian Senior Living) | | 4.00 | | 7/1/2046 | | 1,000,000 | | 870,740 | |
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Refunding (University of Sciences in Philadelphia) | | 5.00 | | 11/1/2033 | | 2,000,000 | | 2,046,472 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2050 | | 1,000,000 | | 981,393 | |
Pennsylvania Turnpike
Commission, Revenue Bonds, Ser. A1 | | 5.00 | | 12/1/2046 | | 1,000,000 | | 1,020,704 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Pennsylvania
- 10.3% (continued) | | | | | |
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds,
Ser. B | | 5.25 | | 12/1/2048 | | 1,000,000 | | 1,050,540 | |
Tender Option Bond
Trust Receipts (Series 2023-XF1525), (Pennsylvania Economic Development Financing Authority UPMC, Revenue
Bonds, Ser. A) Recourse, Underlying Coupon Rate 4.00% | | 2.37 | | 5/15/2053 | | 1,700,000 | b,c,d | 1,653,060 | |
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% | | 4.84 | | 9/1/2053 | | 2,400,000 | b,c,d | 2,744,507 | |
The Philadelphia School District, GO (Insured; State Aid Withholding)
Ser. A | | 4.00 | | 9/1/2037 | | 1,500,000 | | 1,549,293 | |
| | 16,429,521 | |
Rhode Island - 2.9% | | | | | |
Providence
Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/15/2037 | | 500,000 | | 537,463 | |
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% | | 4.46 | | 10/1/2053 | | 4,000,000 | b,c,d | 4,061,884 | |
| | 4,599,347 | |
South
Carolina - 7.6% | | | | | |
South Carolina Jobs-Economic Development Authority, Revenue
Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group) | | 5.00 | | 4/1/2054 | | 1,000,000 | | 912,932 | |
South Carolina Jobs-Economic Development Authority, Revenue
Bonds, Refunding (Bon Secours Mercy Health) | | 4.00 | | 12/1/2044 | | 1,000,000 | | 991,892 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding
(Santee Cooper) Ser. A | | 4.00 | | 12/1/2055 | | 1,000,000 | | 937,533 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
South
Carolina - 7.6% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2016-XM0384), (South
Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying
Coupon Rate 5.13% | | 3.87 | | 12/1/2043 | | 4,800,000 | b,c,d | 4,796,676 | |
Tobacco Settlement Revenue Management Authority, Revenue Bonds,
Ser. B | | 6.38 | | 5/15/2030 | | 3,750,000 | | 4,485,181 | |
| | 12,124,214 | |
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% | | 4.21 | | 7/1/2046 | | 2,000,000 | b,c,d | 2,042,630 | |
Texas - 13.1% | | | | | |
Clifton
Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A | | 4.00 | | 8/15/2051 | | 1,100,000 | | 947,173 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA
Public Schools) Ser. A | | 4.00 | | 8/15/2047 | | 1,175,000 | | 1,040,013 | |
Clifton Higher Education
Finance Corp., Revenue Bonds (Uplift Education) Ser. A | | 4.25 | | 12/1/2034 | | 1,000,000 | | 1,003,388 | |
Harris County-Houston Sports Authority, Revenue Bonds, Refunding
(Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 11/15/2052 | | 4,000,000 | e | 1,012,102 | |
Houston Airport System, Revenue Bonds, Refunding (Insured;
Assured Guaranty Municipal Corp.) Ser. A | | 4.50 | | 7/1/2053 | | 1,000,000 | | 1,010,449 | |
Houston Airport System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/1/2047 | | 1,560,000 | | 1,509,234 | |
Lamar Consolidated
Independent School District, GO | | 4.00 | | 2/15/2053 | | 1,000,000 | | 976,732 | |
New Hope Cultural Education
Facilities Finance Corp., Revenue Bonds, Refunding (Westminster Project) | | 4.00 | | 11/1/2055 | | 1,650,000 | | 1,370,179 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser.
A | | 4.00 | | 1/2/2038 | | 1,750,000 | | 1,789,055 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Texas
- 13.1% (continued) | | | | | |
San Antonio Education Facilities Corp., Revenue Bonds, Refunding
(University of the Incarnate Word) | | 4.00 | | 4/1/2046 | | 1,675,000 | | 1,469,387 | |
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% | | 1.72 | | 2/15/2053 | | 3,000,000 | b,c,d | 2,981,566 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Blueridge Transportation Group) | | 5.00 | | 12/31/2055 | | 1,000,000 | | 1,002,545 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Blueridge Transportation Group) | | 5.00 | | 12/31/2050 | | 1,200,000 | | 1,204,366 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Segment 3C Project) | | 5.00 | | 6/30/2058 | | 1,000,000 | | 1,011,956 | |
Texas Private Activity
Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2039 | | 1,600,000 | | 1,628,583 | |
Waxahachie Independent School District, GO (Insured; Permanent
School Fund Guarantee Program) | | 4.25 | | 2/15/2053 | | 1,000,000 | | 1,019,117 | |
| | 20,975,845 | |
Utah - 2.2% | | | | | |
Salt
Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2048 | | 1,000,000 | | 1,029,765 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding
(Summit Academy) Ser. A | | 5.00 | | 4/15/2031 | | 860,000 | | 932,068 | |
Utah Infrastructure
Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/15/2037 | | 1,500,000 | | 1,517,908 | |
| | 3,479,741 | |
Virginia
- 3.1% | | | | | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2052 | | 2,000,000 | | 2,008,247 | |
Virginia Small Business
Financing Authority, Revenue Bonds, Refunding | | 5.00 | | 12/31/2057 | | 1,000,000 | | 1,037,820 | |
Virginia Small Business Financing Authority, Revenue Bonds,
Refunding (95 Express Lanes) | | 4.00 | | 1/1/2048 | | 1,000,000 | | 934,727 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Long-Term
Municipal Investments - 144.9% (continued) | | | | | |
Virginia
- 3.1% (continued) | | | | | |
Williamsburg Economic Development Authority, Revenue Bonds
(William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.13 | | 7/1/2058 | | 1,000,000 | | 1,000,047 | |
| | 4,980,841 | |
Washington
- .7% | | | | | |
Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle Academy
of Arts & Sciences) | | 6.38 | | 7/1/2063 | | 1,000,000 | b | 1,092,864 | |
Wisconsin - 2.7% | | | | | |
Public
Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1 | | 5.50 | | 7/1/2052 | | 1,000,000 | | 1,110,512 | |
Public Finance Authority,
Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1 | | 5.63 | | 7/1/2055 | | 1,000,000 | | 1,118,012 | |
Public Finance Authority, Revenue Bonds, Ser. 1 | | 5.75 | | 7/1/2062 | | 1,000,000 | | 1,032,998 | |
Wisconsin Health &
Educational Facilities Authority, Revenue Bonds (Bellin Memorial Hospital Obligated Group) | | 5.50 | | 12/1/2052 | | 1,000,000 | | 1,100,926 | |
| | 4,362,448 | |
Total Investments (cost $227,522,831) | | 144.9% | 231,589,671 | |
Liabilities, Less Cash and Receivables | | (44.9%) | (71,707,586) | |
Net Assets Applicable
to Common Stockholders | | 100.0% | 159,882,085 | |
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 December 31, 2023, these securities were valued at $67,815,205
or 42.42% of net assets.
c The
Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market
conditions and may, but need not, be established by reference to one or more financial indices.
d Collateral
for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse
floating rate security.
e Security
issued with a zero coupon. Income is recognized through the accretion of discount.
f These securities are prerefunded; the date shown represents
the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which
are held in escrow and are used to pay principal and interest on the municipal issue and to retire the
bonds in full at the earliest refunding date.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon Municipal Income, Inc.
December 31, 2023 (Unaudited)
The
following is a summary of the inputs used as of December 31, 2023 in
valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level
2- Other Significant Observable Inputs | | Level 3-Significant Unobservable
Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Municipal
Securities | - | 231,589,671 | | - | 231,589,671 | |
Liabilities
($) | | |
Other Financial Instruments: | | |
Inverse Floater Notes†† | - | (42,790,000) | | - | (42,790,000) | |
VMTPS†† | - | (30,225,000) | | - | (30,225,000) | |
† 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 December 31, 2023, accumulated net unrealized appreciation
on investments was $4,066,840, consisting of $8,521,387 gross unrealized appreciation and $4,454,547
gross unrealized depreciation.
At December 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.
BNY Mellon Municipal Inc... (AMEX:DMF)
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